Good evening, gentlemen. Thank you for standing by for Autohome's fourth quarter and full year 2020 earnings conference call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference call is being recorded. If you have any objections, you may disconnect at this time. It is now my pleasure to introduce your host, Anita Chen, Autohome's IR Director. Ms. Chen, you may begin. Thank you, Operator. Hello everyone, and welcome to Autohome's fourth quarter and full year 2020 earnings conference call. Earlier today, Autohome distributed its earnings press release, and you may find a copy on the company's website at www.autohome.com.cn. On today's call, we have Chairman and CEO Mr. Long Quan, Co-President Mr. Haifeng Shao, Co-President Mr. Jingyu Zhang, and CFO Mr. Jun Zou. After the prepared remarks, Mr. Long, Mr. Shao, Mr. Zhang, and Mr. Zou will be available to answer your questions. Before we begin, please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve actual risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the Securities and Exchange Commission. Autohome does not undertake any obligation to update any forward-looking statements, except as required under applicable law. The earnings press release in this call also includes discussion of current and unaudited non-GAAP financial measures. Our press release contains a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures and is available on Autohome's IR website. As a reminder, this conference is being recorded. In addition, a live and archived webcast of this earnings conference call will also be available on Autohome's IR website. I will now turn the call over to Autohome Chairman and CEO Mr. Long. [Foreign language] 谢谢 Anita。大家好，感谢大家参加今天的电话会。 Thank you, Anita. Hello everyone, and thank you for joining us today. [Foreign language] 在开始讨论业绩之前，我谨代表汽车之家对前任董事长牧敏先生在过去几年中的杰出贡献表示由衷的感谢，并借此机会感谢全体股东一直以来的支持，期待我们能有更紧密的交流。 Before we start discussing our results, on behalf of everyone at Autohome, I would like to express my sincerest gratitude to Mr. Min Lu, our previous Chairman, for his extraordinary contributions over the past several years. I would also like to take this opportunity to thank shareholders for your continued support, and I look forward to working closely with you as we move ahead. [Foreign language] 能够加入汽车之家，与富有创造精神和活力的团队一起工作，我感到非常的荣幸。汽车之家是国内最知名的汽车媒体品牌，流量持续领跑行业，拥有健康的业务模式和扎实的业务基础，始终站在数字汽车行业创新的最前沿。同时，我也对汽车之家在新车、二手车等领域的前瞻性布局感到振奋。我相信这将为长期发展带来更多的机遇。 I'm very honored to be joining Autohome and to be working with such a talented and passionate team. It is by far the most well-known automobile media brand in China, serving the largest number of automobile user communities in the industry. Even further, this company has a healthy business model, solid fundamentals, and always stands at the forefront of innovation in the digital automotive industry. I'm also very encouraged by Autohome's strategic initiatives in the new car and used car area, which I believe will be a huge benefit to our long-term development. [Foreign language] 加入汽车之家之前，我在平安产险服务了20多年。平安产险是中国最大的车险供应商之一，我因此也对汽车行业有了全面的了解。此外，我在陆金所和蚂蚁金服也积累了互联网线上与线下结合的实际经验，加上汽车之家现有的业务基础，展望未来，我非常有信心能够与汽车之家一起走向下一个阶段的成功。 Prior to joining Autohome, I served in various roles at the Ping An Property and Casualty Insurance Company for over 20 years. Ping An Property and Casualty is one of the leading automotive-related insurance providers in China, and I, therefore, through my time there, gained a comprehensive understanding of the automotive industry. In addition, my experience with Lufax Holding and Ant Group gave me tremendous practice exposure to the integration of online and offline business models, which will be invaluable for me at Autohome. In summary, looking ahead, I'm confident that with my experience and what Autohome has already established, we can take Autohome to the next level of success. [Foreign language] 在我们CFO周军先生提供更多业务细节之前，我先来总结一下我们在2020年的主要财务表现和战略业务情况。 