The earnings forecasts were all correct, but the stock price forecasts were only half right. Once again, it proves that stock prices are unpredictable.

It's important to know that the fourth quarter is also a peak season, so a significant year-on-year decline leading to a stock price drop is understandable. Saying the first-quarter data shows a move from the ICU to KTV is a bit of an exaggeration, but from the perspective of market-oriented reforms, it's not excessive to say that the effects are gradually becoming apparent. Whether we can confirm that the inflection point has arrived depends on the second and third quarters.

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