Good day, ladies and gentlemen. Welcome to the Luk Fook Group Fiscal Year 2022 annual results announcement. Now I'd like to pass the call to Chloe. Please begin. Good evening, everyone. Thank you for joining the call. I'm calling from the IR team of Luk Fook. Today, we have the pleasure to have Dr. Kathy Chan, Executive Director and CFO of the group, a speaker to share with you the 2022 annual results. We'll go through the corporate presentation, which is already uploaded onto our corporate website, followed by the Q&A session. Now, may I pass the time to Kathy for the presentation. Thank you. Thank you, Chloe. Good afternoon, ladies and gentlemen. Thank you for joining. We look forward to do annual results conference call. I would like to start with looking at our financial highlights, followed by financial review, and then our future plans and strategies. Now let's look at the slide four about the financial highlights first. The group's revenue recorded growth of 32.5% to HKD 11.7 billion due to the low base effect, the encouraging recovery of retail atmosphere, and the favorable gold sales. Our operating profit increased by 32.1% to HKD 1.6 billion. While profit attributable to equity holders increased by 32.1% to almost HKD 1.4 billion. The basic earnings per share increased by 37% to HKD 2.37. Proposed annual dividend is 55 HKD cents a share with dividend payout ratio of 46.4%. During the year under review, the group has net increased 443 stores worldwide, which were mainly Luk Fook licensed shops in Mainland. At the end of March 2022, including the sub-brands, the group has 2,809 shops worldwide altogether. The group's revenue reported a growth of 32.5% to HKD 11.7 billion. The almost HKD 3 billion increase in revenue was 64% contributed by the increase in gold sales, mostly from the retail business. However, the gross margin gold products declined as it gradually returned to a more normal level and together with the increase in gold sales mix. Overall gross margin decreased by 2.1 percentage points to 27.6%, and gross profit increased by 22.9% to HKD 3.2 billion. On the other hand, the operating expenses to revenue ratio decreased by 3.6 percentage points to 15.5%. Therefore, benefiting from the improved operating leverage, operating margin maintained at a stable level of 14%, and operating profit increased by 32.1% to about HKD 1.6 billion. In addition, it increased net interest income and reduced effective tax rate because of reversal of prior income positions. Net profit rose by 6.6% to HKD 1.39 billion, and net margin was 11.9%. Our profits attributable to equity holders increased by 36.9% to HKD 1.39 billion. Basic earnings per share increased by 37% to HKD 2.37. We are now at slide seven. We have declared HKD 0.55 final dividend. Together with the interim dividend of the same amount, dividend payout ratio is 46.4%. The special dividend of HKD 0.50 we paid for last financial year was mainly for the celebration of our thirtieth anniversary in FY 2021. Therefore, no such special dividend is declared in this financial year. Let's turn to slide 8. In view of our fast expansion in Mainland China, the inventory level increased by about 20% during the year and reached around HKD 8.8 billion. With the significant growth of retail sales, the average inventory turnover days decreased by 95 days to 356 days. On the other hand, the group's net cash decreased to HKD 1.5 billion, mainly because of the increase in inventory balance. Our OE grew back to double digits of 11.5% after two consecutive years of single digits, which was 2.5 percentage points higher than last year. Let's go to slide 9 now. The group's NAV per share at the end of March 2022 was HKD 20.57, 66.7% higher than last year. Now let's look at slide 10. From this slide, you can see that our operating margin and net margin were at quite a stable level of 14% and 11.9% respectively, while the overall gross margins returned to a more normal level due to the decline in gross margin gold products to its normal level and the increase in gold sales mix. Our record high revenue and profits occurred in the gold rush year of our financial year FY 2014. Both our FY 2022 operating profit and profit for the year were actually fourth highest in our record. Not too far away from our record high, right? Let's look at slide 11 for our by-market analysis now. Revenue from the Hong Kong, Macau, and the overseas markets increased by 41.7% to HKD 5 billion during the year under review, which accounted for 42.9% of the group's revenue. The segment profit increased by 1.5 times to HKD 187 million, which accounted for 10.7% of the group's total. While its segment profit margin was 3.7%. In the mainland market, the revenue increased by 26.3% to HKD 6.7 billion, accounting for 57.1% of the group's total revenue. The segment profits increased by 25.3% to HKD 1.6 billion, accounting for 89.3% of the total, and segment profit margin was 23.3%. Slide 12 shows our revenue and segment profits by business. The retail business was the group's primary source of revenue. As a result of the low base effect, gradual recovery of retail atmosphere, and the outstanding gold sales performance, the group's total retail revenue increased substantially by 49.6% to HKD 7.4 billion, accounting for 63.1% of the group's total revenue. With improved operating leverage, the segment profit