Ladies and gentlemen, thank you for standing by, and welcome to the Kanzhun Limited Second Quarter 2022 Financial Results Conference Call. At this time, all participants are in listen- only mode. After the speakers' presentation, there will be a question -and- answer session. Today's conference is being recorded. At this time, I would like to turn the conference over to Miss Wenbei Wang, Head of Investor Relations. Please go ahead, ma'am. Thank you, operator. Good evening and good morning, everyone. Welcome to our Second Quarter 2022 Earnings Conference Call. Joining me today are our Founder, Chairman, and CEO, Mr. Jonathan Peng Zhao, and our Director and CFO, Mr. Phil Yu Zhang. Before we start, we would like to remind you that today's discussion may contain forward-looking statements which are based on management's current expectations and observations that involve known and unknown risks, uncertainties and other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different. The company cautions you not to place undue reliance on forward-looking statements and do not undertake any obligation to update this forward-looking information, except as required by law. During today's call, management will also discuss certain non-GAAP financial measures for comparison purpose only. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the earnings release issued earlier today. In addition, a webcast replay of this conference call will be available on our website at ir.zhipin.com. That said, I will now turn the call to Jonathan, our Founder, Chairman and CEO. Hello, everyone. Welcome to our Second Quarter 2022 Earnings Conference Call. On behalf of the company and our employees, I would like to express our sincere gratitude to our users and investors for your ongoing trust and support. First, I would like to share with you our performance for the second quarter. In this quarter, we recorded GAAP revenue of RMB 1.11 billion. Our average MAU reached RMB 26.5 million, representing a sequential increase of 5%, and this was achieved solely based on existing users. Major cities in China experienced a severe COVID-19 outbreak during the past quarter, and we have been under new user registration suspension for almost four quarters. These two factors have, to a certain extent, unfavorably affected both our users and revenue growth. However, our persistent efforts in improving our service capabilities have proved effective despite the headwinds, as evidenced by the increasing user activity ratio, DAU to MAU, and average achievements per MAU. In terms of profitability, excluding share-based compensation expenses. Our adjusted net income reached RMB 257 million in the second quarter, continuously demonstrating our enhanced operating efficiency. Let's look into the user type and region distribution. At the end of June and beginning of July, the proportion of newly registered student users are higher since fresh graduates left the school during that period. Starting end of July, blue-collar user numbers have gradually picked up, and the white-collar users grow steadily. From the perspective of the city tiers, the first and second tier cities continue to contribute to majority of the user growth for this quarter. 从招聘者所在的企业规模看，中小企业数量在疫情之后快速回升。此外，制造业蓝领的中介和服务高端人群的猎头顾问，在七月份的日活平均用户数，环比六月份增长均超过两位数。 In terms of the scale of enterprise, the number of SMEs quickly proliferating following the COVID-19 outbreak recovery. The average daily active users of blue collar intermediaries in manufacturing industries and headhunting consultants serving high-end professionals increased by more than double digits in July on a sequential basis. 看到这些数据，一方面我们感到巨大的市场增长潜力，另一方面也证明了我们所创造的求职招聘的新的模式，在用户中建立了坚固的影响力和口碑。 With these metrics, on one hand, we see massive market growth potential. Moreover, on the other hand, they also prove that our innovative job seeking and recruitment model has established a compelling influence and brand reputation among users. 