Before our CFO Jun provides more details of our business, let me delve into high-level key financials and provide some color on some of our strategic business. [Foreign language] 全年总营收86.6亿元人民币，同比增长2.8%，再次超越新车市场表现。全年新业务收入实现34.4%的同比增长，占收入比达23.2%。其中，数据产品收入继续保持强劲的增长势头，同比增幅达到70%。净利润持续提升，全年调整后净利润同比增长6.2%。 Total revenues for the year reached RMB 8.66 billion, an increase of 2.8% year over year, once again outperforming the new car market in China. During the year, revenue from our online marketplace and others' revenue increased by 34.4% year over year and contributed to 23.2% of total revenues. Notably, data products delivered robust year-over-year growth at 70%, adjusted net income for the year continued to expand and increase by 6.2% year over year. [Foreign language] 2020年汽车行业在年初新冠疫情的打击下逐渐恢复，产业受众化需求凸显，行业价值持续向线上转移。汽车之家发挥平台优势，立体布局数据产品，帮助提高汽车主机厂和经销商的研发、营销和售后服务变革，赋能合作伙伴数字化转型，为行业创造新的价值。这也是之家可以在20年汽车行业销量同比下跌6%的情况下，仍然实现营收稳步增长的原因之一。 As is well documented, China's auto industry was heavily hit by the COVID-19 pandemic in early 2020, yet began to gradually recover during the year. During the year, the sector saw a significant increase in demand for digital transformation, along with a continuous value migration from offline to online across the industry. As a leading platform, we further leveraged our strengths and established a comprehensive matrix of data products and solutions, ranging from R&D, sales, and marketing to after-sales. This has demonstrated our ability to empower the digital development of automakers and dealers throughout the value chain. With this proven ability, we once again were able to outperform the market with steady growth, even with China's total new passenger vehicle sales falling 6% during 2020. [Foreign language] 二手车业务方面，追加投资天天拍车是汽车之家推进二手车领域布局的重要里程碑。汽车之家结合天天拍车一起，已成为中国二手车行业的领跑者。通过汽车之家线上平台的有力支撑，充实天天拍车上游车源供给，连接用户、主机厂和经销商，提升买卖双方的交易效率，再通过交易业务切入金融业务，不断提高我们在二手车领域的服务能力。尽管2020年二手车行业销量下降，但天天拍车全年交易台数仍然实现同比上涨。随着中国二手车行业的发展，我们相信汽车之家的二手车平台将会迎来更大的业务增长空间。 In regards to our used car business, our add-on investment in TTP marks an important milestone for Autohome's development in this area. Autohome, in combination with TTP, has become a leading player in China's used car market. Fostered by Autohome's strong online platform, TTP is able to expand access to a wider upstream supply of used cars while facilitating connections among users, automakers, and dealers and customers to improve transaction efficiency. Leveraging the transaction business, we are able to further develop our auto financing operations and expand our service capability. Despite the decline in China's used car transactions in 2020, the transaction volume of TTP still achieved year-over-year growth. As the used car market in China further develops, we believe that our used car platform will be readily equipped to capture market share and be another contributor to our overall growth. [Foreign language] 回顾2020年，汽车之家鼎力支持主机厂和经销商，应对这场史无前例的疫情的冲击。展望未来，汽车之家将继续携手合作伙伴，以深度的行业理解力和技术能力，为主机厂和经销商的数字化转型赋能。 Looking back at 2020, we have rolled out a set of favorable practices in order to do our part in supporting our automakers and dealers' partners. During this unprecedented difficult COVID-19 period, as we move ahead, we will continue to work closely and serve these partners by leveraging our extensive industry know-how while adding more value in their digital transformation. [Foreign language] 下面请CFO周军先生为大家介绍更多的业务细节，以及我们四季度和2020年全年财务业绩及2021年第一季度指引。 With that, I will now turn the call over to our CFO Jun for more business details and a closer look at our fourth quarter and the full year 2020 financial results, as well as the business outlook for the first quarter of 2021. Thank you, Chen. To start, let me go through some of our key businesses first. In December 2020, the number of average DAUs who accessed our mobile website, primary app, and mini apps grew further to 42.1 million, representing an increase of 14.4% compared to that of last year. On the content front, we continue to make progress in enhancing the user experience by providing expanded content offering and optimizing useful tools. For