Analyst to join us for the Kingdee International 2024 annual results announcement. First of all, please allow me to introduce the management team with us here today. They are: Chairman of the Board and CEO, Mr. Robert Xu; President, Mr. Jason Zhang; Executive Director and CFO, Mr. Lin Bo; Vice President and General Manager of the R&D Center, Mr. Liu Zhongwen; General Manager of the IR, Mr. Wu Chao. Ladies and gentlemen, now let's welcome Executive Director and CFO, Mr. Lin Bo, to present us on the 2024 annual performance and development strategy, please. Good morning, distinguished investors and analysts. It is my great honor to be here to walk you through our 2024 annual results. First of all, I will walk you through the financial review, Kingdee Cloud Business Update, and Outlook, along with the financial appendix. Let's take a look at the financials. The revenue grew by 10.2%, reaching RMB 6.256 billion. ARR grew by 20%, achieving RMB 3.43 billion. Net loss attributable to the shareholders being narrowed by 32.5%. Where some of the investors, you may just check our financial statement, you can see that deducting the non-occurring items were very close to breaking even. By the end of 2024, our operating cash flow was RMB 935 million, even meeting the guidelines provided to the investors. Our previous commitment was 900 million, grew by 43.1% on a year-by-year basis. Last year, as being shared with many investors, we are going to be active for the share buybacks. Last year, for the buybacks and the shares that have been canceled or completed, and altogether, it was 110 million shares in total, and the completed ones are 78%, accounted for 3% of the total share outstanding at the beginning of 2024. By the end of 2024, our cash and equivalents was RMB 4.65 billion. We are still very confident on our overall financials. For the past few years, you can see our revenue, no matter how the external environment may look like, our revenue continued to go up. For the past eight years, our compound annual growth rate was 60.4%. Let me just share with you. I have already shared with many of the investors our ARR growth and the subscription ARR growth can lay a very solid foundation for our high-quality growth in the year of 2025. What is the future of the cloud service business? It can help to generate overall returns to our cloud transformation. For example, you can see our contract liability is already reaching a very high level. That is the potential secured revenue we can register. In other words, in 2025, those are the incremental revenue that we're going to have. The green bar represents the accounts receivable. We still keep it at a very low level, only RMB 140 million. When you do the financial analysis, you can actually compare our performance with our peers. Generally speaking, for Kingdee, we are a company having very low accounts receivable. Also, the contract liabilities continue to go up, and accounts receivable are always kept at a very low level. On this slide, we are actually showcasing the profit improvement for our cloud service business. This is a slide we present to you every year at our result announcement. You can see the upper dot showcases the profitability in H2, and the lower dot represents the profitability in H1. In H2 of 2023, the profit used to be 3%, where in 2024, this number stood at 6%. We do believe in 2025, we're going to continue to improve our profitability, where the profitability fluctuations are due to the timing of the revenue confirmation. That is the reason there's a gap regarding the profitability in H1 and H2 of the year. At the same time, the cloud subscription business also continued to grow our cash flow to the historical high number. This is a flow chart showing you our cash flow changes for the past few years. In 2020, when we started our business transformation strategy, we have already stopped the traditional licensing model in our channel. By then, we do have a low operating cash flow, and now this number has already rebounded to more than RMB 900 million. In next year, we hope this number could be more than RMB 1 billion. Let me also share with you the operating exchange rate. You can also see that our operational efficiency continued to be improved, including the market expenses and administrative expenses. Let me just share with you, all of you are the stakeholders and also the investors of the company. Why do our administrative costs continue to go down, and why was it growing 9.9% with around RMB 50 million being registered? You know that even if we do not change the total headcount that much, we do introduce some tidings, and we also optimize the team further, we do have the compensation for the optimized team. All those incremental growths are due to the human resources adjustment of the company. Where regarding the R&D, as we continue to go for the Cosmic Platform structuring, we have already made a very nice progress. As I have already shared with many of the investors, our R&D ratio, when we reach a certain business size, it will not go up further. We are going to continue to work on the investment on R&D. You can see