Ladies and gentlemen, I would like to welcome you to join us for the 2021 interim result release of the Kingdee International. First of all, please allow me to introduce the management team with us today. They are the Group Founder, Chairman of the Board, and Chief Executive Officer, Mr. Xu Shaochun. We also have the Executive Director, CFO, Mr. Lin Bo, and also Rotating President of Kingdee Software China, Mr. Zhang Yong, and the Rotating President of Kingdee Software, Mr. Shen Chongfeng, and also the GM of IR Department, Mr. Wu Chao. Let's welcome our Executive Director and the CFO, Mr. Lin Bo, to provide you the brief introduction as well as the strategic development for the H1 of 2021. Thank you. Thanks for the moderator, distinguished investors and analysts, and my friends from the media, good morning. Now, I'm going to walk you through the interim result, please. I think all the slides and the material has already been published on our website last night. I hope that you can also refer to those materials while listening to our presentation. Please go to page four now. In H1 of 2021, the group revenue was up by 35%, reach CNY 1.7 billion. Compared with H1 of 2019, the two-year CAGR was 12.3%, because of the cloud acceleration, it also helped to boost our revenue. You can see that the cloud service revenue was up by 55%, which CNY 1.23 billion, and the two-year CAGR was 50%. ERP and other revenue grow by 7.7%. Also in last year, 2020, we also accelerated the cloud transformation. We strategically shut down the K/3 and the K/3 WISE production line. In 2019, you can see from the right side, those products contribute, jointly speaking, CNY 310 million. But in 2020 and 2021, the K/3 and the K/3 WISE product no longer contribute that much to us. That's the reason we strategically shut down those production lines. Please go to page five. You can see that we stick to the road of the cloud transformation, we have more revenue from the cloud service. It already increased from 57.5% of the cloud to the total ratio to 6.61%, the growth is 55.1%. Please go to slide six. The company emphasize on the high-quality subscription service. Our subscription ARR, and by the July 30th 2021, it already reached CNY 1.27 billion, up by 71.5%. I'd like to emphasize, our ARR, excluding the other services, is purely the subscription revenue. Our target is that from 2021 to 2023, our ARR can reach a 50% growth. H1 really showed us a very good scorecard. Please go to page seven. You can see that in H1 of the year, the company made very intensive investment. The S&M was up by 22.3%, but our G&A was up by 9.7%. It's because that we made some very stringent regulations on S&M and the G&A. Jointly speaking, S&M and the G&A still are rising, but they accounted for less for the total expenditure. We have an ever increasing R&D, and it already reached 74.3% growth and accounted for 33.4% of our total revenue. Later, I'm going to share with you why we have an ever-increasing R&D expenses. Please go to page eight. You can see our R&D expenses was up by 71%, and it's very similar as the past expenditure. You can also clearly understand our investment in the R&D segment. The reason is because, you know that we made more investment into the Cosmic and the Constellation product R&D. At the same time, our R&D capitalization rate was down-regulated from 62% to 34%, same level as what has been achieved in 2020. Why we down-regulate the R&D capitalization rate? The reason is because for the cloud product, it has a short period of the cost recovery. We believe by reducing the R&D capitalization rate, it can actually lead to an impact of R&D expenditure of CNY 188 million, which means that the R&D expenditure up by 74%. Please go to page nine. You can see that in H1 of this year, the losses attributable to the parent company is already CNY 24.08 million. So it seems that we are losing money, but actually, we have 82% growth regarding the contract liability ratio. Even if we think that we have an extending losses, but still we have a very good cloud contract liability. In H2 of this year, we're going to see a healthy cash flow, and you're going to see for the whole year, we're going to have a positive cash flow. We believe the R&D expenditure is hitting the peak for this year. In the next few years, our cash flow is going to be more healthier. Please go to page 10. Page 10 shows you the growth of the cloud contract liability. You can see that by H1 of 2021, it already reached CNY 1.01 billion, up by 82.2%. Please go to page 12. I'm going to introduce you the Kingdee Cloud Cosmic and the Kingdee Cloud Constellation product. You can see Cosmic and the Constellation signed a lot of major clients including China Huainan, Shagang Group, Guangxi Beibu Gulf Investment Group, Zhengbang Group, Harbin Pharmaceutical Group, Continental. We also newly signed 142 new customers and 105 upsell customers. The joint contract value is CNY 250 million, and especially for the new customer and per customer, the revenue is CNY 1.3 million. The vitality is still be well content. I think in the near future we're going to further expand our customer mix. Please go to page 13. It is worth mentioning that in H1 of this year, we have already delivered the product to some of the sample clients, including Huawei HR and China Tobacco Yunnan Industrial Co., Ltd., Hisense and SPIC. All those projects already entered into the second phase of deployment. Currently, Kingdee