Hello, thank you for standing by for JD.com's Fourth Quarter and Full-Y ear 2025 Earnings 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. Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the meeting over to your host for today's conference, Sean Zhang, Head of Investor Relations. Please go ahead. Thank you. Good day, everyone. Welcome to JD.com Fourth Quarter and Full-Y ear 2025 earnings conference call. With us today are CEO of JD.com, Ms. Sandy Xu, and CFO, Mr. Ian Shan. Sandy will kick off the call with her opening remarks, and Ian will discuss the financial results. We'll open the call to questions from analysts. Please note, unless otherwise stated, all comparison in this call will be against our results from the comparable period of 2024. Before turning the call over to Sandy, let me quickly cover the safe harbor. Please be reminded that during this call, our comments and responses to questions reflect management's view as of today only and will include forward-looking statements. Please refer to our latest safe harbor statement in the earnings press release on our IR website, which applies to this call. We'll discuss certain non-GAAP financial measures. Please refer to the reconciliation of non-GAAP measures to the comparable GAAP measure in the earnings press release. Please also note all figures mentioned in this call are in RMB, unless otherwise stated. Let me turn the call over to our CEO, Sandy. Thank you, Sean. Hello, everyone. Thank you for joining our fourth quarter and full- year 2025 earnings conference call. We closed Q4 with results in line with expectations as we navigated short-term challenges while delivering a solid overall full-year performance for 2025. During Q4, despite a high year-on-year comparison base in electronics and home appliances, our top line remains resilient. Thanks to the continued strong momentum in both our general merchandise categories and marketplace and marketing revenues. Our profitability, our core business, JD Retail, achieved a notable growth margin expansion in Q4 as we further leveraged our supply chain advantages. We strategically invested some of these gains into our price competitiveness, particularly in electronics and home appliances categories, as well as in R&D capabilities and talents to secure a long-term edge. This slightly tempered retail's margin expansion in the quarter. The impact was well absorbed by our increasingly diversified profit streams, including high-margin marketplace and marketing services and margin improvement in categories such as supermarket and healthcare. Beyond core retail, our new businesses continued to report steady efficiency gains and a sequential decline in total investments. Beyond the quarterly fluctuation, 2025 remained a year of solid execution where we delivered on our full- year expectations. We have made encouraging strides across our key long-term growth drivers. User base and engagement gained significant momentum. Our core retail segment accelerated back to double-digit top line growth. Currently, we achieved this while expanding JD Retail operating margin for the sixth consecutive year, despite a highly competitive landscape. We are expanding our TAM with several promising new business initiatives. This solid progress is rooted in our deepening supply chain capabilities, which remains the engine for delivering superior user experience, optimize cost, and enhance operating efficiency. This is the backbone of our business model, not only supporting our core retail business, but also fueling our expansion into the new markets, our strategic initiatives. We are confident that these strategic pillars position us for more sustainable and profitable growth. Moving into our operational highlights, I'd like to share three highlights from Q4 and full- year 2025, as well as our thoughts for 2026. First, our user base expanded in both scale and depth throughout 2025. Our monthly active customers grew by 30% year-on-year in Q4, capping a year where we exceeded 700 million annual active customers. This growth was powered by the organic user growth of our core retail business and further accelerated by new strategic initiatives, including JD Food Delivery and Jingxi. High-value users also hit a new milestone. Our active JD PLUS member base sustained double digits, surpassing 20 million ARPU year-over-year. What's even more encouraging is the quality of user growth. User shopping frequency surged by over 40% year-on-year for the full year, with broad-based gains across all user groups, including new and existing users, as well as PLUS members. In addition to user acquisition, JD Food Delivery also played an important role in this frequency lift. We view the expansion of user base and engagement as a long-term strategic driver for our business and expect it will further amplify in 2026 and beyond. Second, our core retail business demonstrated remarkable resiliency in Q4, maintaining stable margin in the quarter despite short-term top-line headwinds. On a full-year basis, JD Retail delivered strong double-digit growth in both revenue and operating margin, with operating margin expanding by 52 bps to 4.6%. Viewed through a long-term lens, this consistent trajectory of JD Retail's growth and margin expansion over multiple years stands as a powerful testament to the resilience of our supply chain-driven model. While Q4 revenue edged down to 1.7% year-on-year due to softness of electronics and home appliance categories, we have proactively strengthened our supply chain capabilities and deepened user mindshare. These efforts are already paying off with improved momentum year- to- date in 2026. Furthermore, we expect to be benefiting from the resumed trade-in program this year, which will provide a constructive backdrop for industry growth. Turning to general merchandise, its performance remains strong, with revenue up 12.1% year-on-year in Q4 and 15.3% for the full year. Supermarket revenue maintained double-digit growth in Q4. For the full year, supermarket growth reached mid-teens, accompanied by steady growth and operating margin expansion. Our