Good morning. Welcome to Kingdee International Software Group Company Limited 2023 annual results announcement. First of all, please allow me to introduce the management. They are: the Chairman of the Board and CEO, Mr. Robert Xu. President of the Kingdee Software, Mr. Jason Zhang. Executive Director, CFO, Mr. Bo Lin. Now, we would like to have the CFO, Mr. Bo Lin, to introduce the Kingdee's 2023 annual performance and development strategy. Welcome. Dear investors and shareholders, good morning. Welcome to Kingdee's International Software Campus, and this is the first time for us to use this new building. Welcome. Now I would like to give you an introduction about the annual performance of 2023 of Kingdee. So sorry for the technical error. So I will briefly give you introduction about four parts. The first, the financial review and Kingdee Cloud business update, and Chinese enterprise SaaS market outlook, and also outlook. So first of all, when we look at about overview of our business last year, and so here we could see that we've transformed our business model in the last year, that we grew quite good and with very high quality growth. So the group revenue increased by 16.7%, and the subscription ARR reached 33.1% growth. And so here we could see the operating cash flow that increased by 74.5%. And in terms of the net loss attributable to shareholders, and there was still the loss, but here we could see that the loss still decreased 46.1%. That's because we have transformed our business model, and now we have to control the liabilities. But what's worth mentioning, that is about our cash reserves, that we have RMB 5.7 billion in cash reserves. That means we have very limited and low loans with the bank, so we have sufficient cash reserves, which give us a very good foundation for the future development. Now we focus on the platform plus finance and HR and taxation and ecosystem. So we are committed to become the most trustworthy enterprise service platform, so that we would like to help our enterprises to achieve EBC. In last year that we've won a lot of awards, and for example, that we've won the number one ESG rating in China Software in the Sustainability Yearbook 2023. We also received a lot of recognitions from our clients, so I just name a few here. What is worth mentioning is that we provide services to over half of Chinese top 500 companies, and top 500 companies that are in China. And we also made some of our summarization and conclusion that we've served over 43% of the Specialized and New companies. So many people ask us why the continuous growth and also gain, which is really different from the macroeconomic development. Because for our Galaxy products, we provide our services to the medium-sized Specialized and New companies, so they have very good potential. How about our business performance over the last three years? We are able to have the CAGR 19.2%. There is another line I would like to mention. So, for in terms of a profit, we could see that our cost continues to increase because it's kind of cost driven. Actually, we can see, and that we can see in 2023, that revenue grew by 17%. At the very same time, our headcount growth maintained at 2.6%. So after that, we've already gone through the massive investment transformation, and so we are going to enter into a new period of harvest. So the cost will continues to lower down in the coming few years. And so here we could see about the financial summaries, that the top line was RMB 5.6 billion, and we have a very good operating cash flow. And in terms of the net profit, I have to mention that we, in terms of the gross margins, that would increase by 2.6%. So this is our business model. So in the future, that we will have higher subscription income, and we will have more control about our expenses. And that means in the future, we will have higher profits. And so here we could see when we look at operating expense, we could see it dropped 4.5%. And in recent years, we focused on about cloud services, cloud services, and so here we could see the business of the cloud services increased by 21.3%. Here we could see, we also have some one-time income, and for example, we have the Stellar and also Galaxy. Here, we also have the Cosmic GPT Plus X. So we provide some services and deployment for some large-sized enterprises. That's the one-time fee, and here we could see that's why there is a 1% of the absolute revenue growth. In terms of the ARR, it's one of our key performance. We could see we have the subscription priority and AI priority, and here we could see for ARR increased by the 33.1%. Also, SaaS is a very good race track. It's difficult, but I would say it's a very good race track. So there is a term to describe this, the ARR, that is, it has a long way to go and has so many difficulties, but we could see the renewal rate is quite good. It's positive. And so that means in the future, when we get more subscription and then our gross margins will continues to grow. And how about operating expenses? And so here we could see, we have to lower down the operating expenses. And just like I mentioned, that we have the headcount grew by 2.6%, and now our business is expanding, so the headcount will continue to grow. In terms of the operating expenses, we could see that the most of the majority part is still the sales and marketing, and for the administration and also general administrators, that actually decreased by 1.8%, and in terms of R&D, also had a 1.2% drop. So we will continue to streamline our expenses. Here we could see why, in terms of R&D, that is not grew as fast as our revenue. So because when we have the cloud transformation, that the multi-platforms actually were making investment in R&D. And therefore, in