Today's conference is being recorded. At this time, I would like to turn the call over to Ms. Alicia Guo, the Head of Investor Relations of Luckin Coffee, for prepared remarks and introductions. Please go ahead, Alicia. Hello, everyone, and thank you for joining us on today's call. Luckin Coffee announced its third quarter 2023 financial results earlier today. Today, you will hear from Dr. Jinyi Guo, Chairman and CEO of Luckin Coffee, Ms. Jing An, CFO of Luckin Coffee, and Mr. Reinout Schakel, CSO of Luckin Coffee. After the company's prepared remarks, the management team will conduct a question and answer session based on questions submitted via the company's webcast. We will be referring to a slide presentation on today's call, which can be found via a conference call webcast link, as well as on the company's IR website. The IR website link is investor.luckincoffee.com. During today's call, the company will be making some forward-looking statements regarding future events and results. Statements that are not historical facts, including but not limited to statements about the company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the company's filings with the SEC. With respect to any non-GAAP measures discussed during the call today, the accompanying reconciliation information related to those measures can be found in the earnings press release issued earlier. During today's call, Dr. Jinyi Guo will speak in Chinese, and his comments will be translated into English. Now, I would like to turn the call over to Dr. Jinyi Guo, Chairman and CEO of Luckin Coffee. Dr. Jinyi Guo, please go ahead. 大家好，欢迎参加今天的业绩沟通会，感谢各位对瑞幸咖啡的持续关注与支持。我是瑞幸咖啡的董事长兼CEO郭谨一。今年第三季度，面对激烈的行业竞争环境，瑞幸咖啡凭借独特商业模式，层出不穷的产品创新及规模优势，实现了收入的快速增长。本季度，瑞幸咖啡的门店数量，新付费用户数迅速攀升，创历史新高。同时，瑞幸持续回馈消费者，通过万店同庆优惠活动，让消费者以更优惠的价格享受到高品质咖啡。本季度，我们也成功打造了现象级爆款产品，刷新了瑞幸单品的记录。未来，我们还将按照既定的战略稳步推进，在回馈客户的同时，不断扩大市场份额，持续为消费者带来高品质、高便利性和高性价比的优质咖啡，推动中国咖啡市场持续向前发展。 Hello, everyone. Welcome to today's earnings conference call, and thank you for continuing to support Luckin Coffee. I am the Chairman and CEO, Jinyi Guo. In the third quarter, despite the industry's intense competitive landscape, we achieved high revenue growth, thanks to our distinctive business model, continuous product innovation, and skill advantages. Both the number of Luckin Coffee stores and new transacting customers increased rapidly and reached historic heights. At the same time, we continued to reward our customers through the 10,000-store celebration event, which allowed customers to enjoy high quality coffee at a more favorable price. During the third quarter, we also achieved a remarkable feat of introducing a top-selling product that surpassed our previous single item sales record. We will continue to make steady progress by executing our established strategy and continue to expand our market share while giving back to our customers. We're committed to providing consumers with coffee products of high quality, high affordability, and high convenience, driving the development of the Chinese coffee market. 具体来看，三季度收入持续高速增长，利润水平有所回落，其中总净收入 CNY 72 亿元，同比增长 84.9%，营业利润率 13.4%，自营门店利润率 23.1%。同店销售增长率为 19.9%，净增门店数 2,437 家，门店总数达到 13,273 家。累计消费客户数超过 2 亿，三季度月均交易客户数超过 5,800 万。稍后，我们的 CFO 安静 会和大家分享更详细的财务数据。 Taking a granular view, revenue continued to grow rapidly in the third quarter, while profit levels saw a slight decline. Total net revenue was RMB 7.2 billion, representing an 84.9% year-on-year increase. Operating profit margin was 13.4%. Meanwhile, profit margin for self-operated stores was 23.1%, with a same-store sales growth rate of 19.9%.... Additionally, there were 2,437 net new store openings in the third quarter, bringing the total number of stores to 13,273 as of the end of the quarter. The cumulative number of transacting customers exceeded 200 million, with an average monthly transacting customers exceeding 58 million in the third quarter. Our CFO, Jing An, will provide further details on the financials later. 门店方面，三季度，瑞幸咖啡净增2,400多家门店，国内总门店数共计13,255家。作为中国市场门店数量最多的咖啡连锁品牌，我们持续领跑市场。其中自营门店8,789家，联营门店4,466家。随着中国咖啡市场竞争加剧，我们会持续加密一线城市门店数量，同时通过联营模式加速拓展下沉市场，进一步扩大市场份额。预计到今年年底，瑞幸咖啡门店总数将突破15,000家。同时，三季度新加坡门店数量已达18家，在二季度基础上新增了11家。未来，我们也将持续布局海外市场，让全世界更多的消费者品尝到瑞幸的高品质咖啡。 