Good day, and welcome to the DPC Dash Ltd First Half 2026 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad, and to withdraw your question, please press star then two. Please note today's event is being recorded. Now I'd like to turn the conference over to Cathy Zhong with Investor Relations. Please go ahead. Thank you, operator. Hello, everyone, and thank you for joining us on today's call. Again, as a reminder, you're all currently on mute. We will open up the floor during Q&A session after management's prepared remarks. We will try to answer as many questions as time allows. Today, you will hear from Ms. Aileen Wang, Executive Director and CEO of DPC Dash, Ms. Helen Wu, CFO of DPC Dash, and Mr. Michael Xu, CPO of DPC Dash. Aileen will provide insights into the company's overall performance and share recent developments. Helen will go a bit deeper into the first half financial results. The management team will address your questions after their remarks. Before we continue, I'd like to remind you that our earnings call and investor materials contain forward-looking statements about our business that may be considered as forward-looking statements under applicable securities laws, which are based on various assumptions and other factors that are beyond the company's control and are subject to risks, future events, and uncertainties. Accordingly, actual results may differ materially and adversely from those anticipated or implied in the forward-looking statements. You can identify these forward-looking statements because they include terminology such as may, will, expect, estimate, believe, going forward, plan, projection, aim, or other similar expressions. Statements that are not historical facts, including but not limited to the statements about the company's beliefs, plans, and expectations are forward-looking statements. All forward-looking statements should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our filings with the Hong Kong Stock Exchange. Also, this call includes discussions of financial information and certain non-IFRS financial measures. Please refer to our results announcements and interim report to be published in accordance with the rules governing the listing of the securities on The Stock Exchange of Hong Kong Limited, which contain a reconciliation of the non-IFRS measures to IFRS measures. All information provided in this earnings call is as of the date of this call. The company, our affiliates, advisors, and representatives undertake no obligation to update any forward-looking statements except as required by law. With that, I will turn the call over to Ms. Aileen Wang, Executive Director and CEO of DPC Dash. Aileen, please go ahead. Hello, everyone, and thank you for joining us today as we discuss DPC Dash Limited's results for the first half of 2026. As the exclusive master franchisee for Domino's Pizza in the Chinese mainland, Hong Kong SAR, and Macau SAR, we continue to operate in a market with substantial growth opportunities. Our global franchisor, Domino's Pizza, Inc., remains one of the largest pizza companies in the world, with more than 22,500 stores across over 90 markets as of the end of the reporting period. Before we discuss the figures, I want to contextualize our first half performance, which provides a clearer perspective on our current trajectory. Revenue grew 20.8% to RMB 3,133.8 million, driven primarily by a 33.7% year-over-year increase in transaction volume. This growth was fueled by both our expanding store network and a 7.1% increase in same-store transactions. However, this half was characterized by two opposing forces, robust demand and network expansion versus pricing pressure from industry-wide aggregator subsidy dynamics. I will now outline how these dynamics diverged across our different types of markets. Let's start with our initial city markets, defined as the markets we entered before 2023, where we have the longest operating history. Transaction counts accelerated and same-store transaction growth was 8.5%, actually a healthy number. But same-store sales growth, SSG, turned negative, marking the first such occurrence in these initial city markets in recent years. We did not see evidence of a broad-based demand deterioration in our initial city markets. Indeed, more customers were visiting us. This shift was primarily attributable to the intensified third-party platforms' subsidy campaigns, leading to lower average ticket as they put in a meaningful share of orders onto these lower-priced channels. Now let's turn to our new city markets, the markets we have entered since 2023. SSG, while still negative at 9.4%, has narrowed consistently for three consecutive halves. We have improved from -19.6% to -13.2% and now -9.4%. This is the normalizing curve we expect to see. When we enter a new city, our first stores open to extraordinary demand, often the strongest sales performance in the entire Domino's system globally. As that initial launch phase settles and we increase more store density to drive operational efficiency, same-store comparisons naturally experience contraction for a period. We made a deliberate choice on managing this transition period, and I would like to outline our strategic rationale behind our decision-making. Rather than waiting out the 3PP subsidy wave, we viewed this as a one-of-a-kind meeting window and then accelerated the rollout of delivery services in our new city stores ahead of our original plan. As a result, delivery order contribution in these new city stores rose to 25% today, and in a much faster pace as we observed in our initial city markets in the past. We want to point out that through building delivery penetration, together with launching