Good morning and good evening, ladies and gentlemen. Thank you, and welcome to Chindata Group Holdings Limited first quarter 2022 earnings conference call. We will be hosting our question- and- answer session after management's prepared remarks. Please note today's event is being recorded. I will now turn the call over to the first speaker today, Mr. Don Zhou from Investor Relations of Chindata Group. Please go ahead, Don. Thank you, operator. Hello, everyone. Welcome to Chindata Group's 2022 first quarter earnings conference call. This is Don from Investor Relations team of the company. With us today are Mr. Huapeng Wu, our CEO, Mr. Nick Wang, our CFO, and Ms. Zoe Zhuang, our Finance VP. During this call, Nick will take you through the quarterly review of our operational performance, and Zoe will present our financial results. Management team will be here to answer your questions afterwards. Now I'll quickly go over the safe harbor. Some of the statements that we make today regarding our business, operations, and financial performance may be considered forward-looking, and such statements involve a number of risks and uncertainties that could cause actual results to differ materially. For more information, please refer to the risk factors discussed in our filings with the SEC. During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in our earnings press release, which is distributed and available to the public through our investor relations website located at investor.chindatagroup.com. We have also updated our quarterly presentation on the company's investor relations website, which you can refer to as a supplementary material for today's call. Without further ado, I'll now turn over the call to Nick. Nick, please go ahead. Thank you, Don. Hello, everyone, and thank you for joining the call. Despite a headwind in macro environment and COVID-related issues, we continue to manage the challenges and grow our business. Our business momentum remained very strong in the first quarter, and here are the highlights to begin with. On slide 4, by end of the first quarter of 2022, our total capacity reached 704 MW, an increase of 31 MW during the quarter. We put one new project under construction, bringing our total number of data centers up to 28. Specifically, in the first quarter, our in-service capacity increased by 58 MW to 498 MW. Our contracted capacity increased by 54 MW, bringing our total contracted and IOI capacity to 619 MW. Our utilized capacity increased by 40 MW to 344 MW. Our total capacity maintained a high contracted and IOI ratio of 88%. We continued our energy efficiency performance with year-to-date average PUE by the first quarter at 1.21. The number of our approved and pending patents was 310, compared with 231 in the same quarter last year. Financially, our top and bottom line remained strong and healthy. Revenue was CNY 920.6 million for the quarter, which is a 43.1% year-over-year growth. Adjusted EBITDA was CNY 494.5 million, a 60.7% year-over-year growth with a margin of 53.7%, a historical high. Net income was CNY 94.6 million for the quarter, which is a 62.5% year-over-year growth with a margin of 10.3%. We have achieved net profit performance for five consecutive quarters. In terms of the financing, we have successfully finalized a $500 million syndication loan financing in May, ensuring sustainable financing for our future development. With such performance, we have been beating market consensus for seven straight quarters since IPO. On top of this, with the current momentum and taking into account numerous factors, we are raising our full year 2022 revenue and Adjusted EBITDA guidance. My colleague, Zoe, will share more details later. Now, let me walk you through more details of operations. I will start with our project delivery in the first quarter and our expectations going forward. We have put two projects totaling 58 MW into service as originally scheduled. One of them is CN 12, a 6 MW project that supports an existing key international client's business and is located in one of our campuses in Gubei, China. The other is CN 15, a 52 MW hyperscale project that supports the business of an anchor client and is located in our campuses in Shanxi, China. You can refer to slide 7 for the profile of these two products. We also started the construction of a new project, CN 18, a 30-MW hyperscale project located in one of our campuses in Hebei. This project will support the business of the anchor client, and is scheduled for delivery in 2023. Progress is also achieved in our deployment in APAC emerging market as we have successfully completed business acquisition in Thailand. The project is located in Bangkok and is currently running minor capacity for a local client. With further technical upgrade, we expect to bring the total capacity of the project to 55 MW to better serve our potential clients in the