Good day. Welcome to the conference call for J&T Express 2025 Q4 operating performance announcement call. I would like to remind everyone that during the conference, everyone will be muted. Before the end, we're going to have a Q&A section. If you need to ask a question, you can press star one and one on the channel side. Just remind everyone that this is going to be recorded, and this is the English line for listening only. Now, give the call back to the management. Hello everyone, welcome to the conference call of J&T Express 2025 Q4 performance announcement. This is Frank. Today, the materials have been disseminated through emails to everyone and updated to our website. Today, we have CFO of J&T Express, Dylan, and Haibin Director of Strategic Investment and Capital Markets. We're going to have two parts for this meeting. First of all, Haibin will be introducing the company performance in 2025 Q4, and then moving to the Q&A section, where the management will answer your questions. Haibin, please. Hello everyone, this is Haibin. It's very glad for us to give you an announcement of our performance in 2025 Q4. The parcel volume reached 8.46 billion pieces, representing year-on-year growth of 14.5%. Total parcel volume for the entire year amounted to 30.13 billion, year-on-year increase of 22%. The growth mainly driven by Southeast Asia, China, and new markets. First of all, the Southeast Asia, in Q4, the parcel volume reached 2.44 billion pieces, with an increase of 73.6%. The full-year performance amounted to 7.66 billion pieces, showing a year-on-year increase of 67%. The key drivers behind are as follows. First of all, the e-commerce platforms have increased their investment through performance activities, and the continuous enrichment of product categories will have driven the rapid growth of the business volume. Also, in 2025 Q4, we've been seeing a very good maintenance of the growth of major clients of e-commerce. Non-platform parcels have also reached a very good growth, marking a significant contribution to the total parcel volume. Also, at the same time, we've been seeing a higher requirement of the logistics service, and widening the gap with our competitors by the virtue of our cost and the price advantages, as well as the solid network capabilities. Next, let's talk about China. In Q4, the parcel volume in China reached 5.8 billion pieces, with a year-on-year performance of a flat performance. The total full-year volume reached 22.07 billion, showing a year-on-year increase of 11.4%. The business development of the China region in Q4 was categorized by following aspects. The industry growth has slowed down in October and November, and industry growth by 8% and 5%, respectively. It is expected that industry growth in December may slow down further compared with November. Also, we have proactively adjusted our strategies, strengthened the foundation of our network, and pursued high-quality growth. The company ranked high in the logistics index for the franchise system and maintained on the mainstream e-commerce platforms. The brand image has been significantly improved in the minds of high-quality clients, and this has brought us in more high-quality parcel volume. Now, the emerging markets. In Q4, the parcel volume in new markets reached 130 million pieces, with a year-on-year increase of 79.7%, and 2025 volume was 400 million pieces, with a year-on-year increase of 43%. The following reasons contribute to that. The e-commerce penetration rate in new markets is still low, but per capita parcel volume is much lower than that of China and Southeast Asia, giving room for further development. Next, we have continued to improve the express delivery network, enhancing operational efficiency and service quality. We can see that we do have very good growth in Mexico and Brazil, and the e-commerce ecosystem in the Brazilian market is more mature. Within the entire new clients, the company has achieved very favorable growth. This is the operating performance of our markets in Q4. When asked that you are very concerned about the financial performance in Q4 2025 regarding financial figures, the company currently only discloses the semi-annual and annual financial data. Therefore, the company generally does not update the performance guidance on a quarterly basis, and specific guidance for 2026 will be released simultaneously after the annual results announcement in March. This concludes the announcement. Now, we're going to open up the questions to the floor and welcome everyone to ask questions. Thank you very much, management. If you'd like to ask a question through the phone, please press star one and one on the channel side. We're going to accept your questions. Now, we are going to take the first question from Li Mujing from CITIC. Thank you very much. Hello, Dylan and Haibin, and dear management. Good morning. I'm Li Mujing from CITIC. Very much, thank you for the opportunity to ask questions. So today, I have two minor questions to ask. The first one is on the operation in the Southeast Asia market. We could see that in Q4 and also the previous quarters, the network collaborators and the number of points of service had the divergence trend. For instance, the number of partners has been decreasing, but the number of points of service is increasing. So we'd like to ask the reasons behind. Is it because that you are doing integration or any other reasons? This is my first question. Thank you. All right. So thank you very much for this particular question. Just now, you