CICC's research report pointed out that after more than two years of contraction in the Internet industry to reduce costs and increase efficiency, the financial status has generally been restored. Since 2025, we have observed that the industry has clearly entered a new round of investment cycle, with AI, overseas expansion, and instant retail becoming hot spots. We believe that innovation and risk-taking are elements engraved in the genes of the Internet. Although we are optimistic about the incremental value brought by most investments, from the perspective of secondary market investment, we believe that when looking forward to the future, we also need to leave enough buffer space to balance the rhythm between the short-term and long-term.