Good morning, ladies and gentlemen, and thank you for standing by for Dada's third quarter 2023 earnings conference call. At this time, all participants are in a listen-only mode. After the management's prepared remarks, there will be a question and answer session. As a reminder, today's conference is being recorded. I will now turn the meeting over to your host for today's call, Ms. Caroline Dong, Head of Investor Relations for Dada. Please proceed, Caroline. Thank you, operator. Hello, everyone, and thank you for joining our third quarter 2023 earnings conference call. On the call today from Dada, we have Mr. Jeff Huijian He, President, and Mr. Beck Chen, CFO. Mr. He will talk about our operations and company highlights, then Mr. Chen will discuss the financials and guidance. Please kindly note that during the Q&A session, Jeff will answer questions in Chinese, and the consecutive translation will be provided. In case of any discrepancy between the original remarks and the translated version, statements in the original remarks should prevail. Before we begin, I'd like to remind you that this conference call contains forward-looking statements. Please refer to our latest specific forward statement in the earnings press release on our IR website, which applies to this call. Also, during this call, we will discuss certain non-GAAP financial measures. Please also refer to our earnings press release, which contains a reconciliation of Non-GAAP measures to the comparable GAAP measures. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB. It is now my pleasure to introduce our president, Mr. He. Jeff, please go ahead. Thank you, Caroline, and thank you all for joining us today. In the third quarter of 2023, Dada Group sustained its impressive top-line growth, and made further gains in operating efficiency. Our total revenues increased by 20%, and adjusted net margin improved by 11 percentage points year-over-year. I will begin today's presentation with some updates on our cooperation with JD.com and our performance during the Double Eleven shopping festival, followed by operating highlights from our two platforms. I will then hand over to Beck, who will take you through our detailed financial results. First, let's discuss our cooperation with JD.com. In October, Dada Group and JD.com had an on-demand retail industry conference, themed Happiness Within Reach, or 幸 福 三 公 里, and unveiled a five-year action plan in boosting consumption, enable the retailers, and create jobs. Specifically, in the next 5 years, JDDJ and Dada Now aim to facilitate on-demand retail consumption of over 1 trillion RMB, along with our ecosystem partners, drive the digital transformation of more than 2 million brick-and-mortar stores, and cumulatively create over 10 million flexible employee opportunities. This not only demonstrates our strong confidence in the potential of on-demand retail industry, but also our commitment in fulfilling social responsibility. JD.com and us, we are strengthening cooperation to achieve these goals. Next, I'd like to provide some highlights from the result of Double Eleven best shopping festival. For JDDJ, peak day GMV reached an all-time high, and the GMV throughout the promotion grew rapidly, with multiple categories registering triple digit growth, including liquor, mom and baby products, home furnishing and convenience stores. For Dada Now, orders fulfilled on the peak day hit another record high of 15 million, and the total order fulfilled reached 200 million during the promotion period. Let's move on to the operational highlights for our two platforms. Starting with JDDJ, the leading on-demand retail platform in China. In the third quarter, we continued to strengthen and expand our partnerships with retailers and brands, and further enhanced our capabilities in technology innovation. Starting with retailer cooperation. During this quarter, we continued to broaden and deepen our cooperation with retailers to enrich our product offerings. At the end of September, JDDJ has onboarded more than 400,000 retailer stores. In the supermarket category, we added more