Guangzhou Wahlap Technology Co., Ltd. (301011)

Equity Research Report | Industry: Recreational Products (Commercial Game & Amusement Equipment) | Report Date: September 13, 2026 | Data as of the close on 2026-09-11 (data cutoff date as stated in the research notes; some pages show 2026-09-11 16:00:50 Beijing time)

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

1. Core Summary

Wahlap Technology (301011.SZ) turning from profit to loss in H1 2026 is the most decision-relevant fact at present: operating revenue of RMB 334 million, down 30.59% YoY; net profit attributable to parent of -RMB 108.9 million, versus +RMB 34.9796 million in the same period last year, down 411.24% YoY; non-GAAP net profit attributable to parent of -RMB 106 million, versus +RMB 35.3683 million in the same period last year; net cash flow from operating activities of -RMB 49.1553 million, down 197.11% YoY; basic EPS of -RMB 0.71, weighted average ROE of -12.14%, gross margin of 19.00% (down 10.61 pct YoY), and debt-to-asset ratio of 40.21%. All three main businesses declined across the board: game & amusement equipment sales revenue of RMB 136 million (down 42.72% YoY), anime IP derivative products of RMB 119 million (down 28.20% YoY), and amusement venue operations of RMB 51.4824 million (down 3.76% YoY, gross margin -28.84%); equipment cooperative operations of RMB 8.929 million; by region, domestic RMB 257.5 million (77.11%) and overseas RMB 76.42 million (22.89%).

The loss comprises two parts: a significant one-off impact and an operating loss. Client Beijing Da Wanjia Entertainment Co., Ltd. was adjudicated by the court to enter bankruptcy liquidation. The company made a full provision for bad debts on its accounts receivable of RMB 47.888 million and recognized related asset impairment, which together reduced total profit by approximately RMB 48.6351 million; income tax expense was -RMB 16.6068 million (deferred tax asset benefit); the pre-tax loss is roughly -RMB 125.6 million, and after excluding the approximately RMB 48.6351 million in bad debt/impairment, the remaining loss of approximately RMB 70-80 million stems from gross margin decline and rigid expenses — revenue fell 30.6% while operating costs fell only 20.13%. The company attributes this to weakening willingness for discretionary consumer spending, slower expansion of downstream amusement venues, industry price wars, weakening demand for equipment upgrades, combined with reduced orders and declining capacity utilization due to changes in core customer operations.

The weakness had already emerged in earlier periods. FY2025 revenue of RMB 997 million (down 1.99% YoY), net profit attributable to parent of RMB 69.0459 million (down 18.44% YoY), non-GAAP net profit attributable to parent of RMB 70 million (down 15.45% YoY), weighted average ROE declining from 11.81% in 2024 to 8.58%, net cash flow from operating activities of RMB 102.8 million (down 52.03% YoY), with total asset impairment provisions of RMB 32.7782 million recognized in 2025; quarterly net profit attributable to parent in 2025 was RMB 11.43 million, RMB 23.55 million, RMB 31.90 million, and only RMB 2.16 million respectively; 2026Q1 net loss attributable to parent was RMB 10 million, with the Q2 loss further widening to approximately RMB 99 million (per research notes estimates).

Institutional forecasts and target prices have clearly lagged behind actual operations. According to East Money's aggregated data, 2026E revenue of RMB 1.09 billion, net profit attributable to parent of RMB 91.11 million; 2027E revenue of RMB 1.19 billion, net profit attributable to parent of RMB 115.8 million; 2028E revenue of RMB 1.273 billion, net profit attributable to parent of RMB 138.1 million, corresponding to EPS of RMB 0.5914/0.7529/0.8960; however, the vast majority of institutional forecasts predate the 2026 interim report, while 2026H1 actual net profit attributable to parent already showed a loss of RMB 109 million. In terms of ratings: Tianfeng Securities initiated coverage on 2026-01-15 with a Buy rating and a target price of RMB 36-44 (projecting 2025 net profit attributable to parent of RMB 92 million, actual only RMB 69 million); Guotai Haitong with Outperform and target price of RMB 30.15; CITIC Securities with Buy and target price not exceeding RMB 33; GF Securities' target price was progressively lowered from RMB 28.12 to RMB 25.64; Kaiyuan Securities sharply downgraded its 2026-2027 forecasts on 2026-04-30. At the announcement level, the company disclosed a cautionary announcement on client operations on 2026-07-31 (No. 2026-033), with Da Wanjia's first creditors' meeting scheduled for 2026-09-14; the extraordinary shareholders' meeting on 2026-09-03 approved a buyback plan of RMB 10-20 million, with a price ceiling of RMB 21.64/share, approximately 462,100-924,200 shares, representing approximately 0.60% of total share capital, for the purpose of safeguarding company value and shareholder interests, with all repurchased shares to be subsequently sold.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Game & amusement equipment sales: Self-manufactured commercial amusement machine units (music games, racing, shooting, family-oriented, lottery-type, etc.), domestic sales + export direct sales; 2025 revenue of RMB 460.4 million, accounting for 46.17%, gross margin 28.88% (+1.44 pct)
• Anime IP derivative product sales: Placing anime cartoon equipment (card machines) in amusement venue stores, then continuously selling licensed IP cards/figures through partner stores for profit; representative products include "Pokemon Mezastar" and "Minecraft Dungeons," with self-developed China-chic card game "Three Kingdoms Phantom Battle"; 2025 revenue of RMB 368.9 million, accounting for 36.99% (+12.97%), gross margin 40.31% (-2.44 pct)
• Equipment cooperative operations: Equipment ownership belongs to the company, placed in customer amusement venues, with monthly revenue sharing at agreed ratios; 2025 revenue of RMB 27.16 million, accounting for 2.72% (+51.96%), gross margin 44.73%
• Amusement venue operations: Self-operated indoor amusement venues in commercial complexes, with partners including Yuehai, AEON, Vanke and other commercial real estate developers; 2025 revenue of RMB 117.1 million, accounting for 11.74% (+10.78%), gross margin -5.94%