value and other initiatives, same-store transaction growth in new city markets turned positive at 2.2%, up from -19.1% a year ago, and -7.9% in the second half of last year. However, embracing aggregator platforms meant accepting a lower realized transaction price in the near term. Since 3PP orders carry a lower average ticket than orders through our own channels. But we believe that the customer habits and brand mindshare we're building today in what is an early and formative period for delivery in these new cities, like we did in the initial cities, will yield long-term benefits. And importantly, even at the deep point of same store sales comparison cycle, the underlying economics level at these stores has remained healthy. Our 93 stores opened in new markets this half, generating an average daily sales of RMB 28,230, with a weighted expected payback period of just 14.8 months. Beyond the network expansion and same store story, we continue to innovate our products and collaborate with popular IPs to engage with our customers. To name a few of the highlights, we launched a crispy croissant crust, football field square-shaped pizza, Korean chicken pizza, and energy bowl series, alongside a successful partner with the gaming title Arknights, to capture a larger share of the youth demographics. On delivery, we maintain a delivery on-time rate of 93.6%, even as volumes grow significantly, which speaks to the quality of our operating system. On digital engagement, our loyalty program grew to 41.9 million members, up from 30.1 million a year ago, with 18.1 million new customers placing their first order over the past 12 months. On our supply chain, our fourth supply chain center in Wuhan commenced operations on August 21st, 2026, serving over 200 stores around Wuhan areas across the western region. We have also secured sites in Chengdu and Nanjing, targeting opening during the second half of 2027. We believe these investments are necessary to solidify our product and operation foundation as we keep scaling. Moving forward, our strategy is defined by a distinct approach to our two core business segments. In our initial city markets, the priority is structural average ticket improvement. Orders placed through our own channels, our application, and WeChat Mini Program have consistently carried an ATP, meaning Average Transaction Price, above RMB 90, meaningfully higher than 3PP orders. So our focus is migrating more customers back to these higher value channels through our loyalty program, combo meal innovation, et cetera. In our new city markets, the priority is still expansion and penetration, continuing to scale delivery from its current base of around 25% and communicating our iconic value programs while taking similar initiatives to migrate customers to our own channels and elevating ATP. Regarding our network expansion, we remain on track to open approximately 350 net new stores in 2026, have already delivered 235 openings in the first half. To better quantify our long-term growth potential, we're introducing store density as a key performance indicator this period. Currently, China's overall pizza market density stands at 13.9 stores per million population, while our own national footprint is just 1.1. We believe these metrics provide a more precise illustration of the significant unpenetrated demand available to us, highlighting a substantial runway for growth, both through new city entry and further densification of our existing markets. With that, I'll hand the call over to Helen to discuss our financial results in more detail. Thank you, Aileen. Our financial results this half encapsulate the margin dynamics resulting from our continued network scale-up amidst the ongoing market subsidies. I will now detail the specific impacts across our P&L. Revenue performance. The total revenue grew 20.8% year-over-year to RMB 3,133.8 million. Alongside our usual Tier 1 versus non-Tier 1 breakdown, we are also sharing a new lens this half based on market maturity, the initial city markets versus new city markets, which we think gives a clearer picture of where our growth is coming from. Looking at this by market maturity, our initial city markets contributed RMB 1,723.9 million or 55% of revenue, growing modestly as strong transaction growth was largely offset by the ATP pressure Aileen described previously. Our new city markets contributed RMB 1,410 million, now accounting for 45% of revenue and up from 34.6% a year ago, growing 57.3% as our expanding new store base scaled up. Looking at the same revenue through our Tier 1 versus non-Tier 1 lens. Non-Tier 1 markets grew 36.5% to RMB 2,059.7 million and now represent 65.7% of revenue, again, reflecting our revenue network growth is concentrated. The channel story reflects the same underlying dynamic playing out again. Total delivery sales grew 44.7% to RMB 1,618.8 million, now representing 51.7% of revenue. But within that, deliveries through third party platforms grew 81%, while deliveries through our own channel actually declined 11.8% because the subsidy pulled orders through 3PP. This matters for margin because our own channel delivery orders carry an ATP, average transaction price, of RMB 94. Every order that shifts channel has a direct effect on our realized pricing, not because the customers are spending less, but because of which door they are walking through. Offering the differentiated value and services to build up a larger base of customers of a high-quality loyal customers over time will help us improve ATP and order economics and a higher lifetime value of our customers. Margins and cost efficiency. This channel and pricing dynamic flow straight through to our store-level profitability. Store-level