has already replacing complete or core global ERP system for over 70 customers. We also heard some rumors in the market, me along with Robert to go to the Huawei project. We believe Huawei project has been highly advanced, and we win the trust and the recognition from the client. I would like to say that it is truly great value for us to invest in this project. Besides the balance sheet, actually we build a lot of very valuable assets for the team who are truly very capable of building the best HR applications in the world. I truly believe this is going to be beneficial for our long-term development. You can see that all the words on the slides has been carefully curated, and we ask for each of our companies to confirm all the information to make sure that all the data are objective and also be certified by our customer to make sure they are truly accurate. I'd like to mention to all the investors and the media friends, and we always take a very prudent attitude on all information we deliver to you. Now please go to page 14. This is a Cosmic and a Constellation customer analysis. You can see that from the SaaS deployments perspective, the hybrid cloud accounted for 56%, and around 42.5% of the customer coming from the Cosmic, Constellation upsell customers. 23.9% comes from the ERP grade customer, and 33.6% are coming from the new customer. From the customer industry perspective, manufacturing, retail, wholesale, and construction and real estate are ranking top three. Please go to page 15. These are the two pies showing you the Cosmic and the Constellation subscription distributions. You can see that jointly speaking, the Cosmic platform and finance still taking the major ratio, which means they are truly mature products. For this year, tax and the manufacturing cloud started to make new contributions to the Cosmic and the Constellation subscription. Please go to page 16 and 17. On both slides, it shows us the Cosmic PaaS portfolio and the Constellation SaaS portfolio. We further make investment to accelerate the product R&D so as to cater the customer needs, especially for the domestic replacement trend. For the Cosmic product, we mainly have the workflow cloud, integration service cloud, blockchain cloud, data service cloud, development service cloud, and AI service cloud. While for Constellation product, it include finance, supply chain, manufacturing project, coordination office, marketing, HR, and data analysis cloud. Please go to page 18. I think many of the new investors or new analysts, I'd like to share with you what would be the difference between the Cosmic products. We were being regarded by Gartner as the high productivity PaaS. We are more close to the application end, which is different from all the PaaS suppliers in the market. Please go to page 19. On page 19, we show you how the Cosmic platforms works with the major cloud players in the market. You can see that we truly work with the app vendors as well as the information controllable supply chain, and we will be highly recognized and verified in this industry. Now I'd like to introduce you the Kingdee Cloud Galaxy product. Please go to page 21. Galaxy product is the product facing the high-growth enterprises. It has the most complete industrial solution and also a lot of example user cases. It's the most mature and reliable product we have, and it's already been rolled out in the market for quite a long time. By H1 of this year, we have accumulated more than 23,000 customers. The dollar retention and the customer retention ratio are also very stable, represent 87% and 84% respectively. ARR was up by 57.7%. The 35% revenue growth also shows how the subscription is being greatly improved. It actually helped to greatly contribute to the subscription contract reliability, and also the profitability of the Galaxy product also being greatly improved. We are also happy to see that many of the high-growth enterprises in China are now making breakthroughs. They are in the life science, high tech, and the manufacturing industry. For example, like PharmaBlock, Angelalign and Smart ee, and SolidMe, as well as Star Solder, and ZTE, and the semi-precision industry. They are also being a part of our customer list, and we're happy to serve them to make our due contribution to support their future growth. Please go to slide 22. On the left side, we show you the customer subscription distribution of the customer of Galaxy. You can see that almost all the customers use the finance. Around 50% of the customers use the supply chain module and the same as the manufacturing module. The ratio is ticking up. Regarding the industries, the service industry, manufacturing industry, and the retail industry are the key. On the right side, it shows you the 2021 H1 new customer mix. You can see that among all the new customers, around 22.4% are the on-premise upgraded to cloud. Now please go to slide 23. This slide shows you the Galaxy SaaS portfolio. Please go to page 25. I'd like to share with you the Kingdee Cloud Stellar and the Kingdee Cloud Jingdou. For Cloud Stellar, once we rolled out in 2020, it received positive market response and already 5,700 customers being assigned. Stellar, along with other industrial vendors, were now trying to build a small and micro tax and finance ecosystem. Well, for Jingdou Cloud, currently we have accumulated customer of 186,000, the customer retention ratio is 77%, close to the level of 