11月26日上午，2025粤港澳大湾区文化产业投资大会（广东·广州）（简称"大湾区文投会"）在广州黄 埔国际会议中心举办。在主题大会上，清华大学教授、清华大学文化创意发展研究院副院长张铮发表演 讲，系统总结了"十四五"时期粤港澳大湾区文化产业的发展成绩，并就"十五五"时期广东文化产业的布 局思路提出建议。 张铮认为，"十四五"期间，广东在数字创意、动漫游戏、网络视听、数字文化制造等领域形成显著优 势，数字出版、动漫、音乐和游戏营收规模分别约占全国的1/5、1/3、1/4和4/5。 面向"十五五"，张铮提出文化产业的多项发展思路。例如，在文化贸易领域强化IP打造，改变广东有产 品无IP的局面，推动文化内容、社交平台与技术标准出海，支持文化企业拓展跨境电商，推动数据合法 跨境流动，并充分利用港澳的桥梁作用，促进湾区企业联动。 "十四五"期间，港澳文化产业也实现快速增长。香港文化创意产业增加值从2005年的523亿港元升至 2022年的1221亿港元，占本地生产总值比重由3.8%提升至4.5%。澳门2024年文化产业整体服务收益按 年上升12.7%，达97.3亿澳门元，反映产业对整体经济贡献的增加值总额增至30.1 ...

Core Insights - On November 14, Huali Technology's stock fell by 0.04%, with a trading volume of 45.47 million yuan [1] - The company reported a financing buy-in of 7.41 million yuan and a net financing buy of 1.47 million yuan on the same day [1] - As of November 14, the total financing and securities lending balance for Huali Technology was 95.80 million yuan, which is 2.47% of its market capitalization [1] Financing and Securities Lending - The financing balance of Huali Technology is currently at 95.80 million yuan, which is below the 30th percentile level over the past year, indicating a low position [1] - On November 14, there were no shares repaid or sold in the securities lending market, with a total securities lending balance of 0.00 yuan, indicating a high position compared to the 90th percentile level over the past year [1] Company Overview - Huali Technology, established on August 20, 2010, and listed on June 17, 2021, is located in Guangzhou, Guangdong Province [1] - The company's main business includes the design, research and development, production, sales, and operation of gaming and amusement equipment, with revenue composition as follows: 49.41% from gaming equipment sales, 34.44% from anime IP derivative products, 11.12% from amusement park operations, 3.51% from equipment cooperation operations, and 1.51% from other sources [1] Financial Performance - As of September 30, the number of shareholders for Huali Technology was 13,700, a decrease of 15.13% from the previous period [2] - For the period from January to September 2025, the company achieved a revenue of 742 million yuan, a year-on-year decrease of 1.33%, and a net profit attributable to the parent company of 66.88 million yuan, down 3.91% year-on-year [2] Dividend and Institutional Holdings - Huali Technology has distributed a total of 76.04 million yuan in dividends since its A-share listing, with 58.68 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included Huaxia CSI Animation Game ETF, which increased its holdings by 355,800 shares, and two new institutional shareholders, Bosera Tianyi Bond A and Guotai CSI Animation Game ETF [3]

Core Viewpoint - The company is currently operating at full capacity in its factories, focusing on the production of gaming equipment and anime card devices, while maintaining stable operations [1] Group 1: Production and Operations - The company's factories primarily produce gaming arcade equipment and anime card devices [1] - Current factory capacity utilization is sufficient, and operational conditions are stable [1] Group 2: Anime IP Card Business - The company is currently utilizing direct procurement or outsourcing for anime IP card production to flexibly match market demand [1] - There are no plans to establish dedicated production lines or facilities for anime IP cards at this stage [1] Group 3: Market Monitoring and Future Plans - The company will continue to closely monitor the market development trends, industry competition landscape, and its own business expansion pace regarding the IP card business [1] - Should there be a significant change in market conditions or an upgrade in capacity demand, the company will carefully assess the feasibility and necessity of establishing its own card production lines or facilities, and will fulfill information disclosure obligations as required [1]

