Ladies and gentlemen, I would like to welcome you to join us for Kingdee International 2021 Annual Results Release. Please allow me to introduce the managers joining us here today. They are the Board Chair as well as the CEO of Kingdee International, Mr. Xu Shaochun. Let's also welcome CFO, Mr. Lin Bo, and also the China President, Mr. Zhang Yong. Let's also welcome IR Vice Manager, Mr. Rex Wu, to join us for this meeting. Coming next, let's welcome Mr. Lin Bo, the CFO, to walk you through the performance release of 2021 and the business strategy, please. Okay, great. Thank you. Thanks for the moderator. Dear investors and my media friends, and especially those who actually interested in Kingdee International, good morning. I know it's pretty challenging nowadays. Probably there are some international and macro changes. There are so many fluctuations for the Hong Kong stock market, and many investors actually care about our business. I'd like to say that for Kingdee, our majority of our business are actually in Mainland China, so international environment somewhat is more like an opportunity to us. Please allow me to walk you through the 2021 performance. We'd like to first go through the performance highlights and updates on the cloud strategy. Please go to slide page four. You can see in the year of 2021, our revenue grow by 24.4% and reach CNY 4.174 billion. The cloud service revenue grow by 44.2% and reach CNY 2.758 billion. The revenue of traditional software and others declined by 2%, which actually works with our business strategy. The profit attributable to the parent company is CNY -302 million, narrow by CNY 33 million compared with 2020. Company is still in the investment stage, especially for the large enterprises market. Our net operating cash flow is CNY 661 million, grow by 39.6% because of the very robust growth from cloud subscription business. Please go to page five. You can clearly see on the slide the cloud service revenue contribution ratio further elevated, already reached 66.1%, which is already CNY 2.758 billion. Let's go to page six. We can clearly see that the company continued to focus on the high-quality cloud subscription service. The cloud subscription ARR by the end of 2021 already reached CNY 1.57 billion, grow by 58.5%. I would like to emphasize again, because many investors may worried about our ARR, especially they'd like to know what's inside the ARR. I would like to emphasize again, our ARR only include the recurring revenue from cloud product subscription, excluding the maintenance and the software licensing recurring revenue. Let's go to page seven. Let's also take a look at the cloud contract liability. By the end of 2021, the cloud contract liability grow by 71.9%. The contract liability related to subscription reached CNY 1.358 billion, grow by 64.6%. The contract liability, the pre-collection or the deferred revenue, and its growth is much faster than the revenue growth, which shows the robust growth of our subscription business. Now, let's go to page eight. Let's now take a look at the operational expenses breakdown. S&M grow by 22.2% because the labor cost was growing by 20%. You can see sales, promotion, marketing grow by 42.4%, its revenue contribution down by 0.8%. G&A grow by 12.6% because the labor cost grow by 17.6%, its revenue contribution down by 1.1%. We would like to emphasize R&D, and it was growing by 20.4%. Actually, the R&D investment grow by 42.8%, reach CNY 1.26 billion. Why there's such a difference is because our capital rates being down by 2%, which already be 33.6%. Because in 2020, and this number was dropped greatly, so that's the reason you can see that our amortization also being greatly reduced by a big number. So that's the reason the R&D expenses grow by 20.4%, but actually, our R&D investment grow by 42.8%. Coming next, I'm going to walk you through the Cloud Cosmic and the Cloud Constellation business. Please go to page 10. In the year of 2021, Kingdee continued to work with the international and industrial peers in the large enterprises market. Our new client include CCP Finance, Yinxin Tan, BGI, and Chinasoft International, altogether 360 new customers. We also have 235 upsell customers for Cosmic and Constellation product. The dollar retention rate is already more than 120%, and the contracted value is already CNY 700 million, grow by 60%, and the dollar retention rate is already more than 120%. Kingdee is also leading the so-called localized IT solution. For the past two years, Cosmic and Constellation altogether help 102 large enterprises to seek for the local IT solution. We supported Huawei, Wenti, China Merchants Group, HBIS Group, as well as SPIC for their digital management restructuring. Now let's go to page 11. Besides working with more large enterprises in the market, we also started to make a high investment and continue to iterate our technology for the self-owned yet controllable technology. I would like to walk you through one-two technologies to let you know the R&D we have now. In this way, you can truly understand