2020. Generally speaking, for Stellar and the Jingdou, and both combined revenue grow by 54%. Please go to page 26 to see the Stellar and the J ingdou SaaS portfolio. They are actually focusing on the operation, finance, ecosystem, and data service. Now, I would like to take you through the cloud market updates. Please go to slide 28. According to IDC's Chinese Enterprises Application Market Trend, the EA SaaS market in China in the next five years, the CAGR will be 31.7%, where as a mainstream leader in this market, we are achieving and targeting a higher subscription growth. Please go to page 29. On page 29, we show you that on the EA market, we made a lot of explorations. You can see that according to the slide, we are the only one that has been included into the Gartner's 2020 Application Platform Software. We are also the only Chinese vendor win IDC's 2020 Cloud SaaS Customer Satisfaction Award, ranking number one in ERP SaaS customer satisfaction. We are also the only Chinese enterprise SaaS vendor selected into Gartner's Cloud Market Guide for cloud ERP. Later, you are also going to see that the SaaS customer satisfaction is going to continuously contribute to our business upgrading. And now please go to slide 31. I'm going to walk you through our core strategies. And for the company, we stick to the platform plus finance, HR, tax, and ecosystem as our overarching strategy. You can see the yellow part, or the word highlighted in yellow shows you that we have a relatively complete business system, where on the left side, for the blue highlighted area, we are focusing on the finance, HR, and tax. While for ecosystem, we're working with our partners to promote the building of the ecosystem. Please go to slide 32. You can see that in H1 of this year, we also launched Xu Shaochun's personal WeChat public account, which received 5,000 effective inquiries, we also received 240 customer appreciation letters. The customer complaints decreased by 40% YoY. As I said, it received 5,000 effective inquiries. Many of them are related to the service and the product. This WeChat public account is also a way for us to reach our customer to further optimize our service and the product. Please go to page 33. That's our guidance for the next three years. We would like to keep our original thinking, making sure that ARR three-year CAGR would be 50%. In 2023, we're going to hit the target of CNY 3 billion, leveraging subscription service of making another new Kingdee. And for H1, we made a good scorecard, and the H2, we're going to double our efforts. You can see that we're still very positive on the digital investment made by the enterprises and the replacement of domestic brand product. We're going to leverage the COSMIC and the Constellation product to work with a large company for the premier settings. The Cloud Galaxy is still going to work for those high-growth enterprises. Stellar and the Cloud Jingdou is going to serve SMEs to build the HR, finance, and tax service. That's the brief introduction about our performance. Right after slide 35, we show you the specific financials. I'm not going to elaborate on them one by one. Now let's get into the QA session, please. Okay, thank you. Thanks for the management team. Thanks for the introduction. Now is the time for the QA. If you'd like to raise a question, please press star and press one. Right before you raise a question, please identify yourself and the institution you represent. Coming next, let's welcome the first question. The first question comes from CITIC Securities. Mr. Chen Hanbo, please. Okay, management, good morning. I come from CITIC Securities. I'd like to congratulate on your wonderful scorecard for H1 of this year. I have two questions. My first question is that in the H1 of this year, the ARR and the contract reliabilities are performing very well, which also shows how robust the Cosmic platform is. What's your strategy and especially the changes being made in order to better roll out the Cosmic product? And in the near future, when the Cosmic has started to be more mature, whether we're going to see a turning point for the channel building and the product delivery for the Cosmic platform. End of note. Thank you. Channel is something that Kingdee attaches great importance to. For the past few years, we would like to leverage co-build and co-win as our strategy. For the past few years, on channel perspective, we do more management with our partners. Also make sure that we empower and train our distributors on the channel side. That's why we made a very good growth on the channel business. And another point is that you can see that the Cosmic product and the contract value under 1 million could actually be handed over to our channel distributors. That can make sure that our channel distributors have more power to solicit customers for us. We worked with more than 20 universities and colleges in China of making sure that we train the talent and to send them to our partner companies to improve their competency. In H1 of this year, on the Cosmic product, and you can see that many of our customers, they make breakthroughs on the product side, especially on the Galaxy side, and many of the projects could be done by our partners. For H1 of this year, we also work on the ISV product integration with the Kingdee product, which can truly help to further consolidate our solution in the Galaxy product delivery, which can provide a more