Here Group Ltd (HERE) 2025 Q4 法說會逐字稿

Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to the QuantaSing's earnings conference call. (Operator Instructions) Please note that today's event is being recorded. I will now turn the conference over to Ms. Leah Guo, Investor Relations Associate Director of the company.

各位女士、先生，早安，晚上好。感謝各位的耐心等待，歡迎參加廣達星財報電話會議。 （操作說明）請注意，本次會議正在錄音。現在我將把會議交給公司投資人關係副總監郭莉亞女士。

Thank you. Hello, everyone, and welcome to QuantaSing's earnings call for the fourth quarter and fiscal year 2025. With us today are Mr. Peng Li, our Founder, Chairman and CEO; and Mr. Dong Xie, our CFO. Mr. Li will provide a business overview for the quarter, then Xie will discuss the financials in more detail. Following their prepared remarks, Mr. Li and Xie will be available for the today's session. I will translate for Mr. Li.

謝謝大家。歡迎參加廣達信2025財年第四季及全年業績電話會議。今天出席會議的有我們的創辦人、董事長兼執行長李鵬先生和財務長謝東先生。李鵬先生將概述本季業務狀況，之後謝東先生將詳細解說財務數據。在他們演講結束後，李鵬先生和謝東先生將繼續參與今天的會議。我將為李鵬先生翻譯。

You can refer to our quarterly financial results on our IR website at ir.quantasing.com. You can also access a replay of this call on our IR website when it becomes available a few hours after its conclusion. Before we continue, I would like to refer you to our safe harbor statement in our earnings press release, which also applies to this call.

您可以造訪我們的投資者關係網站 ir.quantasing.com 查看季度財務表現。本次電話會議結束後幾個小時，您也可以造訪我們的投資人關係網站收聽錄音回放。在繼續之前，我想提醒您注意我們在盈利新聞稿中發布的「安全港」聲明，該聲明同樣適用於本次電話會議。

As we will be making forward-looking statements, please note that all numbers stated in the following management's prepared remarks are in RMB terms, and we will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported in our earnings release and filings with the SEC.

由於我們將發表前瞻性聲明，請注意，以下管理層準備的發言稿中所述的所有數字均以人民幣計價，我們今天將討論非GAAP指標，這些指標在我們的盈利報告和提交給美國證券交易委員會的文件中進行了更詳細的解釋和調整，並與報告的最可比指標進行了核對。

I will now turn the call over to CEO and Founder of QuantaSing, Mr. Li.

現在我將把電話交給 QuantaSing 的執行長兼創辦人李先生。

Okay. Good morning, everyone. Thank you for joining us today for our Q4 and full fiscal year 2025 earnings call. I'm excited to share some really encouraging results with you today, along with significant strategic announcement that marks a new chapter for our company. As many of you know, we've been transforming from a traffic-driven to a product-driven business.

好的，各位早安。感謝各位今天參加我們2025財年第四季及全年財報電話會議。我很高興今天能與大家分享一些令人鼓舞的業績，以及一項重要的策略公告，這標誌著我們公司開啟了新的篇章。如大家所知，我們一直在從流量驅動型企業轉型為產品驅動型企業。

And furthermore, we have consolidated a controlling stake in Letsvan since March 31 and have reached an agreement to acquire the remaining equity for a full 100% merger. Before diving into our quarterly results, I want to share important news about our strategic direction. We are announcing our potential business restructuring to divest all our non-Pop Toy business to focus exclusively on our high-growth Pop Toy business. This represents a decisive step forward in our transformation. We have been in negotiations with buyers, who are interested in acquiring this established business.

此外，自3月31日起，我們已鞏固了對Letsvan的控股權，並已達成協議，將收購剩餘股權，實現100%的全面合併。在深入探討季度業績之前，我想先分享一些關於我們策略方向的重要消息。我們宣布可能進行業務重組，剝離所有非Pop Toy業務，專注於我們高成長的Pop Toy業務。這標誌著我們轉型過程中邁出了決定性的一步。我們一直在與有意收購這項成熟業務的買家進行談判。

The restructuring will allow us to concentrate all our resources, talent and capital on the tremendous opportunities we see in the Pop Toy market, while ensuring that our all established non-Pop Toy business found the right home with a buyer who can continue maintaining the operation of this business and achieve potential further development.

此次重組將使我們能夠集中所有資源、人才和資本，抓住流行玩具市場帶來的巨大機遇，同時確保我們所有已建立的非流行玩具業務都能找到合適的買家，繼續維持該業務的運營並實現潛在的進一步發展。

We will share further details on timing and transaction terms-once they are finalized, subject to final negotiations and customary closing conditions. This quarter marks our first full period with Letsvan's consolidation. From April through June, the quarter was defined by both challenge and accomplishment, yet I'm incredibly proud of what we have achieved with our strategic transition. Let's look at the numbers.

我們將根據最終談判結果和慣例成交條件，在最終確定交易時間和條款後，分享更多細節。本季是我們完成Letsvan合併後的第一個完整季度。從4月到6月，這個季度既充滿挑戰也取得了成就，但我對我們在策略轉型方面所取得的成就感到無比自豪。讓我們來看看具體數據。

Our revenue reached RMB617.8 million. Most importantly, our Pop Toy business contributed RMB65.8 million, representing our core growth engine moving forward. Beyond that, as of June 30, 2025, we held over RMB1 billion in cash and cash equivalents, restricted cash and short-term investments for the company. This cash reserve established a strong foundation for our transition into Pop Toy business. Let me highlight what is driving this growth opportunity with our Pop Toy business.

我們的營收達到人民幣6.178億元。其中，Pop Toy業務貢獻了人民幣6,580萬元，成為我們未來發展的核心成長引擎。此外，截至2025年6月30日，我們持有超過 10億元人民幣的現金及現金等價物、受限現金及短期投資。這筆現金儲備為我們向Pop Toy業務轉型奠定了堅實的基礎。接下來，我將重點放在推動Pop Toy業務成長的因素。

We are seeing rapid cultural transformation, driven by young digitally savvy consumers, who want emotional connection and unique collectible experiences. This is one of the most dynamic segments globally. The brands that win are those that brand creative IP, emotional storytelling and real-time engagement. These trends have transformed pop toys from niche items into lifestyle essentials for adults and millennials. As a pop toy company, we will be uniquely positioned to capitalize on this massive market opportunity.