increased by 84.9% to HKD 362 million, accounting for 20.7% of the total, and its segment profit margin was 12.9%. The growth in sales to end customers in Mainland was mainly driven by gold sales, while the sales of diamond products recorded lackluster performance there. As a result, the group's revenue from wholesale business, which mainly comprised of the sales of diamond products, despite the increase in the number of licensed shops, increased by 3.9% only over the corresponding period last year to HKD 3.1 billion, accounting for 26.2% of the group's total revenue. The segment profit increased by 3.6% to HKD 424 million, accounting for 24.2% of the total. Its segment profit margin was 13.8%. On the other hand, licensing income increased by 32.4% to HKD 1.3 billion, due to the increase in the number of licensed shops in Mainland, accounting for 10.7% of the group's total revenue. The segment profit margin was 17.7% while the segment profit increased by 34.2% to HKD 964 million, accounting for 55.1% of the total. Let's turn to slide 13 now. Sales amount of gold and platinum products increased by 48.6% to HKD 5.5 billion, accounting for 52.7% of the overall sales amount, which is calculated by deducting licensing income from the group's revenue. However, its gross margin returned to a more normal level of 17.7%. Its gross margin of gold products gradually returned to a normal level. Gross profit of gold and platinum products just increased by 19.9% only to HKD 981 million, accounting for 43.8% of the overall gross profit, which is calculated by deducting gross profit of licensing income from consolidated gross profit of the group. On the other hand, sales amount of fixed price jewelry products increased by 18.2% to HKD 5 billion, accounting for 47.3% of overall sales amount. Gross margin fixed price jewelry products remained roughly flattish at 25.4%. Its gross profit as a result increased by 15.4% to HKD 1.3 billion, accounting for 56.2% of the overall gross profit. Now let's look at slide fifteen for performance in Hong Kong, Macau, and overseas markets. During the year under review, with low base effect, strong pandemic control in most of the year, and gradual recovery of market sentiment, retail revenue from Hong Kong, Macau, and overseas markets increased significantly by 50.4% to HKD 4.9 billion, which accounted for 97% of its total in these markets. The segment profit turned around from a loss of HKD 19 million to a profit of HKD 147 million, which accounted for 78.3% of its total. The segment profit margin was 3%. However, wholesale business revenue decreased by 51.2% to HKD 127 million, as there was no sales of gold raw material this year. The segment profit therefore decreased by 58.6% to HKD 15 million, which accounted for 8.1% of its total, while the segment profit margin was 4%. As the segment profit of wholesale business included profit of the inter-segment sales to third-party shops, if including inter-segment sales in the denominator, its segment profit margin would be 1.2%. Furthermore, Hong Kong licensing income decreased by 46.7% to HKD 24 million because of shift of certain consultancy services to Mainland. The segment profit was HKD 25 million, which accounted for 13.6% of its total, and its segment profit margin was 104%. Now, let's look at slide 16. During the year under review, with strong pandemic control in most of the year in Mainland markets together with the strong gold sales, retail revenue increased significantly by 47.9% to HKD 2.5 billion, which accounted for 37.7% of its total. The segment profit was around flattish at HKD 216 million, which accounted for 13.8% of its total. The segment profit margin was 8.5%, a decrease of 4.1 percentage points because of drop in gross margins gold products and gold products to more normal levels. Despite the increase in number of licensed shops, there was poor retail sales of diamond products. As revenue of wholesale business in Mainland markets was mainly sales of diamond products. It rose by 9.2% only to HKD 2.9 billion, which accounted for 0.4% of its total. Nevertheless, the segment profit increased by 13.3% to HKD 409 million, which accounted for 26.1% of its total. The segment profit margin was 13.9%. Licensing income in the Mainland market rose by 36.5% to HKD 1.2 billion as a result of the increase in number of licensed shops, which accounted for 18.3% of this total. The segment profit increased by almost 40% to HKD 939 million, which accounted for 60% of total. Its annual profit margin was 76.4%. Now let's turn to slide 18. During the year under review, Hong Kong retail revenue increased by almost 30% to HKD 2.7 billion. It is mainly because of sound pandemic control for most of the year and benefiting from the consumption voucher scheme launched by the government. Local consumption atmosphere there gradually recovered. Under the low base effect, Macao retail revenue increased substantially by 85.8% to HKD 1.7 billion. From the slide here, you can see that both gold and fixed price jewelry performed well in Hong Kong, Macao, and overseas markets, while Mainland retail revenue was mainly gold driven. Now, let's go to slide 20, looking at our self-operated shops performance. During the year under review, the overall SSG of the group has turned around to positive growth of 45%. SSG for Hong Kong, Macao market was positive 