1. Only a Wheel Turning at High Speed Stays Balanced 1.1 The Consumer-Side Boom Is Over As of June 2023, China had 1.079 billion internet users, up 11.09 million from December 2022, with an internet penetration rate of 76.4%. The consumer-side demographic dividend has passed, time spent online is also growing slowly, and there is little room left for growth in applications built on existing scenarios.