Dear investors, good morning. Welcome you all to IGG 2024 annual results announcement live broadcast and the teleconference. We will conduct our conference in Putonghua, and the briefing has already been uploaded to the IR section of our igg.com website. Before we start, I would like to introduce you our senior management, our executive director and the CEO, Mr. Xu Yuan. Greetings. Executive director and the CFO, Mr. Sheng Jiele. Greetings. We have two parts of our conference today. First, the senior management will introduce you the financial performance and also the business outlook, then we will have the Q&A session. Now I would like to invite Mr. Xu to have an overview of our financial results. Okay. Thank you. Dear investors, good morning. Thank you all for participating in our 2024 annual results announcement meeting. First, on behalf of IGG, I would like to thank you all for your support. For the 2024, the largest surprise would be our APP business. At the beginning of the year, it is only HKD 40 million, then by November it has already surpassed HKD 113 million, increased by three times. The whole year revenue reached HKD 1.9 billion. The monthly active users, or MAU, also exceeds 62 million. We have become very competitive. As requested by many investor friends in the TPG, we also disclosed the APP business. We also disclosed the end result of Holy Bible and also a weather app. Actually, for Holy Bible, it is a quite exclusive product. The users can only install one app and also cannot install others, so it has very long life cycle. We also hope that this APP will have a synergy effect with our games. We found that its traffic is having perfect matching with e-commerce, AI, tourism, and education. The revenue is far beyond our expectation. Actually, they would not sell the traffic to us. This is helping us our initial growth. In the past two years, we have not disclosed the products and also its names because we want to protect ourselves. We do not want our competitors to know our business in this section. We also ask for your understanding. Now we can finally give you a very perfect performance. We have an MAU of 62 million. The annual profit is HKD 100 million. The annual revenue is over HKD 1 billion, and IGG has already become a platform with our own traffic. For 2024, our whole target is a diversified development. On top of Lords Mobile, we also will have three flagship products with over HKD 10 million of monthly gross billing, including Doomsday and Viking Rise. The total annual revenue is some HKD 5.74 billion. In terms of profit, we've reached HKD 580 billion, a YoY increase of 697%, nearly seven times. It means that we have already recovered our normal profitability. As a common practice, we will allocate 30% of our profit to be the dividend to our shareholders. For this year, IGG will also publish three heavyweight new games this year. One of them is called Frozen War, which was started last week with the first round of tests. The users increase is quite good, and the revenue is also over HKD 10,000 already. We refer to the very successful SLG game, Last War, to make this product. We also refer to Whiteout Survival background to make this product, also refer to all the essence of our Doomsday. We think that it is very promising for it to reach MAU of over 1 million. The other heavyweight product is called Tycoon Master. Last week, we have already started its dual-platform tests. This one actually combines Monopoly, Crazy Racing, KartRider, Fruit Ninja, 2048, and multiple other casual games. The performance is very interesting, and the retention data is also very good. The gross billing is also very good. Just as our APP business in the past 10 years We have made scores of casual games. None of them was successful. With our continuous and arduous effort, now we have presented good results with Tycoon Master. Last week when it was first released, its revenue is also, like Frozen War, steadily increasing. It is very strategic for us because for the overseas investors, they do not understand our IGG games. They do not know what we are doing just now. But the overseas investors are particularly favorable to the casual games like Zynga in the U.S., Underscore Free, et cetera. This year we will be paying more efforts to put these games to extreme so that we can gain the support of the overseas investors. Now let's look at our PPT. Let's look at page seven. This is our gross billing. In the past year, based on our APP and all games growth, we reached a consolidated gross billing of HKD 500 million. Lords Mobile contributed to HKD 230 million. Let's now go to page eight. This is the operation data of our core games. This is the results as of the 31st of December last year. We can see that for Lords Mobile, the MAU is 7 million, Doomsday is 4 million. As the early of the year, it is only 2.7 million. Viking Rise also reached 2.2 million. Now let's turn to page nine. We have especially added this slide that is about our APP business because many investors do not understand our APP business. Some even ask online that whether these are fake news or we just fabricated this business. So they look forward to more information. This year, we started to disclose these segments to you, so you can see that our MAU is 62 million, a year-over-year increase of 51%. Our main products are news app. Last year, we also had new products like Bible App and a weather app. Both of these two products reach a million level of monthly gross billing. Actually now e-commerce and AI platforms are our major source of traffic. All revenue is from overseas