fashion categories also achieved significant gains in both top line and user mindshare expansion throughout 2025, with healthy growth across user base, shopping frequency, ARPU, and ticket size. These results were driven entirely by the team's execution rather than external tailwinds. We are confident in sustaining the general merchandise momentum as our category mix continues to evolve toward a more diversified structure. Another exciting emerging growth driver for JD Retail is advertising revenue, which boosted our marketplace and marketing revenues to grow 15% in Q4 and 18.9% year-on-year for the full year. The robust growth was fueled by our optimized traffic allocation, enhanced conversion efficiency, and the rollout of our AI-powered algorithms and agents for our suppliers and merchants. We are also seeing a strategic shift where advertisers are reallocating budgets towards platforms like JD as we are regarded as the most consistent daily sales platform, the premier destination for brand building, and the platform that offers the highest return throughout a product's entire life cycle. Notably, the synergy with JD Food Delivery is starting to bear fruit, contributing an incremental 2%-3% to ad revenue in Q4. We remain confident in sustaining our advertising revenue momentum in 2026. The third highlight is the solid progress of our new businesses. Within the segment, JD Food Delivery continued to drive healthy progress in Q4. We maintained steady order momentum while further optimizing our investment, further reducing the total investment scale by nearly 20% quarter-on-quarter. Since its inception, JD Food Delivery has sustained sequential loss reduction every single quarter, a direct result of our relentless focus on improving operating efficiency and an ROI-driven investment framework. In Q4, JD Food Delivery loss rate over GMV narrowed significantly compared to a quarter ago while maintaining the scale momentum. More importantly, the strategic synergies with our core retail business are deepening. Beyond the strong user momentum mentioned earlier, both cohort cumulative cross-selling rate and shopping frequency trended upward in Q4. Additionally, total active merchants have increased by over 270%. Which was also partially contributed by the high-quality restaurants that onboarded our platform. Looking ahead, JD Food Delivery will continue to prioritize healthy volume growth while improving its unit economics at a greater level. We expect investment efficiency in food delivery to improve further this year compared to 2025 levels. Regarding our other new business initiatives, both Jingxi and international business are progressing on track. Jingxi continues to successfully penetrate lower-tier markets, expanding both our user base and user land share. Furthermore, we are excited to announce that Joybuy, our online retail business in Europe, will officially launch this month. We are committed to redefining the local shopping experience by providing same-day and next-day delivery services, a move that opens up greater growth horizons for JD. We will continue to invest in these high potential segments in a prudent and controlled manner view our long-term sustained development. While executing our core strategies, we are equally inspired by the transformative potential of AI. By leveraging our deep supply chain capabilities, we are embedding AI across our entire value chain, identifying and stimulating demand, sourcing 1P and 3P supplies, and pioneering autonomous logistics. Let me share a few examples of our AI initiatives. First, proprietary intelligence. Our large language model, JoyAI, now supports over 1,000 real-world applications across customer experience, procurement, merchant services, and operations. In 2025, JoyAI's total token invocations surged nearly 100-fold from 2024, fueling faster, smarter decision-making throughout the company. Second, demand cultivation. We are reshaping the shopping journey and enhancing user experience through AI-driven search and recommendations. Jingyan, our AI agent, surpassed 150 million annual AAC in 2025 with over 20% user penetration, driven billions in GMV. We expect to double this user base in 2026. Third, logistics automation. Parallel to the digital intelligence is our leadership in autonomous logistics. In 2025, JD Logistics continued to redefine logistics efficiency. As of the year end, it deployed over 20 flagship LanZhu Tech warehouses across China. We also launched this capacity internationally, launching our first LanZhu Tech facility in the U.K. to efficiently support a premium 211 same-day and next-day fulfillment experience locally. Services and innovation. Our multimodal AI customer service handled over 4.2 billion user inquiries during the Double 11 promotion, achieving higher satisfaction with lower human intervention. Beyond operations, we are unlocking new consumption potential through JoyInside, our AI agent for hardware, which has partnered with 40 hardware brands to introduce a range of AI products. Sales of JoyInside integrated products surged 20-fold during Double 11 compared to the June 18th promotion. By harnessing AI to redefine our competitive edge, we are further equipped to enhance our user experience, lower costs, and improving operating efficiency. We are well-positioned to capture the opportunities arising from AI to unlock new growth frontier for 2026 and beyond, ultimately placing us at the forefront of AI commerce. 