42% and positive 40% for the Mainland market. The group's SSG for gold and platinum products was positive 52%, and then positive 44% for fixed price jewelry products. With the successful strategy of re-focusing more on the higher market, ASP of fixed price jewelry products increased by 54% in Hong Kong, Macao market. We had a substantial increase in retail sales amount by 46% for fixed price jewelry products there, while its quantity recovered a single-digit drop. The retail business in Mainland market was mainly driven by the strong gold sales, while the retail sales of fixed price jewelry recovered, less better performance. Slide 21 shows the same-store sales growth figures for our self-operated shops and licensed shops in different cities and regions in Mainland. Overall speaking, gold and platinum products performed much better than fixed price jewelry in Mainland China in all tiers and regions. The overall same-store sales growth of licensed shops were +16%, which was lower than the +40% for self-operated shops during the year under review. This was because of the low base effect as self-operated shops were mostly located at more problematic regions under the pandemic last year. From slide 22, you can see that SSG for Q4 FY 2022 for the group as a whole was a drop while the previous three quarters enjoyed substantial growth under the low base effects. There was a serious pandemic situation after mid-February 2022 in Hong Kong and after mid-March 2022 in Mainland. Together with the high base effect, Q4 FY 2022 therefore reported a -8% same-store sales growth for the group as a whole. Let's look at slide 24 now. We had COE of HKD 1.8 billion, representing an increase of 7%. With a revenue growth of 52%, COE ratio to revenue therefore increased by 3.7 percentage points to 15.4%. There were 44 shops in Hong Kong, Macao subject to rental renewal in FY 2022, accounting for around 57% of the total number of shops. nine out of which were actually brought forward from last year with short-term lease of one year only because their landlords were unwilling to sign longer term lease under the high rental reduction. The overall rental reduction during the year under review was around 35%, while that for the previous financial year was 33%. Apart from the reduction on renewals, we have around HKD 14 million rental concession from our landlords because of the pandemic during the year under review. While that was HKD 72 million the year before. In FY 2022/23, there are 29 shops subject to renewal, out of which 12 are brought forward from last financial year's renewal. Based on latest developments, it's highly likely that it would still be a drop overall speaking in financial year 2022/23 on such renewals. Let's look at slide 26 now. In FY 2022, the group incurred CapEx of HKD 558 million, which included the cost of acquiring offices in Shenzhen of HKD 480 million for the expansion of showroom areas for our suppliers. Let's look at slide 27 now. During the year under review, the total losses in relation to investments and operating activities in HKRH and its subsidiaries slightly narrowed to HKD 51 million. Now let's look at our group's future plans and strategies on slide 29. The group has set up its brand new three-year corporate strategy with Mainland market expansion, branding, and operational efficiency as its three main focuses, so as to foster its future business growth and development in the coming years. Slide 30 shows our expansion plan in FY 2023. As at end of March 2022, the group had a total of 2,809 shops globally, including 2,736 in Mainland, 44 in Hong Kong, 15 in Macao and 14 in overseas. As the Mainland government continuously launches measures to stabilize economic growth with a particular focus on policies to promote consumption and investment growth, the group remains optimistic about the mid to long-term execution process. Accordingly, the group will still focus its expansion in Mainland markets, particularly the markets in fourth- and fifth-tier cities. In the coming year, we target net addition of Luk fook shops in Mainland to be at around 500 shops annually, mainly focusing on opening licensed shops in fourth- and fifth-tier cities. While the target for net addition of new brand stores in Mainland is around 50 shops, which will also be mainly licensed shops. We also target to add two new shops in Macau and overseas, and reduce two in Hong Kong. In addition, the group is also committed to further developing its e-commerce business and strengthening cooperation with various e-commerce platforms in Mainland. At the same time, we also establish its own e-commerce platform, aiming to sustain the growth in e-commerce revenue at a target of 20% sales growth in the upcoming year. In light of the enormous spending potential of young consumers on online sales platforms, the group will continue its endeavors to promote the sales of affordable luxury jewelry products to expand its footprints in the young consumer market. The CapEx budget for FY2023 will be around HKD 400 million, which will mainly be used for premises purchases, shop renovation, management funds, and office renovation, purchase of equipment and premises. Slide 31 shows the achievements of our e-commerce business in Mainland in the year under review. The e-commerce revenue increased by 60% and accounted for 54% of retail revenue in