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 Insights - The company, Shifeng Culture, is focusing on three core areas: AI toys, IP derivatives, and gaming business, while strategically exploring the new energy sector to build a globally influential cultural entertainment brand [1][7] AI Toys - Shifeng Culture is a well-established toy company with over 30 years of history, now leading the AI toy sector by launching products like AI Magic Star and AI Flying Rabbit, covering wearable, desktop, and plush applications [2] - The company emphasizes that the essence of AI toys lies in their playability, educational value, and emotional engagement, targeting both children and adults with differentiated functionalities [2][3] - Sales of AI toys are increasing, with positive user feedback on their play, educational, and companionship attributes; however, the market currently lacks product differentiation, which may affect repurchase rates [3] IP Toys - The company has developed a diverse IP matrix, collaborating with various cultural sectors, including popular games and animations, to maximize the commercial value of IPs through a full-chain operational model [4][5] - Shifeng Culture's strength lies in its comprehensive industry chain capabilities, allowing for rapid project implementation and enhanced market competitiveness of IP derivatives [4] - The company is also cultivating its own IPs, such as Wangzai Xiaoliu and Smart Flying Rabbit, and plans to expand its IP matrix to include trendy IPs favored by Generation Z [5] Gaming Business - The gaming segment has become a significant profit driver for Shifeng Culture, with a 125.27% year-on-year revenue increase and a 285.29% profit growth in the first half of 2025 [6] - The company is focusing on casual games and has adopted a strategy to enhance game quality while expanding the variety of game types to meet diverse player needs [6] - There is a synergistic effect between the gaming and toy businesses, with plans to leverage online games to attract users and convert them into toy sales, creating new growth avenues [6] New Energy Sector - Shifeng Culture is strategically entering the new energy sector, leveraging its existing customer trust and geographical advantages to build a competitive edge [7] - The company is implementing a dual-loop strategy for talent and technology development to address challenges in cross-industry growth [7] - The goal is to enhance the core toy and gaming businesses while expanding globally, aiming to create a globally recognized enterprise [7]

全链路运营实现价值最大化 IP玩具是实丰文化近年来另一个发力的方向，公司构建起横跨海内外文化圈的多元IP矩阵，合作IP覆盖 蛋仔派对等游戏、宝可梦等动漫、海绵宝宝等动画及乖巧宝宝等表情包的多个领域。 ● 本报记者 万宇 实丰文化宝可梦系列的伊布与喷火龙火到国外，很多博主在视频网站上推荐它们；人气表情包乖巧宝 宝、小刘鸭等也被实丰文化做成了手办，一经推出便得到消费者喜爱，买来摆到了桌上。 实丰文化董事长、总经理蔡俊权，副总经理蔡佳霖近日接受中国证券报记者专访时介绍，实丰文化在 AI玩具、IP衍生品、游戏业务三大核心领域深耕布局，并对新能源赛道进行战略性探索，如今，以"科 技+文化"为发展内核的实丰文化，正在多业务板块协同推进中，朝着打造具有全球影响力的文化娱乐 品牌目标稳步前行。 AI玩具引领行业革新 多场景陪伴打造差异化竞争力 实丰文化是一家有30多年历史的老牌玩具企业，扎根于被称为"玩具之都"的广东省汕头市澄海区。在智 能化浪潮席卷而来的背景下，作为玩具行业龙头的实丰文化发力AI玩具领域，推出两款定位不同的代 表性产品——挂件穿戴式的AI魔法星、一体式的AI飞飞兔，后续将推出"AI+毛绒""AI+电动宠 物 ...

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]

Core Viewpoint - The collaboration between the South Korean government and the startup Hyodol to distribute AI companion dolls to elderly individuals highlights the growing trend of AI integration in the toy industry, addressing the challenges of an aging population and caregiver shortages [2][3][6]. Group 1: Aging Population and Caregiver Shortage - South Korea is rapidly aging, with one in five individuals aged 65 and older, and is expected to enter a "super-aged society" by the end of 2024 [2]. - The country faces a significant shortage of caregivers, with a projected need for an additional 990,000 caregivers by 2043, while the pension fund is expected to peak in 2041 and potentially run out by 2056 [2][3]. Group 2: AI Dolls as a Solution - AI dolls serve as a cost-effective alternative to caregivers, with their costs being a fraction of a caregiver's annual salary, providing continuous companionship and basic care [3]. - The AI dolls are equipped with advanced technology, including ChatGPT, enabling them to engage in conversations, remind users about meals and medications, and monitor the elderly's health status [5][6]. Group 3: Global AI Toy Market Growth - The AI toy market is experiencing rapid growth, with the global market size surpassing $11 billion in 2024 and projected to reach $58 billion by 2030, reflecting an annual growth rate of over 20% [9]. - In China, the AI toy market is expected to exceed 10 billion yuan by 2030, with a compound annual growth rate of over 70% [9]. Group 4: Diverse Consumer Base - Unlike traditional toys, AI toys appeal to a broad demographic, including parents seeking educational support for their children, young adults looking for companionship, and elderly individuals desiring safety and emotional comfort [10][11]. Group 5: Competitive Landscape in China - The Chinese AI toy market is becoming increasingly competitive, with traditional players like Shifeng Culture and Aofei Entertainment embracing smart technology and leveraging their established supply chains and IP resources [12][13]. - Emerging tech companies like YueRan Innovation are focusing on emotional companionship and education, utilizing AI and IP collaborations to create innovative products [16][18]. - Major tech firms such as ByteDance and iFLYTEK are also actively participating in the market, integrating their technological capabilities with traditional toy manufacturers [19][20]. Group 6: Redefining Companionship - AI is redefining the concept of companionship, serving various roles from guardians for elderly individuals to educational aids for children and emotional support for urban dwellers [21].