diversified product portfolio for our vendor, which can truly help to cover more high-growth enterprises by leveraging our Galaxy product. You can see that jointly speaking, all of them are supporting our H1 growth. For H2 of this year, we're going to continue the development and the work and the cooperation with our channel partners to make sure that they can also see a sustained growth in the near future. My second question is regarding your KA. You also set up your BG for the KA. What's the strategy you have? For the KABG, what it's going to do in the near future? Thank you very much. Since last year on, you can see that in China, the digital key accounts, they are embracing the digital transformation trend, which is very robust since last year on. You can see that from 2020 and to H1 of 2021, and I think for the big enterprises, and they still have a difference on the product as well as the team they need. In order to make sure that we can cover as many as big enterprises to further improve our delivery capacity. You can say that from our headquarter and from our frontline salespeople, we have a united team to work together. You can say that for this year, and we're going to have our headquarters work with the sales teams, the licensing team, and the subscription team, and the services team. In the near future, we are going to make sure that we target this market to provide them the united service. In this way, we'll be able to better serve big enterprises with their unique demands. Why should we set up the BG for the big enterprises? The reason is because we want to take our market share back. We make sure that we are the number one brand in the big customer market by having Cosmic and Constellation product. We're very also happy to make sure that the Chinese software could also be the mainstream choice for the Chinese big enterprises. Thank you. Thank you again. Okay. Great. Thanks. Let's go to the second question. Comes from Guangfa Securities, Mr. Liu Xuefeng. Can you hear me, ladies and gentlemen? Yes. Yes, we can hear you please. Thank you. Thanks for the management team. I have two questions. The first question, just now, as introduced, you mentioned that your R&D capitalization rate was reducing. The reason is the cloud service, the cost could be recovered very quickly. As you are providing the cloud service, from the current revenue perspective, it's not going to be as fast as what we were achieving. Customers, they pay for it on yearly basis. I was curious, why should you further reduce the R&D capitalization rate, which lead to a financial losses for us? What's the reason behind that? Thank you. Let me explain it in this way. In the past, we use the current product in making the R&D of the next generation. Now, as you interpreted in your question, even if we have a longer time for the product to the cost being recovered. You can say that generally speaking, we'd like to reduce the R&D capitalization rate to make sure that it impacts our profitability in a rational level, and that's what we talked with the auditing team. You can see the R&D capitalization rate has already been kept at a very stable level. Can I say that my understanding that because of accounting rules in the past, and the products were going to be iterated every three to five years, but because of the cloud, it's being iterated much faster. That's the reason, and you can recover the cost more faster, and then you can help to reduce R&D capitalization rate. Yes, indeed. My second question is that, for the whole year, for your cloud service, and for H1 of this year, the revenue growth was 55%. What's the guidance for H2? Would you like to share with us your insight, especially with the economic backdrop, along with the microtrend in the society? What's your guidance of the cloud revenue growth for H2 of this year? What's the normal target and what would be the challenging target? Especially for COSMIC and Constellation customer, and how they are going to further improve the revenue from the customer side. Thank you. Two very good questions. In the market, there are a lot of voices. You can say from the fundamentals, and also due to the COVID-19, many of the targets is hard to be foreseen. Some people are pessimistic, and there were some people are quite positive. The cloud digitalization or the digital transformation is always a must for majority of the companies. Yesterday, we had an independent chair who already said on the board meeting, they attach great importance to the digital transformation. We believe that the digital transformation is still going to be a good opportunity in this market. The second part to answer your question is that, what would be your up value for the COSMIC and the Constellation product? Why should I ask the question? From the industrial math software for the specific utilization, and their unique price is even higher than our value, CNY 1.3 million per customer. As a platform, I think you probably can further improve this value. Thank you. Thanks for the information shared by you. We don't see too much changes now, but we will keep an eye on it in H2 of this year. We were also trying very hard to improve the value per customer. You can say that if we don't have too much COSMIC or Constellation customer, if there's any volatility happens, for example, we have a more major project or less small project, that is also going to impact our revenue or the value per customer. Generally