Mainland, with ASP increased by 15% to CNY 1,500, while it accounted for 18% of the group's retail revenue. The group will continue committing to further enhancing the synergy between online and offline channels. We have also cooperated with live stream, streaming KOLs to increase brand awareness and boost sales. Let's look at slide 32 now. In order to enhance its competitive edge, the group will improve its operational efficiency by revamping supply chain management, implementing stock automation, big data management, and data analytics system. The group will also strive to maximize employees' productivity by cultivating and nurturing cultures of continuous improvement and innovation. Now let's look at slide 33. The group will further establish and strengthen its brand image and positioning through leveraging of innovative approaches and making use of various online media. Apart from that, the group will also enhance its product quality assurance, optimize service quality, enhance support for licensees, and offer products that meet market needs. Moreover, the group will adopt holistic approach to seek development opportunities through retail flags, working with its markets by understanding customer spending habits. We will also continue with our truck cuttings and encourage local consumption by visual merchandising enhancement, cross-selling boosting, and VIP promotional activities, so as to improve sales and profits. Given the importance of social media in product promotion, the group will continue to allocate more resources on various online media and apps to reach out to target customers and catch up with online marketing trends, including RED, TikTok, Bilibili, and esports. In addition, in light of customers' demand for new products, we introduced a new 365 concept to feature the launch of a new product every day and thereby to design and provide more satisfied products to cater for the needs of different markets. Besides, we will also explore the enhancement of offline shopping experience and possibility of crossover collaboration with other industry or brands to further enhance the synergy between online and offline sales channels. The group also recognizes the importance of environmental protection and climate change and the increasing awareness of environmental protection among stakeholders, including consumers in the demand for products. Thus the group will set up a long-term goal of carbon neutrality and will implement measures to reduce the carbon footprint of products to enhance the group's contribution to environmental protection. Slide 34 shows our achievements of membership program. At the end of March 2020, our total number of members increased by 58% to approximately 3.8 million. The members contributed 54% of the group's total retail sales in FY 2022. The number of members in Mainland increased by 78% to 3 million and 13% for Hong Kong and Macau and overseas market for around 800,000. The members contributed 50% of Mainland retail sales and 75% of Hong Kong, Macau, overseas retail sales. Let's look at slide 35 now. The group's tireless efforts in escalating brand influence and spreading brand values have been recognized with numerous awards from the industry and market, which affirm our outstanding achievements in branding, public governance, customer service, community welfare, and environmental protection. The group also continues to capture the benefits of rapid growth of online marketing through various marketing activities in new media platforms. We have made use of trendy social media platforms, including RED, TikTok, and esports to increase our brand exposure, expand our footprints in the young consumer market. We have also expanded our online sales by live streaming by staff and KOLs and enhance CRM via instant messaging apps to reach and engage with customers. During the Chinese New Year, we have invited Chinese table tennis player Xu Xin to be the Chief Fortune Officer of Lukfook Jewellery. We are now on slide 37. Xu Xin was invited to host a live streaming event which recorded 5 million views and nearly 100 million views on the related topics, and realized rapid traffic growth and improved interaction with customers, which we're enhancing brand penetration. Topics related to Xu Xin as the CNY ambassador of Lukfook Jewellery altogether gained a total of 455 million views on different major social media platforms. To celebrate the group's 30th anniversary, the group held a lucky draw to give away more than 66 taels of gold and launched an online game in Hong Kong for us to share the joy with the public. On the other hand, we launched Captain Sweet Potato ornament for anniversary celebration as we redesigned first-ever crossover co-collaboration with jewelry brand. The group received has been recognized with bronze award in content marketing category in the 22nd IAI Awards, and silver award in IP marketing category in the 13th Golden Mouse Digital Marketing Awards. Let's go to slide 39 now. We launched a gold bar lucky draw on major social media platforms, which have recorded over 300 million engagements. Topics on anniversary promotion altogether gained a total of 436 million views and 1.2 million discussions. All these helped to effectively enhance our brand visibility and create hot topics. We are now at slide 40. Lukfook Jewellery showed a creative video on giant naked