Good day, and thank you for standing by. Welcome to the J&T Global Express 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Haibin Chen, Director of Strategic Investment and Capital Markets. Please go ahead. Thank you, operator. Hello, everyone. Welcome to J&T Express 2025 Earnings Conference Call. I'm Haibin Chen, Director of Strategic Investment and Capital Markets of J&T Express. The company's results and investor relations presentation were released earlier today and are now available on the company's IR website at ir.jtexpress.com. To start the call, we would like to remind you that the call may include forward-looking statements, which involve a number of risks and uncertainties and may not be realized in the future for various reasons. Information about general market conditions comes from a variety of sources outside of J&T. This presentation also contains unaudited non-IFRS financial measures that should be considered in addition to, but not as a substitute for the company's financials prepared in accordance with IFRS. I have with me J&T Executive President Steven Fan, Vice President Charles Hou, and CFO Dylan Tey. Our management will share strategy, operating highlights, and financial performance for 2025. This will be followed by a Q&A session. Please be noted that we have this slide showing through website webcast this time. With that, let me turn the call back to Steven. Steven will read through his prepared remarks in Chinese before I translate it for him in English. [Non-English content] Hello everyone, welcome to today's results conference. On behalf of the company, I would like to sincerely appreciate your continued interest and support. It is my great honor to report to you on our group's operational and financial performance over the past year. In 2025, the company achieved an inspiring performance growth across global markets. In Southeast Asia, parcel volume growth reached a four-year high with a significant increase in market share. Our China business made steady progress with improvements in both efficiency and service quality. Meanwhile, our new market business experienced accelerated volume growth and achieved a turnaround from loss to profit in Adjusted EBIT for the first time. Amid a complex and evolving market landscape, the company has fulfilled its growth commitments through steadfast high-quality growth. In 2025, the company handled 30.1 billion packages, representing a year-on-year increase of 22.2%. Revenue reached $12.2 billion, representing a year-on-year increase of 18.5%. With the contribution from non-China business continuing to rise and reach new high, the adjusted net profit amounted to $430 million, representing a significant year-on-year increase of 112.3%. Next, I will provide an overview of the development of our business across different regions. Firstly, Southeast Asia. In 2025, the company handled 7.7 billion parcels in Southeast Asia, representing a year-on-year increase of 67.8%. Our market share reached 34.4%, representing a year-on-year increase of 5.8 percentage points, maintaining its absolute leading market position. Revenue reached $4.5 billion, representing a year-on-year increase of 39.8%. Adjusted EBIT was $540 million, representing a significant year-on-year increase of 77.5%. Our rapid profit growth in Southeast Asia is primarily attributable to the following factors. First, we effectively capitalize on the growth opportunities from e-commerce and grew rapidly with our customers. The company continued to increase its infrastructure investment in Southeast Asia to enhance transportation capacity and sorting efficiency, thereby ensuring smooth network operations even during peak sales periods. Our superior fulfillment capacities have earned the trust of e-commerce customers. At the same time, the company continued to improve its express delivery services to meet the increasing demands of consumers, as evidenced by further reductions in average delivery time and sustained decline in lost parcel rates in 2025. Second, our operational efficiency improvement and further cost optimization achieved a virtuous cycle. By consistently transferring China's refined operational experience to Southeast Asia, our cost per parcel in Southeast Asia decreased by 16% year-on-year in 2025. We have shared the results of cost efficiencies with our customers and create a positive flywheel of cost optimization, business growth, further cost reduction, enabling us to capture incremental volumes while fostering a mutually beneficial and consumer. Third, we successfully expanded our base of non-platform consumers, driving rapid growth in parcel volumes. Non-platform parcels have become an important supplement to our diversified business scenarios. We actively expand several customers on social media, online business of chain stores, branded customers and individual parcels. These customers offer higher margin, thereby optimizing our customer structure and enhancing our profitability. Secondly, China in 2025, the company handled 22.1 billion parcels in China, representing a year-on-year increase of 11.4%. Our market share reached 11.1%. Adjusted EBIT amounted to $94 million. In response to the changing market environment, we proactively adjust our strategies to maintain profit resilience. First, the company actively responded to industry initiatives aimed at curbing cutthroat competition, and was committed to continuous improvement of service quality and a transition from price-driven competition to