2025 was a year of constructive progress and strategic fortitude. Despite navigating short-term macro environment and high base comparisons, we remained steadfast in sharpening our supply chain edge and fortifying our foundation for the future. As we enter 2026, we are already seeing a consistent upward trend. Our user momentum remains robust, and the growth trajectory of our general merchandise and the marketplace and marketing services have carried over seamlessly into the new year. In the meantime, we have continued to strengthen our competitiveness advantages across product supply, price competitiveness, and fulfillment experience. This operational strength, combined with our technological advances, has disciplined our AI-focused approach to new businesses. Gives us great confidence in our 2026 outlook. We remain fully committed to driving sustainable, profitable growth and creating long-term value for our shareholders. With this, I'll turn the call over to Ian. Thank you, Sandy. Hello, everyone, thanks for joining the call today. In Q4, our total revenues grew by 2% year-over-year, non-GAAP net profit came in at RMB 1.1 billion. While we face short-term headwinds in electronics and home appliances categories, our overall performance remained resilient. This stability was driven by our strategic focus on diversifying growth drivers and profit streams, alongside disciplined investment in our new business. On a full- year basis, we achieved meaningful progress across our core retail segment, new businesses and user growth and engagement, reinforcing our long-term sustainable development. As we drive business development, we remain firmly committed to delivering shareholder returns. Our Board has approved a total annual cash dividend of approximately $1.4 billion for 2025, representing $0.005 per ordinary share or $1 per ADS. Furthermore, we remained active in terms of share buybacks. In 2025, we repurchased about 6.3% of our outstanding shares for a total of $3 billion. All of the repurchased shares have been canceled. These efforts underscore our confidence in long-term development. Now, let's go through our Q4 and full- year 2025 financial performance. Total net revenues for Q4 increased by 2% year-on-year to RMB 352 billion. On the full- year basis, total net revenues increased by 13% to RMB 1.3 trillion in 2025. Breaking down the mix, product revenues faced a 3% dip in Q4, mainly due to a high trading base, but grew by 10% for the full year. By category, revenues of electronics and home appliances was down 12% in Q4, but up 7% for the full year. We have navigated this high base challenge in close collaboration with our partners and are encouraged by the improved momentum year-to-date in 2026. General merchandise delivered robust results with revenues up 12% in Q4 and 15% for the full year, led by sustained momentum in our supermarket, fashion, and healthcare categories throughout 2025. We believe this momentum will continue in 2026 as we further build our strength in these high potential sectors. Service revenues grow by 20% year-on-year in Q4, and 24% for the full year. Notably, marketplace and marketing revenues were up 15% and 19% for the quarter and full year, respectively. A key driver of this was advertising revenues, which achieved double-digit growth across every quarter of 2025. We have enhanced advertising efficiency on our platform through leveraging technology as well as our surging user traffic and engagement. Looking into 2026, we expect marketplace and marketing revenues to maintain solid growth momentum, contributing to both top line growth and profitability. Logistics and other service revenues grow by 24% year-on-year in Q4 and 27% for the full year, mainly driven by the incremental delivery returns revenues from food delivery business. Let's turn to our segment performance. JD Retail revenues down 2% year-on-year in Q4, but up 11% for the full year of 2025. The quarterly decline was primarily due to the high trading base for electronics and home appliances, which was largely mitigated by growth in general merchandise and advertising revenues. It's important to note that JD Retail is no longer a single growth driver business. We have successfully built a diversified growth matrix that provides the business with multiple engines and a strong resilience across different market conditions. Notably, JD Retail's gross margin increased by 1.1 percentage points year-on-year in both Q4 and full- year 2025. This consistent improvement has sustained across multiple years despite changes in the competitive landscape, reflecting our enhanced supply chain strength and a favorable mix shift. JD Retail's non-GAAP operating income in Q4 was down 2% year-on-year, with operating margin holding steady at 3.2%. The temporary pause in margin expansion this quarter was a strategic choice. We deployed supplementary subsidies for electronics and home appliances to offer competitive price and maintain market leadership while increasing OpEx through targeted investment in R&D and employees compensation to fuel future growth. On a full- year basis, JD Retail's non-GAAP operating income in 2025 grow by 25% year-on-year, with operating margin improved by 52 bps to 4.6%. Taking a long-term view, JD Retail's margin trajectory remains very healthy, climbing consistently from 2.7% in 2019 when we initiated this segment reporting, to 4.6% in 2025. As we continue to emphasize hard margin advertising business and realize efficiency gains in categories such as supermarket, we remain on a steady and successful path toward our long-term margin targets. Moving to JD Logistics, its revenues grow by 22% year-on-year in Q4, and 19% for the full year. With incremental contributions from food delivery. On the profitability front, JD Logistics non-GAAP operating income was down 17% year-on-year in 2025, but up 3% in Q4. JD Logistics remains committed to investing in elevating customer experience, expanding service capabilities in both domestic and overseas markets, and advancing AI and robotic technologies. We view this as essential investments that paves the way for JDL's long-term sustainable growth in both top and bottom lines. New business revenues searched by 201% year-on-year in Q4, and 157% for the full year, driven by the rapid scaling of food delivery, Jingxi, and international business. The segment's non-GAAP operating loss narrowed to RMB 14.8 billion in Q4. This sequential improvement was primarily driven by the narrowing loss at JD Food Delivery, which achieved a notable reduction of about 20% in loss compared to the previous quarter, continuing its consistent trend of improvement since launch. As we enter 2026, our priority for food delivery remains to drive healthy order