Hello everyone and good day. Welcome to joint J&T Global Express Q3 2025 business performance meeting announcement. I'd like to remind you that during this conference call everyone will be muted. Before the end there will be a Q and A section where you are able to press Star one and one on the Chinese line to ask the question. Now I would like to hand over to the moderator Silvia Yang. Hello everyone. Welcome to J&T Global Express Q3 2025 business announcement meeting. I'm Silvia. The meeting materials have been updated and emailed to everyone and updated to our IR website today. The management attending today's meeting is CFO of J&T Global Express Dylan and Head of Strategic Investment and Capital Markets Haibing. The meeting will be divided into two parts. First, Haibing will provide an overview of company's Q3 2025 business performance and then we are going to start the Q and A section where management will answer your questions. First give the floor to Haibing. Hello, this is Haibing. I'm very honored to introduce to you the third quarter performance of 2025. Overall speaking, the parcel reaching 468 million pieces, 31.8% of the increase and in total a year on increase of 25.6% of the parcel volume in 9th month of data reached. The gross market was measuring Southeast Asia and China and new markets. First, South Asia market, we've been seeing a year on increase of 78.7% for nine months to date. The parcel volume in South Asia reached 586 million pieces, increasing by 63%. The major reason for the growth is that first, the e-commerce platform customers increased their investment and promoted rapid growth of business volume through promotion activities and continuing arrangement of categories. The e-commerce customers TikTok, Temu and Shein continue to increase their investment and also having more promotional activities and this drive to grow. The third point is that the non-platform shipments are also growing and have an absolute contribution to order volume but not as far as the e-commerce shipments counted for less than 10%. At the same time, we've seen a gap between us and competitors is widening. Our competitors already withdrawn from express delivery markets in single country, so we see that the market is also slowly consolidating. China, we've already seen 5.85 billion pieces in the third quarter, year-on increase of 47%. At the end of the nine months, we had the year-on increase of 16.5% of the business growth for the top nine months. The major reasons are that, first of all, in July and August of 2025, we had another growth of industrial growth. Expected that indoor growth rate in September will further slow down compared with August. The company's Q3 performance is the same as the initial growth rate. The service quality have been steadily improving. Our logistic index of the mainstream income platforms ranking among high franchisees. The brand image is significantly improved in minds of high quality customers and brain. The high quality orders and then new markets. The volume reached to a level of 47.9% of the year increase from nine months to date. We have already having 270 billion pieces of parcels for new markets. Year increase of 67% and Mexico tariff again in August. Slow cross-border parcel volume growth. However, Brazil saw a strong growth due to the entry of new customers resulting to fast quarter by quarter increase in parcel volume in our new markets. This is performance of the third quarter of 2025. You are interested to know the Q3 financial results. Regarding the financial figures, we only currently disclose the semi annual and annual figures. Therefore, the company generally does not update the performance guidance on a quarterly basis and currently maintains the guidance provided in August. The discussion will be limited to operating data level and will not discuss financial figures. Thank you. Operator, please open the online questioning channel. All right, now this is the English line for listening only. Just remind everyone, if you would like to ask questions, please press star one and one on the Chinese line. We are going to accept your questions. The first question comes from Waning Gong from Citi. Hello, good morning everyone, very much. Thank you to this meeting. Two quick questions. The first is that in new markets and Southern Asian markets in Q3, the growth rate is better than the guidance and still accelerating. So I would like to ask you now, how do you think about the trend in Q4? Do you think that we can keep the momentum or even getting quicker? Second question is that for China market, recently we've been seeing a lot of price increase for the whole industry. How do you think about the profitability in the second half of the year? As for the second half of the year, what is your expectation to the profitability? Right. Thank you very much Brian for this question. With regards to the South Asia market, which is a core market of us at the current stage, we have a higher performance than the guidance, but still there are differences. The first one is that in South Asian markets, even if in Q4 of 2025, I think that even if we are keeping the same growth of the first half of the year, the overall growth rate is going to be higher than the guidance. Our conclusion is that overall half a year, especially second half of the year growth rate will be higher than the guidance and we are going to make efforts to meet your expectation. This particular high growth does not necessarily mean that we were conservative while providing the guidance in the beginning of the year because we were neutral by then. We are saying that the e-commerce market in the South Asia market is pretty much competitive dynamic. Be it for our customers or for platforms or for a company, it is very difficult for us to have a very precise expectation and prediction of the order growth. For instance, at the current stage we have 70% of the growth rate and the guidance for the second half of the