Good day, ladies and gentlemen. Thank you for standing by. Welcome to the JD Logistics Q3 2024 Results Conference Call. At this time, I'll participate in the 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, I will turn the call to Ms. Song Shuang, Head of Investor Relations at JD Logistics. Please go ahead, Shuang. Thank you, Operator. Good day, ladies and gentlemen. Welcome to our Q3 2024 Results 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 the law. During today's call, management will also discuss certain Non-IFRS financial measures for comparison purposes only. For a definition of Non-IFRS financial measures and the reconciliation of the IFRS to Non-IFRS financial results, please refer to the announcement of financial information business highlights for the three months ending September 30th, 2024, 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 the simultaneous interpretation in English on the second line for the duration of the call. Please note that English translation is for convenience purposes only. In the case of any discrepancy, the management statements in their original language will prevail. I would like to turn the call over to Mr. Hu Wei. Please go ahead, sir. Dear Investors and Analysts, Welcome to the JD Logistics Q3 2024 earnings call. This is Hu Wei, CEO of JD Logistics. Thank you for joining us today. In the Q3 of 2024, as China's economy continued to recover and improve, we achieved high-quality growth. Our total revenue reached RMB 44.4 billion, increased of 6.6% year-over-year. Revenue from external customers increased by 5.9% year-over-year to RMB 31.6 billion, accounting for over 70% of total revenue. Our profitability set a new record this quarter, reaching its highest level for any Q3 to date since our listing. Our non-IFRS net profit was RMB 2.57 billion, nearly three times that of the same period last year. Our non-IFRS net profit margin was 5.8%, increased of 3.8 percentage points year-over-year. We have consistently achieved substantial year-over-year profit growth each quarter this year, demonstrating our commitment to enhancing our network, products, and technology. Our impressive results reflect our continually improved efficiency in utilizing core resources and effectively leveraging economies of scale. In the Q3, revenue from integrated supply chain customers reached RMB 20.7 billion, increased of 5.4% year-over-year. This included RMB 12.8 billion revenue from JD Group and RMB 7.9 billion in revenue from external ISC customers, both maintaining a steady growth trend. The number of our external ISC customers amounted to 59,000, increased of 9.4% year-over-year. Such growth was primarily attributed to our long-term accumulation of solutions, products, and insights across key industries. Not only can we meet demands of the leading customers in various industries, but can also rapidly develop customized products and services for small and medium-sized customers, particularly for middle-tier customers from production zones and e-commerce platforms. Our standardized warehousing and delivery products are specifically designed to effectively handle surges in the production and outbound logistics of hot-selling products, leading to notable revenue growth in fast-moving consumer goods, 3C, and apparel industries this quarter. JD Logistics' integrated service capacity centered on delivery, installation, dismantling, and recycling have become our unique competitive strength and service advantage in the home appliance logistics sector. We continue to provide our omni-channel ISC services for many leading customers in the home appliance industry, effectively addressing their pain points and deepening our collaborative relationships. Boosted by recent favorable policies, our revenue from these leading home appliance customers maintained robust growth this quarter. It's worth mentioning that last month, JD Logistics entered a cooperation with the Taobao and Tmall Group and has now been fully integrated into these two platforms, allowing platform merchants to choose JD Logistics as their service provider. With this integration into Taobao and Tmall, JD Logistics essentially serves all major e-commerce platforms in China. We're confident that JD Logistics' high-quality product services centered on ISC logistics can bring a broader array of service options to numerous merchant customers and provide a better shopping experience for customers. While continuously solidifying our leading position in China's ISC market, we're also actively expanding our international business. Through our Global Smart Supply Chain Network plan, we've established a comprehensive global supply chain logistics network with overseas warehousing capacities at its core, including cross-border transportation, local transportation, and delivery network abroad. To fully enhance the service experience for Chinese go-global brands and overseas customers, we continue to expand our overseas network footprint. This quarter, we opened new warehouses in Malaysia and the United States, and we plan to more than double the gross floor area of our self-operated overseas warehouses by the end of 2025. Thanks to our ongoing investment and enhancement of our global supply chain capacities, we have successfully secured more customer partnerships. For instance, this quarter, we provided cross-border services for leading e-commerce platforms in South Korea, covering warehousing, cross-border truck lines, and customs