我們正目睹一場由精通數位科技的年輕消費者推動的快速文化變革，他們渴望情感連結和獨特的收藏體驗。這是全球最具活力的細分市場之一。能夠贏得市場的品牌，往往是那些打造創意IP、講述動人故事並實現即時互動的品牌。這些趨勢已將流行玩具從小眾產品轉變為成年人和千禧世代的生活方式必需品。作為一家流行玩具公司，我們將擁有獨特的優勢，充分掌握這巨大的市場機會。

Each of our Pop Toy series features unique designs and distinctive personalities that resonate on the psychological level. For example, WAKUKU, our flagship IP, is now one of the most recognized trend toys in China, a skilled hunter, full of courage and wisdom.

我們的每個流行玩具系列都擁有獨特的設計和鮮明的個性，能夠觸動人們的心理層面。例如，我們的旗艦IP“WAKUKU”如今已成為中國最知名的潮流玩具之一，它是一位技藝精湛、充滿勇氣和智慧的獵人。

ZIYULI, the Chinese princess that grows by yourself. And SIINONO, a new IP launched in July 2025, an alien creature from the warm and carefree planet, Hassey. Following the strategy we outlined in Q3, we have been operating the Pop Toy business systematically and have achieved significant results to date. We are seeing strong market validation across our IP portfolio.

ZIYULI，一位能夠自主成長的中國公主。還有SIINONO，一個將於2025年7月推出的全新IP，來自溫暖無憂的哈西星球的外星生物。我們遵循第三季制定的策略，系統性地經營Pop Toy業務，並已取得了顯著成果。我們的IP組合獲得了強勁的市場認可。

Next, I will provide further details on our core strategy using the Q3 framework. First, IP brand development and product. We have built a diverse portfolio of unique IP designs that resonate deeply with consumers. Let me give you some new recent examples. Our WAKUKU, Fox and Bunny series achieved over 1 million unit sales since its launch on May 17.

接下來，我將運用第三季框架，進一步闡述我們的核心策略。首先是IP品牌開發和產品。我們建構了一個多元化的獨特IP設計組合，這些設計能夠深深引起消費者的共鳴。讓我舉幾個近期的新例子。我們的WAKUKU狐​​狸和兔子系列自5月17日上市以來，銷量已突破100萬件。

During the initial launch of our new IP SIINONO wants to tell you a secret blind box sold out 10,000 units in 10 minutes at our Douyin flagship store and achieved approximately 300,000 units sales to date. Today, we are operating over 40 blind box product lines and over 30-plus pendent card products across our IP portfolio. This includes 11 self-owned IPs, including WAKUKU and ZIYULI, 2 exclusive licensed IPs and 2 nonexclusive licensed IPs. We are strengthening our IP metrics through three key approaches.

在全新IP「SIINONO想告訴你」首次上線時，一款神秘盲盒在我們的抖音旗艦店10分鐘內售罄1萬件，迄今為止累計銷量已達約30萬件。目前，我們旗下擁有超過40條盲盒產品線和30餘款掛卡產品，涵蓋眾多IP。其中包括11個自主IP（如WAKUKU和ZIYULI）、2個獨家授權IP和2個非獨家授權IP。我們正透過三大關鍵策略提升IP影響力。

First, we are investing in our own, original IP development. We will continue to gather artistic and designer resources in various locations, establishing design centers in different cities, such as Beijing, Hangzhou and Shenzhen. We have a diverse and collaborative team that enables us to continuously innovate blending artistic vision with cultural insights to create IPs that truly resonate with our fans.

首先，我們正大力投資自主原創IP的開發。我們將繼續在各地匯聚藝術和設計人才，並在北京、杭州、深圳等城市設立設計中心。我們擁有一支多元化且協作高效的團隊，能夠不斷創新，將藝術視野與文化洞察結合，打造真正能引起粉絲共鳴的IP。

Second, we are strategically pursuing IP licensing partnerships with proactively exploring and securing exclusive collaborations across design styles, product categories, audiences and international markets. We began to collaborating with artists and illustrators through in-depth product co-creation and development to help launch their first-generation blind box collectibles and limited-edition products, fostering mutually rewarding opportunities.

其次，我們積極尋求智慧財產權授權合作關係，主動探索並達成跨設計風格、產品類別、受眾群體和國際市場的獨家合作。我們已開始與藝術家和插畫家進行深入的產品共創和開發合作，幫助他們推出第一代盲盒收藏品和限量版產品，從而創造互惠互利的合作機會。

Third, we are building strategic partnerships beyond traditional toy collaborations, linking our product with healthy, optimistic lifestyle brands. For example, we are partnered with China Open Tennis Tournament, Beijing Fashion Week, Universal Studios, Genki Forest, a leading health beverage brand and for Shanghai, hot TV series.

第三，我們正在建立超越傳統玩具合作的策略夥伴關係，將我們的產品與健康積極的生活方式品牌聯繫起來。例如，我們與中國網球公開賽、北京時裝週、環球影城、元氣森林（一個領先的健康飲品品牌）以及上海熱門電視劇都有合作。

These partnerships expand our reach across entertainment wellness and lifestyle markets. What truly sets us apart is how we leverage everything from our strategic partnerships to our product design around emotional connection, we are not just making toys. We are creating meaningful products that foster companionship and speak to a real emotional needs. By weaving rich, growth stories into our classic IPs, we transform them into emotional companies that resonate on the personal level.

這些合作關係拓展了我們在娛樂、健康和生活風格市場的影響力。真正讓我們脫穎而出的是，我們如何利用從策略合作到產品設計等各個環節，圍繞情感連結展開設計。我們不只是在製造玩具，而是在創造能夠促進陪伴、滿足人們真實情感需求的有意義的產品。透過將豐富的成長故事融入我們經典的IP，我們將其轉化為能夠引起人們共鳴的情感型公司。

The second pillar of our strategic focus is on marketing and channel expansion, which is driving growth, both domestically and internationally. In our home market, our momentum is impressive. On the online front, we've built a community of over 250,000 followers on the two largest local social platforms. While our content has achieved remarkable viral reach with over 550 million views on Douyin and 140 million views on Xiaohongshu.

