on 13-Feb-2026 13 February 2026 Midcap Research When AI threatens the moat #2: Our selection of "AI risk-proof" long ideas Aleksander Peterc +33 1 57 29 45 25 aleksander.peterc@bernsteinsg.com Marie Line Fort +33 1 42 13 85 21 marie-line.fort@bernsteinsg.com Philippe Lorrain +33 1 42 14 75 16 philippe.lorrain@bernsteinsg.com Victor Acitores +34 915 893 901 victor.acitores@bernsteinsg.com +44 20 7676 8355 will.kirkness@bernsteinsg.com Marios Pastou +44 20 7676 6881 marios.pastou@bernsteinsg.com Building on o ...

Core Points - A tabletop game called "Wuhun Rongyu Zhi" was pre-sold two years ago, with a customer named Xiao Chen spending 1568 yuan on it [1] - The merchant has not delivered the product and has been unresponsive for over a year, leading to customer frustration [1] - Xiao Chen applied for a refund last year but is still waiting for it to be processed [1] Summary by Category Customer Experience - Customers are experiencing significant delays in receiving their pre-ordered tabletop games, with some waiting over a year for refunds [1] - The lack of communication from the merchant has resulted in customers feeling abandoned and frustrated [1] Financial Implications - Xiao Chen's investment of 1568 yuan in the pre-sale has not yielded any product or refund, highlighting potential financial risks for consumers in the pre-sale market [1]