Summary of Company and Industry Insights Company: 布鲁可 (Bluco) Sales Performance - In Q2 2025, sales slightly exceeded 600 million yuan, showing significant growth compared to the same period last year, primarily due to an increase in retail outlets and accelerated distribution by dealers [1][6][3] - Sales in April 2025 were approximately 320 million yuan, while May sales slightly exceeded 500 million yuan [2][6] - Q1 2025 sales were 600 million yuan, up from 430 million yuan in Q1 2024, indicating a high year-on-year growth rate [3] Product Performance and IP Distribution - In April and May 2025, the sales distribution of major IP products was as follows: Ultraman series accounted for 50%-55%, Transformers for 15%-20%, Detective Conan and Kamen Rider each for 8%-10%, and original series also for 8%-10% [9][1] - The Ultraman series saw a decline of approximately 10 percentage points in its sales share, with the company aiming to reduce reliance on this IP and balance its business structure through other IPs [10][1] - The 14th product line performed better than expected, with a significant demand compared to the 12th and 13th lines [11][1] Pricing Strategy - The Ultraman series has a wide price range from 9.9 yuan to 39 yuan, with a trend towards higher pricing expected in the coming months, including new figurines priced between 499 to 1,299 yuan [15][1] Inventory and Market Expansion - As of early 2025, channel inventory was healthy, but increased after the launch of the Ultraman series in late April. By early June, inventory remained controllable [5][37] - The expansion of retail outlets has been slow, with a completion rate of less than 5% of the target of 250,000 new outlets for the year [38][1] Overseas Market Insights - In Q1 2025, overseas sales were approximately 80 million yuan, but dropped to over 20 million yuan in April due to tariff issues affecting the European and American markets [5][40] - The Southeast Asian market accounted for about 70% of overseas sales, while the company aims for over 500 million yuan in overseas sales for the year to alleviate domestic pressure [42][43] Challenges and Future Plans - The company faces challenges in achieving its sales targets for Q2 2025, with expectations of lower sales post Children's Day [39] - The Detective Conan series has been impacted by negative public sentiment, leading to lower-than-expected sales and potential delays in new product launches [31][32] IP Development and Consumer Trends - The company is exploring new IPs, including a partnership with 王者荣耀 (Honor of Kings), which is expected to attract a female consumer base [35][36] - Current IPs like Pokémon and Kamen Rider have shown varying performance, with Kamen Rider being less stable due to its dependency on the Ultraman ecosystem [21][22] Market Feedback and Product Improvement - Feedback collection for product improvement is conducted through order rates, online complaint data, and membership system feedback [27][24] This summary encapsulates the key insights from the conference call regarding the company's performance, product strategies, market challenges, and future directions.