In the third quarter, we had more than 2,400 net new store openings, bringing the total number of stores to 13,255 in China as of the end of the quarter. We continue to lead the market as the largest coffee chain brand in China based on store counts. Among the total number of stores, there were 8,789 self-operated stores and 4,466 partnership stores. As competition in the coffee market in China intensifies, we will continue to expand our presence in high tier cities and accelerate our penetration in new markets through our partnership model. We expect that by the end of this year, the number of Luckin Coffee stores will exceed 15,000. At the same time, the number of Singapore stores reached 18 as of the end of the quarter, with an addition of 11 stores compared to the end of the second quarter. In the future, we will continue to expand into international markets so that more consumers around the world can enjoy our high quality coffee. In terms of products, in the third quarter Luckin Coffee launched 12 limited drinks, and collaborated with Kweichow Moutai to successfully create the blockbuster product Jiangxiang Latte, refreshing the Luckin single product record, achieving first-day sales of 5.42 million cups, single product sales exceeding CNY 100 million good results. While new products performed excellently, our Velvet Latte series in September this year also achieved the milestone of sales exceeding 200 million cups since launch. In addition, to celebrate the one-year anniversary of the cheese latte launch, our recently launched Mascarpone Latte, first-week single product sales also exceeded 16.24 million cups. In the future, we will adhere to product innovation, hoping through Jiangxiang Latte, Mascarpone Latte and other innovative single products, to continuously provide customers with higher quality, more fresh consumption experiences. Under the dual effects of store acceleration layout and product continuous innovation, this quarter Luckin new customer count exceeded 30 million, monthly average transaction customer count broke through 58 million, once again setting a new historical high. As of the end of the third quarter, our cumulative consumption customer count has exceeded 200 million. In terms of products, in the third quarter, we launched 12 freshly brewed products and successfully collaborated with Kweichow Moutai to create popular Jiangxiang Latte, which broke our single item sales record with an impressive 5.42 million cups sold on launch day and surpassed CNY 1 billion in single item sales. While the new products performed exceptionally well, our Velvet Latte series also reached a milestone in September, with sales volume surpassing 200 million cups since its launch. Furthermore, to celebrate 1-year anniversary of the launch of our cheese flavored latte, we recently re-introduced Mascarpone Latte, which achieved a first week single item sales volume of more than 16.24 million cups. Going forward, we will continue to focus on product innovation, aiming to provide customers with a higher quality and fresher experience through innovative items such as Jiangx iang flavored latte and Mascarpone Latte. With the combined effect of accelerating store expansion and continuous product innovation, we have gained over 13 million new transacting customers in the third quarter, with an average monthly transacting customers exceeding 58 million, reaching a historic high. As of the end of the third quarter, our cumulative consumer base has exceeded 200 million. 为明确可持续发展方向，瑞幸咖啡发布了可持续发展战略，以赴美好明天。战略整体分为凝聚长远发展驱力。... 共建责任价值链，守护绿色繁荣家园三大部分，并以数字赋能为整体支撑，代表我们将以瑞幸数字化基因赋能，面向自身，面向价值链，面向更广阔的社会环境的可持续发展愿景和实践方向。此外，我们今年首次完成面向全公司的碳排查及碳核查，并首次对酱香拿铁及丝绒拿铁两款产品的碳足迹进行了核查，对公司运营及产品的碳排放进行了深入了解，为未来减碳策略及低碳产品的研究奠定了数据基础。未来，我们将围绕可持续发展策略核心议题，进一步制定瑞幸咖啡可持续发展目标，推动有瑞幸特色的发展实践加速落地，协同合作伙伴与消费者共创更美好的未来。以上是三季度业绩的主要情况。下面请CFO安静向大家介绍具体财务数据。 We have formulated a sustainable development strategy, being a force for a brighter future to guide our sustainable development efforts. The overall strategy is divided into three parts: boosting the sustainable business, co-building a responsible value chain, and improving a better planet with support of digital and intelligent empowering. The strategy represents our vision and practice direction of sustainable development for ourselves, our value chain, and for the broader social environment. As is indicated by the digital and intelligent empowering text, the strategy is being bolstered by Luckin's core advantage of digitalization. As part of this report, we completed a carbon inventory and verification for the whole company for the first time. We also completed the carbon footprint verification of coconut milk latte and latte for the first time. According to the in-depth understanding of carbon emission of our operations and products, we can lay the data foundation for our future carbon reduction strategies and to drive research to develop more low-carbon products. In the future, we will focus on the core issues of sustainable development strategy, further developing our sustainable development goals, accelerating the implementation of sustainable development practices with the company, and collaborating with partners and consumers to create a better future. These are the key