value-based competition. The company further shortened the average delivery time and increased the proportion of same-day and next-day deliveries. The company continued to enrich its product offerings by introducing value-added services tailored to customer needs, expanding its cloud warehousing services, enabling greater coordination between warehousing and distribution, and optimizing warehousing and distribution fulfillment timeliness. Second, the company deepened the penetration of its delivery network into rural areas to enhance the delivery experience for consumers in these regions. The company actively assists e-commerce platforms in developing rural delivery services, which currently have been formally launched in 12 provinces. Our coverage rate of express delivery to villages continue to increase, ranking among the top in the industry. At the same time, the company solved delivery difficulties of agricultural products in rural areas through a variety of projects to assist farmers in facilitating the agricultural products to. Third, we will continue to optimize costs, with the cost per parcel decreasing from $0.30 to $0.28 in 2025. The Guangzhou Huadu Sorting Center, our largest self-built logistics hub in the world, officially commenced operations in the fourth quarter of 2025, with a daily processing capacity exceeding 15 million parcels, further optimizing the sorting and transit efficiency across the Greater Bay Area, a critical logistics region. By continuously benchmarking against the most efficient peer companies in the industry and learning advanced management experience and technology, the company remains confident in further optimizing cost per parcel. Lastly, new markets. In 2025, we handled 400 million parcels in the new markets, representing a year-on-year increase of 43.6%. Our market share reached 7.5%, representing a year-on-year increase of 1.4 percentage points. Our Adjusted EBIT in new markets achieved a turnaround from loss to profit in the year, making a significant development milestone. This achievement was attributed to our transfer of operational expertise in China and Southeast Asia to new markets, investment in automated sorting equipment, optimized route planning, enhanced last mile pickup and delivery efficiency, effective alignment with rapidly growing local demand, and improvement of overall network efficiency. represents a rare confluence of high GDP, strong per capita consumption, and low e-commerce penetration, making it the blue ocean market with immense potential. In 2025, a number of go-global e-commerce platforms further expanded into Latin America and promoted its cross-border e-commerce market into a new phase of development, which also brought more growth opportunity to express delivery companies. Leveraging its extensive network coverage and superior service capabilities, the company continued to deepen cooperation and trust with cross-border customers, while actively expanding its partnerships with leading local e-commerce platforms. By capturing the rapid growth momentum of the e-commerce and express delivery industry, the Latin American market is expected to maintain rapid expansions in the coming quarters and emerge as the pivotal engine of J&T's global growth. We are confident in the future growth potential of new markets. Looking ahead, we will continue to strengthen investment in global network infrastructure and export China's mature operational system and refine management expertise. Last, comprehensively upgrading network capabilities and customer experience. Guided by our well-defined long-term global competitive strategy, we will ride on the tide of e-commerce globalization to deepen our presence in core markets, expand incremental opportunities in overseas markets, enhance network efficiency and brand image, and steadily enforce our core competitive barriers. The year 2026 marks the commencement of J&T's new decade. We will continue to unite our efforts to move forward steadily, strive for excellence, exceed ourselves, and embark on a broader global journey. In the future, we will remain committed to innovation and prudent operations, create long-term corporate value, and write a new chapter of high-quality global growth. Thank you for your support. Now, I would like to invite our CFO, Dylan, to integrate the financial data of our annual results. Okay. Thank you everyone for the call today. Thank you for joining the call today, this is Dylan, and I will take you through our financial highlights. Before I start, note that unless specifically mentioned, all the figures are in US dollars and percentage changes are on a year-on-year basis. Detailed financials, including our financial performance metrics, unit economics, cash flow, capital expenditures, are available on our IR website. Here I will only focus on the key financial highlights. For J&T Global Express overall, we are pleased to report that our group's total revenue increased by 18.5% year-on-year from $10.3 billion in 2024 to $12.2 billion in 2025. Core express delivery revenue grew by 18.3% year-on-year from $10 billion to $11.8 billion. This growth was primarily driven by strong parcel volume growth in Southeast Asia and our new markets. We successfully captured the opportunities arising from the globalization of e-commerce with the revenue contributions from Southeast Asia and new markets rising meaningfully from 37% in 2024 to 44% in 2025. Total gross profit for the year reached $ 1.46 billion in 2025, representing a