Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - The company's overseas business shows growth potential, with overseas revenue in the first half of 2025 reaching 443 million yuan, accounting for 37.83% of operating income and increasing by 11.54% year - on - year. The expansion of new product categories such as cards and plush toys has achieved phased results, and the company is actively promoting the overseas expansion of cultural and creative brands [21]. 3. Summary by Directory 3.1 Research Basic Situation - The research object is Guangbo Co., Ltd., belonging to the household light industry. The reception time was on September 23, 2025. The company's reception staff included the board secretary and deputy general manager Jiang Shuying, and the securities affairs representative Wang Xiuna [17]. 3.2 Detailed Research Institutions - The research institutions included Industrial Securities and Orient Fortune Securities. The relevant personnel from Industrial Securities were Chu Tianshu, Li Yong, and Yang Dong, and from Orient Fortune Securities was Liu Xueying [18]. 3.3 Research Institution Proportion - No information provided on the research institution proportion. 3.4 Main Content Data - **Exports**: In the first half of 2025, the company's overseas revenue was 443 million yuan, accounting for 37.83% of operating income and increasing by 11.54% year - on - year. The company has built overseas production bases in Vietnam, Cambodia, Malaysia and other places and established long - term partnerships with many overseas customers [21]. - **Growth of Leisure Lifestyle Products**: In the first half of 2025, the sales revenue of the company's leisure lifestyle products reached 148 million yuan, a year - on - year increase of 40.38%. This growth is due to the company's effective expansion of overseas market channels and product layout [21]. - **Domestic Market Channels**: Creative products are mainly sold through cooperation with boutique trendy toy stores and cultural and creative life halls, and by setting up theme flash - mob activities in business districts. In the future, the company will deepen channel sinking, select customers carefully, and expand high - quality customers such as leading trendy toy chain channels. Online, it will focus on traditional e - commerce, expand social e - commerce, and use social media platforms for marketing [21][22]. - **New Product Categories**: In 2025, the company focused on new product category expansion. The "Zhu Xian" card, the first product in the card track, was successfully launched. The "Anpanman" and "Hatsune Miku" series of plush pendants have been sold online and offline, and the development of other IP - co - branded plush pendants is progressing steadily [21][22]. - **Overseas Expansion of Cultural and Creative Brands**: The company is increasing market promotion in Southeast Asian countries and has obtained overseas authorizations for well - known IPs such as SANRIO and Hatsune Miku [22].

证券日报网讯 广博股份9月23日发布公告，在公司回答调研者提问时表示，2025年，公司聚焦新品类拓 展，重点推进卡牌、毛绒等新项目的孵化工作，并取得阶段性成果。作为公司重点布局的卡牌赛道首款 落地产品，"诛仙"卡牌依托经典IP的影响力与优质内容设计，顺利完成研发与生产，并成功推向市场。 在首发阶段，该产品凭借对"诛仙"IP核心元素的精准还原、精致的卡牌工艺，迅速获得目标用户群体的 关注与青睐，为公司卡牌品类的后续发展奠定了坚实基础。在毛绒品类孵化中，最新研发的"面包超 人""初音未来"系列毛绒挂件已于近期在线上线下渠道同步销售。其他IP联名毛绒挂件的开发工作正稳 步推进。 （编辑 任世碧） ...

Group 1: Sales Performance - In the first half of 2025, the company's overseas revenue reached 443 million RMB, accounting for 37.83% of total revenue, with a year-on-year growth of 11.54% [2] - Sales revenue for leisure lifestyle products in the first half of 2025 was 148 million RMB, representing a year-on-year increase of 40.38% [4] Group 2: Market Strategy - The company focuses on expanding its marketing network in major consumer countries for stationery and cultural products, with ongoing development of overseas production bases in Vietnam, Cambodia, and Malaysia [2][3] - Future channel strategies include deepening market penetration, enhancing brand visibility through exhibitions, and expanding partnerships with leading trendy toy chains [5] Group 3: Product Development - The company is advancing new product categories, particularly in card games and plush toys, with the "Zhu Xian" card game successfully launched, leveraging its classic IP [6][7] - Recent developments in plush toys include the "Anpanman" and "Hatsune Miku" series, which are now available through both online and offline channels [7] Group 4: International Expansion - The company is actively promoting cultural IP products in Southeast Asia, capitalizing on the region's growing demand for creative products as economic conditions improve [7] - Notable overseas IP licenses obtained include SANRIO and Hatsune Miku, indicating a strategic push into international markets [7]

Investment Rating - The report indicates a positive investment outlook for the IP toy sector, paper industry, and home furnishing sector, highlighting specific companies to watch [2][4][17]. Core Insights - The IP toy market continues to thrive, with Sanrio's FY26Q1 performance exceeding expectations, driven by strong IP character sales, particularly Hello Kitty, across various regions [2][4]. - The paper industry is entering a peak demand season in Q3, with expectations for price stabilization and potential upward movement due to supply-side improvements [14][15]. - The home furnishing sector is poised for recovery as Beijing relaxes housing purchase restrictions, which may enhance valuation and stimulate demand [17][19]. Summary by Sections 1. IP Toy Sector - Sanrio's FY26Q1 revenue reached 431 billion JPY, a 49% year-on-year increase, with operating profit up 88% and net profit up 38%, attributed to strong IP character performance [2][4]. - Companies such as Morning Glory, Chuangyuan, Chaohongji, Guobo, and Blucor are highlighted for their innovative IP collaborations and product launches [2][4][6][9][10]. 2. Paper Industry - The report notes that Q3 demand is gradually increasing, with expectations for paper prices to stabilize and potentially rise, supported by reduced production from overseas suppliers [14][15]. - Key companies to monitor include Sun Paper, Nine Dragons, and Bohui Paper, as they are positioned to benefit from the improving supply-demand dynamics [14][15]. 3. Home Furnishing Sector - The easing of purchase restrictions in Beijing is expected to boost the home furnishing sector, with companies like Sophia, Oppein, Gujia, and others identified as having strong dividend safety margins [17][19][23]. - The report emphasizes the potential for valuation recovery in the home furnishing sector, driven by improved consumer confidence and demand from the secondary housing market [19][23].