June 2025

In summary, the battle for the “first large model stock” is both an opportunity and a challenge. If the Six Little Dragons can take the listing as an opportunity to shift from “burning money for R & D” to a dual – wheel – driven model of “technology + business,” they can not only win survival space for themselves but also explore a feasible path of “capital empowering hard – tech” for the Chinese large model industry.

In summary, the “sanitary napkin fever” of leading live – streaming agencies is not only a harvest of the traffic dividend in the consumer market but also an epitome of the upgrading of the traditional industry. For entrepreneurs, the opportunity in this field lies in “filling the gap in quality demand”, but the challenge lies in “how to build a moat with product power and trust power after the traffic dividend fades”.