EBITDA grew 8.3% to RMB 544.5 million, though the margin declined to 17.4% from 19.4%. The store-level operating profit grew 2.9% to RMB 390.4 million, with the margin at 12.5% versus 14.6% a year ago. The primary driver was the lower ATP together with a higher 3PP delivery sales mix, which carries a different cost structure. This was only partially offset by the cost efficiency measures that we have underway. To put some texture on that offset, our raw material cost, rental and other store-level costs all grew broadly in line with our revenue and store count growth. In a few areas, we actually improved. Advertising and promotion expenses fell to 5% of revenue from 5.3%. The store operation and maintenance expenses improved slightly to 6% from 6.1%, both reflecting more efficient spending as we scale. Where we saw more pressure was in the store-level staff cost, which rose to 28.9% of revenue from 27.7%, reflecting the staffing we put into our new stores to protect service quality. Plus, the simple mathematical effect that lower ADS means less revenue to spread our fixed labor costs and also the higher rider costs from our growing delivery volume. At the group level, our corporate cost discipline served as an effective buffer, improving from 8.1% to 7.5% of revenue as we get scale benefit and cost control at headquarters even while we keep investing to support our growth. Putting that all together, adjusted EBITDA grew 8.6% to RMB 350.7 million, with margin at 11.2% versus 12.4% last year, and the adjusted net profit grew 7.4% to RMB 98.2 million. Liquidity and capital allocation. We ended the period with cash and bank balances of RMB 934.7 million. Our operating cash flow grew to RMB 504.9 million from RMB 361.1 million. This means that our growth continued to be substantially supported by internally generated cash. Our gearing ratio improved to 7.9% from 8.2%, and we retain RMB 300 million in unutilized credit facilities. We are comfortable with our funding positions as we continue to expand. Looking at our capital expenditure. At the store level, our average CapEx for a new store, excluding the landlord rental deposits and net of tax, is approximately RMB 1.3 million per store. We will continue to optimize the store design and procurement to further lower new store CapEx and improve the cash payback cycles. Looking ahead, we will continue to invest in our three main areas, store expansion, supply chain center investment, and the digital infrastructure to build our competitive strengths for the business in the longer term. To sum up, this half's result tell a consistent story across both the operating and the financial numbers. Our underlying demand and the network growth are healthy, and in the case of our new city markets, they are improving faster than expected. While pricing pressure from the current subsidy environment is a near-term drag on margin, with a clear pathway for recovery as subsidy gradually normalize, the channel mix improves and together with our other growth levers. Also with our own cost efficiency initiative continue to build, we believe the business remains well-positioned to benefit from operating leverage as sales productivity improves. This marks the end of our presentation, and we will open the floor for question now. Thank you very much, operator. Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. If you are using a speakerphone, we ask that you please pick up your handset before pressing the keys. At this time, we will pause for just a moment to assemble our roster. Today's first question comes from Lisa Liao with Jefferies. Please go ahead. Good evening, Aileen, Helen, and Michael. Thank you so much for the earnings call today. Here are two questions from my side. The first is about the same-store sales trend we have observed. In our fact sheet, we actually disclosed that we saw slightly positive same-store sales in May and June with successful marketing initiatives. Just wonder how do we see the most updated trend? What will be our key initiatives to help further support the same-store sales in the second half? Regarding my second question, it's more on the aggregator subsidies. We know the most intensified subsidies actually happened last year. How do we assess the overall subsidy level from aggregators this year? Do we see any mitigation or slightly better situation recently? How has this impacted the overall consumer behaviors? What would be our key strategies to further drive our own delivery channels regarding this part? Thank you so much. Thank you, Lisa, for the question. I'll take this one. Last year, the aggregator war actually started in May. May and June, we already had this aggregator subsidy impact. At the same time, we have the new market normalization impact. With that, we can still manage to actually keep SSG positive for May and June. That actually shows the strength of our strategy and also our sales initiatives. That said, going forward in H2, I think last year in the H2, we have several things happening. One thing is that the aggregator war actually went to the peak. In the summertime and also in part of the quarter three. We're counting against a very strong base of last year. At the same time, we have very strong new markets, the rapid growth in Shenyang, that kind of new markets entering the same-store sales cycle. These actually will make the SSG sort of got some difficulty in H2. At the same time, we continue to see the average ticket starting to stabilize and also improving. With these two together, we will still see SSG negative in the second half of 2026. We forecast to see in 2027, we'll start to have positive same-store sales. That's to sort of answer high level the first