Core Viewpoint - On October 9, Huali Technology experienced a decline of 1.43% with a trading volume of 118 million yuan, indicating a low financing balance compared to historical levels [1] Financing Summary - On October 9, Huali Technology had a financing purchase amount of 18.66 million yuan and a financing repayment of 14.53 million yuan, resulting in a net financing purchase of 4.12 million yuan [1] - As of October 9, the total financing and securities lending balance for Huali Technology was 98.76 million yuan, which accounts for 2.39% of its circulating market value, indicating a low financing balance at the 30th percentile over the past year [1] Securities Lending Summary - On October 9, there were no shares repaid or sold in securities lending, resulting in a selling amount of 0 yuan and a securities lending balance of 0 yuan, which is at the 80th percentile over the past year, indicating a high level [1] Company Overview - Huali Technology, established on August 20, 2010, and listed on June 17, 2021, is located in the Xingli Animation Industry Park, Panyu District, Guangzhou, Guangdong Province [1] - The company's main business includes the design, research and development, production, sales, and operation of gaming and amusement equipment, with revenue composition as follows: 49.41% from gaming equipment sales, 34.44% from anime IP derivative products, 11.12% from amusement park operations, 3.51% from equipment cooperation operations, and 1.51% from other sources [1] Financial Performance Summary - As of June 30, Huali Technology had 16,200 shareholders, a decrease of 4.91% from the previous period, with an average of 8,589 circulating shares per person, an increase of 5.16% [2] - For the first half of 2025, Huali Technology achieved an operating income of 481 million yuan, a year-on-year increase of 4.12%, while the net profit attributable to the parent company was 34.98 million yuan, a year-on-year decrease of 2.84% [2] Dividend Summary - Since its A-share listing, Huali Technology has distributed a total of 76.04 million yuan in dividends, with 58.68 million yuan distributed over the past three years [3] Institutional Holdings Summary - As of June 30, 2025, Huali Technology's sixth largest circulating shareholder is the Huaxia CSI Animation Game ETF (159869), holding 1.75 million shares, an increase of 331,900 shares from the previous period [3]

Group 1: Key Insights on Small Giants - The concept of "Key Small Giants" aims to promote a group of exemplary small and medium enterprises with significant growth and innovation advantages, receiving additional support from central finance [4][5] - As of June 2025, 137 companies from the first batch of Key Small Giants have been listed on A-shares, raising over 120 billion yuan in total [5] - Key Small Giants exhibit stronger innovation capabilities and growth potential, with R&D expenses accounting for 8.93% of revenue in 2024, surpassing the averages of other small giants and A-share companies [5] Group 2: Retail Sector Performance - In August 2025, the total retail sales of consumer goods reached 39,668 billion yuan, with a year-on-year growth of 3.4%, indicating steady growth in social consumption [10] - The jewelry sector performed particularly well, with gold and silver jewelry sales increasing by 16.8% year-on-year in August [11] - Online retail sales for the first eight months of 2025 reached 99,828 billion yuan, growing by 9.6%, while physical retail growth showed signs of slowing down [12] Group 3: Real Estate Market Trends - From January to August 2025, the total sales area of commercial housing decreased by 4.7% year-on-year, with a significant drop in sales in August [15][16] - The real estate development investment for the same period was 6.03 trillion yuan, down 12.9% year-on-year, indicating a continued decline in investment sentiment [18] - The sales recovery in first-tier cities is expected to improve in September, driven by increased promotional efforts from real estate companies [19] Group 4: Electronics Industry Developments - Major storage manufacturers have announced production cuts, with Micron reducing output by 10% and Samsung by 15%, leading to a significant increase in NAND Flash and DRAM prices [20][21] - The global DRAM market is expected to see a comprehensive price increase due to the transition to higher-margin products and reduced supply of older technologies [21] - AI capital investments are driving demand for enterprise storage, with significant spending from major tech companies [22][23] Group 5: Automotive Industry Highlights - Chery Automobile has passed the Hong Kong Stock Exchange listing hearing, marking a significant milestone for the company [27] - In the first eight months of 2025, China's automobile production and sales both exceeded 20 million units, with new energy vehicles accounting for 45.5% of total new car sales [27] - The demand for high-end luxury vehicles is expected to exceed expectations, with recommendations for companies like Jianghuai Automobile and Sailis [29] Group 6: Media and Gaming Sector Insights - The gaming industry continues to thrive, with new game releases and strong performance in both domestic and international markets [30] - AI applications in media are rapidly evolving, with significant advancements in model iterations and commercial applications [31] - The gaming sector is expected to maintain high growth, driven by continuous demand and new supply [30]