我们也看到了商业化出现明显的改善，企业端日活用户规模持续稳步的增长。七月新增的职位数量环比六月份上涨15%。八月份整体招聘环境出现进一步复苏，新能源、生产制造、地产、传媒、医疗健康等行业，以及代表企业业务拓展领域的销售和市场类岗位增长较好。 We have also seen clear improvements in monetization, with a continuous growth in daily active enterprise users. In July, the number of newly posted jobs on our platform increased 15% on a sequential basis. In August, the overall recruitment environment has revived further, with better growth momentum in industries such as new energy, high-end manufacturing, real estate, media, medical and health, as well as positions including sales and marketing that usually implies business expansion. 蓝领，尤其是服务业蓝领展现了较强的复苏态势。服务业在八月前两周的环比七月的后两周，新增发布的职位数量上涨超过20%。 Among all the industries, the blue-collar sector has shown a relatively more robust growth trend, especially in the urban service sector. The number of job postings in the urban service industry during the first two weeks of August increased more than 20% on a sequential basis. 针对近期大量应届生的求职需求，我们联合企业客户开展各种各样的专场招聘会。我们参与了中央电视台新闻频道主办的《职位你来》直播带岗公益行动等，为应届生创造更多的岗位供应。 As for the recent job hunting needs of a large number of fresh graduates, we made a great effort to create more job opportunities for them, including holding various online job fairs through cooperating with our enterprise customers and participating in the live broadcast "Job for You" initiated by CCTV News channel. 同时，对一些学生的暑期临时就业、兼职等等需求，我们在算法策略上做了调整，挖掘更多潜在能够接受短期兼职的岗位，来改善这些用户的使用体验和收获。 Furthermore, for those college students looking for summer internship and part-time jobs, we explored more potential opportunities on our platform that may accept short-term employment by utilizing our optimized recommendation algorithm to improve their experience and achievements. 2022年，我们生存的地球，无论在自然环境还是在人类生活，都面临一些严峻的挑战。全球许多地区出现极端高温天气，欧洲塞尔维亚的多瑙河和中国江西的鄱阳湖都出现了罕见的低水位。持续两年半的疫情仍在带来不确定性。 In 2022, the earth we inhabit has faced severe challenges, afflicting both the natural environment and the lives of human beings. Extreme high temperatures have swept many parts of the world, with water levels dipping to rare and historical lows in the Danube River in Serbia, Europe, and the Poyang Lake in Jiangxi, China. The COVID-19 impact, which has persisted for 2.5 y ears, is still creating uncertainties for all of us. 但是，如果我们把当下放在更长的历史河流中，就可以更全面地理解这种变化的周期性和进化的规律。并且越是在困难的时候，就越应该相信普通人的力量，也越能够检验我们所做的事情的价值。 However, by considering the present in the context of the longer river of history, we may be able to more fully understand the periodicity of these changes as well as the laws of evolution. The more difficult times are, the more deeply we should believe in the strength of ordinary people and the greater the opportunity to test and prove the value of what we do. There is one number I would like to share with you. In July, job seekers and recruiters on our platform completes more than 110 million times of resume exchanging following their one-on-one confirmation of initial intentions. Many of these people have since been able to find jobs, support their families, and fulfill their dreams. These achievements has convinced me and more than 5,000 employees that our efforts must be worthwhile. In July, our team of over 5,000 employees worked 100,000 days in aggregate, which means that each of us helped 100 people each day on average. Some ordinary people helping other ordinary people along life's journey. By leveraging the power of technology and the market, we, the few, can do such important things for so many others. This eases our minds, lifts up our spirits, and make us incredibly proud of the work we do. With that, I will turn to our CFO, Phil, for the review of our financials. Thank you. Thanks, sorry. Thanks, Jonathan. Hello, everyone. Thank you for joining our earnings calls today. Before I begin, please note that all amounts are in RMB and all comparisons are on a year-on-year basis unless otherwise stated. Despite the macro uncertainties and the resurgence of COVID-19, our total