year-on-year increase of 35.7%. Gross margin improved from 10.5% to 12%, up 1.5 percentage points. Importantly, with our new market segments achieving positive Adjusted EBIT for the first time, the group Adjusted EBIT reached $ 566 million, up 87.9% year-on-year. Adjusted net profit amounted to $ 425 million, more than doubling from $ 200 million in 2024, demonstrating a significant enhancement in our overall profitability. Next, let me walk you through our segment results one by one. First, Southeast Asia. Revenue in Southeast Asia increased by 39.8% year-over-year from $ 3.2 billion in 2024 to $ 4.5 billion in 2025. Gross profit rose from $ 633 million to $ 861 million. Our Adjusted EBIT grew 7.5% year-over-year from $ 303 million to $ 538 million, with the Adjusted EBIT margin improving from 9.4% to 11.9%. This reflects our continued ability to enhance profitability. We shared the benefits of cost, which help us continuously gain market share. The strong parcel volume growth in turn brought further economies of scale, enabling our Southeast Asia to maintain a healthy and sustainable unit EBIT. Next, let's move to China. China is a dynamic market. We proactively adjusted our competitive strategy as always. Revenue grew by 5% year-over-year to $ 6.7 billion. Revenue per parcel declined slightly from $ 0.32 to $ 0.30. Price competition was intense in the first half of the year. With the support of the industry's anti-involution policies, pricing stabilized and recovered in the second half. On our cost side in China, cost per parcel decreased from $ 0.30 to $ 0.28, benefiting from improved efficiency, greater network stability, continued capital investments, including self-owned line hauls, vehicles, and automation in our sorting centers. Amidst a complex and challenging market landscape, our China business maintains solid profit resilience. The segment recorded Adjusted EBIT of $ 93.9 million in 2025, up to $ 147.2 million in 2024. Looking ahead as the industry's anti-involution policies continue to deepen, and as we further enhance our service debt and geographic coverage to strengthen partnerships with all our customers, we are confident that the profitability of our China segment will maintain its resilience going forward. Now turning to new markets. We are delighted to share with you that in 2025, our new markets business achieved positive full year Adjusted EBIT for the first time. This is an important milestone for us. Revenue in this segment grew by 51.2% year on year from $ 576 million to $ 870 million. Our gross profit in the new markets increased more than 4x from $30 million to $148 million. Adjusted EBIT turned from a loss of $76 million to a profit of $4 million, with the margin improving from -13.3% to +0.4%. Revenue per parcel in the new markets rose from $2.05 to $2.15. This improvement was primarily driven by our ongoing business development across the countries where we have been very actively acquiring higher value customers and dynamically optimizing our parcel volume mix. Cost per parcel for new markets declined from $1.94 to $1.79, benefiting from the targeted and efficient capacity investments, as well as our team's refined operational management, leveraging off our experience gained from China. The advanced technology from our self-developed equipment companies, our valuable overseas expansion experience in Southeast Asia, and our mature operational system from China, all this helped to support our rapid development in our new markets. We remain very optimistic about the future potential here, as mentioned by Steven. Last but not least, our cross-border business. Following two years of business optimization and focus on the B2B sector, profitability continued to improve. In 2025, cross-border achieved positive full-year Adjusted EBIT for the first time. Revenue increased slightly by 2.1% year-over-year from $ 74.5 million to $ 76.1 million, remaining largely stable. Adjusted EBIT turned from a loss of $39 million to a profit of $4 million, with Adjusted EBIT margin improving significantly from -52.7% to +5.2%. Finally, let me return to our consolidated numbers. Combining all the factors outlined above, our adjusted net profit reached $ 425 million, which representing a 112% increase from last year. That's non-GAAP. On a GAAP basis, our net profit for the period was $ 225 million, up 98% from $ 114 million in 2024. As you can see, these are clear demonstrations of our improved bottom-line performance. Turning to our cash flow, we recorded a net cash inflow from operating activities of $ 1.09 billion in 2025, growing 34.8% year on year compared to $ 807 million in 2024. If you deduct our capital expenditure, our free cash flow as a group reached $ 494 million in 2025, representing a 96.1% year-on-year increase from $ 252 million last year. This is our record. This improvement highlights potential and enhanced cash generation capabilities. As of December 31, 2025, we maintain a very solid cash position with total cash and cash equivalents, restricted cash and bank wealth management product amounting to $ 2.2 billion, up 31% from $ 1.68 billion at the end of 2024. Thank you all for listening to my remarks on financials. This concludes my prepared remarks. Thank you. Thank you, Steven and Dylan. We are now ready to open the call for questions. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. We will now take the first question. From the line of Lu Sijia from Changjiang Securities. Please go ahead. Let's translate myself. Question one, our parcel volume growth in Southeast Asia accelerated in the second half of 2025 compared to the first half. Can this accelerating trend be sustained into 2026? How we expect the pace of our market share gains in Southeast Asia going forward? Question two, what's the current status of non-platform business development in Southeast Asia? Oh, thank you. I will do it. Thanks, Charles. Hi, nice. Sijia, [Foreign language]. I will translate for Charles. Thanks for the question. For your first question, I think Charles's response is that, you know, speaking on behalf of our company, you know, we believe that the Southeast Asia e-commerce sector is in a very rapid penetration stage of growth. Major e-commerce platforms, as you know, they are significantly ramping up their investments across this region to further enrich their product offerings, customer shopping experience. This drives very strong volume momentum for us. According to industry reports, the Southeast Asia e-commerce market is projected to maintain a high CAGR of 15%-20% from 2026 to 2030. Placing our express industry there very firmly on a very high growth trajectory. J&T, we continue to scale up capacity investments in the region, Southeast Asia region, growing alongside our e-commerce customers. At the same time, as mentioned your second questions, we are actively developing non-platform business, which includes social commerce and also includes individual customers, which has started to make meaningful contributions to our overall volume growth there. In 2025, Charles, added that our market share in Southeast Asia has reached 34.4%. This is an increase of 5.8% compared year-on-year. As you know, as you guys are our old friends, you guys know we continue to replicate our China leading experience of operational expertise into Southeast Asia. We believe that by leveraging our robust network capabilities, our high quality service and our competitive pricing, we'll be able to capture more market share. We are confident that in our ability to deliver our Southeast Asia market growth. Yeah. That's your first question, Sijia. The second question you asked, development of non-platform business in Southeast Asia. Charles comments is, of course other than e-commerce, we continue to actively develop non-platform customers, which include our social commerce as well as B2B customers. While the absolute contribution from these non-platform customers have increased, their growth rates currently still lags behind that of the e-commerce volume, because the e-commerce is obviously growing a lot faster. As a result, the non-platform business as a whole is still growing, but it's not growing as meaningfully in our total parcel volume compared to e-commerce. From a total profitability standpoint, our non-platform customers command higher margins, and their profit contributions continue to grow, which meaningfully outpace their share of the total volume. Charles added that, building a strong base of non-platform customers requires substantial time and effort and accumulation, and expanding our non-platform segments will remain a long-term and strategic focus for our operation in Southeast Asia, as well as new markets and China. In Southeast Asia, we have already secured brand name customers across verticals including 3C, i.e., consumer electronics, apparel, fashion. We continue to broaden and deepen our partnerships with both local and international customers, including but not limited to small and medium enterprises as well as individual customers. That concludes his answer to your second question, Lu Sijia. Okay. Thank you. We will now take the next question. From the line of Qianlei Fan from Morgan Stanley. Please go ahead. The first question is about the global expansion strategy. What's the company's current plan of the business expansion globally, especially considering the most recent geopolitical tension in the Middle East? Do we have any updated plan in entering new markets in new countries? Number two is about CapEx allocation. We are very encouraged to see that overseas market is a strong growth driver for our businesses. Do we have any updated CapEx plan going forward for the next 2-3 years breakdown by different regions? Thank you. [Foreign language]. I'm Dylan, I'll translate for Steven for this question. Regarding this question, I think Steven mentioned that it's now becoming very clear for us, the globalization of e-commerce players obviously have deepened in the recent years. With platforms such as TikTok, Temu, SHEIN, AliExpress, they steadily expand their international footprints. This has driven a lot of demand for high quality and last mile delivery network, creating a lot of opportunities for players like us, right? We maintain very close watch on these markets, and we work very closely with our customers to make sure that we can enter into this high growth potential market and most importantly, at the right time. By working in close partnership with our e-commerce platform customers, we are not only able to support their expansion, but also ensuring that our service capabilities and network, the scale, how we scale our network, in tandem with their evolving needs. Essentially you can understand it as we are growing along with our customers. You mentioned about picking how we pick the market. Steven's comment is that before entering the new markets that we do not have a presence, we at the company normally conduct assessments which cover quite a number of