我們策略重點的第二大支柱是行銷和通路拓展，這正在推動國內外市場的成長。在本土市場，我們的發展動能十分強勁。在線上，我們在兩大本地社群平台上建立了超過25萬粉絲的社群。同時，我們的內容也獲得了驚人的病毒式傳播效果，在抖音上的瀏覽量超過5.5億，在小紅書上的瀏覽量超過1.4億。

Regarding GMV, since officially launching online operations in April, our GMV had already exceeded RMB18 million in August, which is over 9 times that of April. Offline. Our multichannel presence is equally robust. We've established a widespread wholesale network of over 10,000 retail stores through our distributor partners and actively participate in Pop Toy exhibitions in top-tier cities such as Beijing, Shanghai and Shenzhen, significantly enhancing brand visibility.

關於商品交易總額（GMV），自4月正式啟動線上業務以來，我們8月份的GMV已突破1,800萬元人民幣，是4月的9倍以上。線下方面，我們的多通路佈局同樣強大。我們透過分銷合作夥伴建立了覆蓋超過1萬家零售門市的廣泛批發網絡，並積極參與北京、上海、深圳等一線城市的Pop Toy展會，顯著提升了品牌知名度。

At our partnership retail stores, the launch of SIINONO achieved more than 10,000 units sold in just 10 seconds. This underscores our strong capability to generate marketing impact and rapid sale through physical locations.

在我們合作的零售門市，SIINONO產品上市僅10秒就賣出了超過1萬台。這充分體現了我們透過實體店通路實現強大行銷效果和快速銷售的能力。

Our self-operated retail strategy is a key driver of our offline expansion, with a focus on innovative pop-up stores and high-impact launch events. As we mentioned before, we are actively developing our flagship retail stores.

我們自主營運的零售策略是我們線下擴張的關鍵驅動力，重點在於打造創新快閃店和舉辦高影響力新品發布活動。正如我們之前提到的，我們正在積極籌建旗艦零售店。

In the meanwhile, we have already demonstrated strong offline capabilities through large scale pop-up installations and exclusive product launches. For example, on August 30, we launched a pop-up store at Beijing Chaoyang Hopson One. In addition to a selection of our best-selling products, this limited time activations allow us to create immersive IP-driven environment that generate significant social buzz and translate excitement into direct sales.

同時，我們已透過大規模快閃店活動和獨家產品發布展現了強大的線下行銷能力。例如，8月30日，我們在北京朝陽合生廣場開設了快閃店。除了精選暢銷產品外，這次限時活動還打造了沉浸式IP體驗環境，引發了廣泛的社會熱議，並將消費者的熱情轉化為實際銷售。

We are currently in negotiations with top-tier shopping malls in several first-tier cities to open flagship stores, with at least three to five locations expected to open by the end of December. These events boost brand visibility. They act as community touch points, featuring an interactive content and limited edition releases. This deepens emotional connections with fans and builds lasting brand loyalty. While still in the early stages of our international expansion, we are encouraged by the strong growth momentum we are seeing overseas.

我們目前正與幾家一線城市的頂級購物中心洽談開設旗艦店，預計到12月底至少會有三到五家門市開幕。這些舉措將提升品牌知名度，並作為社群互動平台，提供互動內容和限量版產品，從而加深與粉絲的情感聯繫，建立持久的品牌忠誠度。儘管我們的國際擴張仍處於初期階段，但我們對海外市場強勁的成長勢頭感到鼓舞。

On the online front, we have established a North American independent e-commerce sites, launched flagship stores on TikTok for both North America and Southeast Asia as well as an official online store on Shopee in Southeast Asia. We have achieved significant breakthroughs in these markets.

在網路方面，我們已在北美建立了獨立的電商網站，並在TikTok上為北美和東南亞地區開設了旗艦店，同時在東南亞的Shopee平台也開設了官方網店。我們在這些市場取得了顯著的突破。

For offline channels, we have established wholesale networking over 20 countries through our distribution partners, such as Japan, major Southeast Asian countries, the United States, Canada, Australia, the United Kingdom, France, Germany, Italy and Saudi Arabia. Self-operated stores are a key part of our long-term global strategy.

在實體通路方面，我們已透過分銷合作夥伴在20多個國家建立了批發網絡，例如日本、東南亞主要國家、美國、加拿大、澳洲、英國、法國、德國、義大利和沙烏地阿拉伯。自營門市是我們長期全球策略的關鍵組成部分。

So we are still in the planning phase for our physical store rollout. We intend to take a data-informed test-and-learn approach once we enter new markets using real-world insights, including sales performance, customer engagement and market feedback to strategically guide our expansion and deepen brand engagement.

因此，我們目前仍處於實體店拓展的規劃階段。我們計劃在進入新市場後，採用數據驅動的測試學習方法，利用包括銷售業績、客戶互動和市場反饋在內的真實世界數據洞察，來策略性地指導我們的擴張並深化品牌互動。

In July, we opened approximately a 30 square meter pop-up store at Central Park Mall in Jakarta, Indonesia, to test the local market, which successfully validated both market demand and our team's operational capabilities.

7 月，我們在印尼雅加達的中央公園購物中心開設了一家約 30 平方米的快閃店，以測試當地市場，結果成功驗證了市場需求和我們團隊的營運能力。

Regarding our non-Pop Toy business restructuring, we are making strong progress. This move will ensure the established business continues to operate smoothly and provides better development opportunities for the team.

關於非Pop Toy業務的重組，我們正取得顯著進展。此舉將確保現有業務繼續平穩運營，並為團隊提供更好的發展機會。

While the process from the sale will strengthen the company's own equity, more importantly, the transaction allows us to concentrate all resources on operating our Pop Toy business with maximum focus, transforming the company into a global trendsetter and creating substantial long-term value for the shareholders.

雖然出售過程將增強公司本身的權益，但更重要的是，該交易使我們能夠集中所有資源，以最大的專注度運營我們的 Pop Toy 業務，將公司轉變為全球潮流引領者，並為股東創造巨大的長期價值。

We are confident this move delivers clear value to our shareholders and sharpen our strategic focus. As we transition into Pop Toy business, our strategy will be built around three core priorities. First, we are strengthening IP creation and incubation, by refreshing content, expanding product lines and collaborating across sectors. We are building emotion-driven ecosystem that boosts users' loyalty and brand value.