top supermarket chains to our platform and have now established partnerships with 93 out of the top 100 supermarket chains in China. After we roll out our delivery free waiver campaigns to the majority of supermarkets across the country at the end of July, we saw a lot of increase in user engagement, as evidenced by improvement in both retention rate and the purchase frequency among our users in supermarket category. We also made progress in our cooperation with major convenience stores, store chains. Leading to GMV generated by convenience stores on our platform, growing more than 8x year-on-year. Moving on to the consumer electronics category. In the smartphone subcategory, JDDJ participated in the launch of new Apple products for the fourth consecutive year. After the iPhone 15 series was officially launched for sale in September. Sales in the first two hours increased by 250% compared to the sales during iPhone 14 debut. In addition, Android brands such as Xiaomi, OPPO, and OnePlus also saw rapid growth in the third quarter. For the computer and accessories sub-category, GMV increased by 60% year-over-year. This growth was attributable to our support for new brands, weekend marketing events, and our efforts to explore diverse shopping scenarios. Notably, brands such as Dell, Xiao Tian Cai, XGIMI, experienced significant growth during this quarter. We also continued to make progress in the home appliance and home furnishing category. In the home appliance subcategory, we aim to serve diversified user needs by offering differentiated SKUs and compare them with B2C channels, while offering enhanced experience of one-stop delivery and installation. In this quarter, we established new partnerships with major appliance brands such as Haier and Changhong, and newly onboarded 8,000 home appliance stores onto our platform. As a result, GMV of home appliance merchants grew by 70% year-over-year. The home furnishing subcategory also saw rapid growth, with GMV increasing by nearly three times year-on-year. We established new partnerships with brands such as Nippon Paint, Three Trees, achieving a breakthrough in our offering of painting services. In the pilot category, we recently signed new partnerships with a number of outdoor brands, including Skechers, Peak, as well as underwear brands such as Cosmo Lady, Aimu, and Hongdou, and the luggage brands such as Elle. In the third quarter, GMV of the apparel category increased more than five times year-on-year. For the local category, GMV more than tripled year-on-year in the third quarter, driven by our continuous efforts to improve the supply of core SKUs. Let's talk about JDDJ's progress on deepening cooperation with brands. As a pioneer and leader in auto marketing for brands, in September, we officially launched the Double Ten Billion Brands Plan, which aims to have more than 10 brands achieve sales of more than RMB 1 billion, and establish benchmark brands with sales of more than RMB 10 billion on our platform in 2024. Our brand partner pool kept expanding. Recently, we formed partnerships with leading baijiu brands, including Moutai and Yanghe, being the first on-demand retail platform they collaborated with. We also established a new partnership with select food brands, such as Yanjin Foods, and dairy brands, such as Lechun and Jian'ai. We also continued to enhance our omni-channel auto marketing collaborations with brands, helping them reach users through multiple channels, both on and off JDDJ. Starting in September, we collaborated with brands such as Quaker, Omo, and Magiclean to help them enhance the exposure of innovative offline campaigns, such as dancing competitions. On the final day of the event in Shanghai, Quaker saw a remarkable 200% year-on-year increase in sales, and 58% increase in order volume. Next. I'd like to talk about our technology innovation efforts. For retailers, our omni-channel auto operating system, Haibo, continued to play an important role in improving efficiency. At the end of September, Haibo had been deployed in nearly 12,000 stores. We recently updated the Haibo systems, which allows