**Assessing Cash Flow**

I'm now assessing cash flow quality, focusing on free and operating cash flow, along with accounts receivable. I see 2025's free cash flow at 44.7 billion yuan and operating cash flow at 125.07 billion yuan, but the latter is down 13.8% year-over-year. I'm prioritizing understanding how internal capabilities contribute to improvements and differentiating from capital expenditure changes. I also need to evaluate the incremental economics model, particularly the capital efficiency.

I am now focusing on the company's incremental economic model, especially new business sources, capital efficiency, and payback periods. I see an increased focus on computing infrastructure investment, with 2026 capital expenditure planned at 73 billion yuan, and 35% allocated to computing infrastructure. I'm focusing on validating this "five-in-one" token management system.