have asked the reason that so we have actually a different trend for the number of franchisees and the number of the point of service. So in Southeast Asia market, right? Yes. Okay. Thank you for the clarification. In Southeast Asia market, we have a lower number of franchisees, around 300, but we have 1,000 point of service. The reason is that we have very strong growth in Southeast Asia market. So with this very strong growth, we have to further increase the density, increasing efficiency and productivity. This is the number of reasons for us to increase the point of service. And for the franchisees, we're doing integration of franchisees further. We know that we are promoting the particular kind of transformation from self-operating to franchisee model. So we are increasing our efficiency and quality of our service provision. This is the reason for us to have a divergence trend between these two. Thank you. Thank you very much, Haibin. The second question is around the China market. We know that in the second half of the year, we had a lot of changes happening to the logistics and the quick express market in China. We would like to ask you that, on this current backdrop, how do you think about the 2026 strategies and your key indicators of performance? Also, could you share with us about your overall outlook of the overall pricing war happening probably in 2026 first half? Right. Indeed. We know that in the China market in 2025, throughout the whole year, we had fluctuations a lot, and probably you have experienced that in the beginning of the year, we had the pricing war. During the middle of 2025, the government had the anti-involution policies, which lasted for about half a year, and as for the anti-involution policy, we have maintained our unanimous attitude, which is cautiously positive in terms of the duration and the strength and depth of anti-involution policies. We cannot control these factors, so our strategies will be adjusted dynamically according to the situation. As for China market, we always believe that we have to be steady and with very good growth against the stability, and in that whole process, we are going to also increase the quality of the parcel delivery, not only focusing on quantity. Also, in China, for the high-priced parcel and the reverse parcel and individual parcel, numbers will be increasing. As for our investment in China, our position is a follower. As for 2026, we are continuously having the same strategies, which is maintaining our positioning and focusing on good quality, finding good strategic opportunities, and realizing our growth in China. Another point, which has always been said by us, is that in the China market, this is actually a very good fundamental for us to expand in the rest of the global markets. In emerging markets, in terms of technologies, human resources, and resources are distributed by China. We are exporting those things to or from China and bringing our very robust and healthy growth in the rest of the markets in the world. Thank you very much. It's very clear. Thank you, Dylan and Haibin. This is the end of my question. Right. Thank you very much for this question. Next question is from Zhou Yubo from Taika ng Securities. All right. Can everyone hear me? Yes. No problem for that. So good morning, everyone. You can see that in Q4 of 2025, we have maintained a very robust growth. And this is pretty good. So you can see that the Southeast Asia market is pretty good. And the investors are actually caring about the notion that how do you think about the overall growth expectation of 2026? This is the only question that I have, especially for overseas markets. For instance, the Latin America and the other foreign markets, e-commerce growth and the other industrials growth. Any new guidance that you're able to provide to us? Thank you. So first of all, very quickly recap. Just now, you asked us about the expectation of 2026, so this year, we are announcing the 2025 figures, so we would like to actually reiterate that taking a look back at the performance of the last year's interim results and to expect the new growth, so we actually expect to have 74% of the growth. Several reasons. First is that for the major e-commerce clients, especially TikTok, Temu, and Shein, have invested heavily and also increasing the number of categories and further penetrate in the Southeast Asia market. At the same time, under the heavy competition of the e-commerce platforms, there's also promoted the development of the express industry, but also, the logistics cost is increasing at the same time. So for Q4, you could see that for some of our third-party logistics companies cannot satisfy the needs and demands of the e-commerce platforms and quit the market due to certain reasons. So we have a very good cost advantage. We are also increasing our competitive advantages on the platforms. You can see that we have increased non-platform parcels, but this is not that contributive to the overall revenue because it is accounting for less than 10% of the total. And another question is about the outlook of the Southeast Asia market in 2026. Overall speaking, we are quite positive to the growth further in 2026 because for these e-commerce customers, we could see that they have a very good customer conversion. And in 2026, this momentum will be continued, which is something that we firmly believe. Of course, if we have 70% of the growth in the Southeast Asia market in 2026, this is pretty much confident for us to actually maintain that. This