the store taking function to support additional business scenarios and make inventory counting more efficient through upgraded algorithm logic. Pilot merchants who used this upgraded function saw a 99% job use for taking a normal night. For brands, we further upgraded our marketing technology. In September, we released Hongtu, the first grid-level marketing tool for brands in the on-demand retail industry. To improve their marketing efficiency, through B2C plus O2O omni-channel data analysis, Hongtu helps brands identify marketing opportunities grid by grid in terms of both consumer demand and their supply status, so as to make marketing campaigns more effective. At present, the Hongtu system has been adopted by 10 brands in categories such as FMCG, consumer electronics, and health and wellness. Pilot brands that use the Hongtu solution to manage marketing activities, so their conversion rate increased by 12%, and the average new customer acquisition cost decreased by 37%. I will now turn to Dada Now, China's leading local on-demand delivery platform. In the third quarter, we continued to expand our delivery capacity, with quarterly active rider on the Dada Now platform increasing more than 20 year-on-year. I will first discuss our KA merchants business. In the third quarter, the growth rate of our revenue from on-demand delivery services to KA merchants accelerated to 25 year-on-year. In particular, revenue from beverage KA continued to grow rapidly by high double-digit rate. In addition, in the restaurant KA category, we recently formed new partnerships with restaurant chains, such as Jiyu and Tastien, while strengthening cooperation with leading brands among our existing partners. Moving on to our SME and the C2C business. Thanks to a wider variety of services selections, the number of SME and the C2C orders fulfilled in the third quarter increased by 40 year-on-year. Lastly, an update on Dada Now's autonomous delivery service. We continue to consolidate our positioning as the largest autonomous delivery platform for supermarkets in China. To date, Dada Now's autonomous delivery open platform has fulfilled more than 200,000 on-demand delivery orders for supermarkets. That concludes our operation updates for our two platforms. To wrap up, we delivered another strong quarter of financial results with solid growth in revenue and significant year-on-year improvement in our bottom line. Along with the continuous improvement in business performance, we believe our model also creates unique social value. Therefore, we set forth the five-year plan surrounding consumption, digitalization, and employment, which is in line with our strategy to realize health growth in a well-rounded community consisting of consumers, retailers, brand owners, and the like others. We will continue to execute this strategy to drive sustainable returns for shareholders. I will now pass the call over to Beck to go through our financial results. Thank you. Thanks, Jeff. Before we go over the numbers, just a few housekeeping items in advance. We believe year-over-year comparisons are the most useful way to judge our performance. Therefore, all percentage changes I'm going to give will be on a year-over-year basis, and all figures are in the renminbi, unless otherwise noted. The total net revenue in the third quarter increased by 20% to RMB 2.9 billion. Net revenues from Dada Now increased by 29% to RMB 1.1 billion, mainly driven by the increases in order volume of intracity delivery services to chain merchants. Net revenues from JDDJ increased by 16% to RMB 1.8 billion, mainly due to the increase in GMV. The increase in online marketing services revenue as a result of the increasing promotional activities also contributed to the revenue growth of JDDJ. Moving over to the expenses side, operations and support costs were RMB 2 billion. The increase was primarily due to an increase in rider costs as a result of increasing all the volume for intracity delivery services provided to various chain merchants. Selling and marketing expenses decreased to RMB 1 billion, primarily due to a decrease in