market. But they do not sell any ads to us, so there is no internal transaction. For our annual revenue last year, it was HKD 1.09 billion, a year-over-year increase of 88%. The second graph is about our second half. It reached HKD 680 million in terms of revenue, a year-over-year increase of 74%. In terms of profit, we reached HKD 95 million, 3 times compared with the results for the year before. For our APP business, we need to make sure that there is profit as well as growth. So this is a very huge potential for these products. For profit margin, it increased from 5% to 9%. With the high growth, we can still maintain a very high growth margin. In terms of net profit margin, it is quite healthy. In 2025, we will continue to increase the APP revenue. With our users increasing, we are confident that our profit margin will also increase. Let's turn to page 10. The diversified growth analysis. This is the increment statistics. We have the three flagship games, Lords Mobile, Doomsday, and Viking Rise will have massive upgrading this year to increase our competitiveness globally. For Lords Mobile, there will be the first round of upgrading, which will be completed between March to April. The first release will be by 31st of this month. The second round will be released around April 15th. By then, you will see a brand-new image of Lords Mobile in terms of the temple and the rhythm are all catering to the needs of current users. For Doomsday, will be released at Q2, Viking Rise, Q3. We will be able to see new growth of these three games. In terms of the new games, that is our heavyweight SLG games that we will release one each at the first half and the second half of this year. Last War, we had released Frozen War, and this August, we will have another game called PSS. It is a temporary name. For specific names will be confirmed later. We think that it has a great potential. Another heavyweight game is Tycoon Master. It is a casual game, and the early stage data shows great potential too. We will continue to enrich the content and also optimize the data so that there will be bigger success pushing IGG to a new level. Let's turn to page 11. It is our financial analysis. In terms of consolidated revenue, for 2024, it was HKD 5.737 billion, a Y-O-Y increase of 9%. In terms of gross profit, we reached HKD 4.61 billion, a Y-O-Y increase of 18%. In the meantime, a very important data is the gross profit margin. It is uplifted to 80% or by 6%. Last year, the figure was 74%. In terms of R&D expenses, it was HKD 787 million, decreased by 16% on a Y-O-Y basis. It is attributive to our adoption of AI so that our cost has been reduced and efficiency increased. In terms of net profits, it was HKD 583 million. In 2023, that figure was HKD 73 million, there was a Y-O-Y increase of 697%, a very huge and significant increase. Let's look at page 12. Our cash position. Our cash position is very steady. We have a cash and a cash equivalent of HKD 2.25 billion because of our profit making. Our net cash from operating activities is around HKD 1.12 billion. Let's turn to page 13. It is about our total assets. Our total assets is HKD 4.4 billion. Current assets, HKD 2.87 billion. Non-current assets are HKD 1.55 billion. Let's turn to page 14. It is about our share buyback and the dividend. This year, we will continue to allocate 30% of profit to be the regular dividend to return to our shareholders. Our share buyback also costs HKD 47 million, taking up 8% of the annual profits. In total, we allocate 38% of our profit return to shareholders, because this year we will have three heavyweight new games. We need massive marketing, our board has decided to keep more cash in the company so that we can develop our business and further expand our business at a higher level. Now let's look at our new games. Let's turn to page 18. This is about Tycoon Master, this new game combines Monopoly, Crazy Racing, Coin Master, and Ridging Joy, et cetera. All these top-notch casual games are all combined in this game. You can see that the retention results are quite good. Let's turn to page 20. Actually, 19 and 20 is all about this game. On page 20, you can see that apart from Monopoly dice rolling play, there is also the play of a slot machine and the roulette to further increase its revenue and also its long-term steady ARPU. Now the results are also quite good in terms of revenue and also billing. Let's turn to page 21. This is the game that we released for the first half of this year. That is Frozen War. It is with the background of the winter and Doomsday. We refer to the world's first-ranking SLG game, Last War, the genre is about the deep freezing winter. We also refer to the second-ranking game, that is Whiteout Survival, in terms of its gameplay. We also added some Doomsday genre. The surface structure also used that of Doomsday, the early-stage results are good. In the coming months, we will continue to refine this game so that the users' payment and purchasing will be increased. Let's turn to page 24. This is about our heavyweight game called PSS for the second half of this year. For this game, it is based on European mythology. It has an art style of cuteness plus cruelty. It combines the games like Viking Rise and other SLG. For the early test stage, actually we are running that, in terms of the small-scale test, the results are quite excellent. We believe that for the second half of this year, it will bring new growth for IGG. Lastly, in conclusion First, we have three older flagship games, "Lords Mobile," "Doomsday," and "Viking Rise," will be upgraded at a massive