example, we're encouraged to see the light version of the Autohome application has started to gain recognition in lower-tier cities, with the market appeal to a younger demographic. In addition, we also optimized our car selection tools, including the purchase price check function and customized car purchase reports created by AskBob, our AI-empowered smart tool, both of which support users during the decision-making process and improve the car buying experiences. During the year, we also delivered 15 total road trip activities, helping auto brands attract users. In 2020, the cumulative GMV for the road trip businesses has grown to about five times that of 2019. In terms of data products, in 2020, a total of 45 automakers were engaged with our data products, and the total number of programs for Intelligent New Car Launch and Intelligent Marketing Solutions more than doubled as compared to the year of 2019. As for data product dealers, in the fourth quarter of 2020, over 17,000 dealers purchased our data products. For auto financing business, our total GMV for consumer loans increased by 20% on a year-over-year basis in 2020. Now, I will walk you through the key financials for the fourth quarter in 2020. Please note that, as with prior calls, I will reference RMB only in my discussion today unless otherwise stated. Now, net revenues for the fourth quarter were RMB 2.48 billion, a 6.6% higher than the corresponding period of the year before. For a detailed breakdown, media services revenue were RMB 1.03 billion, lead generation services revenue were RMB 847 million, and online marketplaces and others' revenue increased by 35.5% on a year-over-year basis to RMB 607 million, primarily driven by the growth of our data products. Now, moving to costs. Cost of revenues was RMB 268 million compared to RMB 265 million in Q4 of 2019. Gross margin remained stable at 89% in the fourth quarter. Turning to operating expenses, sales and marketing expenses in the fourth quarter were RMB 871 million compared to RMB 735 million in Q4 of 2019. R&D expenses were RMB 397 million compared to RMB 300 million in Q4 of 2019. Finally, G&A expenses were RMB 71 million compared to RMB 60 million in the fourth quarter of 2019. Overall, we delivered operating profit of RMB 947 million for the fourth quarter compared to RMB 1.1 billion in the corresponding period of the year before. Adjusted net income attributed to Autohome, Inc. was RMB 1.19 billion for the fourth quarter compared to RMB 1.15 billion in the corresponding period of 2019. Non-GAAP basic and diluted earnings per share or per ADS for the fourth quarter were RMB 9.95 and RMB 9.91, respectively, compared to RMB 9.67 and RMB 9.62, respectively, in the corresponding period of 2019. Now, let me turn to a short summary of our 2020 full year results. We continued to drive growth in total revenues, which increased by 2.8% year-over-year to RMB 8.66 billion. Media services revenue were RMB 3.46 billion. Lead generation services revenue were RMB 3.2 billion. And online marketplace and others' revenue increased by 34.4% year-over-year to RMB 2 billion, primarily attributed to the increased contribution from our data products service line. In addition, we delivered an adjusted net income of CNY 3.62 billion, representing a 6.2% year-over-year growth. As of December 31st, 2020, our balance sheet remained very strong with cash equivalents and short-term investments of CNY 14.63 billion, and we generated operating cash flow of CNY 3.33 billion in 2020. Now, I'm very pleased to announce that our board of directors have approved a cash dividend of approximately $0.87 per ADS, or $0.2175 per ordinary shares after reflecting the proposed 4-for-1 share split. Following this dividend payment, we still have ample capital resources to invest in our businesses and further strengthen our competitive position going forward. Let me now address our first quarter 2021 outlook, which reflects our current and the preliminary view on the market and operating