Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to QuantaSing's Earnings Conference Call. At this time, all participants are in a listen-only mode. We will be hosting a question-and-answer session after management's prepared remarks. Please note that today's event is being recorded. I will now turn the conference over to Ms. Leah Guo, Investor Relations Director of the company. Please go ahead, ma'am. Thank you. Hello, everyone, and welcome to QuantaSing's earnings call for the third quarter of fiscal year 2025. With us today are Mr. Peng Li, our Founder, Chairman, and CEO, and Mr. Tim Xie, our CFO. Mr. Li will provide a business overview for the quarter, then Tim will discuss the financials in more detail. Following their prepared remarks, Mr. Li and Tim will be available for the Q&A session. I will translate for Mr. Li. You can refer to our quarterly financial results on our IR website at irquantasing.com. You can also access a replay of this call on our IR website when it becomes available a few hours after its conclusion. Before we continue, I would like to refer you to our safe harbor statement in our earnings press release, which also applies to this call, as we will be making forward-looking statements. Please note that all members' statements in the following management's prepared remarks are in RMB terms, and we will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported in our earnings release and filings with the SEC. I will now turn the call over to the CEO and founder of QuantaSing, Mr. Li. Okay. Good morning, everyone. Thank you for joining us at Q3 2025 earnings call. I'm pleased to share an update on our performance and strategic direction as we continue our transformation journey. This quarter marked a significant milestone in our evolution. We achieved revenue of RMB 570.7 million. This reflects our ongoing strategic shift from traffic-driven to product-driven business models. More importantly, we completed the consolidation of LICE1 on March 31. This positions us at the forefront of the high-growth pop toy market. I should note that our Q3 results include only balance sheet consolidation from this acquisition. Profit consolidation began on April 1 and will be reflected in our Q4 results. Before I discuss our existing new venture, let me update you about our existing businesses. They continue to demonstrate the strength of our disciplined approach to growth. We maintain strict ROI assessments across all results allocation decisions. This ensures we invest promptly in promising opportunities while maintaining financial discipline. In our financial literacy program, our offerings remain well received by users. We expanded our community outreach with three major financial anti-fraud education initiatives this quarter. These programs not only fulfill our social responsibility commitments but also strengthen our brand presence among the general public and broader society. Our senior-focused recreation and leisure courses continue to excel with strong retention rates. Particularly noteworthy is our calligraphy program, which has achieved repeat purchase rates exceeding 65%. We also developed an innovative combination of online learning and offline graduation trips, successfully delivering our first trip to over 60 participants with a 100% satisfaction rate. Our second cohort of over 50 participants demonstrates the growing demand for this integrated approach. Building on this success, the sixth annual Qianchi Cup calligraphy competition attracts over 800 participants. Selected works were featured at national education events in Beijing's Chaoyang District. Expanding beyond calligraphy, our study tour business now spans 16 cities across four core categories. We delivered over 60 sessions. Early pre-sales for our 2025 tour packages generated a strong initial response. This validates strong market demand for our integrated approach. Meanwhile, our health and wellness product business through Zhi Jiutang continues to deliver stable performance. While serving senior customers with an expanding portfolio of tailored products and services, enhancing our revenue diversification and deepening engagement with the key cohort. Our existing business continues to generate positive cash flow, providing a solid foundation for our strategic expansion. The solid performance in our existing business stems from a fundamental philosophy. This philosophy has guided us throughout our history. We identify promising market opportunities through careful analysis and disciplined execution. Our proven formula combines thorough market evaluation, test-and-scale methodology, and data-driven decision-making. What sets us apart is our commitment to sustainable growth. We build on brand strength and product excellence rather than traffic-driven models. We have true long-term value creation that comes from developing core competencies. These are in product development and brand building. This approach ensures more stable, sustainable growth compared to businesses reliant primarily on marketing expenditures. This disciplined approach has preserved our robust cash position. It enables us to