2.3 Industry Chain Position and Cost-Profit Structure

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The latest financial report is the 2026 interim report (approved by the board on 2026-08-25, disclosed on 2026-08-26): revenue of RMB 334 million (down 30.59% YoY), net profit attributable to parent of -RMB 109 million (same period last year +RMB 34.9796 million, down 411.24% YoY, turned from profit to loss); non-GAAP net profit attributable to parent of -RMB 106 million (down 400.51% YoY); net cash flow from operating activities of -RMB 49 million (down 197.11% YoY); basic/diluted EPS of -RMB 0.71 (same period last year RMB 0.24); weighted average ROE of -12.14% (same period last year +4.62%); total assets at period end of RMB 1.385 billion (down 10.81% from year-end); net assets attributable to parent of RMB 828 million (down 13.58% from year-end); gross margin 19.00% (down 10.61 pct YoY), debt-to-asset ratio 40.21%; number of shareholders 10,514; no cash dividend, no bonus shares, no capital reserve conversion. One-off factors in the loss structure: client Beijing Da Wanjia Entertainment Co., Ltd. entered bankruptcy liquidation, full provision for bad debts on accounts receivable of RMB 47.888 million and related asset impairment, together reducing total profit by approximately RMB 48.6351 million; income tax expense of -RMB 16.6068 million (deferred tax asset benefit, positive contribution); pre-tax loss roughly -RMB 125.6 million, of which approximately RMB 48.6351 million is bad debt/impairment, and the remaining approximately RMB 70-80 million comes from gross margin decline and rigid expenses (revenue down 30.6%, operating costs down only 20.13%). 2026H1 by business segment: game & amusement equipment sales RMB 136 million (down 42.72% YoY, gross margin 28.55%); anime IP derivative product sales RMB 119 million (down 28.20% YoY, gross margin 27.15%); amusement venue operations RMB 51.4824 million (down 3.76% YoY, gross margin -28.84%); equipment cooperative operations RMB 8.929 million; others RMB 18.39 million; by region, domestic RMB 257.5 million (77.11%), overseas RMB 76.42 million (22.89%). Company attribution: weakening willingness for discretionary consumer spending, slower expansion of downstream amusement venues, industry price wars, weakening demand for equipment upgrades, combined with reduced orders and declining capacity utilization due to changes in core customer operations. FY2025: revenue of RMB 997 million (down 1.99% YoY; 2024 RMB 1.017 billion, 2023 RMB 816 million); non-GAAP net profit attributable to parent of RMB 70 million (down 15.45% YoY); basic EPS of RMB 0.47 (-18.97%); weighted average ROE 8.58% (2024: 11.81%); total assets RMB 1.553 billion (+18.88%), net assets attributable to parent RMB 958 million (+27.90%); net cash flow from operating activities RMB 102.8 million (-52.03%); gross margin 29.95% (roughly flat), net margin 6.91% (-1.4 pct), sales/management/R&D expense ratios up 1.1/0.3/1.1 pct YoY respectively; total asset impairment provisions of RMB 32.7782 million recognized in 2025; dividend of RMB 1.50 per 10 shares (tax included), totaling RMB 23.1529 million, accounting for 33.53% of 2025 net profit attributable to parent. 2025 by quarter: Q1 revenue RMB 185 million/net profit attributable to parent RMB 11.43 million; Q2 revenue RMB 296 million/net profit attributable to parent RMB 23.55 million; Q3 revenue RMB 261 million/net profit attributable to parent RMB 31.90 million; Q4 revenue RMB 255 million/net profit attributable to parent only RMB 2.16 million. 2026Q1: revenue RMB 153 million (down 17% YoY), net loss attributable to parent RMB 10 million, gross margin 19.5% (down 8.7 pct YoY); per research notes estimates, 2026Q2 revenue of approximately RMB 181 million, net loss attributable to parent of approximately RMB 99 million (this estimate is not per company disclosure).