advertising and marketing expenses and a decrease in incentives given to JDDJ consumers. G&A expenses decreased to RMB 29 million as a result of decreased amortization of business cooperation agreement and a non-compete commitment related with the acquisition of JDDJ in 2016, which was substantially amortized as of June thirtieth, 2023, and reduced the share-based compensation expenses as well as efficient expense control measures. R&D expenses decreased to RMB 94 million, mainly due to lower R&D professional costs as we enhance our operating efficiencies. Non-GAAP net loss attributable to ordinary shareholders of Dada was RMB 9 million, a significant improvement compared with the loss of RMB 270 million in the third quarter of 2022. Non-GAAP net loss margin was 0.3%, improving by 11 percentage points year-over-year. As of September 30, 2023, we had RMB 4.4 billion in cash, cash equivalents, is restricted cash and short-term investments, achieving an increase as compared with the balance as of the end of 2022. In terms of the outlook for the fourth quarter of 2023, we expect total revenue to be between RMB 3 billion and RMB 3.3 billion, representing a year-over-year growth rate of 12% to 23.3%. This concludes our prepared remarks. Operator, we are now ready to begin the Q&A session. Thank you. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Ronald Keung with Goldman Sachs. Please go ahead. Okay, thank you for taking my question, and thank you, Jeff, Beck and Caroline. So my first question is on how we're seeing the recent trends of growth in Singles Day, and based on your fourth quarter guidance, the sequential, slightly slower year-on-year growth. Do we see what are the drivers of our growth, and how should we think about next year, along the consumption trends, on discretionary or for on-demand products? Then my second question is on our cooperation with JD. With the JD rebalancing kind of traffic, the ten billion subsidy program and three P, just how has the cooperation been? And do we see any change in the JD traffic allocation to ourselves and any updates on the cooperation? Let me translate myself. 谢谢管理层。那我有两个提问，第一呢，就是我们最近双十一的情况，怎么，然后也看到四季度的这个，增长，可能在放缓一些，那我们能看到的这个消费，的情况，还有我们对这种品类啊，即时配送这种，我们怎么看这个明年，在宏观环境下我们的一个增长。第二就想听一下我们跟京东的这个合作，那京东今年也把不同的有些调整，包括1P、3P，那这个对我们跟京东这边合作，有没有更多更新？谢谢。 好。首先是关于第一个问题，关于这个双十一，我来整体说一下这个双十一前后的情况。整个双十一档期还是相对比较长的，就是啊，从十月的这个中下旬就开始。那从十月份的前三个礼拜来看呢，这个整个超市包括3C品类的增速呢，都相对比较疲软。那一是由于用户呢，外出的场景比较多，对超市品类的即时零售的这个消费频次有所下降。其次呢，是由于部分的手机品牌的需要呢，是不尽人意的。谢谢，你先翻译。 Thank you for your question, Ronald. I'll first give you a brief update on the overall performance of our Double Eleven shopping festival. As we all know, it's quite a long event, starting from mid to late October and running all the way through mid November. So during the first three weeks of October, growth of both the supermarket and the consumer electronics categories were on the softer side due to two factors: A, an increase in our outdoor and traveling demand affected the purchasing frequency of our supermarkets category to some extent. And B, demand for some smartphone brands was not as strong as we had expected. 那在整个双十一的这个峰值的活动期间呢，我们看到了，增速呢也不错的反弹，尤其在超市品类。这些反弹主要得益于我们在小时达的基础上，提升价值等因素的这个强化。我们整个双十一的这- During the Double Eleven shopping festival, however, we've seen a decent recovery in growth rate, especially of the supermarket category, primarily thanks to our efforts in prioritizing value and the customer savings on top of the convenience of one-hour delivery that we provide. On Double Eleven that day, we also created this historical peak value, especially in the supermarket category, there is very good growth. On the peak day of November eleven, we made a historic breakthrough, especially where we've seen a decent growth for the supermarket category. 从宏观的消费环境来看，我们觉得消费市场还处于恢复阶段。那同时，在整体的消费市场中，住宿、餐饮、文化、旅游等这个消费专注呢，持续快于商品消费，啊，且旅游等外出服务消费场景，即时零售的这个适备度是不高的。谢谢。 Overall, the consumption market is recovering. Delving into different categories, however, spending and services, including dining and accommodation, entertainment and tourism, continue to outpace the spending in physical goods. In addition, the need for on-demand retail is less prominent in outdoor scenarios for service consumption. 