is pretty much about the Southeast Asia market. Another foreign market is the other emerging markets. As we have discussed in last quarter, while in 2025, we have collaborated with Mercado Libre and the TikTok in Latin America, we have been actually increasing our collaborations. At current stage, we have a very good divergence, I mean, diversity of the customer base. So in the emerging markets in 2026, overall speaking, we have some of the figures of showing the penetration still, which is quite potential for us, and these figures are way lower than the Southeast Asia market in China. From our standpoint, there's a huge potential for further growth in the emerging markets. And emerging markets, we're going to perfect our network connection and increase our quality of service and increasing the investment to improve the productivity. So overall speaking, the emerging markets are still at an early stage, and there's a huge room for further growth. So last year, in 2025 first half, we had a low base in this market. And because of the low base number, we believe that we're going to have a very good growth in 2026 first half. But in the second half of 2026, we have to actually take a look at the performance from those platform and non-platform businesses. But still, overall speaking, we are quite optimistic. The penetration and number of parcels in the emerging markets are way lower than that of China and Southeast Asia market. We would like to actually regard the emerging market as a third country for growth. Right. Thank you very much, Dylan, for this answer, very clear answer. No further question from myself. Thank you. Thank you very much. Let's wait for our next question. Next question is from Liu Gangxian from CICC, please. You have the floor. Thank you very much, management. This is Liu Gangxian from CICC. I have also two minor questions. The first one is that with regards to the emerging markets, we know that we have been investing and investigating in the Southeast Asia market, and we know a lot about this. But for Mexico and Brazil, we are quite estranged to that. So would you like to comment on the e-commerce and the logistics? What is about the overall landscape as well as the ecosystem as well as the models? Could you have more details? For instance, e-commerce, what are the differences and commons versus China and Southeast Asia market? What about the difficulties and also the competitive edges that you have in terms of logistics service? This is my first question. Second question is about China. We know that in China, we have industrial reasons, and also we have our active adjustment as well happening in China. So against that backdrop, how do we think about the economy of scale? Because you had a quick growth in the previous years, and now you're slowing down in China. Probably you are going to be exiting in terms of the resources and the human resources as well. So if we're not considering price, if we only consider about the cost, how do you think about the competitive landscape here in China? Let me answer this question, and I think we'll be introducing China. So first of all, just now, you have asked about the Mexico and Brazil, right? So Latin America. First of all, I would like to say that in Latin America, we are still at the first cycle of our development. So with our key accounts in e-commerce, we actually are planning to expand according to the volumes that they have. So this is the first stage of the development, and now you can see that the Southeast Asia market is more mature than the Latin America from this standpoint. In Southeast Asia market, we have been actually growing a lot in a year. So in terms of the brand image and in terms of the adoption and the mindset of our customers, in Latin America, this is actually growing and rising a lot, so still, there is a very huge room for further improvement in Latin America. We're concerned is that we have to provide a very good quality of service to e-commerce customers because there is actually huge demand of e-commerce platforms in Latin America. And locally, some of the local players in terms of the service is not that good. Giving you a simple example, say 365 by 24, this is not actually going to be the case. There is no such kind of a service model happening from the other express delivery platforms. And next is about the express delivery. We know that for e-commerce platform customers, they choose the express delivery to enter the market. And now we are at a very high growth from this standpoint. And those players are setting up the warehouses and delivering their goods and importing the products from Asia and other markets to Latin America. So be it the cross-border or local like local to local service, we are very clear about the business models, right? Be it which model that we're talking about, as long as this model needs the delivery, our global network can cover and national coverage could have a very good service quality match. So we are also going to provide a lot of differential strategies locally. But of course, not only in terms of these factors, if you're taking a look at the trajectory of our development in Southeast Asia and also in China, we do a lot of mergers and acquisitions. We believe that we have advantage as well in Latin America. For instance, together with our e-commerce customers, we're going to establish the warehouses, or we're going to take the parcels from the local warehouse, or we could collaborate with the merchants and also penetrate our service into theirs. So