conditions and may be subject to changes. At this point, we expect to generate net revenues in the range of RMB 1.81 billion-RMB 1.84 billion. The revenue guidance includes approximately RMB 100 million impact from the consolidation of TTP, Inc., for the first quarter of 2021, which was acquired in the end of December 2020, and the operating results of which will be fully included in the company's consolidated financial statement for the fourth quarter of 2021. In conclusion, as mentioned earlier, but important to reiterate, despite the challenging automotive sales environment, our efforts throughout 2020 to develop new initiatives enabled us to achieve another solid year. Data products continue to lead our overall growth, driven by high data product adoptions. In addition, the expanded adjusted net income also reflected our enhanced operating efficiency. Looking ahead, we'll continue to invest strategically in our ecosystem to remain at the forefront of innovation in the digital automotive space while maintaining a disciplined cost structure in our core business. With that, we are ready to take your questions. Operator, please open the line for Q&A. Thank you. So, ladies and gentlemen, if you have any questions, please press 01 on your telephone keypad. To cancel, please press 02. Please be also reminded to ask only one question at a time. Our first question is from Eddy Wang at Morgan Stanley. Please go ahead. [Foreign language] 龙总，周总，Anita 各位管理层，晚上好。感谢接受我的提问。我的问题其实更多的是跟 Q1，这个 guidance 相关的。就看到整个 guidance 现在给到的大概是 17%-19% 的 year-over-year growth。那去除这个天天拍车的 consolidation 也是有一个至少 low teens 的一个增长。我想问就是现在这个时点，大家都知道就是说整个 OEM 都开始做全年的 budget 了。那咱们这个 guidance 其实是不是已经有一些反映到就是说今年 OEM 给到全年的就是说整个汽车广告这边的 budget 其实在向好的，因为整个车市是在改善的。或者就是说，是不是有另外的原因就是说我们 data product 其实在四季度的增长非常的强劲，比前两 quarter 增长还要强劲。那是不是我们，也看到了就是说在今年整个 data product 的在一季度的增长也是非常强劲。这个就是 guidance 当中，大概是如果您来拆分一下的话，大概是最主要受哪些，因素的影响。那我可能很快的翻译一下。 Thank you for taking my question. My question is about the guidance for the first quarter. So, your guidance actually implies around 17%-19% year-over-year growth. If stripping out the, you know, the consolidation of TTP, we still have low teen growth, for, you know, the first quarter revenue. So, is it, we know that the OEM is starting to do the annual budget, you know, around Chinese New Year. So just wonder if you have some initial, you know, the color from the OEM in terms of the, you know, the, the budget this year, which is a little bit, you know, better than expected, or it is because that we have very strong, you know, growth momentum of data product, especially given that in the fourth quarter, data product growth is, you know, over 80% year-over-year? Thank you. [Foreign language] 好，那，这个问题呢，我先从这个市场端跟主机厂端，我想来这个回答一下。如果有一些这个，还可以请周总，来补充。第一个呢，这个，从整个市场来看，特别是包括这个协会，实际上对2021，然后销量，实际上是有一个这个，预测的，那大概是在这个7到9之间。好。 Thank you for the question. I would like to take this question first, then Mr. Zhou may have some add-on opinions. So first of all, let me comment on the market. According to the association, that in 2021, the total sales in the auto market would grow between 7%-9%. [Foreign language] 对，那这个主机厂的预算呢，一定是跟着销量走的。我想这是一个在预算上的一个驱动力吧。第二个方面呢，实际上如果2021，相比较2020来看的话呢，新车数量也会多。所以呢，那因为2020呢，是有一个疫情，会导致一些新车上市的延缓，包括采用的云发布。所以呢，这块的预算呢，也会变多。 As you know, for the automakers, their budget usually would grow together with their sales. So they are coordinated. So that's why we would foresee they would have a higher budget if the sales would be growing. And also compared with 2020, we will see new models will be released to the market. Because in 2020, due to the negative impact of the COVID-19, there are some delays of the new car models, and some would choose to launch online. So we would foresee there will be new car launching business in 2020, 2021. [Foreign language] 另外一个呢，实际上是一个不好的事。就是说因为今年的那个疫情，啊，还是在一些城市里面会有反复。那这件事情呢，对这个主机场，啊，这个影响呢，第一个呢，我们现在判断呢，是一个局部的。呃，第二个呢，它的影响程度到底有多少，我们还在，还在这个调研中摸底中。因此呢，整体来看呢，具体的那个数值，啊，包括具体的对主机场的影响，我们在这个摸底和调研的过程中。嗯，谢谢。 