level. Secondly is our APP business. It will maintain high growth, also keep our profitability and further expand. Thirdly is our new games. For the first half and the second half, we have "Tycoon Master" and the "PSS." The overall annual goal is to make profit and keep our high growth. Thank you all. Thank you, Mr. Xu. Now we will enter into the Q&A session, we have the telephone and online platforms. For online platform, please present your questions in text in the Q&A section, we will read out your question. First, we will pass the question to the telephone. If you want to raise a question, please press star and one. We will invite the assistant. If you need to raise questions, please press first the star and then press one. After you hear a beep, you can raise your questions. First, we will invite Ms. Li Shin Yao from CICC. Thank you. Thank you for taking my question. I am from CICC. My name is Li Shin Yao. I am very happy to see that you have three new pipelines to be released this year. We also want to ask about the 2025 sales expenditure and R&D expenditure. What is your overall strategy? In terms of R&D expense, we will maintain the level of last year, around the same level of last year. In terms of the sales expense, we actually will adjust dynamically according to the performance of the games. There will be a dynamic adjustment. Now, we have all these new games to launch. We need to guarantee they are profit-making and they can have high growth, because now the overall economic market and share market is not that good. It is important for us to improve our profitability and growth rate. When we launch the new games, we will take gradual steps. We will not put a massive investment in the early stage, not like a peak at launch. That is not what we want to see. In terms of marketing, we will take small steps, and gradually, after seeing its profit-making status, we will expand further and increase the ads investment. In the meantime, guarantee its profit-making status. We expect that this year's marketing will actually depend on the performance of the games. We will not see that it will bring about losses for us, because now our IGG profitability is not comparable actually with the past. We have larger and more significant profitability. There will not be the losses that we saw in 2023 again. Thank you. Thank you very much for your answering. No further questions from me. If you need to raise questions, please press star one. After you hear a beep, then you can raise your questions. Now I would like to invite Nelson from Citibank. Kelvin, good morning. Thank you for taking my questions. I am happy to see your good results. My question is about your APP business. Can you clarify to us this year's growth rate and profitability mark targets? Actually, for APP business, last year the growth is very good. Actually, the revenue is HKD 1.9 billion, and the net profit for this APP business is HKD 95 million. The net profit margin is 9%. We hope that the NP margin will be further increased. For this year, first, we will maintain its growth. Secondly, for this business, there will be a lot of old users and existing users. While pushing forward the revenue, we will guarantee there is increase of NP margin. This year, we hope that NP margin will be pushed from 9% to 12% or even 15% or even higher. That is our target for this year. In terms of the revenue growth, we will try to keep it steady. Depending on our marketing expenses, we have to guarantee that there is profits as well as growth. That is our emphasis. In terms of growth, we will make sure that it will contribute to our NP and maintain a very heavy growth. That is the target of our IGG business this year. Thank you. Thank you, Kevin. My second question is about the AI application in the games, because we see that in AI, actually in our R&D, we have some application already. In the future, will you apply AI more into some new games? Yes. Actually, for AI, now we are actively exploring its different game play in the games, including smart NPC under the game assistance, et cetera, to improve the user's experience. Actually, two to three years ago, we already adopted AI technology, mainly in R&D. Now with DeepSeek and the more similar products, the AI price has been declined significantly, including the token price. Now we can have more room to apply AI to games, especially with the million level DAU games. In the past, we didn't use it because it was too expensive. The players often ask questions and have conversations. The token price is really expensive. For one or two single users, it would not be that prominent, but with 1 to 2 million DAU, the cost is too expensive, especially for the cost of the server. It's very hard to accept because we have to consider our profit. In the previous two years, we did not do the in-game application of AI, but this year with the token price declining, the economic value will be more positive. Also there will be positive reflection of its application. This year we will actively explore and arrange AI's game play in the games. Thank you very much for your answering. I don't have other questions. The next question is from Thomas of Jefferies. Good morning. Thank you, the management for taking my question. I want to know, some other investors also ask about R&D expenses and the sales expenses. We want to know how you look at the revenues first half and annual outlook. For the first half and second half, we will have two new games. In terms of the monthly growth billing, it was quite steady, we want to know more. We also have the older games, Doomsday and