revenues for the quarter decreased slightly by 5% to RMB 1.11 billion year-on-year, mainly due to the revenue decrease from small-sized accounts, partially offset by revenue increases from key accounts and mid-sized accounts, respectively. Calculated cash billings decreased by 32% to RMB 979 million in the quarter, primarily due to the negative impact of COVID-19 outbreak in several top-tier cities, which also are main revenue contributor to our business. Total paid enterprise customers in the past 12 months increased by 5.6% to RMB 3.8 million, while decreased by 7% quarter-over-quarter due to the same reason. However, we believe the decline will be just temporary and expect it to bottom out starting second half this year. Moving on to the cost side. Total operating costs and expenses for the second quarter decreased by 60% year-over-year to RMB 1.04 billion. Excluding share-based compensation, total operating costs and expenses decreased by 4% year-over-year to RMB 892 million in the quarter. Cost of revenues increased by 22% to RMB 174 million, mainly driven by the head count increase in second half last year, especially for security related staff, as well as higher server and bandwidth costs. Our gross margin remained stable at 84%, same as last quarter. Sales and marketing expenses decreased by 25% year-over-year to RMB 400 million in the quarter due to the decline in customer acquisition costs resulting from the reduced marketing activities. Meanwhile, our quarterly MAU held up at healthy level, quarter-over-quarter, up by 5%. R&D expenses increased by 23% year-over-year to RMB 308 million as we continue to invest in hiring R&D related talents. G&A expenses decreased by 90% to RMB 160 million, which was mainly attributable to the one-off share-based compensation expenses related to the issuance of class B ordinary shares to Techwolf Limited, recorded in the second quarter of 2021. Excluding share-based compensation expenses, our G&A expenses increased by 34% year-over-year, resulting from the increase of headcounts. Looking ahead for our overall headcounts budget. With the re-open of user registration and a gradual recovery of recruiting industry, we are confident on our future business growth and we'll continue to invest in critical areas like algorithm, engineers, and high-profile product managers, with other personnel related costs showing more operating leverage. Having said above, at the same time, we will pay attention to our overall HR efficiency. Despite the decrease in revenue, we achieved a net income for RMB 107 million, compared with a net loss of RMB 1.41 billion for the same period last year. Excluding share-based compensation, our adjusted net income for the quarter was RMB 257 million, representing an adjusted net margin of 23%. Once again proved the resilience of our business model. The net cash generated from operating activities was RMB 187 million for this quarter. As of June 30th, 2022, our cash equivalents and short-term investments increased to RMB 13 billion, which will support our sustainable growth in the long term. Before we go into the outlook for the next quarter, I would like to take some time to discuss the difference between our cash revenue and GAAP revenue. Being as a SaaS-alike enterprise service, our business nature is to receive cash payment before starting our service. While GAAP revenue will be recognized later on an accrued basis. As a result, management view cash collections as a main operating metrics, and reflect company's growth momentum in a timely manner following our user growth. For the third quarter, we expect our total cash collections to be around RMB 1.3 billion or RMB 1.22 billion as calculated cash billings, which is after business tax. We expect this cash collection and calculated cash billings with a 25% sequential quarter-over-quarter growth and back to the same level with the third quarter last year. Our GAAP revenue, affected