the future, that we will, we will not reduce the money make into R&D, but we will ensure a higher conversion rate of R&D. So that's the financial review. Now I would like to give you introduction about our Kingdee Cloud products, and the first one is Kingdee Cloud Cosmic and Constellation. So here we could see contracts signed last year, RMB 1.4 billion, and new customers, 647. ARR grew by 48.7%, and so the NDR reached 105.3%. And so for Cloud Cosmic, that we have signed significant clients, such as Sinochem and also Chinese building materials, etc. These are big clients. And today, we are here in this building. You can also see some of our product demos, so you are welcome to try it out to have a personal experience about our AI products. And so Kingdee is paying great attention to the AI foundation model. So objectively speaking, and that we are now improving the efficiency and the experience of AI, we will continue to deepen our product and to iterate our products. And so here in this slide, I give you a brief introduction about our AI products. And so here we can see that Cosmic GPT, we define it as the best AI model for enterprise management. So this Cosmic GPT is able to satisfy the different needs of different clients in different industries. This is one of the application scenario of Cosmic GPT Plus X, so you can personally experience this product. I just show you some snapshots. So in the past, that what kind of the IT setting, and with AI model, what can we do? And so in the past, we just, we can just type about keywords, but now, the AI model, foundation model, is able to understand the intention and to generate the answers... and it's able to understand some of the key risk factors that impact contracts, and so it's very important. And in the past, it's, it only able to match templates, but now with AI, it's able to have a faster response of generative content, and it's able to enhance the prediction and also provide expert opinions. So here, just some of the application scenarios. So we will continue to deepen our services. And for example, here in this case, the Cosmic GPT application is able to have intelligent Q&A. For example, now we have many of you that need to use Excel and to develop some of the graph, but not everyone is able to have very good data analysis. But in the future, the Cosmic GPT application, and we are now able to provide conversational data analysis. Here, for example, with this conversational data analysis, you can just direct ask questions to the system and to get the results very quick. Now I would like to give introduction about the Kingdee Cloud Galaxy, and we continue to enhance our leading market position. The income of this Galaxy is quite high. Here we could see, it's able to maintain RMB 1.952 billion, with a growth rate of 16.2%. The NDR was 97.2%. Here we could see that we have a lot of the new customers, 39,000 new clients. We also have some new clients such as the Respect, et cetera. These are just some of our clients that to show you our market competitiveness. This is a very important graph for us, why Kingdee is able to exist in the SaaS business model. When we look at about this, the Galaxy, we could see the revenue continues to grow. When we look at this one, that the profit margin is 22%. So including that, we have the Galaxy Enterprise and Galaxy Standards. We also have Galaxy Flagship. That means with the Galaxy Flagship, we are able to increase by 30%. So we are now restructuring the business of Galaxy, and therefore, the profit margin of Galaxy was now 22%. And we believe that in the future, all of our products is able to have more than 20% profit revenue. How about the global market? So Kingdee Cloud Galaxy actually has already helped over 1,000 companies to going global. And even though the revenue account, about our total revenue was not very high yet, it's about 1%-2%, but still, we are working on about the targeted markets. So we will have more compliance and localization, and more revenues that generated in those companies, such as Vietnam, Singapore and other Southeast Asia countries. And so here, the Cloud Stellar and Cloud Jingdou also continue to grow very fast. So when we look at about the revenue, we continue to make this Stellar and Jingdou penetrating into more enterprises. Here we can see the current revenue of the Stellar and Jingdou, that is 1.08%, with the growth percent of 25.4%. Here we could see that for the NDR, that Jingdou was 86.9%, and Stellar was 90.8%. Next, I would like to give an outlook about China enterprise SaaS. Here are some of the data that originated from IDC and Gartner. Here for PaaS market, that by 2030, we believe that there will be RMB 23 billion. Of course, this number actually only focus on about our targeted market. It's estimated by 2030, according to Gartner, that the SaaS market, that is able to reach RMB 47.5 billion, and we will focus on about the finance management, including the account closing, consolidate, and report. The market share is there, RMB 47.5 billion, and these are the products. Then how about the SaaS market? By 2030, that the market size for the SaaS human capital would be RMB 44 billion. The core HR, that will be upgraded to automated, and that means we are able to automatically upgrade the talent development and management market penetration. In May, we also designed some management practice for Huawei. These kind of the solutions actually satisfy the majority of the needs of those international companies. This is our partner ecosystem, that Kingdee is continue to build out the win-win and co-creation ecosystem. So we work with very important partners in terms of the AI voice recognition and SaaS. And so here are some of the customer satisfaction