eye 3D screen in Chengdu to celebrate the 3rd birthday of our global brand ambassador, Li Yifeng. Kicked off the Share Love in Wedding 520 1314 or Love 1314 campaign. Topics related to naked eye 3D video gained a total of 200 million views on three major social media platforms. In addition, the topic, 520 Love Confession, has recorded a total of 110 million views on TikTok. The group has also kept up with the times to leverage the latest technology by bringing the naked eye 3D screen to various cities and holding love exclusive 3D screening, roadshows, pop-up store, and new product launch events in Shenzhen. The vivid three-dimensional effect attracted a large crowd to take photos. It live-streamed on both Lukfook Jewellery official Weibo and Tmall flagship store, which recorded over 12 million views. Besides, the topic attracted 31 million views on RED. Actually, we should look at slide 40 as well. Let me see. I think we have stopped at that, sorry. Let's go to slide 42. The group continued to hold the sixth Lukfook Jewellery Red Day to showcase the series of glamorous diamond jewelry to the guests and audiences. Slide 43 shows our market-oriented strategy. Targeting the mid to high-end markets, the group has adopted comprehensive marketing strategy and launched various product offerings with exclusive designs together with meticulous services to seek the development opportunities in the middle class but increased levels. Riding on the wave of esports and animation, comic booms in recent years, the group has created the King Pro League champion ring for 10 consecutive seasons and has continued to craft the jadeite medals for the Honor of Kings World Champion Cup, thus stepping up brand publicity and enhancing our brand penetration into market of younger generation. To conclude, under the low base effect of same-store sales, the group had a turnaround to a positive growth. However, with the resurgence of the pandemic in Hong Kong and Mainland in February and mid-March 2022 respectively, the group's overall same-store sales from March to April 2022 reported a decline again. Nevertheless, with the improving pandemic control and the help of a new round of consumption vouchers, the group recorded a satisfactory sales performance in the Hong Kong market since April 2022. As a result, the same-store sales growth of Hong Kong, Macao market recorded a slight growth from 1 April to 21 June 2022, while the overall same-store sales of the Mainland market, including both self-operated and licensed shops, recorded a decrease of around 15% for the same period. In addition, the group's overall FSSG turned around to a positive growth again in May 2022. Moreover, subject to the pandemic development with further expansion of our retail network and the progressive relaxation of the lockdown measures in Mainland and the government's commitment to implementing economic push measures and consumption encouragement policies, we target to achieve a double-digit growth in revenue in the coming year and look forward to reaching record high profit in three years. This is the end of my presentation. Thank you for listening. Thank you, Kathy. Moderator, please open the floor for questions now. Thank you. Ladies and gentlemen, if you'd like to ask the management any questions, please press zero one on the telephone keypad. To cancel, please press zero two. Our first question is from Maeve Spree at BBS. Please go ahead. Thank you very much. Thank you, Kathy, and congratulations on your very good results. I have two questions here. Yeah. Thank you. First I'd like to follow up on the same-store sales growth for the recent months in April to June. Is it actually possible to give us a little bit more idea about, you know, the growth or the sales momentum for each month, please? Because we understand that Hong Kong, Macao was a slight growth, while China, perhaps, we are seeing some improvement towards late second, late perhaps May to June, I guess. Is it possible to share with us some more details, please? This is my first question. Thank you. Okay. In fact, actually, we are going to have our first Q announcement in mid-July. Actually, you know, we talk about a drop in March, and then in April as well, overall speaking. It's kind of a narrowing drop. Then, I mean, for Hong Kong market, because, as I just mentioned, because of the consumption voucher and the more effective pandemic control since April, that's why we experienced very high increase in same-store sales growth in Hong Kong market, talking about maybe something like 40%-50-something% for both April and May, actually. Of course, in June, it's a little bit lower growth because the consumption vouchers been utilized mostly already. Actually, you know, we are waiting for the next round of consumption voucher to be launched in, I guess it's August. I guess, by then, there would still be very good push for our same-store sales growth in Hong Kong again in maybe August and September. For mainland market, it's a bit tougher. Actually the losses, the drop of same-store sales, we're talking about narrowing actually, month by month and up to. Actually in June, it's going back to a positive mode already. I mean, when you look at the self-operated shops and managing shops all together. Basically that's the reason why we are still expecting a growth for the mainland market in the upcoming