capitalize on strategic opportunities like the LICE1 acquisition while maintaining financial resilience. We continually evaluate all our business lines based on ROI performance and strategic fit. This ensures optimal resource allocation. This brings us to our most significant strategic move this year. Our entry into the pop toy market represents the major evolution of our strategic philosophy. Let me share why this market captured our attention. According to Frost & Sullivan, the global top toy market is massive and is expected to experience steady growth in the future. In terms of GMV, the global toy market grew at a CAGR of 5.2% from RMB 631.2 billion in 2019 to RMB 773.1 billion in 2023, and is expected to further grow at a CAGR of 5.1% to reach RMB 993.7 billion in 2028. The pop toy business exemplifies our product-driven growth strategy with success factors such as premium IP quality, innovative product design, and sustained investment in IP cultivation and operations. When amplified through precision marketing and operational strategies, the fundamentals collectively forge enduring brand loyalty and long-term IP vitality. After careful market evaluation, we identified LICE1 as the ideal platform to enter this high-growth market. What made this partnership so compelling was how LICE1's product development expertise perfectly complements our strengths in market operations. This creates powerful synergies. LICE1 has demonstrated excellence in IP development and avant-garde design intelligence. This perfectly complements our established competencies in marketing and operations ecosystems. Private traffic monetization and omnichannel commercialization together create a complete value chain from IP creation to monetization. I'm pleased to report that we are already seeing promising results since our management team began executing LICE1's growth strategy in December 2024. Let me walk you through our two-pillar approach to building this business. Starting with product excellence and brand development, LICE1 has built strong IP metrics. This features popular characters such as Wakuku, Yu Li, Funini, Feila, and Pidou. Among other distinctive IPs, since our investment in December 2024, we focused on operating IP Wakuku. This was incubated in 2024 and achieved excellent market performance in Q1 2025. The market validation has been remarkable. Our Wakuku Pandada release on March 29th achieved the second-highest single-day sales record in our key distributor partners' Beijing flagship store history. This exceptional performance demonstrated both our market strategy and innovation capabilities. Built on this momentum, the launch of a second generation Wakuku Fuzzy series, the Fox and Bunny Trick or Treat collection on May 11th at key distribution partner locations in Shanghai and Nanjing achieved record-breaking single-day sales at our flagship partner store in Shanghai. This performance highlights our product's strong customer appeal in China's premium urban markets, including major economic hubs and their rapidly developing counterparts. The second online release on May 20th on leading Chinese customer platforms generated immediate purchase momentum with impressive sales figures and sustained growth in user engagement and organic content creation. Wakuku has built breakout cultural momentum through its distinctive design and aesthetic appeal. The brand has earned consolidated endorsements from A-list celebrities. Today, prominent artists, actors, and athletes are showcasing Wakuku products. This approach is driving deep engagement and user-generated content (UGC) across social media platforms. What makes this even more impressive is Wakuku Semi Songs, which has now surpassed RMB 1 billion organic impressions across digital platforms. Yu Li, another significant IP in our portfolio, has made significant strides in establishing itself as a culturally relevant IP through a variety of initiatives, such as partnering with a contemporary luxury women's wear brand to create limited edition within art stores. This was launched through exclusive pop-up events at prestigious locations: Taikoo Li Sanlitun in Beijing and SKP in Xi'an. This collaboration significantly elevated the IP's artistic credentials. Additionally, our groundbreaking blue and white Yu Li series has successfully bridged the gap between heritage and modernity. We first integrated cultural heritage with contemporary design, creating collectibles and lifestyle products that bring traditional craftsmanship to modern customers. Moving to our second pillar, distribution and market expansion, we are implementing a comprehensive omnichannel strategy. We are exploring innovative direct-to-customer retail formats through expansion pop-ups, and I'm excited to share some progress. Our first pop-up store debuted on May 24th at Beijing Chaoyang Joy City, consistently ranked among the capital's most visited shopping destinations. This isn't just a retail place; it's an immersive space that brings together four key elements: cultured IP exhibitions, integrative art installations, exclusive product drops, and social sharing environments. At the