figures. So we will continue to improve our customer satisfaction. And so here we could see, we've received many letters of customers appreciation, and the satisfaction rate net actually reached 94%. And in terms of service compliance, decreased by 45%. So we still believe we are making progress, at the very same time, we will continue to improve that. And every year that we provide success for our clients to transform to digital business model, and so we also consult with our partners and so that we could continue to improve our business flow. Then how about our future? That, the three-year target for 2024 and 2026, our strategy, that is the subscription priority and AI priority. We believe that group revenue will still maintain 15%-20% CAGR. In terms of the subscription ARR, that will have 30% CAGR. Many of you ask me, "How do we define our profit or revenue?" Based on our current business, we believe that we are able to have 50% of the operating cash flow. We are able to maintain such a growth in terms of revenue. There was a little bit change of the profit, because for our internal KPI, we would like to make a balance. In terms of the information disclosed to the public, that we will make it quite a balance. We believe by the next, in the next two years, we are able to make the balance. So that's all for my report. Thank you. Thank you very much for the presentation from the management. Now is the Q&A section. Dear investors, you are welcome to put your hands up and raise your question, and please identify yourself and your company. Thank you. The floor is yours. First of all, congratulations for Kingdee on such a good result in 2023. I'm the analyst from the Tianfeng Securities Research Institute. I have two questions, and the first one, that is about the Galaxy. The Galaxy's client base actually are very good business set in China. So I, my question is, how would you penetrate, how would you enhance the market penetration of the Galaxy product? Thank you very much for your question. Yes, Galaxy is one of our SaaS product in terms of a cloud service, cloud services. We have Galaxy Enterprise, Galaxy Standard, two version. And in the last two years, that we also launched a new version of Galaxy, which is a Galaxy Flagship. And especially in recent years, Chinese government, that is encouraging the development of the Specialized and new enterprise. And so these are the best of batch of the high quality customers. And so here we could see for the Specialized and new companies, we are able to secure 43% of the market share. And so we also would like to work with our key partners that should cover the majority of the Specialized and new companies. This is actually a market segment that Kingdee has been doing very well. So we will still focus on the Specialized and new companies. At the very same time, we will also expand our network to help more Chinese companies going global. So we will focus on about 10 cities along the Yangtze River Delta and Pearl River Delta and Beijing. These 10 cities actually accounted for 80% of the Chinese companies going global. That would be our focus. My second question is about AI. In the past few years, AI has always been the key topic for investment. We also mentioned—we also noticed that the foundation models developed in China, such as the many foundation models in China, like Kimi. My question is, in the coming three years, and your AI application in terms of finance and also the customer, the penetration, and also, model exploration, do you have specific KPI? It's a very good question. Indeed, that is working on the AI in such a background, and so our coming three years' strategy is quite obvious, that is the subscription first and AI first. The mission of Kingdee, that's, that's to ensure every user is able to have a super intelligent AI assistant. This is our long-term target. AI priority or AI first, actually means that, based on our Kingdee's professional model, that we are able to have those two AI functions. So on the basis of those open source, the foundation model, that we are able to develop, we are having our own professional foundation model, such as finance models and HR foundation models. So each one of our AI function is must be the AI native. Then how do we satisfy the needs of our clients? So first of all, we will satisfy our clients' needs by the AI, rather than the traditional, the development. And based on that, we also would prioritize our resources, investment, and talent, and the talent recruitment in terms of AI. So that is the specific content of our AI priority strategy. And in the past, ERP. ERP actually is a very good integration of the information process, and in the future, we believe that ERP will further improved with audio feature and also the video feature, because now with the AI development, and for example, recently, the Turing test has already showcased that AI, the reasoning capacities will be 2 or 3 times of that of the human brain. And in the future, I would be, that figure will be 1,000 times or even 10,000 times. So Kingdee, as a professional software management service provider, that we would like to ensure every professional will have a super intelligent AI management system. And last year, we've launched a financial foundation model of Kingdee. And in the future, we will launch a series of the specific and professional applications that based on the various scenarios. So in the past 10 years, we've been, we've been keeping investment, so we come out with the cloud service. And so here you can see that in cloud service market, Kingdee is ranking the number one in the market. And so we succeed in the cloud service. And how about in the future? That in the future, we will focus on the AI management