我們相信此舉將為股東帶來實際價值，並強化我們的策略重點。隨著我們轉型為Pop Toy業務，我們的策略將圍繞三大核心優先事項。首先，我們將透過更新內容、拓展產品線以及跨產業合作，加強智慧財產權的創造和孵化。我們正在建構一個以情感驅動的生態系統，從而提升用戶忠誠度和品牌價值。

Second, we are driving agile execution by refining supply chain operations, optimizing inventory and logistics and building the flexible production partnership. Speed and efficiency are key to our market responsiveness and cost control.

其次，我們正透過優化供應鏈營運、改善庫存和物流以及建立靈活的生產合作關係，推動敏捷執行。速度和效率是我們快速回應市場變化和控製成本的關鍵。

We have made significant progress in the product capability. In August, the output of our mainstream plush products had already increased more than 20-fold since the beginning of the year in January, exceeding 1 million units. Third, we are dedicated to delivering sustainable returns to our shareholders. Our focus remaining on calculating high-valued IP, expanding global channels and maintaining disciplined profitability and cash flow management.

我們在產品能力方面取得了顯著進展。截至8月份，我們主流毛絨玩具產品的產量已較1月份年初增長超過20倍，突破100萬件。第三，我們致力於為股東創造永續的回報。我們將繼續專注於高價值智慧財產權的開發、拓展全球管道以及維持穩健的獲利能力和現金流管理。

In summary, Q4 fiscal year 2025 represents a defining moment in our transformation journey. Our potential business restructuring reflects our confidence in the exceptional growth potential of this market. This sharper focus means we can really build on our early wins in Pop Toy, speed up our growth in sustainable way and deliver even more value to our shareholders. We have shown, we know how to execute in this business.

總而言之，2025財年第四季是我們轉型之旅的關鍵時刻。我們潛在的業務重組體現了我們對該市場巨大成長潛力的信心。這種更聚焦的策略意味著我們可以真正鞏固在Pop Toy領域取得的早期成果，以可持續的方式加速成長，並為股東創造更大價值。我們已經證明，我們有能力在這個行業中有效執行。

And now with total focus dedicated to resources and a stronger financial position, we are ready to become a true leader in this dynamic, high-growth industry. Thank you for your continued trust and support. Our performance to date gives us strong confidence in our future position.

如今，我們已全力投入資源，財務狀況也更加穩健，我們已做好準備，成為這個充滿活力、快速成長產業的真正領導者。感謝您一直以來的信任與支持。我們迄今為止的業績讓我們對未來的發展充滿信心。

I will now turn it over to Tim for a detailed review of our financial results. Thank you, everyone.

現在我將把發言權交給提姆，讓他詳細回顧一下我們的財務表現。謝謝大家。

Thank you. Before I go into the details of our financial results, please note that all amounts are in RMB terms, that the reporting period is the fourth quarter of fiscal year 2025 ended on June 30, 2025, and that in addition to GAAP measures, we will also be discussing non-GAAP measures to provide greater clarity on the trends in our actual operations.

謝謝。在詳細介紹我們的財務表現之前，請注意，所有金額均以人民幣計價，報告期為截至2025年6月30日的2025財年第四季度，並且除了GAAP指標外，我們還將討論非GAAP指標，以便更清晰地展現我們實際運營的趨勢。

We are pleased to report solid financial performance this quarter, making our first full reporting period since completing the Letsvan acquisition in March 2025. Total revenue reached RMB617.8 million with net income of RMB108 million, achieving a strong net profit margin of 17.5%. These results reflect our intentional strategic transformation from traffic-driven growth to a more sustainable product focused business model.

我們很高興地宣布本季財務表現穩健，這是我們自2025年3月完成對Letsvan的收購以來的首個完整報告期。總收入達人民幣6.178億元，淨利為人民幣1.08億元，淨利率高達17.5%。這些業績反映了我們從以流量驅動成長模式轉向更永續的產品導向商業模式的策略轉型。

This transition is already showing clear results with sales and marketing expenses, improving significantly to 47.6% of revenue from 69.2% in the previous quarter. Our Pop Toy business now accounts for 10.6% of total revenue as it's becoming a significant part of our revenue base. Breaking down our revenue composition. Revenues from the Pop Toy business totaled RMB65.8 million. With a continued momentum in this business, we expect it to drive meaningful growth in future quarters.

這項轉型已初見成效，銷售和行銷費用佔收入的比例從上一季的 69.2% 顯著下降至 47.6%。我們的 Pop Toy 業務目前佔總收入的 10.6%，正逐漸成為我們收入的重要組成部分。 Pop Toy 業務的總收入為 6,580 萬元。我們預計，隨著該業務持續成長，未來幾季將實現顯著成長。

Individual online learning services generated revenues of RMB456.9 million compared to RMB906.7 million in the fourth quarter of 2024. This change was primarily due to decreases in skills upgrading courses, financial literacy courses and recreation and leisure courses.

個人線上學習服務收入為人民幣4.569億元，而2024年第四季為人民幣9.067億元。這項變化主要是由於技能提升課程、金融知識課程和休閒娛樂課程的減少所致。

Revenues from enterprise services was RMB35.7 million compared to RMB56.6 million a year ago. The change was primarily due to a deliberate reduction in the marketing services provided to a customer. Revenues from our consumer business was RMB50.5 million compared to RMB33.3 million a year ago. The change was primarily driven by the increase in revenue from wellness product sales.

企業服務收入為人民幣3,570萬元，去年同期為人民幣5,660萬元。此變化主要由於我們主動減少了提供給某客戶的行銷服務。消費者業務收入為人民幣5,050萬元，去年同期為人民幣3,330萬元。此變化主要得益於健康產品銷售收入的成長。

And finally, revenues from others were RMB8.9 million compared to RMB3.5 million a year ago. Gross profit for the quarter was RMB467.6 million, with a gross margin of 75.7%, compared to 85.9% in the same period last year. This margin change reflects our strategic shift towards more product focused offerings, which naturally carry a different cost structure.