highlights of our performance in the third quarter. Next, I would like to invite our CFO, Jing An, to present the financial data and commentary. Thank you very much, Jinyi. Good morning, afternoon, and evening, everyone. Thank you for joining us today. I'm Jing An, the CFO of Luckin Coffee, and today, I will provide an overview of our financial performance for the third quarter of 2023. Before we start, I want to convey my thanks to our committed staff, loyal customers, esteemed partners, and the cherished investors for their support. Now, I will take some time to overview our 2023 third quarter results in detail. Let's start with our financial highlights. Our revenue once again hit a record high of RMB 7.2 billion, growing 84.9% year-over-year in the third quarter. As a result of our efforts to expand our market presence, growth in net revenues was predominantly driven by expanded sales volume, increased number of operational stores, and the rise in the count of monthly transacting customers. Meanwhile, we kept rolling out the promotional campaign during the quarter. At the same time, our product launches during the quarter were very popular with existing and new customers. During the quarter, both our self-operated and partnership store performed well. Self-operated revenue reached CNY 5.1 billion, with a growth rate of 79.3%, driven by the rapid store expansion, as well as the increased sales volume. Meanwhile, our partnership stores demonstrated strong growth with an increase of 104.7% year-over-year, reaching over CNY 1.8 billion in revenue. Turning to profitability, we remain committed to financial discipline and a strategic focus as we execute our market share expansion strategy through aggressive store expansion to attract more new customers. In doing this, we had more than 2,400 net new store opening during the quarter and maintained our pricing strategy, which have effectively reflected in the increased sales volume and a lower margin profile, while increasing the operating profit dollar values. As a result, operating profit margin decreased to 13.4% from 15% in the same time last year, while operating profit grew to CNY 962 million from CNY 595 million.... We view this decline in margin as a strategic shift, as we aim to acquire more customers and maximize market share in China's competitive coffee market. Let's now take a closer look at our store network. In the third quarter, the number of stores reached a total of 13,273, which represents a total expansion rate of 69.2% compared to the same period of last year. During the third quarter, we had 2,437 net new store openings. Of these new store openings, 1,619 were self-operated stores and 818 were partnership stores. Our dedication to expanding our reach and catering to the diverse needs of our customers is demonstrated in the steady growth of our store network, both self-operated and in partnership. At the same time, we have made strategic efforts to expand our geographic reach. In the third quarter, we operated self-operated stores in 73 cities across China, with one overseas market. Meanwhile, our partnership stores expanded our footprint to 287 cities in China. We remain committed to diversifying our geographic presence and capturing new market opportunities. During the quarter, we reached 58.5 million average monthly transacting customers, a substantial increase from 25.1 million in the previous year, demonstrating our ability to attract the customers. This growth was a result of store expansion to new geographies and a new traffic, driven by the popularity of our Jiangxiang flavored latte. Next, I would like to spend some time to discuss the details of our margin and bottom line profile. On a group level, we reported a net income of CNY 988 million, or a net profit margin of 13.7% for the third quarter. If excluding the deferred tax assets valuation allowance release of RMB 252 million, the net profit would be RMB 736 million, or a net profit margin of 10.2%. During the third quarter, we reevaluated the recognition of deferred tax assets, given the largely reduced uncertainty of the company's business performance. After a certain number of the company's operation entities have turned to cumulative profits. As a result, we reversed the recognition of, approximately RMB 252 million in valuation allowance against our deferred tax assets. From a store level view, for our self-operated stores, the operating profit margin was 23.1% in the third quarter of 2023, compared to 26.9% in the same period of 2022. The decrease was primarily due to the decrease in average selling price of our products, well offset by the benefits of scale from the increased product volume sold. Meanwhile, overall operating