region. With these new projects, and as you can see on slide 9, we have brought our total capacity to 704 MW by the end of the first quarter. In-service capacity at quarter end stands at 498 MW, compared with 440 MW in the previous quarter and 291 MW in the same quarter last year. For the 206 MW under construction capacity, around 50% of them is scheduled for delivery in 2022 and 2023 respectively. The COVID prevention and control measures currently taken in different locations in China has more or less affected supply chain, logistics, and on-site labor work, bringing challenges for the company. However, the company has taken active measures and our assessment now is that such impact is confined to a very limited range. We believe the experience we have gained in early days of the pandemic in year 2020 with more stringent control measures would also help us better respond to the current situation. We have therefore kept the delivery schedule of the majority of the project unchanged. Project CN13 was slightly delayed, but was put into service in May 2022. We are expecting delay in project CN16 and the CN17 due to customer-related reasons. As for our overseas pilot project, N106 at Phase 1, where we are shipping our entire solution overseas, we have been carefully managing the challenges and the schedule remain unchanged. On slide 11. In terms of client commitment, our major client continue to grow healthy, and we continue to receive commitment from them. This quarter, we have an additional 54 MW contracted capacity, mainly contributed by a 52 MW IOI capacity conversion on project CN 13. This project is now fully contracted and is supporting the anchor client. Meanwhile, we also added 27 MW of new IOI capacity from two Northern China projects for the anchor client as well. One of which will be supporting their high-density deployment with 32 kW cabinets. These developments bring our total contracted and IOI capacity to 619 MW with an 88% contracted on IOI ratio. It is also our ongoing effort to further look for hyperscale demand and opportunities from enterprises client and cloud service providers, while at the same time to further penetrate APAC emerging market. With these recent developments, the commitment profile of our total capacity remains very healthy. On slide 12. For all of our in-service capacity, 95% of it is either contracted or with IOI commitment from the client, and this ratio has been stable. The ratio for our total capacity in this quarter is 88%, compared with 87% in the previous quarter and 88% in the same quarter last year. Again, our healthy commitment profile can be attributed to the advantage of our hyperscale business, with its credible demand from the leading players in the industry and long-term contracts that guarantees sustainable revenue streams. To share more color on this, by end of the first quarter over 90% of our contract are ten-year contract, while the weighted average remaining term of our per contract megawatts is around eight years. Now, coming to customer moving on slide 14. Thanks to our clients' excellent and resilient business performance, we are able to keep a steady and healthy ramp-up pace. We added 40 MW of utilized capacity in the first quarter, bringing our total utilized capacity to 344 MW, compared with 238 MW in the same quarter last year, which is a 45% year-over-year growth. New utilization mostly came from projects in the Greater Beijing area, specifically in Shanxi and Hebei. Utilization ratio at the end of the first quarter was 69%, which is healthy and similar to previous level. Finally, let's take a look at our business geographically. In terms of our utilization or revenue generation-related capacity, the majority of them are in Greater Beijing area in China, which are exactly in or very close to the designated Zhangjiakou clusters under the East Data West Computing national policy. Looking ahead, we currently have a total of 206 MW capacity under construction, among which around 50% of them is in the APAC emerging market. Take a closer look at our current deployment in the APAC emerging market, which is around 17% of our total capacity or a total of around 117 in Malaysia and India, among which 89% are either contracted or with IOI by the end of the first quarter. We are serving international clients or domestic clients that are going abroad in this region with great growth potentials. We believe our existing deployment, both in China and APAC emerging markets, will enable to go further. If you would like to learn more about the details of our assets and our growth plan, et cetera, feel free to refer to the other pages of our IR presentation. Lastly, another key event for the company recently is definitely our $500 million syndication loan financing project. We have finalized the financing. The deal was oversubscribed, and we're having reputable international and