because the traditional licensing channel has already been stopped, we are going to continue to invest in AI. I do believe the R&D investment growth would be maintained at a very stable level. Our R&D investment grew by 0.4% on a year-by-year basis. Our GP margin is already 65%, the same as our operating margin, and all the administrative expenses have been going down. These are all in line with our development strategy. Now let's go for the second part, that is the Kingdee Cloud Business Update. I surely noticed from many of the investors, you pay much attention to our AI business and our cloud business. I have our R&D personnel in charge of this business to be here to present and share their ideas with you. Regarding the large enterprises business, especially the Cosmic business and the Constellation business, last year, a notable feature was we have more value contracted more than RMB 10 million. It was growing by 100%. The total contracted value reached RMB 2.1 billion last year. We newly engaged 652 customers. Due to the way we are less impacted by the microenvironment, they are growing by 30%. Last year, I told many of you some of the receivables are not yet being collected. By the end of last year, actually, we continued to strengthen the high-quality customer operation regarding the large-scale companies. Where in 2024, for some large-scale companies, we also leveraged VRC to acquire further recognitions from the customers. This is another slide in showcasing you our performance. You see that for customers who contracted us since 2020, they bring great business contribution to us, especially the large-scale enterprises customers. It's just like the home type, and the effects will continue to be zoomed with continuous revenue resources. For example, in 2020, for customers contracted us, at that time, the total contract value was RMB 420 million, but now the value has already reached RMB 1.53 billion, which has been grown by 3.6 folds. Large enterprises market is truly challenging, but it is a market we are going to committed for operation. We're going to be selective on the project and the clients to work with. Why our customers can continue to make great contribution? Because our product will respond to the customer's ever-changing needs, especially we leverage artificial intelligence to improve the efficiency, help the customer to build their global compliance operation, and be agile to the market needs. We always are able to provide timely support to our clients with many innovative products and features. This is a slide showcasing you the specific performance. For example, management having the separate accounting per car, where for Tongwei, Tongwei is a comprehensive company. It is also the largest PV company worldwide, where at the same time, it is also a very large feed company. It actually has a very different vertical business. With these five dual-layer ERPs for Tongwei Company, taking care of their needs as a company engaging business from multiple verticals, all those technical expertise can help us to cover more customer base in the near future. Where for Galaxy product, currently, we already have 44,000 customers. When we just launched Galaxy product, and investors told me when we reach customer base 40,000, we should have a good profitability performance. This is right. Where for Galaxy, and for this year, we have a very high market share for these small yet specialized enterprises we call the hidden champions in China. I asked our IR team to list some of them on our slide. I take a look at this slide. Majority of the humanoid robot companies or AI companies are our customers. For example, we do have the Moore Threads AI innovation or Super Cloud, where in robotic industry, for example, like Unitree and UBTech, those are also our customers. This also showcases why our Galaxy product continues to have great growth momentum. Our Galaxy product also covers some of the fast-in-class hidden champion companies. Where at the same time, in intelligent driving domain, in advanced manufacturing, in life science, and in robotics industry, we do have many well-performed customer base. Let me also share with you the Galaxy product that is leveraging AI to empower the management of transportation to support enterprises for high-quality international expansion. Where at the same time, our Galaxy has already had the Live SaaS. Many of the companies used to have the privatization. We just charge according to the solution, but our Live SaaS can also provide the online upgrading, just like the app we have on our smartphone. It is not easy for us to provide such a solution for enterprises clients. We have the same platform, same version management, which will help to continue to reduce R&D maintenance costs in the near future. It is also good for us to continue to flourish our industrial ecosystem. I have already shared with you those are the well-performed companies we have. For example, for Unitree, we do provide per order profit process control, and we also provide Kingdee Startup by cutting 30% of redundant materials through standardized management and reduced