year. Macau, it all depends on mainland, actually. If mainland is getting better, Macau would be getting better as well. Yes. That's great. Thank you, Kathy. What about the sales momentum by product category? Could you share some more color, please? Thanks. Well, as usual, it's actually mostly gold driven. Right. I see. Thank you. Yeah. In terms of our just announced results, our group wholesale division GP margin was actually 13.8%. In fact, if we look at China, focusing on China, the wholesale division, actually segmental margin has been improving. I'm just wondering how much room do we see, wholesale margin to increase further perhaps in the medium term? Thank you. Actually, for the wholesale part it's mainly diamond sales. Basically, it's kind of a cost-plus sales. Basically, we've got a formula for that, so we should not expect that to fluctuate too much, actually. I see. I mean, the margin. Thank you. The gross margin. The segmental margin, right, for wholesale. Right. Great. Yeah. I also have this question because the National Health Commission in China has just shortened the quarantine time for inbound travelers in China. Do you think this might promote more tourist consumption in Hong Kong and Macao as mainland Chinese only need to spend a shorter time to quarantine themselves upon return to China? What are our expectations on our performance, say, for example, in coming 3-6 months? Of course, no matter what kind of relaxation would be beneficial to the Hong Kong, Macao market, especially Macao. Basically, once the cross-border restriction has been relaxed or the kind of quarantine period has been reduced, it would be beneficial to the Macao market. Actually, Macao market performed quite well in the first few months, most of the year, in the last financial year. I mean, in the early part of the year. Basically, we are still waiting for that to happen again in Macao market because we have opened more shops there. I guess other competitors have opened more shops in Macau as well. Everybody is expecting the Macau market to perform well in the coming period of time. Right. Thank you. Finally, do we have some targets or guidance for this new financial year, please, in terms of like, same-store sales growth or like, segmental or EBIT margin? Thank you. In fact, we are all actually expecting kind of a double-digit growth, or we should say that we target a double-digit growth in the upcoming year. Maybe something like at least mid-teens% or something like 20%. That's what we're targeting at. That's 20% for the group. I mean, revenue for the group as a whole. Of course that will apply to same-store sales growth as well. Basically, you know, actually we've got very high base in the first three quarters in FY 2022, but given the growth we saw in June and April and May in Hong Kong, even though we've got high base, I believe given the latest development, we should have a good growth of revenue in the upcoming months. Right. Thank you. What about our profitability, like, in terms of EBIT margin? Are there any targets, please? Thank you. We don't have a target for the EBIT margin. Actually, based on the past history, we should expect quite stable operating margin and net margin of sub-double digits. Low double digits. Sure. Sure. That's very helpful. Thank you very much, Kathy. Thanks, Maeve. Thank you. Once again, if you'd like to ask a question to the management, please press zero one on the telephone keypad. To cancel, please press zero two. Once again, as a reminder, if you'd like to ask a question to the management, please press zero one on the telephone keypad. Our next question is from Chris Leung at Templeton Global Investments. Please go ahead. Hello. Hi, Kathy Chan. Hi. Hi, Chris. Hey. Hello. I have two questions. One is on the licensee franchise their inventory level. What kind of inventory level have you observed for your licensees? Well, actually, you know, we don't really expect licensees inventory level as high as our own shops, because normally they are not as strong, financially strong as our own, I mean, Luk Fook. That's why, actually, we give a cap for our self-operated shops for inventory levels. We give a minimum to our licensed shops because we're afraid they don't have enough inventory rather than having too much. Basically, the licensees inventory level will be more healthy, or will be at a lower level than our own self-operated shops. Okay. I see. If you compare, I mean, just get a sense of like the licensee inventory level versus maybe at a like early 2020, it's not like I'm just wondering whether there's any elevated inventory in the last few months. Well, these are, you know, we've got staff looking after every shops, I mean, licensed shops. Right. We focus on those individual shops rather than looking at the overall picture of all of the licensed shops together. We don't really pinpoint on looking at that kind of information. Basically, we only look at that once in a while, but based on the previous, the last time, that's quite some time ago, actually, they've got very healthy turnover periods. Like, their turnover periods will be lower than ours, actually. Got it. That makes sense. All good. My second question is on how should we think about the inventory level for the group in the next few years, given that we're adding 500 new stores in each year, more like more new