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Viewpoints - The company has shown positive growth in overseas sales of gaming and amusement equipment, while domestic sales are undergoing an adjustment period. The release of new products has contributed to revenue growth [2][3]. - The company is actively exploring strategic expansion directions, including the launch of IP operation and music labels, which aim to enhance user engagement and diversify entertainment experiences [5][6]. Financial Overview - In the first half of 2025, the company achieved revenue of 481 million yuan, a year-on-year increase of 4.12%. The net profit attributable to the parent company was 34.98 million yuan, a decrease of 2.84% year-on-year [1]. - For Q2 2025, the company reported revenue of 296 million yuan, a year-on-year increase of 19.96% and a quarter-on-quarter increase of 60.00%. The net profit attributable to the parent company was 23.55 million yuan, a year-on-year increase of 46.94% and a quarter-on-quarter increase of 106.04% [1]. Segment Performance - Domestic sales of gaming and amusement equipment decreased by 2.81% year-on-year to 238 million yuan in H1 2025, while the gross margin improved by 3.36 percentage points to 29.22% [2]. - The company's anime IP derivative products generated sales of 166 million yuan in H1 2025, reflecting a year-on-year growth of 14.51%. The successful launch of the new product "Pokémon: Shining Star" in Q2 contributed to record sales in this segment [3]. - The amusement park operation business generated revenue of 53.49 million yuan in H1 2025, a year-on-year increase of 1.87%. The company is focusing on a differentiated "equipment + operation + service" ecosystem to maintain regional competitive advantages [4]. Future Outlook - The company is expected to achieve revenues of 1.1 billion yuan, 1.165 billion yuan, and 1.24 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 8.1%, 5.9%, and 6.4% [6][7]. - The net profit attributable to the parent company is projected to be 92 million yuan, 103 million yuan, and 116 million yuan for the same years, with growth rates of 8.5%, 12.4%, and 12.0% [6][7].

Core Viewpoint - The company reported a mixed financial performance for the first half of the year, with revenue growth but a decline in net profit, while showing significant recovery in the second quarter [1] Financial Performance - In the first half of the year, the company achieved revenue of 481 million yuan, a year-on-year increase of 4.12% [1] - The net profit attributable to the parent company was 34.98 million yuan, a year-on-year decrease of 2.84% [1] - In the second quarter, the company recorded revenue of 296 million yuan, a year-on-year growth of 19.96% [1] - The net profit attributable to the parent company in the second quarter was 23.55 million yuan, a year-on-year increase of 46.94% [1] Product Performance - Sales of anime IP derivative products steadily grew, achieving revenue of 166 million yuan, a year-on-year increase of 14.51% [1] - The core product "Pokémon" completed its iteration, and the new product "Pokémon: Shining Star" launched in mid-April received positive feedback from players, contributing to record sales in the second quarter [1] - The self-developed national trend card product "Three Kingdoms Fantasy Battle" performed well after its successful release in the Taiwan market [1] Market Dynamics - The rapid expansion of indoor amusement parks in the domestic market led to a slowdown in the number of new parks and some entering an adjustment period, putting pressure on the company's domestic game amusement equipment sales [1] - The company is actively enhancing its overseas presence, with positive trends in overseas sales [1] - The revenue from game amusement equipment sales was 238 million yuan, a slight year-on-year decline, but the gross margin increased by 3.36 percentage points [1]