design change time to zero. For Huitian, they connected 138 processes in 60 days, doubling accounting efficiency. This is actually our Startup product for the small and micro enterprises. Altogether, now we have 75,000 enterprises for the Startup business, where for Stellar, its customer was 360,000 with an NDR of more than 88%. In the AI industry, we do have some micro and small enterprises. We do provide them the AI support. AI feature is not only a great attention of our investors, but also for our customers. Many of our customers pay much attention to the development and also hope that AI feature could be integrated into their workflow. This is how startups provide value to the small and micro enterprises clients. For example, we leverage the Kingdee Startup, whose account efficiency could be improved by 50%, and whose inventory and the delivery efficiency could be improved by 30%, also help with the repurchasement. We will use our product to help the customer to quantify the value creation by using our product. Looking to the future, let me see here now, artificial intelligence, especially DeepSeek, continues to gain great momentum. Especially right after DeepSeek, the AI-related anxiety has been further mitigated. Now people have equal access to artificial intelligence. I do believe we have every opportunity, and we are going to catch up with this great momentum. Where for Kingdee, we already laid some solid investment in AI. Some research institutes also give reports for AI, especially according to IDC. They believe by 2027, the artificial intelligence total expenses may reach $500 billion, where for Gartner, they said in 2027, around 80% of the Chinese companies are going to use the multimodal in-depth artificial intelligence. I do believe the trend is going to be accelerated in the near future. Chinese companies are very proactive in adopting new technologies. Let me just share with you a case. I know that for our Galaxy product, we have the Boss Assistant, and for some clients, the quota was around RMB 10,000 per assistant. Some enterprises, they need 10 or 20 such assistants. For Galaxy, in the past, the price per pack was used to be a very high level, but for Boss Assistant, once the product has been available, we're going to bring the customer with 20% incremental revenue growth. Even if this new product is still being tested by our customers, but we're very positive on its future growth trend. AI is going to be every workflow in our client business. In 2030, we hope we can become a leading enterprise management company. In the past, we emphasized on Cosmic and Constellation platform consolidation, and now we have already built it into an AI platform. The customer, they can leverage our platform, just like an agent platform, to use our smart agent. We do believe the AI agent will help to grow our cloud source business. By having such a strong growth trajectory, it's also going to present incremental growth opportunities like Boss Assistant. We believe in the next five to ten years, we hope we could become a leading enterprise management AI company in the near future. Why should we mention so? Kingdee will be the first mover for the cloud transformation business in China. We have deposited many of data. You can see we can leverage the multimodal and multiple solutions. We can build a scenario-based application. All those data will also bring us more data, and we have every possibility of growing our enterprise management AI empowered solution fly well to position us as a leader in the industry. Let me also share with you our investment in AI. Indeed, in 2022, we have already had the EBC company, Digital Employees. This is actually a very smart agent that can respond to any of the inquiries within just one company. In 2023, in August, we launched the Cosmic GPT platform in the financial and accounting industry. In February of this year, we will also be accessed to DeepSeek. In our showroom, you can actually take a look at the demonstration of using the Cosmic DeepSeek empowered solution. We have further integrated with the DeepSeek, Doubao, as well as other advanced models. We leverage our Cosmic AI platform as a great bridge, connecting those advanced large language models, continue to empower the smart supervisions and targeted recruitment, and also dynamic data capture from the supply chain, helping the enterprises to provide an AI agent to cover the full value chain from the data insights to execution and decision-making. Let's now take a look at the video, please. Hi everyone, I'm George Liu from Kingdee. I'm happy to share with you some of our AI innovations. As early as 2017, we have kicked off our strategic research in AI. In 2023, we launched the first financial LLM in China. Last year, we released China's first AI-native enterprise app, the Cosmic App, enabling smarter management and better user experience. Now, let's explore how AI plus SaaS will foster digital transformation. In the past, it took significant time to finish manual bookkeeping. How to improve the efficiency? Now, with AI, bank transactions can be automatically matched with accounting