Viking Rise and Lords Mobile will all have upgrading this year. We want to know your revenue outlook for this year. You also will release three new games. I want to know which one of the three new games, in terms of its ranking, would have the highest growth billing prospect. Thank you. Thank you, Thomas, for your question. First, for the revenue target of this year, we take a more conservative case expectation. We assume that all the new games are not successful. Now we are very confident to remain our revenue at a comparable level as compared with last year. It will not decrease. On the contrary, it will increase by 5% to 10%. This is the conservative target. If the three new games make success, they will contribute significantly to our revenue and monthly growth billing. Just now you also asked about the three new games, which one will have the best performance. Now they all just started, and in terms of retention rate, the best performing include two. The one, PSS, is having a very prominent result. It is far exceeding our expectation. For Tycoon Master is another one, because it's the casual game, actually we did not try these categories before. Now in terms of the retention and purchase, results are quite good. It shows a very good linear correlation. For example, when the DAUs are around 1,000, they will bring about a certain growth billing. If the DAU is increased by three to five times, then in terms of its linear results, based on our current data, we can see that the growth billing can realize linear growth. For Tycoon Master, we also have a full expectation of its results. The third one is Frozen War. We just released last week. This one is a relatively new one, it shows a good potential. For the first round of tests, actually, there would be a lot of bugs in the first round of tests, that is very normal. In the coming weeks, we will continue to upgrade and correct these bugs and adjust them. We hope that maybe from next month, April, it will come up with good growth. For your question, which one will have the best performance? I think the first would be PSS, followed by Tycoon Master, then it's Frozen War. That is the sequence. Okay. Thank you. Thank you for the investors from the telephone side. Now we will answer questions from online. The first question is about your dividend policy. Will there be any changes, and what is the reason for the decrease of dividend? Just now, actually, I also mentioned, usually we will allocate 30% of our profit to be used as a dividend. Actually, it has not decreased at all. For the buyback of shares, we also allocate 38% of our profit to return to our shareholders. For this year, we do not have a special dividend because before, we all followed the 30% principle. If there is sufficient cash, then we will have a special dividend. This year, we will have the three new heavyweight games, we are in a stage of high growth. We hope that there will be more blockbuster games coming out from the company. Apart from dividend, actually, we also want to push up our market value so that we will have more revenue to return to the shareholders. Considering all the above factors, we decided to maintain more cash at the company so that we will use them to expand our business, push up the profit, and also the market value of the company. That next year we will have more profit to return to the shareholders. This year we maintain these 30% of profit to be the dividend. Thank you. Thank you, Mr. Xu. Next question. Can you tell us the ARPU and the retention rate of Doomsday and Viking Rise? ARPU? Okay. Actually, for these two games, ARPU are both increasing. I'm very happy to see that and to share with you. Actually, in the past one year, we continue to optimize these two games, continue to refine them. You can see that now for these two games, especially Doomsday, after you open it up, it's completely different. It's much more fun compared with the past. Its ARPU is increasing to be uplifted significantly. From April to May, we will also adjust the structure of this game with the aim to improve its long-term payment. This year, you can see that the ARPU is increasing now, and in the coming months, you will see even higher and more significant ARPU increase. For retention rate, I'm very happy that you asked this question. Both of these games, the retention rates are on the rise, especially Doomsday. The retention rate of Doomsday is especially high. Actually, at the beginning of last year, the retention rate was only 22%, by the end of last year, the retention rate is around 28%-29%, even 30%. The margin, well, I cannot calculate that. It's really significant. From 22% to 28%-29%, that is a large increase. It reflects that our efforts have been rewarded. For these two games, we're very optimistic. They are actually relatively new games. They are old games, but they are still new games. We think that they have a huge potential. Thank you. Okay. Next question. In terms of APP business, what do you expect its MAU to be? The next question is, in terms of the news app, how much potential for its further growth in terms of upload? I think they will all have a steady growth in terms of MAU of the APP business. We have seen that the profit is there. Its profitability is quite high, and we have secured a stronghold in the market. Before, we did not disclose the information and data because we fear that our competitors will copy us. Because in this segmented market, there are huge opportunities, and it's like we are still grabbing the market share. We do not want others to grab with us. In the past, we did not disclose this