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]

Core Viewpoint - The AI toy market is experiencing significant growth, driven by a surge of new companies entering the space, focusing on emotional value and user engagement rather than just technological capabilities [6][8][21] Group 1: Market Dynamics - The AI toy sector has seen over 30 emerging companies, with products designed to cater to both children and adults, reflecting a diverse range of user needs [6][8] - The market is characterized by a low entry barrier for consumers, allowing for a variety of products that fulfill different emotional and psychological needs [8][20] - The success of AI toys will depend on achieving significant sales volumes, with a benchmark of 100,000 units being crucial for establishing a product as a market leader [8][19] Group 2: Key Players and Products - Notable companies include Mengyou Intelligent, which launched the Ropet AI toy, and Luobo Intelligent, which introduced the Fuzozo, both targeting female consumers [6][12] - Ropet has achieved significant crowdfunding success in Japan, raising 26 million yen on its first day, while Fuzozo has gained traction in China through effective marketing strategies [12][13] - The products differ in their interaction capabilities, with Fuzozo utilizing a multimodal model for language interaction, while Ropet focuses on non-verbal responses to enhance user experience [13][14] Group 3: Consumer Insights - The primary purchasing motivation for consumers is the aesthetic appeal of the toys, particularly among female users, indicating a strong link between product design and consumer engagement [14][20] - The emotional value created by AI toys is paramount, with companies exploring various approaches to meet the emotional and psychological needs of users [20][21] - The market is still evolving, with opportunities for new entrants to address unmet needs, particularly in areas like mental health and emotional support [20][21] Group 4: Future Trends - The AI toy industry is expected to continue diversifying, with products aimed at both emotional companionship and practical applications in mental health [20][21] - Companies are leveraging advanced AI technologies to enhance user interaction and product functionality, which will be critical for long-term success [19][20] - The competition is intensifying as larger companies like Pop Mart enter the market, potentially reshaping the landscape of AI toys [8][21]

Company Overview - Shifeng Culture Development Co., Ltd. (stock code: 002862) is a high-tech enterprise established in 1992, headquartered in Shantou, Guangdong Province, with over a hundred proprietary patents [6] - The company focuses on two core business segments: toys and games, with a product range exceeding 1,000 types sold in nearly 100 countries [6] - The company has adapted its product strategy to include three main product lines: smart electric toys, trendy toys, and AI toys [6] Game Business Strategy - The company targets the casual gaming sector, investing in research and development with a creative team to innovate gameplay that meets the needs of casual gamers [7] - The game product line is diverse, catering to various player demographics and preferences through effective advertising strategies [7] AI Technology Integration - AI technology is seen as a new business incubator for the toy manufacturing industry, addressing the limitations of traditional toys and enhancing consumer engagement [8] - The global AI toy market is projected to reach $36.377 billion by 2030, driven by trends in "loneliness economy" and "AI technology revolution" [8] AI Product Launches - The company plans to launch its next-generation AI toy, AI Magic Star, in 2024, featuring advanced interactive capabilities for children [9] - Another AI toy, AI Flying Rabbit, is set to be released in June 2025, showcasing significant advancements in responsiveness and interaction [9] Challenges in AI Development - The company faces challenges in balancing interaction naturalness with content safety, implementing a dual-filter algorithm to ensure safe interactions for children [10] - The algorithm must achieve low-latency responses while maintaining content security, which involves optimizing model complexity and processing speed [10] Competitive Landscape - AI is reshaping the competitive landscape in the toy industry, with companies leveraging advanced algorithms and data processing to create smarter toys [11] - The company is focusing on product innovation and market expansion, targeting diverse consumer needs from children's education to elderly companionship [11] Strategic Measures for Competitive Advantage - The company collaborates with universities and research institutions to accelerate AI technology application in toy products [12] - Continuous product innovation and brand building are prioritized to enhance market position and consumer loyalty [12] AI Governance and Data Security - The company has established a compliance assurance system to adhere to data protection regulations, ensuring user consent and data security [13] - A multi-layered security framework is in place for data transmission, with certifications for information security management [14] Future Outlook - The company envisions AI toys evolving from functional tools to emotional companions and growth guides, aiming to bring joy and security to families [15]