volume while deepening synergies with our core retail business. We believe investment in food delivery has peaked in 2025 and will trend downward this year if market competition trends towards becoming more rational. Beyond food delivery, we will continue to explore promising opportunities in Jingxi and international business with financial discipline to ensure long-term value creation. Moving to our consolidated profit performance. Group-level gross margin expanded by 32 bps year-on-year to 15.6% in Q4, and rose 18 bps to 16% for the full year. This improvement was primarily driven by the consistent gross margin expansion of JD Retail. Consolidated non-GAAP net income attributable to ordinary shareholders was RMB 1.1 billion in Q4 and RMB 27 billion for the full year, representing a non-GAAP net margin of 0.3% and 2.1% respectively. Our near-term profitability mainly reflects our strategic investments in new business. We believe these initiatives will broaden the group's growth potential, driving both sustainable growth and margin improvement over the long term. Our free cash flow for the full year of 2025 was RMB 6 billion compared to RMB 44 billion last year. This primarily reflects cash outflows associated with the trade-in program alongside fluctuations in operating income. Our accounts receivable also recorded a sequential decline for two consecutive quarters, primarily due to the healthy recovery of the trade-in-related receivables. We conclude the year with a robust liquidity position with cash and cash equivalents, restricted cash, and short-term investments totaling RMB 225 billion as of year-end. In summary, 2025 was the year of solid strategic progress. We achieved strong growth in our user base, accelerated core retail top line with margin expansion built by increasingly diversified drivers. Furthermore, our new business are now on a healthy, promising operating track. We have built a more resilient ecosystem where our business segments operated with increasing synergies. Our focus remains clear. We will continue to focus on enhancing user experience, lowering costs and improving operating efficiency to deliver strong performance across our retail business top line and profitability while advancing our new business initiatives with a long-term perspective. With that, I'll turn it back to Sean. Thank you. Thank you, Sandy and Ian. For the Q&A session, analysts are welcome to ask questions in Chinese or English. Our management will answer your question in Chinese and will provide English translation for convenience purpose only. In case of any discrepancy, please refer to our management statement in original language. Operator, we can open the call for Q&A session now. The question- and- answer session of this conference call will start in a moment. In order to be fair to all callers who wish to ask questions, we will take two questions at a time from each caller. If you have more than two questions, please request to join the queue again after your first two questions have been addressed. Your first question comes from Ronald Keung with Goldman Sachs. 谢 谢 Sandy 和 Sean。 那 我 想 问 两 个 题 目 ， 第 一 就 是 这 个 二 周 年 我 们 对 京 东 零 售 的 一 个 展 望 ， 呃 ， 那 如 果 这 个 电 子 产 品 在 国 补 的 这 个 影 响 下 ， 下 半 年 的 基 数 就 会 回 到 常 态 呢 ？ 那 我 们 超 市 和 日 百 这 些 还 是 非 常 稳 健 ， 那 我 应 该 怎 么 看 这 个 二 六 年 的 京 东 零 售 的 上 半 年 和 下 半 年 的 这 个 表 现 和 增 长 的 态 势 呢 ？ 呃 ， 然 后 第 二 点 就 想 问 这 个 外 卖 和 即 时 零 售 的 那 UE， 呃 ， 方 宇 可 能 说 一 下 我 们 的 具 体 ， 呃 ， 认 为 这 个 改 善 的 路 径 ， 呃 ， 会 会 是 怎 样 吗 ？ 那 面 对 这 些 其 他 的 竞 争 对 手 ， 那 我 们 是 基 于 应 该 是 供 应 链 驱 动 的 ， 那 我 们 这 个 差 异 化 的 优 势 有 哪 些 ？ 然 后 我 们 怎 么 理 解 ， 呃 ， 公 司 对 这 个 业 务 的 长 期 决 心 ， 呃 ， 和 这 个 因 为 有 这 个 近 期 的 监 管 调 查 ， 这 个 反 垄 断 调 查 呢 ， 减 少 内 卷 ， 然 后 对 我 们 整 个 UE 是 不 是 也 会 有 什 么 帮 助 ？ 那 我 翻 译 一 下 。 Thank you management. Taking my question first is on JD Retail 2026 growth as electronics appliances return to a more normalized base from the second half. The general merchandise remains very healthy. How should we think the growth rate for JD Retail in 2026 for the first half and second half and the differences given the base? Second is on the on demand and food delivery. How should we think of the path to further unit economics improvement compared with the bigger competitors? How are we differentiating ourselves through supply chain, supply chain driven business models? How should we think of your determination and commitment to this business and with the regulations and investigations on the delivery industry, will that also contribute to unit economics improvement? Thank you. 谢谢 Ronald 的 问题 。 首先 呢 ， 日 百 品 类 的 健 康 增 长 趋 势 将 会 持 续 。 2025 年 全 年 呢 ， 从 品 类 上 来 看 ， 即 使 在 有 国 补 的 前 提 下 ， 我 们 的 日 百 品 类 也 取 得 了 更 快 的 增 长 ， 也 带 动 了 我 们 零 售 大 盘 的 增 长 。 大 家 也 可 以 看 到 ， 就 是 商 超 、 时 尚 还 有 健 康 等 全 品 类 都 取 得 很 好 的 增 长 。 在 2026 年 呢 ， 我 们 对 日 百 品 类 还 会 持 续 保 持 健 康 增 长 非 常 有 信 心 。 商 超 业 务 也 在 用 户 的 渗 透 和 细 分 品 类 的 拓 展 上 仍 然 还 有 很 广 阔 的 提 升 空 间 。 时 尚 业 务 在 2025 年 也 已 经 完 成 了 招 商 的 布 局 ， 有 更 多 更 丰 富 的 商 家 和 品 牌 加 入 JD.com 平 台 。 另 外 呢 ， 今 年 也 会 将 进 一 步 地 释 放 我 们 的 增 长 潜 力 ， 健 康 品 类 也 继 续 保 持 行 业 领 先 的 地 位 和 用 户 心 智 。 对 于 在 电 品 类 来 说 ， 在 短 期 看 呢 ， 的 确 有 高 基 数 ， 还 有 Okay, thank you Ronald Keung. For your first question, first our general merchandise category continues very healthy, robust growth trajectory. Looking back at 2025, the category achieved growth faster, even factoring the impact of trade-in program on the other category. General merchant category serve as a primary growth engine for JD Retail. You know, subcategories such as supermarket, fashion, and healthcare all achieved very strong result. Looking into 2026, we remain very confident in sustaining this healthy momentum. Supermarket category still has significant and tap potential in terms of user penetration and expansion of the subcategory. Fashion category, we have completed many infrastructural work, such as merchant recruitment last year, and we'll further build growth momentum on this very strong foundation. Healthcare category, we expect to continue maintain its industry leading position and user mindshare. Regarding electronics and home appliance category, it's continue to face high base effect in the