And also there are some not so positive news because in 2021, we do see some outbreak of the epidemic in some of the local regions. But I have to say that firstly, this is only local and regional. And secondly, as to how much that would affect the automakers, we are still under some estimation and investigation and survey. So that's why it's still too early to make any further prediction. Thank you. Yeah, just to add to Mr. Zhao's comment, you know, we'll see actually, you know, our traditional businesses will turn back into positive territory. But, you know, at least in the first half, you know, our primary growth drivers are still going to be our data business and used car businesses. Thank you, Eddy. That's our answer. Operator. Thank you. Next question is from Miranda Zhuang at Bank of America Securities. Please go ahead. [Foreign language] Thank you. 各位领导，管理层晚上好。感谢接受我的提问。那这边也先预祝这个新年快乐。那我的问题是关于我们的这个二手车业务。那请问就是可否再详细地跟我们阐述一下我们收购了天天拍以后，会怎么跟之家的现有这个业务去做整合。那现在对之家整体的这个二手车的这个业务是一个怎么样的一个通盘的一个业务规划。然后就是，可否分享一下就是天天拍的一些运营数据，比如说，交易量，市场占有率，以及他们的趋势。然后最后就是想请问就是在财务的表现上的话，在并表天天拍以后，我们要怎么样去，判断就是它对之家全年的这个收入和利润率的一个潜在的一个影响。那我很快翻译一下，谢谢。 My question is about the used car business. Can management elaborate more about how you will integrate the TTP with your existing business and what's your new business plan for your overall used car business? And also, it would be helpful if you can share with us TTP's operating metrics, such as transaction volume, market share, and their trends. And lastly, can you comment on how the consolidation of TTP could potentially impact the revenue and profitability in 2021? Thanks. [Foreign language] 好，这个问题呢，我跟周总，这个我们一起来回答您这个问题。我重点呢，是在这个叫之家二手车，收购天天拍的时候呢，它的这个业务规划以及整合的情况。第一个呢，这次我们控股天天拍呢，实际上还会延续着我们之家的二手车的战略的方向来走。之家二手车的业务的这个策略呢，实际上是轻资产平台化，以双云来帮助车商呢，数字化运营，打通产业链，实现 C2B、B2C 的全链路闭环，然后呢，建立全国最大的二手车的线上平台。那天天拍这次，天天拍呢，进入之家的这个二手车的这个战略呢，实际上最主要的是补足了之家二手车战略里面的那个叫交易环节，也就是它是从 C2，经过平台到 B 到 B，它是补充了这个交易环节。我想这是，这是一个在战略上的一个帮助。 Now, thank you for the question. I would like to join Mr. Zhou to answer this question, especially related to the integration and planning of the used car platform business. After we controlled the shares of TTP, we actually continued our Autohome's used car strategy. To summarize, that is light asset model and make it as a platform. We use Double Cloud to serve our customers. We also want to connect the full value chain, and we want to create a closed loop of the C to B and the B to C. So we are dedicated to bring this platform as the biggest used car online transactional platform. And in this regard, we have brought the most critical part, which is the transactional part, to this whole loop. [Foreign language] 第二个方面呢，就是这个，天天拍到目前呢，已经是C2B市场上在交易量上是最大的，并且呢，在2020年，在市场不好的情况下，还取得了一个比较好的增长速度。 You know, for the TTP, in terms of the transactional volume in the C2B model, it is already the biggest in China. In 2020, when the whole market was not so good, but TTP is consistently growing its business. [Foreign language] 嗯，我们下一步呢，实际上是会这个之家这边，啊，我们会联合平安产险、平安银行，然后呢，跟天天拍一起，啊，我们呢，再，再来在卖车端呢，我们是希望产生业务的化学反应，可以更好地帮助 C-end，啊，卖，啊，更好的卖车，然后同时呢，也帮助商户，啊，更好地去库存，以及呢，更好地来进车。 Our next step would be joining hands together with Ping An Bank and Ping An P&C. We want to bring, you know, chemical reactions together with real customers, and we would help the C to sell cars better and also help makers to do better inventory. And in this way, we can create more value. To add on, what Mr. Zhao said, you know, TTP also narrowed its loss last year despite you know actually a declining used car market, and I think they are expected to sort of break even sometime you know in the second half of this year. And they will have you know a minor impact you know on our bottom line, and its contribution to our top line definitely positive. And also you know I think all used car online platforms have seen a declining sales volume and revenue last year in China except for TTP, so if we're not misunderstanding, then you know I think they are already the largest you know online transaction platform in Chinese used car market last year. Thank you. That's my answer. Our next question is from Thomas Chong at Jefferies. Please go ahead. [Foreign language] Thank you. Thank you. 