same time, we attracted Semi's IP showcase at Beijing Solana Lifestyle Shopping Park. As of our earnings disclosure date, LICE1 has established Semi's sections in key distribution partner stores across multiple core commercial districts nationwide. We've completed product coverage and standardized display pillars in key cities and major commercial areas. We've initially formed a nationwide network of offline consumer touchpoints and brand display presence. Simultaneously, we're enhancing our online capabilities to empower LICE1. Our multi-platform approach now includes self-operated channels on social media platforms, which are driving a strong initial response and encouraging user-generated content engagement. Looking beyond China, we are expanding internationally with new subsidiaries in Indonesia, Thailand, and Malaysia. Our collaboration on June 2 with key distribution partners at their Bangkok flagship store marks a significant step in our global partnership strategy and our first international offline pop-up. In Southeast China, we are partnering with top-tier local influencers, generating buzz and sales through social platforms, which is boosting brand awareness in the region. Moving forward, we will focus on advancing our IP-driven products' international expansion plan to strengthen our presence in global markets and enhance our content and product reach. Our first international collaboration demonstrates both the global appeal of our IP portfolio and our systematic approach to international expansion. I know many of you have questions about potential risks to the long-term viability of the pop toy industry. Let me address the key concerns we are hearing from investors. The reason we are confident in the long-term viability of this industry comes down to fundamental customer behavior shifts. Pop toys have become powerful vehicles for self-expression, particularly among millennials, males, and Gen- Z. The sector has proven resilient, with key players sustaining strong growth even in economic downturns. This stems from the industry's collector-driven model and accessible pricing, which foster lasting engagement. Today's consumers increasingly prioritize emotional value over pure functionality. They are seeking comfort, identity, affirmation, and connection through their purchases, and pop toys deliver exactly that. As we look to the future, Q4 will reflect full consolidation of LICE1's operations, giving a clearer visibility into our combined performance potential. While maintaining steady operations in existing businesses, we are accelerating pop toy business growth through dedicated teams and strategic resource allocation. All of this is guided by consistent ROI tracking to ensure that we maximize returns on every investment. Our proven test-and-scale approach remains key. We expect positive cash flow, though we anticipate some near-term profit volatility as we continue to optimize and scale our options. Beyond all operational strategies and market tactics, what truly matters for long-term success are two key elements: product excellence and brand power. These are essential for fueling sustainable growth and delivering long-term value to shareholders. Thank you for supporting our transformation journey. We are excited about the road ahead, and we'll keep you updated on our progress. I will now turn it over to Tim for a detailed review of our financial results. Thank you, everyone. Thank you. Before I go into the details of our financial results, please note that all amounts are in RMB terms. The reporting period is the third quarter of fiscal year 2025, ending on June 30, 2025. In addition to GAAP measures, we'll also be discussing non-GAAP measures to provide greater clarity on the trends in our actual operations. In March, we completed the acquisition of a 61% equity stake in Shenzhen Yiqi Culture, also known as LICE1, for total cash consideration of RMB 235 million through a multi-step transaction. We began consolidating LICE1's results into our financials starting April 1, and then assets and liabilities have been included at fair value in our consolidated balance sheet as of March 31. Please note that the income statement discussion that follows does not include LICE1's operating results for the quarter. For the third quarter of fiscal year 2025, our total revenues were RMB 570.7 million, representing a 39.6% decrease year over year. This reflects our deliberate approach to business development as we transition from traffic-driven growth to high-quality growth. Among our revenues, individual online learning services generated revenues of RMB 467.2 million, accounting for 81.9% of total revenues. This business line continues to operate effectively, generating steady cash flow that supports our strategic initiatives. Our gross billings from individual online learning services were RMB 515.6 million, representing a decline of 47.5% year over year. We view this as a natural progression during the strategic transformation of our product mix. Revenues from enterprise services were RMB 48.1 million, a decline of 26.1% from a year ago, and representing 8.4% of total