short term. In 2026, the government trade-in program will continue, we have to bear in mind that the government-backed cash subsidy were consumed much faster and more in first half 2025 compared to the second half of 2025. For our electronic home appliance category, including home appliance, cell phone, computers and digital products, will remain affected by a high base in the first half this year. However, we anticipate a sequential improvement in growth compared to the fourth quarter of 2025, with more robust recovery expected in the second half 2026. Our market share remains very resilient. Furthermore, we have to bear in mind that memory chip costs keep rising. Prices mobile phone, digital products are expected to increase across the board. This may dampen consumption and affect sales volume. By the same time, the rise of AOB will partially offset the impact of lower cells to $0.13. We will continue to strengthen our user mindshare and drive sales by further reinforcing our supply chain capability, expanding our proactive offline presence, and enhancing all service experience. Meanwhile, AI and emerging technologies are creating numerous opportunity for innovation and new product categories, further demonstrating our strength of supply chain. While initial data contributions from this new AI-related product remain modest related to our current scale of this category. But we see significant opportunity and shift and we will work closely with brand owners and suppliers to respond rapidly and develop new products and need involving user need through this swift application of new technology. Looking ahead to 2026, our growth drivers are becoming more diversified. General merchandise category maintains a healthy growth trend, while service revenue including advertising will also sustain rapid growth momentum. Second, we expect electronic home appliance category to remain impacted by a high base in the first half of this year. And with this growth in the second half to a salary and better than the first half. Overall, we will maintain our market share and user mind share. At the same time, we'll continuously leverage technological innovation to drive industry progress. Third, supported by the steady improvement in JD's traffic, user base, and shopping frequency, we are confident in achieving healthy and high- quality growth for the full- year 2026. Regarding your second question. While our JD Food Delivery business remain in its early stage in 2025, we actively invested in both operation and R&D. Looking at this year, 2026, we'll continue to strengthen our capabilities and onboard more quality merchants and products and enhance user experience. At the same time, we'll begin generating revenue through offering merchant services, achieving an orderly and rational monetization. Our goal is to sustain healthy scaling of this business while continuously improving operation efficiency. We expect total investment in JD Food Delivery to decrease in 2026 compared to 2025, while that also, of course, depends on the market competition dynamics. How we do this? First, JD Food Delivery's differentiating advantage includes our commitment to our positioning in high-quality food delivery. Second, the superior service quality driven by full-time riders. Third, the synergy that a synergetic integration across JD ecosystem, leveraging on our strong supply chain advantage. In terms of improving UE, we have clear drivers. First, more diversified revenue streams. Second, continuous optimization of subsidy efficiency, including targeted subsidy tailored to different users and regions. Third, enhance delivery efficiency driven by economic scale that accompany healthy order volume growth. It's also worth noting that our Sun Fresh Kitchen, which is a highly innovative and differentiated business model, is progressing well, is deeply integrated with JD supply chain capability, leverage, strong synergy with our on-demand retail business. As of the end of February, Sun Fresh Kitchen operational footprint has expanded to over 50 kitchen locations. We welcome analysts and investors to try out. Regarding the long-term positioning, food delivery and on-demand retail is a long-term strategy for JD, will drive our strategic progress with a long-term perspective, continuously enhancing operational efficiency to drive profitability improvement. At the same time, we'll continue to unlock potential synergy between food delivery and our core retail business, fueling the company's long-term healthy growth. In 2025, our food delivery proved to be a strategic engine for user growth, effectively acquiring new users and significantly boosting purchase frequency across our platform. In 2026, we expect to see a further unlocking of synergies driven by robust cross-selling and incremental growth in advertising revenue. Lastly, regarding the food delivery regulation. First, we support and welcome regulatory oversight that maintains a fair and competitive market environment as they foster a healthy development of the industry. Second, we remain steadfast in our opposition in evolutionary competition within the sector. Third, we are committed to driving high quality evolution of high quality food delivery through continuous innovation in our supply chain model. Thank you. Next question please. Your next question comes from Kenneth Fong with UBS. Hi, Sandy, Ian, Sean, 晚 上 好, 谢 谢 接 受 我 的 提 问. 我 有 两 个 问 题, 第 一 个 是 关 于 集 团 的 利 润 以 及 新 业 务 的 投 入. 在 现 在 国 内 的 宏 观 环 境 还 是 不 确 定, 集 团 同 时 又 在 加 速 推 进 海 外 以 及 新 业 务 发 展, 我 想 请 问 一 下 管 理 层 如 何 平 衡 集 团 的 增 长 以 及 利 润 率 呢? 预 计 2026 年 新 业 务 的 投 入 的 规 模 会 在 什 么 水 平? 这 个 投 入 对 于 集 团 的 利 润 会 产 生 什 么 影 响 呢? 我 第 二 个 问 题 是 关 于 海 外 的, 管 理 层 可 以 介 绍 一 下 这 个 CECONOMY 的 收 购 的 新 的 进 展, 以 及 时 间 的 规 划 会 是 怎 么 样, 以 及 这 个 业 务 在 并 表 以 后, 对 于 集 团 的 财 务 的 具 体 的 影 响, 我 们 应 该 怎 么 思 考? 在 这 个 战 略 布 局 的 角 度, 公 司 如 何 定 位 这 个 Joybuy, 预 计 将 和 这 个 JD Retail, JD Logistics 以 及 整 个 集 团 的 供 应 体 系, 供 应 链 体 系 里 面 有 什 么 具 体 的 协 同 的 效 应? 