Ladies and gentlemen, good day. Thank you for standing by. Welcome to the JD Logistics Third Quarter 2023 Results Conference Call. At this time, all participants are in listen-only mode. After management's prepared remarks, there will be a question and answer session. Please note that this English simultaneous translation line will be in listen-only mode for the duration of the call, including the question and answer session. If you wish to listen to the management's original statement or ask a question during the question and answer session, you will need to be dialed into the Chinese language line. Now to welcome Mr. Jun Mao, Head of Investor Relations. Please go on. Thank you, operator. Good day, ladies and gentlemen. Welcome to the third quarter 2023 conference call. Joining us today are our Executive Director and CEO, Mr. Hu Wei, and CFO, Mr. Wu Hao. Before we start, we'd like to remind you that today's discussion may contain forward-looking statements, which involve a number of risks and uncertainties. Actual results and outcomes may differ materially from those mentioned in today's announcement and this discussion. The company does not undertake any obligation to update this forward-looking information, except as required by law. During today's call, management will also discuss certain non-IFRS financial measures for comparison purposes only. For definition of a non-IFRS financial measures and the reconciliation of IFRS to non-IFRS financial results, please refer to the announcement of financial information and business highlights for the three months ending September 30, 2023, issued earlier today. For today's call, management will read the prepared remarks in Chinese and will only be accepting questions in Chinese during the question and answer session. A third-party interpreter will provide simultaneous interpretation in English on a separate line for the duration of the call. Please note that English translation is for convenience purposes only. In case of any discrepancy, management statements in their original language will prevail. I'd like to turn the call over to Mr. Hu Wei. Please go ahead, sir. Dear investors and analysts, welcome to JD Logistics third quarter 2023 earnings call. I'm Hu Wei, CEO for JD Logistics. Thank you for joining us today. In the third quarter of 2023, the consumer market showed a stable recovery trend as the macroeconomic environment in China continued to rebound, leveraging our comprehensive network coverage, in-depth industry insights, and ever-strengthening digital and intelligence capacities. We continue to deliver trusted, integrated supply chain ISC solutions to our customers, enabling the industry-leading customer experience. As we remain focused on creating value for our customers, we achieved a high quality growth in both revenue and profitability. Our total revenue for the third quarter of 2023 reached CNY 41.7 billion, up 16.5% year-over-year. Revenue from external customers for the third quarter was CNY 29.8 billion, year-over-year increase of 20%, accounting for a larger share at 71.6% of total revenue. In the third quarter of 2023, our profitability reached a new record high for the same period since our listing, with a non-IFRS net profit of CNY 840 million and 88.7% year-over-year. Non-IFRS net profit margin improved by 80.8 percentage points, reached 2.0%. These results reflect our ongoing success in optimizing of the business structure and customer mix, improving end-to-end operation efficiency, and ramping up business operation quality. JD Logistics operates one of the largest warehouse networks in China, covering almost all counties and districts nationwide. As of December 30th, 2023, we operated over 1,600 warehouses, with an aggregated workflow area exceeding 32 million square meters, including warehouse space managed through Open Warehouse Platform. We've also established a six logistics networks, including warehousing, line haul, transportation, and last mile delivery. This infrastructure enables us to better distribute a diverse range of products for different customers across various areas based on the scale and turnover characteristics of the product. In this manner, our logistics networks have helped our customers optimize inventory deployment, improve inventory turnover, and achieve efficient fulfillment. Take JD Retail, for instance. We have managed over 10 million SKUs for JD Retail while handling this vast product pool. We've continuously helped the JD Retail to reduce inventory turnover days and enhance fulfillment timeline, timelines, and consumer satisfaction. In the third quarter of 2023, 95% of JD Retail's orders achieved the same-day or next-day delivery, covering over 300 cities in China. Our robust infrastructure network and industry-leading technical logistic capacities, coupled with our in-depth understanding of merchandising and industry insights, enable us to deliver compelling fulfillment and service experiences for our customers. We rapidly replicated and expanded our ISC solutions to a wide range of external customers. These customers span various sales channels, both online and offline, with complex distribution scenarios. They often grapple with challenges such as continuously increased number of SKUs, seasonal demand fluctuations, and unpredictable sales forecasting. Our ISC solution serves as an effective tool for them in optimizing inventory management and reducing overall operational costs, thereby allowing them to focus on their core businesses. In the third quarter of 2023, our revenue for ISC customers reached RMB 19.6 