by the lower cash collection from previous four quarters, is estimated to be between RMB 1.15 billion and RMB 1.16 billion, a slight year-on-year decrease of 5.9% to 4.3%. Lastly, we are pleased to be back on track with our user growth being a key business driver. We expect the good trends we witnessed recently to continue in following quarters this year. No matter how the external environment changes, we believe that our superior user experience and efficient business model will drive the continued growth of our user scale and further strengthen our monetization capabilities. We are confident in our long-term development. With that concludes our prepared remarks. Now, we would like to answer questions. Operator, please go ahead. Thank you. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. Once again, if you wish to ask a question, please slowly press star one and one. Just one moment, while we compile the Q&A queue. We will now take the next question. The first question. Please stand by. It comes from the line of Timothy Zhao from Goldman Sachs. Please go ahead. Your line is open. 那我们其实也测了一些直播的功能，那想请教一下我们的这边的直播和短视频平台有什么不同，然后我们之后在直播这边的货币化的策略会怎么样？那我很快翻译一下。 Thank you very much for taking my question. I have two questions. First question will be on sales marketing expenses in the second half this year. Could management share our strategy in how to acquire and retain customers and what is our strategic focus in customer acquisition and how should we look at the sales marketing expenses versus the pace of customer acquisition in the second half? Secondly is about live streaming recruitment. Could management share some outlook or some thoughts about how live streaming can play the role in the recruitment industry, especially in the entry level white collar and blue collar? How is our live streaming different, from other platforms in terms of the format or monetization? Thank you. 好，多谢你的问题。下半年的话，我们从获客的角度，我觉得就是也不会花特别过分的钱去获客，因为今年我们是从六月底开始有恢复新增用户，所以我们对于下半年的想法大概有差不多在两千五百万个完善用户这样的一个追求，然后我们在一个正常的市场开销下，应该可以实现这个追求。从收入的取得上，我觉得也是一个逐步恢复的过程，因为有一年的时间没有新的客户，所以的话，七月份八月份有一些新的客户进来，我觉得这个也是需要一个恢复的过程，所以我们也觉得可以实现，就市场的预期，我们应该还是可以实现的，但我觉得还是不会做特别花钱的事情去买收入、买用户这种事情不会做。这是一个问题。另外一个就是你关心的对初级白领跟蓝领的直播招聘这个事的看法。我以前也没有在公开场合说过我的看法，那我今天说一下吧。我觉得它在本质上是一个一对多的模式，这个一就是招聘方，这个多就是求职方，这个本质在职位发布的web年代就是这样的，就是发了一个职位，但是它是一个进步。为什么呢？因为它可以更多地展示这个招聘方的特点，并且有一些有选择性的互动，求职者方也可以问点问题，但是总体我认为它是一对多的模式。那么从特定的岗位和特定的品牌，岗位呢，就是可能通用性强，人才供给也比较多，特定的品牌就是这个企业的品牌号召力还可以，所以大家愿意去投简历，我觉得是有效的。然而从未来看，我有一个大胆的预言，我觉得一个招聘者对一个求职者这种沟通应该是更符合求职者供给日益不足，也更符合招聘者跟求职者之间的交流，是通过以推荐为基础的技术去交流，也更符合双方更加平等地了解彼此的意愿。所以我大胆地预见，几年之后，这种一对一的这种交流模式应该还是主流，我们可以拭目以待。 Okay, thank you for your question. Regarding your first question, on marketing expenses, we are, first of all, in July, we haven't spent too much, or more than June compared with June on marketing expenses. But overall we are expecting more than 25 million newly verified users in the later half of this year, and we are expecting to achieve that under a normal marketing expense or input. In terms of our revenue, we are seeing gradual recovery from July and August, we are seeing a better recovery trend. We are confident that we can meet the market expectation with what we promised in our earnings and what we just discussed. But we will achieve that on a very reasonable expenses. We won't spend extra money to buy users or to buy our revenue. Regarding your second question, for live streaming on recruitment, on recruiting industry, I have not discuss the matter in detail in the past, but I would like to take your questions now. Because it's actually one person with multiple person pattern, and this pattern has been existing since the web age, and now it increased in the form of live streaming. On the one versus multiple pattern, the one means the recruiter, and the multiple person means the job seeker. I believe that will be effective for certain jobs which has a common requirement for people and certain brand which has a very