domestic banks selected as lenders. Interest rate is around 4%-5% handle, which is in line with our unique investment-grade rating that we gained previously. Proceeds will be used for business development and to refinance one of our existing debt. We expect the deal to be fully completed in the second quarter. This deal is definitely improving our financial strength under the current macro environment and will better support our growth going forward. With this, concludes our business review. I'll now hand over to Zoe for discussion of financial performance. Zoe, please. Thank you, Nick. Now, let me walk you through our quarterly financial performance. Our financials remain its healthy momentum. On slide 21, revenue in the first quarter increased by 43.1% year-over-year to CNY 920.6 million, driven by the robust growth of the company's colo services. On slide 22, in line with the company's revenue growth, total cost of revenue in the first quarter of 2022 increased by 29.1% to CNY 499.6 million from CNY 386.9 million in the same period of 2021, mainly driven by increase in utility costs and the depreciation and amortization expenses. Selling and marketing expenses in the first quarter of 2022 increased by 6.8% year-over-year to CNY 22.4 million, primarily due to higher share-based compensation expense. General and administrative expenses in the first quarter of 2022 increased by 32.9% year-over-year to CNY 127.8 million, primarily due to higher share-based compensation expenses. Research and development expenses in the first quarter of 2022 increased by 5.4% year-over-year to CNY 19.2 million, primarily due to higher personnel costs as the company continued to invest in its research and development initiatives to further enhance its service offerings. With this, operating income in the first quarter of 2022 increased by 107.9% year-over-year to CNY 251.6 million, with a margin of 28.3%. Net income in the first quarter of 2022 increased by 62.5% year-over-year to CNY 94.6 million, with a net margin of 10.3%. We achieved net profit performance for five consecutive quarters. Now, let's take a look at core expenses cost on slide 23. Utility cost was at a similar level to the previous quarter, indicated by a similar percentage of revenue of 28.3% compared with 28.5% in the fourth quarter of 2021. Again, as a reminder, we have taken into consideration last year's tariff hike when we're setting up our 2022 guidance. The economies of scale of our business is further improving, indicated by a smaller percentage of revenue taken by our maintenance costs and Adjusted SG&A expenses. The percentage of revenue from maintenance and other costs was 8.5% in the first quarter, compared with 9.9% in the fourth quarter of 2021, and 10.8% in the first quarter of 2021. The percentage of revenue for Adjusted SG&A was 9.5% in the first quarter, compared with 11% in the fourth quarter of 2021, and 13.6% in the first quarter of 2021. With this, on slide 24, our non-GAAP profitability continued to improve. Adjusted EBITDA in the first quarter of 2022 increased by 60.7% to CNY 494.5 million, from CNY 307.8 million in the same period of last year. Adjusted EBITDA margin in the first quarter hit a new high at 53.7%. Adjusted net income increased by 62.4% year-over-year to CNY 177.5 million, also hitting a historical high margin at 19.3%. Details in the GAAP to non-GAAP reconciliation on EBITDA and net income will be available in our 6-K filing or the appendix in our IR PPT. Now, let's take a look at our cash and debt position and our CapEx on slide 25. We continue to work in our business expansion to meet the increasing demand from our customers by investing more capital into our under-construction data centers. CapEx in the first quarter was CNY 1,224.9 million. We have a cash and a debt position of CNY 4,372.3 million and CNY 5,535.5 million by end of first quarter, respectively. Ending up in a net debt position of CNY 1,192.4 million. Cash dynamics during the quarter was contributed by a net operating cash flow of CNY 168.2 million, net financing cash flow of CNY 39.3 million, and mostly offset by a CNY 1,063 million investing cash outflow. Again, we grew with high quality, healthy cash flow, leverage, and coverage. On slide 27, by end of the fourth quarter, our total debt to capital ratio was 35%. Our total debt to last 12 months Adjusted EBITDA ratio was 3.4, compared to 3.9 in the previous quarter and 4.8 in the same quarter last year. Our last twelve months Adjusted EBITDA to last twelve months interest ratio was 6.1, compared with six in the previous quarter and 4.5 at the end of the same quarter last year. Finally, our business momentum, together with other factors that we have taken into consideration, lead us to raise our revenue and adjust the EBITDA guidance for full year 2022. On slide 28, we lifted both revenue and Adjusted EBITDA guidance