items, and vouchers can be generated automatically too. This allows entrepreneurs and finance professionals to focus on core business operations. The financial analysis agents can automatically retrieve data across multiple systems, generate root cause reports, and improvement suggestions in three seconds. With only one question, AI talent search will accurately understand user requests and search the best matching candidates from the talent databases. Through CloudHub's Xiaoyun Assistant, AI demonstrates expert-level capabilities by integrating general knowledge, domain expertise, and enterprise-specific data and rules to process requests and deliver feedback. The Cosmic Agent platform supports these scenarios, integrated with DeepSeek to enhance deep reasoning and problem-solving capabilities. This empowers enterprises to build their own enterprise AI agents efficiently and cost-effectively. The Cosmic App empowers managers to monitor real-time business operations anytime, anywhere, while enabling employees to access company knowledge, handle tasks, and accelerate business operations. This is just a glimpse of what Kingdee can achieve with AI. Surely, we have more management scenarios to discuss. I look forward to sharing with you. Please book a flight for me to Hong Kong at 9:00 A.M. tomorrow morning. Let's meet in the new world of AI management. Thank you. Thanks to Mr. Lin for your presentation. Now we're going to start the Q&A session. Let's give the floor to our investors from the offline channel. We will surely leave some opportunities for the online investors, please. Hello, management team. Thank you very much for giving me the chance to raise a question. Congratulations on the company achieving a resilient yet very stable business performance with the challenging microenvironment. I have two questions. The first question is regarding AI. I heard that you have diversified AI products. I'd like to ask you, what would be your philosophy for AI products? Especially, what would be your innovation compared with international players? How can you specifically take care of the Chinese customer needs? I also would like to ask you one more question. After you talk to the clients, what are those most popular ones among them? What are the products who are going to have a quick cash out? My second question is also related to artificial intelligence. Traditionally speaking, we have the SaaS subscription model. In the near future, there might be some AI traffic consumption. What would be your charging model in the near future? Is it still the subscription or token-based charging policy? Thank you. Thank you. Let me help to respond to your question. First of all, thank you for the questions. First of all, you talked about AI product innovation. You specifically asked, what's the innovation difference in China compared with international players? How can we take care of the Chinese enterprises' needs? Let me see. In the age of SaaS, you say that compared with companies like Salesforce, we may have the late mover in SaaS age. For AI innovation, I think all the players are at the same starting line, especially when DeepSeek's been available in China and the Chinese AI application innovation being further accelerated. For Chinese companies, especially Chinese tech companies, they are very passionate and adaptive to new technologies, especially for the past two years. After the internet has been further developed, people are very adaptive to new technology. As long as we launch new AI applications, it's going to be very easy to promote in China compared with the rest of the world. What kind of AI products are we going to launch in the market? Mr. Lin has already introduced in the presentation. We will produce the AI platform. We call it a Cosmic platform. On Cosmic Platform, we're going to roll out SaaS service, enterprise management, HR, financial accounting operations, and decision-making innovation features. We're going to leverage large language models as DeepSeek and other large language models to continue to speed up the process. Mr. Lin has already shared with you. Our R&D team is also doing some internal transformation. We are continuing to recruit the top-notch AI talents to join Kingdee to continue to advance our AI-related R&D. What are those applications? Who Who could have a quick realization? There are indeed many. We are very close to our customers. We have a lot of data. We always keep an eye on the market. Let me just give you an example. Mr. Lin mentioned we do have the small and mid-sized senior management Boss Assistant, which is very popular. We have some subscription from the customer, indeed. It's still in the infancy stage, but we're going to have a very good performance in the near future. Where in the financial industry, we have the multimodal auditing of the finance, which can actually help to further reduce the labor cost for the auditing process, the same as contract management. The second question was regarding the pricing model. Now, we still take the SaaS-based subscription model. In the near future, as we get into AI age, with the tokens being consumed