HAERS stated during the roadshow that the company remains optimistic about the overseas growth of the thermos cup industry. Factors such as market segmentation, the rise of outdoor sports, and the social attributes of short video platforms are driving an increase in the frequency of thermos consumption, leading to significant demand growth. The ultra-high growth of leading overseas brands is driving an increase in category penetration, and the market is in a structural adjustment phase characterized by stable growth of traditional brands and the rise of emerging brands. At the same time, leading brands have now expanded into global markets, with positive expansion trends in regions such as Canada, Australia, and Europe, and further spreading into Asia, leading to further expansion of the thermos cup market