assistant. So that is our target. So Kingdee is fully excited, and we are looking forward to the AI future. We have sufficient imagination, and we have powerful creativity. We are confident we are able to incorporate the data and application scenarios we accumulated in the past decades, to combine with AI, to create bigger value for our clients, to improve the efficiency, reduce the cost, especially to help our clients to restructuring their experience and to restructuring the process of decision-making. In this way, we are able to enable every employee in our clients' company that to have a super intelligent management system. In the past 40 years, since the reform and opening up, the Chinese development has benefited us a lot. In the future, that we need to give a full play to the dividends of the high efficient management, and to increase the labor productivity. So with AI, I think that efficiency improvement target will be achieved. So it's quite inspiring. This year, I'm really excited to have the AI business build for Kingdee. Thank you. Thank you for Mr. Xu's sharing. Next. The lady in the front line, please. Good morning. Thank you for the question. I'm the chief analyst from the China Securities Construction Investment, and thank you very much for the opportunity. So in terms of AI, that since last year, that Kingdee has already incorporated AI applications with your various Kingdee products. So I wonder, what's your clients' feedback? And now we also see many, the AI foundations and models company also provide some of the, small text or fintech products. So what is the competitive advantage of Kingdee's AI products? Yes, currently, we've already launched some of the application scenarios for AI. We received a very good feedback from our clients. One is Hisense. So then, for Hisense, and when Hisense is recruiting talents from the global scope, and then Hisense use our AI HR platform, and then our AI product is able to automatically to screen their recruitment, recruitment, the JD, and also to match the right talent. At the very same time, that the individuals can also match their own capabilities through our AI products. And so that, from the employee side and also employee side, is able to improve the talent matchmaking efficiency. And we also have a specific application scenario of the contract, especially in the construction industry, that it always have a large volume of contract. Every copy of contract may be thousands of pages. So it's time-consuming for the human to read out all of those contracts. And now in the past, that AI can only just focus on some of the segments or the characters, but now with the solution of the Kingdee, it's able to recognize some of the high-risk factors that's in a contract. So that's quite important and beneficial. And another application scenario that is in the finance sector, and so just like Mr. Xu mentioned, our target, that is to ensure everyone will have a super intelligent AI assistant, that to improve the efficiency and save the time. So, now we have the data analysis and also the inquiry of the financial systems. We have the AI application. So, we also will launch the more application scenarios, probably 10 scenarios, to enrich our product matrix. And actually, we are very close to our clients, so we will develop more and more specific application scenarios. And secondly, we have our advantage in terms of the data accumulation. And just like to mention, that we are able to have a strong computing power, and which will make us better than the other, like by Baidu or Microsoft. Another explanation is that we, we have our requirements for R&D, that is to use AI to empower our variety of products. So we continue to innovate our products. We will use the AI native or primitive AI that to enhance our product performance. And so we will continue to make investment in AI. And one very important advantage for Kingdee, that is in terms of the enterprise management software, that Kingdee is capable to have the largest size of the public cloud clients. So that's a very important base for the future AI. And so if your AI that is not run on the open cloud service, that would be not as competitive as Kingdee. And my next question, that is actually Kingdee actually won one of the bidding and of the Sinochem. So in this bidding specifically, so what is the major features that Sinochem that are positive about our Cosmic GPT? And so this bidding also ensure that Kingdee's product is able to launch and practice. Yes, in true, that and Sinopec, Sinochem, is one of very important that state-owned enterprises. And so this time, and now we've actually used the Cosmic GPT, that to help it to put together a smart office solution. So that means the Cosmic platform is providing solutions for the Sinopec, not only from the financial scenarios, but also the entire business management flow. And so I think this bidding has already improved our capabilities and mature, and the maturity of the Kingdee's Cosmic platform. Thank you. And I also would like to add on that because we have a lot of investors that join us online, and so the online investors cannot see our AI demo. And so we have investors that you here join us on site, you could see many of those scenarios. We not only work with the Baidu, also Microsoft, and also some new emerging platforms such as Kimi. Next question? Thank you for the opportunity. I'm from Guangfa Securities. I have two questions. First question is about Galaxy. Because Kingdee Galaxy, that increased significantly in terms of number of clients, and it also grew very fast. So I—my question is, and does it mean that it will create more pressures in terms of app? And on top of that, we could see in terms of the contract business, were there