on the large language model, we may consider token as a possible option for our pricing strategy, but it's still in the exploration stage because everyone's been exploring the right model to charge over the AI-empowered solution. We are very likely to have new solutions being presented to the market soon. Mr. Lin, I have a few additional comments. For China, the enterprises have more applications compared with international peers. We also have a refined management. That is the reason Chinese companies are going to take the lead for more AI applications. Regarding AI pricing, AI can help to continue to support the renewables and product stickiness. Where many of our applications are being run on the general large language model. For sure, many tokens will be consumed in the process. We are going to work with the large language model companies to charge the clients with a token consumption phase, just like the traditional AI platforms. Now, as we have the agent, the agent can help to replace certain positions. For example, in our company, we may have a dedicated position to search for the resumes and doing the initial screenings of the HR. Now, by having one agent, it can help to do the initial screening of the resumes and the preliminary interview. It can all be done by artificial intelligence. If one agent can replace one to two laborers, then we can also charge the service fees according to the replacement. We are just testing how likely the future pricing strategy might be. On one side, AI would be complementary to our existing SaaS business, and AI can also help the enterprises to reduce costs, improve efficiency. Thank you. Second question, Mr. Duan, please. Thank you. Thanks for the management team for giving me the chance. Congratulations on the company for such a wonderful performance. I have the following questions. The first question is regarding the Galaxy business. I see last year the overall growth being somewhat affected. What is the key reason? Is it because your product structure has been changed, or is it because the SME IT expenditure has been somewhat impacted? For the Galaxy product, the flagship version or the enterprise version, what would be the projected growth? Do you have any profit outlook on the Galaxy product? The second question, which is also a follow-up question on artificial intelligence. Besides adopting AI product promotion, do we also use AI technology internally to reduce costs and improve efficiency? Thank you. Let me just try to answer your question. First of all, for Galaxy products or mid and small-sized companies, they are very sensitive to the market change. For the past three years, due to COVID-19, many of the companies have been greatly challenged. When there are any external environmental changes, the companies will adopt certain cost reductions. Surely, it will impact the market performance. The central government is also promoting SMEs for digital transformation and digital upgrading. You can see the Ministry of Industry and Information Technology continuing to promote digital transformation for SMEs in more than 100 cities in China. For the past two years, as the momentum continued to be stabilized for SMEs, they are now seeing ever-increasing transformation. We are also switching from the old to new products. When Kingdee's flagship Galaxy product has been rolled out, it's actually in the marketing stage. It is a live SaaS product. It can make sure it's adaptable for private cloud and the public cloud. It can always make sure the user is using the latest version, which can help to further reduce R&D to our company and for the users. Their total usage cost would be further reduced. Where at the same time, for Kingdee, we may have further room to improve our management, especially for Galaxy products. As we continue to improve our performance, I should believe in 2025 and 2026, we're going to have a much better growth. At the same time, for the Galaxy, we're going to have a very strong product growth. I do believe it's going to continue to contribute to the Kingdee entire profit growth. Where you also asked about the product development, we'd like to build Kingdee as a flagship product. We provide AI transformation to the client. Kingdee is indeed an AI-natured company. Starting from 2025, we leverage AI for our digital transformation. First of all, on R&D, we have already introduced the intelligent R&D assistant, leveraging AI to help our R&D team to generate the codes, improving work efficiency, and also help to reduce the R&D cost for testing. Where regarding the business operation, we asked our process and IT team to make sure we use two years to empower our internal management system by using AI, including our customer-facing service, employees, frontline employees, to marketing, to delivery. We are going to leverage AI to empower the whole process. According to our target in 2025 and 2026, we are going to do in-house AI transformation. After two years, Kingdee needs to be a flagship model in China's software industry in adopting AI. Thank you. Thank you. Tina, please. Thank you. I'm Tina from Citibank. I have two