billion, up 7.5% year-over-year. The growth rate has increased compared with the first two quarters of this year. Notably, revenue from JD Group was RMB 11.8 billion, representing a year-over-year increase of 8.4%. This is mainly due to JD Retail's lowering the threshold of their free shipping services for its first day business, which boosted our business volume. In addition, revenue from external ISC customers was RMB 8.7 billion, up 6.2% year-over-year. For the third quarter of 2023, we had approximately 54,000 external ISC customers, an increase of about 2,000 customers quarter-over-quarter. We continue to expand our reach among industry leaders, SMEs in six industries, including fast-moving consumer goods, home appliances and home furniture, 3C operator, et cetera. In the third quarter of 2023, the average revenue per customer from external ISC customers reached CNY 143,000, rising by 22.1% year-over-year. This growth reflects our ongoing efforts to expand the breadth and depth of our collaborations with existing customers, thereby increasing our share of customers' web wallet. In the third quarter, we upgraded our collaboration with Panasonic China. We established the first integrated forward and reverse logistics warehouse in Wuxi, China. The warehouse efficiently handles both recycling and inspection for returned goods, enabling immediate redispatch of a qualified product after inspection for resale. This effectively shortens the processing time for relevant returned goods and reduces logistics costs to reduce the product shipment frequency. Furthermore, we continue to deepen our collaborations with leading new energy vehicle companies at home and abroad, driven by the expansion of our innovative solutions and services. In the auto after-sales spare parts sector, our industry-leading solutions and service capacities continue to regain recognition from both enterprise customers and consumers across various industries going forward. We will continue to delve into our core business, supported by the ISC services, constantly creating value for our customers through our trusted supply chain services and reinforcing our leadership in the ISC logistics sector. In Q3 of 2023, our revenue from other customers, primarily including express and freight delivery services, increased by 25.7% year-over-year to CNY 22.1 billion. Revenue growth for express delivery services have been gaining strong momentum, outperforming the industry's overall performance each quarter since 2021. We effectively harnessed the rapid growth of live streaming e-commerce platforms to drive this momentum, deepen our collaboration with live streaming e-commerce platforms, including Kuaishou, Douyin. Additionally, we continue to optimize our high-quality express delivery services, further facilitating our business development. In late October this year, we further upgraded our express service with the 3 service guarantees: compensation for pickup delays exceeding 1 hour, compensation for late deliveries, and compensation for failing to deliver to the door. This move marks our continuous commitment to elevating industry service standards. With consolidation of Deppon Logistics, our freight delivery services revenues rank among the top tier in China. We have been steadily enhancing our business and network synergies with Deppon Logistics, realizing resource integration, our cost reductions, and operational efficiency enhancement across operational sites and routes. We firmly believe we will continue to unlock great synergies going forward, enabling us to provide more efficient and high-quality service to our customers. Guided by our vision of becoming the world's most trusted supply chain solutions and logistics service provider, we remain committed to facilitating the global expansion of China manufacturers and brands with our one-stop services. We offer our global customers high quality, efficient, and comprehensive ISC business solutions. With over a decade of experience in managing inventories of over tens of millions of products, as well as supply chain operations throughout China, we are well positioned to replicate these successful practices overseas. To that end, we offer omni-channel inventory management solutions to our overseas customers through a combination of our automated technology and operational expertise. Our solutions are proven to enhance operational efficiency in overseas warehouse, while elevating overall fulfillment efficiency and customer experiences. Our customer pool now includes Chinese companies going global, as well as local overseas commerce customers in apparel, home appliances, FMCG industries, as well as we increase our presence in the overseas market. Since the end of 2022, we have been providing ISC services for the overseas e-commerce platform, primarily specializing in women's apparel. With overseas warehousing capacities at the core, we help the platform effectively respond to the fluctuations in order volumes resulting from seasonality and promotions, as well as customize the packaging requests from our end customers. Our customized ISCs have substantially enhanced fulfillment speed, improving satisfaction of the end consumers and the endorsement of our capacities. The comms platform has subsequently extended our partnership on multiple countries in North America and Europe to further facilitate our business expansion globally. Regarding the network coverage, we continue to firmly execute our global smart supply chain network, which centers on overseas warehousing. As of September 2023, we operated nearly 19 bonded