we do have a lot of APIs available for that from a system standpoint. So this is going to be really good. You can see that we are able to compete in a very highly efficient way. At the same time, we are always investing in the emerging markets. You can see that in Latin America, be it the fleet investment and the equipment, we are increasing those investments at the same time. So these are going to be the backdrop for our further growth. In terms of the differentiation, I think that as we have already introduced, that we do have the experience from China, and we are going to have a systematic copy and paste to the local market in Latin America. But the other competitors do not have the capabilities like we do. Right. Thank you very much. And then this is Haibin, and let me answer the question about the China market. Actually, for China market, as we can see that after years of the growth, this is a huge market. In around 2020, we actually entered the China market. In In five years, now we are having such a market share as of Q4 of 2025. And this bigger five years of development equals to 20 years of our development of our competitors and rivals. So as far as we have very good strategies, but of course, at the same time, we have very good internal capabilities that we could deliver. In 2025 October, we have actually announced a new transportation center in Guangzhou, and this is actually going to be the biggest center here in China or even the biggest in Asia or in the world. So this is actually showing that we are actually dedicated to further increase and also to further increase our penetration in China market. And we believe that in China, even if actually the particular kind of growth has been slowing down, but overall speaking, the potential is pretty good. And you can see that China is a huge market. So this is definitely going to be a very, very important market of especially strategic market for us. We're going to increase our efficiency of operation, lowering down the cost, and this is going to be our focus here in China. All right. Thank you very much, Dylan and Haibin. If possible, I can have a follow-up question on the tariff issue in Mexico. This is already taking into effect. We would like to understand that in Q4, whether or not you had certain issues before the tariff adding and after the tariff adding, what is the particular competitiveness of those e-commerce customers in Latin America? Right. Thank you very much for this question. I think that in a short period of time, the tariff is actually having some impacts on the e-commerce customers. But also you know that we have the local to local service model. This is actually going to enhance because of the tariff. And of course, we have a lot of sellers, right? If we cannot have the cross-border business done in a very cost-efficient way, we're able to do the other business models, so in a short period of time, the penetration of e-commerce customers will be actually hindered by the tariff policy, but still, you can see that we are going to have very good growth on local-to-local business, which is going to be offsetting the impact from tariff policies, so in Q4, the performance is actually lower than our expectation, but still, we had a growth, right, in Q4 in Latin America, so in the long run, if we have those platform business and the local-to-local, we are actually more advantageous even than the other rivals, and sometimes you know that this is quite easy business model because it's happening in the port and airport. So when we have actually a very good local to local business, this requires a lot of the network coverage, which is something that we already had. Right. Understood. Indeed, local to local is very good positive news to J&T Express. But still, the particular delivery upon arrival is going to be quite challenging, but local to local business is pretty advantageous to us. Yeah, no problem. For myself, and this is the end of my questions. Next, we have Guo Jun from Sinolink Securities. Hello, Haibin here. This is Guo Jun. First of all, thank you very much for this opportunity to ask my question. I have two minor questions. The first one is a follow-up on the business growth in Southeast Asia market in 2025. Because of a very good growth and also strategies, you had a very good performance. 2025 is already over. If you're talking about the commercialization and monetization, we do have a lot of factors, but if you want to have a priority for those initial factors, what about the ranking? For instance, the increasing capability of logistics efficiency and the platform resources investment, etc., etc., so we would like to ask the company that how do you think about these industrial factors? And in the next two to three years of time, how do you plan to commercialize upon those industrial factors? Some of the values may not be reflected right now, but we are expecting them very much, so would you like to have an answer for this? Right. This is a very big question. Let me try to answer this question properly. Of course, I may have quite a subjective answer to this in terms of the priority ranking. First one is that the changes of the offline retail changes. This is actually growing a lot in Southeast Asia market. Last quarter, you could see the changes in Thailand and Vietnam. Now, the free delivery threshold has always been lowering continuously, and the VIP service of e-commerce platforms. We are going to actually make sure that more buyers are able to actually enjoy a cheaper price of the