high branding reputation. I will give you my prediction that in the future, one on one communication will be more suitable according to the recruitment industry trend, which is the job seeker will be more and more precious and rare in future. Technology based on recommendation will be more used and preferred under that circumstances which the recruiters and the job seekers need to have a mutual consent, and they need to agree on both each other to have a successful hiring. That's my opinion regarding the live streaming. I'll add one point regarding the marketing expenses. Since the resumption of the user registration, in most of the time in July, we did not spend actual money, marketing dollars, in July, but we achieved a very healthy new user registration numbers, in July and early August. When we talk most of the time in July, we did not spend actual money, marketing dollars, intended to spend our money. We would like to consider the overall efficiency as an important criteria. Our key message is that we would like to spend money wisely, and we won't overspend money in the second half. Thank you. That's very clear. Thank you. Once again, as a reminder, if you wish to ask a question, please slowly press star one and one. We will now take the next question. Please stand by. It comes from the line of Wei Xiong from UBS. Please go ahead. Your line is open. 谢谢。赵总与各位媒体晚上好。感谢管理层接受我的提问，我也有两个问题想请教一下。第一个是关于咱们就是重启用户增长之后的趋势，因为我想就是受现在这个宏观的影响，咱们刚开始重启这个用户增长的时候，求职者的增速可能会比企业端的这个用户增速要快。那就想请教一下，进入到八月，咱们是否看到这种趋势还在继续？那如果宏观环境就是继续保持现在这个疲软的状况的话，我们有什么策略能够加速企业用户端的这个增长，还有他们的付费转化。那第二个也是关于咱们在蓝领招聘的这块业务，就想请管理层再帮我们回顾一下，就是咱们在这个业务方面一些近期和长期的战略目标。那么如果咱们明后年想要实现这个业务的快速增长的话，需要蓝领在用户和收入方面的贡献大概做到什么水平？那我也很快自己翻译一下。 Thank you management for taking my questions. My first question is around the user growth trends post the resumption of user registration. So it seems like when we first started to resume user growth, the job seeker growth is faster than the enterprise user growth. Have we seen similar trends when we enter into the August month? What's our strategy to accelerate the growth of enterprise users as well as the conversion of paying users? Second, just on the blue-collar recruitment, what are near-term and long-term strategy and goals for this business? If we want to achieve a rapid growth in the business for the next few years, what's the contribution from blue collar in terms of users and revenue could be? Thank you. 好，谢谢你的问题。对，我觉得您很敏锐地分析到，在我们恢复用户注册之后，应该是C端用户回来的速度会比较快。这个您的分析非常的准确。然后这个现象呢，也确实如您所聊，在当前这个情况下，可能是出来招人的人会比较少，我觉得您的分析也是很准确的。根据这个问题呢，我来讲两个事儿，一个就是我们实际上，从七月份八月份的情况来看，招聘者的情况恢复得就还可以。比如说七月份的新职位的增加15%，而发布新职位的招聘者的人数上涨在23%。就是人是先回来的，看一看，然后发一个职位，发两个职位，这是一个复苏的迹象。另外一个就是说，当平台出现B/C比可能有问题的时候，毕竟有一个月三四千万人这个水平了，所以我们还是有余地做一些生态上的调节，这儿找一找，那儿找一找，尽量让更多的人要么是在收获上满意，要么短期在感受上能够好一些，不要太焦虑。所以的话，我们还是可以看到，没有那么难受。这是关于这个问题。 Okay, thank you for your question. About your first question that you are quite smart and sensitive to have noticed that at current state or at the beginning of our user registration opens, the job seekers were coming back sooner. Under current macro environment, there will be relatively less people who want to hire people. Actually from the trend of July and early August, we have witnessed that the recovery of our enterprise users are quite decent. As we just discussed, the newly posted jobs in July have increased by 15%, compared to June. The enterprise users number who have posted those jobs increased by 23%, which is a clear recovery trend and indicator. In terms of the relatively higher ratio of job seekers to enterprise users, because we already have a quite large user pool, we are capable to adjust our ecosystem through our technology to make people feel better in terms of both their user experience and their achievements. That's for your first question. 然后您的第二个问题关于如果明后年想追求一个快速增长的话，蓝领在这个其中应该在一个什么样的比例？这是一个非常detail的一个计划。那么我想回答您呢，可能是这样一个角度，首先我们现在的总用户规模求职者就一个多亿人，然后我们在过往十二个月当中呢，付费的招聘者的数量大约就是在四百万人，而在这个四百万人当中呢，白领的这个招聘者，还有我们在一亿多用户中白领的求职者还是占多数的。