warehouses, international direct distribution houses, and overseas warehouses globally, with a total GFA of nearly 900,000 square meters. Through years of efforts, we have successfully established overseas warehouses in 15 countries and regions, including the United States, European countries, covering Germany, the Netherlands, France, and the United Kingdom, as well as Australia, Middle East, and Southeast Asia. We've also actively engaged in partnership with globally recognized logistics companies, enhancing our capacities in international supply chain logistics. In third quarter, we announced a strategic partnership with Geopost, a subsidiary of La Poste Groupe, to jointly develop shipping solutions between China and Europe. This partnership strengthened our ISC logistics services across Europe, enhanced our fulfillment efficiency across multi-European countries, and empowered global customers with high-quality logistics services. Looking ahead, we will continue leveraging our overseas warehousing network to build cost and efficiency advantages and heighten entry barriers, while steadily expanding our cross-border transportation and domestic express delivery services overseas, ultimately achieving seamless end-to-end ISC capacities. Regarding with that organizational management, we continue optimizing our organization structure, promoting the digitalization of the organizations, and stimulating the vitality of the structural operations. These strategies aim at enhancing both the quality and efficiency of our operations, while continuously strengthening our core competitiveness. We remain dedicated to undertaking our social responsibilities and sustainability. For the third quarter and the first nine months of 2023, our total expenditure for the human resources, including our own employees and certain personnel who work for us, amounted to CNY 20.3 billion and CNY 959.3 billion, respectively. Over the years, JD Logistics has continuously promoted various initiatives to enhance employability, high-quality employment, and consistently creating greater social value. In addition, we have made persistent efforts to leverage our supply chain infrastructure advantages, industrial insights, and technical strength to promote cost reduction and efficiency enhancement for companies throughout the industry value chain and across the supply chains, as well as to promote carbon emission reduction in the upstream and downstream of the industry value chain, amid the constantly evolving business environment. Going forward, we will continue to unlock our value as an innovative re-economy-based enterprise. Thank you. Now I would like to invite Wu Hao to discuss the details of financial performances. Welcome. Thank you, Mr. Hu Wei. Hello, everyone, this is Wu Hao, the CFO of JD Logistics. I'm so pleased to present JDL's financial performance for the third quarter of 2023. China's macroeconomy continued to recover with a clear upward trend in the third quarter of 2023. JDL achieved a high quality growth in overall revenue and profitability in the quarter. In terms of the revenue, we achieved a steady and quality growth in revenue from ISC customers. While for revenue from other customers, we also obtained further growth from businesses of express delivery, quick delivery, and et cetera. Through strategies of a refined management and operations, as well as network structure and business structure optimization, we've continuously facilitated resource savings and cost savings in all aspects of our operations, and achieved a substantial improvement in profitability compared with the same period of last year. In third quarter of 2023, non-IFRS net profit was CNY 840 million, up 88.7% significantly year-over-year. Non-IFRS net profit margin was 2.0%, up 0.8% year-over-year. Furthermore, we achieved a year-over-year turnaround, with IFRS net profit of CNY 415 million and IFRS net profit margin of 1.1%. This represents our best third quarter profitability since our listing. Our total revenue reached CNY 41.66 billion in the third quarter, up 15.5% year-over-year. Notably, revenue from external customers increased by 20% year-over-year to CNY 29.84 billion, accounting for 71.6% of total revenue, representing a larger proportion compared with the same period of 2022. This clearly reflects our success in steadily expanding our business from external customers. In the third quarter, revenue from ISC customers totaled CNY 19.61 billion. This included our ISC revenue from JD Group, which amounted to CNY 11.83 billion, up 8.4% year-over-year, primarily due to the increase in orders from the JD Retail business in the third quarter. Our revenue from external ISC customers maintained its high-quality growth momentum, up 6.2% year-over-year to CNY 7.78 billion. Notably, even in the traditional off-season of the industry, the number of our external ISC customers increased quarter-over-quarter in the third quarter, driven by our proactive deployment of our external ISC business, as well as the macroeconomic stabilization and recovery. Meanwhile, we continued to actively broaden and deepen our collaborations with existing customers to create sustained value for their high-quality development. In the third quarter, our average revenue per customer also continuously increased by 22.7% year-over-year to CNY 143 thousand. Furthermore, in the third quarter of 2023, our revenues from all the customers maintained rapid growth, totaling CNY 22.06 billion, up 25.7% year-over-year. This increase was primarily due to our strength in express and freight delivery capacities, driven