Here Group Ltd (HERE) 2026 Q3 法說會逐字稿

Good morning, and good evening, ladies and gentlemen. Thank you for standing by, and welcome to HERE's Earnings Conference Call. (Operator Instructions) Please note that today's event is being recorded.

各位女士、各位先生，早安、晚安。感謝各位耐心等候，歡迎參加 HERE 的財報電話會議。(接線員指示) 請注意，今天的活動將被錄音。

I will now turn the conference over to Ms. Tina Tang, the company's Manager of Investor Relations. Please go ahead, ma'am.

現在我將把會議交給公司投資人關係經理 Tina Tang 女士。女士，請開始。

Thank you. Hello, everyone, and welcome to HERE's Earnings Call for the third quarter of fiscal year 2026. With us today are Mr. Peng Li, our Founder, Chairman and CEO; and Mr. Tim Xie, our CFO.

謝謝。各位好，歡迎參加 HERE 2026 財政年度第三季財報電話會議。今天與會者包括我們的創辦人、董事長兼執行長李鵬先生，以及財務長謝霆先生。

Mr. Li will provide a business overview for the quarter, then Tim will discuss the financials in more detail. Following their prepared remarks, Mr. Li and Tim will be available for the Q&A session. I will translate for Mr. Li.

李先生將先就本季業務作概述，接著 Tim 將更詳細說明財務表現。在兩位的準備發言之後，李先生與 Tim 將進入問答環節。我將為李先生進行翻譯。

You can refer to our quarterly financial results on our IR website at ir.heregroup.com. You can also access a replay of this call on our IR website when it becomes available a few hours after its conclusion.

您可至我們的投資人關係網站 ir.heregroup.com 查閱本季財務結果。

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 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 filing with the SEC.

在我們繼續之前，我想請各位參考我們財報新聞稿中的「安全港聲明」，該聲明同樣適用於本次電話會議，因為我們將作出前瞻性陳述。請注意，以下管理層準備發言中提及的所有數字均以人民幣計價；我們今天也將討論非 GAAP 指標，相關內容在我們的財報新聞稿及向美國證券交易委員會（SEC）提交的文件中有更完整的說明，並與最可比的 GAAP 指標進行對帳。

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

現在我將把電話會議交給 HERE 的執行長兼創辦人李先生。

Okay. Thank you. Good morning, everyone, and thank you for joining us today. I'm very pleased to announce that we achieved about RMB165 million in revenue this quarter. This exceeded the high end of our guidance.

好的。謝謝。各位早安，感謝今天加入我們。我很高興宣布，我們本季實現約人民幣 1.65 億元的營收。這一結果超過了我們指引區間的上限。

More importantly, we keep improving our IP and pop toy business. We are consistently optimizing our operations and cost structure to build a stronger foundation for long-term growth.

更重要的是，我們持續提升 IP 與潮玩業務。我們不斷優化營運與成本結構，為長期成長建立更堅實的基礎。

As we all know, the first half of the year, especially the first three months, is typically a slow season for the pop toy industry. Beyond working with our channel partners and selling through our own direct channels, we stayed focused on our core strategy. That means building internal capabilities, developing IP-related products and content and optimizing our channels. The market environment remains challenging, but consumers' demand for emotional and experience-based spending persists. We build our IP products and services around what consumers actually need.

眾所周知，上半年，尤其是前三個月，通常是潮玩行業的淡季。除了與通路合作夥伴協作並透過自有直營通路銷售之外，我們仍專注於核心策略。也就是打造內部能力、開發 IP 相關產品與內容，並優化通路。市場環境仍具挑戰，但消費者對情緒價值與體驗型消費的需求依然存在。我們圍繞消費者真正的需求來打造 IP 產品與服務。

Let me start with our IP performance. WAKUKU remains our flagship IP. It contributed RMB102 million in revenue in Q3 or around 62.2% of total revenue. SIINONO's revenue grew 73.1% quarter-over-quarter, accounting for 20.2% of total revenue. SIINONO launched in the second half of 2025.

我先從 IP 表現談起。WAKUKU 仍是我們的旗艦 IP。其在第三季貢獻人民幣 1.02 億元營收，約占總營收的 62.2%。SIINONO 的營收季增 73.1%，占總營收的 20.2%。SIINONO 於 2025 年下半年推出。

In less than a year, it has reached a meaningful scale. This is an early validation of our ability to incubate new IPs. More importantly, we are seeing growing cross-IP engagement. WAKUKU users are connecting with SIINONO and other IPs, while new users are always discovering our increasingly rich IP portfolio.

在不到一年的時間裡，它已達到具意義的規模。這是對我們孵化新 IP 能力的初步驗證。更重要的是，我們看到跨 IP 的互動正在增加。WAKUKU 的用戶正在與 SIINONO 及其他 IP 建立連結，而新用戶也持續發現我們日益豐富的 IP 組合。

As we move forward, we keep coming back to one key insight: Short-term sales are not the real measure of success. The real question is whether an IP can win users and earn a lasting place in their hearts and lives. IP development and ongoing operations take time. They require long-term interaction between the IP and its users. Often in physical spaces, offline D2C stores are a key part of making that happen.