data, but now our performance is stable, so we chose to publish the statistics, including the revenue, profits, MAU, and also these 2 million level products. We also have three to four similar products in the pipeline. For the second half of this year, and also for the whole year, the news app will have a space for further growth. We are very optimistic about our APP business. Thank you. Okay, thank you. The next question. For the APP business, what is the cost structure and their percentage? Actually, for the cost structure, it's actually quite simple. First is R&D, the second is marketing. Our APP also needs marketing to advertise to the users so that they will install, and then after the installation, we will put ads, and through ads, we will realize monetization. Different apps have different percentages of marketing costs. Their shares are different in terms of marketing costs. There is no concrete figure that I can give you because, for different stages, for the same app, the marketing expenses are different. Just now, I also mentioned in our presentation that for our APP business this year, there will be a lot of loyal users. In that aspect, more profit will be released because we do not need marketing costs for these segments of users. For this year, the marketing expenses will see a rise and fall. Will be relatively volatile. For the whole target, actually, last year, I emphasized repeatedly our NP margin was 9%. This year, we want to make it to 12%. We hope that the revenue will have a further positive improvement. Thank you. Next question. Congratulations on your performance. First, we want to know that amongst all these SLG games, in terms of the deployment, what core competency do you need to equip yourself with? The second question is, in terms of SLG, what is the core barrier that you face? For SLG, actually, we have seen there are a lot of big changes. Before, they are pure SLG. For example, the first generation, and then for Lords Mobile, it's the second generation, and now it's the third generation already. For the second generation, it actually just simply combined the first generation. Now for the brand-new third generation and even the fourth generation, the newest version has already combined some mini-games and some casual games gameplay into the game so that SLG will no longer be a single genre game. Before, only the boys and men played SLG games, but now many girls are playing. You can see that the scale has been further expanded and enlarged. Because of these changes in the game business, there are certain substantial changes in the market. For the overall market, we have to act accordingly with the changes. Just now, Thomas asked the question, which one of the new games is the best? Actually, I would say PSS, because in terms of the art style of PSS, it is cuteness plus cruelty, and it is favored by both male and females, and it also has a lot of casual and social gameplays. In the test stage, we are already seeing that both male and female love this game. This is the SLG's trend at the moment. For this year, for all these new products, there will be some new modes of R&D to respond to the market challenges. Thank you. Next question is, how to combine AI with IGG business? Okay, thank you for your question. Actually, for AI, before, we mainly used AI to assist our R&D operation globally and also the customer support, et cetera. Before, AI was not used in our games. Because the token price was pretty high, with our large volume of users, the expenses would be too high for us to attract because it will make loss for us. Therefore, one year or two years before, we did not use AI in the game. This year, with DeepSeek and Google's Gemini, and such AI new applications, its demand on the end of server is quite low. It's like one-tenth of the price as compared with before. We are actively applying AI into our games in terms of AI NPC and AI assistant to increase the fun and also reduce the burden on the side of the users. Because playing SLG is quite time-consuming. With AI introduction into the games, the users will feel happier and their life will be richer. They can also do something else while playing. This is what we're doing right now. We think that AI will help our APP business too. Firstly, APP's business, just now I mentioned, in terms of the user's positioning. Actually, in the beginning, it was serving the game platform, but its growth is far beyond our expectations and anticipation. Far beyond. Its traffic is a perfect match with e-commerce and also AI mini apps, and also the tourism platform too. It's a perfect match with all these ends. In the future, we will also set up our own distribution platform using AI to coordinate and divert the allocated traffic. These are all in our plans. Thank you. Thank you. Next question. Can the senior management share with us for 2025, the three games, Lords Mobile, DLS, and Doomsday and VR's monthly gross billing targets? For now, the Lords Mobile will be more conservative, around HKD 13 million. Maybe after mid-April, with the new upgrading of version, we will also look at its actual performance. If the billing is good, we will increase the ads input so that the revenue will be pushed up further. For Doomsday, now it's around HKD 12 million-HKD 13 million. We hope that for the second half, it will reach HKD 15 million, and we can have a higher goal. For this April to May, Doomsday will also have a structure change. We hope that there will be positive results, pushing up our growth rate. For Viking Rise, the gross billing monthly is HKD 8 million. We hope that it will