by technical advancement that enhanced the overall logistic network efficiency and optimized the customer experience. Our ongoing upgrades to our high-quality express and freight delivery service experience also helped us to further expand our business. Specifically, our strategic focus on penetrating deeper into channels such as live streaming e-commerce paid off in the third quarter, with our revenue from express delivery service growing strongly at a rate higher than that of the industry. In the third quarter, our continued efforts to refine cost controls and optimize business and customer mix, coupled with the effects of the economies of scale, led to further improvement in gross margin year-over-year, reaching 3.9%. As our business scale expanded, our cost of revenue in the third quarter was RMB 38.136 billion, up 15.8% year-over-year. The increase also reflected costs around Deppon Logistics consolidation, which were reclassified based on our cost and expense standards. Next, let's move to the main cost of the revenue. First, employee benefit expenses were RMB 13.90 billion in the third quarter of 2023, up 23.9% year-over-year. In addition to Deppon's logistics system consolidation, this increase was due to the increase in the number of our classified operational employees from 297,000 at the end of the third quarter of 2022, to 345,000 at the end of the third quarter of 2023. The increase in the number of operational employees was mainly due to the addition of our own employees to key operational processes, such as the last mile delivery. This was in order to elevate our customer experience and lead the industry to higher service standards and quality, thereby continuously enhancing JDL's competitiveness. In the third quarter, total employee benefit expenses amounted to 33.4% of our total revenue, up 2.0% year-over-year. Outsourcing costs, another important component of our cost of revenue, was CNY 14.62 billion in the third quarter of 2023, up 9.4% year-over-year. It accounted for 35.1% of the total revenue for the quarter, down 2.3% year-over-year. The continued optimization of outsourcing costs as a percentage of total revenue, was largely driven by improved operational efficiency, as well as optimization of our business and customer mix to improve business health. Our total rental cost was CNY 3.14 billion in the third quarter, up 8.8% year-over-year, primarily due to an increase in the number of, in the number and footprint of the logistics facilities, such as warehouses as of December 30 of 2023. We operated over 1,600 warehouses, including warehouses managed by Deppon Logistics. The aggregate growth floor area of our warehouse network, including warehouse space managed through Open Warehouse Platform, extended to 13 million square meters. Our total revenue cost in the third quarter represented 7.5% of total revenue, down 0.5% year-over-year. The decrease was primarily attributable to the realization of economies of scale as our business expanded. Except for those core mentioned costs, depreciation and amortization and vehicle usage costs, such as the fuel costs and toll, including other costs, also rose at a percentage revenue after consolidation, which was due to Deppon Logistics' higher costs related to self-owned vehicles as a percentage of its revenue. In terms of expenses, we have more to say. Our operating expenses in the third quarter of 2023 was CNY 3.03 billion, growing 14% year-over-year, and accounting for 7.3% of total revenue, a decline of 0.2% year-over-year. Among them, selling and marketing expenses were CNY 1.35 billion, 3.3% of total revenue, up 0.5% year-over-year. Selling and marketing expenses accounted for 4.5% of revenue from external customers, increased of 0.6% year-over-year. This increase was mainly due to the company's moderate investment in key resources to expand the market and driven business growth. In the third quarter of 2023, our expenses were CNY 870 million, accounting for 2.1% of the total revenue, down 0.1% year-over-year. Because technological innovation has always been our priority, we maintain R&D expenses at a relatively stable level as a percentage of our revenue. This allows us to explore the development and application of pioneering technologies to improve our automation, digitalization, and intelligence, boosting our core competencies. This has laid a solid foundation for us to refine operational management, allocate resource precisely, and empower partners, thereby facilitating cost reduction and efficiency improvement, both internally and for our customers. Our general and administrative expenses were CNY 810 million, accounting for 1.9% of total revenue, a decrease of 0.5% year-over-year, mainly attributable to the decrease in share-based payments. In terms of the profits, we recommend that you consider our non-IFRS measures, which we believe better reflect our core operations. This quarter, in addition to the previously disclosed non-IFRS profit, we are also presenting non-IFRS EBITDA for the first time. Non-IFRS profit largely excludes factors such as share-based payments, amortization of intangible assets resulting from acquisitions, and fair value changes in financial assets measured at fair value through profit or loss. Non-IFRS EBITDA excludes factors such as depreciation and amortization of the right-of-use assets, property and equipment, and other intangible assets, as well as the impact of finance income, finance costs, and income tax expenses on top of the non-IFRS profit. These metrics exclude items that we believe are not indicative of our