year growth rate is about 55% and there is around 20% gap. If you calculate that to the unit it is about 3 million orders. If you actually further distribute it to other five economies in Southeast Asia, as for each and every country, I think that this is only about hundreds of thousands of orders more than the budget. For a single country this is not that large gap. It's just that for each country we had outperforming the expectation. Overall speaking there's outperforming the expectation in South Asia market. This explains the very good data in Q3. In the South Asian market we have alpha and beta customers. This explains in new markets there are differences. In new markets the major growth are from the new customers. For instance, as we always talk to you about that for TikTok in the second half of year entered the Brazil and Mexico and we work with Mercado Libre. In the new markets we do have challenges from Mexico. Now they do have more tariffs and also in August they have raised the tariff to about 30%. In Q4 and also the next year we are going to see impact to cross-border business. Even if we had high growth in Q3, in Q4 I believe that there might be a little bit of challenge to the Mexico market. In new markets we will maintain the guidance to 40% growth as it was. In new markets, Brazil is performing quite well. In the first half of the year we had TikTok enter Brazil, several thousand orders in the beginning and now hundreds of thousands of orders already. For Brazilian markets, the high growth will be a little bit supplementing the challenge that we had in Mexican markets. Overall speaking for the new market, the second half of the year guidance, which is 40% of the growth rate, is quite neutral and appropriate. Your second question was on the China market, what do we expect for the second half of the year, whether it is becoming more optimistic. I want to explain this from two sides. First is about the growth, the second is profitability. In August and July you can see that the overall industrial growth has been slowing down 12%. In August and in September this is further slowed down and in Q4 versus Q3 we are going to see a further slowdown of the business growth. You can see that the industry is increasing the price and causing the slowdown of the industrial development. This is going to be quite stressful to our overall cost. I think that for the single ticket revenue and profit, if you can see that Q3 and Q4 might be increasing in terms of that figure versus the first half of the year, but still there's a stressful cost. We are holding neutral or a little bit neutral towards positivity attitude than the overall budget. No change versus the guidance. Thank you. Thank you. We're going to have the next question. Li Gangxian from CICC. Hello, this is Li Gangxian from CICC. I have two minor questions. The first question is about the South Asian market in terms of the growth rate. Just now you have mentioned that it is growing quite fast and my question is for the overall e-commerce. Do you think that this is actually the overall kind of organic growth from the Southeast Asian market itself, or you had a different strategics and different investment strategy, whether you are going to update anything on this point. The second question is about South Asian market as well. We could see that recently there is a news say they've been having the approval of the port operation in Indonesia and it has been resumed, which is good news. I would like to know that for these merchants and in terms of their operations whether there is any impact. Thank you. Thank you for this wonderful question. First one is about the South Asian market in terms of the growth rate. We are very glad to see that in Q3 our growth was higher than expectation. The guidance, the major reasons are that first of all the South Asia market, the e-commerce penetration is increasing and more importantly is that one of the key accounts have been investing more in South Asia market. I believe that they are bringing more parcels to us. This is the very reason why we are going to have the growth better than expectation. The second question, the answer is that as you say in the ATOC fluctuation in Indonesia, as you said that the current stage this has been resolved quite fairly. Of course this happened quite shortly. Still, this impact was quite limited. Another thing is that for some of the e-commerce platforms they do had hiccups while operating in South Asia market but overall speaking there was merely any impact, so this is going to be a new normal but we have been actually resolved this quite wonderfully and one thing to add as for the first question I think that for the South Asia market the out of expectation growth are due to the market performance there dynamically or this part of the reason would be to the express delivery industry. First of all, the overall beta has been developing quite well for the whole market and like the shipment and the penetration of the e-commerce and second is that the free delivery fee for TikTok in South Asia market and we have followers of the other competitors, so the current stage there are more fierce competition of e-commerce companies. Overall e-commerce industry is growing very fast and second point I would like to say is that as for the Korea and also as for the commitment cost basis is getting higher and higher and at the same time as for the price or as for the quality there is a higher requirements and higher bars, so in certain countries, some of the small vendors they are not going to be compliant with the requirements of the e-commerce platform and they're exiting from the market. J&T Global Express, because of a very good quality of our service, we've been increasing our penetration among certain accounts. This is another reason that explains the out of expected growth in the South Asia market. Right? Understood. Indeed, as you have already stated, the e-commerce business is growing