谢谢管理层接受我的提问。我这边是代表Thomas来问问题的。然后，想问一下，今年我们在这个数据产品，这一边的一个策略是什么呢？然后另外想请教一下管理层可不可以comment一下，就是，整个车的行业在这个线上的广告的一个展望。因为现在可能有看到有一些地区就是有一个疫情的一个反复的出现。对。所以，thank you management for taking my questions. This is Mavis asking on behalf of Thomas. And so, not sure if you can comment about our data product strategy in 2021. And also, can you comment about the online advertising outlook this year on the back of the recent outbreak of COVID? Thank you. [Foreign language] 呃，我来回答一下这个问题。嗯，那首先呢，呃，20年的时候呢，应该我们整个数据产品的收入呢，同比是增加了70%。那从那个客户数量，从我们是从45个，已经比19年呢，36个，增加了9个客户。那同时呢，在数字营销方面，呃，智能上市，智能营销，那比19年呢，也有一个翻番。那包括我们经销商的这个智慧系产品呢，也已经达到了17,000家的这个覆盖量。 Thank you. I would like to take the data product question. If you look at 2020, our year-on-year data product growth is 70%. And we actually had 45 clients. In 2019, this number is only 36, so which means we have nine new customers in 2020. In terms of Intelligent New Car Launch and Intelligent Marketing Solution, we doubled. And also for the Smart series offerings to the dealers, we already had business relations with more than 17,000 dealers. [Foreign language] 呃，关于21年的数据产品策略呢，呃，目前来讲呢，针对我们已有的产品，无论是OEM还是dealer的这个，这些数据产品呢，会继续增大我们的产量有率和份额。那第二一点呢，针对我们新的体系的话呢，我们的智慧系的产品呢，会逐渐地向销售端去推进新产品。那那个智能系的话呢，也会在研发端，基于我们，呃，去年测试库的，呃，试水和产品完毕之后呢，进行客户推广。 Now, talking about 2021, we already have some new products, and we would already continue to serve the OEMs and the dealers. And we are also going to further expand our market share. And in terms of the intelligent series products, we are going to have more on the sales side, new offerings. And also for the smart solutions, we would have more R&D side solutions. So in this way, we are going to add on new products in 2021. [Foreign language] 呃，21年呢，还有一个重要的事情呢，就是推进我们整个的，呃，产业互联网的战略推进。那在试点上呢，保证整个的商业模式全部贯通。 In 2021, we are also going to launch the industrial internet network. We are going to build a whole comprehensive business model out of that. [Foreign language] 谢谢。 Thank you. [Foreign language] 好，那个，呃，关于那个近期疫情，呃，反复对这个2021跨业务的影响呢，呃，呃，这个问题我来回答一下。我想第一个，呃，2021的这个疫情的反复跟2020，啊，呃，这个疫情呢，是不一样的。呃，目前呢，应该是从我们看到的是说，呃，国家呢，已经采用了网格化的这个防范的这个举措。因此呢，实际上它只是对一两个地区有影响。我想这是一个，呃，实际上对一两个地区的销量有影响。我想这是一个最典型的特征。那站在这个特征上去看，呃，主机厂的广告投放，啊，我想呢，可能应该还是会跟我上上一个问题，啊，说的一样。就是第一个呢，在疫情期间呢，应该是说线下广告业务往线上转。第二个是那个往头部的这个媒体去聚集。我想这个趋势是不会改的。呃，同时呢，同时呢，是这个广告的总额是跟着这个销量走。那这个也是不改的。 Now, I want to take your second question. In terms of 2021, there are some bouncing back of the COVID-19 in some of the regions, but I think the situation is totally different from 2020 because in 2021, there is only one or two regions which have the outbreak, which is local and regional. And also the state government already took grid-style anti-epidemic measures to control the epidemic. So we only see one or two regions. The sales may go down. Now, talking about the OEMs budgeting, actually during the epidemic, a lot of expenditure would be transformed from offline to online. And the second trend is that a lot of purchase would be concentrated on the top players, especially the leading players. That's also a trend. And the third trend is the total expenditure on the budget would always go with the sales. If the sales grow, then the budget will also grow. [Foreign language] 所以呢，呃，最后是，呃，一句话，就是说对这个主机厂，啊，在部分地区的销量呢，是有影响的。但是呢，对主机厂在这个，呃，线上做全网投放的这个策略，啊，是不是有改变，还有待于观察。 Now, let me summarize. The 2021 epidemic only occurred in some of the local regions, and this only affected the OEM sales in some of the local regions. And as for how would that impact the overall online budget of advertising of the OEMs, it's still too early to make any, you know, conclusion. [Foreign language] 谢谢。 