the technical progress we made nowadays. First of all, we have the Cosmic, self-developed, a multi-dimensional database and our New Generation EPM system, which is a leading edge platform with a multi-dimensional model. It has flexible rules and also be featured with high efficiency and transparency. It can also be applied in multiple terminals. No matter on the web server or on the mobile phone side, it can actually realize the multi-terminal application. It also has smart analytics capacity, which is already leading the whole market, and which can also help us to support more enterprises to build their best practice. It is worth mentioning those clients, including SPIC, CICO, and China Tobacco, Yunnan Energy Investment, and ITG Holding. Please go to page twelve. Actually from a business perspective, you can see that our subscription client, the hybrid and its penetration ratio already reached 60% in 2021, and in the middle part, it shows where the client comes from. You can see around 50% of the customers are the new one, and 28 of them are the ERP upgraded client. While in Cosmic- Constellation client profile, you can see that public service client, manufacturing client, and high-tech clients are the three major streams of the clients for us. While at the same time, because we deliver our solution to different industry, especially in HR, in finance, in taxation, and even in platform industry, we can still maintain our leadership. We fully believe we're not gonna to actually be impacted due to one industry's performance, and that the company will always be able to grow the business sustainably, because what we provide is truly the need of the market. Please go to page 13. These are the slide showing the subscription distribution. You can see Constellation Finance Cloud, its contribution goes up to 42%, Platform 36.4% in 2021. The Constellation Tax Cloud and Manufacturing Cloud started to contribute the subscription revenue. We fully believe in this year, our Constellation product started to contribute more to the company because we managed to integrate the best management experience with cutting-edge technology from Kingdee, which can provide a premier solution to the market. Please go to slide 14 and 15, and let's also take a look at Cloud Galaxy. You can see that for Kingdee Cloud Galaxy, by the end of 2021, our accumulated customer reached 25,300. The dollar retention rate has been greatly improved to the historical high level, which is 98.6%. The customer retention still being stabilized. You can see our operating profit rate grow by more than 20%. Why we have such a good dollar retention rate is because the customer has a better understanding of our product and which also lay a solid foundation for our future sustainable growth. The subscription ARR grow by 60.3%. Still the further growth compared with the 57.7% in H1 of this year, which can also see the robust growth from our cloud subscription business, especially the new customer engagement. On the right side, you can see the logo of our new customers. Some of them are the private companies, and they are also listed company and some leading companies in the emerging market. They are already our customer now. For example, like InnoLas, Parsio, Vigor, and also Domik, and they are already our client for the Cloud Galaxy product. Okay, let's go to page 16. Well, you can see that the bar chart shows the Galaxy subscription distribution. We can see that as the product started to get more mature and the more modules being well-established, we also identified that the supply chain module and the manufacturing cloud client subscription ratio being further improved besides the financial module, and which can also show how we deeply manage the customer operation to leverage our upsells and cross-sells. On the right side, the pie chart shows us more than 6,000 new customers for the Galaxy product. Around 35% of them are coming from Kingdee, plus new customer upgrade. Okay, let's continue. Let's also take a look at Cloud Stellar and Cloud Jingdou. Please go to page 18. You can see that, since being launched in 2020, Stellar has already served 11,000 clients. The dollar retention rate is already 82%. While for Cloud Jingdou, the accumulated customer number is already 212,000, and the retention rate is already 84.1%, and this number used to be only 80% for the past. Now let's also take a look at the cloud business landscape and also the market dynamics analysis. Especially, you can say that Kingdee's truly focused in the platform, finance, taxation, HR, and what would be the landscape look like. Let me walk you through it one by one. For PaaS system, it actually include multiple kinds of the PaaS. According to our forecast, along with the customer's forecast, and we find out in 2030, the AI and PaaS market, the market value is gonna to reach CNY 23 billion. Please go to page 21. You can see that in finance and taxation software and SaaS segment, and Kingdee is committed to provide a comprehensive service from record to report. We also started to upgrade our financial