range up by CNY 60 million, making revenue guidance range now at CNY 4,130 million to CNY 4,230 million, and Adjusted EBITDA guidance range at CNY 2,100 million to CNY 2,130 million, implying a midpoint increase of 1.5% and 2.9% respectively. This forecast reflects our current and preliminary views on the market and operational conditions. This concludes our prepared remarks for today. Operator, we are now ready to take questions. Thank you. To ask a question, you'll need to press star one on your telephone. To withdraw your question, press the pound key. When asking a question, please state your question in Chinese first, then repeat your question in English for the convenience of everyone on the call. Please ask one question at a time. Again, that's star one to ask a question. Our first question comes from Yang Liu with Morgan Stanley. Your line is open. I will translate my question. The question is about the demand from the anchor customer, ByteDance. At the beginning of this year, management indicates very strong demand from this customer. But in the past few months, there are a lot of things happened, including the COVID and lockdown in several Tier 1 cities. Now at the end of May, what's the current new outlook, in term of the demand from this customer? Thank you. Thank you, Liu Yang. I'm gonna refer this question to my colleague, our CEO, Huapeng. Huapeng, please. Sorry. Yeah, this is the translation for Huapeng Wu's remark. Thank you for your question. Hi, can you hear me? Translation for Huapeng Wu's words. Yeah, go ahead. Thank you. Translation for Huapeng's words. Thank you for your question. In our view, the pandemic has actually given ByteDance an increase in its actual business growth. In turn, the demand that it has on its suppliers is actually increasing as well. We have been discussing and experiencing a more urgent demand from our customers, no matter in terms of timing, delivery schedule, and also the quantity are also giving us more incentives. Thank you. Thank you. Our next question comes from Tina Huo with BofA Sec. Your line is open. EBITDA margin. Okay. Thank you very much management for your time and congrats on very strong 1Q result which EBITDA beat consensus by 13%. My question is regarding your EBITDA margin, which as management mentioned, has been historically high at 53.7% in the first quarter. We've also observed that during the past five quarters, the EBITDA margin has been increasing sequentially each quarter. On the other hand, according to your latest EBITDA margin guidance, which is at 51.2% for 2022, which then implies that over the next three quarters, there might be something, some expenses or other things that's dragging down these EBITDA margins. Wondering what those potential expenses will be. Thank you. Thank you, Tina. Maybe I'm gonna ask my colleague, Zoe, to answer your questions, and I will try to make some comments as well. Zoe, please. Okay. Yeah. Tina, thank you for your question. As you know, if we look at EBITDA, we're going to the component factors. For this quarter, also last quarter, utility costs versus revenue remain at a very steady range. As we mentioned just now in the script, we take a very conservative consumption in the utility cost. In the first quarter, the actual utility cost is slightly lower than our original expectation due to we adopted the special mechanism for building the green power. This is one of the reason. For the rest of year, we still take the conservative consumption assumption. Second reason is, you know that with the economies of the scale, the maintenance cost and the management expenses of SG&A expenses versus revenue have been in a decreasing trend. Plus the first quarter, the special situation, especially in mainland China, there is almost no movement, no travel, no selling and marketing events or fairs occurred. We expect this will be like, be loosened in the second half of this year. We will come back to the normal operation of the selling and general administration expenses. We preserve this expenses as well. That is, in all, that we will remain very stable and a steady EBITDA margin for the full year guidance. Thank you. We tend to be conservative. Right. Yeah, we tend to be conservative, Tina. Okay. Definitely every time we give out the guidance, you know, there are always an upside, potential upside. Thanks. Yeah, just one quick follow-up about the green energy certificate, which you obtained in first quarter. Wonder if that's just one-off or that's ongoing? The mechanism is ongoing, but the quarter or repeat, it depends on the demand and also depends on the supply side. It might have some slightly fluctuation among quarters. Yeah. Understand. That's very clear. Thanks. Thank you. Thank you. Our next question comes from Hongji Li with CICC. Your line is open. Thanks management for taking my question. Congratulations on that such