expenses increased as volume increased and operation expanded, offset by enhanced efficiency through cost control, technology-driven operations, as well as scale advantage. Our general and administrative expenses on an absolute value basis increased by 25.5% year-over-year, while the G&A expenses as a percentage of revenue decreased from 9.9% in the third quarter of last year to 6.7% in the third quarter of this year, due to scale benefits. The sales and marketing expenses ratio rose to 5.3% this quarter from 4.1% in the same period of last year, as we continued to strategically invest in branding to increase brand awareness and bolster the current positioning through various channels, including collaboration with Kweichow Moutai and the launch of Jiangxiang flavored latte. Meanwhile, in this quarter, we spent more on commission fees to third-party delivery platforms due to increased delivery orders, as well as more on subcontractor service fee to support the e-commerce business and the promotion activities. In addition, we are glad to share that the expenses related to fabricated transactions and the restructuring, which consisted primarily of professional and legal fees of securities litigation, and other advisory service fees, were CNY 3 million, or 0.1% of net revenue in the third quarter, compared to 0.2% in the same quarter of last year. At the same time, we have also updated our provision for equity litigation based on developments that occurred in the third quarter, in accordance with the relevant accounting standards. ...Let's now turn to balance sheet and cash generation. We ended the third quarter with CNY 5.7 billion of cash at bank and on hand, and 0 interest-bearing debt. Our healthy balance sheet and a strong cash on hand has provided us with competitive advantage in this uncertain financial environment, as well as providing additional growth potential. In addition, we achieved a positive operating cash flow of CNY 1.3 billion in the quarter, which is around $179.6 million, compared to CNY 416.9 million in the same quarter of 2022. Free cash flow year-to-date through the third quarter was about CNY 402.3 million. To conclude, while we expect our volatile customers and market dynamics and the competition to continue, we remain confident in our strategy and the result it delivers. As we look to the remainder of the year, we are confident in our current pricing strategy, strategic promotional calendar, and expanded product offerings. We are committed to continue to adhere to our long-term goals, maintaining the current pricing strategy, rapidly expanding our stores network, and further increasing our market share, all the while providing customers with a high quality and affordable products in the long run. I will now turn it over to Jinyi for concluding remarks, followed by Q&A. 瑞幸咖啡的快速发展，是近7万名瑞幸伙伴团结奋斗的结果，当然也离不开广大消费者的厚爱，合作伙伴的支持与投资人的信任。在此，我对各位表示由衷的感谢。同时，为增进瑞幸与合作伙伴之间的互信共赢关系，在近期举办的瑞幸咖啡合作伙伴大会上，我们宣布自2024年起，将账期缩短为30天，希望能够共同助力打造良性的竞争环境，促进整体行业的规范化发展。未来，我们将持续让利消费者，进一步挖掘中国咖啡市场的潜力，以更优质的产品、更优惠的价格，为大家提供好喝不贵的咖啡。我们将脚踏实地，努力把瑞幸打造成一个基业长青的咖啡品牌，努力实现公司业绩的长期、健康、高速、可持续的增长。 The rapid growth of Luckin Coffee is the result of the joint efforts of our nearly 70,000 hardworking employees, as well as the love of our customers, the support of our partners, and the trust of our investors. We would like to express our heartfelt gratitude to all of you. At the same time, to enhance the mutual trust and win-win relationships among business partners, at the recent Luckin Coffee Partnership Summit, we announced that we will shorten the payment period to 30 days starting from 2024, to jointly build a healthy competitive environment and promote the standardized development of the overall industry. Going forward, we will continue to reward our customers with the long-term returns and further explore the potential of China's coffee market. We will continue to deliver better quality and better prices, and provide customers with a coffee that is delicious and affordable. We will continue to focus on the long-term value of our brand and aim to make Luckin Coffee a world-class brand, and we will work towards achieving long-term, healthy, high speed, and sustainable growth. 随着公司的日益壮大，强大的组织能力是公司业务发展的前提和基础，对公司发展的持续性愈加重要。为了进一步匹配公司战略及业务发展需求，强化协同，提升效能，公司于三季度晋升和引进了四位卓有领导力的八零后高级管理人员，其中包括一位管理人力资源部门的高级副总裁，以及三位副总裁，分别分管咖啡供应链、IT产品和运维架构等核心领域。相信他们一定能够发挥年轻团队的创造力，以自己的专业能力和激情，助力瑞幸这样一个同样年轻时尚的品牌快速成长，不断满足年轻客户的多样化需求。同时，公司首席战略官Ryan先生由于个人原因，将于年底卸任首席战略官的职位，并以顾问身份继续为公司提供战略支持。过去五年，Ryan先生和我们一起在治安时刻始终团结一心，并肩战斗。在此，我要对Ryan过去五年的辛勤付出和不懈努力表示最诚挚的感谢。我们也相信，在转化身份后，Ryan将继续为公司的发展提供支持。 