any changes in terms of Galaxy? Thank you. The Kingdee Galaxy, it has a large size, and so we hope that the Galaxy will continue to make its competitive advantages. So I believe that the revenues that generated from the Galaxy will continue to account a higher share of our total, the revenue. So you can see that the growth rate of Galaxy is still quite high. And another one is about the Cosmic, the GPT Cosmic, and Cosmic cover many applications, such as the small manufacturing supply chain. And so, could you give us some evaluation about the maturity of the Cosmic in terms of smart manufacturing supply chain in the coming three years? Now, Cosmic actually is for the complicated and large-scaled enterprises market, and therefore, it requires the Cosmic to have very in-depth understanding and accumulation of the specific, requirements in this industry. So for the COSMIC products, that is able to focus on some specific clients. So this year, our practice, that is, we focus on about our benchmark clients, and that should make our product capabilities and our personnel's capabilities that are more mature. So with this breakthrough, we will continue to extend our COSMIC applications. As an example, that actually, last year, for example, in the Weichai Lovol, you could see our reports. It is one of very important Chinese agricultural machinery and equipment company. It's very complicated, the machinery industry, and so in the past, it used some in-depth applications and, which actually are products of our foreign peers. However, and that's, at the end of 2022, that this, client, the agricultural machinery company, request the Kingdee to replace, those in-depth applications because it's, it's focused on about the iteration. Therefore, we started this project for nearly 8 months. The both Kingdee's side and our client's side that make huge investment, and we believe it's a very meaningful project. So in the past 8 years, that we've consolidated all of those very keyed business process pain points. So we can see, and in the past, the monthly settlement was almost around 80 hours, means 3 days. How about Kingdee? That Kingdee is able to made it into only 8 hours. So that means that's a 10-time improvement. And this project also showcased that a Chinese software, Kingdee, is one of the best around the world. So we will continue to work on some of these clients. Okay, next question. Thank you very much. I'm from the Nomura Securities, and thank you very much for the opportunities, and congratulations for the results in last year and very positive outlook in the coming three years. So my question is about our coming three years' growth. How do you see the macroeconomy in China for the small, medium size and also large-scaled enterprises? So what's the specific impact of the macroeconomy will have on Kingdee? And especially, we could see there are also some potential opportunities, for example, that probably the AI business, will it be slowed down or will it be accelerated? Thank you for your question. So I believe that the macro environment is sometimes quite difficult to grasp, but I think our advantage is quite obvious. First of all, we have able to build a very high quality client basis. So for Kingdee's product, actually, it's more horizontal application, so we will not be impacted by sound macro environment. For example, because our product could actually generate more revenues and also to save more cost. Therefore, it's one of the necessities that must be required by many of our companies. Because I'm in charge of the finance in the company, so I would like to share with you more examples. As we could see that in the past two years, the general and also administrative fees that dropped continuously for two years. For example, we have the online e-invoice, the electronic invoice actually save us nearly RMB 1.2 million expense in terms of the express delivery cost. So that amount, that's a big amount, right? That means just nearly half a year, we are able to save RMB 600,000, right? So only one very small step could save us a lot. And for example, now in Kingdee, all of our employees could take about their money reimbursement within 20 minutes. So this is one very specific application scenario. So the reason I share with you this case, that even in such a next type macro business environment, that using AI or using IT, is able to help enterprises to reduce the cost. So that's a very reasonable investment. So in the coming 3 years, development rhythm, and we also have consensus in the management team. So we also consider about the macro environment, so we will pay more attention to our development rhythm or steps, and for example, that we still focus on the high quality growth. Our revenue takeout target is still 15%-20%. We can see our headcount that we continues to grow. We just would like to, that in the finance management, I have the pressure, but I also would, I'm very assured that with our technology, we are able to lower the cost. So we are able to have more operating cash flow and to make it to break even in the coming two years. Thank you. My next question is about AI relevant question. Since last year, Kingdee does have some benchmark clients of the Cosmic GPT. So, may I know that, the Kingdee has a clear structure of fees, and so how about the consideration of the returns on the investment? And just like you mentioned, that we will have the, headcount personnel to will grow by 5%. Is it because of the AI headcount increase? Well, we actually, I think in terms of AI, we focus on about the online traffic, but now we could see those, some of the foundation models also has, expensive ratings and rates. So, for our foundation models, that we will focus on about the vertical model, and