Group 1: Company Performance - The company reported a revenue of 4.047 billion RMB for FY2026H1, representing a year-over-year increase of 32.7% and a half-year increase of 10.8% [3] - The gross profit margin was 35.7%, showing a year-over-year decrease of 7.5 percentage points but a half-year increase of 3.8 percentage points [3] - The net profit attributable to shareholders was 520 million RMB, up 54.3% year-over-year, while operating profit was 526 million RMB, reflecting a slight decrease of 0.3% year-over-year [3] Group 2: Revenue Breakdown - Revenue from live performances and technology business reached 1.339 billion RMB, a year-over-year increase of 14.5% and a half-year increase of 50.7% [4] - The IP derivatives business generated 1.16 billion RMB, with a year-over-year growth of 105.2%, marking the highest revenue share since FY2025H1 at 28.7% [5] - Revenue from film and television content was 1.06 billion RMB, down 15.2% year-over-year, while the series production business saw a significant increase of 693% year-over-year, generating 480 million RMB [6] Group 3: Cost and Efficiency - Sales expenses were 332 million RMB, up 1.1% year-over-year but down 27.9% half-year [7] - Management expenses totaled 669 million RMB, reflecting an 11.8% year-over-year increase, with a management expense ratio of 16.5% [7] - The company maintained a workforce of 1,780 employees, which is a 14.4% increase year-over-year, while both sales and management expense ratios narrowed, indicating improved operational efficiency [7] Group 4: Industry Insights - The offline performance industry is experiencing steady growth, driven by a stable supply of top-tier artists, with significant events scheduled for 2026 [4] - The automotive industry saw a 7.5% year-over-year increase in passenger car wholesale in October, with a notable rise in new energy vehicle sales, which accounted for over 50% of total sales [8] - The launch of the new model, the Zhiji LS9, is expected to enhance market competitiveness with advanced features and pricing starting at 322,800 RMB [11]