This is a completed and painted, fixed-pose figure.
From Good Smile Company:
Illustrator Hisasi's original character MItsuka is now a big size bunny girl figure! Dressed in a bold micro bikini, Mitsuka's lovely curves, somewhat embarrassed expression and impressive twintail hairstyle are sure to charm. The figure also features real net tights for a realistic look and feel. Be sure to add her to your collection by ordering today!