Achieved 35.4% quarter-over-quarter revenue growth, driven by the transition to a dedicated IP-trained company model and flagship IP performance.

Flagship IP WAKUKU contributed 73% of Q2 revenue, while emerging IP SIINONO demonstrated potential as a secondary flagship with RMB 19.2 million in quarterly revenue.

Shifted from opportunistic creativity to a systematic 'IP factory' approach, utilizing data-driven mechanisms for IP planning, production, and promotion.

Expanded offline presence through five new D2C stores and distributor channels to enhance intuitive user interaction and brand loyalty beyond online sales.

Scaled production capacity to approximately 50 times the levels seen at the start of 2025, providing a foundation for rapid product deployment.

Refined the organizational structure to be leaner and more focused, improving operational efficiency and cost structures compared to the first fiscal quarter.

Q3 revenue guidance of RMB 140 million to RMB 150 million accounts for seasonal distributor slowdowns during the Spring Festival and a proactive product launch schedule.

Full fiscal year 2026 revenue is projected between RMB 750 million and RMB 810 million, reflecting confidence in the scaling IP portfolio.

Management plans to transition IPs from 'physical spaces' to 'narrative spaces' through a new live content strategy and short-form storytelling.

International expansion will focus on domestic distribution partners for export sales and seeking local overseas partners for IP collaborations.

Deployment of intelligent sales robots to offline locations is planned to innovate user interaction through AI-driven smart terminals.

Gross margin decreased to 31% from 41% due to a strategic shift toward offline distributor channels, which carry lower per-unit margins than direct online sales.

Inventory increased significantly to RMB 111.8 million to mitigate risks from Chinese New Year factory closures and support upcoming product launches.

Accounts receivable decreased despite revenue growth, attributed to intensified collection discipline and improved customer engagement management.

Established a joint venture with Enlight Media to integrate professional content creation and film/television development into the IP ecosystem.

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Attributed the decline to standard industry seasonality where distributors reduce stocking during the Spring Festival holiday.

Clarified that the product pipeline is being proactively managed, with major new launches scheduled to begin successively at the end of March.

The partnership aims to add cultural depth and emotional resonance to IPs through film, television, and derivative content.

Management views content support as essential for transforming 'trendy toys' into enduring cultural symbols.

Initial performance of the five new stores met or exceeded expectations, with most achieving near breakeven in their first month.

Stores are positioned as brand landmarks and interaction hubs rather than just sales points, supported by a newly established user operation center.

Moving toward a 'replicable assembly line' for IPs, using a product committee to select IPs based on visual distinctiveness and storytelling potential.

Implementing a 'playbook' approach to marketing that allows for differentiated strategies across various IP characteristics and collaborations.

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