Core Insights - The company is focusing on developing its own brands, which include TivoliAudio, Primare, and Platin, although the revenue contribution from these brands is currently low [1] - The company has established a mature overseas team and is simultaneously building domestic operational capabilities to enhance brand development [1] - The collaboration with JD.com has expanded from online sales to offline experiences through JD Mall, aiming to provide high-quality audio solutions and retail services [1]