logistics and some of the other benefits of buying goods online, so online to offline. This is actually accelerating in terms of the overall trend. That is to say that the offline retailing is actually developing quite fast. This is actually a quite obvious trend. Second point is, and this is actually something quite dependent on our investment to the e-commerce customers. From those e-commerce customers, you can see that in Southeast Asia market, the e-commerce customers are increasing their investments a lot, right? And the third point I would like to illustrate. If you're talking about the ranking, first trend is that increasing online to offline, and the second is investment increasing by e-commerce customers. And third, initial factor would be the increasing of our penetration rate and market share and exiting of the medium and small size of players. These three changes are quite core to us. The second question is about the continuity and the sustainability. I think that the first and second factors are going to be still playing their roles. We know that for e-commerce customers, they are actually trying to cultivate the habits of those buyers buying from online. This is not going to be the strategy that they want to bring the profit for only a year, but they are having a very long-term strategy in place. So as we have already mentioned that the first trend, the online to offline, and second is that more investments from e-commerce customers. These two trends are going to be really continuous in the 2026, and the marginal effects are going to show gradually. But there is a fourth factor, which is the acquisition of the non-platform parcels. In 2024, we started to actually have those non-platform parcels and starting to build a brand image and started to have our designated local business development team and trying to find new mechanisms of our operation. The reason is that we want to actually acquire more platform parcels. Because you know that we have a very good mature network, and we will be actually trying to collect the parcels as well upon doorstep. If you place the order, our delivery guys will pick up. It should have been the case long ago, and in Southeast Asia market, before we did, it was already like this, but the other players do not have this particular kind of network density to actually realize the efficiency of picking up the parcels within one to three hours. In most of the cases, they just deliver upon the other sites, so we do also have another factor, which is really, really important for us, so the second question is actually more financial related, so I think that this also includes the China and Southeast Asia market. We know that in 2025, you have been increasing a lot of investments to buy the automation equipment, and the seaborne transportation was one of the highlights, but if you buy more automated equipment, you are going to actually lower down the amortized cost, so in 2026, as for China business, is it also visibility for us to have a prediction that the overall operational cost will be lowered further in China? In Southeast Asia market, we have actually been paying attention to the average price of the industry, and the ASP has been reducing in Southeast Asia market, so whether or not the average weight will be also reducing at the same time. Also, if you take a look at China, if the average weight has been lowering, the overall operational cost will be performed better. Whether in Southeast Asia market, you're going to see the similar trend. Thank you. This is pretty much financial-related questions. Thank you very much for this question. The operational cost. We know that we are keeping investing in China market. As we have already mentioned, the CapEx, it is very strong in China. It's not quite long for us to enter the China market, but from the logistics architecture standpoint or the kind of investment, we are a very strong player in China. The purpose of having those investments is to actually further support our further and sustainable growth. We are really confident on the China market performance. We will be furtherly focusing on our enhancement of our management experience and cost reduction methodologies. You can see that the kind of operation enhancements and the optimization will be really important for us. Also, just now, we have mentioned the industrial differentiation. This is going to increase to a certain extent, but overall speaking, we are able to actually cover the overall growth of our operation. And overall speaking, we are quite positive to the future. As for Southeast Asia market, probably you have noticed that in Southeast Asia market, in terms of ASP and cost per parcel, they have been enhancing and optimizing. While we are optimizing the overall cost, which is going to be taking a gradual step, we are going to have a much better situation in the future. A number of franchisees has been decreasing, as we have already illustrated, and the investment on buying the automated equipment, these are all the strategies that we focus on Southeast Asia market. So in the future, we're going to have more equipment bought, and we are very much confident that in the near future, we are going to actually maintain a 5%-10% of the growth on the annual basis in the next several years in Southeast Asia market. Thank you very much. It's very clear. No further question for myself. Thank you. Let's wait for another question. Next question is from Hu Junwen from Yangtze Securities. Hello. Good morning, everyone. Dear Dylan and