Pan, a central figure among three childhood friends in the *Shanghai Koi* segment, grows up in a 1990s Shanghai shikumen neighborhood marked by cracked pathways and tightly knit alleyways. Outgoing and burly compared to his earnest friend Limo, Pan balances his playful humor with steadfast loyalty. The trio’s bond crystallizes after Xiao Yu twists her ankle on a broken sidewalk, an incident that sparks Limo’s protective devotion to her. Pan observes their deepening connection with warm, unspoken support, anchoring their dynamic even as life fractures their paths.

When Xiao Yu reveals her family’s plan to send her to a distant elite school, Pan watches silently as Limo dedicates himself to following her—only for both to unravel when her father’s violence derails her future. Years later, Pan bridges their fractured history by delivering a long-held cassette tape to Limo, its recording exposing Xiao Yu’s sacrificial exam failure to remain with them.

As adults, Pan and Limo convert their childhood shikumen into a guesthouse, their days steeped in nostalgia until a veiled visitor—presumed to be Xiao Yu—reignites buried hopes. The story culminates in an airport reunion where Pan stands beside Limo and a now-visible Xiao Yu, his quiet constancy having subtly steered their journey from separation to reconciliation, underscoring his role as the trio’s enduring connective thread.