展望未來，我們反覆回到一個關鍵洞察：短期銷售並非真正衡量成功的標準。真正的問題在於，一個 IP 是否能贏得用戶，並在他們的心中與生活中占有長久的位置。IP 的開發與持續運營需要時間。它需要 IP 與用戶之間長期的互動。而這種互動往往發生在實體空間中，線下 D2C 門店是促成這一點的關鍵環節。

Based on our deeper knowledge of the IP industry, we have refined our strategy. In 2025, our growth was mainly driven by our strong product key capabilities and the strength of our IP portfolio.

基於我們對 IP 行業更深入的理解，我們已對策略進行了調整與精煉。在 2025 年，我們的成長主要由強大的產品核心能力與 IP 組合的實力所驅動。

At the same time, we benefited from favorable market cycles, channel tailwinds and celebrity partnerships. These collaborations give us additional momentum and valuable experience. We will continue to benefit from our partnerships. At the same time, we know that building lasting IPs requires brand building and solid operational capabilities. That means building our own systems to reach users directly and engage with them deeply. Therefore, long-term IP momentum will always be our top priority.

同時，我們也受益於有利的市場週期、通路順風以及與名人的合作。這些合作為我們帶來額外動能與寶貴經驗。我們將持續受益於合作夥伴關係。同時，我們也清楚，打造長青 IP 需要品牌建設與扎實的營運能力。這意味著建立我們自己的系統，直接觸達用戶並與其深度互動。因此，長期的 IP 動能將始終是我們的首要優先事項。

Revenue should follow from strong IPs, not the target -- not be the target. To achieve this, we have set the following key priorities: First, keep building IPs and brand operations, create ongoing interaction between IPs and users through different formats, deliver great emotional experiences. We will stick to our strategy, focusing on our core IPs while creating and growing new ones. Around our core IPs, we are speeding up the development of innovative products. This will take about three to six months.

營收應該是強勢 IP 的結果，而不是目標——不應成為目標本身。為此，我們設定了以下幾項關鍵優先事項：第一，持續打造 IP 與品牌運營，透過不同形式在 IP 與用戶之間建立持續互動，提供卓越的情緒體驗。我們將堅持既定策略，聚焦核心 IP，同時創造並培育新的 IP。圍繞核心 IP，我們正在加速開發創新產品。這將需要約三到六個月。

We expect to launch new products from our core IPs very soon.

我們預期很快就會推出核心 IP 的新產品。

Second, keep expanding our offline D2C stores and roboshops. This extends our brand reach and user touch points. We treat our offline D2C stores as an extension of our IP products. The store itself is a product. It unifies the IP expression within our self-operated brand system.

第二，持續擴張線下 D2C 門店與 Roboshop。這將擴大我們的品牌觸及與用戶接觸點。我們將線下 D2C 門店視為 IP 產品的延伸。門店本身就是一個產品。它在我們自營的品牌體系中，統一呈現 IP 的表達。

As of today, we have opened seven D2C brand stores. Each store serves as a space for brand user interaction. Our membership system has also been upgraded. We now have a full chain membership management system in place. This lays the foundation for constant user engagement.

截至目前，我們已開設 7 家 D2C 品牌門店。每一家門店都是品牌與用戶互動的空間。我們的會員系統也已完成升級。我們現已建立全鏈路的會員管理系統。這為持續的用戶互動奠定了基礎。

Our roboshops rollout has also recently begun. To date, we have developed around 15 roboshops in three cities.

我們的 Roboshop 佈局近期也已啟動。截至目前，我們已在三個城市落地約 15 個 Roboshop。

Third, keep building strong online operations. We want to note that online sales are not our goal. Online activities will serve as one of the tools for IP and product operations. This help us deliver a great consumer experience.

第三，持續打造強勁的線上運營能力。我們想強調，線上銷售並非我們的目標。線上活動將作為 IP 與產品運營的工具之一。這將幫助我們提供卓越的消費者體驗。

Fourth, keep a measured and steady pace on global expansion. In the near term, we plan to open a pop-up store in South Korea and participate in the trade show in the US as the initial market test.

第四，以審慎且穩健的步伐推進全球擴張。短期內，我們計畫在南韓開設快閃店，並參加美國的貿易展，作為初步的市場測試。

Fifth, keep optimizing our business cooperation with channel partners. We pursue mutual benefits and winning outcomes. We work with them to promote our IPs and products and to deliver great experiences to users.

第五，持續優化我們與通路合作夥伴的業務合作。我們追求互利共贏的結果。我們與他們共同推廣我們的 IP 與產品，並為用戶帶來卓越體驗。

Building IP value and enhancing user experience is a long journey. But with efficient execution, we can move more steadily, better and faster. Our progress comes down to two things. First, IP ecosystem. We are moving from one-off to a repeatable engine.

