Report Summary 1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoint of the Report - Guangbo Co., Ltd. has achieved business transformation and continuous development from stationery to cultural and creative products, and then to trendy toys, creating new performance growth points [25] 3. Summary by Relevant Catalogs 3.1. Research Basic Information - Research object: Guangbo Co., Ltd. [17] - Industry: Household light industry [17] - Reception time: October 21, 2025 [17] - Company reception staff: Jiang Shuying, the board secretary and deputy general manager, and Wang Xiuna, the securities affairs representative [17] 3.2. Detailed Research Institutions - Reception object type: Securities company [20] - Institution: Southwest Securities [20] - Relevant personnel: Gou Yurui, Cai Xin, Shen Qi [20] 3.3. Research Institution Proportion - Not provided in the document 3.4. Main Content Information - **Company product exhibition**: The company introduced its products in the company showroom [22] - **IP matrix construction**: In the cultural and creative field, the company has launched sub - brands such as "kinbor", "fizz 飞兹", "papiest 派乐时刻", and strengthened IP resource introduction and cooperation, achieving a preliminary transformation from a traditional stationery manufacturer to a cultural and creative enterprise [23] - **Entry into the trendy toy field**: The company has accelerated the incubation of trendy toy categories, built an extreme single - product matrix, and implemented a strategy of coordinated development of head IPs and long - tail IPs to promote the development of trendy toy business [24] - **Exhibition products**: The company's trendy toy brand product matrix includes various categories. The exhibits at the CTE China Toy Fair & Trendy Toy Fair include co - branded products of many IPs, and the "Detective Conan M28: One - Eyed Remnant Image" food toy series was premiered [25] - **Overseas business**: The company is pushing forward overseas layout, targeting the Southeast Asian market, and promoting the large - scale export of products. It currently has production bases in Vietnam, Cambodia, and Malaysia and will expand the Vietnam production base [26]