那么尤其是从这个四百万个左右的付费的招聘者的角度来看，在白领的这个市场的渗透率是很低的，并不是一个很高的渗透率。所以的话，实际上我们还没有到说，就是要依靠蓝领的用户和蓝领的这个行业的增长，才能够支撑我们明后年发展这样一个地步，我们在战略上不是这样考虑的。那么白领在一二线城市和三四线城市以及不同行业的进一步做更多的服务和渗透，是我们仍然可以看较长时间的一件事情，这是我的关于你第二个问题的前半个回答。 Okay. For your second question regarding how can we achieve a quick growth recovery for next year and the year after that, and what's the contribution of our blue-collar revenue? That's a quite detailed plan you're asking. I can answer you for this. Currently, we have accumulated users of around 100 million, and our last twelve months paid enterprise customer number is around 10 million, and which is a very relatively small portion, and which means that even the white-collar users, our paid user penetration rate is still quite low, and we are far from relying on the blue-collar revenue to support our growth. That's not our view on our strategic point. We can see that we still have quite a huge growth potential in terms of white-collar users, either more lower-tier cities and further penetrate into more diversified industries and et cetera. That's my first half answer to your question. 关于服务蓝领用户并在蓝领服务当中取得收入的增长战略，我们的优先级上还首先是一个能够尽平台的力量去进行一个生态环境的净化和治理这样一件事情，仍然是我们的第一优先级。如果我们在完成一个生态环境的优化、净化和治理之前，过度追求用户数量的增长，甚至于想这个赚钱想早了的话，我们就难免会踩到一个泥潭当中去。也就是说，其实，蓝领这个市场用户对于互联网平台的信任是比较低的，这里面的交易的诚信度是比较低的，交易的摩擦是比较高的。我们先还是要净化环境，也就是我们每次会讲到的海螺计划。在这个基础上，我们再来思考收入的事情。 About our strategy for the blue-collar growth. First of all, currently we are still focusing on to make our ecosystem better, which is to continue as priority, which is to continue to regulate all those blue-collar intermediary agencies before we can pursue a meaningful revenue growth. If we do our monetization too early, we will step into a potential trap which has been existing in the blue-collar industry for quite a long time, where the users have low trust with the platform, and there are a lot of frictions for each transaction. We need to clear the environment first, and that's what we have been talking about the Conch Project so many times on the basis of that, we will then grow our revenue. 好，这是我的回答。谢谢你。 That's my answer. Thank you. Thank you. We will now take the next question. The next question comes from the line of Natalie Wu. Please go ahead. Your line is open. 晚上好，谢谢赵总、李彪和文蓓接受我的提问。也恭喜咱们稳健的业绩已重新恢复增长，希望一切都尽快恢复正常。我主要有两个问题，第一个的话就还是想问一下咱们的雇主方面的数量的展望吧。其实在Q2的财报上头的话，我们看到有公布这个十二个月的付费的结束，这个比起一季度的410万是下滑到了360万。想问一下这个下滑跟疫情的关系有多少，以及除了这个疫情里头的lockdown外的这个宏观经济的关系有多少？目前看到的恢复的趋势，就这个付费数量上头的恢复的趋势如何？例如说六月、七月以及八月到现在为止。咱们刚刚也提到了，就是七月份新职位的增长，有15%的月环比的增长。想问一下，这个付费招聘者的数量比这个数字是多还是少？好，这是第一个问题。那第二个的话就想了解一下咱们这个最新的付费客户的行业占比的情况。第一个是想看看我们的分项划做得如何。第二呢，也想看看咱们，就现在包括互联网、房地产这两个行业的占比还有多少。也想了解一下这个咱们最近涨得快的行业都有哪些，相应的贡献如何。 To management for taking my question, and congratulations on quarterly results and resumption of the user registration. Hope all come back to normal soon. I have two questions. The first one is regarding the 12 months total paid enterprise customers decline, which is, the number declined to 3.6 million from 4.1 million in the first quarter. We just wondering how much of the decline could be attributable to pandemic lockdown, and how much is related with the non-lockdown macro issues, including real estate related stuff. Could you also share with us the change of this metric in June, July and August so that we can get a better sense? You've mentioned the 15% new positions month-over-month growth in July. Just wondering is that the similar growth for the paid enterprise customer number as well? My second question is related with the industry mix, regarding the current paying enterprise customers. We're just wondering which industries you've witnessed with the highest growth recently and the related contribution, and also the internet and real estate related paying enterprises' customers contribution, what's the latest number? Thank you. Okay, thank you, Natalie Wu, for the question. I'll answer your first question regarding the paid enterprise users