Haibin and Frank, I have two questions. First one is that previously you had a survey in Thailand, which was quite surprising. Not only are you actually collaborating with those e-commerce customers, but also you're upgrading your products on social media. We'd like to ask you that. Would you like to actually help us to have a differentiation of the e-commerce platform business versus the social media business? Social media business is actually going to be a very strong driver, right? And my second question would be that. What is actually the following steps after you have been integrating your securities and equities? As for new assets, you have consolidating them. More entitites are now in the profitability of the mother company. So in the future, whether you have any new adjustments on those points as well. All right. Let me answer the first question, which is the mix of platform parcel versus non-platform parcels. Now, you can see that this is a single digit for the non-platform business. In the Southeast Asia market, this is actually the case. But for the e-commerce growth, this is pretty good. So we have to increase a lot of the e-commerce business in Southeast Asia market in specifics. But in the long run, we are aiming to have more high-value customers acquired and also increase the profitability of our franchisees. So we have a lot of business to do in Southeast Asia market. First is that expanding our network coverage and increasing our investment on the e-commerce platforms and acquiring non-e-commerce businesses and also giving benefits back more to the franchisees. As for franchisee model, they're actually going to help us to acquire new customers and helping us to service in a much better way. In the long run, this is actually going to be a healthier business model. So this is something that we are actively doing right now. Second one is about the equities. Thank you for this question. In the new markets, we always tell through the announcement that at current stage, we are doing some of the share buybacks. First of all, thank you for asking this question. Still, we are going to have all kinds of different supports in different markets. In emerging markets, we are meeting our expectation. We are very grateful to our investors on this. We are going to further have this equity incentives. Also at the same time, we are pretty much showcasing our confidence in the new markets, and we are very grateful to the supports from our investors. This is going to be really important to us. At the same time, we're going to give good benefits back to our investors. So while we are going to further explore the new markets, we are going to have a very mature market performance as well and business model. So at the same time, in Indonesia, for instance, we want to further increase the non-platform parcel volume. At the same time, we also wish that we could have more regions helping us to achieve that so that we're going to have a true global coverage and also further enhancing our competitive advantages. Right. Thank you very much, the management from J&T. No further question from myself. Thank you very much. Now, let's wait for the next question. The next question is from Guangdong Development Securities, Xu Ge. You have the floor. Right. Good morning, Dylan and Haibin and management. Congratulations on a wonderful performance achieved. You can see that in 2024 Q4, you had a high base in Southeast Asia market. Still, you had that 74% of the growth in 2025 Q4. This was actually the achievement on the base of the high number. It's very surprising. And for the previous question, I would like to have a supplementation. If you want to further explore new markets, would you actually continue with the same strategies, working with a capital further, or you're going to use the listed co to be the company in 100% to explore the new markets? All right. So it would be the listed co that doing the business development in the new markets. Let me give you the backdrop. Why we actually used the previous way? Because while we are preparing for new markets in China market, we were still in loss-making situation. So we used our subsidiary to do that business. In 2021, I know at the same time, e-commerce cross-border business was just developing, but it wasn't that clear. As for the investment from a company or investors, they were actually really looking forward to our future capabilities and wished to collaborate with us. In the overall sense, I believe that this is the reason that they actually trusted us. This happened in 2021. When that's over, we were listed in 2023, and now our global businesses are all profit-making. I think that overall speaking, we don't need the subsidiary anymore to do that business. Right. Thank you very much, Dylan. The second question is that you know that in 2020, you have achieved the parcel pickup of 1.1 billion. So we would like to know that in new markets, you can see that Temu has been increasing their guidance on Latin America on Temu. So we would like to know that the new markets in 2026 or 2027, which year is going to be the year that you are going to be hitting the number of 1.1 billion? So we would like to know that in the merchant markets, when you are going to reach the total volume of 1.1 billion a year. Right. First of all, I didn't know that whether or not the guidance was official or not. We had some information online that probably from our customers. So we cannot answer the questions on behalf of our customers, or we cannot validate the data