in the future, the rate matrix or the fee matrix of the AI, that will be charged by the traffic. And on top of that, the, TeamD's strategy is AI priority and a subscription priority. One of the huge part of our investment this year, that is AI capabilities, of course, about the talent. So, we will continue to improve our computing power, and we will focus on our investment in the next race track. So for example, the enterprises management software. So back to your question, that yes, we will ensure there is enough and sufficient talent for our AI business growth. Ladies, gentlemen, please. And thank you very much, and for the question. And then... First of all, I'm from Morgan Stanley, and so congratulations to the results. And so here we could see for the OPM Galaxy has already reached a 22% OPM. So my question then is, in terms of the profit margin, what is the profit margin for the small and medium-sized or small and micro enterprises, and how about the prospective profit margins? My second question, last year, the growth prospects and gross margins increased a lot, and so there is one keyword that's quite popular in the United States, which is cloud optimization. That the cloud optimization is able to lower the cost, especially reduce administrative and general cost. So how about the highs, and is there any ways to lower the administrative fee and improve the gross margin? Okay. So clear-cut answer, that is yes, that we will have clear and obvious increase of the gross margin increase, because we could see, and then every year we could see that the cloud service platform that continues to drop its cost. For example, the Alibaba Cloud, it has disclosed its costs will be lower to 20%, so we are thinking about to have another round of negotiations with Alibaba Cloud to lower the cost. So yes, indeed, we are able to increase the gross margin, and so we could, with the technology advancement and also the better commercial cooperation, we are able to make a better gross profit. And so for each product, we have a different type of the gross profit. So for the small and micro-sized enterprises, the gross margin was not as high as the Cosmic, but I believe with the development of small and micro business, the gross margin will continue to grow. And since last year, we actually select some of the projects on purpose, so we actually gave up some influential clients, but we believe that we will focus on some of the benchmark projects, but in the coming years, we will come to cover more clients, so that we are able to increase the gross margin for Cosmic as well. So thank you very much, and from an analyst from CICC, and in the past 2 years, Kingdee has improved a lot in terms of the cash flow and the profitability. In the coming three years, the strategy is subscription priority. So how do you see about the targets of the large-sized enterprises, and for example, that the new, the value of the new contract and the payment collection? And so on top of that, I also would like to know about the delivery capacity of the Kingdee's products. So I will focus on about the gross profit. So based on my understanding and based on my observation, that when the Kingdee that step into a new stage, the gross profit must be increased continuously. So my question is quite simple, my answer is quite simple. We do not need to just to make a huge progress. We just need to ensure that the stable, high quality growth of the subscription and the stable, high quality service, and that will create more gross profit, right? So as long as there is a growth of our clients and subscription, we will have higher gross profit. And of course, and if we have some key projects in terms of partners, that will improve our scales. Yes, and for this year, we focus on our large client cooperation and to improve our delivery capacity. And so last year, about the outsource. Outsource delivery, that actually reached around RMB 580 million. So RMB 580 million actually were completed by our partners. And so, Kingdee will continue to work with those big four accounting firms. So we will continue to work with KPMG, and we also would like to have some cooperation with the Chinese software and also the Chinese software and hardware, et cetera. We will continue to have more contracts with our partners. We also would like to work with enterprises that should enhance our delivery capacities in terms of the big enterprises markets. For example, the Rebel, that we have a very good cooperation in terms of the agricultural machinery, so we work hand in hand together. For example, in life science, we work with the [inaudible] together. We will continue to focus on our work in terms of the subscription increase, and in terms of the large enterprises market. We will continue to work with the top partners and consultation agencies as well. So I'm from CITIC Securities. My name is Ma Ching Liu. So I have two questions. The first one, that is the large clients. And as my, based on my observation, that Kingdee has some selection in terms of the clients. So what... What is your criteria in selecting the clients? And so how, how do you ensure the profitability that a large client? And my second question is about the cooperation relations that with Huawei, what is the progress and outlook? And yes, this year we have two targets for the large enterprises clients. The first one, that is to ensure about the market scale. Another one, that is to secure the market position. So Kingdee is paying great attention to our clients' feedback. We value our brand names, so we, in selecting our clients, that we will ensure all of our partners that are committed to transforming digitally. With this target, we are able. If we are able to have nearly 90% of the Kingdee