谢 谢. Thank you management for taking my question. My first question is about the profitability and investment in new business. Under the backdrop of macro uncertainties and yet the accelerate investment in overseas and Jingxi business, how should management balance the growth as well as the profitability? What level of investment should we expect for 2026 for this new business? How should it affect the group earnings? My second question is about overseas business. Can management share some updates on the CECONOMY acquisition progress, timeline and the impact on financials post consolidation? From the strategic angle, how would Joybuy position and what kind of benefit or synergy should we expect from the group level, i.e. JD Retail, Logistics and the whole supply chain point of view? Thank you. 多 谢 Kenneth. 关 于 投 入 和 利 润 ， 从 长 期 的 视 角 ， 我 们 对 中 国 市 场 的 前 景 和 我 们 自 身 的 业 务 发 展 很 有 信 心 。 基 于 对 商 业 机 遇 的 洞 察 ， 我 们 坚 持 做 一 些 长 期 的 业 务 布 局 ， 包 括 国 际 业 务 、 下 沉 市 场 以 及 零 售 ， 极 致 零 售 。 我 们 也 坚 定 地 在 技 术 研 发 上 做 ， 不 断 地 完 善 技 术 能 力 ， 拓 宽 服 务 边 界 ， 持 续 打 开 新 的 增 长 空 间 ， 也 将 为 集 团 长 期 提 升 一 个 新 的 增 长 动 力 。 京东 的 长 期 高 位 数 的 利 润 率 的 目 标 是 不 会 改 变 的 。 对 于 核 心 零 售 利 润 ， 2026 年 ， 核 心 的 零 售 利 润 可 以 实 现 健 康 的 增 长 ， 长 期 零 售 高 位 数 的 利 润 率 目 标 不 变 ， 这 个 驱 动 包 括 自 营 能 力 带 动 商 品 毛 利 率 的 提 升 ， 广 告 等 利 润 率 较 高 的 收 入 保 持 强 劲 的 增 长 ， 以 及 商 超 等 品 类 的 利 润 率 持 续 改 善 ， 零 售 的 规 模 效 应 会 持 续 释 放 ， 经 营 效 率 随 着 技 术 的 应 用 还 会 有 进 一 步 的 提 升 空 间 。 在 新 业 务 投 入 上 ， 外 卖 业 务 在 刚 过 去 的 Q4 亏 损 环 比 收 窄 接 近 20% ， 我 们 也 在 保 持 规 模 健 康 增 长 的 同 时 ， 随 着 经 营 效 率 的 改 善 和 收 入 的 增 长 ， 整 体 的 亏 损 率 也 在 大 幅 的 收 窄 。 展 望 2026 年 ， 我 们 将 继 续 推 动 外 卖 规 模 的 健 康 增 长 ， 同 时 释 放 与 核 心 零 售 的 协 同 价 值 。 如 果 行 业 的 竞 争 趋 于 理 性 ， 我 们 今 年 外 卖 的 投 入 的 目 标 是 比 2025 年 下 降 。 国 际 业 务 会 按 节 奏 逐 步 增 加 投 入 ， 规 模 可 控 ， 我 们 会 保 持 严 格 的 投 入 的 纪 律 性 。 京喜 业 务 在 深 耕 下 沉 市 场 ， 聚 焦 白 牌 供 给 ， 特 别 在 六 线 以 下 城 市 加 大 渗 透 率 的 效 果 显 著 ， 拓 宽 了 京东 的 用 户 的 增 量 的 边 界 ， 在 供 给 也 实 现 了 和 主 站 的 差 异 化 协 同 。 今 年 的 投 入 会 持 续 小 幅 增 加 ， 优 益 也 会 持 续 提 升 ， 实 现 业 务 健 康 可 持 续 的 增 长 。 Regarding our thoughts on investment and profitability. From a long term perspective, we are confident in the prospects of the China market and our own business development. Based on our views of the market opportunities we have made long- term strategic investments, including in our international business, lower tier markets and on-demand retail. At the same time, we have been committed to investing in R&D and the technologies by enhancing our foundational capabilities and expanding our service scope. We believe we will continue to unlock new growth opportunities, which will also drive our long term profitability. JD's high single digits long term margin target remains unchanged. In terms of JD Retail, we expect to see healthy growth of retail profits in 2026 and our long term target for JD Retail, which is high single digit profit margin, also remains unchanged. Key growth drivers of this, including improvement in product sales gross margin brought by our enhancing supply chain capabilities. Robust growth in high- margin business such as advertising as well as continuous margin improvement in categories including supermarket. JD Retail's still benefit will also continue to play out, and its operating efficiency will have further room to improve as we increasingly adopt AI technology. In terms of our investment in new businesses for JD Food Delivery, its loss narrowed by nearly 20% quarter-on-quarter in Q4. We continue to maintain its healthy scale expansion while narrowing its loss ratio with improved operating efficiency and revenue growth during the quarter. Looking at 2026, we will continue to drive healthy scale growth of the food delivery business and further unlock its synergies with core JD Retail. If the industry competition trends towards more rationality, we expect our investment in JD Food Delivery in 2026 to decline from the 2025 level. For international business, we will gradually increase our investment on a controlled scale. We will maintain financial discipline in the investment. For Jingxi, it has focused on lower tier markets and non-branded product supply. It has made meaningful penetration improvement, particularly in Tier 6 and lower cities. This has helped expand our user growth boundaries as it offers differentiated product offerings from our main app. We expect to increase our investment in Jingxi a little bit, but we believe its UE to continue to improve in 2026, delivering healthy and sustainable business growth. 关 于 海 外 业 务 ， 那 CECONOMY 的 交 易 目 前 还 在 监 管 的 审 批 过 程 当 中 ， 呃 ， 我 们 会 及 时 和 大 家 同 步 最 新 的 交 易 进 展 。 那 Joybuy 是 京 东 在 欧 洲 的 全 品 类 电 商 零 售 平 台 ， 那 将 于 三 月 正 式 上 线 。 海 外 整 体 的 供 应 链 能 力 的 建 设 是 个 长 期 过 程 ， 那 仍 然 需 要 时 间 和 投 入 。 呃 ， 从 我 们 的 试 运 营 来 看 ，Joybuy 的 用 户 体 验 反 馈 很 好 ， 尤 其 是 在 履 约 侧 ， 那 物 流 体 验 会 是 Joybuy 的 一 个 重 要 差 异 化 优 势 。 我 们 在 欧 洲 自 建 物 流 履 约 网 络 ， 那 Joy Express 也 已 经 上 线 ， 啊 ， 在 英 国 、 德 国 、 法 国 、 荷 兰 等 国 家 的 主 要 城 市 实 现 当 日 达 、 次 日 达 的 极 致 体 验 ， 那 还 可 以 提 供 送 货 上 门 等 服 务 ， 呃 ， 欢 迎 大 家 来 尝 试 。 那 协 同 上 ， 在 供 应 链 能 力 的 建 设 上 ， 我 们 在 助 力 中 国 品 牌 出 海 的 同 时 ， 也 希 望 能 将 更 多 优 质 的 欧 洲 品 牌 直 接 引 入 中 国 市 场 ， 进 一 步 提 升 我 们 的 全 球 供 应 链 能 力 。 那 在 物 流 伴 随 Joybuy 在 欧 洲 产 业 、 零 售 和 物 流 ， 在 海 外 业 务 的 协 同 能 力 将 进 一 步 提 升 ， 那 Joybuy 的 竞 争 壁 垒 将 更 加 的 突 出 。 呃 ， 在 技 术 上 ， 那 京 东 会 长 期 在 技 术 系 统 的 积 累 可 以 进 一 步 赋 能 我 们 的 海 外 业 务 。 As to your question about CECONOMY deal. At current stage, it is under regulatory review. We will update the market in due course. Joybuy is our full category online retail platform in Europe. It is scheduled to officially launch in March. Building overseas supply chain capabilities is a long term initiative that takes time and continued efforts. Based on its trial operations, Joybuy has received a very positive user feedback, especially on the performance side. Logistics experience will be a key differentiator for Joybuy. We are building our own delivery network in Europe. JoyExpress has been launched recently. It provides same and next day delivery in major cities across the U.K., Germany, France and the Netherlands, along with services such as door-to-door delivery. We welcome all analysts and investors to try out our services. As for synergies. First, on supply chain capabilities, while helping Chinese brands expand globally, we also aim to bring more high quality European brands into the Chinese market, further strengthening our global supply chain capabilities. Second, on logistics. As Joybuy expands in Europe, the synergy between retail and the logistics in our overseas business will be further strengthened, reinforcing Joybuy's competitive edge. Third, on the technology front, JD's long-standing expertise and a robust infrastructure will continue to empower our international business. Next question please, operator. Your next question comes from Alicia Yap with Citigroup. Hello. Thank you. Good evening. 