revenues. The decline was mainly due to fewer marketing services for enterprise customers. Revenues from our consumer business were RMB 48.7 million, down slightly from RMB 49.4 million a year ago. The slight change was primarily attributable to the decline in Baijiu's revenue, partially offset by a modest increase in products revenue. Finally, revenues from others were RMB 6.7 million, up significantly from RMB 3 million in the same period last year, primarily due to revenue from the company's newly initiated business. Gross profit for the quarter was RMB 474.2 million, with a gross margin of 83.1% compared to 84.6% in the same period last year. This margin change reflects our strategic shift towards more product-focused offerings, which naturally carry a different cost structure. On the operational front, we continue to prioritize effective cost management while investing in our strategic initiatives. Total operating expenses were RMB 441.1 million, a decrease of 45.2% from RMB 804.9 million in the same period last year. To break this down, sales and marketing expenses decreased by 45.8% to RMB 395.2 million, primarily due to reductions in marketing and promotion expenses, labor outsourcing costs, and subcosts. As a percentage of total revenue, non-GAAP sales and marketing expenses, which exclude share-based compensation, decreased to 69.1% from 76.9% a year ago. Research and development expenses declined by 46.2% to RMB 20.9 million, reflecting our focused approach to product development and decreased staff costs. As a percentage of total revenue, non-GAAP R&D expenses, which exclude share-based compensation, decreased to 3.6% from 3.7% a year ago. General and administrative expenses decreased by 31.2% to RMB 25 million, mainly due to lower staff costs and subsequent decline in share-based compensation expenses. As a percentage of total revenue, non-GAAP G&A expenses, which excludes share-based compensation, is 3.9% compared to 3% a year ago. We achieved a net income of RMB 41.1 million, representing a net margin of 7.2% despite the decline in revenues. Our adjusted net income, which excludes share-based compensation, was RMB 37.8 million, representing an adjusted net margin of 6.6%. Basic and diluted net income per share were both RMB 0.25 during the quarter. Adjusted basic and diluted net income per share were both RMB 0.23 during the quarter. Regarding our balance sheet position, as of March 31, 2025, we held RMB 1,134.9 million in cash and cash equivalents, restricted cash, and short-term investments, representing an increase of RMB 108.6 million from RMB 1,022.3 million as of June 30, 2024. This enhanced liquidity position demonstrates our ability to generate cash in this period of transition, and our financial foundation remains robust as we forge ahead with our strategic evolution. Looking ahead, our disciplined capital allocation, strong cash generation capabilities, and ROI-focused assessment methodology provide us with a solid foundation during this transformative phase in our business. As we move into the next quarter, our financials will provide greater visibility into the results of our strategic transformation as we will be consolidating LICE1's operating results for a full quarter period. Our strategic resource allocation away from traffic-driven businesses and improved operational focus give us confidence in our ability to execute. We remain committed to maintaining our robust financial position and transparent communication with our shareholders as we progress in our strategic evolution. That concludes my prepared remarks. Operator, let's open up the call for questions. Thank you. Thank you. We will now begin the question-and-answer session. To ask a question, please press star and one. To withdraw your question, please press star and two. When asking a question in Chinese, please translate your question in English for the convenience of everyone on the call. Please ask one question at a time. Our first question today comes from Michael Kim with Zac. Please go ahead. Great. Good morning and good evening, everyone. Thanks for taking my questions. First, just curious if you could speak a bit more to the strategic vision for LICE1 and just how you plan to leverage the company's marketing expertise to enhance growth going forward. Thanks. Yeah, sure. Thank you for your question. I will answer in Chinese. 自从2020年成立以来，LICE1始终在围绕着全球艺术家的一个挖掘和IP孵化、IP运营、版权的商业化、潮玩的文化推广、关联产业投资等等核心领域来进行布局，致力于成为全球领先的一个IP和文化创新的企业和一家潮流玩具公司。 Okay. Since its launch in 2020, LICE1 has built its presence across global artist discovery, IP incubation and management, copyright commercialization, prompting pop toy culture and related industry investments. Our goal is to become a global leader in IP and cultural innovation, as well as a top player in the pop toy industry. 基于LICE1在潮玩业务方面有坚实的IP和产品的一个基础，以及经过验证的一个运营的方法论，量子之歌会全面地赋能LICE1这家公司来实施接下来的全渠道战略。我们会通过在底层能力的共享，比如我们的创始人和核心高管团队在企业管理的经验、业务运营的方面，尤其是整套业务系统搭建和用户运营方面的经验，来去更好地整合线上线下的这套销售体系，来打造从IP的创作到沉浸式消费体验的一个完整闭环。 