Group 1: Sales Performance - In the first half of 2025, the company's overseas revenue reached 443 million RMB, accounting for 37.83% of total revenue, with a year-on-year growth of 11.54% [2] - Sales revenue for leisure lifestyle products in the first half of 2025 was 148 million RMB, representing a year-on-year increase of 40.38% [4] Group 2: Market Strategy - The company focuses on expanding its marketing network in major consumer countries for stationery and cultural products, with ongoing development of overseas production bases in Vietnam, Cambodia, and Malaysia [2][3] - Future channel strategies include deepening market penetration, enhancing brand visibility through exhibitions, and expanding partnerships with leading trendy toy chains [5] Group 3: Product Development - The company is advancing new product categories, particularly in card games and plush toys, with the "Zhu Xian" card game successfully launched, leveraging its classic IP [6][7] - Recent developments in plush toys include the "Anpanman" and "Hatsune Miku" series, which are now available through both online and offline channels [7] Group 4: International Expansion - The company is actively promoting cultural IP products in Southeast Asia, capitalizing on the region's growing demand for creative products as economic conditions improve [7] - Notable overseas IP licenses obtained include SANRIO and Hatsune Miku, indicating a strategic push into international markets [7]

Financial Performance - In the first half of 2025, the company achieved total revenue of 1.171 billion CNY, a year-on-year increase of 2.38% [3] - The net profit attributable to shareholders was 76.1341 million CNY, up 4.22% year-on-year, while the net profit excluding share-based payment effects was 78.2615 million CNY, reflecting a 7.13% increase [3] Sales Performance by Product Category - Office supplies sales revenue reached 306 million CNY, a decline of 2.83% year-on-year [4] - Direct sales of office products amounted to 620 million CNY, an increase of 6.15% [4] - Sales of leisure lifestyle products surged to 148 million CNY, marking a significant increase of 40.38% due to strong growth in overseas sales [4] - Creative product sales were 63.746 million CNY, primarily affected by a decline in IP student product sales [4] New Product Development - The company focused on expanding new product categories, particularly in card games and plush toys, achieving initial success [5] - The "Zhu Xian" card game, based on a classic IP, has been successfully developed and launched, gaining attention from target users [5] - A collaboration with the well-known IP "Detective Conan" resulted in plush keychains that have been successfully marketed across various channels [5] IP Operations and Competitive Advantage - The company enhances market insights and builds an IP matrix, targeting both major and niche IPs to reach diverse consumer groups [7] - The synergy between external and proprietary IPs creates a complementary structure, enhancing product differentiation and driving market growth [7] Future Channel Strategy - The company plans to deepen its online presence in traditional e-commerce and expand into social e-commerce while reinforcing traditional offline channels [8] - Strategies include thematic pop-up events in commercial areas and leveraging live streaming and exhibitions to enhance customer engagement [8] Overseas Production Bases - The company has established production bases in Vietnam, Cambodia, and Malaysia, with plans to expand the Vietnam base and establish a new base in Indonesia [9] - This multi-regional production strategy aims to mitigate operational risks and optimize cost structures, enhancing competitiveness in international markets [9]