Pinduoduo has been trading sideways for two years, and its cash and equivalents are definitely more than two years ago, but the price is still about the same. I think the reasons are: 1. Adhering to its core values led it to stay away from the current AI hype narrative of Evergrande. Actually, I've done quite well, daring to be the last mover. In fact, if PDD really wants to do AI, you guys run first, perfect the algorithms and architecture, and PDD can still catch up by starting later. 2. Chinese concept stocks are facing global decoupling, and anti-dumping measures by most countries against China have created a lot of uncertainty for Temu.