questions. The first question is a follow-up question regarding profitability on the Galaxy product. Because on each of your performance releases, you mentioned OPM accounted for more than 20% of the profit. Now it seems you have the product transition. Can I kindly ask whether any cost has already been made in H2 of 2024? Do you see any changes due to the micros in H2 of 2024 so that the OPM profitability somewhat has been impacted? Can you be more elaborative on that? My second question has been shared with you. In 2024, the company also confirmed the 2025 three-year cake. So can you help to update us on how the target is being executed? And what would be the guidelines for 2025? Is it still double-digit profit growth and ready to break even? Thank you. Thanks for your question. For the Galaxy product, the GP margin continued to go up, the same as operational performance. For Galaxy, the operating profit is continuing to go up 20%. There might be some public cost allocation. 20% is indeed something we could achieve. Let's just review what has been mentioned. In 2025, as I said, the company is going to be quite cautious in the market. We are transforming our business. All of our business lines register stable and very steady growth. The same from the CPI of the customer. Once the economy continues to be recovered, our growth would be accelerated. Even if the microeconomy is being challenging, we're still going to register stable growth. There are some opportunities for us to go for high growth opportunity. As far as I believe, for the past two years, there are so many external changes, especially something out of control, for example, tariff. We, to some extent, have been concerned on that. We hope investors can truly understand us when we provide you the guidance. We pretend to be conservative due to the uncertainties in the market. Let me just tell you, in 2025, we're going to have a positive profit, and our operating cash flow will continue to go. Thank you. Po Yue, please. Thank you very much. Thanks for the management team for giving me the chance to raise a question. I have two questions to the team. First question regarding your financial statements. Last year, your total financial loss attributable to the parent company was RMB 140 million, where at the same time, you can see that your investment business financial loss was RMB 48 million. Is it also included the company you invested in, for example, Duolian? Once being IPOed, they have some financial loss. My second question was regarding AI strategy. You see that many peers have already released AI agents. Especially on Galaxy product line, we have the Boss Assistant. I also noticed in Stellar, you have thousands of the clients already in the AI product test trial. Can I kindly ask you, what would be the AI application progress on the large, small, and mid-sized companies? What would be the time frame, especially about the R&D and development of your key AI-empowered solution? Thank you. Thank you. Let me just respond to your first question. The RMB 40 million financial loss already includes the Do Lian investment. Generally speaking, we have some good and nice returns from our investment. For the property market, the valuation loss was around RMB 50 million. Altogether, the loss would be around RMB 100 million by combining the two items together. You know that for the company, we used to have some very low cost when we're acquiring those resources, especially in the port. We may consider or dispose of certain assets to avoid further affecting our profitability. That is going to help to make the financial performance be stable. I just bring it up, but it has not been decided yet. AI, our company is all in AI. We attach great importance to AI. All in AI does not mean you are going to skip up opportunities. Let me just tell you, we have to continue our investment. We have to leverage AI to restructure the policies. For all business lines, we are going to place AI as the best investment options. Because we do have the Cosmic Platform, we hope that all these small, medium, and large companies can all build their own application agent empowered by AI on our platform. I am not sure whether I responded to your question clearly enough. For your large and mid and small business lines, how are you going to see the time frame of the product launch? I was talking about Constellation, Galaxy, Stellar, and their corresponding AI agent application. Sorry, it's very hard for me to answer the question. Let me try to answer the question. Thank you. Thanks for your question. First of all, for Cosmic, we have a very strong Cosmic agent development platform. On that platform, Constellation, Galaxy, and Stellar will all continue to develop and roll out AI agents. Our three business lines are working together. For the large and mid-sized clients, we hope we can develop an agent to take care of the large and mid-sized clients, to take care of their needs. Because in the near future, the AI agent needs to be self-adaptive. It needs to be adapted to the customers in different industries. We hope we can do it continuously. At the same