Thank you, Operator. Our next question is from Brenda Zhao. Please go ahead. Let me translate myself. Thanks for taking my questions. I have two questions here. The first question is related to the TTP consolidation. So can management share the growth expectation of TTP for next, maybe two, three years, and the key growth driver behind it? And my second question is about the new energy vehicles, because we see a lot of new OEMs appear in the market, and what will be the impact on Autohome business operation? Thank you. Hi, Brenda. I will take your first half of your question, and Mr. Shao will address your second half of your question. I think you know, TTP's growth driver you know will be several. The primary driver will be the growing used car market in China, which we think you know will be growing much faster than the new car market. And now they are the, as I mentioned, the largest online transaction platform already, not only the auction platform in China. We're hoping that with the sort of, you know, help from us by providing them with seller leads, buyer leads, and, financing from Ping An Financing, let's say, and insurance, you know, they will be able to grow not only their online C2B and B2B auction, but will be able to provide a lot of value-adding services to, sellers and buyers of used cars and also dealers and other players in the value chain. We have seen that the sort of integration with them going on in the past two years quite smoothly. We hope that we'll see a winner-take-all sort of scenario, you know, in the online used car sector for TTP Inc. and together with us. [Foreign language] 好，这个，嗯，呃，我来，我来回答一下关于新能源的这个话题，啊。呃，第一个呢，这个，呃，之前呢，目前呢，我们跟这些叫，呃，造车新势力，啊，呃，目前呢，我们应该大家的这个合作，合作的状态呢，应该是很好。呃，这个很好的原因呢，主要是第一个呢，这个支架实际上在新能源这块市场上，在这块市场上我们提早做了布局。我们从内容到频道，然后呢，到这个跟新能源这些造车新势力合作的模式，我们都采用了跟油车不一样的合作的方法。我想这个是，啊，第一个结论。 Okay. I would like to take your second question related to the new energy car. Actually, we have very good collaboration with those new players in the new energy car, you know, business. We are an early bird in this sector because we had a lot of planning in terms of content and the channels and the business models. We actually adopted very innovative models, very different from our collaboration with the traditional OEM. [Foreign language] 好，我们这个合作模式，我们今年还会持续去升级。实际上我们最主要的目的，还是能够站在这个 C 端用户的角度，然后可以帮助他选择更好的、更适合他的这个电车，是我们这个模式的核心点。同时，我们也为新造车新势力，提供了一站式的全流程的一个综合服务方案。最后，我想说的是这样，从目前这个收入贡献上来看，新能源的这个销量占整个市场的销量大概是 5%。当然了，在我们这个合作里面，在智驾的这个收入上，我们是超过 5% 的。 Now, talking about our collaboration with the EV car OEMs, our perspective is from the B2C side users. We are helping them to select the most suitable EV car for them, and we also provide comprehensive solution, one-stop solution, and a full-process solution to the EV car OEMs. If you look at the total EV car sales in terms of the Chinese car market, it only accounts for 5% out of the total car sales. In Autohome, our EV business already exceeds 5% of our revenue. Operator, next question, please. Our next question is from Brian Gong at Citigroup. Please go ahead. [Foreign language] 谢谢管理层接受我的提问。那首先恭喜非常好的业绩，尤其是这个 data products 这块，2020 年增长还是很强劲，尤其是主机厂这边的这个增速很快。那就想问一下，就是因为我们 2020 年 data products 的这个，基数变得更大了，我们怎么去看 2021 年这一块的增长？还有就是我们今年会不会这块推出一些新的产品？然后就是说我们之前也提到过，我们预计这个到好像到 2025 年，SaaS 这块的一个整体的一个 total addressable market 会达到 200 多亿以上。那我不知道我们有没有一个内部目标，到那个时候我们能大概在这个 250 亿里面拿到多大的一个市场份额。 Thanks, management, for taking my question. Congratulations on the solid results, especially for data products. So given our contribution on OEM side further increase, and our base further enlarge, I want to know what's management's view on the growth rate for data products for 2021, and also any new data products this year? I remember management mentioned that the SaaS segment for OEM and dealers is going to be like over 20 billion RMB in 2025, and may I know if we have any internal target or plan to, you know, what market share for Autohome to take in 2025? Thank you. [Foreign language] 你好，我来解释一下那个数据产品2021年的整个的规划。那首先呢，关于数字营销方面呢，会靠我们的现在的数据产品的优势呢，继续增大产品那个市场份额。第二呢，新产品的话呢，着重于呢，是非，营销数字营销部分，那主要是要去抢夺我们整个的数字化预算和主机厂研究院的预算。那这样的话呢，会是一个增量的投入点。那这样的话呢，就基本上呢，把我们整个的布局呢，会拉得比较清楚，为我们这连续几年的数字化策略呢，铺平了那个规划。 