Sound Group Inc. (SOGP)

The total Delta Exposure (DEX) for SOGP across all expirations shows 226.42 net shares that market makers must hedge, with 272.15 from calls and 45.73 from puts. The put-call delta ratio of 0.17 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Oct 17, 25 with 202.83 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 19, 25 carries negative delta forcing market makers to buy shares, potentially providing support.