quite well in the South Asia market and the market is consolidating very quickly. I hope that J&T Global Express will get a further improvement in the South Asia market. Thank you. Let's wait for the next question. The next question is from Tu Yu Bo from Haitong Securities. Right? We can hear you. I am Zhou Yubo from Haitong Securities. First of all, I want to congratulate for another wonderful performance of the company. The question from my side is about the development capability. We can see that we are accelerating our growth in overseas, so could you help us to understand the drivers behind and what is about the major trend of the platform and the whole market? Second is that how do you think about the future potential of the market growth in the overseas? Second point is that we have observed that some of your peers are developing in overseas as well, in Cambodia and Middle East. Actually, there are a lot of same phenomenon happened in the history, but still you are the best one in overseas market and you are not impacted even if the others are going out. I think that I want to ask you, what is the core competitiveness, for instance, in local operation? How do you think about your competitive edges versus your competitors? Thank you. Right, I think that this is a very good question. The first question is you want to gain more color about potential of growth in overseas. There are actually two regions. The South Malaysia market. The major trend is the buy one getting free delivery. You can see that in the second half of the year, we are seeing more things happening in Thailand and Vietnam. The biggest e-commerce platform is actually having promotion activity as well. Also, the other e-commerce platforms are doing the same thing as for the exemption from postage. At the same time, in China, we've been actually seeing this particular trend and phenomenon happened before. At the current stage, this helped to drive more orders from different price ranges. At the same time, we are seeing more competitiveness among the sellers of the merchants and also competition in between different platforms. The differences of the e-commerce customer is that we are a third party logistics. The major strategy, strategic positioning is that we want to actually have as many parcels taken from as many as e-commerce platforms as possible and also to have a very good operational capability and to lower down our overall cost. Of course, under this particular background of the exemption from the express delivery fee, this drives the growth of the parcel number and this requires a higher quality of shipment capabilities. That is actually also driving the exiting of a lot of other small size competitors. We could see that we've been seeing some of the competitors that are withdrawn from express delivery market in single country. As for the development capability of J&T Global Express, we are going to be upholding our overall capability and our value proposition. Hopefully that we are going to increase our penetration among the e-commerce platforms. I'm talking about every e-commerce platform that you can think of and I hope that one day we are able to help them to grow at the same time. I believe that we are actually a third party logistics company. From a development potential standpoint this is very good. Also in Latin America and Middle East we are not seeing this particular trend of the express fee covered by the purchase. We are seeing actually two major trends in new merchant markets. First is that for some of the e-commerce customers they are investing more especially in Middle East and Latin America. Another trend is that we are doing a lot of the local-to-local business. For cross-border e-commerce there are a lot of pressures from the dynamic tariff. A lot of e-commerce platforms are now doing local-to-local business. This is actually truly important for us to consider happening in mature markets and also happening in the emerging markets as well. This is a very important trend which is more local-to-local business. I believe that we have to pay attention to this and this is actually the major reason for us to have a higher growth rate than the industry for the emerging markets. Another question from you is about the competitive edges. I believe that as far as we really welcome more competitors joining us in getting to overseas altogether and everybody knows that in China we are a new company and we're still learning from the other competitors and peers. Hopefully that we are able to gain a much better community and knowledge, know-how in China, be it the operation or business model or talent recruitment, etc. We want to do better than ourselves. You could actually change your angle and perspective while viewing this particular question. Everyone joins the local country so we could expand the pie larger altogether. This is quite significant and we see it from a positive standpoint. Right. Thank you very much, Dylan, for this wonderful answer. Thank you very much for your question as well. The next question is from Hu Junwen from Chang Securities. All right, good morning Dylan, Haibing, and Silvia. I want to congratulate the company on achieving very good performance. I have two questions. The first one is about the overseas markets and new markets. You can see that TikTok and Temu are accelerating their expansion plan in the new markets. Temu and TikTok in Brazil had a very good quarter-by-quarter growth of the number of visits. I would like to know that for China, how do you think about the overall impact? The second point I'd like to ask you is about the China market. Now we could see that under the backdrop of anti-evolution campaign whether or not you are going to adjust your strategy here in China further, right? Thank you very much for your question. Let me answer the first question. As for overseas, especially those major e-commerce platforms going global, probably you have seen this data from someone