["New Stock Guru" Serenity Warns Investors: Beware of Unlimited Dilution Traps, Avoid Companies with "Toxic" Financing Structures] According to a report by Jinse Finance, "New Stock Guru" Serenity posted on the X platform, reminding investors to pay attention to financing structures and the dynamics of outstanding shares. If the fundamentals are solid, one may consider going long after the original holdings are fully diluted. However, if the focus is on equity appreciation, investors should steer clear of companies with "toxic" financing structures or overwhelming debt burdens. Small-cap companies are particularly risky. Serenity provided the following examples: 1. IREN: Financing methods are close to unlimited dilution, with every rebound being sold off, essentially making it a "junk stock." 2. NBIS: Up 153% year-to-date, benefiting from optimized financing structures (e.g., direct financing, convertible bond combinations, etc.). 3. CRWV: High debt interest rates, with the company using high-interest loans for GPU financing, which erodes free cash flow over the long term. Serenity further emphasized that investors must carefully analyze equity structures, dilution risks, and hidden costs when selecting targets, to avoid focusing solely on profits while actual equity value diminishes.