segment to be more automatic. According to such a market trend, the third-party segment and the financial planning and analysis market penetration ratio will be improved greatly. According to customer forecast, the related market size will reach CNY 47.5 billion by 2030. You can say that we believe we still have a big market to explore, no matter for platform or for HR SaaS segment. Please go to page 22. In the human capital software and the SaaS market, the core HR will comprehensively embrace automation, upgrading, and also talent development and management. The market penetration ratio will also be greatly improved. FP&A will become the rigid demand for the large enterprises. For example, for Huawei, our clients, and the Kingdee Cloud Constellation HR product will be launched in H1 of this year to the market. This will truly become a world-class HR product. According to the forecast made by Gartner and us, in 2030, this market, the size will be around CNY 44 billion. Okay. Let's now go back to our strategy and the guidance. I would like to say that Let me reiterate, we are still going to stick to the strategy of a platform plus finance, HR, tax, and the ecosystem. Page 24. We'll still stick to this strategy to further grow our business. Please go to page 25. You can see that the company also attach great importance to customer satisfaction. We take WeChat's public account to actually promote the customer end-to-end whole journey transformation. In 2021, we received 35,000 inquiries and messages from our customer, and our net promoter score improved by 16%. Now, please go to page 26. You can see that regarding our guidance, we would like to maintain ARR CAGR for the next three years, be more than 50%. In 2023, we believe the revenue for subscription would be around CNY 3.3 billion. We'd like to leverage cloud subscription business to further double our business size. While in the near future, we're gonna continue to focus on the business growth for cloud subscription service, working with more clients. To make sure we deliver our solution directly to our clients, which can also further improve our GP margin in the longer run. We don't provide the guidance to the cloud service at all. From the granularity perspective, we hope that we can become a product, especially SaaS product-oriented company. We'd like to focus more on the cloud subscription business in the near future. Okay. You can see that the rest slides. Please go to page 28, and right after page 28, you will be able to see the financials, and it also be included into our annual report. Especially for this year and our top sales costs, they are being further improved. Why the top sale cost is being increased? The first reason is because we deliver more product to the large client in recent years, and we would also like to work with our partners to further help us to deliver the solution so that we can reduce the cost and then improve the GP margin for the company as a whole. Okay, that's all for the presentation for me today. I would like to thanks for all the investors. Thanks for the interest in Kingdee International. Moderator, here comes to the end of the presentation. Thank you. Thanks for the management team. Coming next, let's get into the QA session. We'd like to welcome investors to raise a question, and please press star and the number one to raise yourself. Please also identify yourself right before you give the question. Let's welcome the first question. Now, let's welcome Fan Bing from Murata to ask the first question, please. Hello, and dear management team. Good morning. My name is Fan Bing from Murata, and thanks for giving me this opportunity. Actually, I'd like to thank the company for having the chance for me. I would like to congratulate on your good performance last year. I'd like to ask about your product regarding Galaxy solution. I find out actually the Galaxy, the business growth is being slowed down, and it is around 24%. It seems that your dollar retention rate is being greatly improved. I'd like to ask you the reason why you have such a robust dollar retention rate for Cloud Galaxy. Well, for this year, what would be the trend, especially on revenue and dollar retention, I mean, the guidance for the market for Cloud Galaxy? Then the second part of my question is regarding HR SaaS and also the Constellation solution. I know that it takes time for the business to be more mature. What would be the guidance for the revenue? Would you mind to provide us the corresponding information? What are those industries you'd like to focus more? My third question is that I know that you are growing the team, and you also put more R&D investment. Is it possible for the management team to share with us whether the team expansion or the investment in R&D is going to be slowed down for this year? Do you already have a guidance for the profitability? Thank you. Thank you. Thanks for Fan Bing from Murata. Let me just. Sorry, because it is a teleconference, so probably I didn't catch part of your question. Let me respond to your third question