decline. If you look at the paid enterprise users versus the overall verified enterprise users, the paying ratio in second quarter showed a little bit decrease. Maybe you understand a little bit as our paying ratio dropped in the quarter, but the real situation was not that like that. Basically our paying ratio with the online I mean the active business users, online enterprise users, that paying ratio was quite stable in the past, you know, most of the time. The drop of the second quarter paid enterprise user mainly because of the total online or active business users in second quarter dropped. That you know that's the overall paid enterprise customers dropped, that number dropped. In the second quarter, you know, because of the COVID outbreak, some enterprise users, they didn't show up on platform. But meanwhile, because of we were under cyber security review and we cannot grow our new users, that means no business users can be added onto our platform. Because of that, online business users on our platform dropped, but the paying ratio was you know relatively stable. That caused the overall paid you know customers in second quarter dropped. I think the main reason should be the COVID outbreak, and partially you know impacted with the new user registration. That's our you know situation for the second quarter paid enterprise users drop. After second quarter, starting from like June 29th, we were able to grow new users and around that time the total active like online business users was at the lowest level because in the past nearly four quarters we were, you know, we cannot grow new users. That means at the beginning of July, online business users the overall number was at lowest level. Starting from that point on, you know, day by day, week by week, we witnessed business user growth. Especially after middle of July, we see acceleration of business users and in the first two weeks of August, we see further accelerated growth. That means as base of our paid enterprise users, as I just mentioned, the overall paying ratio is quite stable and along with the increase of online or active business users growth. Our paid enterprise users starting from July and August, you know grow as well, and that trend was quite healthy recently. We are very confident that in next quarter and even in following quarters, we would like to see the trends to continue and that can help to you know let us achieve a better revenue growth in the probably like the third quarter and even fourth quarter. That's the situation of the business side growth recently. Hi, Natalie。我回答你第二个问题，就是从用户恢复的情况看，特别说B端的情况，是招聘端的情况，在行业上的一个状况。七月份以来，互联网领域技术公司这样一个领域的我们叫恢复性的增长，与整个大盘是一致的。然后蓝领这个行业的恢复非常快速，包括像城市服务业，像生产制造、物流等等行业，它的恢复的关键词就是快速。其中那个城市服务业还比较值得关注，我们原来也有比较多的B端跟C端用户，所以它的快速恢复、快速增长，使得这个领域的循环生态更加的良性。 Okay. I will answer your second question regarding the recovery trend in different industries. First of all, for Internet sector, the whole Internet sector, the recovery trend is in line with our overall growth with our overall growth. We have witnessed much faster recovery pace for the blue collar users like manufacturing sector, like logistics, and especially for urban service sector, which is worth focusing on because we have a certain large portion of blue collar users are in the urban service sector, and we saw that the momentum has accumulated in this subsector is quite healthy and will continue to help our ecosystem to expand. 一些新兴的行业，像新能源，像包括新能源汽车，然后像医疗健康，还有就是硬件电子领域是有较快的增长。有些传统的行业我们也还是说它是恢复吧，像地产行业，还有消费领域，它的恢复比较明显。以上就是我看到的关于，从 industry 的角度看，我们在 B 端用户，最近的一个状况。 Some other emerging industries like new energy, like electric vehicle, like healthcare and high-end electronic manufacturing, we have witnessed a better growth. For a traditional industry, we can use the word recovery like real estate and consumer. That's our view in the industry trend of the enterprise customer side. Yeah. That's all. Thank you. Yeah. Please go ahead. We'll now take the next question. One moment please. And it comes from the line, Tian Hou from TH Capital. Please go ahead. Your line is open. Phil、文蓓、赵总好。