Good evening, ladies and gentlemen. Welcome to China Literature's 2023 Annual Results Conference Call. A copy of the annual results announcement can be found and downloaded from its investor relations website, ir.yuewen.com. At this time, all lines have been placed on listen-only mode, and the floor will be open for questions following today's presentation. I would now like to hand the conference over to your host today, Ms. Maggie Zhou, Head of Capital Markets and Investor Relations at China Literature. Maggie, please go ahead. Thank you, Operator. Ladies and gentlemen, welcome to our 2023 Annual Results Conference Call. Joining us today on the call are Mr. Xiaonan Hou, our CEO, and Mr. Jackie Xu, our General Manager of Finance. For today's call, Mr. Hou will discuss the company's strategy and business highlights, and Mr. Xu will go through the financials. We will then open the call for questions. Before we begin, I would also like to remind you that management's comments during the call will include forward-looking statements that are based on our current expectations. All statements other than statements of historical facts during the conference call are forward-looking statements which are subject to a number of risks and uncertainties and may not be realized in the future for various reasons. Information about general market conditions is coming from a variety of sources outside of the company. This presentation also contains some non-IFRS financial measures that should be considered in addition to, but not as a substitute, other measures of the company's financial performance prepared in accordance with IFRS. Please do take a minute to read the risk factors and non-IFRS measures discussion in China Literature's 2023 Annual Results earnings review. I will now turn the call over to our Chief Executive Officer, Mr. Xiaonan Hou. Thank you, Jack Pan. Welcome to today's earnings conference call. Before I dive into our business highlights for 2023, I'd like to express my heartfelt congratulations to our film division. As many of you may be aware, YOLO, a collaborative production led by New Classics Media and China Literature Pictures, topped the box office charts during the 2024 Chinese New Year holiday, grossing over RMB 3.4 billion. Building on this success, we signed an international distribution agreement with Sony Pictures for YOLO, which not only underscores the film's high-quality production and global appeal but also marks a significant step in the overseas reach of the Chinese cinema. YOLO narrates the journey of Liu Ying's personal evolution as this young woman embarks on a path of self-discovery and learns to embrace her true self. This story demonstrates the extraordinary strength that ordinary people possess when facing vast challenges. It has resonated deeply with a broad spectrum of audiences, generating significant understanding and support. A deep audience connection is a signature of what defines a blockbuster for China Literature, from A Lifelong Journey, [Foreign language], to YOLO; from Joy of Life, [Foreign language], to My Heroic Husband, {Foreign language]; from Battle Through the Heavens, [Foreign language], to The King's Avatar, [Foreign language]; and from Lord of the Mysteries, [Foreign language], to Guardians of the Dafeng, [Foreign language]. Our blockbusters consistently portray our insights towards modern society, societal themes, and a genuine nuanced understanding of ordinary individuals' everyday lives. Fueled by these insights and empathy, we are driven to craft impactful stories that resonate with our audiences and fulfill our mission, which is to create old stories that will live forever. Our achievements stand as a powerful testament to the effectiveness of China Literature's model, which relies on our deep understanding of the evolving content industry landscape. We firmly believe that our paid reading business is the most effective breeding ground for incubating IP. Following the incubation and development of high-quality IP, demand for additional content begins to grow. A systematic and holistic development process is required to realize their full societal and commercial potential. China Literature has consistently prioritized the construction of a robust IP development system that covers a range of content formats that spans the entire content lifecycle. Throughout the past year, we've solidified the foundation of our business, empowering creators with AI tools and revitalizing our content ecosystem to deliver new blockbusters and streamline development processes. Our relentless pursuit of self-improvement has strengthened our confidence to lead the industry into the future and establish a solid groundwork for continued progress. I will now go over the progress we made in each specific business during the year. To begin with, let's talk about IP creation. Our online reading business continues to make significant progress, adding 380,000 writers, 670,000 literary works, and more than 39 billion Chinese characters of content during the year. New writers, in particular, are making a significant impact. The number of new writers whose books generated more than RMB 100,000 in annual revenue increased by 60% in 2023 compared with 2022. Among the new books with over RMB 1 million in revenue in 2023, nearly a third were written by our new writers. In addition, the number of works written by writers born after the year 2000 with more than 10,000 average subscribers per chapter soared by 230% year-over-year. Our