hitting consensus result. I have three questions. My third question is about the lockdown impact, and shall we expect any such external factors to impact our capacity delivery plans? My second question is about the overseas demand profile, because many peers are expanding rapidly in Southeast Asia and the other regions. What are our competitive advantage to grasp such opportunities? My third question is for Huapeng Wu, Mr. Huapeng Wu. Since you're onboarding for a while, did you see any like room for improvement or adjustments on the strategy focus? Thank you. Thank you, Hongji. I'm gonna answer your first and second questions, and Huapeng can answer your third questions. Your first question about the COVID and its impact. I can tell you we're in good shape. There have been some challenges, but overall, the lockdown in China, in some key Tier 1 cities, so far, have actually a very minimum impact in our operation. Because our unique advantage in data center in terms of data center locations, I always said that our data center locations in energy abundant regions. Actually those regions is less populated regions. These factor, location factor definitely plays a key role, putting us in a much better position than our peers, for sure. To be specific, in terms of customer moving or capacity ramp up, there was no negative impact. Quite contrary, like Huapeng just said, we observed a faster moving and ramp up rate from our key clients during the lockdown period. In terms of on-site operation, obviously, the experience we gained back in early part of 2020 when COVID, the pandemic just broke out, have enabled us to implement a lot of necessary measures and tools to better handle the current acute situation. In addition, most of our hyperscale data centers are managed and operating in a set, concentrated and enclosed campus environment in normal days anyway. This operational model definitely makes us better adapted to all stringent government requirements in a public lockdown environment. In terms of project delivery for domestic projects, the lockdown has some slowdown impact on supply chain and logistics, therefore creating some challenges for project delivery. We believe the risk is well within our control. The company has been taking very proactive measures to make sure right personnel can always be available on a 24 hours a day and seven days a week basis. It's all about on the world through digital worlds. Our overseas projects faces some challenges on export related supply chain. For example, slower customs clearing, you know, in some key Tier 1 cities and outbound logistics is also a little bit slower than expected on the China side. Again, we have been taking appropriate measures on other part of the supply chain process, the entire project management process to make up for the time we may lose. Based on these remedy measures, and also thanks to our unique location and operation model, we're very confident that we can deliver almost all of the domestic and overseas projects on time based on regional schedule. As long as our client doesn't voluntarily ask for any postponement. That's your first question and your second question related to our overseas business. We have a very strong business momentum in APAC emerging market or Southeast Asia market, as I can tell from our script description. Our current projects in the region are going very well. In Malaysia, Johor state, we are actively developing the Phase 1 and Phase 2 of MY06 project, and we're committed to deliver them on time. We're also making positive progress on securing Phase 3 of MY06 project, which you haven't seen in our asset table or capacity table. We expect to start development once we receive customer's commitment in near future. In the Kuala Lumpur areas, the development work for MY03 is on track to be delivered on original schedule. At the same time, this discussion on expansion of this project MY03 with our key client is ongoing smoothly. We also expect some good news in the near future as well. Meantime, we are also actively in discussion with potential clients in Indonesia and Thailand, and we expect to set up our initial presence in this market soon. At the moment, I can tell you, our overseas business represent 117 MW capacity presence in the region, or around 17% of our total capacity portfolio. People have been talking about their strategy in Asia. 117 MW is already a significant presence in the region which people tend to ignore. At the same time, we also have a very strong demand commitment, not only for the current capacity, but also for future. These commitments are actually coming from a leading Chinese company, as I said, as they have a ambitious growth plan in overseas market and also international cloud players as well. All those big names and the U.S.