When you take a deeper look at the lyrics, you get a subtle feeling that it's inspired by a well known Greek mythological story. Similar to EXOs' many other ballads inspired by classical tales, this song is an ode to the story of Narcissus and Echo. However, here, the genders of the main characters have been reversed i.e the song is about the female equivalent of Narcissus and the person narrating the song is the male equivalent of Echo. There are many striking lines like "Getting your wings wet" and "The person in the surface of the water is not you" (paraphrased here) which may or may not fly over the audiences head, depending on their grasp of the Korean language.
On that note, some listeners also interpret this song as a piece narrated by a man (who may or may not be suffering from one sided love) whose lover is besotted by some other man.
Often than not, a good song has multiple connotations and the listener may interpret it on his/her own terms and life experiences, which is what this song does best - letting the listener interpret the meaning on a purely individual level.