Yuan Longya: In 2024, the revenue related to Paopaomate's IP business is approximately 2.21 million yuan.

Some investors asked if the company is cooperating with Pop Mart. Yulongyatug stated on the interactive platform that in 2024, the company will provide gifts for joint marketing activities of certain brands and Pop Mart IP, as well as planning and creative services for offline flash activities, offline construction, and event execution. Such business belongs to the 2B business, and revenue recognition includes gift and new media marketing service income. In 2024, the income from the above-mentioned business related to Pop Mart IP is approximately 2.21 million yuan, which accounts for a small proportion of the company's overall revenue. As of 2025, the company has not recognized any income related to Pop Mart and its IP. Investors are advised to pay attention to investment risks.