else. From J&T Global Express standpoint, we have also our strategy. You could see that in Latin America, there is a very good growth and this is going to be a very encouraging figure to us and I believe that they are one of the key accounts of us in Brazil and Latin America as a whole. Of course, we don't only do business with them. We also have other potential customers and e-commerce partners as well or even local e-commerce platforms. Altogether they are building the whole pie of our business in Latin America. Of course, for those mainstream e-commerce platforms going global, I definitely believe that this is going to make the whole industry grow much better in Latin America and also in the Middle East as well. Second question you asked me is about the strategy for China, actually for Chinese market. We've been actually seeing some kind of incidents happening. The first one is about the price competition in the first half of the year and also anti-evolution in the second half of the year. This was a little bit impacted the overall market performance. In China market we are still a follower and a learner. We are still having a little bit gap versus the top companies. Based on that we are going to work on our own organic community to grow. We are going to regard the China operation as a very important training camp for J&T Global Express. We are going to further recruit the talents and further increase the overall operational efficiency in the emerging markets and to optimize as well as innovate on our business models and try to copy our strategy from the rest of the market to China and also the other countries as well. Thank you. Thank you very much for this thorough answer. Thank you very much for your question. Next question is Chen Yawen from Xinye Securities. Hello everyone. Good morning. I have a question that in the south of Asia, be it in the number of point of services and also the number of fleets you were investing continuously, I'd like to know that which countries are you talking about in South Asia for those investments and with this further investment upon those hardware, how do you think that your delivery time and the efficiency could be improved? The second question is that which South Asia country are going to receive more investments from you in the future? Right? Thank you very much. I am from the IR team. Let me answer the question. In South Asia market, the fleet and also equipment investment is very good. You can see that the number of parcels in the South Asia market is growing very steadily and in a high pace. At current stage, we have 60% of the growth for the top nine months. We have to actually invest more to increase our capacity. We are going to update that gradually. On the fleet, be it the self-owned or outsourced fleet, there are a lot of improvements. Second point is that we are actually updating and also we are rebuilding our facilities. Now we have around 120 centers in South Asia for the shipping center, but only 60 have automation capabilities in major economies. We are achieving a very high growth rate and this is due to the very good positioning of automated device and equipment use. Another part of the story is that in the future we are going to see a gradual implementation of those new equipment and a greater number of fleets. You are going to see an increased parcel number. We are going to see further investment to buy new vehicles in the fleet or to upgrade our facilities. This incremental part can be reflected in emerging markets. For instance, in one country we have been investing in 11 automated lines so that while we are taking orders from new customers we can have very good bargaining power and we can provide excellent service to our customers. Any further question? No further question from myself. Thank you. Thank you very much. Let me have the next question. Next question is Fen Qianlei from Morgan Stanley. Hello everyone, this is Tenant from Morgan Stanley. I have two questions relating to the China market. The first one is about the ASP in China in the second half of the year because of anti-evolution. This ASP could be improving month by month or quarter by quarter. According to some of the other figures I think there are differences in terms of the year-on-year growth of the ASP. I'd like to understand what is the level of J&T Global Express and in between franchisees and headquarters, how do you distribute the price increase? Whether you can have more details sharing with us. The second quick question is about the impact to the number of parcels. We can see that when the ASP is increasing actually this is dragging the development of the parcel number increase. I want to know whether or not the impact of the parcels among different customers might be different. For instance, for some high-end customers this impact is going to be merely little or in which e-commerce platforms you are going to see kind of a different impact because of this increased ASP. Thank you very much Annie for this wonderful question. As for your first question with regards to the Q3 ASP of the China market, the overall trend we've been seeing, especially in September, there was actually a very big increase of the total price and the overall trend is still quite similar to that of the whole industry or the other peers in the industry. We are not disclosing any financial data for this round. At the current stage we are not going to give you the figures about the year-on-year or quarter-by-quarter growth. The overall trend is the same as for the profitability because of the ASP increase and distribution between the headquarters and the franchisees. At the current stage, we're talking about different regions and for different franchisees we actually have a different policy. I cannot give you a one size fits all answer, say it's half or 1/3 to each. The overall strategy is that we are hoping that our franchisees are going to become more capable. In certain regions, we are going