clearance, while continuously exploring multi-scenario cooperation opportunities in other regions. Additionally, our cooperation with the leading Chinese cross-border e-commerce platform has expanded from overseas warehousing to cross-border transportation for small packages and more. In the Q3 of 2024, our revenue from other customers, primarily including express and freight delivery services, increased by 7.6% year-over-year to RMB 23.7 billion. In terms of express delivery services, we focused on enhancing timeliness, targeting specific scenarios such as essential business districts, hospitals, and educational institutions, as well as deeply engaging with production zones to improve JD Express market perception and secure more business opportunities. Despite the relatively fierce competition in the market, our express delivery business has maintained stable profitability through effective product strategies and cost-efficiency measures. In the Q3 of 2024, JD Express added over 100 new direct flight routes in provincial cities and key cities, effectively and rapidly enhancing timeliness and expanding the coverage of our next morning delivery by air. This has significantly boosted our service capacities and laid the foundation for our long-term development. On the product side, as one of the first logistics companies in China to provide Hairy Crabs deliveries, this year we have fully upgraded our specialized logistics solutions for Hairy Crabs by increasing the number of shifts in sorting centers and adding cargo flights in regions including the Beijing-Tianjin-Hebei region, the Pearl River Delta, and the northeastern provinces. We have achieved a rapid turnover for Hairy Crabs. Our services ensure delivery as quickly as the same day to Suzhou and Shanghai. By the next morning, to key cities such as Beijing and Shenzhen, enhancing the shopping experience for customers. According to survey results published by the State Post Bureau of the People's Republic of China, our express delivery services consistently maintain best-in-class customer satisfaction ratings, moving to the freight delivery services. With consolidation of Taobao Logistics, we rank among the top tier in China in terms of both freight volume and revenue. Our freight delivery products are diverse and flexible, encompassing time-definite products primarily via air transport, as well as solutions that integrate an array of transportation resources and innovative models. With this approach, we meet the needs of numerous customers from various production zones and vertical markets, effectively driving business growth, expanding our market share for different segments. Our highly synergized logistics network infrastructure and continuously improving technology are the key cornerstones supporting our steady development. Our network infrastructure consists of six logistic networks, including warehouse, lighthouse transportation, and last-mile delivery. As of September 30th, 2024, our warehouse network covered nearly all countries and districts in China, consisting of over 1,600 self-operated warehouses and over 2,000 third-party warehouse owner-operated cloud warehouses under the open warehouse platform. Our warehouse network has aggregated a GFA of more than 22 million square meters, including warehouse space managed through the open warehouse platform. We consistently prioritize technological innovation as a core of our development. We continuously integrate advanced algorithms and technology into daily operations, driving transformations in logistics network development, site operation process, automation application, and transportation scheduling. For example, we pioneered the application of logistics large language models across numerous scenarios such as automatic control process automation and intelligent interaction. This initiative has proven effective in preemptively identifying and preventing anomalies and enhancing workforce efficiency. Additionally, our ESG achievements have garnered recognition from multiple authoritative organizations and 12 years of efforts in promoting carbon reduction throughout the supply chain. JD Logistics was included for the fifth time in S&P Global 2024 Sustainability Yearbook China edition. Our score in the 2024 S&P Global CSA also improved further, ranking among the top in the global industry. Going forward, we will continue to adhere to our core operational philosophy of reducing the frequency of goods moved and minimizing the distance of fulfillment. We will focus on high-quality development, continuing to develop deeply cultivate our industry-specific ISC logistics capacities and enhance our digital intelligence supply chain products. We're confident our efforts will contribute to the improvement of service standards industry-wide and sustainable and healthy business industry. Next, I'd like to invite Mr. Wu Hao to discuss details of financial performance. Thank you, Mr. Hu. Hello everyone. This is Wu Hao, CFO for JD Logistics. I'm pleased to present JD Logistics' financial performance for the Q3 of 2024. In the Q3 of 2024, China's macroeconomy maintained a stable upward trend. JD Logistics significantly improved profitability while driving high-quality growth. During the quarter, all of our profit metrics improved year-over-year, reaching their best level in the Q3 since our listing. For this quarter, our non-IFRS profit was RMB 2.57 billion, an impressive increase of 205.1% year-over- year, with a profit margin