H1 2026 results turned from profit to loss, with revenue declining 30.59% YoY, all three main businesses declining across the board (game & amusement equipment sales -42.72%, anime IP derivatives -28.20%, amusement venue operations -3.76% with gross margin of -28.84%), compounded by the one-off impact of a full bad debt provision of RMB 47.888 million on accounts receivable from Beijing Da Wanjia Entertainment Co., Ltd. and related asset impairment (together reducing total profit by approximately RMB 48.6351 million). After excluding one-off factors, approximately RMB 70-80 million of the loss still stems from gross margin decline and rigid expenses (revenue down 30.6% but operating costs down only 20.13%). 2026Q1 already showed a loss (net loss attributable to parent of RMB 10 million), and 2025Q4 net profit attributable to parent was only RMB 2.16 million, with weakness appearing earlier than this period. FY2025 revenue of RMB 997 million (-1.99%), net profit attributable to parent of RMB 69 million (-18.44%), growth already slowing. The company attributes this to weakening willingness for discretionary consumer spending, slower downstream expansion, price wars and weakening demand for equipment upgrades, combined with changes in core customer operations.

3.2 Earnings Forecasts

The above forecasts are from East Money's earnings forecast page aggregated data (average of the past six months, latest detailed report date 2026-04-30), and include individual institution details: Kaiyuan Securities (no target price given, 2026-04-30, sharply downgraded 2026-2027 forecasts, research notes original text truncated here), Guohai Securities, GF Securities, Guosheng Securities. The research notes specifically note: the vast majority of institutional forecasts predate the 2026 interim report and have clearly lagged. Additionally, individual research report data: Tianfeng Securities (first coverage on 2026-01-15) projected 2025-2027 net profit attributable to parent of RMB 92/123/156 million; Guotai Haitong (2026-04-06) projected 2025-2027 EPS of RMB 0.55/0.67/0.84; CITIC Securities (2026-04-16) forecast 2026 net profit of RMB 80 million; GF Securities forecast 2026 net profit of RMB 88 million; Guosheng Securities (2026-03-15/16) forecast 2026 net profit of RMB 110 million. East Money's earnings forecast page also shows net assets per share: 2025A RMB 6.2153 → 2026E RMB 6.6620 (5 institutions) → 2027E RMB 7.2340; ROE: 2025A 8.58% → 2026E 8.78% → 2027E 10.28% → 2028E 11.12%.

3.3 Valuation Levels and Institutional Ratings

The research notes do not directly provide current stock price, total market capitalization, PE/PB and other real-time valuation metrics (data missing). Referenceable valuation-related information: individual research report target prices include Tianfeng Securities RMB 36-44 (2026 45-55X PE), Guotai Haitong RMB 30.15 (2026 45X dynamic PE), CITIC Securities not exceeding RMB 33, and GF Securities' target price progressively lowered over time to RMB 25.64 (2026-06-28, 07-24, 07-30, Buy). East Money's earnings forecast page aggregated data shows: 2026E EPS RMB 0.5914 (7 institutions), 2027E RMB 0.7529 (7 institutions), 2028E RMB 0.8960 (5 institutions); corresponding ROE 2026E 8.78%, 2027E 10.28%, 2028E 11.12%; net assets per share 2026E RMB 6.6620, 2027E RMB 7.2340. The research notes specifically emphasize that the vast majority of institutional forecasts predate the 2026 interim report and have clearly lagged (e.g., Tianfeng Securities projected 2025 net profit attributable to parent of RMB 92 million, actual only RMB 69 million; multiple institutions forecast 2026 net profit of RMB 80-110 million, while 2026H1 actual net profit attributable to parent already showed a loss of RMB 109 million), and the timeliness of the above target prices and forecasts is questionable.

4. Recent News and Announcements

4.1 2026 Interim Report Turned from Profit to Loss: Revenue of RMB 334 Million, Down 30.59% YoY; Net Profit Attributable to Parent of -RMB 108.9 Million

The company disclosed its 2026 interim report on 2026-08-26 (cross-verified across multiple sources): H1 2026 operating revenue of RMB 333,894,046.57 (approximately RMB 334 million), down 30.59% YoY; net profit attributable to parent of -RMB 108,869,452.30 (approximately -RMB 108.9 million), versus +RMB 34.9796 million in the same period last year, turned from profit to loss YoY (down 411.24% YoY); non-GAAP net profit attributable to parent of -RMB 106 million, versus +RMB 35.3683 million in the same period last year; net cash flow from operating activities of -RMB 49.1553 million (net inflow in the same period last year); total assets of RMB 1.385 billion, down 10.81% from period beginning. Board resolution: no dividend, no bonus shares, no capital reserve conversion. By business segment: game & amusement equipment sales revenue of RMB 136 million (down 42.72% YoY, gross margin 28.55%); anime IP derivative products of RMB 119 million (down 28.20% YoY); amusement venue operations of RMB 51 million (down 3.76% YoY, gross margin declined to -28.84%).

4.2 Core Client "Da Wanjia" Bankruptcy Liquidation: Company Cautionary Announcement (Announcement No. 2026-033, 2026-07-31)

The company learned that client Beijing Da Wanjia Entertainment Co., Ltd. had been adjudicated by the Beijing Tongzhou District People's Court to accept its bankruptcy liquidation application, with Beijing Jingsh Law Firm appointed as administrator, and the first creditors' meeting scheduled for 2026-09-14 14:30 via online platform. As of 2026-03-31, the company's accounts receivable from Da Wanjia had a gross value of RMB 64.3412 million, with bad debt provisions of RMB 15.5125 million already recognized; the company intends to individually assess the remaining unprovisioned amount and expects to make a full provision in Q2 2026. Da Wanjia was established on 2016-12-08, with registered capital of RMB 50 million, and shareholders being natural persons Wei Jun (61%) and Zeng Qingfu (39%); it has been listed as a dishonest judgment debtor, subject to consumption restrictions, with over 200 litigation cases as defendant and amounts in dispute exceeding RMB 51 million (such business/litigation details are from Securities Times reporter coverage, not company announcements).