stores as we are planning? Yeah. In fact, at the present level, HKD 8.8 billion, I think, is quite healthy already. We actually we've got a lot and quite much increase in number of licensed shops altogether. Basically, with the increasing number of shops, we should expect that inventory level to grow further. Having the existing like 300-something turnover periods would be. I think it's quite healthy now, as. Okay. When we expect the retail sales increasing much further, the turnover period should be lower than the existing one. I think it's fine for us at this recent level of inventory, and we should expect the inventory level to grow progressively along with the increasing number of shops in future. I see. That's it. Got it. Okay. That's good to know. Thank you. Mm-hmm. Our next question is from Lena Yan out of HSBC. Please go ahead. Hi, Kathy. You mentioned about your double-digit revenue growth in this coming year. Can you break it down by regions? If we're looking for quarter by quarter trends, how do you think the same-store sales were trending up quarter by quarter? Yeah. Thank you. We only set a target of double-digit growth for everybody. That's why, I think overall speaking, we should expect something like mid-teens to 20% altogether for every region and every quarter. Oh, every region, every quarter, like, but first quarter definitely is below- Set our target for them. Of course, we'll push everybody to reach that kind of target. Of course, sometimes individual regions, one may do better or worse than the target for that. Mm-hmm. Hopefully altogether, all blended together, we still be able to get something like 6% to mid-teens to 20% growth for the group as a whole. Okay. Got it. You said, if I understand correctly, you said you're more confident in growth in Hong Kong than for China? There are more uncertainty there, or you're equally confident for both regions? Actually, we are quite confident in Hong Kong, especially, you know, we don't have real mainland visitors here yet. Basing on the local consumption, I think Hong Kong is really doing well, actually, and it fit our expectation. Of course, for Macau market, once the pandemic situation is more controlled, Macau perform very well, can perform very well too. Basically when you look at the profit figure for Hong Kong, Macau, which is altogether still at a very low level. With the recovery of the retail market in Hong Kong, Macau, we should expect that to its profit to increase to improve much better in the coming year. Okay. Thank you so much. Yeah. That's it. Thank you. Management, shall we move on with next question? Hello, Management, shall we move on with next question? Oh, sorry. Yes, yes. If there is any question? Okay. Sure. Our next question is from Anne Ling at Jefferies. Please go ahead. Hey. Hello. Hi, thank you for taking my call. Just a very general question here. Regarding the decline, you know, in terms of like, you know, the same-store sales for China market, like teens% decline, right? If you're taking a look at like, you know, you just mentioned about like, you know, since June recovery, possibly, you know, turning a bit positive. Are you seeing like, you know, lower-tier cities, you know, being quicker in terms of like, you know, recovering versus tier-one cities after all these? I mean, tier-one cities have been affected by the COVID outbreak? That's my first question, you know, in terms of like, you know, geographically the pace of the recovery, in terms of like, you know, whether there's any difference. Secondly is that, you know, there's been lots of chat about like, you know, people or consumer trading down in China. Just wonder whether, like, you know, from your operating data, are you seeing any of this trend as ASP be declining or people buying less in terms of volume? So this is the second question that we want to check. Thirdly is on the store opening. We plan to open 500 stores in China, so possibly through franchising and licensing. On this part, if market is facing a slowdown, I Are we like, you know, seeing our franchisees having enough financial resources to help our expansion plan? Or do you plan to like, you know, recruit new franchises, you know, for achieving your 500 store target? Thank you. Actually for the different tiers of cities or regions, actually we've got a slide showing their performance in FY 2022. Actually normally they've got a quite similar performance for different tiers of cities or different regions of, I mean, different regions in mainland. You can look at the slide 21 to show that. Actually we always discover similar phenomenon in mainland. That's why even though we talk about recent development, actually we should expect that the different regions or different tier of the cities would have not too far away kind of performance. Especially sometimes we may see kind of a lockdown in certain regions, particularly. When you look at the overall same-store performance for different Qs and different regions, actually they have very similar SSSG same-store sales figures. You're talking about trading trending down in Mainland. Actually, we've got the page that's talking about, I mean, the ASP there in different regions. When you look at slide 20, you can see that actually for the ASP in Mainland, we've got quite, I mean, it's not really fluctuate that much, not like Hong Kong. Basically, we