of 5.8%. This result underscores our efforts to enhance resource efficiency in corporations through tech innovation and consistently refine our operations. This substantial profitability improvement also expands our capacity to invest in customer experience enhancements and business growth. In the Q3 of 2024, our total revenue reached RMB 44.4 billion, up 6.6% year-over-year, notably. Revenue from external customers reached RMB 31.61 billion, accounting for 71.2% of the total revenue, reflecting our external business' steady expansion. Revenue from ISC customers totaled RMB 20.66 billion in the Q3, up 5.4% year-over-year. Among them, ISC revenue from JD Group amounted to RMB 12.79 billion, up 8.1% year-over-year, driven by JD Retail's impressive sales momentum. Moreover, during the quarter, our revenue from external customers achieved steady growth, reaching RMB 7.87 billion, and the number of external ISC customers amounted to 59,286, up 9.4% year-over-year. As Mr. Hu points out, while we consistently delivered high-quality services to market leaders in diverse industries, we also swiftly developed and standardized the products and services to meet the needs of small and medium-sized companies, leading to successful customer acquisition. In the Q3 of 2024, despite the traditional off-season and fierce market competition, our revenue from other customers, primarily including express and freight delivery services, maintained a healthy growth, increasing by 7.6% year-over-year to RMB 23.73 billion. This quarter, we continued to strengthen our delivery timeliness and customer experience. Building on JD Airlines' expanded flight routes, we have broadened the coverage of our next morning delivery services, reinforcing our competitive edge in the time-definite express delivery market. Thanks to our enhanced product capacities, a proven track record of high-standard services, and our dedicated sales team, we have successfully secured new business opportunities across multiple production zones. For example, with our newly upgraded specialized solution for Hairy Crabs logistics, we effectively delivered Hairy Crabs from regions like Liaoning, Shandong, and Jiangsu to locations nationwide. In addition, we have broadened our collaborations with multiple leading e-commerce platforms. Recently, we have been successfully integrated into Taobao and Tmall platforms, extending JD Logistics' reach to encompass nearly all major e-commerce platforms in China. We believe these partnerships will propel the continued growth of our diverse portfolio of products and services. With respect to freight delivery services, we rank among the top tier in China in terms of both freight volume and revenue. Our freight services meet a wide range of timeliness and service requirements for customers, supporting our deepening market penetration across different freight delivery segments. In addition to revenue growth, the profit growth trajectory we established in the first half of 2024 continued into the Q3. The gross margin was 0.7%, up 3.8 percentage points year-over-year, representing our strongest Q3 gross margin since our listing. Next, let's turn to the main cost of revenue. First, employee benefit expenses were RMB 14.6 billion in the Q3, up 4.8% year-over-year. The increase was mainly attributable to the year-over-year increase in the number of our frontline operational employees in delivery and warehousing, with the number increasing from 410,000 at the end of the Q3 last year to 440,000 at the end of this year. The increase in the number of operational employees was attributable to the addition of our own employees to key operational processes such as warehousing and last-mile delivery, aimed at upgrading our products and services and elevating customer experience. For example, we consistently expanded the coverage of next morning and next day delivery and enhanced our express pickup capacities. Moreover, as we continue to enhance automation, we integrated innovative technologies such as logistics large language models into our business processes, meaningfully improving workforce efficiency. In this Q3, employee benefit expenses amounted to 32.8% of total revenue, down 0.6 percentage points year-over-year. Second, our outsourcing cost was RMB 15.0 billion in the Q3, up 2.7% year-over-year. It accounted for 33.8% of total revenue for the quarter, down 1.3 percentage points year-over-year. Transportation-related expenses are the primary component of our outsourcing cost. Since the beginning of this year, our outsourcing cost as a percentage of total revenue has consistently declined year-over-year each quarter. We have achieved this improvement by leveraging advanced algorithms to consistently optimize vehicle scheduling. This has maximized our productivity by consolidating shipments, streamlining routes, and reducing transfer points. Additionally, we actively expanded and improved the efficiency of our self-owned vehicles comprehensively, lowering transportation costs. Third, our rental cost was RMB 3.1 billion in the Q3, down 0.6% year-over-year. As we continue to promote site integration and optimize debt structure, we improved the utilization efficiency in oversight. Our total rental cost accounted for 7.0% of our total revenue in the Q3, down 0.5 percentage points year-over-year. Apart from the major costs mentioned above, we continually advanced management and controlled refinements through technological empowerment, enhancing