Thank you for the question. Actually, talking about the data products, in addition to the intelligent marketing solutions, we are going to further enhance the market share, and we are also going to launch new products to cover the non-marketing solutions part, especially on the digitalization part and also the R&D, the research side of the OEMs. So that would be the incremental new part of our business, and that would have helped us to establish a very good blueprint for the next few years, and we would grab more market share from the digitalization process. Okay, to answer your second part of your question, I think, you know, even though you have seen a very high growth, you know, in 2020, you know, data products, but the overall market is big, as you mentioned, and then a lot more, you know, let's say, car models for us to help them to do intelligent new car launch or intelligent marketing. And then, you know, we're going to roll out, you know, more services to dealers as well in this year. So we believe, you know, in the mid-term, mid- to long-term, you know, the only ceiling to our growth in that sector is probably our ambition. And that's our answer to you. Thank you. Operator. Our next question is from Ritchie Sun at HSBC. Please go ahead. [Foreign language] DAU 的增长就回到了一个不错的，就是 teens 数字的增长水平。那我想问下一年来说，用户增长有什么策略？例如会不会做多一点，其他的推广啊，这方面的。然后第二个问题就想问一下，我们在 lead gen 方面跟 OEM 跟，dealers 方面谈这个 pricing 方面的进展。 Thank you management for taking my questions. I will translate it myself. so first question is about the user growth strategy. So we see, 4Q has a strong user growth, teens level growth again. so I wonder what about the sales and marketing spending to drive the user growth in 2021? What would be the strategy and area to spend? And the second question is about the negotiation of the lead generation frozen price model with the dealers. So what is the latest update on that? Thank you. Foreign language] 好，这个，第一个呢，是关于这个用户增长策略，2020-21吧，我想我们的这个 DAU，还会继续保持增长。那这个增长的策略呢，最主要呢，实际上是这么几点。第一个是这个叫，食品化。第二个呢，年轻化。第三个呢，是，进入到下沉市场。我想这个是我们的三个，用户增长策略。 Foreign language] 第一个是什么？ Foreign language] 食品。年轻。然后这个下沉市场。 Thank you for the question. Now, talking about our DAU, actually in 2021, we would expect our DAU to continue to grow. We would have three features to summarize our DAU growth. Firstly, more video based. Secondly, younger generation. And thirdly, more granular level at the lower tier cities and the lower tier markets. Foreign language] 那第二个呢，这个第二个问题是关于这个车商会啊，车商会的这个价格的这个问题啊。就像我们上一次这个季报说的一样呢，目前呢，是有 30% 的这个主机厂跟加商接受了我们的浮动价格。 Now, talking about the lead generation product pricing, actually in our last quarter report, we already said 30% of the OEMs and the dealers already accepted the floating pricing model. Foreign language] 嗯，那，呃，我们呢，今年呢，实际上一个方面，我们是把接受了浮动价格的主机厂跟加商呢，我们给他们提供更好的服务。同时，同时呢，我们也制定了，啊，叫扩大覆盖面和呢，这个，这个为，为这个经营好的加商提供更多的这个增量线索，这两个方面的策略。 Also this year, we have two strategies. Firstly, for those dealers who already accepted the floating pricing model, we are going to offer them better service. Also, we are going to offer those dealers more incremental leads and incremental services. Secondly, we are going to expand the coverage of this pricing model. Foreign language] 嗯，就是要让这个，呃，更多的加商吧，呃，能够，就是之前，啊，没跟我们平台合作的那些加商呢，可以能够更多地使用我们的豪华版。同时呢，我们为那些经营好的，经营好的那些城市级的这个加商呢，提供更多的增量线索。好，谢谢。 So we are going to offer more business opportunities for those dealers who have not signed, you know, agreement with us. We are going to offer them more choices, and we are going to offer more deluxe services for them. And also for those who already accepted the floating pricing model dealers, we are going to offer them better services and more incremental services. Thank you. There are no further questions at this time. I'll now turn the conference back to management for closing comments. Foreign language] 感谢大家参加今天的会议。期待下次业绩电话会上能再与大家交流公司的最新发展。如果您有任何问题和建议，欢迎随时与我们联系。谢谢。 Thank you very much for joining us today. We appreciate your support, and we look forward to updating you on our next quarter's conference call in a few months' time. In the meantime, please feel free to get in touch with us if you have any further questions or comments. Thank you.