speaking, we believe that the contract value is going to be up again in the near future for the COSMIC and the Constellation product customer. Let's welcome Bing Duan to raise a question. Bing Duan is coming from Nomura. Congratulations on the management team for your very good service in the H1 of this year. Your cloud revenue, ARR, and the contract liability are also scored with a new height. A same question from me regarding your growth guidance for H2 of this year. It seems that you are not going to change your guidance for the whole year. Would you like to share with us for the COSMIC and the Constellation product, what would be their specific growth guidance? Especially for this year, you started to launch the Constellation product as an independent brand. Would you like to share with us on the COSMIC platform and on Constellation, what would be the forecasted growth respectively, also whether the Galaxy product is going to still maintain a product iteration, within two years, the CAGR would be 30%-40%? Does the two-year CAGR for Galaxy still going to be maintained at 30%-40%? My second question is regarding the Huawei Global HR project. I saw it's already being launched in H1 of this year. Is it possible for the management team to further introduce this project? What are the response and feedback from the customer? How about the comment on the system performance, as well as probably some other feedbacks from the customer? More importantly, I'd like to know that do you have any next step plans whether you're going to further extend this product to more BUs, and whether you're going to further expand the application too? Now, I think I'm going to have a Rotating President, Mr. Shen Chongfeng, to answer the question regarding Huawei Global HR System first. This February of this year, we launched Phase 1 of the Huawei World HR platforms, including the HR fundamental managers. It's been launched for a few months, and we received very positive feedback from Huawei. Huawei said this product is beyond their expectations, and this helped to manage 200,000 Huawei staff covering 170 countries and cities. The customer experience is much better than other system applications. This is the Phase 1 product. Well now, we are also working with Huawei in doing the blueprint drawing for the Phase 2 product. Next, we're going to execute the product. Both sides is going to get into the system R&D. You can see that still we have a smooth growth for this project, and it seems that we and Huawei are also having a very good cooperation. Thank you. Just now you mentioned the first question regarding COSMIC platform and the Constellation. You can see that the COSMIC and the Constellation being separated as two different brands, but it's not for a very long time. That's the reason we don't provide any guidance to the market by separating the brands. We're still going to provide you the data by the end of this year. Thank you. Thanks. Regarding the Galaxy product, the two-year CAGR, is this going to still be 30%-40% as a guidance? Yes. 30%-40% as a guidance for the two-year CAGR for Galaxy product. Okay, great. Let's welcome the next question. Let's welcome Miao Xinjun from Tianfeng Securities, please. Distinguished management team, good morning. I'm Miao Xinjun from Tianfeng Securities. Congratulations on your achievements. I have two questions. The first question. As we can see that in the domestic replacement trend, Kingdee has already become the first mover of covering the big key account or the super key account as a domestic ERP vendor. I think this is an opportunity, but also a challenge. How can we further improve the quality of COSMIC and the Constellation product delivery? I think this is probably also a concern for the company. Do you have some kind of internal KPI to assessing the product delivery capacity, especially from the workflow from the team perspective? What did you do in order to improve the delivery capacity for the Cosmic and the Constellation product? Thank you. Thanks for your question. Yes, product delivery is always key for our business. For this year, we started to do more work on project management and also have a requirement on the margin of the project. We also have some KPI being set. Internally speaking, we have a lot of criteria in assessing the capacity. For the system perspective, especially from the commercial stage, we started to do the project management and also to well-define the boundary of the project. You can see that we have a project management department. This department is responsible for the PR management and consultant management for the whole nationwide business. We also have the product delivery service in supporting our project managers nationwide and also leveraging our ecosystem resources to support and to polish the project delivery capacity. From this year on, we also started to work more on the project delivery. You can see in recent days, we are working with KPMG as well as China Software Group of making sure that we have more cooperation to further enhance our product delivery service. I think in the near future, there are going to be more vendors and more partners to work with us in order to further improve our high-quality project delivery to the customer, and then working together to make due contribution for the digital transformation for Chinese enterprises. Okay, thank you. Thanks for the management team. I think for Kingdee products, especially