China Partytime Culture Holdings Limited is an investment holding company principally engaged in the design, research and development, production, sales and marketing of cosplay products including cosplay costumes and cosplay wigs; non-cosplay apparels mainly comprising sexy lingerie; fabric care, personal hygiene and home care products; and leasing of factory premises. The company operates through four reportable segments: wigs; clothing and others encompassing cosplay costumes, sexy lingerie and related items; fabric care, personal hygiene and home care products; and leasing of self-owned or leasehold factory premises. It serves contract manufacturing services and original brand manufacturing customers primarily in the United States, PRC, Japan and Europe through an integrated platform covering product development, raw material procurement and production. Founded in 2004 and headquartered at No. 3 Chunchao Road, Yichun Economic & Technological Development Zone, Jiangxi Province, PRC, the company maintains manufacturing facilities in Yichun and Yiwu, Zhejiang Province, with products distributed to over 30 countries and regions. Recent major changes include the November 2024 conditional disposal of its entire equity interest in Zhejiang Zhongpai Enterprise Management Co., Ltd, a property-holding subsidiary, to Zhejiang Bestway Costume & Accessory Co., Ltd for RMB80 million, accompanied by a three-year leaseback of approximately 19,523 square meters of industrial premises in Yiwu at escalating annual rents starting from RMB2.46 million; recognition of impairment losses totaling RMB19.68 million on property, plant and equipment and goodwill in 2024 amid revenue decline to RMB240.3 million and net loss of RMB75.4 million; relocation of wig and clothing production lines from Yiwu to Yichun to cut costs; March 2025 issuance of 354.65 million unlisted warrants to PM Partners I LP exercisable into new shares at HK$0.09 subject to a US$100 million qualified investment condition by 2028; and ongoing sub-leasing of assets including the Party Culture Industrial Park for upstream-downstream industry collaboration.