以我们目前看到这个消费趋势，啊，我们会继续专注于巩固供给的优势，优化用户体验，对于O2O这个长期的渗透，我们是提升是保持这个乐观，并且，啊，为此做好准备。 In light of these trends, we will continue to focus on consolidating our strength on the supply side and optimizing the user experience, so as to position ourselves for the increase in O2O penetration in the long term, and a trend about which we are highly optimistic. Thank you. 更新一下我们跟京东的一些合作的具体的一些进展。整个third quarter这个季度，我们持续地渗透京东用户，third quarter小时达的用户同比增长近40%。谢谢。 So, to provide you with an update on our cooperation with JD.com, both JDDJ and Dada Now continued to strengthen our cooperation with JD during the quarter... Starting with JDDJ. First, we continued to penetrate JD's user base with the number of Xiaoshida users in the third quarter, increasing by close to 40% year-over-year. 我们的流量增长会，高于这个用户增长。那在流量入口方面呢，我们持续地打通了京东的全站资源。那目前LBS特征呢，正在逐渐地整合到百亿补贴，秒杀等京东大的营销场景中，使得小京东商家有更多机会获得增量的曝光。 Our traffic growth on JD has been outpacing our user growth as we gained access to new entry points on the JD app. For example, the LBS feature is now being gradually integrated into the 10 billion subsidy and flash sales channels, which enables our merchants to generate incremental exposure. 在搜索方面呢，近期我们跟京东正在测试，在生鲜、重货物等品类，给予O2O更多的流量倾斜，在希望提升用户体验的同时优化效率。 Apart from the incremental touchpoint we've gained, we are also making progress in the existing user interfaces. In terms of the search results, for example, recently, JD.com has been testing to prioritize audio products and categories, including fresh produce and heavy and bulky items, so as to enhance user experience while improving efficiency. 那小诗达Tab方面，我们协同京东产研团队，进一步对页面进行了改版和优化，推动了DAU大幅增长，并且持续推进了点击率优化及客单价的提升。 In terms of the Xiaoshida tab, previously known as the Nearby Fujin tab, we have refined the page design together with JD's product development team to drive significant DAU growth. At the same time, we are pushing forward the continuous increase in conversion rate and AOV. 我知道大家比较关心京东的流量分配机制，包括刚才问到的3P啊，低价等的影响，这里我也统一的说明一下。 Now, I'd like to share some observations and thoughts on the impact of JD's changing algorithm on the JDDJ platform. 我们相信呢，小诗达不仅为京东的消费者提供优质的商品和更快捷便携的配送服务，还能够基于零售商供应链的优势，提供有竞争力的价格，从而在产品、价格、服务三个维度中占尽一席之地。因此，京东流量分配机制、机制的变化，长期来说，其实是有利于小诗达的发展。 We believe our Xiaoshida service not only provides JD users with high quality products and faster delivery, but also competitive prices that stem from our retail partners' strength in the supply chain. Therefore, Xiaoshida is able to provide a better user experience in all three dimensions of products, prices, and services. As a result, we believe JD's new traffic allocation mechanism will benefit Xiaoshida's growth in the long term. 那，Xiaoshida他们在产品质量和丰富度，以及配送服务时效上的优势是非常明显的。因此我想重点跟大家说一下，这个在价格上的竞争力。 Xiaoshida's advantage in terms of product quality and diversity, as well as delivery speediness, is self-evident. So I would like to elaborate more on the price competitiveness of our Xiaoshida service. 那，我们合作的连锁商家，在线下呢，深耕多年了，他们通常已经建立了强大的供应链能力，能够提供给消费者高性价比的商品，比如我们之前说的生鲜、重物、抛物等等，这些都比较显著。 With years of experience in offline retail, the chain merchants we are cooperating with usually have already built strong supply chain capabilities, which enables them to provide consumers with competitive prices, in particular, in product categories such as fresh produce and heavy and bulky items we've just mentioned. 基于以上呢，即使零售的渠道带来的这个增量业务，基本上不需要零售商额外的投入租金和人员费用。在更低费率的基础上，我们商家合作伙伴有更大的空间，在小池达这个业务上让利给消费者，从而提供更高性价比的商品。 In addition, conducting O2O business on top of their existing offline stores requires little incremental rental and personnel costs for retailers. Given the lower selling expense ratio, there is significant room for our retail partners to offer lower prices on the Xiaoshida channel and provide our consumers with more value for money items. Looking at our operational results, since JD began to emphasize the pricing factor in March, our exposure among JD search results has maintained remarkable growth. For example, in third quarter, the daily average search exposure of Xiaoshida supermarket category increased by 50%. In