Cosmic and the Constellation product, it will already be the leading product in the market. If you're further enhancing your quality of delivery, that is going to consolidate your leadership again. My second question is regarding the Galaxy product. For the past two to three years, you are working on Cosmic and Constellation a lot. How can you make sure that you also have a due resources allocation to the Galaxy product? Especially for the past two years, I see Galaxy product, they have a very stable up value. What are your internal progress on the cross-sells of the Galaxy product? Thank you. Thank you. Thanks. Actually, you know that we are intensifying our investment into Cosmic and Constellation, but it doesn't mean that we are shifting down on the investment of the Galaxy. We are making more efforts in stabilizing the Galaxy product to optimize the performance. Well, for the frontline salesperson, and we have a more direct sales and the cross-sells capacity enhancement, especially empowering our customer. For the upsells, the value per customer is also being optimized, especially for our existing customer. We hope that we can also make sure that we further improve the value per customer. This is a general trend we have. You mentioned about the CRM HR module and along with other specified module, for example, this module. This can help our Galaxy client to have a better application and widen their application portfolio. In this way, the value per customer is going to be further optimized. I have one more comment on this question. You also mentioned the way set up the big enterprises BG or the KABG, then that is responsible in help to coordinating the sales and marketing work for the enterprises with CNY 10 billion values. We also made a clear divide over the big enterprises and the middle-sized enterprises. In this way, we can do a targeted and precision marketing for the Cosmic, Constellation product, and the Galaxy product. In this way, we can have a dedicated team and resources to be invested in different customers. Thank you. Thanks for the management team. That's all for my question. Thank you. Okay, great. Let's welcome the next question. Lydia from Furui Securities, please. Management team, good morning. I have two questions. My first question is regarding Cosmic, Constellation, the direct sales and product delivery. What's the ratio? Would you mind to share with us? How you also deliver the product through a partner? I think if you are working with a partner of selling the Cosmic and Constellation, it to some extent will further improve its margin. You can say that in H2 of this year, that won't help to improve our GP margin at whole. What's the reason? Thank you. Hello? Let me repeat your question again. The Cosmic and Constellation product, when we work with our partners for the project delivery, you believe it's going to dilute our GP margin, right? Let me repeat my question in this way. I think once you work with the partners, it should help to optimize your GP margin and reduce your cost. Should I say so? Yes, indeed. Yes, such situation may happen, but you can say for the Cosmic and Constellation product, we are not having too much of the product being signed through the partner. It doesn't have too much impact on our GP margin now. When are we going to see how the Cosmic and Constellation being impacted by having the partners to help to deliver the product? I think it's going to be a long-term thing. You probably need to wait till next year, the year of 2022 to see the result. We need to train our partners to make sure, and they also have enough business volumes. That cannot be done overnight. You at least need to wait for next year, year of 2022. Let me say a few words. According to our roadmap, we are still sticking to the roadway drawn for ourselves. For Cosmic and Constellation product, we are also train our capacity of delivering product. It really takes time for us to train and empower partners. In the near future, working with the partner to deliver the product would be the overarching strategies we have. We are still going to very actively promote this part. It will also involve the organizational changes for our company if we go for this model. It's going to have some positive impact to us, in H2 of 2022. My second question is regarding your R&D expenditure. It seems that you have a lot of cash expenditures on R&D. What are the R&D spend made? Does this mean that you have more modules for the Cosmic and the C onstellation product, or do you have more scenarios covered? When the R&D expenditures would hit its peak? Thank you. This is a very specific question. I think for this year, it's already reaching the peak for the R&D expenditures, because we made a lot of investment for the past two years. At the same time, we're also driving up ourselves to make sure that the R&D to the revenue ratio can be rationalized. While regarding where does the investments be made, I think we're making more expansions on the modules and also extending the scenarios. That's why we made a heavy R&D investment on the Constellation product. Thank you. Well understood. Thanks. I have one more point to share with you. For the Constellation product, in the past, it's only focused on finance, but now it's also covering tax, manufacturing, and the HR platform. Constellation is ready this time to further extend its scenario. You can see as it's covering more scenarios, and