Meituan: We see an opportunity similar to Pinduoduo's previous undervaluation, similar to the opportunity Pinduoduo had at $100. Pinduoduo offers white-label products, while Meituan offers white-label food and accommodation. Meituan's leading market share remains stable. Taobao Flash Sales is optimizing subsidy efficiency and pausing its offensive. The company still has a strong moat, and its core profit contribution from high-end hotels and travel remains unchanged. There is significant room for growth in its overseas business and drones.