and figures from a third party. So timetable-wise, to be honest, we don't have a clear answer, but we know that the trend is quite obvious. And we do have several. So first is that the particular base number of new markets is no lower than that of the Southeast Asia market. If you take a look at the potential of the parcel markets and Colombia, Chile, Argentina, and Peru, if you added all the markets in Latin America, the number of population is around 600 million. It's quite potential. And also the average GDP, my per capita GDP, this is actually also higher than that of the Southeast Asia markets. So the market potential is really huge. At the same time, the kind of penetration of the e-commerce is really low in those markets. And of course, the kind of habits of purchasing is just not there. So in the long run, the Southeast Asia market will be as mature as that of the South. The Latin The Latin America will be as mature as that of the Southeast Asia market. But in which year, it is very difficult for me to predict. At current stage, we believe that this is not going to be happening naturally. We need to invest. At the current stage, the positive thing is that South America is more positive than we thought. At current stage, the Shopee is doing a lot of investments in the Southeast Asia market, but in Latin America, we had TikTok investing a lot. But Shein and Temu already invested in the Latin America market, and Kuaishou is also increasing their investment as well. This is actually a very good thing. Another very good thing is that we have collaborated with Mercado Libre, which is a local company in Latin America. So with this help of the e-commerce platforms from China and Mercado Libre, we will be increasing our business of the e-commerce platform in Latin America. Right. Thank you very much, Dylan. And let me have the very last question, not necessarily. You know that in the US, it's actually having the geopolitical attention raised because of this attack to Venezuela. So whether or not this is impacting new exploration in the South America market. So geopolitical reasons, yes, this is quite impactful. And we know that we are the company that explores the markets in the world, say, Middle East, right? Last year, we also had some of the wars happening in the Middle East. But still, we overcome the difficulties. So we actually believe that in Latin America, what we are doing is for the well-being of the public and citizens. So I don't think that this will be impacted that much. And in the future, of course, that we are going to actually further pay attention to this and further enhancing and optimizing our network coverage and the infrastructure, further making Latin America as the next Southeast Asia market for us. Right. I think that this is going to be something beneficial to you because when you have that, you have to increase the investment on infrastructure for livelihood issues. So definitely speaking, we are going to be quite cautious in dealing with those impacts because of the geopolitical tensions. But we are not alone, I believe. We do have some of the enterprises that are collaborating with us in local markets. Right. Thank you. Thank you. Now, we are going to take the very last question from online, which is from Cheng Yawen. Right. Hello, everyone. This is Cheng Yawen from Minsheng Securities. We would like to ask you that in Southeast Asia market, you had such a high growth. So we would like to know that if you're talking about the absolute growth of the number of parcels, in a quarter, you had 1.03 billion parcels increased. And that means 27 million pieces increased a day. So we'd like to have a breakdown that on TikTok, Shopee, Temu, and non-platform parcels. Would you like to have a further breakdown in terms of the contribution? We know that Mercado Libre is the biggest market, biggest company in Latin America. And at the current stage, we are now further focusing on the development. So at the same time, in Mercado Libre, this is actually the biggest company in Latin America before we enter into the market, so while we actually further increase our investment there in Latin America, this is actually bringing up a lot of other sellers to sell their products in Latin America, and you can see that there are more merchants now operating on Mercado Libre, which is going to be a very good thing driven by our performance, so for instance, the automotives in China, some of the phone case players are performing quite well, but when they actually enter the Southeast Asia market, they're going to be working with Mercado Libre, and at the current stage, this is already the case, and next, Mercado Libre is now increasing their investments in China. In December, I think that they have opened seller accounts in China to sell some products to China market. So with that particular strength, we have seen a very good performance. And at the same time, I think that they have a very big room for further improvement. We always believe that in the future, Mercado Libre will be bringing with us more contributions from the increase of the number of parcels in Latin America. Thank you very much. It's very clear. No further question. Thank you very much for the questions. Now, hand over the call back to the management to give you the closing remark. Thank you very much, all the analysts and dear investors for your answers. This is the end of this performance announcement call. This is the end. Thank you, and you may disconnect. Thank you very much for your participation.