谢 谢 接 受 我 的 提 问 。 有 两 个 问 题 。 第 一 个 问 题 是 关 于 这 个 零 售 的 ， 就 考 虑 到 今 年 其 实 零 售 的 增 长 前 景 可 能 会 放缓 哈 。 请 问 管 理 层 对 京 东 这 个 日 百 品 类 的 GMV 和 收 入 的 增 长 有 何 预 期？ 在 竞 争 加 剧 消 费 放 缓 的 这 个 背 景 下 ， 京 东 将 如 何 实 现 这 个 品 类 更 快 的 增 长 呢？ 还 有 哪 些 具 体 的 这 个 差 异 化 的 优 势 能 够 支 撑 这 个 品 类 的 销 售 持 续 的 增 长？ 第 二 个 问 题 是 ， 请 管 理 层 能 够 分 享 ， 就 是 京 东 将 如 何 规 划 和 定 位 ， 以 应 对 并 把 握 智 能 代 理 电 商 即 将 带 来 的 这 个 挑 战 和 机 遇 。 我 自 己 翻 译 一 下 。 In light of the potential slower retail sales growth outlook this year, what is the growth rate management have in mind for your general merchandise GMV and revenue growth? How can JD continue to grow faster in this category, amid the competitions and also slower consumption? What are the specific differentiated areas are JD able to drive sales in this segment? Second question is that can management share your thoughts on how JD might prepare and position to embrace the upcoming threats and opportunity from the agented commerce? 呃 ， 那 首 先 是 关 于 日 百 品 类 的 问 题 。 那 刚 刚 我 也 提 到 ， 就 是 我 们 在 二 六 年 依 然 预 计 日 百 品 类 保 持 健 康 的 增 长 。 那 我 们 往 回 看 的 话 ， 日 百 品 类 已 经 连 续 五 个 季 度 保 持 双 位 数 增 长 ， 这 个 表 现 呢 明 显 好 于 行 业 的 大 盘 ， 那 这 也 得 益 于 我 们 持 续 建 设 的 供 应 链 能 力 和 团 队 运 营 能 力 的 显 著 提 升 ， 那 我 们 也 为 我 们 后 续 的 持 续 增 长 奠 定 了 坚 实 的 基 础 。 那 二 六 年 呢 ， 我 们 是 很 有 信 心 的 。 那 这 个 持 续 增 长 的 驱 动 力 主 要 来 自 于 几 点 。 那 第 一 个 呢 ， 就 是 市 场 潜 力 还 是 很 大 ， 这 个 整 个 市 场 规 模 ， 啊 ， 商 超 、 时 尚 健 康 规 模 都 很 大 ， 所 以 我 们 也 有 很 大 的 增 长 空 间 。 那 然 后 第 二 点 呢 ， 就 是 用 户 增 长 ， 那 我 们 在 外 卖 还 有 惊 喜 这 些 业 务 带 来 了 新 的 流 量 、 用 户 和 购 频 的 增 长 。 那 同 时 我 们 也 在 加 快 内 部 的 协 同 ， 尤 其 在 商 超 这 些 品 类 上 ， 可 以 看 到 和 外 卖 用 户 很 好 的 交 叉 购 买 。 那 第 三 个 呢 ， 就 是 在 持 续 加 强 的 供 应 链 能 力 和 用 户 心 智 。 那 么 从 品 类 维 度 看 ， 商 超 品 类 ， 呃 ， 凭 借 我 们 京 东 独 特 的 经 营 模 式 ， 呃 ， 可 以 有 更 好 的 用 户 体 验 和 这 个 竞 争 力 更 强 的 价 格 。 而 时 尚 品 类 呢 ， 在 二 五 年 ， 啊 我 们 也 在 能 力 ， 包 括 搜 索 、 推 荐 、 数 据 产 品 上 面 有 明 显 的 提 升 ， 所 以 有 越 来 越 多 的 时 尚 品 牌 愿 意 和 京 东 加 大 合 作 。 同 时 我 们 也 在 应 用 AI 技 术 ， 在 搜 索 推 ， 推 荐 上 面 实 现 更 精 准 的 个 性 化 匹 配 。 那 么 差 异 化 的 优 势 ， 那 ， 呃 ， 首 先 还 是 京 东 自 营 模 式 的 核 心 壁 垒 ， 呃 ， 包 括 更 多 元 的 商 品 SKU 和 ， 呃 ， 严 格 把 控 的 品 质 保 障 。 那 另 外 京 东 的 物 流 也 是 我 们 的 核 心 能 力 ， 可 以 有 更 好 的 优 质 的 履 约 体 验 。 然 后 从 品 牌 的 角 度 ， 那 作 为 全 国 最 稳 定 的 日 销 平 台 ， 啊 ， 最 好 的 品 牌 建 设 ， 商 品 全 生 命 周 期 回 报 率 最 高 的 平 台 ， 那 我 们 ， 呃 ， 也 为 品 牌 商 带 来 ， 呃 ， 稳 定 高 效 的 销 售 。 Thank you, Alicia, for your first question on the general merchandise category. We shared in the opening remark that the category is maintaining healthy momentum. Looking back at our track record, the general merchandise category have maintained double-digit growth for the past five consecutive quarters first, and notably outperforming the industry. This is driven by our evolving supply chain capability and a remarkable improvement in operation efficiency expertise. This lay a solid foundation for continued growth in this category. We remain very confident in the healthy momentum of general merchant category in 2026. The sustained growth driver includes: First, huge market potential with ample room for growth in categories such as supermarket, fashion and healthcare. Second, user growth. New business, including food delivery, Jingxi, have brought growth in traffic, user, and shopping frequency on JD platform. We are also accelerating internal synergy, and we have observed healthy cross-selling trend in categories like supermarket. Third, continuously strengthen supply chain capability and user mindshare. From a category perspective, our supermarket category leverages JD unique 1P model to deliver a excellent user experience and at the same time competitive pricing. Meanwhile, our fashion category has seen notable improvement in building underlying capability, including search and recommendation in 2025, as well as attracting more high quality brands to deepen their collaboration with us. We are also applying AI to achieve more precise and personalized matching in search and recommendation. In Q4 2025, we recorded double-digit growth, year-on-year growth in both sports and outdoor apparel revenues. In terms of our differentiated advantage in this category, first and foremost, the core mode of JD 1P model, this includes more diverse product selection, more competitive pricing, and more rigorous quality control. Second, leveraging on the core capability of JD Logistics, we offer high quality fulfillment experience of faster, more accurate, and door-to-door delivery service. Third, from the brand standpoint, JD is the most consistent daily sales platform. JD is the premier destination for brand building and the platform that offers the highest returns throughout a product entire lifecycle. We provide brands with stable and efficient sales performance. 啊 ， 那 接 下 来 关 于 这 个 agentic commerce 的 问 题 ， 那 我 们 相 信 AI 和 具 体 的 和 这 个 ， 呃 ， 新 的 技 术 给 我 们 带 来 的 变 革 的 机 会 远 大 于 挑 战 。 那 首 先 呢 ， 呃 ，agentic commerce 主 要 产 生 对 前 端 流 量 入 口 的 影 响 ， 那 目 前 还 处 于 早 期 ， 那 我 们 认 为 不 论 是 前 端 流 量 如 何 变 化 ， 其 实 零 售 业 务 的 核 心 依 旧 还 是 用 户 体 验 、 成 本 和 效 率 。 所 以 我 们 持 续 聚 焦 在 提 升 零 售 业 务 的 产 品 价 格 和 服 务 。 因 此 ， 京 东 与 以 供 应 链 为 核 心 的 零 售 业 务 的 优 势 会 被 放 大 ， 这 个 护 城 河 也 会 更 深 。 那 么 同 时 呢 ， 我 们 也 在 加 大 技 术 上 的 投 入 ， 在 推 动 大 模 型 应 用 的 同 时 ， 保 持 开 放 的 态 度 ， 与 大 量 的 领 先 的 外 部 的 大 模 型 厂 商 都 在 合 作 和 测 试 。 那 么 ， 呃 ， 第 - 第 三 点 呢 ， 是 我 们 正 在 逐 步 打 造 成 为 从 供 应 链 到 消 费 者 和 消 费 者 端 到 端 的 领 先 的 ， 呃 ，AI commerce 公 司 。 那 因 为 我 们 有 自 营 的 业 务 ， 同 时 我 们 也 有 物 流 和 履 约 ， 所 以 京 东 其 实 是 ， 呃 ， 这 个 AI 技 术 和 最 新 的 这 些 机 器 人 robotics 技 术 应 用 场 景 最 多 的 公 司 。 呃 ， 那 ， 呃 ， 这 个 远 不 是 一 个 平 台 型 的 电 商 公 司 可 以 比 的 ， 那 也 就 意 味 着 我 们 的 业 务 有 更 多 的 环 节 和 流 程 是 可 以 被 通 过 AI 的 应 用 来 提 升 的 。 呃 ， 那 具 体 其 实 刚 才 在 ， 呃 ，opening remarks 其 实 讲 过 一 部 分 啊 ， 所 以 我 就 非 常 简 单 地 再 提 一 下 。 