it's also needed to make sure that it has the scenario-specific need being covered. Thank you. Thanks for the management team. Let's welcome the next question. Comes from Mark Li from Citibank, please. Good morning. My name is Mark Li from Citibank. Congratulations on your achievement. My first question is that for Cosmic, Constellation product, and regarding the retention rate, would you mind to share the specific number with us? It seems that for Galaxy product, its customer retention rate is also being stabilized. Whether it still have any room to further being optimized, and how we are going to optimize it? Another question is that by the end of this year, our cloud contract liability, whether you have a guidance to share with us. Thank you. Thank you. Regarding the Cosmic and Constellation, the customer retention rate is more than 100%. We're still going to work much harder to benchmark our performance with the international vendor. Regarding the subscription number and for the Cosmic and Constellation, we're still marching towards the AI-based trend. Please wait, we're still waiting for the Chinese line being restored. Please wait, we are waiting for the Chinese line being restored. Please wait for a few minutes, we're waiting for the Chinese line to be restored. Please wait in the line, because we are still trying to restore the Chinese line. There are some technical breakdown there. The moderator, can you hear me now? Yes, we can hear you. Please continue your answer. I have to say sorry that we have a drop-off with the line just now. Now you can hear me, right? I have to say sorry that it seems that we have a bad telephone line just now. I think by the end of this year, for G alaxy, we hope that we can make the revenue, I mean, the subscription contract liability, it can be CNY 1.3 billion by the end of this year. What would be the retention rate of the Galaxy product? How you're going to improve this number, and what are the measures you're going to take? Well, for G alaxy product, we hope that the retention rate is 87%. We hope it can be up by 2% in the near future. For the G alaxy product, we're also going to do upsells in the near future, because it has a complete module now. We're also trying to analyze the module sales of the Galaxy product to identify some in-depth application to make sure that the high-growth enterprises can fully embrace the Galaxy product to further improve the upsells and then to improve the retention rate for Galaxy product. Okay, thank you. Okay. Thank you. Thanks for the questions, and thanks for the management team. Coming next, let's welcome Robert, and to make a brief summary to all investors and analysts, and friends from the media, please. Can you hear me, ladies and gentlemen? Yes, we can hear you, Robert Xu. Please. I'd like to thank you. Thanks for the investors. Thanks for supporting Kingdee for such a long term. You see that the Chinese economy is getting into the high-quality growth period. We're leveraging the digital solution of improving the work efficiency for each enterprise. This is already the mainstream trend in China. Where on the other side, because of the technical frictions between China and the U.S., many of the big enterprises in China are trying to adopt more Chinese software solutions. Well, for Kingdee, after 28 years development, we already have a very robust technical portfolio. Especially in recent years, we did the R&D, and roll out the Cosmic and the Constellation product. To some extent, we can already compete with international software vendors. Domestic replacement trend means that you have to have the product that can benchmark with the international peers. In this way, we can serve the Chinese customer better. Well, for Kingdee, we're still trying to further improve our sales performance. You can see that we have more than 20 years of cloud service experience, and we also learn from someone else. Well, for Kingdee, we emphasize on the product in China. We also hope that the Cosmic and the Constellation product is not only for China market, but also the world market. What we're going to take is not only the market share, but also the confidence of the Chinese software from the Chinese customers. The H1 statistics shows us that in the SME market, Kingdee still outperform international peers. For consecutively 17 years, we were been ranking as the number one market share holder in the SME market reported by IDC. You can see that some big client, for example, Huawei Global HR System, China Tobacco Yunnan Industrial Co., Ltd., Hisense, and SPIC. By introducing the Cosmic and the Constellation product to those customers, we have every confidence to believe in the next two to three years, we're also going to be a number one brand for the large-sized enterprises. Since 2014 on, we started to roll out our cloud journey, and we experienced the ups and the downs. From this year on, we also get into the cloud transformation period. We will try our best to stick to the customer-centric approach, and also to deliver our professional service and product. More importantly, we will always have a very prudent strategy in the market, along with our corporate culture and our spirit. We will continue to deliver a scorecard to the investors to satisfy you. Thank you very much for your long-term support to Kingdee. Thank you. Thank you. Thanks for all the investors, and thanks for taking care of Kingdee, and see you next time.