question. In terms of the initiatives. Like we mentioned, for the initial markets, the key issue is actually the average ticket because the TC is still healthy. We also need to find a way to support H2 when the subsidy level goes down. For the new markets, we did have counting against the higher opening base in the past and plus the same issue on ATP. The initiatives actually have two aspects. The first one is actually on the average ticket. We already see it started to stabilize. We actually started to see that in the past two months, it actually got improving. I think the key is actually sort of, one, the 3PP with the subsidy level going down, the average ticket on 3PP will actually come back naturally. Two, as Helen mentioned, our own online channel for delivery, our average ticket is actually as high as 94. We do have people who are very loyal to us and pay higher average ticket on our own channel. The key is how to convert aggregator customers to our own channel and optimize the channel mix. On the TC side, we believe that in the initial markets, we will continue to launch innovative new products like we did for the durian chicken, for example. Durian is actually very popular in the pizza market, but we are the first brand to actually put protein together with durian, which is a great innovation, and our customers like it. Also on crust leadership, we actually launched the croissant crust. It is another innovation to combine pizza and bakery. That proves that we will continue to lead on product innovation. Also we launched this new combo. RMB 79 with two pizzas, two sides, and two drinks. With this, we do believe that it will help both on the average ticket side and also on the guest count side, because this is quite attractive value. Also by offering the combo, we make it very easy for customers to make choice. Also we have other things like IP innovation. For the new markets, we will continue to offer the iconic value programs and also keep penetrating for our delivery as we continue to build the delivery market share in these cities. I stop here for a second for this first question. Now, for the second question. With less aggregator subsidy this year, do we see sort of any influence on consumer behavior and also our own channel? We did see that our own channel sales has been growing back. We do believe that on the aggregators, there are two types of customers, either for their sort of this original Olo customers, and as the aggregator actually provides more subsidy, they spend less on aggregators, so they move to aggregator for Domino's. Or we have new customers coming to aggregators for Domino's. I think for either one, the original one, if the subsidy actually goes down, they will naturally come back to Olo. For the second group, the new customers, we will just let them know that how our own channel actually provides very different sort of value propositions. That way, we will actually build more channel mix in terms of Olo. I will stop here. Sorry, I talked a lot about these questions, just to give you a full picture on what we are doing every second versus TC, and initial markets versus new markets. Yes, very clear. Thank you so much, Aileen. Thank you. Our next question today comes from Lucy Yu at BofA Securities. Please go ahead. Hi, Aileen, Helen. Thanks for taking my questions. Two questions here. First of all is the subsidy will come down in the second half of this year. How should we think about ticket counts in the second half? Also, the margin. For the first half, we saw margin has some contraction, possibly because of the negative same-store sales. How should we think about the margin for the second half, especially on a year-over-year basis? Is the contraction going to be wider or narrower than the first half? Thank you. Got it. Thank you for the question, Lucy. For the first question, it will be quite similar to my answer to the first question. I will reiterate that we do think that our sort of TC momentum is healthy. Just comparing against last year's high base, we do believe that we actually offer TC and innovative products. We do offer a new value. After 10 years of having the Crazy Tuesday and Wednesday, 30% off across all pizzas on Tuesday and Wednesday, we actually offer this new and sort of different value in terms of the combo, and customers like it. At the same time, we also start to offer single view offers because we realize there's a new occasion for this new demand. At the same time, for the new markets, we will emphasize more on sort of delivery and also value and all the levers we mentioned for the initial markets. One thing I can mention more is actually the media optimization. We have our new CMO joining. Her background is Coca-Cola and McDonald's. She brought in a lot of new thoughts, and she will help us to optimize the media and spend that to create more sort of sales and also with higher online. I will stop here for the first question, and the second question is on margin. I will hand over to Helen. Yes. Lucy, thank you for the questions. For the first half, our store operating profit margin's at 12.5%. That's for the whole group. Also, I think, the initial city, the store OP margin is slightly below that. But the new markets are higher than that. The reason being, even though people or you have seen that the SSG for the new market, for the initial new market, sorry, for the new markets is actually negative. But we have said that because they started from a very high base in terms of dollar sales. So even if they have a negative SSG, but they enter this into the SSG cycle. But in terms of dollar value-wise, in terms of sales, they're still pretty high and very healthy. So their OP margin for the