4.3 Da Wanjia Receivables Actual Provision in Interim Report: Full Bad Debt Provision of RMB 47.888 Million, Together Reducing Total Profit by Approximately RMB 48.6351 Million

Actual provision in the 2026 interim report: full bad debt provision of RMB 47.888 million on accounts receivable from Beijing Da Wanjia, plus related asset impairment, together reducing total profit by approximately RMB 48.6351 million. Note: the announcement stated "creditor's accounts receivable gross value of RMB 64.3412 million, with RMB 15.5125 million already provided," while the interim report stated "full bad debt provision of RMB 47.888 million" (RMB 47.888 million ≈ RMB 64.3412 million − RMB 15.5125 million − approximately RMB 0.94 million residual; the difference may be due to new collections/exchange rates during the period and does not fully reconcile; please refer to the official financial report); the two figures are at different points in time and under different methodologies, not contradictory.

4.4 Industry Background and Company Explanation for Interim Report Performance Decline (Media Analysis, Not Company Statement)

In H1 2026, domestic offline consumption willingness declined, downstream amusement venue expansion slowed, and price wars weakened demand for equipment upgrades, causing domestic sales revenue to decline significantly; overseas business remained relatively stable but insufficient to offset. The company stated that changes in core client Beijing Da Wanjia's operations led to reduced orders, compounded by declining capacity utilization.

4.5 Prior Year Comparison: 2025 Annual Report Net Profit Attributable to Parent of RMB 69.0459 Million, Revenue of Approximately RMB 997.3 Million (Disclosed 2026-04-15)

2025 net profit attributable to parent of RMB 69.0459 million; operating revenue of approximately RMB 997.3 million (approximately +25% YoY); total asset impairment provisions of RMB 32.7782 million recognized in 2025.

4.6 Share Buyback: 2026 Second Extraordinary Shareholders' Meeting Approved Buyback Plan (Announcement No. 2026-051, 2026-09-03)

Decision process: board proposal on 2026-08-18 → 2026-09-03 second extraordinary shareholders' meeting of 2026 approved the "Resolution on the Share Buyback Plan" and the "Resolution on Changing Registered Capital, Amending the Articles of Association, and Handling Industrial and Commercial Registration Changes," both passed by more than two-thirds of voting rights held by attending shareholders; 52 shareholders and proxies attended, representing 75,898,498 shares with voting rights, accounting for 49.1367% of total share capital. The law firm (Beijing Jingtian & Gongcheng / King & Wood Mallesons, with slight discrepancies between two sources) issued a legal opinion deeming it lawful and valid.

4.7 Buyback Plan Key Points: Amount of RMB 10-20 Million, Price Ceiling of RMB 21.64/Share, Approximately 462,100-924,200 Shares

Type: A-share non-restricted; method: centralized bidding; amount: not less than RMB 10 million, not exceeding RMB 20 million; price ceiling: RMB 21.64/share (= 150% of the average price over the 30 trading days prior to the board resolution); quantity: approximately 462,107-924,214 shares, representing approximately 0.60% of total share capital; purpose: "safeguarding company value and shareholder interests," with all repurchased shares to be subsequently sold in accordance with relevant regulations (sold after 12 months, completed within 3 years, with unsold shares cancelled after fulfilling procedures); source of funds:自有 or self-raised funds (including special loans for share buybacks), with self-raised portion not exceeding 90%; implementation period: within 3 months from the date of shareholders' meeting approval (approximately 2026-09-03 to 2026-12-02); trigger condition explanation: the highest closing price in the most recent year was RMB 32.22/share on 2025-08-20, and the closing price on 2026-08-14 was RMB 14.96/share, below 50% of the highest closing price, meeting the buyback condition under SZSE Self-Regulatory Guideline No. 9 for "necessary to safeguard company value and shareholder interests"; reduction commitment: as of the announcement date, the company's directors, senior management, controlling shareholder and concert parties, actual controller, and shareholders holding 5% or more have no reduction plans within the next three or six months; a special securities account for buyback has been opened, and bank special loan commitments have been obtained. Uncertainty: the specific reason for "changing registered capital" in the shareholders' meeting announcement (such as convertible bond conversion/equity incentive/buyback cancellation, etc.) is only shown as a resolution title in the retrieved materials with no details, and confirmation requires review of original announcements such as No. 2026-051.