最後，其他業務收入為人民幣890萬元，去年同期為人民幣350萬元。本季毛利為人民幣4.676億元，毛利率為75.7%，去年同期為85.9%。毛利率的變化反映了我們向更注重產品導向的策略轉型，而產品導向的成本結構自然有所不同。

On the operational front, we continued to prioritize effective cost management while focusing on our resources on the Pop Toy business. Total operating expenses were RMB344.2 million, a decrease of 44.7% from RMB622.9 million in the same period last year.

在營運方面，我們繼續優先考慮有效的成本控制，同時將資源集中投入Pop Toy業務。總營運費用為人民幣3.442億元，較去年同期的6.229億元下降44.7%。

To break this down, sales and marketing expenses decreased by 49.3% to RMB294.1 million, mainly due to lower marketing and promotion costs, reduced labor outsourcing and lower staff expenses. This decrease was partially offset by new sales and marketing costs for the Pop Toy business following the Letsvan acquisition.

具體而言，銷售及行銷費用下降49.3%至人民幣2.941億元，主要原因是行銷及推廣成本降低、外包勞務支出減少、員工成本下降。但收購Letsvan後，Pop Toy業務新增的銷售及行銷費用部分抵銷了上述降幅。

As a percentage of total revenue, non-GAAP sales and marketing expenses, which excludes share-based compensation, decreased to 47.6% from 57.4% a year ago. Research and development expenses slightly declined by 0.1% to RMB21.2 million, mainly due to lower staff costs, excluding share-based compensation, expenses of the established business.

以總收入的百分比計算，不包括股權激勵費用的非GAAP銷售和行銷費用從去年同期的57.4%下降至47.6%。研發費用小幅下降0.1%至人民幣2,120萬元，主要原因是現有業務的員工成本（不包括股權激勵費用）降低。

This decline was partially offset by the new research and development expenses for the Pop Toy business following Letsvan acquisition and by an increase in share-based compensation expenses of the established business.

此次下滑部分被收購Letsvan後Pop Toy業務的新研發支出以及現有業務的股權激勵支出增加所抵銷。

As a percentage of total revenue, non-GAAP R&D expenses, which excludes share-based compensation, was 3.4% compared to 3% a year ago. General and administrative expenses were RMB29 million compared to RMB11.6 million a year ago.

不計股權激勵費用的非GAAP研發費用佔總收入的比例為3.4%，去年同期為3%。一般及行政費用為人民幣2900萬元，去年同期為人民幣1160萬元。

The change was mainly due to the newly added general and administrative expenses for the Pop Toy business resulting from the acquisition of Letsvan and an increase in share-based compensation expenses for the established business. As a percentage of total revenue, non-GAAP G&A expenses, which exclude share-based compensation, is 4.3% compared to 2.5% a year ago.

這項變更主要歸因於收購Letsvan後Pop Toy業務新增的一般及行政費用，以及現有業務股權激勵費用的增加。以總收入計算，不計股權激勵的非GAAP一般及行政費用為4.3%，去年同期為2.5%。

We achieved a net income of RMB108 million, representing a net margin of 17.5%. Our adjusted net income, which excludes share-based compensation, was RMB111.2 million, representing an adjusted net margin of 18%. Basic and diluted net income per share was RMB0.67 and RMB0.65 during the quarter. Adjusted basic and diluted net income per share were RMB0.69 and RMB0.67 during the quarter.

我們實現淨利人民幣1.08億元，淨利率為17.5%。經調整後的淨利（不計股權激勵費用）為人民幣1.112億元，經調整後的淨利率為18%。本季基本每股收益和攤薄後每股收益分別為0.67元人民幣及人民幣0.65元。調整後的基本每股盈餘和攤薄後每股盈餘分別為人民幣0.69元和人民幣0.67元。

Regarding our balance sheet position, as of June 30, 2025, we held RMB1040.9 million in cash and cash equivalents, restricted cash and short-term investments, representing an increase of RMB14.6 million from RMB1026.3 million as of June 30, 2024.

關於我們的資產負債表狀況，截至 2025 年 6 月 30 日，我們持有現金及現金等價物、受限現金及短期投資人民幣 10.409 億元，較 2024 年 6 月 30 日的人民幣 10.263 億元增加了人民幣 1460 萬元。

Both our established business and the Pop Toy business are cash self-sustaining and don't require significant additional capital. This allows us to focus our available cash reserves on strategically expanding the Pop Toy business, to accelerate its growth and market presence.

我們現有的業務和Pop Toy業務都能實現現金流自給自足，無需大量額外資金投資。這使我們能夠將現有現金儲備集中用於策略性地拓展Pop Toy業務，以加速其成長並擴大市場份額。

Looking ahead, we're excited about the growth prospects for our Pop Toy business. Based on currently available information, we expect revenues from our Pop Toy business to be in the range of RMB100 million to RMB110 million for the first quarter of fiscal year 2026 and in the range of RMB750 million to RMB800 million for the full fiscal year 2026. This forecast reflects our confidence in the pop toy market opportunity and our ability to scale our IP portfolio and expand internationally.

展望未來，我們對流行玩具業務的成長前景充滿信心。根據目前掌握的信息，我們預計2026財年第一季流行玩具業務的收入將在人民幣1億元至1.1億元之間，2026財年全年收入將在人民幣7.5億元至8億元之間。這項預測反映了我們對流行玩具市場機會的信心，以及我們擴大智慧財產權組合規模和國際擴張能力的信心。

That concludes my prepared remarks. Operator, let's open up the call for questions. Thank you.

我的發言到此結束。接線員，現在開始接受提問。謝謝。

(Operator Instructions)

（操作說明）

Alice Cai, Citi.

蔡愛玲，花旗銀行。

Good evening, management. Thanks for taking my question and congratulations on a strong result. I have several topics to cover. And let me begin with what I think most investors care most about, which is the toy revenue trajectory recently. Given that WAKUKU contribute RMB43 million in Q4 and SIINONO, that's launched in July. And you now have 15 IPs in total.

晚上好，管理層。感謝你們回答我的問題，並祝賀你們取得了優異的業績。我有幾個方面想和大家談談。首先，我想談談投資人最關心的問題，也就是近期玩具收入的成長情況。鑑於 WAKUKU 在第四季度貢獻了 4,300 萬元人民幣的收入，而 SIINONO 是 7 月推出的，你們目前總共有 15 個 IP。

Could you please share the recent revenue run rate for July to September? And management mentioned that the demand so far is outpacing supply with order book through Q1 next year. So could you please quantify the confirmed order backlog in dollar terms? Thanks so much.

