证券代码： 002862 证券简称：实丰文化 实丰文化发展股份有限公司投资者关系活动记录表 编号：2025006 投资者关系活动 类别 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □其他 参与单位名称及 人员姓名 西南证券 苟宇睿 平安基金 杨博茜 金鹰基金 谭亚兰 前海开源基金 夏英妍 传奇投资 姚天航 时间 2025 年 11 月 18 日（周二）15:00-17:00 地点 广东省汕头市澄海区澄华工业区实丰文化发展股份有限公司 上市公司接待人 员姓名 1、董事、董事会秘书：王依娜女士 2、AI 玩具负责人：时杰先生 3、研发设计部负责人：纪一桀先生 投资者关系活动 主要内容介绍 一、公司董事会秘书王依娜女士对公司发展历程作了介绍。 二、提问主要内容如下： （一）公司目前在手 IP 有哪些？ 答：公司已构建起覆盖多领域的多元 IP 矩阵——从国际顶 流 IP 宝可梦、迪士尼（冰雪奇缘、玩具总动员、疯狂动物城、 怪兽大学等），国际动漫 IP 海绵宝宝，到手游 IP 蛋仔派对， 再到国民动画 IP 超级飞侠、熊熊乐园、喜羊羊与灰太狼，爆款 表情包 I ...

Core Viewpoint - The company achieved a revenue of 328 million yuan in the first three quarters of 2025, marking a year-on-year growth of 5.81%, primarily driven by the growth in its domestic toy and gaming sectors [1] Group 1: Business Segments - The company focuses on two core business segments: toys and games [1] - In the domestic toy sector, the company has established three main product lines: AI smart electric toys, IP anime derivative toys, and trendy toys [1] - The company is committed to the "technology + culture" dual-core strategy, continuously deepening its presence in the smart toy market [1] Group 2: Product Innovations - The company has successfully launched AI toys such as "Fei Fei Rabbit" and "AI Magic Star," the latter winning an industry innovation award [1] - The company has developed a diverse IP matrix, collaborating with top international IPs like Pokémon and Disney, as well as domestic animation IPs [1] - Popular product lines include Pokémon-themed toys and various series of trendy toys featuring characters from well-known IPs [1] Group 3: Gaming Strategy - The company targets the casual gaming sector, focusing on market growth logic, technological empowerment, and user behavior changes to create high-quality games [1] - The strategy includes leveraging VR/AR/AIGC technologies to enhance products and develop proprietary AI models [1] - The company aims for global operations, translating Chinese products and culture into international markets through a comprehensive strategy encompassing IP, development, distribution, and marketing [1]

Core Viewpoint - Shifeng Culture reported a revenue of 328 million yuan for the first three quarters of 2025, marking a growth of 5.81%, with Q3 revenue reaching 138 million yuan [1] Group 1: Business Overview - Shifeng Culture focuses on two main business segments: toys and games [1] - The toy segment includes research, design, production, and sales of various toys, with over 1,000 product specifications sold in nearly 100 countries [1] - The company has developed three main product lines: AI smart electric toys, IP anime derivative toys, and trendy toys, adapting to technological advancements [1] Group 2: AI Toy Innovations - The AI toy "Feifei Rabbit" gained recognition by winning an award at the "AI Creation +" toy industry innovation competition [2] - The AI Feifei Rabbit integrates AI model technology, allowing it to respond accurately to children's questions and switch topics seamlessly, enhancing playability and educational value [2] Group 3: IP Collaborations - Shifeng Culture has secured licenses for popular international IPs such as Pokémon and various mobile game and animation IPs, leading to the successful sales of themed toy series [2] Group 4: Gaming Strategy - In the gaming sector, Shifeng Culture is focusing on casual games, with plans for overseas expansion and agency operations for mini-games [3] - The company aims to leverage its existing game development strengths to adapt lightweight products for international markets [3]

Group 1: Company Performance - In the first half of 2025, the company achieved operating revenue of 190 million yuan, representing a year-on-year growth of 22.05% [1] - The net profit reached 4.174 million yuan, with a year-on-year increase of 69.02%, driven by innovation in AI toys and trendy toys [1] Group 2: AI Toy Development - The company launched new AI toys, AI Magic Star and AI Flying Rabbit, which quickly became market highlights [2] - AI Magic Star utilizes AIGC technology for a smart voice interaction system that engages children in fluent conversations while avoiding sensitive topics [2] - AI Flying Rabbit features advanced emotional interaction capabilities and a vast knowledge base, allowing it to respond dynamically to children's questions and provide educational content [2] Group 3: Trendy Toy Business - The company has made significant strides in the trendy toy sector by collaborating with high-profile IPs, including Pokémon and Super Wings [3] - A series of popular trendy toy products have been developed based on these IPs, catering to various consumer preferences for collection and interaction [3] - The company has also secured licenses for classic animation IPs like "Pleasant Goat and Big Big Wolf" and "SpongeBob SquarePants," enhancing its IP portfolio [3] Group 4: Gaming Business Strategy - The company focuses on the casual gaming sector, designing games that are easy to play yet engaging and challenging [4] - It employs targeted advertising strategies for efficient resource utilization in game distribution [4] - The gaming product line is diverse, catering to various player demographics, with plans to expand into overseas markets and agency operations in 2025 [4]

Market Overview - On April 28, the toy and animation sectors experienced a collective surge, with companies like Chuangyuan Co. rising over 15% and Zhangyue Technology hitting the daily limit [1] - Other companies such as Tianzhou Culture, Huali Technology, Shifeng Culture, Gao Le Co., Xinghui Entertainment, and Aofei Entertainment also showed strong performance [1] Company Highlights - Chuangyuan Co. (300703.SZ) engaged in IP collaboration with Zhihu and Dunhuang Museum, launching products like the "Feiniaojiji" and Dunhuang cultural series, with a stock price of 15.43, up 7.90% [2] - Perfect World (002624.SZ) focused on IP development, leveraging both original and external IPs, with a stock price of 13.07, up 6.43% [2] - Huali Technology (301011.SZ) is promoting gaming equipment and anime IP derivative products, with a stock price of 26.13, up 4.52% [2] - Gao Le Co. (002348.SZ) has major IP collaborations with brands like Disney and Hello Kitty, with a stock price of 3.26, up 4.49% [2] - Shifeng Culture (002862.SZ) is actively collaborating with high-quality IPs and developing original toys, with a stock price of 23.90, up 3.42% [2] Event Highlights - On April 28, Pop Mart's stock surged over 12%, reaching a historical high [3] - On April 25, Pop Mart topped the U.S. App Store shopping chart and ranked fourth overall [4] - The release of Pop Mart's popular IP LABUBU's third-generation plush product led to trending searches on social media [4] Industry Insights - The global toy industry is entering a historical opportunity period characterized by cross-regional IP penetration, accelerated innovation, and improved channel networks [6] - The shift in consumer preferences from traditional toys to two-dimensional IP culture among younger generations is expected to sustain high demand for collectible toys [6] - The toy market is anticipated to benefit from popular film and streaming IPs by 2025, stimulating interest among young consumers [6] - Emerging categories like trendy toys, card games, and building toys are expected to see significant growth, with companies possessing IP, product, and channel advantages being noteworthy [6] - The AI toy market is still in its early stages, with potential for Chinese toy companies to leverage their manufacturing capabilities for competitive advantage in international markets [6]