4.8 Capital Operation: Proposed Participation in Establishing Industrial Fund "Guangzhou Tianze Huasheng Venture Capital Fund Partnership (Limited Partnership)" (Around 2026-07-31, Single Source Pending Verification)

The company intends to sign a partnership agreement with Wanlian Tianze Capital Investment Co., Ltd., Guangdong Hongsheng Investment Management Co., Ltd., Guangzhou Listed Company High-Quality Development Fund Partnership (Limited Partnership), Guangxi Qianxun Venture Capital Co., Ltd., and Guangxi Hongyue Venture Capital Co., Ltd. to jointly invest in and establish "Guangzhou Tianze Huasheng Venture Capital Fund Partnership (Limited Partnership)" (tentative name); the fund's subscribed scale is RMB 100 million, with the company subscribing RMB 35 million, accounting for 35.00%; purpose: leverage professional investment institution resources to accelerate industrial ecosystem layout. This information is only from a single source on the Stockstar trading alert page, without cross-verification of the full original announcement, marked as pending verification.

4.9 2025 Annual Dividend: RMB 1.50 per 10 Shares (Tax Included), Total Distribution of Approximately RMB 23.1529 Million

2025 annual dividend: cash dividend of RMB 1.50 per 10 shares (tax included), based on total share capital of 154,352,959 shares, total distribution of approximately RMB 23.1529 million (tax included), accounting for 33.53% of 2025 net profit attributable to parent; no share buyback in 2025. After shareholders' meeting approval, the record date of 2026-06-16 and ex-dividend date of 2026-06-17 have been implemented.

4.10 Board/Governance Matters: Multiple Resolutions of the 5th Meeting of the 4th Board of Directors on 2026-04-14 and 2025 Annual Shareholders' Meeting Arrangements

2025-11-17 first meeting of the 4th Board of Directors (re-election, Aoshima Mitsuo left as Deputy General Manager upon expiration of term on that date); 2026-04-14 fifth meeting of the 4th Board of Directors approved the 2025 annual report, profit distribution, asset impairment provisions, 2026 daily related-party transaction estimates (not exceeding RMB 4.8 million), cash management of idle self-owned funds of RMB 200 million, 2026 guarantee limit for wholly-owned subsidiaries not exceeding RMB 300 million, foreign exchange derivative hedging not exceeding RMB 600 million, application to banks for comprehensive credit not exceeding RMB 900 million, re-appointment of Guangdong Sinong Accounting Firm, etc.; scheduled to hold the 2025 annual shareholders' meeting on 2026-05-07.

4.11 External Guarantees: Two Announcements on 2026-06-01 and 2026-06-12 Regarding "Guarantee for Duihui Co., Ltd." (Single Source Pending Verification)

Two announcements on 2026-06-01 and 2026-06-12 regarding "Guarantee for Duihui Co., Ltd.," sourced from the Stockstar trading alert page, single source pending verification.

4.12 Investor Relations Activities: Investor Relations Activity Record Disclosed on 2026-01-20, Multiple Investment Interactive Q&As During the Year

Investor relations activity record disclosed on 2026-01-20; multiple "investment interactive" new Q&As during 2026 (5/22, 6/9, 6/22, 7/10, 8/25, etc.).

4.13 Stock Price and Shareholder Structure (Auxiliary Reference, Not the Main Task of This Report)

Closing price of RMB 15.32 as of 2026-08-26; approximately RMB 14.75 on 2026-08-27 (down 3.72% that day); closing price of RMB 15.54 on 2026-09-03 (+3.67%). Highest closing price in the most recent year was RMB 32.22 (2025-08-20), closing price on 2026-08-14 was RMB 14.96, a retracement of over 50% from the high (per company announcement). Total share capital of 154 million shares, circulating share capital of 147 million shares; number of shareholders as of 2026-06-30 was 10,514, a decrease of 343 (-3.16%) from 2026-03-31; top ten shareholders collectively held 89,243,600 shares, accounting for 57.78% of total share capital. Total market capitalization/circulating market capitalization of approximately RMB 2.246 billion/2.133 billion (Stockstar page, no explicit date marked, may be lagging, for reference only).

4.14 Policy/Industry Level: Industry Total Pie Improving but Terminal Competition and Weak Discretionary Consumption Creating Pressure

In industry interpretations of Da Wanjia's bankruptcy, it was mentioned: in 2024, the consumer-end annual market size of amusement entertainment formats such as arcades, claw machine/dollhouse, console games, and immersive VR was approximately RMB 45 billion, up 130% YoY (China Culture & Entertainment Industry Association joint Meituan report); in 2025, national cultural industry operating revenue was RMB 20.83 trillion, up 8.8% YoY (National Bureau of Statistics). The industry total pie is improving, but terminal homogenized competition and weak discretionary consumption are creating pressure on the company. No negative regulatory news such as regulatory inquiry letters, penalties, or investigations targeting Wahlap Technology in 2026 was retrieved; no new policies directly naming the company were retrieved either.

