Core Viewpoint - Chao Hong Ji is focusing on product development around four core directions: "intangible cultural heritage flower silk," "ancient high craftsmanship," "beaded weaving," and "popular IP," aiming to create a competitive advantage through unique products and leading craftsmanship [1] Group 1: Product Development - The company is continuously innovating and iterating on the "intangible cultural heritage flower silk" brand series, enriching the "Oriental aesthetics" gold product line [1] - New products launched in the third quarter include "Flower Silk • Wind and Rain Bridge," "Flower Silk • Fortune and Prosperity," "Zhenjin • Fragrance," "Zhenjin • Clear Blue," and "Zhenjin • Auspicious" series, which have received widespread market acclaim for their excellent craftsmanship [1] Group 2: IP Collaboration - In the third quarter, the company added two new IP collaboration series: "Butter Bear" and "Cat Fortune Sandy," providing products that offer greater value and emotional resonance for consumers [1] - The company is continuously enhancing its differentiated IP collaboration matrix to strengthen its ecological layout [1]

Group 1: Chao Hong Ji - The company has launched high-weight series products such as Zhenjin Zhenzuan and Fanhua to enhance customer price and will continue to focus on customer needs [1] - The online subsidiary's net profit increased by 70.64% year-on-year, driving the integration of online and offline operations [1] - As of June, the company had 1,540 stores, with a net increase of 72 stores, and has opened locations overseas in Kuala Lumpur, Thailand, and Cambodia [1] Group 2: Marubi Biological - The company is expanding its audience on Douyin through targeted content delivery, leading to an increase in its traffic pool [2] - The strategic investment in the second quarter is expected to convert into growth in the fourth quarter, with the brand "Lianhuo" entering a normal development phase [2] - The core product series accounts for over 70% of sales, indicating potential for further growth [2] Group 3: Tianfu Communication - In the first half of 2025, the company achieved revenue of 2.456 billion yuan, a year-on-year increase of 57.84%, and a net profit of 899 million yuan, up 37.46% [3] - The growth in active business is primarily due to the increased delivery of high-speed active products, with strong demand for these products [3] - The company maintains high R&D investment and collaborates with clients to develop new products [3]