Great companies are worth holding long-term. 1. Some thoughts on financial data analysis and business models. TROE 31.4% → higher than the average of the consumer industry ( 10%-15% ), close to the profitability level of internet giants. 2. ROIC 52.8% → significantly higher than most listed companies (usually >20% is considered a quality model ), with high gross profit and high net profit margin (. In 2024, the gross margin is 66.8%, and the net profit margin is 26.1%. The DTC model has controllable sales expenses, and the gross profit from overseas sales is even higher. It is expected that gross profit and net profit will increase significantly by 2025.) 4. Strong pricing power (raising retail prices during the tariff war does not affect sales.) 5. Strong operating cash flow, OCF is basically close to or even greater than net profit. 6. Low capital expenditure requirements. 7. There is a lipstick effect during economic downturns, and benefits during economic upturns, unaffected by economic cycles. 8. Obvious light asset attributes: fixed assets + right-of-use assets account for only 14.5%, cash accounts for more than 50% (total assets 88.3/17.11 billion), strong risk resistance; interest-bearing liabilities are 0: no bank loans/bonds, financial costs are almost zero; debt-to-asset ratio is 24.3%. 9. Inventory turnover days are 102 days, and it is expected to decrease further by 2025. 10. New user acquisition (拉新) and old user repurchase (复购) performance is excellent $ADA$ ETH.