請問能否提供一下7月至9月的最新營收成長率？管理階層提到，目前需求超過供應，訂單已排到明年第一季。請問能否以美元計價，量化一下已確認的訂單積壓量？非常感謝。

Thank you, Alice. I'll answer this question. Regarding the growth curve, WAKUKU began operations last December, and we saw sustained volume expansion starting in March, right after the spring festival of China. Its growth rate can be described as explosive, out of the gate, gaining momentum very rapidly. By August, its monthly production capacity had reached approximately 20 times the level at the beginning of the year.

謝謝你，愛麗絲。我會回答這個問題。關於成長曲線，WAKUKU去年12月開始運營，我們從今年3月，也就是中國春節假期後開始，看到了持續的銷售成長。其成長速度可用「爆發式」來形容，起步迅猛，勢頭強勁。到了8月份，其月產能已經達到年初水準的約20倍。

Strong demand from channels, our distributor partners and also the online and high user repurchase behavior provide strong visibility for our performance over the next several quarters. Also regarding the new IP, SIINONO, launched in July, SIINONO demonstrated our accelerating growth momentum as a completely new IP that has been on the market for only a few months.

通路、分銷合作夥伴以及線上通路的強勁需求，加上用戶高複購率，都為我們未來幾季的業績提供了清晰的指引。此外，我們在7月推出的全新IP SIINONO，作為一款上市僅數月的全新IP，也展現了我們加速成長的動能。

Its initial sales were exclusive. And recently, the sales of SIINONO have exceeded 300,000 boxes. This reflects our continuous evolution in product design, marketing and channel execution. When viewed together, the combined effect of these two engines, explosive new releases and sustained classic performance, is accelerating our overall revenue growth rapidly. This powerful momentum is the core reason for our confidence in future performance, and we look forward to sharing more detailed figures in the next earnings report.

其初期銷售為獨家銷售。近期，SIINONO的銷售量已突破30萬盒。這體現了我們在產品設計、行銷和通路執行方面的持續進步。新品上市的爆發式成長和經典產品的持續暢銷，這兩大動力共同推動我們整體營收的快速成長。這一強勁的成長動能是我們對未來業績充滿信心的核心原因，我們期待在下一份財報中分享更詳細的數據。

Regarding confirmed order value, our front-end sales team schedules production based on market feedback. For products already ordered by sales, the current delivery rate is less than 50%. That means a huge pipeline in process. Production and planning for future quarters is proceeding in an orderly manner. Yeah, I think that will help to answer your question.

關於已確認訂單金額，我們的前端銷售團隊會根據市場回饋安排生產。對於銷售部門已下單的產品，目前的交付率低於50%。這意味著還有大量訂單正在處理中。未來幾季的生產和計劃都在有序進行。是的，我想這應該能解答你的疑問。

Thank you. It's helpful. And my last question is on the valuation of Letsvan because some investors are calculating its valuation at RMB1.7 billion based on the [8 times] 18 million common shares divided by 20%. But these 18 million shares are granted in three tranches with a vesting period over several years, right? So could you please walk us through the specific arrangements for these three tranches? And are they tied to performance markdown? And if performance targets cannot be met, will later tranches be adjusted or canceled? Thanks so much.

謝謝，這很有幫助。我的最後一個問題是關於樂視的估值，因為一些投資者根據1800萬股普通股的8倍市值除以20%計算出其估值為17億元人民幣。但這1800萬股是分三期授予的，歸屬期長達數年，對嗎？能否詳細說明這三期的具體安排？它們是否與業績掛鉤？如果業績目標未能達成，後續的幾期股票是否會進行調整或取消？非常感謝。

Okay. The acquisition of the remaining equity is currently still in the settlement process and further details will be disclosed in due course. I think I can give you some key points to help everyone to understand the transaction. First, Mr. Huiyu Zhan, the Founder and CEO of Letsvan, he represents the product strength of our Pop Toy business.

好的。剩餘股權的收購目前仍在結算過程中，更多細節將在適當時候公佈。我想我可以先提供一些要點，幫助大家更能理解這筆交易。首先，Letsvan的創辦人兼CEO詹慧宇先生，代表了我們Pop Toy業務的產品實力。

And he himself is a seasoned entrepreneur with years of experience in this sector. He is highly optimistic about the future of the pop toy market and believe in the long-term value of fully committing to this field together with us.

他自己是一位經驗豐富的企業家，在這個行業擁有多年經驗。他對流行玩具市場的未來非常樂觀，並相信與我們一起全力投入這個領域具有長遠的價值。

For this transaction, Mr. Zhan opted to receive shares as consideration for his remaining equity with no cash involved. The second point is that approximately 60% of the consideration was paid in newly issued shares in exchange for Mr. Zhan's remaining equity, while the remaining 40% was granted as long-term incentives, which will vest gradually over a period of about eight years. So it's a very long time, and it means the commitment with us, and we can do that in a long time.

在此次交易中，詹先生選擇以股份作為剩餘股權的對價，不涉及現金。其次，約60%的對價以新發行的股份支付，以換取詹先生的剩餘股權，剩餘40%則作為長期激勵授予，將在約八年內逐步兌現。這是一個非常長的時間，意味著他對我們公司的長期承諾，而我們也能夠長期履行這項承諾。

I think the third one is this structure reflects our shared commitment to long-term collaboration and value creation. And also for the remaining one, except Mr. Zhan's shares, the remaining equity held by other shareholders was acquired for cash, for pure cash, at a valuation not exceeding RMB1 billion. This portion of the transaction has been completed as of today. Yeah. I think that's the information I can give to the market. Maybe we can give details when we fully complete the transaction. Thank you.

我認為第三點是，這種架構體現了我們對長期合作和價值創造的共同承諾。另外，除了詹先生的股份外，其他股東持有的剩餘股權均以現金收購，估值不超過人民幣10億元。這部分交易已於今日完成。是的，我想這就是我能向市場透露的訊息。或許等交易全部完成後，我們會提供更多細節。謝謝。

Thank you. I have another question. Looking at the time line going forward, because you are guiding for RMB100 million to RMB110 million in Q1 and around RMB750 million for the full year guidance, right? So given that Q4 already hit some RMB66 million with just three months of contribution, are these targets conservative? When does the management expect the top revenue to -- toy revenue to surpass the education business? Thanks.

