Core Viewpoint - The company reported steady growth in its main business for the first half of 2025, with a revenue of 1.391 billion yuan, representing a year-on-year increase of 15.37% [1] Group 1: Financial Performance - The marketing business revenue continued to grow, achieving 1.1 billion yuan from gift and promotional services, a significant increase of 63.89% year-on-year [1] - The gross profit reached 114 million yuan, up by 22.57% compared to the previous year [1] - The company made provisions for inventory depreciation and bad debts totaling 15.751 million yuan due to an employee embezzlement incident, which did not affect daily operations [1] Group 2: Strategic Initiatives - The company is implementing a "Big IP + Technology" strategy to drive business innovation and strengthen its B-end foundation while expanding its C-end IP cultural and creative business [1][2] - The company has developed a diverse IP matrix across various fields, including sports events, animation, video games, and cultural tourism, creating a multi-layered IP ecosystem [2] - Collaborations with major partners, such as the Shanghai Film Group, have led to the development of popular products based on national IPs, which have seen strong sales [2] Group 3: C-end Retail Expansion - The company is accelerating its C-end retail channel expansion by launching a new retail sub-brand, "Yuanlong Yuanchuang," and opening its first retail space in Beijing [4] - The new retail model integrates IP experience, product retail, and cultural dissemination, aiming to provide immersive cultural consumption experiences [4] - The company is diversifying its offline channels with various retail formats, including self-operated cultural and creative life museums and pop-up stores, while also expanding online presence across major e-commerce platforms [5] Group 4: Future Outlook - The licensed merchandise business achieved revenue of 24.469 million yuan, a year-on-year increase of 74.50%, driven by events like the Harbin Winter Games [6] - The company plans to continue investing in C-end retail IP cultural and creative product design, channel development, and upcoming major events, which is expected to enhance its core competitiveness and open new growth opportunities [6]

Group 1 - The company has established a multi-dimensional product matrix in the IP cultural and creative sector, combining "national trend + international IP + licensing" since 2023 [1] - The company has launched the "Four Seasons Tiananmen Refrigerator Magnet" series in collaboration with Beijing Tiananmen Tourism Service Group, enhancing brand influence through interactive experiences [1] - The self-owned brand "Qidian WOW!dea" has released cultural tourism series products that deeply integrate intangible cultural heritage [1] Group 2 - The company has demonstrated resource integration capabilities in large-scale event services, evidenced by the launch of ice and snow products for the Harbin Asian Winter Games and the 15th National Games [2] - The differentiated product strategy has driven revenue growth, with projected revenue of 2.79 billion yuan in 2024, a year-on-year increase of 3.65%, and 685 million yuan in Q1 2025, a year-on-year increase of 15.4% [2] - The company is accelerating the construction of a "B-end + C-end" dual-drive model, focusing on both enterprise clients and innovative offline cultural experience venues [2] Group 3 - The 33rd China Shenzhen Gift Exhibition was held from April 25 to 28, attracting over 4,500 exhibitors and covering the entire industry chain [3] - The company showcased over a thousand products at the exhibition, highlighting its strategic transformation in IP and immersive cultural experiences [3]