growing library of creators and literary works continues to drive content quality to new heights. In 2023, the number of literary works that newbies reached 100,000 average subscribers per chapter across the platform increased 125% year-over-year, and various other subscription records were broken. Our enhanced data office dedicated to nurturing and supporting our content creation ecosystem is fueling this surge. Firstly, our anti-piracy measures continue to have a significant impact. Throughout the year, we championed creativity by removing 1.1 million links to pirated content to safeguard authors' interests, boost subscription numbers, and foster a healthier content ecosystem. Secondly, we've granted access to our innovative Smart Pen edition for Author Assistant application to more writers. This cutting-edge tool, powered by our Smart Pen AI large language model, empowers all contracted writers and sets a new benchmark in online literature creation. Weekly engagement rate with these AI features has reached 30%. Lastly, our innovative approach to building an interactive user community has strengthened the bond between our readers and our IP. In 2023, the number of new literary works with over 1 million user comments grew 67% year-over-year, while the number of literary works with more than 100,000 monthly user votes grew 66% year-over-year. MPUs also grew nicely in 2023, increasing 10.1% year-over-year to 8.7 million. Turning to our IP visualization and monetization business, we've made significant progress during the year, offering our users a diverse selection of high-quality works. In our TV and film segment, following the debuts of The Road to Ordinary: Ping Fan Zhi Lu and In Spite of the Strong Wind, [Foreign language], in the first half of the year, we released a number of drama series in the second half, including Sunshine by My Side, The Infiltrator: [Foreign language], Battle Through the Heavens Season 2, [Foreign language] 2, and Blooming Days: [Foreign language]. Among these, Sunshine by My Side ranked first in daily viewership across all channels for 16 consecutive days according to Kuyun. The Infiltrator ranked first in primetime drama series ratings nationwide during its broadcaster run, according to metrics from the China Audiovisual Big Data. In the animation segment, new seasons for classic IP franchises, including Battle Through the Heavens, [Foreign language], Stellar Transformations, [Foreign language], Versatile Mage, [Foreign language], and the Martial Universe: [Foreign language], were released during the period, as well as the new animated series Transcending the Nine Heavens, [Foreign language], and the series Treasures, [Foreign language]. Each of these titles was released to widespread praise from audiences. In particular, the 52-week season of Battle Through the Heavens was a fan-favorite, dominating Weibo's domestic and animation popularity rankings for three months straight, maintaining its position as the most popular animated series on the Chinese internet. Our animated works continued to beat the market in terms of quantity, quality, and hit rate. According to Entgroup, a third-party data source, six of the top 10 most-streamed online animated series in 2023 were adapted from China Literature IPs. In our comic segment, 13 of our newly released adapted comic series broke the 100 million benchmark in popularity in 2023. In addition, the acquisition of Tencent Animation and Comics will further enrich our portfolio of IP, including top Chinese comic IPs such as The Outcast [Foreign language] and the Fox Spirit Matchmaker [Foreign language]. The move also bolsters our pipeline of comic adaptations and expands our production capacity for animated series. Going forward, we plan to leverage AI technologies to enhance the adaptation of online literature into animated series and the comics, accelerate the adaptation process of text-based IPs into visual formats, and enhance the efficiency of content commercialization. In the game segment, licensed games based on our popular IPs were successfully launched in 2023, including A Record of a Mortal's Journey to Immortality [Foreign language] and Swallowed Star [Foreign language]. This will be followed up with the expected launch of several other licensed games this year, including Soul Land [Foreign language], Battle Through the Heavens [Foreign language], and Cultivation Chat Group [Foreign language], which have all received regulatory approval. In terms of in-house game operations, we launched expansion packs, hyper-text graphics, and interactive features for our classic series New Soul Land [Foreign language]. We will continue to roll out upgrades and improve gameplay to ensure our players have an exceptional gaming experience. In the IP merchandise segment, we unveiled a diverse array of trendy collectibles and merchandise based on our popular IPs, such as Lord of Mysteries [Foreign language], The King's Avatar [Foreign language], and Battle Through the Heavens [Foreign language]. We have a bunch of products, including blind boxes, toy collectibles, accessories, and cards, all of which are highly sought after. We've also broadened our IP licensing, collaborating with a diverse array of consumer brands across multiple industries, such as digital 3CE products, food and beverages, and automotive. This has been highly popular and is effectively driving sales for our partners. This year, we plan to enter new merchandise categories and explore synergies between our merchandise and