Core Insights - The company reported a revenue of 138 million yuan in Q3 2025, a year-on-year decrease of 10.52%, and a net loss of 62.96 million yuan, a significant decline of 3166.52% [1] - For the first three quarters, the revenue was 328 million yuan, showing a year-on-year growth of 5.81%, while the net loss was 58.79 million yuan, a decrease of 1399.85% [1] - The company is focusing on its two core segments: toys and games, leveraging innovation to optimize its business layout [1] Toy Segment - The toy business is a core pillar, with a product system covering over 1000 types across five categories, exporting to nearly 100 countries and regions [1] - The company is developing three main product lines: AI smart electric toys, IP anime derivative toys, and trendy toys, aligning with industry trends [1] - In the trendy toy sector, the company has built a diverse IP matrix, launching popular products with innovative designs and interactive experiences [1] - The AI smart toy segment utilizes large model technology to create a product matrix for all age groups, exploring a new "AI + IP" integration model [1] Game Segment - In the gaming sector, the company has deep expertise in the IAA casual mini-games field, winning significant industry collaboration awards [2] - The company plans to continue focusing on a premium route, using cutting-edge technology to empower product innovation and advance global operational layout [2]