打造 IP 價值並提升使用者體驗是一段漫長的旅程。但只要高效執行，我們就能更穩健、更好、更快地前進。我們的進展可歸結為兩件事。第一，IP 生態系。我們正從一次性運作轉向可複製的引擎。

As of March 31, 2026, our IP portfolio includes 20 total IPs. That includes 12 proprietary IPs and eight exclusive licensed IPs. This quarter, we focused on diversifying our IP matrix. We introduced new IPs with unique styles and different target audiences. We also accelerated our new product launch pace for both flagship and emerging IPs.

截至 2026 年 3 月 31 日，我們的 IP 組合共包含 20 個 IP。其中包括 12 個自有 IP 與 8 個獨家授權 IP。本季度，我們聚焦於多元化我們的 IP 矩陣。我們引入了風格獨特、面向不同目標受眾的新 IP。我們也加快了旗艦與新興 IP 的新品上市節奏。

This quarter, we launched a new co-branded IP, XIAO AO. Its core spirit is defined by four words: cool, stubborn, brave and free. This message resonates well with young consumers.

本季度，我們推出了一個全新的聯名 IP——XIAO AO。其核心精神可用四個詞概括：酷、倔強、勇敢、自由。這一訊息與年輕消費者高度共鳴。

To drive the launch, we ran an integrated campaign across celebrity, social and fan channels, leveraging our strengths in IP design, supply chain and omnichannel sales. We completed prelaunch prep, including character development and mass production. XIAO AO gained strong market attention and prelaunch buzz. The strong market response has validated and strengthened our portfolio. It proves that our IP incubation model is scalable and competitive.

為推動上市，我們在明星、社群與粉絲渠道上開展整合行銷活動，並發揮我們在 IP 設計、供應鏈與全渠道銷售方面的優勢。我們完成了上市前準備工作，包括角色開發與量產。XIAO AO 獲得了強烈的市場關注與上市前熱度。強勁的市場回應驗證並強化了我們的組合。這證明我們的 IP 孵化模式具備可擴展性與競爭力。

Beyond XIAO AO, we have a strong product pipeline in preparation. We will launch them steadily according to our planned cadence patterns. For WAKUKU, we launched a new series, The Handicraft World of WAKUKU Series Vinyl Plush Doll, on March 28. As of March 31, the initial launch period, the series achieved strong results. Total omnichannel sales exceeded RMB20 million.

除 XIAO AO 之外，我們也在籌備一條強勁的產品管線。我們將依照既定的節奏規劃，穩步推出。就 WAKUKU 而言，我們於 3 月 28 日推出全新系列「WAKUKU 手作世界系列搪膠毛絨公仔」。截至 3 月 31 日（首發期），該系列取得亮眼成績。全渠道總銷售額超過人民幣 2,000 萬元。

Peak concurrent online viewers reached 28,000 and the total new product exposure topped 100 million. The series focused on handicraft feel, friendship and warm feeling, love. This deepens our emotional connection with the users.

線上同時最高觀看人數達到 28,000 人，新品總曝光量突破 1 億。該系列聚焦手作質感、友情與溫暖、愛。這進一步加深了我們與使用者之間的情感連結。

In May, we also released the 520 gift box, WAKUKU Heartbeat Devil, as a hanging card set. Recently, we have also launched new products for other IPs. This includes new plush toys, vinyl figures, hanging cards and ceramics collections for IPs, like ZIYULI, SIINONO, PIDOL, KILIKILI and AWHY. Each of these IPs speaks to a different audience with unique styles and labels. That's how we build a richer IP matrix.

5 月，我們也以吊卡套組形式推出 520 禮盒「WAKUKU Heartbeat Devil」。近期，我們也為其他 IP 上新。包括 ZIYULI、SIINONO、PIDOL、KILIKILI 與 AWHY 等 IP 的全新毛絨玩具、搪膠公仔、吊卡與陶瓷系列。每個 IP 都以獨特風格與標籤觸達不同受眾。這就是我們打造更豐富 IP 矩陣的方式。

For SIINONO, the new generation product, Mood On Series Vinyl Plush Doll, had its offline launch on May 30 and online launch on June 2.

就 SIINONO 而言，新一代產品「Mood On 系列搪膠毛絨公仔」於 5 月 30 日線下首發，並於 6 月 2 日線上首發。

Second, omnichannel reach. We are boosting IP user interaction with a cleaner -- with a clear focus. Offline first, online empowering. Offline, we operate through three channels: our D2C stores, roboshops network and partner channels. First, our self-operated brand stores and roboshops.

第二，全渠道觸達。我們正以更聚焦、更清晰的方式提升 IP 與使用者的互動。線下優先，線上賦能。在線下，我們透過三個渠道運營：自營 D2C 門店、roboshops 網絡以及合作夥伴渠道。首先是我們自營品牌門店與 roboshops。

As of today, we have opened seven D2C stores in four cities. We recently opened two new D2C stores, one at Shenzhen Uniwalk Qianhai on April 25 and another at Xi’an Saga on May 1. Both stores are in prime high-traffic business areas that rank among the biggest in their respective cities. We are closely tracking store performance and scouting locations for new stores.