-based and European-based, we're in talks with them. The close discussion is underway to support their ambitious growth in the region as well. Without any doubt, I want to reemphasize, APAC emerging market is the most important growth engine for Chindata, and we're not satisfied with our current presence of only 117 MW, which is already in the leading position among peers. We aim to become the biggest hyperscale data center service provider in this region, and our objective is to have overseas business accounting for 30% of our total portfolio in the long run. Thank you. I'll ask my partner, our CEO, Huapeng Wu, to answer the third part of the question. Translation for Huapeng Wu. From Q1, we have been focusing on our IDC main business. We are trying to keep on delivering very stable operation and delivery schedule. Evidently, from the financials and operation figures, I think we have made it. We have also spent some of our efforts in setting up, building, and optimizing our entire, management and execution team. From the strategic point of view, we do not have very material change to our overall growth strategy. From the second half of the year, we anticipated that there will be more internal discussion and research on our, further amplifying and implementation of the diversification, on our business. Yeah. Thanks. Thank you. Our next question comes from Sara Wang with UBS. Your line is open. 感谢这个提问的机会，那恭喜管理层取得这么强的一个业绩。我有两个问题想请教一下，第一个是关于我们这个需求方面，那刚刚您也提到这个来自于我们主要客户的这个需求还是非常的强劲。我想请问一下，就是这个需求还是更多来自于我们客户的主营业务吗？有没有说看到一些新增的，比如说我们这个主要客户之前有提过，可能要做一些云相关的一些服务，这样带来的一些新增的这个订单呢？第二个问题是，我们回港上市这个计划，或者是接下来的一些时间表，有没有一些更新呢？Thank you management for the opportunity to ask a question. I have two questions. First is on the demand. Congratulations on the solid result. Just wondering on the next quarter demand, do we see like diversified demand from our customer, for example, is there more demand related to the cloud services provided by our anchor clients? My second question is that, is there any update on our plan to do a listing back in Hong Kong? Thank you. Thank you. For the first question, I'm gonna refer to our CEO Huapeng Wu to answer, and I'm about to address your second question. 关于客户的，我们主要客户的增长，这个我觉得核心还是来源于它主营业务的增长，目前的主要业务增长。至于跟他们其他相关的业务上，我们目前跟火山团队还有飞书团队，To B的团队都保持了非常密切的沟通，大家一起携在一起去拓展一些新的客户，但是目前还没有能够跟大家同步的一些结果吧。但是我相信跟他们一起拓展，我们会取得一些成绩，这是我们跟字节这方面，就是它的一些新业务上，我们能绑在一块儿去拓展一些机会，然后主要增长还是它的主营业务。 可以翻译一下。Yes. Yeah, go ahead. Could you do it? Go ahead. Yes. Okay. No, go ahead. I think that the demand from our anchor client is mostly driven by their core business, while at the same time we also were actively in talks with our anchor clients on their new business initiatives such as their cloud business as well as their enterprise services business. So far, we are not making substantial progress, but we believe that as we keep in touch with them and we try to work together to look for opportunities, we expect to have some positive results going forward. Thank you. Regarding the Hong Kong listing and as we committed the last time in our Q4 2021 earnings release call, I think I already said that there was an internal consensus we're gonna do this, and we haven't changed at all, you know. There's still internal consensus we're gonna do this, and the most likely kickoff time gonna be third quarter this year. Hello? Yes, hello. Yeah, thank you. Yeah. Operator, go ahead with some other questions, please. As a reminder to ask a question, please press star one on your telephone. We have a question from Harry Zhuang with DBS Bank Hong Kong. Your line is open. 感谢管理层提供的机会，恭喜公司取得了非常强劲的业绩。我有一个问题是关于客户多元化的。我们看到就是字节跳动增长非常快，但是投资者可能也比较担心的是目前公司来自字节跳动的收入占比相对来说还是比较高，在2021年还是超过了80%。想问下公司有没有一个具体的计划是在未来将来自字节跳动的收入降到某一个水平呢？我来翻译一下我的问题。Thanks management for the opportunity to ask question and congratulations on the strong results in the first quarter. My question is we can see that ByteDance is expanding fast in China, but the market also concerned on the customer concentration risk. As we can see the revenue contribution from ByteDance are still over 80% in FY 2021. Does the company have any plan to further reduce the revenue contribution from ByteDance to a certain percentage in the next few years? Thank you. Thank you. Again, I think Huapeng Wu should be the best person to answer this question. I'm gonna make some other comments. 我想我们在新客户的拓展一直在进展中，我们也会继续重点关注大规模一些进化需求，同时也会继续多元的合作模式去拓展其他的影厂方的客户。其实我们不光在关注这个客户的国内的这样的也属于一种新的需求，我们也还在关注一些客户出海的需求，特别是在这个我们比较优势在东南亚区域里面，我们也一直在最近也跟客户有一些很多的沟通。所以这一部分呢我们预期在下半年会有个突破，也会及时地披露。关于核心客户的这个收入贡献的比例的降低，我觉得会随着我们数字化这个成果的落地会逐渐下降。但当然还是要提醒大家，是我们确实核心客户当前的发展还是非常健康的。 