问一个比较宏观的问题。其实我看招聘行业，它跟整体的宏观的关系比较大，比较周期性。那么因为在我们的平台上，有B端，有C端，收钱呢是在B端，但是服务的对象应当是两边都要服务嘛，那现在出现这种就是C端和B端的一个不平衡。那么赵总这边有没有想过说要做一些什么其他的业务，给C端更多的一些增值的服务。因为除了心理安慰，除了找到工作，可能在找到工作之前还有一些其他事情可以做。那现在市场有这些需求，不知道公司有没有一些什么其他的业务扩张的想法，那我就稍微自己插言一下。 It's a much bigger picture question. You know, when we look at the market, the job market is much more related to the cycle of the economy. If we look at today, it's economy is in the downturn and we have this business-to-consumer ratio is imbalanced. At this point, beyond finding a job for, you know, for the job seeker and to give them comfort, I wonder what else company can do to add value to those, job seeker's life. Does the company have any, you know, plan for some kind of a business expansion? Thank you. 好，谢谢你的问题。我们公司坚信的一个事儿，我们用科学技术的力量去服务于人的发展，现在我们focus在人的职业发展上，这是我们这几千人目前这段时间相信的事儿，也是我们的focus。 Thank you for your question. I would like to explain to you for something we have firm belief in, which is to utilize the power of technology to serve the development of human being. Currently, we are focusing on the career development of people, and that's what 5,000 employees of People are doing. 但是在当前这样一个阶段，我们的技术力量、技术投入虽然也比较大了，但毕竟还是能力有限，我们还是愿意集中时间、精力、注意力在帮助求职者解决他的刚需这件事情上去做努力。实际上我们还是有不少事情可以做的。比如说，今年新毕业的这一千零七十六万大学生，跟所有的大学生刚毕业一样，很多人其实他不知道，也没有理由知道自己清清楚楚到底要干一个什么样的行业，take一个什么样的role。这个事情就是一个现实。那这个事情怎么办呢？我觉得就是我们用我们的技术力量来调配好，比方说他的专业，然后他的诉求，他的地区跟招聘者之间的这样一个关系，在这个过程中让他在一个逛的过程中逐步弄清楚自己在对面那个招聘者market中的定位是什么。这个事情是他能够走上一个工作岗位先要解决的问题，这个问题还很迫切。 At current stage, even though we have a very large team and heavily invest in technology, we still need to focus our capabilities, and that is to help the job seekers to resolve the most critical things of their job seeking. We still have a lot of things to do on that front. For the 10.76 million fresh graduates this year, majority of them doesn't know what they do or what they can do, what industry they need to try for. That's the reality. We are utilizing all of our technology power to better match their potential potential sectors, potential personal skills and in terms of their area, in terms of their social relationships and et cetera. While they are viewing those potential opportunities on our platform, we will help them to figure out the best kind of jobs that are suitable for them, and that's the most urgent things we need to fix at present. 然后我们会想办法去鼓励招聘者去发愿意招应届生的职位，我们也想办法鼓励招聘者去发，比方说某些二季度某些疫情特别严重的地区，像北京啊，上海啊，吉林啊，我们的方法就是我们把这些地区的很多岗位都免费掉了，就是我们用这样的方法去试图增加岗位的供给，那这个可以说是我们希望对求职者做一些帮助的工作。 We have tried to encourage the recruiters to posting jobs which are available for fresh graduates. Encouraging recruiters to post jobs in those areas with severe COVID-19 outbreak, like Beijing, Shanghai and Jilin. How we achieve that is, we try to turn many of the job postings into free jobs for those areas to increase the job supply, and that can substantially help the job seekers. 然后我们也试图用运营和产品的方法，甚至于给一些补贴，来让更多有经验的职场人为这些 fresh guy 做一个引导，就是你其实能干什么。我们找到了一些 volunteers 去做这个活，来增加这方面的一些价值。 We also try to subsidize, through our operating, through our products. We like for example, we find some volunteering experienced professionals to guide those fresh graduates to find out what they can do. That's how we can improve our value to job seekers. But currently we still on operating basis, but cannot substantially increase our revenue. We are continually exploring that. Maybe until someday, we with more capability and more certainty, we can help a job seeker to secure a job. By that time we might be able to achieve some revenue from that job seekers and that. That's not at the current stage. We're still exploring. Thank you. At this time, I will turn the conference back to Wenbei for any additional or closing remarks. Wenbei? That does conclude our conference for today. Thank you for participating. You may all disconnect.