截至目前，我們已在四個城市開設 7 家 D2C 門店。我們近期新開兩家 D2C 門店：4 月 25 日在深圳 Uniwalk 前海開業一家，5 月 1 日在西安 Saga 開業一家。兩家門店均位於各自城市中人流量極高、規模名列前茅的核心商圈。我們正密切追蹤門店表現，並為新店選址進行勘察。

We are also expanding into automatic retail. As of June 4, we have rolled out about 15 roboshops across key cities nationwide. These are unmanned vending machines placed in high-traffic locations. They extend our offline reach without the higher cost of full-scale stores. They serve as both sales channels and brand touch points. They make our IPs more accessible with collecting valuable data on product performance and purchasing habits.

我們也在拓展自動零售。截至 6 月 4 日，我們已在全國重點城市鋪設約 15 台 roboshops。這些是設置於高人流地點的無人售貨機。它們在不承擔全規模門店較高成本的情況下，延伸了我們的線下觸達。它們既是銷售渠道，也是品牌觸點。它們讓我們的 IP 更易觸達，同時收集產品表現與購買習慣等寶貴數據。

Second, partner channels. We continue to work with our channel customers. These partnerships help us reach more consumers through established retail network. They extend our IPs and brand elements at more offline touch points and help us interact with users. On the online side, our social media presence continues to grow.

第二，合作夥伴渠道。我們持續與渠道客戶合作。這些合作夥伴關係幫助我們透過既有零售網絡觸達更多消費者。它們在更多線下觸點延伸我們的 IP 與品牌元素，並幫助我們與使用者互動。在線上方面，我們的社群媒體影響力持續成長。

As of June 4, our cumulative followers across major platforms is approaching 800,000. We use online channels to build content and community. Doing so empowers our IP and brand operations.

截至 6 月 4 日，我們在主要平台的累計粉絲數接近 80 萬。我們透過線上渠道打造內容與社群。這進一步賦能我們的 IP 與品牌運營。

We have also run several brand marketing events to build brand awareness and drive user engagement. We partnered with Apollo Go, Baidu's autonomous driving platform, to integrate our IPs with AI technology and smart mobility. This partnership spans co-branding, in-vehicle exposure and youth-focused content campaigns. In May, we participated in the first China New Culture and Creative Market and Trendy Toy Carnival in Beijing. This is a nationwide-level event, co-hosted by three central ministries.

我們也舉辦了多場品牌行銷活動，以提升品牌知名度並帶動使用者參與。我們與百度自動駕駛平台 Apollo Go 合作，將我們的 IP 與 AI 技術及智慧出行相結合。該合作涵蓋聯名、車內曝光以及面向年輕族群的內容行銷活動。5 月，我們參加了在北京舉辦的首屆中國新文化創意市集與潮玩嘉年華。這是一項全國級活動，由三個中央部委共同主辦。

HERE Group was the only non-state-owned enterprise featured in media coverage, including BRTV. Our flagship IP, WAKUKU, was showcased alongside traditional cultural exhibits at the New Oriental Aesthetics section.

HERE Group 是媒體報導（包括北京電視台 BRTV）中唯一出鏡的非國有企業。我們的旗艦 IP WAKUKU 在「新東方美學」展區與傳統文化展品同台展示。

Going forward, we will accelerate the creation of more offline scenarios to give IPs and users more spaces to interact. In Beijing, at Beijing Airport, we plan to set up a store to enhance brand visibility, and we are actively exploring more similar scenarios. In Hong Kong, we plan to create a dedicated ride experience on the boats at Central Pier using our IPs, building a unique brand stand.

展望未來，我們將加速打造更多線下場景，為 IP 與使用者提供更多互動空間。在北京，我們計畫在北京機場設立門店以提升品牌能見度，並正積極探索更多類似場景。在香港，我們計畫在中環碼頭的渡輪上打造以我們 IP 為主題的專屬乘船體驗，建立獨特的品牌據點。

Operational discipline is reflected in our capital allocation. We continue to align resource support and the cost structure with our strategic adjustments. Whether investing in new IP, opening a store or launching a content initiative, we evaluate each potential investment against a clear ROI framework. We don't make guesses. We allocate capital based on information and data from IP momentum, our offline network, membership system and sales channels.