addition, the percentage of highly priced competitive products in Xiaoshida stayed at above 30% during the November eleven shopping festival. A testimony of the overall price competitiveness of our Xiaoshida products. Thank you for your question. The next question comes from Thomas Chong with Jefferies. Please go ahead. Hi, good morning. Thanks, management for taking my questions. My first question is about JDDJ unit economics in third quarter. Can management share about the take rate and the expense ratio for different items? On that front, how should we think about the unit economics as we go into 2024? What are the drivers behind? My second question is about the O2O opportunities in China. As we mentioned in the prepared remarks, the market size is huge, but on the other hand, we also see the competitive landscape is also quite intense as well. So just want to get some thoughts from management about how we think about the landscape in 2024. On that front, what is the long-term direct margin that we are expecting in the coming years? Thank you. 谢谢管理层介绍我的提问。我的第一个问题是关于JDDJ的UE，可以拆分不同item的那个趋势吗。然后如果我们看2024年，JDDJ的unit economics，我们应该从哪个方向看到那个take rate，还有expense ratio的一个改善。我的第二个问题是关于整个行业的竞争格局的。我们看到，local on-demand O2O这个板块也是一个非常大的一个板块。我们应该对明年整个格局或者是competition的一个看法，可以分享一下吗？然后对我们长期的一个direct margin，我们现在的KPI，可以跟大家分享吗？谢谢。 Thank you, Thomas. This is Beck. So I will address your first question, and Jeff can take the second question. So, in terms of the monetization of JDDJ in third quarter, the monetization rate was increased to 10% in third quarter, which is the first time we passed through, like, the 10% threshold historically. And in the same time, our consumer incentives was first decreased to 3.3%, which is either like decreasing on a Q-on-Q basis or year-over-year basis. And in the same time, our operation costs, including rider costs, packing costs, was 4.7%, which is decreased on year-over-year basis, while increased Q-on-Q, basically because seasonality in summer campaign. In terms of, for example, like 2024, the major drivers still, we will keep to increase the commission and online marketing monetizing rate. And in the same time, we will further decrease our consumer incentives expenses, and also operating cost side to further enhance our direct margin on a year-over-year basis. And also in terms of the last question, your second question in terms of long-term margin. So basically, as we have talked about previously, so JDDJ is could be managed to like a traditional e-commerce platform, which is just a localized version. So, in terms of like the operating, operating profit against, GMV generated through the platform, so we are a marketplace model, neutral platform model, so it should be targeted as a 3%, as a percentage of GMV as our, long term operating, non-GAAP operating profit for JDDJ. 好。OK，我来回答一下第二个关于这个市场竞争的这个问题。那，的确这个更多的领先的互联网平台对即时零售业务更加重视呢，也侧面印证了这个行业的这个发展潜力。那我们相信，即时零售行业的增长空间呢，是足够大的，能够支持不同公司在各自的优势领域，去获得快速发展。 I'd like to share some thoughts on your second question about the competitive landscape. The fact that more leading internet companies are prioritizing the on-demand retail business, speaks of its great potential, and we believe the industry can easily accommodate different players to grow vibrantly in their respective areas of strength. 那京东到家在连锁商家侧的供给侧呢，是优势依然十分稳固，那这主要得益于我们开放的中立的定位，以及对零售商的深度的赋能，而其他平台难以短期建立这一生态。在快消品类呢，我们刚才也已经说到，我们已经与百强中的93家达成了合作。在手机、母婴等品类，我们与大部分的头部零售商也建立了深度合作，那这个丰富的用户供给是我们持续吸引并留存用户的基矗。 For JDDJ, firstly, our strength and extensive partnership with chain merchants remains rock solid. This is a result of our positioning as an open and neutral platform, as well as our accumulated know-how and expertise in empowering retailers, various systems and services. Merchant ecosystem we've built is hard to replicate in a short time, by other platforms. For instance, in the supermarket category, we've onboarded 93 out of the top 100 chains in China. In addition, in categories such as smartphones and mom and baby, we've also teamed up with most of the leading chain retailers in China. This abundance of high quality supplies is the basis for us to continuously attract and retain users. 