time, for the small yet micro business, we're going to leverage the existing Stellar. For example, like the boss as well as the intelligent supply chain. What we have now, you ask me who's going to take the lead. We are going to continue to roll out such policy. There's a very confirmed market signal continuing to show up. We are working on that. Okay, thank you. Let me make one more comment. Large enterprises, small and mid-sized enterprises have different needs over AI. For product, SMEs may be more adaptive to the standardized product. We surely notice that for product, retrofitting, where for SOEs and large enterprises, they need the code building. They need more complicated solutions for their application. They also need the private data. When DeepSeek available, many SOEs also started to build their local language model. We are going to make sure our model and our AI platform can be accessed and connected to their model. There is some code development needed. It still takes time. Thank you. Thanks for Mr. Lin and Jason. Now let's give the opportunity to the investors online, please. Can we ask someone from the other channel to raise a question first? Okay, thank you. I'm Bart from Bernstein. I have two questions to you. First of all, did you see that AI helped you to upgrade your product or Galaxy customer acquisition would be further improved due to the AI adoption? Secondly, I see your GP margins have improved greatly. I surely believe it's also because you are working with your partner very well. Is it possible for you to share with us as you're working with your business partner what would be the progress in the near future? Thank you. Can you repeat the first question? First of all, for customer acquisition, did you see because of the AI, the customer acquisitions be further improved? Do you believe okay, this is the question regarding the market. Let me just respond to your question regarding business execution. For Kingdee, many of our standardized products as an ecosystem is our past strategy. For 2025, we're going to leverage a standardized product and be executed by our partners. The company has a very clear business strategy that is the packaging. The contracted partners. For some partners, the value, which is lower than a certain threshold, those executions will be done by our partners. After two years' business deployment, we have the general product delivery partners and the industrial-specific solution delivery partners. We are being selective on the partners we're working with. We also continue to improve our delivery structure. For large and mid-large companies and small SMEs, they have different needs on product delivery. For large enterprises, we have the professional centralized management. Where for SMEs, many of the deliveries have been made by our partners. For Kingdee, we hope that we can continue to grow our product, improve our efficiency to empower our partners for ever-improving delivery capacity. Because ultimately, we hope the customer would be happy with our product delivery. Starting from last year, we already started to work with professional vendors. For example, we are working with CRRC Jingxing and iSoftStone and Xinhua, as well as we're working with E&Y and KPMG of delivering big projects to Guangdong Energy and China Merchants Group. We are working with our partners to continue to improve our product. Ecosystem would be a very important delivery strategy we have in the near future. We also need to make sure our partners have been truly capable for the delivery. We are going to decide the business needs to be delivered by the capable partners. Because ultimately, we need to make sure we have high customer satisfaction, good product quality, and most of the reputation. We do not want to throw everything to our partners. Otherwise, we are irresponsible for the customers and the partners. The first question, let me help to answer the first question. That is regarding AI customer acquisition and how it's impacting customer acquisition for Kingdee. Starting from March or the end of February, we organized many marketing events. We see the great passion from our customers. For example, on 27th of February, we organized the first marketing event in Guangzhou. We have the customer visit in the venue. The numbers were far exceeding our expectations. We have hundreds of people who do not have the seat but are still standing within the venue to listen to the presentation. At the very beginning of March, we have another marketing event in Beijing, also be fully crowded. In this week, in Shenzhen and Shanghai, in our marketing event, we also foresee we are going to accommodate a large number of the audience, always more than 1,000 people per session. We do see great passion to AI. We are still very positive on this. Okay, let's also give the opportunity to the online investors. Let's welcome Zhang Xiaodan from CICC to raise a question, please. Hello, management team. My name is Zhang Xiaodan from CICC. Sorry, did you unmute yourself? Can all of you hear me? We can't hear you. Okay. Can all of you hear me now? Management team, thank you very