謝謝。我還有一個問題。展望未來，您預期第一季營收為1億至1.1億元人民幣，全年營收約7.5億元人民幣，對嗎？鑑於第四季僅三個月就已實現約6,600萬元人民幣的營收，這些目標是否保守？管理階層預計玩具業務營收何時超過教育業務營收？謝謝。

Okay. I think first, our guidance for FY25 and FY26 were made based on the prudent assessment of the market environment and the piece of product and channel development when we formulated our strategy earlier this year.

好的。我認為首先，我們對 2025 財年和 2026 財年的業績指引，是基於今年早些時候制定策略時對市場環境以及產品和通路發展情況的審慎評估而做出的。

As you can see from the performance figures just released, growth across several key metrics has already outpaced our earlier expectations. Based on the recent business process and our updated market outlook, we are issuing our first formal earnings guidance for the Pop Toy business. And this guidance is supported by the following factors: The first is better-than-expected performance of hit products and mature IP matrix.

正如您從剛發布的業績數據中所見，多項關鍵指標的成長已超出我們先前的預期。基於近期業務流程和我們更新後的市場展望，我們首次正式發布Pop Toy業務的獲利指引。此指引基於以下因素：首先是熱門產品和成熟IP組合的績效表現優於預期。

Our established IPs, such as WAKUKU and ZIYULI have demonstrated strong longevity, and new generations of these IPs are already in the pipeline. In addition, the successful launch of our new IP SIINONO in July has been very well received with robust ongoing sales momentum.

我們已推出的經典IP，例如WAKUKU和ZIYULI，展現了強大的生命力，新一代IP也已在籌備中。此外，我們在7月成功推出的全新IP SIINONO也獲得了市場熱烈反響，銷售勢頭強勁。

The next generation of products is already scheduled. This success validates our exclusive artist IP partnership model and sets a solid foundation for continuously introducing new artist IPs. In addition to the 15 IPs we had as of June 30, we recently signed two additional new exclusive licensed IPs.

下一代產品的開發計畫已經制定完畢。此次成功驗證了我們獨家藝術家IP合作模式的有效性，並為持續推出新的藝術家IP奠定了堅實的基礎。截至6月30日，我們已擁有15個IP，近期又新增了兩個獨家授權IP。

We have initially established a healthy product vision and pace, combining new explosive releases and sustained classic performance, driven jointly and by product strength and brand power. This indicates our IP operation capabilities and user loyalty are reaching a new level.

我們初步確立了健康的產品願景和發展步伐，將極具爆發力的新產品與持續暢銷的經典產品相結合，這得益於產品實力和品牌影響力的共同驅動。這顯示我們的知識產權營運能力和用戶忠誠度正邁向新的高度。

The second is continuous expansion of online and offline sales channels. Our online GMV reached over RMB18 million in August. We continue to deepen partnerships with offline distributors and self-operated pop-up stores as well as permanent flagship stores either under negotiation, all in the process of opening.

第二點是持續拓展線上線下銷售通路。 8月我們的線上交易總額突破1800萬元人民幣。我們繼續深化與線下經銷商和自營快閃店的合作，同時也在洽談籌建永久性旗艦店，所有項目均在籌備中。

We expect to open three to five flagship stores by end of year, laying a solid foundation for the expansion of self-operated stores next year. And also accelerated global expansion, we have established initial channel and marketing presence in Southeast Asia and North America.

我們預計到年底將開設三到五家旗艦店，為明年自營店的擴張奠定堅實基礎。同時，我們也加快了全球擴張步伐，已在東南亞和北美建立了初步的通路和市場佈局。

Although still in the early stages of expansion, the growth rate in these regions has exceeded our initial expectations and the market potential appears more promising than originally anticipated. This confirms our strategic direction is correct, and has positioned the company to capture future growth opportunities.

儘管仍處於擴張初期，但這些地區的成長速度已超出我們最初的預期，市場潛力也比預期更為廣闊。這證實了我們的策略方向是正確的，並使公司能夠抓住未來的成長機會。

I think based on these three areas of our outperformance and current business momentum, strongly supports a more optimistic outlook for future growth. As disclosed in our earnings release, given the rapid growth and market potential of the Pop Toy business, that concentrating all of our resources on this segment. We are currently in discussions with potential buyers regarding a group restructuring plan, which may include divesting non-Pop Toy businesses. The details will be announced promptly upon the completion of any relevant transaction.

我認為，基於我們在以上三個領域的出色表現和當前的業務發展勢頭，我們有理由對未來的成長前景持更樂觀的態度。正如我們在獲利報告中所揭露的那樣，鑑於Pop Toy業務的快速成長和市場潛力，我們將所有資源集中投入到這個業務板塊。目前，我們正與潛在買家就集團重組計劃進行磋商，該計劃可能包括剝離Pop Toy以外的業務。一旦相關交易完成，我們將立即公佈具體細節。

So all of the actions and plans will be conducted in accordance with the principles of business focus, enhancement of shareholder value and sustainable development of each business unit. We believe that upon completion of the restructuring we will achieve greater strategic focus, utilize resources more efficiently, see exceptional growth opportunities in the IP and Pop Toy sectors and create greater long-term value for shareholders.

因此，所有行動和計劃都將遵循以業務為中心、提升股東價值和各業務單位可持續發展為原則的原則。我們相信，重組完成後，我們將實現更清晰的策略方向，更有效地利用資源，在智慧財產權和流行玩具領域發現卓越的成長機遇，並為股東創造更大的長期價值。

So in summary, I think the forecast all reflect our focus on this business sector and also our methodology to do the business and also our principle to do everything very seriously. So that figure reflects our very -- our confidence to deliver that, so that I think we will adjust the annual forecast based on new information, maybe in the next quarter, we will adjust and based on the ongoing development of the business so that we can give the market very serious and confident figures.