營運紀律體現在我們的資本配置上。我們持續使資源支持與成本結構與我們的策略調整保持一致。無論是投資新 IP、開設門店或推出內容計畫，我們都會以清晰的 ROI 框架評估每一項潛在投資。我們不靠猜測。我們基於 IP 動能、線下網絡、會員系統與銷售渠道所提供的資訊與數據來配置資本。

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

感謝各位持續的支持。接下來我將把時間交給 Tim，由他對我們的財務業績進行詳細回顧。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 third quarter of fiscal year 2026 ending on March 31, 2026, 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。在我進入財務業績細節之前，請注意所有金額均以人民幣計價；本次報告期間為截至 2026 年 3 月 31 日止的 2026 財政年度第三季度；此外，除 GAAP 指標外，我們也將討論非 GAAP 指標，以更清楚呈現我們實際營運趨勢。

We are pleased to report on our third quarter results, which exceeded expectations on both revenue and gross margin despite navigating a softer demand environment in the broader industry. Total revenue was RMB164.7 million with gross profit of RMB56.9 million, representing a gross margin of 34.5%. While revenue decreased from the previous quarter's RMB177.3 million, gross margin improved by 350 basis points, from 31%. These results reflect our ability to maintain operational resilience and financial discipline in a challenging market environment, while positioning the company for sustainable long-term growth through strategic cost management and continued focus on our core IP portfolio.

我們很高興向各位報告第三季業績；儘管整體產業需求環境轉弱，我們在營收與毛利率兩方面均超出預期。總營收為人民幣1.647億元，毛利為人民幣5,690萬元，毛利率為34.5%。雖然營收較上一季的人民幣1.773億元下降，但毛利率提升了350個基點，從31%提高。這些成果反映出我們在充滿挑戰的市場環境中，仍能維持營運韌性與財務紀律，同時透過策略性成本管理並持續聚焦核心IP組合，為公司可持續的長期成長做好布局。

Revenues for the quarter were RMB164.7 million, primarily generated from sales of our three flagship IPs, WAKUKU, SIINONO and ZIYULI, compared to RMB177.3 million in the previous quarter. This change was driven by the cadence of our new product launches and the impact of the Chinese New Year holidays during the quarter, which materially reduced effective working days and temporarily constrained our supply chain and delivery capabilities.

本季營收為人民幣1.647億元，主要來自三大旗艦IP——WAKUKU、SIINONO與ZIYULI的銷售，對比上一季人民幣1.773億元。此變動主要受新品上市節奏，以及本季春節假期影響；假期大幅減少有效工作日，並在短期內限制了我們的供應鏈與交付能力。

Gross profit for the quarter was RMB56.9 million compared to RMB55 million in the previous quarter. Our gross margin increased to 34.5% this quarter from 31% in the previous quarter. This margin improvement reflects the early benefits of our strategic cost structure refinements implemented during this quarter, positioning us for enhanced margin performance going forward.

本季毛利為人民幣5,690萬元，上一季為人民幣5,500萬元。本季毛利率由上一季的31%提升至34.5%。毛利率改善反映出我們於本季推動的策略性成本結構優化已開始帶來初步效益，並使我們在未來具備更佳的毛利率表現基礎。

On the operational front, total operating expenses were RMB100.8 million for this quarter. To break this down, sales and marketing expenses were RMB57.7 million. These expenses mainly included advertising and promotion expenses and staff compensation, to support brand building and customer acquisition efforts across multiple platforms. As a percentage of total revenue, non-GAAP sales and marketing expenses, which exclude share-based compensation, changed to 35% this quarter from 29.6% in the previous quarter.

在營運方面，本季總營業費用為人民幣1.008億元。其中，銷售及行銷費用為人民幣5,770萬元。該等費用主要包括廣告與推廣費用及員工薪酬，用以支持我們在多個平台上的品牌建設與客戶獲取。以總營收百分比計，剔除股份支付薪酬的非GAAP銷售及行銷費用占比由上一季的29.6%變動至本季的35%。

Research and development expenses were RMB9.5 million. These expenses mainly consisted of IP design and product development expenses. As a percentage of total revenue, non-GAAP research and development expenses, which exclude share-based compensation, changed to 5.7% this quarter compared to 5.1% in the previous quarter. General and administrative expenses were RMB33.6 million. These expenses reflected our core operational functions, including employee compensation, professional service fees and other operational expenditures.

研發費用為人民幣950萬元。該等費用主要由IP設計與產品開發費用構成。以總營收百分比計，剔除股份支付薪酬的非GAAP研發費用占比由上一季的5.1%變動至本季的5.7%。一般及行政費用為人民幣3,360萬元。該等費用反映我們核心營運職能，包括員工薪酬、專業服務費及其他營運支出。

As a percentage of total revenue, non-GAAP general and administrative expenses, which excludes share-based compensation, changed to 13.8% this quarter from 12.7% in the previous quarter.

以總營收百分比計，剔除股份支付薪酬的非GAAP一般及行政費用占比由上一季的12.7%變動至本季的13.8%。

Our net loss was RMB34.1 million compared to RMB25.4 million in the previous quarter. Our adjusted net loss was RMB22.9 million compared to RMB16.1 million in the previous quarter. Basic and diluted net loss per share were RMB0.21 during this quarter. Basic and diluted adjusted net loss per share was RMB0.14 during this year -- this quarter.