factors. He give a few examples. For example, population growth, population size, GDP, penetration rate of e-commerce, and local business environment. We will carefully evaluate the suitable business models for each market and tailor make to make sure that we get the highest ROI, as we direct the resources into these promising regions and try to direct our resources to the most promising regions. As everybody know, we already established our strong foundation in Brazil and Mexico. These are the two largest markets in Latin America, and we have achieved very strong volume growth in both. Now we are planning to expand into additional markets in Latin America, for Colombia, Peru. Our ambition is really to develop Latin America into our next Southeast Asia. We are also actively exploring potential opportunities beyond Latin America into regions such as Europe and North America. Yeah, that's his response Oh, yeah. Thanks, Charles. I'll translate for you. Yeah, thanks for the second question. Charles mentioned that, obviously in our business, we need to plan ahead for capacity. In response to the rapidly growing parcel volume, we also have commissioned quite a number of capacity expansion in Southeast Asia, both in terms of area as well as in terms of the automated sorting equipment and line haul we deploy in the region. As to how we plan, we maintain regular communication with our e-commerce and also actually non-e-commerce customers to get more visibility about their volume forecast in the coming months, years, so that we can carry out capacity upgrade regularly and also ahead of time. As you understand from our industry, we need some lead time to plan for capacity expansion. We continuously talk to our customers and update our plans. Also just happy to share one of the example, like during the peak season, this season in Southeast Asia or in quarter one, our daily pickup volume in Southeast Asia have exceeded 40 million parcel. There were no capacity related issues. Now overall our capacity in this region remains at a very healthy level and we are equipped for our growth. Yeah. [Foreign language]. [Foreign language] Thank you very much for your comprehensive answers. Thank you. Thank you. We will now take the next question. From the line of Chen Yu from GF Securities. Please go ahead. I have two questions. The first question, what is the company's current approach to shareholder returns, and what is the strategy for shareholder returns going forward? The second question, how has the Southeast Asia market performed in terms of growth so far this year? Has there been any change in the competitive landscape? Thanks. Yeah. I'll just to save time, I'll answer your question in English, okay? Yeah, the first question you asked about shareholders return. Shareholders returns, as we have communicated before, is an important component of our overall capital allocation framework. In 2025, we have completed cumulative share repurchase amounting to I think around over HKD 300 million. On August 29 last year, our board also approved a repurchase mandate for us to do up to HKD 1 billion. Out of this, we have only spent about HKD 110 million so far. We still have quite a bit of capacity to use for share repurchase. We will execute our share repurchase program when we believe that the market is undervaluing our company's intrinsic value. Because we really believe that there's a long-term strong fundamentals in our business, right? Obviously we are a long investment cycle business. Looking ahead, I think the buyback, if we do it all, it will be funded through proceeds that we got from the convertible bond that we issued in February as well as our sufficient internal cash generated from our operations. Yeah, that's our first question on returns to shareholders. Charles mentioned that this question comes a little bit early and we will be releasing our Q1 operating stats of April. We welcome Chen Yu and all the friends on this call to stay tuned for our Q1 numbers then. He commented that in January and February this year in Southeast Asia we have recorded very strong growth and this is a good start for the year. We continue to follow our 3PL strategy to be the strongest third-party logistics company in Southeast Asia. We continue to deepen and collaborate with all the major e-commerce platforms, and we want to leverage our cost advantage as well as our high quality services. Of course, at the meantime, we want to continue to develop and diversify customer base to include the non-platform customers. We also observe that the e-commerce in Southeast Asia continues to grow rapidly and the platforms becoming more demanding in terms of service quality, in terms of logistics efficiency, the reliability of our network and cost [Foreign language], more and more. Some players, obviously some of our peers, we have seen that they may find it difficult, right to meet all these growing demands and requirements. It's also not surprising that they start to exit from certain markets. It is also normal for people to come in and go out depending on how the competitive moves. I guess this is just business. This is not what we focus on. We focus on really our customers and focus on how we can do our job better, how we can create more value for our customers, and gain sustainable volume and leading position for, in the long run. Yeah. This is his comment, yeah. Thanks Charles. Thanks Dylan. Okay. Thank you. We will now take the next question. From the line of Steve Qiu from Goldman