first regarding the team culture for the company. We truly notice that the macro environment is pretty challenging, but at the same time, we should also make sure we continue to invest in our product and solution. In the year of 2021, especially being disclosed in our annual report, we now have more than 11,000 staff working for the company. Around 40% of them are R&D staff. In the year of 2022, according to our general business planning, we're still going to grow the team a little bit, but we'll make sure that we recruit less than 1,000 people. Those people, newly hired one, will be put into the R&D team to further consolidate our technical leadership. That's my response for the team building for this year. You also mentioned about the Galaxy solution and its landscape. Later, I'm going to ask Zhang Yong to give you more specifics. Regarding the Cloud Galaxy, you know that we are working very hard in promoting Cloud Galaxy growth. You find out our dollar retention rate is going up for the past two years. Especially, we would like to promote the partner direct delivery and also to further reform our subscription model. While not chasing for a higher revenue growth, for sure business growth is very important, but we should also work more on the subscription business growth. I'd like to say that in 2021, our subscription ARR for Cloud Galaxy still grow by 60.3% on year-on-year basis. It will also be consolidated into its future trend. I still believe Cloud Galaxy in the near future. As it has a large customer base, jointly speaking, we hope the growth will be more than 20% in the near future. Regarding the industrial service, let me ask Zhang Yong to give more comments on that. You can say that as Cloud Constellation platform-based Cloud Galaxy solution being launched, and we provided a solution more resilience, more flexibility. Cloud Galaxy used to be quite strong in the manufacturing industry. For the next generation product, it will still be focused on the manufacturing of finance and also on healthcare industry. For example, we're going to build some solution from our ecosystem partners to make sure we will be able to leverage this new solution to serve more industries in the near future. Let me just add another point. You can say for Cloud Galaxy ARR, we believe the CAGR would be still more than 50% five-year. Okay, great. Thank you. Thanks, Mr. Lin. Thanks for responding to my question. Coming next, let's welcome, Chen Hanbo from Tianfeng Securities, please. Hi, management team. I'm Chen Hanbo from Tianfeng Securities. I'd like to congratulate the company on such a good performance. I have two to three small questions. The first question, as you can say in 2021, your ARR and the contract availability and also the contracted value are all growing very well, and especially the Cloud Galaxy bring you a lot of good cash flow, especially I found out its net profit rate is pretty good. Its net profit rate is already more than 20%. So, how sustainable such a profitability is going to be in the near future for Cloud Galaxy product? Thank you. Just now, in my answer, I have already mentioned, if we're gonna to continue to work on the subscription business growth, we believe the profit rate is still gonna to be up. Currently it was also growing by 20%, and we would like to grow it further in year 2022. Okay. Thank you. I have the second question. The second question is regarding Cloud Constellation product. It seems the business growth being further accelerated and the revenue was also grow doubled and the backlog grew by 50%. You also started to serve a more large enterprises client. In 2022, for Cloud Constellation, are we going to see a better growth for revenue and backlog? Would you like to share more data with our investors, especially the revenue and the backlog guidance for Cloud Constellation product, please? Actually, for the large enterprises market, we still have a high expectation, especially for Cloud Constellation, and we believe we'd like to double the contracted value and making sure the total retention rate should be more than 100%. That's the guidance or expectation we have over Cloud Constellation product. Okay. Just now, you also mentioned another point. You'd like to double the Cloud Constellation revenue and the backlog in 2022. Regarding your Cloud Constellation production capacity, what's the landscape now? Thank you. What are you talking about? The production capacity for Cloud Constellation product. Let me answer the question. Okay, great. As you can see that, for Kingdee International, especially from IDC report, in SME, we always consolidate our leadership from last year on, and we understand we are more capable in the large enterprises market. After one year operation for this year, we hope in the large enterprises market, we're still going to pursue a high growth point. We hope that our Cloud Constellation, especially in the large enterprises market, the revenue and the backlog should be doubled. We further deep refine our management and also list the key clients we'd like to work