This is a completed and painted, fixed-pose figure.
From the Good Smile Company website:
From the spin-off DEAD OR ALIVE game, "DEAD OR ALIVE Xtreme 3" comes a figure of Honoka wearing a bunny girl outfit! The body said to be the best of all characters in the series has been sculpted in a lovely 1/4th scale size for fans to enjoy in exquisite detail by their side! The sculpt is based on her iconic tag-team victory pose with Marie Rose from DEAD OR ALIVE 5.
The net tights around her legs are made with real fabric for an authentic look and the soft appearance of her skin has been captured as faithfully as possible on the figure! Be sure to display her with the previously announced Marie Rose: Bunny Ver. to bring out the DEAD OR ALIVE Xtreme 3 universe even more!