can see a slight growth actually in the ASP, but very slight. It's kind of a single digit only. Basically, even though we talked about, you may see kind of a trending down phenomenon overall speaking, but for our business, we don't really see a very much fluctuation in that because, you know, for the products we are selling in Mainland, it's actually not that high in value. It's talking about 2,000 something, RMB only. Basically, I think it's fine for us. I mean, for our type of business in Mainland, it should be quite stable in terms of the selling price. For the shop additions there, actually, at the beginning, actually we set the kind of target of 500 some months ago before. When the pandemic situation was kind of more serious in Mainland since mid-March 2022, and we have a period of time talking about, discussing whether we should tone down our targets to a lower level. After discussing with the licensees and, you know, sometimes during the bad time, it's actually a better opportunity for them to open new shops, because they have more opportunity to select a better location. Basically, it's fine. That's why we finally decided to maintain our target growth of 500 net additions in the upcoming year. You know, for those licensees that are partnered with us, normally we should expect them to be wealthy people because they have, we've got something like average investment of RMB 4 million-5 million, and it's hard for them to get the financial supports from for that. They have to pay cash for all those, for that kind of investment. That's why we always say that for becoming a licensee, they have to be kind of rich people themselves. We don't really worry too much about the slowing down of economy leading to inadequate resources for our licensees to open new for expansion purpose. Okay. Got it. Thank you. You're welcome. Thank you. Our next question's from Tiffany Feng at Citigroup. Please go ahead. Hello? Hi. I can't hear. Can you hear me? I can't hear. Oh. Hi, Tiffany. Yes, hello. Go ahead. Yeah. Yeah. I'm speaking. Can you hear me? Yes. Yes. Yes, now. Oh. Okay. Sorry. I have a very general question. How do you think about the competition and store opening room, especially in the low-tier markets? Because we are seeing your competitors are also very aggressive in adding new stores. Sorry, I can't hear so clearly. Can you repeat your question again? Sorry, I can't hear clearly. Oh, sure. What do you think about the competition and the store opening boom, especially in the low-tier market? Because your competitors are also very aggressive in opening new stores. Oh, yes. Actually, up to now, we don't really expect experience these kind of obstacles in opening new additional shops in lower tier cities. You know, actually, sometimes you may see that we've got different types of licensees. Because for our licensees, for those that like more freedom or want to do business like an entrepreneur, they would prefer TOPPUP more than our major competitor because they can have the freedom to choose the product portfolio from our authorized suppliers. We always have a kind of communication with our team to see how to improve the business. Basically, that's why we are quite confident in the acquisition targets, given the past experience we have with those licensees in different areas. Mm-hmm. Okay. By adding 500 stores per year, what do you think about the potential ceiling for your store networks? Potential what? Ceiling. The maximum store- Oh, ceiling. You could have. Yeah. In fact, when you look at the number of shops, our competitors having now, we are just about half of their size. Basically I think we can at least double our numbers in Mainland. If having kind of 500 additions every year, we should have at least five more years to go with such kind of expansion. Okay. Thank you. That's clear. You're welcome. Thank you. Our next question's from Darren at Fitch Ratings. Please go ahead. Hi, Kathy. Are you able to hear me? Hi. Yes. My question is quite similar to the previous question. Just wondering, in the medium term, how many new licensee shops are you looking to expand beyond financial year 2023? Actually, we have set our three-year output strategy with a target of at net addition of at least 500 shops every year. That's why, given the existing scale of our major competitors, we should be able to have that kind of expansion in next few years. I mean, maybe three-five years more. Understood. The follow-up question is, couple of competitors are also expanding to lower tier cities from Mainland. Can you share with me how is the management trying to differentiate your product and services relative to your competitors to appeal to lower tier cities consumers? Oh, actually, for lower tier licensees or lower tier cities is mainly recruited by our existing licensees. They help in assisting those licensees to do the business. Of course, we would offer kind of knowledge sharing and training and kind of discussions with them as well. Understood. Thank you so much. That's all from my end. Mm-hmm. Once again, if you'd like to ask any questions, please press zero one on your telephone keypad. There are no questions on the line. I'll pass it back to management for any closing remarks. Thank you. Thank you, Kathy Chan, and thank you very much for joining the call, everyone. Have a nice evening. Bye-bye. Thank you. Bye-bye.