with. Well, in order to make sure we have double our revenue and backlog and also engage with new customers. We started to further deploy the production capacities for our own team and our partners. Surely speaking, we'll be able to take care of the backlog from the large enterprises market, and we're capable of delivering the solution there. Okay. That's all. Thanks for the management team. That's all for my question. Thank you. Let's now welcome Mark Li from Citi to raise a question. Hi. My name is Mark Li from Citibank. Congratulations on your good performance. I notice that in your Cloud Cosmic product and manufacturing and the tech industry is already accounting for 30% respectively. You also mentioned about Cloud Galaxy development. In the near future, for the Cloud Galaxy, for example, cloud and high tech clients, how Cloud Constellation and Cloud Galaxy is going to work as a synergy to serve those clients in those industry? Let me simply respond. For Cloud Galaxy, it was targeting those growing enterprises. For some key industries, for example, very good enterprises or unicorn companies will leverage a Cloud Galaxy product to serve them. Especially in some key industries and growing companies. Where for Cloud Constellation, we are leveraging their products for the large enterprises, especially those enterprises in the advanced manufacturing, equipment manufacturing, for example, like FCC and also the Shandong Weigao, and we leverage the Cloud Constellation to cover those super large enterprises. That's the difference we have over the two products. One more question from me, management team, because I also notice that for your company, especially you started to buy back your shares in the market. Is it because of the fundamentals development in the near future, or do you also take care of the PE or market value? Do you have a timeline here? Thank you. This is a very good question, I think, for the whole company. For the last round of the buyback, it was driven by a certain event. You can say the company will accelerate our investment in the business development, but we also would like to guarantee a healthy cash flow when the capital market fluctuates again. Because we would like to maintain our market value, that's the reason we buy back some shares. It was not in large volume, so there will be no special statement being made here. In such a challenging market, probably we're also going to buy back and also establish the equity incentives plan to our staff. Thank you. Thank you very much. Great. Coming next, let's welcome Li Xuefeng from Guotai Junan Securities. Hello. Can you hear me, management team? Yes, we can hear you. Please. I'm Li Xuefeng from Guotai Junan Securities. Thank you very much for having me here for this QA session. I have a few questions. First of all, as other investor has already mentioned about the Galaxy growth, and you mentioned about 20% growth for Galaxy business. If you are going to maintain a 20% Galaxy growth and in such a challenging environment nowadays, and what would be your assumption of the market? How confident you can deliver that 20% business growth for Cloud Galaxy? My second question is regarding Cloud Constellation product. Plus, since the year of 2020, we started to pay more attention to IaaS. IaaS. I noticed that what would be the policy changes for this business, and especially for your IaaS product, and what are those market constraints, and especially the regulation changes going to impact the Cloud Constellation business? Mr. Zhang Yong, would you mind to actually first talk about respond to the second part of the question? Thank you. For Galaxy product, we hope that we can further grow the business for Cloud Galaxy. Well, one assumption is that if the COVID-19 actually bring us a lot of uncertainties. If the pandemic continue to impact our life and our work, then it's pretty challenging for us to grow our business. If the COVID-19 could be well contained, we are still very confident to grow the Galaxy business by 20% for this year. First of all, we further consolidate our product performance and our Galaxy pro-product as being more competitive. The flagship Galaxy product will also help to further consolidate our leadership as a solution provider in this market in order to engage with new customer and also have a more upsells and dollar retention rate. We actually made a very deep breakdown of this business and the KPI indicators being formulated. From organizational HR perspective and the policy perspective, we would like to further improve our competitiveness in the Cloud Galaxy market. We hope that after one year's hard efforts, we can grow Galaxy business by 20% in 2022. Regarding IaaS, last year, we made some good performance. Currently, we have more than 1,000 IaaS partners that are working with us in our ecosystem. We also launched more than 1,000 product and solution based upon Cosmic Constellation platform. Well, you can say for Kingdee, for IaaS product, it's already been a part of our product management team business. Our team is going to