量子之歌集团董事长李鹏称，"第四季度标志着公司战略转型的关键落地，潮玩业务首次披露即展现强劲成长性，自营模式加速推进，公司进入产品驱动发 展阶段。未来我们将全面聚焦潮玩赛道，通过IP矩阵扩容、自营渠道深化与国际化拓展，持续构建品牌力和用户触达能力，为股东创造长期价值。" 全面聚焦潮玩，打造产品驱动新增长曲线 在IP孵化与产品开发方面，公司已构建了涵盖11个自有IP和4个授权IP的多元矩阵，运营超过40个盲盒产品线与30款毛绒吊卡产品。明星IP WAKUKU自2024 年底起快速破圈，2025财年4季度三个月内实现营收4,296万元，其毛绒二代狐狐兔兔捣蛋日记自今年5月上市以来累计销量突破100万盒；全新IP SIINONO7 月首发即现爆发性表现，抖音自营店10分钟售罄1万盒，目前累计销量破30万盒；原创长青IP又梨通过高端品牌联名与内容焕新持续成长，2025财年4季度三 个月实现营收1,751万元，展示出长期生命力。 公司通过三大策略持续增强IP储备与市场渗透：一是加大原创投入，于北京、杭州、深圳设立设计中心，有效加速IP产品迭代与创意转化；二是推进IP授权 合作，拓展不同风格、品类与区域的独家授权机会，并 ...

Core Viewpoint - Quantum Song (NASDAQ: QSG) is undergoing a strategic transformation focusing on the潮玩 (trendy toy) business, which is now entering a critical implementation phase, as evidenced by its financial performance and operational developments [1] Financial Performance - For the fiscal year 2025, the company reported total revenue of RMB 2.726 billion and a net profit of RMB 357 million, with Q4 revenue at RMB 618 million and net profit at RMB 108 million [1] - The潮玩 business generated revenue of RMB 65.78 million in Q4, accounting for approximately 10.6% of total revenue [1] - The company has cash reserves of RMB 1.041 billion, providing sufficient funding for IP development, channel expansion, and internationalization [1] Strategic Focus - The company has fully acquired Shenzhen Yiqi Culture Co., Ltd. ("Letsvan") and rebranded it as "Qimeng Island" [1] - A restructuring of non潮玩 businesses is underway to concentrate resources on high-growth areas, further clarifying the strategic focus [1] IP Development and Product Strategy - The company has established a diverse IP matrix consisting of 11 proprietary IPs and 4 licensed IPs, operating over 40 blind box product lines and 30 plush card products [2] - The star IP WAKUKU generated revenue of RMB 42.96 million in Q4, while the plush product "Fox Rabbit Diary" sold over 1 million boxes since its launch in May [2] - The new IP SIINONO achieved explosive sales, with 10,000 boxes sold out in 10 minutes on Douyin, and cumulative sales exceeding 300,000 boxes [2] Market Penetration Strategies - The company is enhancing its IP reserve and market penetration through three strategies: increasing original content investment, advancing IP licensing cooperation, and deepening cross-industry collaborations [3] - WAKUKU has become the first and only official潮玩 partner of the 2025 China Tennis Open, marking a significant integration of潮玩 with top international sports events [3] Channel Expansion and Internationalization - Since launching its online self-operated model in April 2025, the company's GMV has surged, surpassing RMB 18 million in August, which is over nine times the figure from April [4] - The company is negotiating to open at least three self-operated stores in top shopping centers in first-tier cities by the end of December [4] - Internationally, the company has entered North American and Southeast Asian markets through platforms like TikTok and Shopee, and is expanding its distribution network to over 20 countries [4] Growth Guidance - The company projects潮玩 business revenue of RMB 100 million to RMB 110 million for Q1 of fiscal year 2026, with total revenue expectations of RMB 750 million to RMB 800 million for the entire fiscal year [5] - The focus will remain on潮玩 strategy, emphasizing product-driven growth, full-channel self-operation, and international expansion [5]