various content formats. By strategically timing our merchandise launches with the release of the associated film, TV series, and animated series, we aim to amplify the hype surrounding our IPs. As our content business reaches new heights, we will continue producing blockbusters in a way forward. We have always maintained the conviction that only through innovation can we make true breakthroughs. In 2023, we identified several new opportunities, which we will take advantage of. As previously mentioned, we launched the first LLM designed specifically for the online literature industry, Smart Pen, and the Smart Pen Edition for the author-assistant application, which will support writers with various aspects of content creation. As AI technology continues to evolve, we see its potential to unlock significant value in our IP. AI promises to open doors for the adaptation of a wider range of literary works, accelerate the transformation from text to visual formats, and pave the way for faster commercialization. In addition, we've officially entered the high-quality short drama vertical with the rollout of our Short Drama Star Incubation Plan. This initiative will support more than 100 short drama series by establishing a creative bond with over RMB 100 million, as well as pioneering the interactive short drama format. So far, several of our short drama series have already surpassed RMB 10 million in gross revenue. Moreover, we continue to expand into our overseas markets. By the end of 2023, our performance language, the online reading platform WebNovel, offered around 3,800 works translated from Chinese and about 620,000 original works created locally. We continued to enhance our AI translation models throughout the year, leading to a wealth of top-tier works being translated. In December 2023, AI translated works accounted for 21 of the top 100 bestsellers on WebNovel. AI-driven translation is the catalyst for our multilingual expansion overseas, and we expect it will continue to drive our growth and establish competitive advantages in specific genres in key overseas regions. Looking ahead, we are confident that 2024 will be a year of blockbusters for China Literature. At present, the number of pre-registrations for the second season of Joy of Life: 10 million has exceeded 12 million, making the drama series the first to pass the 10 million pre-registration threshold across all platforms. In terms of the videos most anticipated, we have three drama series ranking among the top 10, including Joy of Life Season 2, The Legend of Shen Li, and Guardians of the Dafeng. In an evolving industry, we stand ready, armed with a portfolio of high-quality content, ecosystem partnerships, and cutting-edge technologies. Our commitment to our foundational values, content, platform, and IP, remains steadfast as we continue to create good stories that will live forever. This concludes my remarks, and I will now hand over to Jackie to present our financial performance. Thank you all for your attention. Thank you, Maggie. Hello everyone. In 2023, our total revenues were RMB 7 billion, compared with RMB 7.6 billion in 2022. Let's start by taking a look at our online business. Online business revenues were RMB 3.9 billion, compared with RMB 4.4 billion in 2022. The decrease was primarily due to our focus on generating high-quality revenues and a strategic shift away from low ROI distribution channels. Breaking down our online business further, revenues from our own platform products decreased 2% year-over-year to RMB 3.4 billion. IP monetization initiatives I just mentioned. The negative impact was mostly offset by revenue growth from our core products, driven by our premium content offerings, anti-piracy measures, and enhanced product operations. For example, Qidian Reading, one of our flagship products, experienced revenue growth 40% year-over-year in 2023. Turning to our channels on Tencent products, we recorded revenues of RMB 342 million in 2023, compared with RMB 591 million in 2022, which was primarily due to a decrease in advertising revenues as more of our content was monetized through high ROI pay-to-read products, as well as optimization of distribution channels. We also recorded a year-over-year decrease in revenues from third-party platforms from RMB 290 million to RMB 193 million, mainly because we suspended collaboration with certain third-party distribution partners to address parasite issues more effectively. In terms of operating metrics, total MAUs for our online reading business were 206 million, compared to 244 million in 2022, mainly due to our efforts to cut marketing spending on low ROI users and optimize content offerings and distribution channels to improve operational efficiency. At the same time, it deepened engagement with our core user base, which led to the year-over-year growth in MAOs for our core reading products, such as Qidian Reading. MPOs for paid content were 8.7 million, up 10.1% year over year. As we continued our anti-parasite efforts, enhanced product operational capabilities, and consistently delivered high-quality content, monthly ARPU for paid reading content was RMB 32.5, compared to RMB 37.8 in 2022, due to changes in revenue mix from various product offerings and lower initial spending among newly acquired paying users. Turning to the IP operations and other business, in 2023, revenues from IP operations and others were RMB 3.1 billion, compared to RMB 3.3 billion in 2022. Regarding this, revenues from IP operations decreased from