As we continue to expand, strong organizational capabilities are the foundation of our business development, and are increasingly essential to the sustainability of our continuous growth. ... to further align with our strategic goals and business needs, enhance collaboration, and boost efficiency. In the third quarter, we promoted and introduced four senior management professionals who are post 80s generations, with outstanding leadership skills, including a senior vice president, responsible for the human resource department, and three vice presidents overseeing core areas such as coffee supply chain and IT technology, including IT products, IT operations, and IT architecture. We believe that they will be able to tap into the creativity of a young team and use their professional capabilities and passion to help Luckin Coffee, a brand similarly useful and fashionable, to grow rapidly and continuously meet the diverse needs of our young customers. At the same time, for personal reasons, Mr. Reinout Schakel, our Chief Strategy Officer, will depart from his position as Chief Strategy Officer at the end of the year. He will continue to provide strategic supports to us in the capacity of an external consultant. Over the past five years, Reinout has worked and stood side by side with us through our most challenging times. We have faced challenges as a team and overcame difficulties together. I would like to express my sincerest gratitude to Reinout for his hard work and tireless efforts over the past five years. We're confident that Reinout will continue to provide support for our development after the change in roles. Thank you, Jinyi, for your kind words and giving me the opportunity to elaborate on the upcoming change in role. I joined Luckin Coffee in January 20, 2019 as CFO and CSO, and have been with the company for almost five years. During that period, the company has encountered many ups and downs, and our journey has been challenging at times. However, under Jinyi's leadership, we've collectively been able to overcome these challenges, and today, the company is in its strongest position yet. I feel privileged and very proud that I've been able to contribute to the company's success and incredible turnaround story by overseeing various private and public financing rounds, leading our successful offshore financial restructuring, reorganizing our finance team and functions, reverting to normalized financial reporting, and helping to build the foundation for our international expansion. With the company in a position of strength, it is an appropriate time for me to consider my priorities and have therefore decided to resign from my current position as Chief Strategy Officer by the end of this year. My journey at Luckin has been truly remarkable. I have gained invaluable experience that has shaped me as a professional and made lifelong friendships. While my achievements at Luckin Coffee are something I'm incredibly proud of, like all of us, I've had to make many sacrifices during this time. Being able to spend more time with my young children and family has been an important factor in my decision to resign. I'm honored that I've been offered a role as an external consultant, and that I have had the opportunity to continue to support Luckin Coffee in various areas, including, for example, growing Luckin Coffee into a world-class brand and supporting our capital market strategy, albeit in a supporting role. At the same time, I will also have the opportunity to explore personal projects and ambitions in Hong Kong, focusing on charitable work for causes close to my heart. I would like to thank our board of directors and our management team for their trust, support, and guidance, all of our shareholders for their support and sticking with us through very challenging times, and all of our outstanding Luckin employees for their exceptional dedication, perseverance, and hard work. A special thanks to Jinyi Guo, who helped facilitate a shift in our corporate culture towards transparency, accountability, integrity, and professionalism, oversaw the implementation and execution of our revised corporate strategy, and brought us all together with a single-minded goal of redemption. It has been an absolute pleasure working alongside you and the rest of our highly talented, principled, and courageous management team in achieving that objective. Thank you. Thank you, Dr. Guo, Ms. An, and Reinout. Now, we would like to open the floor to questions. Ladies and gentlemen, we will now begin the Q&A session. I will turn the call over to Alicia Guo at Luckin Coffee, who will moderate today's Q&A session. Thank you. Now, let's begin with the first question. Congratulations on the solid third quarter results. We noticed that in this quarter, the company's margins have declined. While facing the fierce competition in the Chinese coffee market, how does the company perceive the margin outlook? 