那同时呢，我们京东协同渗透京东用户的潜力，是非常大的。目前互联网平台呢，其实都是在自身的大盘上去培养用户，即时零售的心智。所以我觉得目前相互之间的直接竞争还是有限的，因为京东用户自然就有明确的购物需求，是电商用户，且在商品质量和配送速度上有更高的要求，因此我们相信将京东用户转化为即时零售用户的效率会更高。因此，我们对长期实现50%的京东用户渗透率是保持信心的。 Secondly, we enjoy huge potential in penetrating more of JD's users. Currently, Internet companies are focusing on cultivating the mindset for on-demand retail among their own user base, which means limited head on competition among one another. And since JD's users are inherently purposeful shoppers who demand higher merchandise quality and delivery speed, we believe it's more efficient for us to convert them into on-demand retail consumers, and we remain confident in penetrating 50% of the JD user base in the long run. 那此外呢，在稳定市场份额的基础上，我们其实是高度重视增长和盈利的平衡，实现长期可持续的增长。那通过优化我们的补贴策略，提高配送的效率，提高广线，广告变现的能力，京东到家盈利水平在过去实现持续改善，直至接近盈利。同时呢，基于相对竞争，针对显著更高的客单价和广告变现率，我们相信长期我们是具备更强的盈利能力的。 And thirdly, on top of market share gains, we value sustainable growth by balancing growth and profitability through a combination of efforts in optimizing subsidies, improving delivery efficiency, and increasing online marketing monetization. The profitability of JDDJ has improved significantly in the past few quarters to near break-even. In the long run, we also believe that JDDJ has higher profitability potential compared with other players, in terms of our significantly higher AOV and online marketing monetization rate. Thank you. Thank you. 谢 谢。 The next question comes from Alicia Yap with Citi. Please go ahead. 嗨，晚上好，郭管理层，谢谢接受我的提问。有两个问题，一个是想跟进一下，刚刚管理层有说到，比如说，十月份的前三个星期，就是超市跟一些， 电子品类的一些，这个需求的一个转化，跟双十一期间的一些，改变，就是，就进展。然后我想请教一下，就是说过了双十一之后，这个超市跟，非超市的一些品类的需求有没有一些明显的变化？这个是第一个问题。 然后第二个问题呢，我想，请问一下，就是骑手这边的成本，我们看到就是说这个季度其实是，上涨了不少，是因为，某些KA的一些商家的一些需求，改变了，这个骑手的成本上升呢，还是因为是季节性？然后怎么看四季度，因为，促销活动，而且可能天气的关系，这样我们预计这个骑手的成本是否会更高？我自己翻译一下。Thanks for taking my questions. My first question is, follow up on, management comment regarding the supermarket and, the electronics category, before the Singles Day, the first three weeks of October, and then Singles Days rebound. And so just wondering, what is the demand trend post Singles Day that you're expecting for supermarket and non-supermarket category? And then second question is on the cost of riders. So can I understand, the increase in the cost of riders is related to, this intracity delivery? Is it anything related depending on the type of the chain merchants that you are servicing? And, which specific, you know, order demand during these 3Q that result in the higher rider cost? Do we expect a higher rider cost, into 4Q, given it is a promotional season and potentially colder weather? Thank you. Thank you, Alicia. So listen back, let me address your two questions. So for the first question, so it's just like the weekend, so we finished like the Double Eleven campaign. So still there isn't-- I don't think there is enough time for us to evaluate, like, the just three days daily sales to give you some color or comment for the post-Double Eleven campaigns trend. So in terms of the second question, so about the rider cost, so in terms of the absolute dollar amount of the rider cost, yes, it's increased either on Q-on-Q level or year-over-year level, because the overall trend is still growing robustly, especially our... Then now business is growing by 29%, within which our key accounts business is growing by 25%, as we have discussed before. So this is just the cost. Overall, business is growing. But in terms of like the unit cost as per, like the order level or per journey level, basically is efficient and the same on a year-over-year basis. And in third quarter, basically, because usually it's like the summer season, so it takes more to recruit and retain riders compared to springtime or aut- like the autumn season. So in fourth quarter, we believe on a year-over-year basis or per unit cost for the riders will decrease on a year-over-year basis. Okay, thank you, Beck. The next question comes from Lei Zhang with Bank of America. Please go ahead. Hi, 管理层，早上好，谢谢接受我的提问。我第一个问题是想问一下，我们之前那个就是把运费的门槛降低到这个 RMB 59，最近几个月观察下来，对我们整体有哪些影响呢？