According to the research report, looking back at 2024, due to the impact of the pandemic on project production cycles, the supply of high-quality content was limited, and the external consumer environment was relatively bleak. In addition, the decline in AI sentiment themes, adjustments in tax incentives for cultural institutions transitioning to enterprise units, have all contributed to the lackluster performance growth of major media companies, leading to significant valuations adjustments in the sector. Looking ahead to 2025, we believe that under the normalization trend of regulatory environments and production processes, technological advancements will enhance efficiency, and the industry is expected to regain high-quality growth.