to tend to work with the franchisees. As for our competitors, in J&T Global Express, we actually operated the shortest here in China. Also, in terms of the overall kind of quality of the franchisees, this is not as good as the other express delivery companies. I hope that, speaking, we're going to see better profitability of the franchisees, which is going to be sustainable and scientific. The second answer to your second question is that actually whether there is any kind of impact from a slowing down of parcel number increase due to ASP increase, how do you think about the difference among competitors? The answer would be that yes, we've been seeing a lot of difference. For instance, for the first round of ASP increase in Guangdong province, there was a lot of decrease of the business. For instance, there were a lot of low profit margin customers like selling the smartphone case and they cannot tolerate this particular price increase and they exited from the market. The first round impact was to those low valuable kind of customers. For branded customers, as for their big customers, as for the express delivery price, they were not that sensitive towards the price change, so merely any impact. As for J&T Global Express and also as for the rest of the other industry, we are sharing the same momentum and also the overall trend. Thank you. I would like to have a follow up question whether or not there are any differences across different platforms for the impact to the number of parcels. The answer would be that I think that we are seeing the same trend as you did. For the kind of customers with the low DOV, not only are they going to be selling on one e-commerce platform, but all the customers' platforms. For those customers of low DOV, they were the major driver of the impact. This impact is not attributable to only a single platform. Thank you. Now let's have the next question from Guanhong Development Securities. Xuke. Right. Thank you very much Dylan, Haibing, and Silvia for the opportunity, you've been achieving a much better growth for your business which is out of our expectations. I would like to ask you that for the next several years in South Asia market and the emerging markets, how potential you are for the future. According to the growth rate that we have, would you like to have more visibility about your predictive value from 2025 to 2028 at the current stage. I went to Indonesia in the October national holiday. I found out that their overall pass number per capita was quite low and they had the low income level. For Indonesia, I think that you're having a big investment there and I would like to ask you how potential the South Asian market is in the future. The second question is about your customers. At the current stage we have seen a lot of growth. We want to ask you that you're having a better overall growth rate than that of Q2, which is 20% gap. Definitely you are gaining support and help from emerging customers in terms of the development and exploitation on the new platforms. You have any updated information and details to be shared with us? Right. Thank you very much for this question. Are you able to see the presentation PowerPoint that I presented? Yes, actually as for the growth rate in South Asia market, definitely we had out of expectation growth in Q3. As far as this is a new normal. Sometimes we are having only the kind of a price and in South Digital market in the future this is going to be a big driver for the growth of E Commerce and E Commerce Express delivery as well. Sometimes you can see that if we're taking a look at the transaction volume and the parcel volume, as for the whole South Asian market, it is already gaining additional 20% of the growth rate. In the near future we're going to maintain that particular momentum in South Asia market in specific. In the future we are having our confidence that we will perform much better. For South Asian market we are maintaining the guidance as it was. The second point as you mentioned was about a major account in Southern Asian markets. Definitely speaking. A major reason for us to grow in South Asian market is that they have their customers and further penetration of E commerce platforms. Also at the same time we are further optimizing our overall cost and operational cost specifics. For other peers, they are exiting their business from some single country. This helps to increase our penetration in that market. In South Digital market, we're going to keep investment and maintain our competitive positioning in that market. I would like to give you an example. Most of our customers are from the mainstream e-commerce platforms from China. Of course, I hope that those new and some of the smaller local South Asian platforms could be doing business with us further. Next is that we are doing a lot of non-platform parcels, reverse parcels, commercial parcels, and some of the others. At the current stage, we are making a very good improvement. Thank you very much. Haibing, thank you very much for your question. Let's wait for another one. Next question is Kojie Yu. Hello everyone. Thank you very much for this question. I have two questions. I am from Nomura. As you have mentioned, because of a raising tariff in Mexico, you've been seeing a lower number of parcels cross-border. Could we understand that for those going global e-commerce platforms, some of them are having cross-border parcels partially and also local parcels? Tariff increase reduced the parcel delivery. This is weaker, of course, in terms of the overall impact than our expectation. Is that the case? My second question I want to ask you is about the China market. Would you be upholding the guidance that you provided for China market? As for the parcel volume, the growth rate should be exactly the same as the industry level. Also, as for the single parcel parameters, you've been seeing a very good quarter by quarter growth. In the second half of the year, you can