RMB 3.2 billion to RMB 3 billion, mainly due to a decrease in revenues of New Classics Media from RMB 1.62 billion to RMB 1.26 billion, as fewer total number of drama series and films were released during the year. Excluding the impact of New Classics Media, revenues from IP operations grew over 10% year-over-year in 2023, mainly driven by an increase in revenues from the licensing of copyrights, self-operated online games, and animated series. Revenues from the others category, consisting mainly of physical book sales, decreased 11.4% year-over-year to RMB 90 million. Now, let's look at costs and expenses. In 2023, our cost of revenues amounted to RMB 3.6 billion, up 1.2% year-over-year, mainly due to increased content costs as we raised investment in high-quality content during 2023. Our gross profit was RMB 3.4 billion, compared to RMB 4 billion in 2022. Gross margin was 48.1% in 2023, compared to 52.8% in 2022. Our selling and marketing expenses decreased 14.1% year-over-year to RMB 1.7 billion in 2023. This is because we strategically controlled costs and improved efficiency, leading to lower promotional and advertising expenses for our online business. Releasing fewer drama series and film projects in 2023 also reduced marketing expenses. As a percentage of revenues, our selling and marketing expenses decreased to 24.5% from 26.3% last year. Our G&A expenses decreased 6.2% year-over-year to RMB 1.2 billion in 2023, mainly due to lower employee benefit expenses. As a percentage of revenues, our G&A expenses increased slightly from 16.2% to 16.6% in 2023. As a result of the five sectors, our operating profit increased 12.8% year-over-year to RMB 709 million. Operating margin increased from 8.2%-10.1%. Our profit attributable to equity holders of the company increased 32.3% to RMB 805 million, and its margin increased from 8%-11.5%. Now, Non-IFRS profit attributable to equity holders of the company was RMB 1.13 billion in 2023, compared with RMB 1.35 billion in 2022. Now, Non-IFRS profit margin attributable to equity holders of the company was 16.1%, compared with 17.7% in 2022. That concludes our financial review part. Let's move on to Q&A session. Thank you for the presentation. Now, we will start the Q&A session. Please feel free to raise any questions by pressing star one on your telephone keypad. As a reminder, please ask questions in Chinese first and then translate into English. Your first question comes from Zhang Xueqing from CICC. Please go ahead. Hey, [Foreign language] Thanks, Management, for taking my question. I have two. The first one is about AI. You just mentioned that the application of AI in many aspects. So what's your current investment in AI, and what's the progress we can expect this year? And the second one is about multimodal of IP. What are our key Pipeline products this year in animation, TV dramas, games, derivatives, and others? Are there any milestones in IP visualization and monetization that you can share with us? Thank you. [Foreign language]. Okay, thank you for your question. Regarding your question about AI, actually we have been paying a lot of attention to the trend of AI after the release of both GPT and Sora recently. First of all, in terms of assisting our writers in their content creation, we launched our proprietary Smart Pen large language model. Based on this LLM, we also introduced the Smart Pen edition for the author assistant application product, which has now been accessible to all contracted writers. Currently, the weekly engagement rate with its AI features has reached 30%, and the feedback from the writer community is quite positive. Going forward, we will further upgrade the AI functions and to make the application even better to use. Secondly, in addition to empowering the content creation process, we also launched AI functionalities to enhance user interactions and user experience. Last year, we started to test our AI virtual character application, Dreamland. This product enables users to communicate with the characters in the existing stories. We will also launch the officially certified IP virtual characters, including multiple characters from various IPs such as Battle Through the Heavens, Joy of Life, The King's Avatar, and others. At the same time, these IP characters will also synergistically collaborate with other content formats, including drama series, films, and animations, complementing and resonating with each other. We will continue to refine the functions such as allowing multiple characters to conduct group chats in the same world or in mini theaters. Through these AI virtual characters, we expect to enhance user interaction and also expand IP influence. In terms of overseas expansion, our proprietary AI translation model, trained and reinforced with professional terminology and vocabulary in our online literature content library, has enabled highly automated translation powered by AI technology with limited human interference, which actually has enhanced the translation efficiency by nearly 100 times and has lowered the cost by over 90%. In December 2023, AI translated works accounted for 21 of the top 100 bestsellers on WebNovel. In addition, we are also extending AI translation to more languages in addition to English and Spanish. The substantial enhancement in the speed of translation powered by AI will accelerate the growth in content supply to the overseas reading markets, and therefore we will continue to optimize our AI model to drive the overseas expansion of China