4.15 Uncertainties/Items Pending Verification Requiring Special Attention

1) Information cutoff date: as of this retrieval, the latest confirmable announcement is 2026-09-03 (buyback report No. 2026-051, second extraordinary shareholders' meeting resolution). The current date should be approximately around 2026-09-04. The 2026 Q3 report, Q3 earnings preview, and subsequent results of the September 14 Da Wanjia first creditors' meeting are not covered. 2) Single source not cross-verified: industrial fund (2026-07-31, company contribution of RMB 35 million/35%), two "Guarantee for Duihui Co., Ltd." in June, June dividend implementation date, etc. are only from the Stockstar trading alert page, and it is recommended to review original announcements on Cninfo for verification. 3) Methodology differences: Da Wanjia accounts receivable "gross value of RMB 64.3412 million/already provided RMB 15.5125 million" (2026-07-31 announcement, as of 2026-03-31) and "full provision of RMB 47.888 million, reducing total profit by RMB 48.6351 million" (2026 interim report) are at different points in time, as explained above. 4) The reason for the change in registered capital is not explained in the retrieved materials. 5) No actual reduction/increase records by directors, supervisors, senior management, or shareholders holding 5% or more in 2026 were found; the buyback announcement explicitly states that relevant persons have no reduction plans in the next 3/6 months, but this does not constitute a guarantee for longer periods. 6) Stock price, market capitalization, PE and other market data are from news/static pages and may be lagging; if cited in the report, they should be verified against real-time market data sources with "as of" timestamps noted.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

The research notes confirm the target is ChiNext company Wahlap Technology (301011.SZ), mainly engaged in the design, R&D, production, sales, and operation of indoor commercial game & amusement equipment, extending to anime IP derivative products and amusement venue operations. In terms of price information, the research notes only show "RMB 14.54, -3.32%" price quotation and "RMB 15 level main force withdrawing retail investors absorbing" reporting expressions, without complete open/high/low/close, volume, turnover, and moving average/Bollinger Band/RSI/MACD indicator values, so this section cannot provide quantitative descriptions of moving average alignment, volume-price coordination, overbought/oversold conditions, etc. In terms of fundamental events, the research notes mention interim report loss combined with client bankruptcy, stock price recently fluctuating and weakening, as well as reports of net profit decline, gross margin 19%, etc., but these are fundamental and news-related information and do not constitute the technical indicator basis for this section. In terms of fund flows, main force net buying on September 11 was RMB 439,300, and September 7 net buying was RMB 1,318,500, with relatively small absolute amounts, and the research notes do not provide continuous fund flow data, making it difficult to judge whether fund involvement is sustainable. In summary, due to missing key technical indicators and liquidity data, this section can only provide a cautious, range-based scenario observation framework based on the known price range (approximately RMB 14.5-15) and known small fund fluctuations.

5.3 Short-Term Trend Outlook (Next Week, Scenario Deduction, For Reference Only)

⚠️ Risk Warning: The following content is only a range-based subjective scenario deduction based on limited data contained in the research notes, does not constitute investment advice, nor does it constitute any buy, sell, hold, or add/reduce position instruction; technical indicators themselves have lag and limitations.

① Key Technical Levels

② Next Week Scenarios (Subjective Weighting, Not Statistical Probability)

• Consolidation (relatively higher weight, approximately 60% (subjective judgment, not statistical probability)): Stock price roughly oscillating repeatedly within the RMB 14.3-15.0 range. Trigger conditions: no new major news changes, turnover maintaining fluctuations around the report methodology stated in the research notes (approximately RMB 33 million level), main force funds continuing to show repeated states of small net inflows or small net outflows (such as the tens of thousands of RMB level on September 11).
• Weaker Downside (moderate weight (subjective judgment, not statistical probability)): Stock price falling toward below RMB 14.0 or even the RMB 13.0-13.5 strong support range. Trigger conditions: negative fundamental events stated in the research notes such as interim report losses and client bankruptcy continuing to ferment, or a single-day significant volume decline effectively breaking below the RMB 14.0 range; at this point, focus on the absorption strength at the RMB 13.0-13.5 strong support range.
• Rebound Strengthening (lower weight (subjective judgment, not statistical probability)): Stock price testing upward the RMB 14.8-15.2 short-term resistance range and attempting to stabilize. Trigger conditions: clear new positive catalysts appearing (specific catalyst content not stated in the research notes), with single-day turnover significantly expanding and main force funds turning to sustained net inflows, rather than the single-day tens of thousands of RMB level small fluctuations shown in the research notes.

③ Fund and Liquidity Background

The research notes do not provide the 2026-09-11 daily turnover rate and daily turnover, only one report methodology turnover of RMB 33.1942 million, which cannot be used to judge the actual daily liquidity level. In terms of funds, the research notes state main force net buying of RMB 439,300 on September 11 and main force net buying of RMB 1,318,500 on September 7, with relatively small absolute amounts, and lacking continuous multi-day fund flow data, cannot assess the sustainability of fund involvement. In terms of shareholder structure, the research notes only state the controlling shareholder is Hong Kong Wahlap International Holdings Limited and the actual controller is Su Benli, without providing top ten shareholder concentration data, nor indicating whether mainstream institutional holdings such as public funds, social security, or QFII exist, so it is impossible to judge the degree of chip concentration or dispersion; and such shareholder data typically lags at least one quarter, actual structure may have changed, subject to the latest periodic reports.

If subsequent single-day turnover continues to expand to a significant multiple above the report methodology stated in the research notes (approximately RMB 33 million), and accompanied by main force funds shifting from small fluctuations to sustained net inflows, this can be regarded as an observation signal for fund involvement; specific thresholds should be recalibrated based on the latest market system data, and this sentence does not constitute a trading instruction.