new city are actually higher than 12.5%. Now, this trend probably going to be the same for second half. Also, I think, we also actually started from over the first half of this year. We also gradually rolling out a lot of our cost initiative or cost-saving initiative or cost control initiative at the store level. Now, some of that actually started from middle of first half. So we would expect that a more kind of effect or impact on the cost saving will be kicking in during the second half. So, for instance, we are actually try our best to recovering the ATP. Also at the same time, we have a lot of initiative to actually maintain or to keep the ticket transaction volume. So having the improving ATP at the same time, sort of more impact on the cost-saving initiative in the second half. Overall, we were expecting that actually the margin, the store OP margin will be actually better than the first half. On this basis, the performance between the initial city markets versus the new city market will be similar in pattern for the first half. Our next question today comes from Linda Huang with Macquarie. Please go ahead. Hi, management, and thank you for taking my question. I was wondering, based on the financial results, we see that the results contributed. Do you think that you have the annual revenue target achieved according to plan or not achieved? Thank you. Pardon me, Linda, this is the operator. I am not sure if we were able to understand your question there. Your line was breaking up pretty badly. Can you get closer to the We cannot hear you, ma'am, so I am going to move on to our next question. I apologize. Our next question today comes from Miao Zhang with CMBI. Please go ahead. Thank you, management, for taking my question. I am Miao Zhang from CMBI, and I have just two small questions on 3PP users. Not so sure if it has been addressed already. Could management share some color on what measures are currently being implemented or rolled out to convert 3PP users into our own platform and to boost their repurchase frequency or lift average transaction price? I am also wondering, is there any available statistics on the conversion rate or retention rate for such measures? Thank you. Okay, I will take this question. The question is, what measures are being taken to convert platform users to own online users, right? Okay. Like I mentioned before, I think for the aggregators, for the Domino's users, either they are actually converted from the Olo of Domino's, or they are actually new customers choosing Domino's on aggregators, right? For the first group of people, we actually think that with the subsidy cutting down, they will actually naturally come back. That said, we are also taking a proactive approach to actually attract people back to Olo. For the new customers, we also want to highlight our own online channel offering different things. First, the value we are offering on two channels are different. On aggregators, it is more like Red Packet, or if you reach this level, you deduct this level. But in our own channel, we have this combo, we have Crazy Tuesday and Wednesday, which are very different for different needs. Also we have the loyalty program. By the way, our loyalty program actually has 42 million members already. So, these people who are very loyal to us stay with us on our own channel. So we attract people to get on our own channel, and they can only actually get points through our own channel's orders. At the same time, once people are on our own channel, we're upgrading our Olo experience to make that smoother and also to help us to improve the average ticket. Also we have different engagements, digital games, bounce-back coupons, and our proprietary intellectual properties. These are the things we all. Pardon me, this is the operator. Looks like we may have lost audio from our main speaking line here. If you can please stand by, I'll place hold music in the call, and we'll be right back with you. Thank you. Hello, everyone. Apologies, it looks like the line is back. You can please proceed with your answer. Thank you, ma'am. Got it. Okay. I don't know where you lost me. Let me start from the beginning of this question. So, we're talking about how to convert the aggregator platform users to our own online channel. We do think that our own online channel actually provides different differentiation, right? Some points. The first thing is the value. For example, the aggregator channel actually has the Red Packet, or if you reach some threshold you get deduction. But on our own channel, you have the combo. You have the Crazy Tuesday and Wednesday. I think these are very different values. At the same time, for the loyalty program, you actually get rewarded for the loyalty program if you order through our online channel. We're also upgrading our online UI/UX so that people get smoother experience. Also they get this opportunity to actually upsell or cross-sell, which will help. Also on our own channel, you have different engagements. Digital engagements, which are games and bounce-back coupons. You also have proprietary IP products, et c. To get people back, we have different targeted and customized offers through CDP. That's why we do think that Olo is actually a different offer, and we attract people back. We've been continuing to monitor the conversion and retention rate. So in the past, when the aggregator actually has higher subsidy, I think naturally these two channels, people are actually coming back and forth. When the aggregator subsidy is higher, naturally people will go more toward the aggregator. But as the subsidy level goes down, we do see Olo channel is actually showing more growth, as I mentioned before. Thank you. Our