go back to HKD 10 million, and maybe for Q3 or maybe Q4, there will be higher results. For APP business, the revenue scale is quite good. Now we dare not set the target because its growth is really out of our expectation. High. I'm afraid that my target will be too low. Well, I do not want my adjustments to influence the investors. They say that there is underestimation. If it's too high, it will be bluffing. I really cannot set the target because its growth is really out of expectation. Next question is about the composition of our sales expenses of 2024. How much are from Lords Mobile, Doomsday, and Viking Rise, and APP? What is the plan for 2025? For the sales expense so far, actually, in the presentation, we have already mentioned the marketing expenses and its percentage. Peggy, can you move up a little bit the slides? In 2025 plan, we will maintain the existing scale. There will not be very big change. We still would have the target of making profits and growth. For the old games, like Doomsday VR and Lords Mobile, we will maintain its marketing level as of last year in the second half. For the new games, we will see their performance, their ROI, retention, and the DAU changes. Gradually, step by step, we will gradually increase its advertising input to ensure that we will guarantee profit this year and no loss at all. This is the most important one, because we want to give confidence to the investors we can make profit and realize growth. In terms of old games, we will be relatively conservative. Okay, let's continue. For the new games, we will be quite cautious because for every advertising expense, we will have to make sure that this game will have a positive effect. They will bring about profit and also growth so that we can really release our advertising budget. Otherwise, we will only take small steps so that it will not impact on our overall revenue and profit. Thank you. Next question is about buyback and increase holdings plan of the management. The second question is about the Hong Kong Stock Connect plan. For the buyback, actually, we just released the end results, then after one year, we will start the buyback because our blackout period is until April 28. After blackout period ends, we will reopen the buyback. For this year, we can see our performance are very good in terms of revenue and profit, both realizing increase. Senior management will have an optimistic prospect, and they will also increase their holdings of shares. You can see that in the past 12 years, the senior management has also increased a significant amount of shares. What is your last question? Sorry. We want to know what's your plan to go back to the Hong Kong Stock Connect. To return to the Hong Kong Stock Connect, the average price of our stock need to be maintained above HKD 4.27. Actually, we're relatively confident in that because of our results and performance. We have this profit already. For our net profit, what is our net profit in U.S. terms? Let me check. $74 million in U.S. terms. Our HKD is 583 million. With that, the net profit of HKD 583 million with 10 times of PE has already passed the criteria for the Connect, that is HKD 5 billion. Plus, in terms of cash, we still have HKD 2 billion in our company. We are very confident that in the coming year, we will go back to Hong Kong Stock Connect. That is our 12-month plan. Next question is about your mode and channel of user acquisition. The second question is about whether you would consider live streaming. For live streaming, actually, we would not consider at the moment because we do not have the business that require live streaming, so we would not consider that. For the user acquisition modes or models, first is the regular one through Google, Unity, and AppLovin. This is a direct acquisition. The 2nd type is through the online influencers, KOL. They will help us do some education, introducing our games through short videos, to educate our users and get new ones. The 3rd type is globally, in different parts of the world, we will organize some contests and offline events so that the users can meet up with each other and having some contest, and they will also bring about some new users. The 4th type is the co-branding with other factors like Ferrari and Coca-Cola, and even some movies like "How to Train Your Dragon." We are collaborating with us through these co-branding activities to bring about more prospect users. These are about our user acquisition. The next question is, actually, China is the 2nd-largest market of mobile games. Do you have a plan to go into the Chinese market to create more revenue and profit? Thank you for your question. Actually, our strategy is after we make a success in the overseas market, then we will enter into the Chinese market. In our bucket list, "Doomsday" and "Viking Rise" already reached the standards to return to our China market. For the launcher of these two games, like "Doomsday," they cannot pass the censorship. For "Viking Rise," they actually are of the Viking culture. Actually, it's not very popular in the domestic market, so we do not enjoy an advantage to return to the China market. This year we have "Tycoon Master." It is very hopeful. After we secured success globally, then we can secure the censorship in China market, then we may return to China. Okay. Thank you very much for your detailed answering of all these questions. Also thank you very much for your questions. Because of the time, for our annual results announcement, we'll be concluded now. Thank you very much for participating in our results announcement meeting. Thank you all.