Literature. In terms of IP operations, we are exploring the possibilities of applying AI to IP development process across the board, including the productions of audiobooks, comic books, animation, merchandise, and so on, leveraging the technical opportunities, integrating AI into our working procedures, trying different tools, solutions, methodologies, and processes to improve the efficiency and capacity of IP development in a variety of content formats, and enable more quality literature works to be adapted into IP products, and accelerate the process of IP visualization and commercialization. In the near future, we expect to leverage the technology of text-to-text, text-to-video, and text-to-image to lay a solid foundation for further adaptation into animation and games. The development of AI technology is rapid and ever-changing, and we will keep a close watch on it and continue to research and invest into it. For the AI products and the functionalities already launched, we will continue to iterate and refine them to further improve user experience and enhance productivity and efficiency. We will continue to train the models with our proprietary resources, including the high-quality corpus from our massive online literature IP content library and scenario. Our investment into AI, we believe, will empower the long-term development of our content ecosystem. So that's my answer to your question regarding AI. Thank you. Thank you. The next question is from Rebecca Shaoul from Morgan Stanley. Please go ahead. I will get over to you. Hi, Operator. Hi. Hi. Hello. Hello. Operator, we still need to answer the second question from the first questioner. Maybe we can answer Morgan Stanley's question later on. My apologies, please go ahead. [Foreign language] [Foreign language] [Foreign language] [Foreign language] 。 Okay, so regarding your question about our IP business this year, we actually are quite optimistic about this year's performance. In terms of IP licensing, a number of our licensed IP games obtained regulatory approval, also known as Banhao, in last year, including Soul Land, Battle Through the Heavens, My Heroic Husband, Cultivation Chat Group, All My Teenage, The King's Avatar, and others, among which several projects are expected to be launched this year, and we will be able to share the grossing receipts after the launch of the games. In addition, we will also continue to reach new cooperation with our excellent business partners, licensing our premium IP to the high-quality industry players, including drama series, film production houses, game companies, animation and comic studios, and others, so as to further enlarge the commercial value of our IP. In terms of drama series films, first of all, I would like to mention that our film YOLO, [Foreign language], achieved great success in 2024 Chinese New Year holidays. I will hand over to Mr. Cao to talk about more details about this production. So far, YOLO has achieved a box office of over RMB 3.4 billion, topping the box office charts during the 2024 Chinese New Year holiday, with scores of over nine out of ten on Maoyan and the Douban platform. At the same time, the film also set a new box office record for NCM Film Productions as a major investor that controls the entire project, temporarily ranking number 14 in China's movie history. Specifically, YOLO is one of the top five in mainland China's box office rankings for comedy, while the first place goes to Hi, Mom, [Foreign language] in which NCM was one of the leading producers in 2021. Through collaboration with us in these two successful drama productions, Director Jia Ling has become the best-selling female director in China. The success of this film has further proved our judgment and production capability for high-quality products, and we expect to continue to present quality films in the future. Regarding this year's pipeline, which is actually pretty strong, in addition to the film YOLO, we expect to release 6-7 TV dramas this year, among which The Legend of Shen Li that will be released tonight. Other TV series include Joy of Life, [Foreign language], Anti-Drug Storm, [Foreign language], and Ya She. In addition, we have two films, The Outcast, [Foreign language], and [Foreign language] in 2022 pipeline. And also, I would like to add one more point is, during our conference, [Foreign language], The Legend of Shen Li, is now being broadcasted on Tencent Video, and its popularity index on Tencent Video after 26 minutes since launch has already broken 25,000. And this popularity index actually broke the record of Tencent Video after the launch of the new TV drama. [Foreign language] Okay, so I would also like to provide more comments on our animation and self-operated online game, as well as merchandise pipeline for this year. In terms of animation, we will continue to launch new seasons for existing IP animation franchise, including the third 52-week season for Battle Through the Heavens, [Foreign language], as well as new episodes for Versatile Mage, [Foreign language], and The King's Avatar, [Foreign language]. Also, we will initiate new IP franchises as well, such as The Charm of Soul Pets, [Foreign language], and also we expect the total number of animation projects this year to be higher than that in last year. In terms of in-house game operations, we will continue to release expansion packs for our game New Soul Land, [Foreign language], to prolong the life cycle of the game. In addition, two of our new self-operated games, Battle