According to a research report by CITIC Securities, ByteDance held a staff meeting on February 13. According to reports from multiple media, the meeting mentioned the 2025 plan for its e-commerce business: Douyin e-commerce attaches importance to live broadcasting scenarios and has issued nine merchant support policies at the beginning of the year; TikTok has accelerated the expansion of new overseas markets and has opened new sites in Spain and Mexico since December 2024. We believe that the company is expected to continue to promote its business around the strategy in the future, and we recommend paying attention to brands with strong brand potential and leading layout of related channels, as well as agency operation companies and MCN agencies with excellent user operation and data analysis capabilities.