core operating performance, to facilitate investors and other users of financial information to understand and evaluate our results of core operations. In the third quarter of 2023, our non-IFRS net profit was CNY 840 million, up significantly 88.7% year-over-year. Non-IFRS net profit margin was 2%, up 0.8% year-over-year, primarily attributable to the year-over-year increase in gross margin. Non-IFRS EBITDA for the third quarter was CNY 3.83 billion, an increase of 24% year-over-year, with a non-IFRS EBITDA margin of 9.2%, representing a year-over-year improvement of 0.6%. We also continue to monitor our cash reserves and cash flow to maintain healthy, sufficient capital to support our business development and meet our operational needs. In third quarter, we saw a year-over-year improvement in our free cash flow, as net operating cash flow on the IFRS continued to improve year-over-year, and our capital expenditure, both in absolute amount and as a percentage of the revenue, decreased year-over-year. We will steadily and effectively deploy capital according to our business development pace and the needs to enhance our capacities in the medium to long term, and constantly improve our network deployment and operational efficiency. Finally, I would like to express our heartfelt thanks to our shareholders for their enduring support and trust in JD Logistics. Going forward, we will continue to focus on building our core competencies in the ISC business and improving our competitive advantages. We will strive to further expand and penetrate the external market and continuously enhance operational quality and efficiency to achieve sustainable development. At the same time, we will continue to optimize costs and operational efficiency through technological innovation and refined operational management, thus improving our profitability, creating greater value for shareholders. Thank you. That concludes my prepared remarks. Now we can start the Q&A session. Thank you, Mr. Wu Hao. That is the prepared remarks. We'd like now to open the call to your questions. Please start the Q&A session when ready. Thank you. Now let's start. Thank you. As a reminder, we only accept the Chinese questions in the Chinese language line. Just question, please dial into the Chinese line and then press star one on your telephone's touch tone keypad. If you have any follow-on questions, please re-enter the queue. Thank you. The first question from Goldman Sachs. Great, so you please start your question. Thank you, Mr. Hu, for your kind remarks. Thank you for sharing us with your good form on the profitability. I want to ask you about internal supply chains. Is that from the JD Retail? You have the free of the logistic fee. You mean that it is starting from the August? Can you give me more contribution in the Q3? The JD Mall, JD Retail, the free of logistical fee services. Can you say more about the differences of the JD Retail and the JD internal supply chains? I want to know more information about this. For the next few quarters, do you have any forecast on the free of the logistics fee services? This is my first question. The second question about international opportunities. You are talking about the supply chain opportunities and you want to enter the international market. So I want to check with you the proportion or the ratio of the international supply chain business or in the midterm and in the long run, do you have any forecast on the potential growth momentum? Thank you very much for this question. I want to share with you the ISC in the internal business, as you have observed. Starting from August of 2023, we have playing down and lowering down the free of logistics services. This has given us a boost to improving the internal profit and revenue. The pricing mechanism is not well changed compared to what we did. We are conducting the standard service as well as the service offering. In the long run, JD Retail has always been our main partner. It is also one of our largest clients. We will follow the strategies of JD Retail as well as the business requirements to make adjustment. That is how we could upgrade our services and offer better services. We're also going to offer responsiveness as well as timely services. We will treat all the customers in a better way. We also want to stipulate higher standards to serve our customers, to improve our competencies. For the second question, if I'm correct, you want to understand our deployments of ISC in the overseas market and what is specific strategy. At present, the international warehouses are the hubs for us to expand on specific nations. We want to create a global transportation network serving different brands. This is a general strategy, and we will also collect the requirements from the local overseas clients. That is a general direction for us to move forward, and we will continue to work with our cost controls as well as optimization of the operation to improve our core competitiveness. We want to lower down the barrier. We want to build up the industrial barriers to fight against the competitors. The ISC is one of our core competencies. That is something we could duplicate in the overseas market. The clients are the core things we want to, core bodies we want to serve, and that is the direction we would go. We also want to use the mature business model to help our overseas service. We want to improve our quality, as we always do. Of course, in the long run, we will extend our footprint on the cross-border transportation and delivery. We are also going to improve our local capacities. That