Core Insights - The company has significantly adjusted its operational strategy, shifting focus from high-frequency co-branding marketing to product differentiation and the enhancement of offline space experiences [1] Product Development - The company introduced 20 new tea bases over the year, establishing new product categories such as "Tea Specialties" and "Hidden Tea" [2] - The flagship product "Qilan Apple Apricot" quickly sold out due to supply chain constraints, becoming the fastest-turning inventory item of the year [2] - The company has increased its exploration of regional specialty ingredients, incorporating non-mainstream materials like ginger, yak milk, and wood ginger into its supply chain [2] - The company expanded its SKU offerings into the baking sector, launching nearly 20 new tart products within six months [2] Channel Strategy - The company has restarted its "Daydreamer Project" (DP Plan), emphasizing spatial design rather than the previous strategy of high-efficiency small stores [3] - A new concept store named "Diyuan" was opened in Chengdu, and over 130 existing stores nationwide underwent significant renovations to enhance their "leisure tea drink space" attributes [3] - The company has drastically reduced the scale of IP collaborations, retaining only a few partnerships, such as with CHIIKAWA, and is focusing on enhancing user engagement through private domain operations like the "Xiti" feature [3] International Expansion - The company's overseas business has emerged as a significant growth highlight, with over 100 stores opened in 32 cities globally by the end of 2025 [4] - The first overseas LAB store was established in Times Square, New York, indicating a strategic move beyond merely replicating domestic menus [4] - Nearly 50% of the top ten selling products overseas are developed specifically for local markets, with matcha and coconut flavors being particularly well-received [4]