CITIC Construction has pointed out that ByteDance is making simultaneous strides in deploying its content ecosystem both within China and on the global stage. The company has successfully forged a comprehensive AI industry chain that spans models, platforms, applications, and hardware. While its model capabilities may slightly trail behind those of major overseas counterparts, ByteDance shines in its prowess for multi-modal productization and the completeness of its matrix. At the application tier, with Doubao at its heart, the platform continues to witness a surge in invocation volume and monthly active users. Concurrently, ByteDance is rolling out native AI products across diverse sectors, thereby weaving a complete ecosystem. The focus on end-side hardware stands as a pivotal area for ByteDance, with AI-driven offerings encompassing smart agent earphones, companion toys, and the potential to branch out into AI-powered phones in the future. Considering that the 2025 Volcano Engine Motive Force Conference·Winter is slated for December 18-19, it is prudent to keep a close eye on ByteDance's full-stack positioning within the AI industry chain.