truly understand our industrial trend and the vertical trend. We provide many IT empowerment support to make sure the quality and R&D of the product can truly work with the future strategy we have, where at the same time, we also started to work with more partners for the product delivery. You can see around two weeks ago in Hainan and in our Kingdee IoT partner conference, we signed around 10 domestic delivery partners, and we're going to grow our partner ecosystem further. We also have a CNY 1 billion industrial fund, which will mainly be invested into the IaaS market, especially those key co-partners. We're going to make a financial investment into those companies to help them to further expand their business and support our delivering capacity. In some niche market, we're also going to support some leading software company, for example. There's a company in the pharma retail business. We hope that by working with them, we'll be able to further consolidate our business in the pharma chain store business so that we know this company will become the number one player in their market. Thank you. Thank you. Thanks for the team. Thanks for responding to the question. Is there any quantitative data so that we can truly understand what would be the landscape for IS? For example, the revenue, how many clients you're going to have. For IS clients, many of them are actually the very small enterprises. For example, you provide probably a tailor-made solutions for those enterprises. Do you believe that those partners are going to have high incentives to help you to grow your business? Your partner number and your revenue target, and do you have any data to share with us regarding the IS business? Last year, after one year's hard efforts, we now put more emphasis on the quality. Quantity is no longer an absolute indicator for us, but for sure, we also would like to grow our business partners. You can say that for ISV platform, altogether, we're going to have a CNY 300 billion revenue, which double the number in 2021. Regarding the volume, and we actually don't have the so-called quantity requirement, we would like to emphasize more, the Cosmic platform R&D capacity enhancement. At the same time, we also would like to make sure that for our contracted partners, we would like to have the support plan, including the top partner support plan and the general partner support plan to make sure that their business can grow by 30%-50% by having us to support them. Regarding our ISV delivery partner, we also made a guidance to the market. For our 10 delivery partners in China, we're gonna to spare CNY 100 million to even CNY 300 million. It truly depends on different company situation to support our business partners, business capacity building and the delivery capacity enhancement. I forgot to ask you one question. For IS and your subsidiaries, how you're going to break down the profit or split the profit regarding financials? Actually, there are different requirements. For example, we have the net profit, the GP margin requirement. It truly depends on different product in different business line. Let me respond to this question. Talking about the Galaxy growth. As you can see from our interim results, our customer retention was growing very fast, which can lay a very solid foundation for our future business growth. This is a good signal for us. While in such a challenging environment full of uncertainties, and that's the reason internally we probably have a more challenging target for the business growth for Galaxy. What we can disclose to the market is at least 20%. Thank you. Thanks, everyone. Thank you. Due to the time reason, we would like to welcome the last question. Let's welcome Lily from JPMorgan, please. Hello, managers. I have a question to you. We attach great importance to the external environment or the microenvironment. According to your observation, is there any big enterprises or small enterprises who started to see some major polarization and how the micro environments are going to impact the software budget for private enterprises? Are they going to tighten their budget or are they going to make more investment on software in order to do a good internal cost control? My second question is that for the management team, how are you going to comment on the long-term cloud service profitability, especially the profit rate? In the longer run, if you like to make sure you make the profit, when would the revenue be make sure that we hit that profit target? What would be the R&D and sales expenses growth in the near future? Thank you. Let me respond to the question first. As you can clearly see, for the past two years, there are so many external factors that are impacting our sales, production, and even our customers business operation. We noticed that some enterprises, they leverage this great opportunity to further consolidate their internal management. They also started the next generation digital operating and transformation. We still see the market bring a lot of opportunities to us. Well, regarding large