然后第二个问题是想请教一下，就是也看到我们双十一也公布了一些可能跟这个直播模式相关的一些，非常不错的一个数，所以想请管理层分享一下我们在整个直播，模式对这个本地生活方面的一些布局的想法吧。啊，谢谢。我自己翻译一下。 Thanks, management, for taking my question. My first question is regarding the impact from our previous lower the threshold for free delivery to RMB 59 in third quarter. Can you share more color on this? Secondly, notice that we have disclosed live streaming related number during Double Eleven. Can you give us more thoughts on how on your movement regarding live streaming model? Thank you. 好的，那个七月底呢，我们的减运的，就是 RMB 50，减运的活动基本上覆盖到所有的超市品类。那我们也发现转化率，复购率有一定程度的提升，同时客单价保持相对稳定。那具体的结果呢，八月份超市品类整体的订单转化率环比七月提升了10个百分点，用户次月留存率也提升了10个百分点，客单价环比则是相对比较稳定。 Thank you for your question. Since the end of July, delivery fee waiver campaign has covered basically all supermarket orders. After that, we found that both conversion rate and repeat purchase rates increased, while AOV remained largely stable. Specifically, in August, compared with July, the overall conversion rate of our supermarket category improved by over 10%, and the next month's retention rate also increased by over 10%, while the AOV was substantially unchanged. Uh. Therefore, thanks to the initiative, the year-over-year growth of our GMV in the supermarket category accelerated in the third quarter of 2023 compared with the second quarter. And the program will be a long-term initiative to improve user experience. Uh. And in terms of the P&L impact, since the cost of delivery fee waiver is shared by us and our merchant partners, the impact on the direct margin of JDDJ is in the dozens of basis points and manageable for us. Uh. To answer your second question about live streaming, yes, we've taken note of the rising popularity of live streaming. During the Singles' Day promotion that just ended, JDDJ launched multiple live streaming events together with merchants and brands in categories including supermarket, consumer electronics, and home appliances. So this was the first time that our frontline operational teams engaged with retailers, engaged with consumers to offer them value for money products deliverable within one hour. And we did see initial results, with some sessions attracting total viewers exceeding 1 million. The total GMV transacted via live streaming grew more than tenfold versus the June 18 promotion. Uh. Overall, we are still in the exploration stage for the live streaming business. We plan to further optimize the process and enhance the product capability to better integrate LBS with live streaming. In the future, we're also going to encourage local merchants on our platform to host regular live streaming sessions, so as to provide our users with more immersive on-demand shopping experience. Thanks for your question. The next question comes from Wei Xiong with UBS. Please go ahead. Hey, my first question is that we see Dada Now revenue growth is outgrowing our JDDJ this quarter. Do we expect that trend to continue in the fourth quarter and next year? And also, the revenue mix shift, how would that impact our margin outlook in the fourth quarter next year as well? And secondly, just housekeeping question. Could management share their GMV mix and AOV trend in this quarter? Thank you. Okay. So, about the first question, so basically, we expect still the two platforms will grow in similar speed in the following quarters or next year. So, for the second question about GMV mix, so the broader supermarket categories accounts for close to 50% of the GMV amount, while the 3C and electronics account for 40% of the total GMV amount. And in terms of the average order value, so in third quarter, the AOV is like 250 RMB. This is like the update for third quarter. Thank you. Again, we have come to the end of our Q&A session. I'll now hand it back to Ms. Caroline Dong for closing remarks. Thank you, operator. In closing, on behalf of Dada's management team, we'd like to thank you for your participation in today's call. If you require any further information, please feel free to reach out to us directly. Thank you for joining us today. This concludes the call. That does conclude our conference for today. Thank you for participating. You may now disconnect.