Through the Heavens, [Foreign language], and [Foreign language], have both achieved regulatory approval and are expected to be launched this year. In terms of merchandise, we will present more products to the market and unleash the synergy between merchandise and various other content formats by strategically timing our merchandise launches with the release of associated drama series, such as Joy of Life, [Foreign language], and [Foreign language], both of which are highly anticipated by the market. While at the same time, we will explore new merchandise categories based on diverse demographics of different IP content formats, so as to maximize the popularity of IPs. At the same time, we will further strengthen our licensing business by continuing to license our top IP to various consumer brands to drive their sales momentum and also expand the influence of our IP at the same time. So that's my response to your question regarding IP pipeline for this year. Thank you. Operator, we could take the next question. Thank you. The next question is from Rebecca Zhu from Morgan Stanley. Please go ahead. [Foreign language]. Thanks, management, for taking my questions. I have two questions. The first one is regarding the reading business. Management, share some color on the reading business in terms of the revenue, GP margin, or sales and marketing expenses? How does AI investment impact on 2024 revenue and costs? My second question is regarding our New Classics Media. What is the outlook for New Classics Media in 2024? In the longer term, how does New Classics Media position in China Literature IP business and help with other production business? How should we think of China Literature drama film production business, including New Classics Media and other teams such as China Literature Pictures? Thank you. [Foreign language] [Foreign language] Okay, so our Finance General Manager, Jackie, will take your first question regarding our outlook on the 2024 online reading revenue performance and cost and expenses and AI investments. So first of all, in 2024, we will continue to solidify our content ecosystem to optimize our product and community operations and continue to improve the quality of our content incubation. And for our cell phone platform products, we will continue to strengthen the ecosystem of our self-owned platform products, focus on the incubation of high-quality content, the diversification of content genres, and the cultivation of new generations of writers and fight against privacy issues actively. In terms of Tencent channels, Tencent channels normally focus on the free-to-read model, but currently more of our content is monetized through pay-to-read products. As the pay-to-read model bears a higher ROI, as a result, the focus on core pay-to-read products probably will produce an impact on the advertising revenues on Tencent channels. However, the revenue decline of Tencent channels in the second half of last year actually has narrowed on a sequential basis, so we do not expect to see further significant revenue decline on Tencent channels. In terms of third-party platforms, revenues are actually relatively stable now. We are also actively exploring opportunities with new distribution partners to expand the user reach of our high-quality content and enlarge the influence among users. In terms of costs and expenses, last year the company continued to implement cost control and efficiency improvement measures and achieve good results in saving various types of expenses. In 2024, we will continue to keep a close watch on our operational efficiency and focus on the ROI of marketing spending. We are determined to drive the business growth through premium content, innovative products, dedicated operations, and effective anti-piracy measures rather than the low-efficiency user acquisition. Regarding your question about AI investments, we expect to invest around RMB 200 million into AI in 2024. Investment will be bigger than last year. But at the same time, for other expenses that can be controlled, we will continue to manage these expenditures very carefully in 2024. This is a response to your first question, and this is how we'll tackle your second question about New Classics Media. [Foreign language]. Okay. According to the current pipeline and the release status, we expect to reach or exceed the maximum earnings target of RMB 500 million for NCM. We plan to produce about 6-8 drama series each year and add 1-2 additional projects each year. Our priority is to produce high-quality drama series, and then we will try our best to increase our capacity as well. NCM will help China Literature convert more top-tier IP into drama series to further expand the influence of IP. We could produce new seasons for some IP-adapted drama series, such as Joy of Life: [Foreign language], Guardians of the Dafeng: [Foreign language], My Heroic Husband: [Foreign language] and Sword Snow Stride: [Foreign language]. The development of serialized dramas will help speed up production and expand production capacity to some extent. In the future, we will continue to focus on top-quality content and bring more high-quality drama series and films to the audience. Thank you. Thank you. Due to time constraints, we will now conclude today's call. On behalf of the entire China Literature Management team, I'd like to thank you for your participation on today's conference call. If you have further questions about China Literature, please feel free to contact us. Thank you and goodbye.