Financial Performance - The company provided revenue guidance for Q2 of FY2026, estimating between 150 million to 160 million yuan, representing a quarter-over-quarter growth of 18% to 25.9% [2] Business Expansion - The company plans to continue expanding its direct retail stores in top-tier shopping districts in major cities such as Beijing, Shanghai, Guangzhou, and Shenzhen, with four brand stores set to open in Beijing and Chongqing from late December 2025 to early January 2026 [3] - The company is also making strides in international market expansion, with products entering nearly 20 countries through a distribution network, including North America, Europe, Southeast Asia, and the Middle East [5] Industry Resource Advantages - The company possesses 11 proprietary IPs and 6 licensed IPs, with the star IP WAKUKU generating 89.73 million yuan in revenue during Q1 of FY2026. The monthly production of plush blind boxes has significantly increased, reaching 35 times the output of January 2025 by October 2025, which may impact future business growth [4]