operational excellence. Our depreciation and amortization costs and other costs as a percentage of global revenue decreased by 1.4 percentage points year-over-year. In terms of expenses, our operating expenses in the Q3 of 2024 were RMB 3.16 billion, up 4.3% year-over-year, and accounting for 7.1% of our total revenue, down 0.2 percentage points year-over-year. Among them, sales and market expenses were RMB 1.39 billion, accounting for 3.1% of our total revenue, down 0.1 percentage points year-over-year. Sales and market expenses accounted for 4.4% of revenue from external customers, down 0.1 percentage points year-over-year. We maintained moderate achievements in key resources such as sales and marketing personnel to drive business growth. In the Q3 of 2024, our R&D expenses were RMB 910 million, up 5.3% year-over-year, and accounting for 2.1% of our total revenue, maintaining largely flat year-over-year. We have allocated our R&D resources to strengthen our end-to-end automation, digital, and intelligence capacities, including ongoing exploration of cutting-edge scientific applications in diverse logistics scenarios. As one of the logistics industry pioneers in large language model adoption, we've successfully implemented these models across various business scenarios, including anomaly control and process automation, driving cost savings and efficiency improvements. We are poised to expand our AI applications going forward. Our general and administrative expenses were RMB 816 million, up 5.8% year-over-year, and accounting for 1.9% of total revenue. Remaining largely flat year-over-year, our general and administrative expenses have maintained a relatively stable trend. In terms of profit, please also consider our non-IFRS measures, which we believe may better reflect our core operations. Both non-IFRS profit and non-IFRS EBITDA include items that we believe are not indicative of our core operating performance to help investors and other users of financial information better understand and evaluate our core operating results. In the Q3 of 2024, our non-IFRS profit was RMB 2.57 billion, up substantially 205.1% year-over-year, with a net increase of RMB 1.73 billion. Non-IFRS profit margin was 5.8%, up 3.8 percentage points year-over-year. With our non-IFRS net profit margin improving year-over-year for the seventh consecutive quarter, we delivered the highest Q3 profit and margin since our listing. The improvements in non-IFRS net profit margin were primarily attributable to the impact of the year-over-year increase in gross margin. Non-IFRS EBITDA for the Q3 was RMB 5.73 billion, an increase of 49.3% year-over-year, with a non-IFRS EBITDA margin of 12.9%, up 3.7 percentage points year-over-year. With strong year-over-year growth in free cash flow and ample cash reserves, we are well positioned to support the company's long-term business development needs. In the Q3 of 2024, considering lease-related payments, we recorded a net inflow of RMB 2.7 billion in free cash flow, an increase of nearly RMB 700 million year-over-year, primarily driven by enhanced operations and year-over-year profitability improvement. Our capital expenditure was RMB 1.4 billion for the Q3. Going forward, we will enhance the ROI of our resource investment based on our business development needs, making prudent and effective capital expenditures to strengthen our mid- and long-term capacities, improve our network structure, and enhance operational efficiency. Before we wrap up, I would like to express our heartfelt thanks to our shareholders for the enduring support and trust in JD Logistics. Moving ahead, we will remain focused on cost efficiency and experience. Specifically, we will improve our product capacity percentage around ISC, reinforcing our differential advantage to the competitive edge to capture market penetration and elevating our service capacities across diverse industries and scenarios to drive business expansion and healthy growth. Additionally, we will solidify our profitability through ongoing optimization of business operations and technological empowerment, 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. This concludes our prepared remarks. We would now like to open the call to your questions. Please start the Q&A session when ready. Thank you. As a reminder, we only accept questions in Chinese language line. To ask a question, please dial into the Chinese language line, then press star one on your telephone's touch-tone keypad. Thank you. As a reminder, if you have any questions, please press star one on your telephone's touch-tone keypad. If you have any follow-up questions, please wait in the queue. Thank you. Once again, please press star one to ask a question. Yes, please press star one to ask a question. If you want to ask a question, please press star one on your telephone's touch-tone keypad. First, the question comes from Tao Feng from the Securities Department of the United States Bank. Please go ahead. Thank you. Thank you for your introduction. My question is on the 2025 profit growth. I know that you did not lay out the guidance, but in 2024, we saw some provisional policies of new for old devices. So we are going to check with you about the 2025 growth outlook. The next question is about the cost management. In this year, you have a very good performance on controlling the cost. So what is the take on the 2025 and in the upcoming days and years? Thank you. I want to take the questions about the 2025 