much. Can you share with us the Cosmic and Constellation business growth in 2025 and 2026, including the ARR and growth rate? When you're going to have the standardized product for Cosmic and Constellation? My second question, how many clients are having a subscription value of more than millions of dollars? Thank you very much. Thanks for your question. As you may notice, for Kingdee, we see great pressure for the past two years for the large enterprises business. We made heavy investment, especially for Cosmic and Constellation. It truly depends on the complexity of the central state-owned enterprises. Starting from 2019 to now, it's already six years. We accumulated a large number of the model customers and the capacity improvement. Mr. Lin was showcasing you, Huawei and Weichai, Revo, as well as Tongwei. We deliver our solution to those customers. We continue to improve our product power and the delivery capacity. The most challenging period has already been experienced, but we continue to invest in this market. As AI is coming, the clients may need a very different intelligent and data-driven strategy. We also have an in-depth understanding of the market. We have to well define the boundaries of the product. This is also the fundamental need we have for the enterprises market. Within our key capacities, Kingdee will try our best to make the product right, where for other products, we may leverage our industrial partners, developer partners to deliver the solution. We hope in the next three years, just my own assumption, we hope in the next three years, we will be able to break even in the large enterprises market. Because the large enterprises market is still in the investment stage compared with all the product lines. This is my personal statement to this question. You also asked about ARR. We do not have it in our guidelines, but the ARR, the initial expectation was grown by 20%. Okay, thank you. Any further questions from the online investor? Tina, please. Thank you. A quick question. Just now, Mr. Lin mentioned there are some cases in the past. For the AR tool or the AR product, it can help to grow your OPM by 10%-20%. Is it going to be seen very recently? Where at the same time, for your existing customer, how likely the improvement will happen? Are we going to take a look at the revenue contribution or the base of the customer? Thank you. When we do any budget, we have to consider the number of the customers and the output of average customer. AI is already there, but we did not quantify the AI into our assumption model because it is still full of uncertainty. Let me just tell you in this way, no matter for the number of the customers or the content of the customer, those are all things we are going to work harder in the near future. We are hitting the end of today's meeting. Let's welcome Robert Xu to give the closing remarks. Thank you. Thanks for all the investors. Thanks for your long-term support to Kingdee. Three sentences from me. The first one, Kingdee has been successfully completed the cloud transformation. Our next target is to go for artificial intelligence transformation. Cloud business transformation helps us to lay a very stable and continuous and sustainable business model. Where in the near future, the quality of the operation, the revenue, the profit, the cash flow of the company in the next few years, we're going to showcase a high-quality growth. Especially the efficiency and the productivity per employee will greatly and significantly improve in the next two to three years. We hope in the next two to three years, we will become a company with the revenue per capita more than RMB 1 million. Where at the same time, I also need to see for our business transformation, we hope we could develop ourselves from a Chinese leader into a global leading company. We always hold ourselves to the world-class standards. We believe our product, our execution, our service, and our marketing team need to perform against the world-class standard. Therefore, the company's operations would be improved greatly. My second sentence, our company is at the optimal development stage in our history. 2025, 2024 was a turning point. 2025, we are committed for breaking even by leveraging our business model. I do believe the quality of our operation will be further improved in the next few years. Where at the same time, we will also leverage our industrial leadership to continue to go for mergers and acquisitions. My final statement, if you'd like to invest in a tech company, then please choose the company with the AI features. If you come to invest in AI segment, then please make sure you invest and handpick the most valued company for enterprise management AI solution. I believe Kingdee would be your best option. All the investors, I hope you can continue to support and trust Kingdee for its sustainable growth. At the same time, Kingdee will live up to your expectations to provide you a stable and good return on investment. Thank you very much. Okay, thanks for Robert Xu. Ladies and gentlemen, here comes the end of our performance release announcement. Thank you very much.