④ Points of Attention (Observation Ideas Only, Not Operational Instructions)

• Observe the offense and defense at the RMB 14.8-15.2 short-term resistance range: if volume effectively breaks through and stabilizes, upside space may open; if volume shrinks after touching and falls back, resistance is considered effective (observation idea, not operational instruction).
• Observe the absorption strength at the RMB 14.0-14.4 first support range and RMB 13.0-13.5 strong support range: if closing price effectively breaks below with increased turnover, re-verify the latest 52-week low and Bollinger Band lower rail data before assessing downside space (observation idea, not operational instruction).
• Observe whether turnover and main force funds shift from the small fluctuations stated in the research notes to sustained net inflows, as auxiliary confirmation of fund involvement (observation idea, not operational instruction).
• Pay attention to the follow-up progress of fundamental events stated in the research notes such as interim report losses and client bankruptcy and their disturbance to sentiment (observation idea, not operational instruction).

The above scenario deduction is based on [2026-09-11] closing data and historical price, fund, and technical information contained in the research notes. Short-term stock prices are also subject to multiple disturbances from news, fund flows, broader market environment, and other factors. Technical indicators themselves have lag and limitations, do not constitute a guarantee of future actual trends, nor constitute buy or sell recommendations. Please make independent judgments based on the latest market information and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

7. Risk Warnings

• Follow-up impact risk of core client bankruptcy liquidation: Beijing Da Wanjia Entertainment Co., Ltd. has been adjudicated by the court to accept bankruptcy liquidation, with the first creditors' meeting scheduled for 2026-09-14. The company has made a full bad debt provision of RMB 47.888 million on its accounts receivable in 2026H1 and recognized related asset impairment, together reducing total profit by approximately RMB 48.6351 million; the announcement methodology (accounts receivable gross value of RMB 64.3412 million as of 2026-03-31, already provided RMB 15.5125 million) and interim report methodology (full provision of RMB 47.888 million) have a discrepancy of approximately RMB 0.94 million that does not fully reconcile. Whether there will be additional provisions and whether the company's existing orders from Da Wanjia will be completely lost both involve uncertainty.
• Risk of continued decline in main business revenue and continued losses: 2026H1 revenue down 30.59% YoY, game & amusement equipment sales -42.72%, anime IP derivative products -28.20%, amusement venue operations -3.76%, all three main businesses declining across the board; 2026Q1 already showed a net loss attributable to parent of RMB 10 million, and 2025Q4 net profit attributable to parent was only RMB 2.16 million. If downstream amusement venue expansion slowdown, price wars, and weakening equipment upgrade demand continue, there is a possibility of continued losses for the full year 2026, while institutional 2026 net profit attributable to parent forecasts of RMB 80-110 million form a clear contrast.
• Risk of declining gross margin and rigid costs and expenses: 2026H1 gross margin of 19.00% (down 10.61 pct YoY), revenue down 30.6% but operating costs down only 20.13%, revenue decline not transmitted synchronously to cost side; FY2025 sales/management/R&D expense ratios already up 1.1/0.3/1.1 pct YoY respectively, amusement venue operations segment gross margin of -28.84%, self-operated stores still bearing rent, labor and other fixed expenses when revenue declines, unit economics may continue to deteriorate.
• Risk of significant inaccuracy and questionable timeliness of institutional earnings forecasts and target prices: Tianfeng Securities projected 2025 net profit attributable to parent of RMB 92 million, actual only RMB 69 million; Guotai Haitong, CITIC Securities, GF Securities and others forecast 2026 net profit of RMB 80-110 million, while 2026H1 actual already showed a loss of RMB 109 million; GF Securities' target price was progressively lowered from RMB 28.12 to RMB 25.64, Kaiyuan Securities sharply downgraded forecasts on 2026-04-30, and the vast majority of forecasts predate the 2026 interim report. If institutions continue to downgrade subsequently, it may create a secondary shock to market expectations.
• Uncertainty risk of dividend policy and buyback execution: 2025 annual dividend of RMB 1.50 per 10 shares, total distribution of approximately RMB 23.1529 million, accounting for 33.53% of net profit attributable to parent, but 2026H1 has explicitly stated no cash dividend, no bonus shares, no capital reserve conversion, and future dividend capacity is limited under loss conditions; the buyback plan approved at the 2026-09-03 shareholders' meeting is only RMB 10-20 million, approximately 462,100-924,200 shares, accounting for approximately 0.60% of total share capital, and the repurchased shares will all be subsequently sold rather than cancelled, which does not enhance earnings per share, and must be completed within the 3-month window from 2026-09-03 to 2026-12-02. Actual execution strength and funding arrangements (self-raised portion not exceeding 90%) remain to be observed.
• Operational risk of customer and industry terminal concentration: In the company's revenue structure, anime IP derivative products depend on placing equipment in amusement venue stores and then continuously selling cards/figures through partner stores; amusement venue operation partners include Yuehai, AEON, Vanke and other commercial real estate developers; both equipment sales and operations are highly dependent on downstream amusement venue operating conditions. Da Wanjia's bankruptcy demonstrates that core customers in this chain may experience business failure; if other partner stores experience similar operating changes, the company's accounts receivable, equipment placement, and revenue may be impacted again.
• Risk of financial and governance information pending verification: Net cash flow from operating activities was -RMB 49.1553 million in 2026H1 (down 197.11% YoY) and RMB 102.8 million in FY2025 (down 52.03% YoY), with cash flow and profit weakening simultaneously; the industrial fund in the research notes (proposed contribution of RMB 35 million, 35%), and the two "Guarantee for Duihui Co., Ltd." on 2026-06-01 and 2026-06-12 are both single-source information, without cross-verification of the full original announcement; the specific reason for "changing registered capital" in the buyback shareholders' meeting announcement is not explained in existing materials, and confirmation requires review of original announcements such as No. 2026-051.