outlook, as well as the new for old home appliances policy. What is the impact on JD Logistics about the revenue? In 2024, we want to make growth momentum stable. With that being said, we want to further improve the customer experiences. For example, the ISC supply chains will be focused on the six major industries: the home appliances, the fast-moving consumer goods, the fresh goods, the 3C, you name it. We want to improve the capacities in different segments, with better solutions being rolled out. That is how we can differentiate ourselves in the market and win the market competition. That is how we could provide better experiences to customers and win new customers. That is what we're going to do to improve the ISC supply chain. The next about the faster delivery. We want to be more efficient. We want to help the customers to enjoy the products in a faster manner. That's why we will further optimize our logistics goods. We will add more operational employees to improve the general experiences and the efficiency. We want to make it high-quality experiences. We want to improve the general growth of the customers as well. Thirdly, in terms of the freight, all the brands under JD Logistics are in the leading position right now. We will follow the requirements of specific markets, and we will offer different products such as air transportation. We will go the terminal-to-terminal transportation services and solutions. We will do further innovation to meet the diverse requirements from different markets. In terms of the national market expansion, we want to maintain positive growth. We want to ensure positive revenue as well. In 2025, we will expand international warehouses, and we want to maintain 100% of the growth. In terms of the customer experiences, the product capacities, as well as optimize the routes, and we will be more detail-focused. We will be very confident in the future, both momentum. This is the answer for the first question. For the new for old home appliance policy, and what is the impact on us, and how we're going to address that? What will be the impact on the revenue since Q3? We are seeing the release of this policy ever since September. We realize it is very good news. Home appliances are not fast-moving consumable goods. If we are using a packet, for instance, it's not going that fast. Yes, the industry is getting better, but in terms of the impact for us, in terms of the retail services, external customers, we are getting different product types, different appliances. We're covering the major appliances, the room temperature transportation, and cold chain. I don't think there will be a major impact on us. Thank you very much for your answer. I want to have a follow-up question. I want to add more comments on the cost control. The gross margin and net profit compared to last year improved. For the specific data, we are at a very rational stage within the industry. We will never stop to find a better operational model, innovative technologies, and new adoptions. Again, we will further improve the efficiency. However, please be noted, in terms of the profitabilities, we are overperforming the commitment, the committed profitability, and now we are at a very rational stage in terms of the total industry. At present, we are at a very rational stage. In the upcoming days, we'll focus on the growth by capturing more market chances, and we will have more measures to control the cost. I wish that that will be the major cornerstone to further optimize the profitability. As Mr. Hu mentioned, we will handle international resources as well. We're putting more effort in the national market to grab the market. Thank you. Next question from the Goldman Sachs Renenda. Please go ahead. Thank you, Mr. Hu. The first question is on the profitability, and I want to know more about the Q4 profitability growth trajectory. And in each Q4, we are seeing better outcomes. Is this Q4 the season for the highest cost efficiency? I want to check with you about the Q4 profitability. And with that being said, I also want to ask a question about the cooperation between Taobao and Tmall. It is for, are you going to find more chances with the ISC or the retail part? Now we are seeing so many Tmall flagship stores; if they are using JD Logistics compared to retail services, what will be the differences in terms of the customer experience, or will there be any differences in terms of customer experiences? Thank you for the question. In 2024, the overall annual growth momentum was not changed. According to the Q1 to Q3 growth momentum, you are going to make a prediction on Q4. When it comes to Q4, in terms of the profitabilities, we expect the best performance among the entire year. At present, we could safely find the outcome of the optimized strategies. The profitability is growing positively. In Q3, compared to Q4, demonstrated a little bit of differences. By the end of September, some of the portfolio companies experienced the alleviated stock price. We are now going to conclude: will this be well maintained in Q4? I believe that Q4 profitability will be very much stable with little bit of changes. For the collaboration with Taobao and Tmall, I want to invite my colleague Hu to give you the analysis. ISC or retail, that is your concern. I want to share with you the large product. I found that we have so many scenarios in Taobao and Tmall. Be it for the business or for the retail side, or we are seeing the ISC or our