Core Viewpoint - Quantum Song announced its financial results for the fourth quarter and full year of fiscal year 2025, highlighting a strategic transformation towards the collectible toy business, which has shown strong growth potential [2] Financial Performance - For fiscal year 2025, the company achieved total revenue of RMB 2.726 billion and a net profit of RMB 357 million [2] - In the fourth quarter, revenue reached RMB 618 million with a net profit of RMB 108 million [2] - The collectible toy business generated revenue of RMB 65.78 million in the fourth quarter, accounting for approximately 10.6% of total revenue [2] Strategic Focus - The company is focusing on the collectible toy sector, aiming to enhance brand strength and user engagement through an IP matrix expansion, deepening self-operated channels, and international expansion [2] - The company has fully acquired Shenzhen Yiqi Culture Co., Ltd. and rebranded it as "Qimeng Island" [2] 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 [3] - The star IP WAKUKU generated revenue of RMB 42.96 million in the fourth quarter, with over 1 million units sold since its launch [3] - The new IP SIINONO sold out 10,000 units in 10 minutes on Douyin, with total sales exceeding 300,000 units [3] - The company is enhancing its IP reserve and market penetration through increased original investment, IP licensing cooperation, and cross-industry collaborations [3][4] Channel Expansion and Internationalization - Since launching online self-operated channels in April 2025, the company's GMV surpassed RMB 18 million in August, a ninefold increase [5] - The company has established a distribution network covering over 10,000 terminals and is negotiating flagship store openings in major cities [6] - Internationally, the company has entered North America and Southeast Asia through platforms like TikTok and Shopee, and is expanding its distribution network to over 20 countries [6] Supply Chain and Future Outlook - The company has significantly increased its production capacity, with monthly output of plush products exceeding 1 million units as of August 2025, a growth of over 20 times since the beginning of the year [6] - The company projects collectible toy revenue of RMB 100 to 110 million for the first quarter of fiscal year 2026 and total revenue of RMB 750 million to 800 million for the entire fiscal year [6]