products to cover its business flow, then we will select that client. We also would make evaluation whether that's a potential client that is the top player in its industry, and whether it has a profound understanding in terms of enterprises, business management. So this is how we select our clients, and we also have some strict process to evaluate the potential clients. We will see whether that potential client is capable and/or is it in line with our delivery capacities. But still, I believe those, the large sized enterprises and companies, is a very key market, because now the entire nation, China, is encouraging the digital capacity construction, especially in the state-owned enterprises. We will speed up in terms of the large clients, and especially in the past few years, we've already accumulated a lot of the experience and also great deliveries with our clients. We are very confident about our products and also our employees' professionalism, so we will make that performance better. In terms of Huawei's cooperation, Huawei is a very important partner for Kingdee, and so Huawei's entire human resources system is using Kingdee's solution. So now... I think, first of all, we need to satisfy the demands and the needs of Huawei itself. So we also would consider that various enterprises will have their differentiated requirements. So in the past three decades that we've encountered round and round of challenges and round and round of competitions, we will continue to develop. So I think for Kingdee is the same. We will continue to improve our capabilities, and we will also to work with a high level and high quality partners, then we could grow together and improve together. Okay, thank you. Final question, Wendy, please. Thank you very much. I'm Wendy. I am an analyst in the UBS. I have questions. How about the returns on the shareholders? So what's the preparations in this regard? And another question is about going global, and just like previously that you've mentioned that you will have business deployed in Middle East. So in 2024 or in the coming three years, what's your plan in going global? Well, going global is quite a hot topic, and we can also see our clients also are accelerating their business in the global landscape. So in this year, we will accelerate the business of going global. So, just like I said, we will have a very important deployment and marketing promotion initiatives in Yangtze River Delta and also the Pearl River Delta. In Southeast Asia, we will focus on Singapore and Vietnam, and we will-- That will be the first station for us to going global in Singapore and Vietnam. So we will deploy our marketing and delivery team over there. In the next step, we will consider to build up the team in Thailand, Malaysia, and Indonesia, that, so those countries will have our marketing and sales team. Following, we will consider our, business. That means in the following 3-7 years, we probably will develop our teams in Europe, Middle East and North America. So that would be the first 3 years, I'll focus on the Southeast Asia, and then the second or third year's plan, that we will make us as the first software company in Asia, and then the another third year, that would be the world first class company. And I also would like to, share with you about the returns on the shareholders. So actually, Kingdee is quite clear. We have a definition of our retransformation model. So we've already shifted into the new period of harvest. Here we could see we, in terms of our pre-tax cash flow is quite good, so we will continue to make improvement in cash flow. Now we could see, we also focus on about the shareholders value and the returns to shareholders. In the first January and February, that's quite obvious, and that we actually nearly RMB 400 million that have been actually canceled. So that would be around 1.1% of our shareholders' returns. So we will continue to consider about the shareholders' returns. Now we would like to have the CEO, Mr. Xu, there to share his outlook in terms of Kingdee. Three points to make. I often mention three lines. E conomy is not actually in a downward direction, it's actually finding a new growth point. There is a market change instead of the market loss, and another line is, great companies are always in the midst of great changes. And so in such a Chinese economy, we can see that every enterprises is now transforming in the long term and in the short term. So that means the era of change and the year, era of innovation also present new opportunities for Kingdee. So that's the first point I would like to make. And the second point, that is AI, is the fourth industrial revolution. And for Kingdee, is in the IT industry, and we've witnessed the changes in over years. And every new technology that actually is facing fundamental changes within 10 years. Before 2000, that's the era of PC, and then came the era of internet, and then the era of AI. Kingdee has accumulated 30 years experience in terms of the business management. The third is about the data and the scenarios. We hope in the next 3 years, we are able to help every enterprise to have a super intelligent AI assistant. This is our target for the coming 3 years, and that target will give us more opportunities in terms of innovation. Well, thanks again for all of the investors. Thank you for your support and trust for Kingdee. Over the 30 years development, that Kingdee has achieved a favorable market position. In the next decade, in 2030, Kingdee is strive to become the world's first software company in Asia and in the world. Thank you very much. Thank you very much. And so thanks our management team, and also thanks all of our investors. That will be the end of today's meeting. Thank you.