Sachs. Please go ahead. I have two questions. My first question is under the current regulatory backdrop of anti-involution in industry, how does the company assess the evolution of these policies and the resulting changes in the competitive landscape? My second question is, in this context, how is the company positioning its future strategy in China? Specifically, how do you think about a balance between volume growth and profitability improvement? Thank you. Since various government agencies, including the State Post Bureau, have really actively promoted the so-called anti-involution policy. This has received a very broad societal-level positive response. Management believe that all this is really driving towards quality improvement, cost reduction as well as operational efficiency as compared to just pure price competition, right? The whole industry focus is really shifting towards service quality, network reliability, cost optimization. All these are really helping to build a sustainable and long-term healthy express sector in China. The anti-involution policy has really provided some kind of pricing support for our industry. As we at the company, we continuously will optimize our customer mix by developing higher quality customers and also continue to deepen our effort into reverse logistics and individual customers. If one observes from our financial report, our revenue per parcel in the second half of 2025 improved modestly compared to our first half. The anti-involution policy, we believe that in this year will continue because it also is one of the key topics at the Two Sessions that just passed. Protecting the rights and welfare of the workers in the form of employment is also a priority. We will seek and align with the industry policies direction, and we will adjust our strategy with agility in responding to the market developments alongside with our peers. Okay, as for the second part of the question, Steve, so Charles commented that, balancing volume versus margin, right? Other than when we first started out in China, we use a rather different competitive dynamics. Actually, for the last few years, we have been focusing on high quality growth. High quality growth in few areas. One, we continue to deepen our collaboration with our e-commerce customers, all e-commerce customers actually, to enhance the customer consumer experience. Two, we have to focus more on our capacity building up the right network at the sorting center level, our network delivery level. We have to continuously refine our business operation to make sure that we have a very good and efficient network to support our growth. Finally, I think we talk about the synergy and our customer segments. We need to focus on the product, the different product categories and the specific underserved markets which we didn't cover before. All this, it will be a balance. In short, it will be a balance between value and growth. It's difficult, but it will be something that we will continue to do. Steve. Thank you. We will now take the next question from the line of Brian Gong from Citi. Please go ahead. I will translate myself. Thanks, management, for taking my question. We have noted a meaningful decline in cost per parcel in new markets in 2025. What specific cost reduction initiatives has the company implemented in those markets? Thank you. Okay. Hi, Brian. I'll just answer your question in English, right, just to save time. Yeah, You're right. In 2025, our cost per parcel in new markets, it was about $1.79, compared to $1.94, in 2024. This represents about 7.7% year-on-year decrease. To summarize, I think the improvement was driven by two factors. One, is really the scale, the economies of scale benefit from our very fast and rapid volume growth. We continue to transfer our expertise and experience from China and Southeast Asia into these new markets. We actually did quite a number of things, right? I mean, it's a combination of all our cost reduction initiatives. Let me give you a few examples. For example, in Brazil, we drive the improvement of our labor productivity at our inbound processing stations through a combination of automated equipment upgrade to refined operation management, reducing our sorting costs per parcel. In Mexico, as you know, we have moved from direct management into franchise model. We continue to optimize our franchise model policies, to reduce, or to actually have a scale rate for our pickup and delivery activities, reducing our pickup and delivery cost per parcel in Mexico. In Middle East, obviously this is before the recent conflict, this was last year. In last years, we expanded our scale and improved the operation efficiency of our self-operated line haul fleet. We continue to optimize our transportation capacity to lower transportation cost, to lower our transportation cost per parcel. These are some examples, right? This is obviously there's a lot of things, that we do in total that we bring down the cost. Overall, we remain very highly optimistic that, our new Our long-term growth in our new markets will be very strong, and we'll continue to invest in our infrastructure therein to improve our local efficiency. As mentioned earlier by Steven that, you know, new markets, we believe that we will build one if not more Southeast Asia from our new markets. Yep. Brian. Thank you. Thanks. Thanks a lot. I would now like to turn the conference back to Haibin Chen for closing remarks. Conference call, thank you for participating. You may now disconnect.