Financial Performance - The company's total revenue for the first half of 2025 was 89.97 million yuan, a decrease of 1.35% year-on-year [1] - The net profit attributable to shareholders reached 6.33 million yuan, an increase of 337.96% year-on-year [1] - The gross margin was 79.24%, a slight decrease of 0.18% compared to the previous year [1] - The net profit margin significantly increased to 4.74%, up 1742.13% year-on-year [1] - The total of selling, administrative, and financial expenses was 52.05 million yuan, accounting for 57.85% of revenue, a decrease of 3.27% year-on-year [1] - Earnings per share rose to 0.06 yuan, an increase of 345.52% year-on-year [1] Accounts Receivable and Cash Flow - The accounts receivable amounted to 17.36 million yuan, representing 197.04% of the latest annual net profit [1][4] - The company reported operating cash flow per share of 0.15 yuan, an increase of 1036.73% year-on-year [1] Investment and Return Metrics - The company's return on invested capital (ROIC) was 0.25% last year, indicating weak capital returns [3] - The historical median ROIC since the company went public is 14.28%, suggesting better investment returns in the past [3] Fund Holdings - The largest fund holding in the company is the Huaxia Vision Growth One-Year Holding Mixed A, with 981,200 shares newly entered the top ten holdings [5] - The fund's current scale is 622 million yuan, with a recent net value increase of 2.0% [5] Strategic Direction - The company plans to transform into a cultural consumption platform, with a focus on IP development as a key direction [6] - The collaboration with Bofun Toys marks the beginning of expanding upstream IP resources and downstream product forms [6] - The company has been incubating the "Museum of Chinese Characters" project, which has gained over 3 million followers online [6]

Core Viewpoint - Han Yi Co., Ltd. plans to establish a subsidiary to integrate its intellectual property (IP) into the gaming industry, aiming to enhance the recognition of Chinese characters among younger audiences and promote traditional culture [1] Group 1: Company Initiatives - The company intends to jointly invest with Xianmi Technology to set up Hangzhou Hanmi Network Technology Co., Ltd. with a registered capital of 2 million yuan, where Han Yi will contribute 1.6 million yuan, accounting for 80% of the capital [1] - The initiative represents a new attempt by the company to leverage its own IP in the digital economy gaming sector [1] Group 2: IP and Cultural Promotion - The company's "Bohuwazi" brand has over 3 million fans, with its core content, oracle bone script, being applied in various projects such as videos, books, and exhibitions [1] - The integration of oracle bone script elements in games is expected to transition fans from "viewing" to "participating," thereby activating the secondary monetization capability of the IP [1] - This move aligns with the company's ongoing strategy of "technology + culture," which is beneficial for enhancing the awareness of Chinese character culture among younger demographics [1]

Core Insights - The report by Guoyuan Securities highlights Hanyi Co., Ltd. (301270) as a leading enterprise in the font library industry, emphasizing its strong foundation in font software and copyright business, along with ongoing technological innovation and exploration of diversified cultural technology development paths [1] Group 1: Business Performance - Hanyi Co., Ltd. has established a robust and high-quality font product system, launching over 1,700 copyright-protected B-end fonts and developing more than 3,600 font products by December 31, 2024 [2] - The company has maintained stable revenue from 2022 to 2024, with a sales gross margin around 80%, indicating strong profitability and market competitiveness [2] Group 2: IP Development - Hanyi Co., Ltd. has intensified its IP layout in recent years, collaborating with well-known IPs in film, gaming, and literature, successfully launching popular digital content products [3] - The company has partnered with various established IPs, including "You Shou Yan," "Ali," and "Peace Elite," to develop a range of digital products, and has plans to release themed products based on the popular domestic film "Nezha: Birth of the Demon Child" in 2025 [3] Group 3: Innovative Business Models - The "Ziyou" platform under Hanyi Co., Ltd. has adopted a new subscription-based authorization model, achieving over 13.2 million registered users and significant daily and monthly active user counts by the end of 2024 [4] - The platform has expanded its font content supply by introducing third-party font brands and launched an overseas version, FontApp, to provide Western font management services [4] Group 4: Strategic Investments and AI Integration - Hanyi Co., Ltd. has formed a strategic partnership with Zheng Holdings to leverage synergies in font design, software development, and AI technology, aiming for better resource integration and collaboration [5] - The company has embraced AI trends, launching a text assistant powered by the DeepSeek model to address issues in AI-generated content, and is actively seeking investment opportunities in AI applications and new consumer IP [5]