本季淨虧損為人民幣3,410萬元，上一季為人民幣2,540萬元。本季經調整淨虧損為人民幣2,290萬元，上一季為人民幣1,610萬元。本季基本及攤薄每股淨虧損為人民幣0.21元。本年——本季基本及攤薄每股經調整淨虧損為人民幣0.14元。

Looking ahead, we remain excited about the growth prospects for our pop toy business. Based on current available information, including our pipeline for upcoming IP releases and seasonal demand, we expect revenues from our pop toy business to be in the range of RMB130 million to RMB140 million for the fourth quarter of fiscal year 2026.

展望未來，我們對潮玩業務的成長前景仍感到振奮。基於目前可得資訊（包括即將推出的IP發行管線與季節性需求），我們預期2026財年第四季潮玩業務營收將介於人民幣1.30億元至1.40億元。

We are revising our fiscal year 2026 revenue guidance to a range of RMB600 million to RMB610 million. This revision reflects near-term market realities and demonstrates our commitment to providing transparent guidance aligned with current industry conditions.

我們將2026財年營收指引修訂為人民幣6.00億元至6.10億元。此修訂反映近期市場現實，也展現我們致力於提供與當前產業狀況一致、透明的指引。

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

以上為我預先準備的發言。接線員，請開放提問。謝謝。

(Operator Instructions)

（接線員指示）

Jing Yuan, CICC.

袁婧，中金公司。

(spoken in foreign language) Could management elaborate what changes in the consumer demand within the pop toy market have we seen in the past year? And how has the competition shifted?

（以外語發言）管理層能否進一步說明，過去一年我們在潮玩市場中觀察到消費者需求出現了哪些變化？以及競爭格局如何轉變？

Okay. Thank you. I'll take this question. First, we see that emotional consumption is really all about companionship. Consumer motivation is driven by a mix of emotional value and collectible value, and their expectations for IP products keep rising.

好的。謝謝。我來回答這個問題。首先，我們看到情緒消費的核心其實是陪伴。消費動機由情緒價值與收藏價值共同驅動，而消費者對IP產品的期待也在不斷提高。

So only products with real character and solid operations can truly connect with consumers. For young buyers, they are buying for immediate emotional satisfaction. Our Handicraft World of WAKUKU Series focuses on handcrafted feel, companionship and warm feeling. This responds directly to what consumers are looking for. This is a recent example for our new product launch for the IP WAKUKU.

因此，只有真正有角色特質、且營運扎實的產品，才能真正與消費者建立連結。對年輕消費者而言，他們購買是為了即時的情緒滿足。我們的WAKUKU《Handicraft World》系列聚焦手作質感、陪伴感與溫暖感。這正面回應了消費者所追求的需求。這是我們近期針對WAKUKU這一IP推出新品的一個例子。

At the same time, good IP products have real artistic value. Some collectors still want to collect complete set or even buy on the secondary market because they love the IP. Companionship and portability have become very important product dimensions. The plush and bag charms saw strong growth in 2025 and became the fastest-growing category in the pop toy industry. However, starting in the first half of this year, we have seen the market cool down.

同時，優質的IP產品也具備真正的藝術價值。部分收藏者仍希望收齊全套，甚至因為喜愛該IP而在二級市場購買。陪伴性與便攜性已成為非常重要的產品維度。絨毛與包掛在2025年實現強勁成長，成為潮玩產業成長最快的品類。然而，自今年上半年開始，我們看到市場有所降溫。

The main reason is that supply chain grew too quickly, which reduced the early scarcity. This is actually a normal market correction. The industry is moving back to the core of emotional consumption from chasing scarcity to buying what you like or the both.

主要原因是供應鏈擴張過快，削弱了早期的稀缺性。這其實是正常的市場修正。產業正從追逐稀缺性回歸到情緒消費的核心——從「追稀缺」轉向「買自己喜歡的（或兩者兼具）」。

And for us, the underlying logic of this category has not changed. Consumers still want IP products that fit into their daily lives. We stick to our strategy: creating excellent IPs and products. For example, our recently launched the SIINONO Mood On Series, the new product, has been very popular based on recent consumer response.

對我們而言，這一品類的底層邏輯並未改變。消費者仍希望IP產品能融入其日常生活。我們堅持既定策略：打造優秀的IP與產品。例如，我們近期推出的SIINONO《Mood On》系列新品，從近期消費者回饋來看非常受歡迎。

And for the competitive condition, the competitive landscape is shifting from grabbing territory to competing on ecosystem capabilities. Firstly, more players have entered the market, but only a few can operate IPs, especially the self-owned IPs, consistently over time. It is still a large market with many small players. And secondly, the core of competition is moving from product capability to full-chain IP operation. Long-term IP value must be built based on -- from within.