Company Overview - The company is Guangzhou Wahlap Technology Co., Ltd., established on August 20, 2010, and listed on the Shenzhen Stock Exchange with stock code 301011 [11]. - The total share capital of the company is 146,692,000 shares, with Hong Kong Wahlap International Holdings Limited being the controlling shareholder, holding 44.03% of the shares [11]. Fundraising Details - The company plans to issue shares to specific investors at a price of 24.21 yuan per share, with a total of 6,137,959 shares to be issued, raising up to 300 million yuan [2][3]. - The funds raised will be used for specific projects, with the net amount after deducting issuance costs being allocated accordingly [4]. Industry Context - The company operates in the "C24 Cultural, Educational, Artistic, Sports and Entertainment Products Manufacturing" sector, specifically in "C2462 Manufacturing of Amusement Products and Indoor Amusement Equipment" [12]. - The industry is regulated by various government departments, including the Ministry of Culture and Tourism, which oversees the management policies for gaming and amusement equipment [12][13]. Regulatory Environment - The company adheres to multiple laws and regulations governing the production and sale of gaming and amusement equipment, including the "Regulations on the Management of Gaming and Amusement Equipment" [15]. - The company is involved in industry associations, such as the Guangdong Game Industry Association, which aims to promote healthy industry development [14]. Financial Performance - The company reported a net profit of 11.43 million yuan for the latest period, a decrease of 42.78% compared to the previous year [7]. - The company has established a rigorous management system for accounts receivable, which amounted to 280.02 million yuan at the end of the reporting period [5]. Risk Factors - The company faces various risks, including industry policy changes, exchange rate fluctuations, and macroeconomic volatility, which could impact its financial performance [5][6]. - The company has committed to measures to mitigate the impact of share dilution on immediate returns for investors [4].

Company Overview - Guangzhou Huali Technology Co., Ltd. was approved for public issuance of RMB ordinary shares (A shares) on May 10, 2021, becoming a listed company on the Growth Enterprise Market [1] - The company is a comprehensive service provider for the distribution and operation of commercial gaming and amusement equipment in China, covering design, research and development, production, sales, and operation [1] - As of December 31, 2024, the registered capital of the company is RMB 146,692,000 [1] Financial Reporting Basis - The financial statements are prepared based on the going concern assumption and in accordance with the relevant accounting standards and guidelines [2] - The accounting year runs from January 1 to December 31, and the company uses RMB as the functional currency for its domestic subsidiaries [2] Accounting Policies and Estimates - The financial statements reflect the company's financial position, operating results, changes in owners' equity, and cash flows accurately and completely [2] - The company has established significance criteria for various financial items, such as accounts receivable and payable, which exceed 1% of total assets or RMB 10 million [3] Business Combinations - The company follows specific accounting treatments for business combinations, distinguishing between combinations under common control and those not under common control [5][6] - Costs directly related to business combinations, such as audit and legal fees, are recognized in the current period's profit and loss [4][7] Financial Instruments - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss [15][16] - Financial liabilities are classified similarly, with initial recognition at fair value and subsequent measurement based on their classification [18][19] Credit Risk and Impairment - The company assesses credit risk and expected credit losses for financial assets, applying a three-stage model based on changes in credit risk since initial recognition [24][25] - Impairment losses are recognized in profit or loss, and the company evaluates financial assets for significant increases in credit risk at each reporting date [27][28]

Core Viewpoint - Guangzhou Wah Li Technology Co., Ltd. is proceeding with a simplified procedure for issuing shares to specific investors, with a total fundraising amount not exceeding 300 million RMB, which is within 20% of the company's net assets as of the end of the previous year [10][14]. Group 1: Issuance Details - The issuance will be conducted through a non-public offering to no more than 35 specific investors, including qualified institutional investors and other eligible entities [15][16]. - The pricing for the shares is set at 24.21 RMB per share, determined through a competitive bidding process [16]. - The shares acquired by the investors will be subject to a six-month lock-up period post-issuance [16]. Group 2: Approval and Authorization - The board of directors and the annual general meeting of shareholders have authorized the issuance, ensuring compliance with relevant laws and regulations [10][11]. - The issuance requires approval from the Shenzhen Stock Exchange and must be registered with the China Securities Regulatory Commission [10][11]. Group 3: Company Background - Guangzhou Wah Li Technology was established on September 2, 2015, and is a publicly listed company on the Shenzhen Stock Exchange since June 17, 2021 [11][12]. - The company is legally established and in good standing, with no ongoing legal issues that would affect its ability to issue shares [12]. Group 4: Use of Proceeds - The funds raised will be allocated to projects related to "animation card equipment deployment and operation" and to supplement working capital [14][15]. - The use of proceeds complies with national industrial policies and relevant legal regulations [14].