總而言之，我認為所有預測都反映了我們對該業務領域的關注，以及我們的經營方法和認真負責的原則。因此，該數字反映了我們實現目標的信心。我認為我們會根據新的資訊調整年度預測，或許在下一季度，我們會根據業務的持續發展情況進行調整，以便向市場提供可靠且充滿信心的數字。

Thank you. And I have a follow-up question on the restructuring. It seems that you are considering a sale on the education segment, right? And if so, what's the pipeline looking like? Thanks.

謝謝。我還有一個關於重組的後續問題。您似乎正在考慮出售教育業務板塊，對嗎？如果是的話，目前的進展如何？謝謝。

Yes, the pipeline is very strong. So as I just mentioned in several situations to the market, we will consider the different development direction of our existing business based on the performance of the Pop Toy business and other performances of the existing business.

是的，產品線非常強勁。正如我剛才在幾次市場溝通中提到的，我們將根據Pop Toy業務和其他現有業務的表現，考慮現有業務的不同發展方向。

As we announced, since we have started the process of this restructuring, that means we are very confident that of the existing Pop Toy business' performance and also the development of this performance so that we can deliver a long-term value based on the solid foundation we have set up during the past months and since the acquisition and controlling of the Pop Toy business.

正如我們所宣布的那樣，自從我們開始進行重組以來，這意味著我們對現有 Pop Toy 業務的業績以及該業務的發展非常有信心，以便我們能夠基於過去幾個月以及自收購和控制 Pop Toy 業務以來所建立的堅實基礎，創造長期價值。

Thank you. That's very helpful. That's all my questions.

謝謝。這很有幫助。我的問題就這些了。

Okay. Thank you.

好的，謝謝。

Brenda Zhao, CICC.

Brenda Zhao，中金公司。

Good evening, Leah Guo and [Dong Xie]. Thanks for taking my questions. I got two questions here. So first, relates to the Pop Toy business because we've recently seen that Pop Mart launched its Mini Labubu. So could management introduce your product strategy and whether we will introduce more product categories in the future and what's our pipeline for new categories? And my second question is related to the collaboration with Yuehua. I'm wondering whether there will be new business model and innovations. If so, could you elaborate more on that side? Thank you.

晚上好，郭莉亞和謝東。感謝你們回答我的問題。我有兩個問題。第一個問題與Pop Toy業務有關，因為我們最近看到Pop Mart推出了Mini Labubu。管理階層能否介紹一下你們的產品策略，以及未來是否會推出更多產品類別，以及我們有哪些新產品類別的計畫？我的第二個問題與樂華的合作有關。我想知道這方面是否會有新的商業模式和創新。如果有，能否詳細說明一下？謝謝。

Okay. Thank you for your question. I will answer in Chinese.

好的，謝謝你的提問。我會用中文回答。

(spoken in foreign language)

（用外語說）

(interpreted) We have a clear and structured road map for IP launches. Our IP pipeline is already scheduled through the end of next year. Both our fundamental art library and product design reserves ensure a consistent and well placed rollout of our new products.

（譯文）我們擁有清晰且結構化的IP發布路線圖。我們的IP項目計劃已排至明年年底。我們豐富的基礎美術資源庫和產品設計儲備，確保了新產品能夠順利、精準地推出。

In terms of the category innovation, we're also actively exploring and developing new directions. In addition to our core blind box series, some other categories will increase smaller sized line of figures and plush products, which will also include mini versions featuring more durable designs and accessible price.

在品類創新方面，我們也積極探索並開發新的方向。除了核心的盲盒系列外，其他一些品類也將增加小尺寸的手辦和毛絨玩具產品線，其中還將包括設計更耐用、價格更親民的迷你版產品。

This will cater to wider user reverences for collecting and consumption, further expanding our market presence. Products in these new categories are set to debut in next fourth quarter. We can't wait to share them with you soon.

這將滿足用戶更廣泛的收藏和消費需求，進一步擴大我們的市場份額。這些新類別的產品預計將於明年第四季上市。我們迫不及待地想盡快與您分享。

Okay. That's the answer for the question one. And about the question two. First, in terms of the cooperation with Yuehua Entertainment, as you can see that our partnership with them is strategic initiatives build on the complementary strengths.

好的，第一個問題的答案就在這裡。關於第二個問題，首先，就與樂華娛樂的合作而言，正如你所看到的，我們與他們的合作是基於互補優勢的策略性舉措。

We have established a joint venture with Yuehua Entertainment. In terms of the business model, we primarily provide joint venture with IP design, supply chain support and sales operation capabilities, while Yuehua Entertainment will leverage its extensive cross-industry resources in the film, television and celebrities field to drive promotion and strengthen IP breakout and enlarge the user engagement.

我們已與樂華娛樂成立合資公司。在商業模式方面，我們主要為合資公司提供IP設計、供應鏈支援和銷售營運能力，而樂華娛樂將利用其在電影、電視和藝人領域的廣泛跨行業資源，推動推廣，強化IP突破，並擴大用戶參與度。

In the future, we are planning to develop more IPs exclusively for the joint venture. These IPs will also incorporate Yuehua Entertainment's strength and also their capabilities. We will also continue to utilize these IPs and to promote them and operate using both companies' resources, we'll focus on IP design and product development while jointly building a close-loop ecosystem, causing the IP incubation, promotion and formalization.

未來，我們計劃為合資公司獨家開發更多IP。這些IP將融合樂華娛樂的優勢與能力。我們將繼續利用這些IP，結合雙方資源進行推廣和運營，專注於IP設計和產品開發，共同建構閉環生態系統，實現IP的孵化、推廣和標準化。

That is all the time we have for Q&A. I'd like to hand the conference back over to management for any closing remarks.

問答環節時間到此結束。現在我將會議交還給管理階層，請他們作總結發言。

Thank you, everyone, for joining our call today. If you have any further questions, please feel free to contact us. Also make a request through our IR website. We look forward to speaking with everyone in our next call. Have a good day.

感謝各位今天參加我們的電話會議。如果您有任何其他問題，請隨時與我們聯繫。您也可以透過我們的投資者關係網站提交諮詢。我們期待在下次電話會議上與大家交流。祝您一切順利。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已結束。感謝您參加今天的報告。您可以斷開連線了。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標示「（已翻譯）」的部分由現場通話的翻譯員提供。該翻譯員由本次活動的贊助公司提供。