至於競爭態勢，競爭格局正從「搶地盤」轉向「比拼生態系能力」。第一，進入市場的參與者更多了，但能夠長期、持續地營運IP（尤其是自有IP）的公司其實不多。這仍是一個規模很大的市場，但小型玩家眾多。第二，競爭核心正從產品能力轉向全鏈路IP營運能力。長期IP價值必須建立在——從內部出發。

Pop toys are not fast-moving consumer goods. You cannot drive growth simply by adding more SKUs. You should need IP design, supply chain, brand and sales, all working together as one system. And honestly, very few companies can actually put it all together.

潮玩不是快消品。你無法僅靠增加更多SKU來驅動成長。你需要IP設計、供應鏈、品牌與銷售協同運作，形成一個整體系統。坦白說，真正能把這一切整合起來的公司非常少。

Thirdly, the industry is taking a fresh look at owned IPs. For most pop toy companies, licensed IPs account for a majority of their revenue. And these licenses typically last only one to three years. Churn has a high cost. So if a license doesn't get renewed, you are looking at a major hit to your revenue.

第三，產業正在重新審視自有IP。對多數潮玩公司而言，授權IP貢獻了其大部分營收。而這些授權通常僅為期一到三年。更換授權的成本很高。因此，如果授權未能續約，你的營收將面臨重大衝擊。

We've taken a different approach. We have built a systematic capability to create and sell our own IPs. Our IPs portfolio is much more balanced. More than half of our IPs are self-owned. And even with our licensed IPs, we focus on long-term partnerships.

我們採取了不同的方法。我們已建立系統化能力，能夠創作並銷售自有 IP。我們的 IP 組合更加均衡。超過一半的 IP 為自有。即使是授權 IP，我們也聚焦於長期合作夥伴關係。

For co-branded IPs like XIAO AO, which is just recently launched, we use a deep cooperation, co-creation model rather than relying on a simple licensing deal. That's all. Thank you.

對於像 XIAO AO 這類聯名 IP（剛於近期推出），我們採用深度合作、共同創作的模式，而不是依賴單純的授權交易。以上。謝謝。

Yikun Zheng, CITIC.

鄭逸坤，中信。

(spoken in foreign language) And my question is about the momentum of IPs. So far, we have several very successful IPs such as WAKUKU, SIINONO, XIAO AO. So my question is, in the future, how do you keep both the strength and the momentum of the popular IPs?

（外語發言）我的問題是關於 IP 的動能。到目前為止，我們有幾個非常成功的 IP，例如 WAKUKU、SIINONO、XIAO AO。我的問題是，未來你們如何同時維持熱門 IP 的強度與動能？

Okay. Thank you very much for your question. I will answer in Chinese, and my colleague will translate for me. (spoken in foreign language) Okay.

好的。非常感謝你的提問。我會用中文回答，我的同事會替我翻譯。（外語發言）好的。

(interpreted) IP momentum depends on two factors: the IP's characteristics and ongoing successful operations. To maintain this momentum, the key is to consistently deliver events, content, products and experiences that align with the IP's characteristics and connect with our target audience.

（口譯）IP 的動能取決於兩個因素：IP 的特質以及持續成功的營運。要維持這股動能，關鍵在於持續提供與 IP 特質一致、並能與目標受眾連結的活動、內容、產品與體驗。

(spoken in foreign language) Okay.

（外語發言）好的。

(interpreted) Specifically, here is what we are doing and will continue to refine in our IP operations strategy: First, we remain focused on our core IPs. We concentrate resources on our core IPs and build our IP portfolio around them. We need steady resources to keep our core IPs running smoothly. At the same time, we closely monitor performance across the multiple dimensions to improve resource efficiency.

（口譯）具體而言，以下是我們正在做、並將持續精進的 IP 營運策略：第一，我們仍然聚焦核心 IP。我們把資源集中在核心 IP 上，並以此為基礎打造 IP 組合。我們需要穩定的資源，確保核心 IP 能順暢運作。同時，我們也會從多個維度密切監測表現，以提升資源效率。

(spoken in foreign language) Okay.

（外語發言）好的。

(interpreted) Second, we strengthen the user wellness and engagement through the high-quality products and experiences. This helps maintain and build IP momentum. We arrange product plans at a steady pace and keep innovating around IP. This year, we are planning next-generation products for our core IPs, along with offerings of new materials and new play styles. We will expand into new categories at the right time.

（口譯）第二，我們透過高品質的產品與體驗，強化用戶的幸福感與參與度。這有助於維持並建立 IP 動能。我們以穩定的節奏安排產品規劃，並持續圍繞 IP 進行創新。今年，我們正為核心 IP 規劃下一代產品，同時推出新材質與新玩法。我們也會在適當時機拓展至新類別。

And beyond physical products, we are developing IP-driven experiences through a light-asset model. For example, we recently signed a ferry at Hong Kong's Central Pier, and we turned it into IP theme park on water.

除了實體產品之外，我們也透過輕資產模式開發由 IP 驅動的體驗。例如，我們最近在香港中環碼頭簽下了一艘渡輪，並將其打造為水上 IP 主題樂園。

(spoken in foreign language) Okay.