Okay. Leveraging LICE1's established IP portfolio and proven operational expertise in pop toys, QuantaSing Group will drive LICE1's omnichannel expansion. We will share our fundamental capabilities, particularly our founding team's expertise in corporate leadership, business operations, digital infrastructure development, and user growth to bridge online and offline retail channels. Our collaboration will establish a complete ecosystem spanning IP development through immersive consumer experiences. 所以这样的协同不光是简单的资源叠加，而是基于量子之歌在成人在线教育这个领域积累的两大核心能力，来去跟潮玩行业进行一个高度的契合。首先是数据驱动的精准营销。我们有成熟的市场营销和品牌运营的能力，可以精准地触达我们的目标群体，打造出品牌声量。其次是社群运营和用户体验。我们的核心团队在过往的业务中积累了非常丰富的社群管理和活跃度提升的经验。通过产品运营、市场等等能力的深度整合，我们相信LICE1能够在潮玩行业实现更加高效的品牌升级和业务增长。 Okay. This collaboration represents modern resource consolidation. It's powered by the QuantaSing Group's two core competencies honed in adult online learning that it translates perfectly into pop toys. First, our data-driven marketing approach lets us precisely target consumers using our proven brand management system, creating comprehensive brand impact. Second, with our extensive community management expertise, we will enhance user experience to drive community engagement and loyalty. Through fully integrating product development, operations, and marketing capabilities, we are confident LICE1 will successfully upgrade its brand, while expanding its business in the pop toy market. 具体来说，在下面几个方面，我们会打造极致的运营能力来达成执行落地的一个成果。第一是IP的原创孵化，打造专属的IP孵化的方法论，有效孵化潮流文化的IP，精准的定位，聚焦创作，高效测试。截至2025年的3月底，我们已经自主孵化跟拥有10个主要的IP。 Okay. To be specific, we will cultivate world-class operational competencies across the following dimensions to ensure flawless execution and tangible business outcomes. The first is our original IP incubation. We've developed a systematic IP cultivation framework and methodology that identifies emerging cultural trends, executes targeted creation development, and implements rapid market validation. This data-informed approach has already yielded 10 distinctive IP assets as of March 2025. 第二点是产品的全域的研发，以潮流的态度为基础，用用户艺术的视角为标准，基于消费者的圈层的需求，打造IP行业的产品力，为IP产品生态的打造做好最重要的一环。第三是构建IP的影响力，基于社交媒体矩阵的搭建和运营，线上线下一体化，多渠道流量的有效使用，创意策略的一个执行，传播资源的整合和使用等等一体化的传播上的闭环。 Okay. Second is holistic product innovation strategy. We merge cutting-edge trend sensibilities with artistic integrity, translating nuanced consumer insights into market-defining IP products, fortifying the cornerstone of our enduring IP ecosystem. Third is our IP influence expansion initiative. We run a smart social network, connect online and offline channels smoothly, and launch creative campaigns, creating a complete promotion loop that keeps our IPs hot and trending. 第四点是打造一个全链路的供应链，优先选择行业里的顶级的工厂，基于跟工厂的伙伴的战略合作来生产高品质的产品，不断地优化我们的供应链的效率和质量，来保障我们的前端需求。最后第五点是深化跟经销商的一个战略合作，同步启动建立我们线下的自营销售网络和线上的自营销售渠道。最后一点是IP和潮玩业务的运营是一个整合闭环，我们会坚持产品为先的一个原则，优化就是我们每个业务环节的一个执行落地，去快速提升LICE1这家公司的整体的经营绩效. Okay. Fourth is end-to-end supply chain optimization. We team up with the best factories in the business, building strong partnerships to build top-quality products. We're always finding ways to speed up production and improve quality so we can keep up with what consumers want. Fifth and finally is our omnichannel growth strategy. We are deepening ties with trusted distributors. We are rolling out our own direct sales channels, both online stalls and physical retail spots, to build a complete flexible sales network. Our IP pop toys business runs as one complete system. We always put products first, constantly improving how we work to quickly boost LICE1's performance and bringing fresh energy into the industry. Okay. That's all for the questions. Thank you. Great. That's very helpful. And then just maybe to follow up, any sense of what the current sales mix for LICE1 looks like just in terms of products, IP channels, or maybe geographies? I'll take your question. Yeah, that's a good question. I think just as mentioned by Matt, our Chairman and CEO just now, as of the end of this quarter, LICE1 has already created 10 original IPs. Since our investment in LICE1 in December last year, we are focusing this year on building two to three standout IP-based pop toy products to establish our brand in the market. We are growing our IP portfolios through continuous in-house development and licensing third-party IPs, constantly upgrading both our product quality and business scale. LICE1 has strong IP development capabilities and well-established partnerships with major pop toy retailers. This year, we are doubling down on these relationships, working closely with key partners to launch hit IP products through co-marketing and joint operations. This approach will boost both brand recognition and sales performance this year. We are rapidly expanding our pop toy IP lineup while building our own retail network, both online and offline. Our successful pop-up store at Beijing Chaoyang Joy City, that launched in May last month, proved the model. Based on its strong performance metrics, we are now accelerating the rollout of more branded stores. We expect our direct retail sales to grow significantly through late 2025 and into 2026. Concurrently, we are optimizing our omnichannel online operations by integrating social media traffic, e-commerce platform resources, and proprietary online channels to create a seamless