is also one direction we will focus on. We want to improve the cold chain and comprehensive services, even to our international clients. Thank you very much. I want to add a few more words. The internal client sales increase is due to the re-adjustment of the internal business, and we are seeing a year-over-year increase by quarter three. We are seeing the minimum impact of the restructuring of our company. Thank you very much for the addition. Next question. We want to see next question. Good evening. Thank you for briefing the remarks. Another question. The first question is the macroeconomic situation. My question is, when there is a lot of uncertainties in the macroeconomy, what is your forecast on the 2024? That's my first question. For the second question, about the clients, the number of clients. In Q3, I saw a steady growth. My question is, in the upcoming quarters and the revenue increase potential, are you going to focus on number of clients or the ARPU? If you are focusing on ARPU, would you set up a KPI to target each of the clients? Thank you. The first question first, about future forecast. For the logistics industry, we have to be focusing on several key points, the cost effectiveness, the customer experiences. Those are the two pillars we have to focus on. The quality of the services, the responsiveness of the service, the ultimate, the time, precision, those are the points we have to remember. Right now, according to what we have, we will improve our pillars on that side. As you mentioned, as the analyst mentioned, we'll focus on the six major industries to create new value. We'll go deeper and penetrate more in the markets, such as the fresh foods. We will continue and satisfy the specific requirements of the third industries. That is the key thing we are going to work on. That is what we could do better on the ISC service. That is how we can help more clients to address their pain points and reduce their cost. At the end of the day, we help them to enjoy better experiences. In the upcoming years, we are going to reduce cost in a continuous manner and improving the efficiency, such as the resource optimization, the optimization of the network, as well as precise and refined management. Those are the tools. We are continuing to reduce the cost of the operation, improving the application of better technologies. We want to serve better our clients, and we also want to meet our own internal growth momentum. Thank you. Thank you. For the ISC question about the growth momentum. ISC refers to the better and closer relations with our clients, is more than sending an easy package. It's not about handling the package to a third party. The number of clients is one of the key KPIs. However, at the end of last year, we are seeing some adjustment of the business. The number of clients were on the decline. However, in Q3, we are seeing a quarter-over-quarter growth in terms of number of the clients, and after the adjustment of the business, we are seeing new growth curve. By 2024, we expect to see year-over-year growth on the number of our clients. The ISC ARPU is showcasing the depth of collaboration with the clients. We want to do more for optimizing the client's wallets. We want to improve their health, the quality of the clients, and that is something we have already been accomplished. As ARPU goes up, the quarter-to-quarter growth, and in the upcoming years, we are going to see the year-over-year growth, which means that ISC revenue will boost. Thank you. Thank you very much for your kind answer. Next question, Brian from CITIC, please start your question. Thank you very much for your prepared remarks. Congratulations. Thank you for sharing with us your wonderful performance. My question is about profitability. In Q3, the gross margin, the net profits are improving significantly. So I want to ask a question about the future prospect in Q4. What's your take on the Q4? We believe that Q4 is a good business season, and what kind of outcomes you are expecting? And by the end of the year, do you have more forecasts? And in the long run, what is the forecast of the profits and gross margin? Thank you. Thank you. In Q3, we see a great improvement on the profit and margin. We took a lot of measures, such as better operation, the customer quality, the structure of the business, the service capacities, good capacities of these customers serving help us to grab some high profit markets in the supply chain. In the procurement and in operation, we did a lot of things in Q4. Q4 is a hot season for the industry. The profitability would go up year-over-year, or it would go steadily as we see. We believe that Q4 could create year-over-year growth. Looking to the future, for the logistics industry, the market competition is very fierce. We could maintain a very healthy margin level. It could also help the company to improve the market proportion. That is a good starting point, and it is also the right direction for us to move on. In 2024 or even looking to the future, we will provide a good and positive return to the investors. However, we are not going to pursue extreme profit increase. That is not going to hurt our business. We just want to maintain a healthy and stable return while maintaining long-term opportunity to improve our market share. Thank you. Thank you very much. Due to time's sake, we are going to conclude our Q&A session. Now we are going to welcome Jun Mao to conclude this session. Thank you for your joining us today. If you have more questions, please contact our IR team directly. Thank you for being with us.