感谢您的提问。三季度的利润虽有所回落，但完全符合公司的战略预期。中国咖啡行业正处于高速增长的战略机遇期，行业竞争也日益激烈，发展格局远未完全成型。因此，市场占有率成为公司发展的核心目标。基于以上判断，我们会持续聚焦客户价值，希望通过为消费者提供高品质的产品，并采取更友好的定价策略，从而降低用户的决策成本，进一步扩大用户基数，持续提升消费频次。... 本季度，瑞幸咖啡月均交易客户数超过5,800万，同比增加133%。因此，基于公司持续回馈客户和拓展市场的战略决策，公司对本季度的业绩成果表示满意。在目前竞争加剧的环境下，瑞幸作为中国咖啡市场的领导者，将会坚持目前的开店策略和定价策略，长期回馈客户，扩大市场份额。此外，第四季度由于季节性因素，产品组合结构调整，原材料成本会有所提升，利润率可能还会有下降空间，但是我们加快提升市场占有率，吸引新客户的核心战略目标将得到进一步强化。我们有信心持续巩固市场领先地位，努力创造长期价值。 Thank you for your question. Although we saw margin declines this quarter, it was within our strategic expectations. China's coffee industry is experiencing rapid growth with huge growth potential, and the industry is increasingly competitive. Since the market is far from saturation, taking market share has become the priority for future development. In light of this, we will continue to focus on customer value and to reduce our customers' decision-making costs, and further expand our consumer base, while continuously increasing consumption frequency by offering high-quality products with affordable pricing. In the third quarter, our average monthly transacting customers exceeded 58 million, marking a 133% year-over-year growth. Therefore, based on our strategic decisions to consistently reward customers and expand the market, we're satisfied with our quarterly performance. Facing the current intensified competition, as a market leader, we will continue with the current store expansion and pricing strategies and long-term returns to our customers to further enlarge our market share. In the fourth quarter, considering seasonality and changes in product mix, raw material costs may further increase. As a result, there may be a decline in our profit margin. However, as we further strengthens and executes our core strategic goals to increase market share and attract new customers, we're confident that we can maintain and solidify our market leading position and strive for long-term value. Thank you, Dr. Guo. Let's move on to the next question. Can you please provide additional color on net income and the deferred tax asset adjustments in this quarter? Thank you for your question. The significant difference in net income, which was reported as RMB 988 million instead of RMB 736 million, could be attributed to key accounting adjustments related to our income tax and the Deferred Tax Assets, which results in a significant reduction in the income tax expenses. In the third quarter of 2023, we reported an income tax benefit of RMB 82.6 million, compared to the income tax expenses of RMB 206.3 million in the same period of 2022. And this change demonstrated a favorable shift in our income tax dynamics. As I mentioned earlier, during the third quarter of 2023, we re-evaluated the recognition of our Deferred Tax Assets. This reassessment was based on our improved business performance as several of our operation entities transitioned from a cumulative loss to cumulative profit, which in turn significantly reduced the uncertainty surrounding the future realization of these assets. In light of the improved financial performance and the brighter outlook, we made the strategic decisions to reverse the recognition of about RMB 252.1 million of the valuation allowance against our deferred tax assets. This valuation allowance had initially been established to account for uncertainties regarding the realization of these deferred tax assets. This accounting adjustment reflected our improved business performance and our increased confidence in the realization of deferred tax assets. It is a positive indication of our company's financial health. Thank you, Ms. An. The next question is, any updates to the company's capital market strategy? 感谢您的提问。我们会继续关注美国资本市场，但是当前我们的首要任务还是践行公司的业务战略，聚焦发展。现阶段，瑞幸面临历史性发展机遇，我们的首要任务是通过向客户提供卓越的产品和服务，来践行公司战略，争取更高的市场份额，为公司股东提供可持续的长期价值。我们会继续关注资本市场，但是对于主板上市计划没有明确时间表。 Thanks for this question. We will continue to monitor the U.S. capital markets, but our priority is to execute our business strategy by focusing on our business operations. Right now, as we face historic development opportunities, our primary task is to implement our strategy by delivering exceptional products and services to our customers, aiming to capture a larger market share and provide sustainable long-term value to our shareholders. We will continue to monitor the capital markets, but there is no specific timeline or schedule for listing on any main board market. Thank you, Dr. Guo, Ms. An. That is all the time we have for today's earnings conference call. We thank you for your participation on today's call. We look forward to providing you with regular business updates and look forward to speaking with you again next quarter.