enterprises, this is what we can observe. Especially for large enterprises, they have a deep understanding over the business, and they also would like to grow their business in the pandemic background and also some policy from the government. No matter for the ministries or the SOE, and there being policy to accelerate their growth of a world-class financial system internally. That's the reason for the ultra large enterprises that are gonna to embrace the digitalization and intelligent trend to further support their digital transformation. That's the reason we'd like to grab the opportunity there for the large enterprises client. Recently, right after the Russia-Ukraine war, many of the overseas brands suspended their service and support in both countries, and also took some phone call from the big private companies. As our client, they'd like to ask for the business migration and data migration, and started to try our product. As you can see that for the ultra-large enterprises, the market was delivering a lot of positive signals. That's also the reason we believe in the large enterprises market. We're going to grow our business more substantially and which can also improve our market share in the large enterprises market. For SME enterprises market, I think there are going to be more pressure for small and micro-enterprises. I can say that in some high-tech and special industry, the government also made heavy investment. Those SMEs in those verticals are actually the one with the best growing potential. I believe they are the one with greater growth potential. As far as I can talk to those clients for those SMEs, even if in the most challenging time nowadays, they are still going to further expand their business. I think SME going to provide us a lot of growth opportunity. We are still very positive over the large enterprises and SME. We are going to further enhance our service and the product performance to truly honor our commitment to the client, to hit their expectation. We also make sure our product and the service can support our customer to refine their operation, to improve their digital transformation and further consolidate their competitiveness. I truly believe after one year's hard efforts in SME and in large enterprises market, Kingdee is going to have a very good scorecard. Mr. Lin Bo, please help us to respond to the following question. Okay. You can see the Cloud Galaxy. Our profit rate is already 20%. This is sustainable. Well, we actually did a forecast model, but there are so many variables inside, so I don't think it is right time for us to disclose that model or more data. Well, let me just give you some hint. In January and February, we still have a robust performance and our net profit and our revenue or even fee collection is higher than our expectation. In March, because of the pandemic, we still see many uncertainties, we would like to keep an eye on the performance of the company. Well, for sure, as I mentioned, for the company, we would like to maintain our long-term growth operations. Well, we also would like to make investment. We'd like to draw your attention to operating cash flow and also our high-quality growth for the subscription business. Okay, thank you. Thank you very much. Thanks to all the investors, and thanks for the management team. Coming next, let's welcome Mr. Xu Shaochun, our CEO, to give the closing remarks. Ladies and gentlemen, I would like to thank you. Thanks for being interested in Kingdee International. Well, for Kingdee, for us, and for the next 10 years, we are still full of confidence to grow our business. We believe in the year 2023, and we're going to leverage cloud subscription service to build another Kingdee, which means our business size will be doubled. To make sure we become the best PaaS platform solution provider in China. We hope in 2030, we could become a world-class enterprise SaaS service provider. We have a very clear strategy internally. Well, you can say for the past few years, we took many business transformation, especially right after year 2014. Every year, we took multiple measures to promote a reform and a transformation. We started to embark the cloud subscription service, and we accumulated a lot of experience here. We deeply feel that as long as Kingdee continue to further consolidate our innovative culture, and also to care about our employee, to encourage them to be healthy, to mobilize the team to work harder. In this way, I believe the Kingdee still going to seek for robust and sustainable growth in the near future. Cloud subscription model is pretty easy, but if you well play it, and I believe our growth still going to be quite promising. Thank you. Thanks for all the investors interested in Kingdee International and supporting us for the past few years. Our management team will work harder to make sure that we deliver more value to you. Thank you. Thank you. Thanks, Mr. Xu. We're coming to the end of the meeting. Thanks for your participation, and thanks for supporting Kingdee International for so many years. See you next time.