那 么 在 需 求 端 呢 ， 有 ， 呃 ，AI 的 驱 动 的 搜 索 与 推 荐 ， 可 以 重 构 重 塑 购 物 的 链 路 。 呃 ， 那 么 在 供 给 端 呢 ， 我 们 也 可 以 通 过 AI 来 帮 助 我 们 的 采 购 在 寻 源 、 定 价 和 库 存 管 理 上 面 持 续 地 去 提 效 ， 呃 ， 可 以 大 量 地 替 代 人 工 的 工 作 。 呃 ， 然 后 在 物 理 ， 物 理 世 界 的 应 用 ， 比 如 说 履 约 的 自 动 化 ， 其 实 想 象 的 空 间 就 更 大 。 当 然 它 也 需 要 更 长 一 点 的 时 间 ， 呃 ， 来 被 广 泛 地 应 用 。 那 么 在 售 后 服 务 像 客 服 这 些 也 已 经 广 泛 地 应 用 了 AI 技 术 。 那 最 后 呢 ， 就 是 通 过 运 营 的 持 续 发 力 ， 我 们 还 ， 这 个 可 以 推 出 来 更 多 的 创 新 产 品 ， 比 如 说 在 双 十 一 期 间 搭 载 我 们 Joy Inside 的 生 态 产 品 ， 包 括 AI 玩 具 、 机 器 人 、 硬 件 等 产 品 ， 它 的 销 量 比 六 一 八 期 间 增 长 了 超 过 二 十 倍 。 所 以 我 们 正 在 通 过 AI 来 重 塑 ， 呃 ， 京 东 整 体 的 竞 争 优 势 ， 来 持 续 地 优 化 用 户 体 验 。 那 展 望 未 来 呢 ， 我 们 也 已 经 做 好 了 充 分 的 准 备 ， 呃 ， 来 通 过 精 准 把 握 AI 的 战 略 机 遇 ， 确 立 在 AI 电 商 领 域 的 领 先 地 位 。 For the second question, we see AI agentic commerce as a greater opportunity for JD evolution than a challenge. First, agentic commerce is still in early stage and mainly affects the front-end user traffic. Our view is that no matter how traffic patterns change, the core retail business remain as user experience, cost, and efficiency. As we stay focused on optimizing product price and service, JD's supply chain strength will yield even greater synergy, further widening our competitive moat in the agentic era. At the same time, we are accelerating our technology investment, while driving the adoption of our in-house large language model. We remain committed to an open ecosystem, actively collaborating with industry-leading external AI LLM providers. We are evolving into a leading technology commerce company. Spending entire spectrum from supply chain to customer. As JD run a one key business model with in-house fulfillment logistics service capability, the technology and AI application scenario is abundant. This really differentiate us from platform business model. I'll briefly give some example. On a demand side, we are reshaping the shopping journey and enhancing user experience through AI-driven search and recommendation. On the supply side, we leverage AI to continuously enhance operational efficiency in AI in areas such as sourcing, pricing, inventory management, replacing manual labor. We are also expanding our application in the physical world in terms of fulfillment, automation, and after-sale services. Beyond operation, we are unlocking new consumption potential as well through applying AI such as Joy Inside, our AI agent for hardware. As I mentioned before, the sales of Joy Inside integrated product surged 20-fold during Double 11 compared to the June 18th promotion. You can see we are very proactively leveraging AI to reshape our competitive advantage and continue to optimize our user experience, at the same time drive cost efficiency. Looking ahead, we are very confident and believe we are well-positioned to capture the strategic AI opportunity to solidify our leadership in AI-driven e-commerce. Next question, please. Your next question comes from Thomas Chong with Jefferies. Good evening. Thanks, management, for taking my question. I have two questions. First, can management share about the latest developments on shareholders return? Second, can management talk about any changes to the regulatory environment for internet platform companies, and how should we think about it? Thank you. Thank you, Thomas. Despite the long-term strategic investment we made in 2025, we remain committed to shareholder returns through both dividends and share buybacks. We declared the 2025 annual cash dividend of $1 per ADS, stable compared to last year. The total dividend amount is $1.4 billion. This underscores our commitment to delivering consistent cash returns to shareholders based on our sustainable profitability and cash flow in the long term. In addition, we re-repurchased $3 billion worth of shares in 2025, representing 6.3% of total outstanding shares as of the end of 2024. All the repurchased shares have been canceled. We remain firmly committed to shareholder returns through healthy business development, dividends, and share buybacks. At the same time, we will remain focused on the healthy growth of our business scale, profitability, and cash flow, and make strategic investments for the long term, creating value and sharing JD's long-term success with our shareholders. 我 来 回 答 监 管 这 个 问 题 。 首 先 监 管 层 持 续 推 进 平 台 经 济 规 范 化 发 展 ， 是 有 利 于 行 业 健 康 发 展 的 ， 那 我 们 也 非 常 欢 迎 。 政 府 支 持 企 业 合 规 发 展 这 个 态 度 没 有 变 化 ， 那 严 格 的 监 管 也 不 是 约 束 ， 而 是 推 动 行 业 高 质 量 发 展 的 契 机 。 京 东 也 始 终 将 合 规 经 营 作 为 企 业 发 展 的 前 提 ， 无 论 是 反 垄 断 、 税 务 规 范 ， 还 是 避 免 行 业 内 卷 ， 这 都 跟 我 们 长 期 以 来 的 合 规 经 营 理 念 是 高 度 契 合 的 。 在 这 个 监 管 常 态 化 的 环 境 下 ， 是 劣 币 驱 逐 良 币 ， 合 规 的 企 业 会 得 到 更 加 公 平 的 发 展 机 会 。 长 期 看 ， 我 们 合 规 可 持 续 的 经 营 模 式 的 优 势 将 逐 步 放 大 。 I'll take the last question. Regulators continuously promote the standardized development, the healthy development of the platform economy ensuring sector's long-term sustainability. We welcome regulatory guidance. The government's commitment is to support compliant corporate development rather than a remain unchanged. We believe rigorous oversight is not a constraint, but rather a catalyst for driving healthy, high-quality industry growth. JD has always prioritized compliant operation as the cornerstone of our business, whether it is anti-monopoly measures, tax standardization, or prevention of evolutionary competition. This effort aligns perfectly with JD's long-standing philosophy of compliance. Under a normalized regulatory environment, fair growth opportunity are created as we prevent bad money drives out good. As a result, over the long term, the advantage of JD complying a sustainable business model will become increasingly prominent. Thank you. We are now approaching the end of the conference call. I will turn the call over to JD.com Sean Zhang for closing remarks. Thank you for joining us on the call today and thanks for all your questions. If you have further questions, please contact me and our team. We appreciate your interest in JD.com and look forward to talking with you again next quarter. Thank you. Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Good day.