We're making progress on our data business development. We keep on focusing on the hyperscalers' demand and exploring opportunities with other cloud clients with some various collaboration models. We not only keep an eye on the domestic opportunities, but also strategic opportunities overseas, especially in Southeast Asia, where we have particular edge on. We hopefully will have good news in the second half of this year, which we will promptly share with the market. On to the question on the reducing concentration, it will happen along with our client diversification efforts. However, as a side note, want to still emphasize that our anchor clients' growth is still very healthy so far. Thank you. I think the one additional point I'll try to make is actually people always try to emphasize concentration risk. For us, you know, it's this concentration is a good concentration, and bring a lot of opportunity instead of risk. In the short term, you will see that our business, which is our anchor customer, is very healthy, very strong, very robust. Our other business is also very strong. In short to midterm, the concentration will bring our long-term benefits, as well, because most of the contract we with our anchor client are 10-year based. As much as we can get, you know, the business with them now, it basically means over the next 10 years, we have a solid base. Thank you. Thank you. Our next question comes from Kaifeng Jia with Citi. Your line is open. 感谢管理层接受我的提问。非常恭喜公司今年取得强劲的业绩。我这边的问题是，在目前这个市场估值较低的环境下，我们是否会考虑更加积极地进行并购呢？我来翻译一下。Would you consider more aggressive M&A in environment of lower market valuation? Thank you. Thank you, Kaifeng, for your questions. To answer your questions, our principle for doing any merger acquisition project are pretty simple and straightforward. There are two points. Number one, it can provide complementary long-term strategic value to JDA, especially if that merger acquisition target can provide potentials for diversified customers, and also can cover our currently underrepresented geography. That's number one. Point two, whatever the final merger acquisition price can need to be justifiable for its long-term value. Period. That's two principles, simple principle. I won't say that we're looking at a merger acquisition opportunity more aggressively, but we have been looking at some very interesting merger acquisition opportunity these days based on our simple principle. A few of them, actually recently, a few of them have pretty much drawn our deeper attention. I can tell you that some positive progress has been made so far, and we will do the proper disclosure to the public when appropriate. Thank you. Thank you. Back to you. Thank you. Our next question comes from Yang Liu with Morgan Stanley. Your line is open. 谢谢再次提供机会。我还有一个问题是关于我们的这个 margin 的，因为我看到成本项，维护和其他的成本，占收比其实是在下降的，而且从绝对值来说，和今年一季度和去年四季度基本跑在同样的水平，而且比去年二、三季度还是要低一些。所以我想，追问一下，就是这个数字如果从占收比的角度来看，公司觉得长期可以降到什么样的一个水平？或者说我们看到的那块还能提供的 operating leverage 的空间还有多少？Let me translate my question. It's about the margin. We see the maintenance and other costs as a percentage of revenue is keep declining. Actually the absolute amount is running similar to fourth quarter last year, and actually it's even lower than second and third quarter last year. My question is, what is the long term target ratio of this cost item, what is the potential upside from a margin or from the operating leverage on this line? Thank you. Thank you, Yang. Zoe, do you want to answer this question? Okay. Thank you for your question. As you can see, for the first quarter, we have two new additions for the in-service data centers. As Nick introduced, one is located in Hebei, very adjacent or almost in the same position. We have a current operating hyperscale data center classes, and the other one, which is 52 MW, is in Shanxi province, is also in our existing hyperscale data center classes. This well explained the benefits of the economies of that scales. You can see we will have new data centers to be operate in the second half of this year in our overseas market. Considering this, the maintenance and operate. The maintenance expenses, I think, will slightly change a little bit with our new data centers in new exploring hyperscale clusters in the overseas market or in the new location. The overall trend will be when it comes to the steady stage, and we assume this will be around like 10% on all, will be like around in a very healthy range as well. Thank you. Thank you. One additional comment I'll try to make is actually our business model in all of our data center cluster are pretty much in a concentrated energy-abundant, energy-efficient region, provide a huge, the much bigger economy of scale. Based on this economy scale, the larger scale our business grows, the fixed portion of our expenses and costs, like maintenance, operations, expense costs and also SG&A, R&D, human capital costs, percentage-wise, it will keep decreasing. That's actually the certain trend moving into the future. If you ask me what's my long-term projection for our, for this sort of a percentage-based expense, it's gonna go down for sure. Thanks for the additional comment. Thank you. That's all the time we have for the Q&A session. This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.