integrated online to offline marketing ecosystem. From a regional perspective, currently, mainland China remains our primary revenue source. We have begun expanding internationally this year, especially since the acquisition and consolidation of the business, launching in Southeast Asia and laying the groundwork for North America. We are committed to growing globally, and while 2025 marks our first step overseas, we expect our geographic sales mix to become more diverse in the coming years. Thank you. Great. Thanks for taking my questions. The next question comes from Alice Kai with Citibank. Please go ahead. Hello. Thank you, Mr. Meng, for taking my question. I have two questions specifically. First, what revenue contribution do we expect from LICE1 in Q4? Second, given the decline in education revenues, how will you balance resources allocation between the legacy business and new initiatives? Will you continue reducing education marketing spending to support land-based expansion? Finally, when do you expect overall revenue to return to growth in the fiscal year 2026? Thank you so much. Thank you, Alice. I'll take your question. Yeah, it's very, very important. As we have just disclosed, the profit and loss statement of LICE1 business will be merged and consolidated into QuantaSing Group's consolidated financial statements starting from April 1. Also, Wakuku and our key IP and other IPs, all of the financial statements will be merged in the future starting from April 1. We will disclose specific information in a timely manner. Since investing in LICE1, based on its excellent product strength, we will continue to focus on operating Wakuku and one to two other core IPs, as I just mentioned in the last question. Currently, the overall sales process of LICE1 is very good, with a significant year-on-year improvement since our acquisition. Also, currently, we are cooperating with key channel partners. The shipping price has a certain discount on the terminal price because of this sales model. At the same time, this year, we will increase the proportion of our own self-operated channels, and the overall income level and also the price level will gradually improve. In terms of the Q4 estimate and forecast, I think with the deepening of our strategic adjustment of the business model and also the improvement of our integrated operation with LICE1, it is expected that the pop toy business will account for a very significant level of overall revenue at the consolidated level in the next quarter, starting from the next quarter in fiscal year 2025 Q4. We will continue to optimize the operating system of the pop toy business, and we will also disclose revenue guidance as soon as possible at the proper time. In terms of the traditional education-related business, we continue to search for and explore high-quality growth business models, and we are independently evaluating their performance based on specific business types from a fundamental perspective. I think the current decline in revenue from the education-related businesses is also our deliberate result of the strategic transformation from traffic-driven to product-driven business model. As you can see, although our revenue has declined, we still maintain stable profit performance and a solid balance sheet. Next, we will continue to evaluate the ROI, UE, or such kind of KPIs, and especially the long-term user value of this type of business in order to optimize the overall business foundation. For LICE1's pop toy business, it has a great growth potential and business model. It seems that the funds, operating resources, and foundation we have accumulated are sufficient to support the development of this business. Maybe we will disclose as a separate business segment in the next quarter. This business, we see very independently, we see that it has a very bright future in terms of both the revenue and the mid-term and long-term bottom line. For the revenue recovery, or maybe in the next quarters or next year, we will still independently evaluate the optimization of business models and revenue growth arrangements for different types of businesses. For the overall revenue growth of the group, we expect the revenue of the pop toy business to continue to show a strong growth trend, which we will be seeing in the relevant figures in the subsequent quarterly disclosures. We will evaluate the revenue growth of other business segments specifically and only attempt to start growth again on the basis of meeting conditions such as product quality-driven, good UE performance, and good user feedback, such kind of product-driven-based KPIs. Yeah, so that's my answer. Yeah, hope that helps. Thank you. Thank you, team, for your updates. Very helpful. Thank you, Alice. Unless there are no further questions, I'd like to hand the conference back to management for any closing remarks. Thank you again for joining our call today. If you have any further questions, please feel free to contact us or submit a request through our IR website. We look forward to speaking with everyone in our next call. Have a good day. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.