8. Conclusion and Outlook

In terms of growth logic, the company still has several observable support points. First, the positioning of the IP derivative business as a second growth curve remains unchanged; in 2025, anime IP derivative product revenue was RMB 368.9 million, accounting for 36.99% (+12.97%), with gross margin of 40.31%, and the company continues to deploy IP equipment such as "Pokemon Mezastar" and "Minecraft Dungeons" and self-develop China-chic card game "Three Kingdoms Phantom Battle"; second, overseas business still had revenue of RMB 76.42 million in 2026H1, accounting for 22.89%, with 2025 overseas revenue growing 25% YoY, and the company's export direct sales channels are relatively stable; third, equipment cooperative operations revenue grew 51.96% YoY in 2025 with gross margin of 44.73%, and amusement venue operations revenue grew 10.78% YoY, with business model extension still advancing; fourth, the company plans to participate in establishing an industrial fund with a subscribed scale of RMB 100 million (proposed contribution of RMB 35 million, 35%, information single source pending verification), and is implementing a buyback to safeguard company value and shareholder interests; fifth, the industry total pie has not contracted, with the 2024 consumer-end annual market size of amusement entertainment formats at approximately RMB 45 billion, up 130% YoY, and 2025 national cultural industry operating revenue at RMB 20.83 trillion, up 8.8% YoY.

However, the realization path of the growth logic involves significant uncertainty and needs to be verified with actual operating data. In 2026H1, revenue from all three main businesses declined across the board, indicating that the improving industry total pie has not translated into company orders; amusement venue operations gross margin fell to -28.84%, with self-operated stores themselves being a drag; gross margin declined from 29.95% in 2025 to 19.00% in 2026H1 (down 10.61 pct YoY), with revenue decline and cost decline not matching, reflecting the squeeze on unit economics from price wars and declining capacity utilization. The institutional consensus 2026 net profit attributable to parent of RMB 80-110 million has a huge gap with the reality of a RMB 109 million loss already in 2026H1, and the reference value of related forecasts and target prices needs to be reassessed. Core variables to track going forward include: whether the Q3 report can halt the revenue decline, whether the Da Wanjia bankruptcy liquidation (first creditors' meeting 2026-09-14) has further receivables or order impacts, the deployment of IP derivative products and production recovery of new amusement machine models, and the actual execution strength of the buyback within the 2026-09-03 to 2026-12-02 window (repurchased shares all to be subsequently sold, not cancelled). Technically, the research notes only contain the price quotation of RMB 14.54, -3.32% and a price reference of approximately RMB 14.5-15, with key moving averages, volume, and turnover rate data missing. Short-term stock prices are also subject to multiple disturbances from news, fund flows, broader market environment, and other factors. Technical indicators themselves have lag and limitations and should not be used as an independent basis for judgment.

Data Sources

• 301011 Wahlap Technology
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• Wahlap Technology: 2024 Annual Report - Applicable □ Not Applicable
• Increase, Main Reason for Growth in Company's 2019 Promotion Expenses: (1) Company Added in 2019
• Wahlap Technology (301011)_Company Announcements_Wahlap Technology: 2023 Annual Audit Report Sina Finance_Sina - Accounts Receivable with Bad Debt Provisions by Portfolio | 9,933,362.87 | 3,612,042.11 | - | 191,393.95 | -555,137.45 | 12,798,873.58
• Wahlap Technology
• Wahlap Technology (301011)_Company Announcements_Wahlap Technology: 2025 Annual Report Sina Finance_Sina
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• | | | Amount | Proportion of Operating Costs | Amount | Proportion of Operating Costs |
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• Wahlap Technology (301011) Main Business Operating Analysis Query | Chaguwang.cn - Chagu.com.China
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• IPO Dynamics | Sponsor Failed to Accurately Count Anime Product Inventory, Subsidiary Asset Valuation Parameters Differ! Wahlap Technology Responds to Inquiry - IPO Dynamics | Sponsor Failed to Accurately Count Anime Product Inventory, Subsidiary Asset Valuation Parameters Differ! Wahlap Technology Responds to Inquiry
• Wahlap Technology: 2026 Interim Report - Explanation of Prepayments with Aging Over 1 Year and Significant Amounts Not Settled Timely:
• Wahlap Technology - Monitor | 630.22 | 4.33% | 1,995.38 | 3.16% | 1,382.52 | 2.91% | 1,357.23 | 3.43%
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• Wahlap Technology (301011.SZ) Releases H1 Results, Turned from Profit to Loss of RMB 109 Million
• Wahlap Technology: 2026 H1 Operating Revenue of RMB 333,894,046.57