four-in-one strategies. I don't think there are fundamental differences. The next question is about the customer experience. For us, we are having transparent customerships. If a customer is choosing to collaborate with JD Retail, or you could find a product in Taobao and Tmall, the product, the product services vary because you pick different products. But if you are choosing the same product, we will offer the same experience, customer experience. Thank you. Next question comes from CITIC Bank. Ryan, please go ahead. Thank you for having me here. Congratulations for the great performance in Q3. I have two questions. The first question is on the future input to generate rational profitability in Q3. I want to ask you and invite you to share with me more about the details. In terms of the profit, do you mean that there will be a slight increase in Q4 or all the way down to 2025? Your order profitability will maintain. That's what we see right now. The next question about the home appliances. I want to ask you about the proportion of the revenue, and I also want to check with you about the profitability. Thank you. In terms of the profitability, there's no limit for growth, but profitability has a limit. At each industry, we'll find something rational or range. When we are hitting the rational range, we're not going to find a major stride forward from 2023 to 2024. Beyond that, we are adding more resources in some of the market segments, and we're winning more in October. In the hairy crab market in Jiangsu Province, we did a wonderful comeback by winning faster growth. We have more pickup sets. We have more air-fly routes. We have won more collaboration with the outlets and shops. Our competitors experienced a decline in their business performance. My point is, as long as we are finding good market segments, by putting more resources, we can have a faster win by winning the market penetration and revenue. On that front, we're not going to emphasize on the further optimization of the profits. Otherwise, it will compensate or compromise our capacities. With that being said, I want to share with you more about the home appliance industry. It is a major commodity. It's a major product. The proportion will not be that high. It is a durable product. It is not a fast-moving product. It's not like the small packet home appliances. In terms of the unit volume, will not be as many as the faster delivery. In terms of the profitability of the home appliances, we're seeing better profitability, but still we are seeing a single-digit growth, better than faster delivery, but not that high. Thank you. Next question, Thomas from Jefferies. Please go ahead. Thank you, the management, for having me here. Two questions. The first question, the number of customers. Over the last few quarters, you shared with us the growth of the customer numbers. My concerning question is, when you are collaborating with Taobao and Tmall, would there be any obvious increase in terms of the customer number? And I also want to check with you about the upper. In the upcoming years, would there be any improvement? The next question is also related to the partnership with Taobao and Tmall. Have you done any calculations about the attributed revenue from those two platforms, or do you have any calculations or KPIs on the attributed revenue? Thank you, Jefferies, for the questions. The first question about the number of customers. We could expect that there will be a sustained increase. More customers are willing to collaborate and use JD Logistics. We could see the growth in 2024, a very stable growth. For the number, in 2024, we are introducing lots of new customers. They are still in the initial onboarding stage, so we are finding the limitations in terms of the number. It's a little bit of a drag. However, as we are collaborating with more ISC customers, the uptake will pick up. The uptake value will be increased, but still we need some time to make it happen. In terms of the collaborations with Taobao and Tmall, due to some historical reasons, the base number was very small. We accumulated a small number of customers who adopted JD Logistics. Some of them are big names. They preferred to collaborate with us, JD Logistics. At present, the initial growth did not come from the new package. Instead, some customers preferred to work with us, but due to some policy limitations in the past, they could only work with us through the TikTok. After this 11/ 11 Buying Festival, they could work with us in a more convenient manner. Those are the initial customers we collaborated with. We've been We've been having agreements in the past. Those are the existing customers that we could ensure growth. With that being said, we have some customers who are talking to us. We will gradually improve this group of customers. Since we have had a very small customer base, we'll find very obvious growth. But it will not be that big. I don't think it's a number that we are proud to brag. I believe that penetration rate will be very high. We will improve the penetration rate, and we're able to grab for the proportion in the market. We'll improve the market proportion fundamentally and substantially. As Mr. Wu mentioned, the top-notch business began to be attracted by us. When we are now collaborating with Taobao and Tmall, and we have our strengths on ISC, I believe that we will improve the customers on Taobao and Tmall. I believe that is a great chance we should never lose. Thank you.