next question today comes from Shengwei Lai with CICC. Please go ahead. Hi, management. Thanks for taking my question. I have one question regarding the store opening plan. You have maintained a fast pace of store expansion year-to-date. How should we think about store opening plan for 2026 and 2027? How do you balance entering new cities versus opening stores in existing ones? Thank you. Okay, I'll take this question. As we mentioned in the earnings call, my part, we use this ratio of pizza store per million population. If you look at Domino's Pizza store per million population, ours is very low. It's only 1.1. We do think there's a very long way for us in China for the pizza store opening. Then we iterate that in the medium term, the 3,000 target is unchanged. That shows we have high confidence in the Chinese pizza market and also our penetration. As I mentioned before, for 2026, we're very much on track to achieve the target of 350. Then 2027, we're still in the sort of the planning phase. I think high level we are very much on track. But then we'll decide the detailed opening number based on several things, the customer dynamics and also the opening performance. Thank you. And our next question today comes from Kong Xi with CITIC Securities Company. Please go ahead. Thank you for taking my questions, and good evening, management. I have only one question about average transaction value. Could you break down the reasons for the changes in the average transaction value for us? And how do we expect the average transaction value trend going forward? That's my question. Thank you. Thank you for your question. For the average ticket, we do believe that the average ticket change was primarily attributable to the channel shift. As we mentioned, for the aggregators, the average ticket is actually lower because of the subsidy. And then for our own channel, it stays actually quite healthy, right? We already see that naturally with the subsidy level going down, the pricing has been stabilized. And then we've been taking a lot of actions to proactively improve the average ticket. We want to reiterate that the average ticket sort of improvement does not depend on aggregator subsidy going down or not. Actually, on aggregators, we have offers, and then we're continuing optimize these offers, so that will help, too. And then on our own channel, as I mentioned, our average ticket is originally quite high. The question is how to actually sort of convert people from the aggregator channels to our own channels. As I mentioned, combo is actually a very good choice, right? It has multiple items that will naturally actually increase the average ticket. We are uplifting size and drinks so that people can actually cross-sell and upsell more. At the same time, when we are launching new products, we also have average ticket in our mind. For example, durian chicken is actually a premium product, but as long as it is actually very good sort of taste and innovation, people are willing to pay for the higher ticket. That is how we consider sort of on the average ticket. Okay. That is clear. Thank you. Thank you, everyone. That does conclude our question-and-answer session. I would like to turn the conference back over to the company for any final remarks. Helen, do you want to comment more? Sure. First off, for the trend in 2027, one thing that we are seeing is that, over the past few years, we have been going through the normalization and also the 3PP heavy subsidies, et c. That is why our SSG sort of experienced something that actually normally a brand probably wouldn't see from high base to normalized and also in the overall market. Now, I think for 2027, what we have been seeing or what we are looking at is that our SSG will turn positive. That is number one. Second is that we would expect that our ATP will gradually coming back. This is something that we have seen over the past few months, that actually ATP is climbing back. It is on the back of a lot of the initiatives we already taken, for instance, the combo launch, for instance, the differentiated services between the 3PP and also on our online platform. We will continue to work on that. The third part is the margin. Second half, as I have just said, actually, we would expect some improvement second half versus the first half. This trend will continue in 2027 because a lot of the cost initiative savings we are going to actually put into place and stick to it. These are the things that we will actually carry on to 2027. On top of that, because we are scaling up gradually, as we build up a larger scale, a lot of other benefits in the scale will continue to unfold. On top of that, in 2027, we are also looking at margin improvement versus 2026. This is something that I will conclude for 2027. Also, in terms of store counts, first of all, in 2026, 96% of the total net opening of the 350 has been locked in. We are pretty much confident that we will deliver that for the net opening of 350. For 2027 and beyond, we have a medium-term target of growing to 3,000 store counts by the end of 2030. The store count planning or the expansion planning for the next few years, we will actually work along that medium-term target to actually plan for each year. Also, depending on the factors that Aileen just mentioned, the store performance, et cetera, we will actually, every year we will roll out the appropriate store counts that fit our stage, fit our capacity, and fit the medium-term 3,000 target. Thank you, Helen. Thank you for joining today's call and for your continued support. We look forward to keeping you updated on our progress moving forward. Thank you. Thank you. That concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.