see that parcel number growth is the same as the industry number. Also, the parcel kind of order number will also be improving versus the industry average. Thank you very much, Rachel, for the two questions. The first question is that you have a correct understanding. For instance, for Latin American customers, their overall business model is that they are doing partially the business of local-to-local and cross-border business. If this is a cross-border business, they're going to be impacted by the tariff and fluctuate a lot. A very good trend is that for our customers, especially in the past one or two years where we had fluctuated and volatile kind of tariff, they've been actually already notifying this particular problem. They're now spending more investments in building the local supply chain in those different local countries. If they had the tariff increase, they were going to divert more traffic to the local customers and local buyers as well. This is going to be their method in coping with impact from the tariff. From a longer standpoint, I think that this particular impact of the tariff will be forcing our e-commerce platform customers in actually giving more resources to the local supply chain. This is benefiting the local business. The second part of your question about clarification is about China. Actually, as of the end of Q3 for J&T Global Express, our overall growth rate is a little bit lower than the initial average. In Q4, our strategy is that we want to keep flat versus the industry growth or getting a little bit low because the overall strategy for us is not to try to hit a very high level of the growth rate. In recent two years, we want to do restructuring actively and we are going to give more resources in getting those medium-sized to large-size accounts that we always wanted to have. We want to have more high-quality customers that could help us to improve our profitability in China. This is the strategy that we have here in China. Next is the reason why we're having the same or a little bit lower than the industry average growth rate for J&T Global Express. Still, the overall trends, I have already explained that in the short period, but for the short to medium time, in the next three to five years, what is our strategy here in China in terms of the penetration and market share? We want to get bigger, but still in China market there are a lot of competitions. Periodically, we are going to do the restructuring or the shifting of strategies. The second point is about the ASP. At the current stage, the ASP is increasing quarter by quarter. This is the same as the industry average. At the same time, the kind of profitability per parcel also increases at the same time. All right, thank you very much. Now let's have the next question. Lian Chao from DSP. Hello, Dylan. Hi, Bing and Silvia. I have two questions about the operational capability. First is that you were talking about the cost reduction measures. Having franchiseeship in South Asia, would you explain on that? Second point is that we'll be seeing two interesting things. First is that for China region you have actually a reduction of the point of sales and in emerging markets you have been adding nine more. What is your strategy thinking behind? Right, thank you very much, Mr. Liang. The first question is that as for the progress in South Asia market, the whole progress is pretty similar to expectations from direct operating to franchisee model. This is the strategy that we have to uphold for a long term in South Asia market. Say if you're talking about a single quarter, we're not going to see a very big and obvious increase. This is an unchanging kind of increase. Also, second is the sorting center number in new markets. In terms of sorting center, we adjust that in Mexico and Brazil. Now we can see that because the parcel is increasing quite fast, we are dynamically adjusting the number of our sorting centers. Be it for the sorting center or the number of point of service, we are actively shifting our strategies there. Right. For the nine new sorting centers, they are in Brazil. Right, right. The automation equipment investments are also one of our focuses. I mean in the South American markets for the new nine sorting centers, we have conducted the preliminary analysis. If the capacity is increasing, we're going to position that further. At the current stage the whole resources, especially the sorting center number, is still less than abundant. Right, thank you very much Sam Fashion. Against that backdrop, what is the ratio of reverse parcels versus the normal parcels in your individual parcel business? Right, thank you very much Mr. Lin for this wonderful question versus about the cutbacks increase in South Asia market. Actually you can see that our growth rate is actually quite good in South Asia market at current stage. There is no problem for that. Still, we're actively optimizing on our operational efficiency. Around $1 billion of CapEx each year for that market. Sorry, it is $600 million in South Asia market. Next, Silvia will answer your second question. Right, thank you very much. As for Q3, overall speaking, the reverse parcel 2.2 million and non-reverse individual parcels 2.4 million. In total we had 4.6 million parcels. This is accounting for about 7.7% of the total parcel and business. If you compare that with 2024 this has been improved a lot. Last year the whole percentage was about 6%. That is to say that you can see that the individual parcel business is growing quite rapidly. All right, thank you. Thank you very much. There is no further question from the line. I would like to hand it over back to the management to give a conclusion remark. First of all, I want to thank everyone for this participation in the Q3 2025 business announcement meeting. If you have any question please contact the email of IR team. Thank you very much everyone. You are now able to be disconnected. Thank you. See you next time.