Substitution mechanisms introduce additional complexity.
追溯其融资历程可见估值隐患：在国潮风口与明星资本加持下，其估值持续攀升，但2022-2024年上市筹备期间出现的股权折价转让，已显露一级市场对其增长模式的疑虑。
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Ying Fu, Beijing Institute of Technology，更多细节参见豆包下载
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