On December 18th, Longhui reported that Beijing Yuanlong Yato Culture Dissemination (002878.SZ) stated on the investor interaction platform that the demand for emotional consumption has increased, and consumers are willing to pay for emotional value, which has become a development trend in consumer demand. From the development trend of IP cultural and creative consumption in recent years, this trend has also been confirmed. Therefore, the company believes that there is huge development potential in the IP cultural and creative market in the future, and is steadfastly executing the "Global Strategy for Large IP Cultural and Creative" to improve the IP matrix and accelerate the development of IP cultural and creative products as well as channel layout. In terms of IP resources, the company is continuously expanding its IP resource pool through original creation and various licensing collaborations, covering various types of IP such as Sports, animation, games, cultural tourism, national trends, and original art, creating an IP matrix that meets the needs of different demographics and various scenarios. In addition to the licensing for major events such as the 2022 Beijing Winter Olympics, the 31st Summer Universiade in Chengdu, and the 2025 Harbin Asian Winter Games, the company has also signed contracts with several well-known IPs including Universal Pictures, the NBA, TEAMCHINA (the Chinese national team), KakaoFriends, and LineFriends. Furthermore, it has collaborated with the subsidiary of the Shanghai Film Group, Shanghai Yingyuan, to develop products related to the national IP "Havoc in Heaven." In terms of product development, the company tailors thematic, phased, and multi-level IP cultural and creative product development operations according to the characteristics of different IPs, closely aligning with major events, traditional festivals, and social hotspots, continually expanding the range of IP product categories, enriching the SKU, and increasing the speed of product launches, with some products becoming best-sellers. On the channel side, in the B-end, it has become the designated service provider for Universal gift channels. On the C-end, online, the signed flagship store for Universal Pictures on JD.com is already open, and the flagship store on Xiaohongshu is in preparation, while self-operated stores on Tmall, PDD Holdings, and Douyin also sell related products; offline, pop-ups, airport and High-speed Rail counters, and self-operated stores of Beijing Yuanlong Yato are being rapidly opened. In terms of IP e-commerce, multiple IP cultural and creative online malls have been established on platforms such as Douyin, Tmall, and JD.com. The full-channel layout of IP cultural and creative products has formed a C-B interaction effect. Currently, the company has formed an integrated IP operation system for the design and development of IP cultural and creative derivatives, digital cultural and creative design and distribution, IP content creativity, production and dissemination, and the sales and operation of IP e-commerce. The company's IP cultural and creative related businesses have already generated a certain scale of revenue, with revenue from event-licensed commemorative products reported separately in regular reports.