$EAST BUY (01797.HK)$ Continue to be bearish. Did some research over the weekend: 1. Live streaming rooms are driven by passive impulse purchases, lacking stickiness. 2. No price advantage; PDD Holdings can offer much lower prices. 3. Although live streaming has a certain threshold, the key is uniqueness, and other live streaming rooms have features that New Oriental lacks. 4. Douyin will discover and support more live streaming rooms, not continuously driving traffic to Oriental Selection. As it gets harder to acquire traffic, future GMV will be challenging.