（外語發言）好的。

Third, we actively manage our IP brands through partnerships. This includes the placement in variety shows, celebrity partnerships and brand collaborations to grow our IP influence over time.

第三，我們透過合作夥伴關係積極管理 IP 品牌。這包括綜藝節目植入、名人合作以及品牌聯名，以隨時間推進擴大我們 IP 的影響力。

Fourth, we're strengthening offline touch points through our D2C stores, roboshops and dedicated branded sections in partner retail locations.

第四，我們透過 D2C 門店、機器人商店（roboshops）以及在合作零售據點設置的專屬品牌專區，強化線下觸點。

So overall, we believe strong fundamentals help us manage and extend IP's life cycle. But this does not come from a single hit product. It comes from consistent, stable and systematic operations. Okay. That's all.

總體而言，我們相信扎實的基本面能幫助我們管理並延長 IP 的生命週期。但這並非來自單一爆款產品。而是來自持續、穩定且系統化的營運。好的。以上。

Thank you.

謝謝。

Di SHI, Huatai Securities.

施迪，華泰證券。

(spoken in foreign language) My question is about our company's plan for the category expansion in the future.

（外語發言）我的問題是關於公司未來在品類拓展方面的規劃。

(spoken in foreign language) Okay.

（外語發言）好的。

(interpreted) Yes, we do. We are continuously exploring the category expansion opportunities. Our principle is to extend from our IPs, not to launch the new categories for their own sake. At this stage, we mainly consider where each IP is in its life cycle. Then we carefully expand into merchandise around our core IPs.

（口譯）是的，我們有。我們持續探索品類拓展的機會。我們的原則是從 IP 延伸，而不是為了推出新類別而推出。在現階段，我們主要會考量每個 IP 所處的生命週期階段。然後再謹慎地圍繞核心 IP 拓展周邊商品。

Our strategy focuses on three key areas.

我們的策略聚焦三個關鍵領域。

(spoken in foreign language) Okay.

（外語發言）好的。

(interpreted) First, merchandise is a key focus for us. We're gradually expanding into IP-related merchandise, particularly lifestyle products. The idea is to transform our IPs from collectibles on the shelf into everyday companions in people's lives.

（口譯）第一，周邊商品是我們的重點方向。我們正逐步拓展至與 IP 相關的周邊商品，尤其是生活風格類產品。理念是把我們的 IP 從架上的收藏品，轉變為人們日常生活中的陪伴。

(spoken in foreign language) Okay.

（外語發言）好的。

(interpreted) Second, we're expanding at a disciplined pace. There is a common trend in industry right now, many SKUs, very broad coverage, but that is not our approach. We believe category expansion must align with IP's content and user needs, not to just add more SKUs. We prefer to go deep with our core IPs, not broad.

（口譯）第二，我們以有紀律的節奏進行拓展。目前行業有一個普遍趨勢：SKU 很多、覆蓋面很廣，但這不是我們的做法。我們認為品類拓展必須與 IP 的內容與用戶需求相匹配，而不是只是增加更多 SKU。相較於做廣，我們更偏好在核心 IP 上做深。

(spoken in foreign language) Okay.

（外語發言）好的。

(interpreted) Third, we are watching for opportunities like smart companionship and the tech-plus-IPs development. The combination of AI and pop toy is becoming a new direction. We're actively researching it, but we're still exploring and don't have any specific plans yet.

（口譯）第三，我們也在關注智慧陪伴以及「科技＋IP」發展等機會。AI 與潮玩結合正成為新的方向。我們正在積極研究，但仍處於探索階段，暫時還沒有具體計畫。

(spoken in foreign language) Okay.

（外語發言）好的。

(interpreted) So to sum up, stay focused on IP. We go deep in our core categories, then gradually expand into merchandise. We are not trying to cover everything. Instead, our goal is to make sure every new category truly supports the emotional connection between our IPs and our users. Thank you.

（口譯）總結來說，仍要聚焦 IP。我們會在核心品類做深，然後逐步拓展至周邊商品。我們不會試圖面面俱到。相反地，我們的目標是確保每一個新類別都能真正支持我們的 IP 與用戶之間的情感連結。謝謝。

Yes, that's all. Thank you.

是的，以上。謝謝。

Thank you. As there are no further questions, I'd like to hand the conference back to management for closing remarks.

謝謝。由於沒有進一步的提問，我想把會議交回管理層作結語。

(inaudible) questions, please feel free to contact us or submit a request through our IR website. We look forward to speaking with everyone in our next call. Have a nice day.

（聽不清）如有問題，歡迎隨時聯絡我們，或透過我們的投資人關係（IR）網站提交需求。我們期待在下一次電話會議與各位交流。祝各位有美好的一天。

Thank you. That concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝各位出席今天的簡報。各位現在可以掛線，祝大家有美好的一天。

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.

本逐字稿中標示為（口譯）的部分，為現場電話會議中由口譯員所轉述。口譯員由主辦本活動的公司提供。