Ladies and gentlemen, thank you for standing by and welcome to MINISO Group Holding Limited Earnings Conference Call for the third quarter of fiscal year 2022 that ended March 31, 2022. At this time, all participants are in a listen-only mode. After the management prepare remarks, we will conduct a question and answer session. Please note this event is being recorded. Now I'd like to hand the conference over to your host speaker today, Mr. Eason Zhang, Director of Capital Markets. Please go ahead, Eason. Thank you. Hello, everyone, and thank you all for joining us. We have announced our quarterly financial results earlier today. An earnings release is now available on our investor relations website at ir.miniso.com. Joining us today are our founder and CEO, Mr. Guofu Ye, and CFO, Mr. Steven Zhang. Before we continue, I'd like to refer you to the Safe Harbor statement in our earnings press release, which also applies to this call as we will be making forward-looking statements. Please also note that we'll discuss non-IFRS measures today, which we have explained and reconciled to the most comparable measures reported under the International Financial Reporting Standards in the company's earnings release and filings with the SEC. With that, I'll now turn the call over to Mr. Ye. Please go ahead. [Foreign language] Thank you. Hello, everyone, and welcome to MINISO Group's March quarter 2022 earnings conference call. In March quarter, the pandemic once again gripped China with major cities, including Shenzhen and Shanghai, consecutively adopting strict lockdown control measures since February. The domestic retail industry was challenged and struck by the most stringent restrictive measures taken by local governments since 2020. According to our estimates, nationwide footprints to our MINISO stores decreased by about 2%, 14%, and 34% on year-over-year basis from January to March, respectively, due to the strict control measures by local governments. Despite the ongoing challenges of the pandemic, we delivered another solid quarter, with revenue reaching RMB 2.34 billion, up 5% YoY. TOP TOY's revenue increased by nearly 4x YoY, and MINISO's offline business delivered positive year-over-year growth, which again demonstrated the resilience of our business model. [Foreign language] As we have emphasized in our earnings conference call over the past few quarters, the pandemic will weigh on consumer demands and thus our near-term results. However, our business model has demonstrated its great resilience and flexibility under extreme market environments over the past two years. According to a report from Frost & Sullivan, MINISO's leadership position has been further consolidated. Our market share in global branded variety retail market has increased from 5.2% in 2019 to 6.7% in 2021. During the same time, our market share in China has also increased from 10.9% to 11.4%. [Foreign language] I'm pleased to see several positive trends in our business and let me share with you. Firstly, in China, we continue to execute MINISO's brand upgrade as planned by integrating the concept of interest-based consumption into product development. Our newly launched products, which feature appealing, useful and playful, have higher gross margin compared with our traditional lifestyle products. As a result, gross margin for this quarter reached 30.2%, up 110 basis points year-over-year. We are pleased to see this trend of year-over-year increase in gross margin continued in April. [Foreign language] Secondly, benefiting from the pandemic control in many overseas countries and regions, MINISO's overseas business continued to recover. Revenue for March quarter was RMB 520 million, up 17% YoY. Our globalized operation provided us more space and flexibility of future growth compared to peer companies. [Foreign language] Thirdly, global retail industry is challenged by cost pressure as many countries, including the U.S., are entering one of the highest inflation in four decades. Many retailers are challenged by ongoing pressures in cost and inventory. Consumers tend to look for value in such a high inflation environment, which is a very good opportunity for us. [Foreign language] To tackle the global inflation, we will continue to leverage our core capabilities in supply chain and ensure the value proposition of MINISO product globally. Specifically, our deep cooperation with more than 1,000 qualified suppliers, our strong bargaining power and flexible cost-plus pricing model, MINISO is better positioned than peers to cope with the rising cost pressures. [Foreign language] Meanwhile, we are capable to maintain a healthy inventory level. Inventory turnover days worldwide for MINISO have returned to around 60-70 days, which is industry-leading and a relatively normalized level of pre-pandemic. [Foreign language] In March quarter in China, revenue of MINISO brand was RMB 1.69 billion. Among which offline stores recorded revenue of RMB 1.56 billion, up slightly year-over-year. E-commerce business recorded a revenue of RMB 130 million and healthy margin profile. [Foreign language] MINISO added 29 stores on a net basis during March quarter in China, compared to 44 stores a year ago. Typically, our store opening in China has seasonality with March quarter the lowest season due to the long vacation of Chinese New Year. In 2022, another drag of new store opening was the pandemic. In coming quarters of 2022, we'll adjust the pace of store opening in China dynamically according to the development of pandemic control and reduce operational risks of MINISO retail partners. [Foreign language] In our earnings call last quarter, we introduced the roadmap of the strategic upgrade for MINISO brand. Here are some updates. In March quarter, we have accomplished the refreshment in substantially all of MINISO stores in China as planned. This refreshment features MINISO's new slogan of "Light up wonderful life in 99 countries and regions." Together with our brand new interest-based products, we offer better shopping experience to our customers. We continue to execute our IP strategy well. This gross margin of new IP products improved by low single digits year-over-year. In the coming quarters, we'll also dynamically adjust our marketing plans according to the situation of Chinese consumer market and pursue healthy ROI. [Foreign language] MINISO is strategically committed to deepening consumer engagement and driving repurchases by providing improved omnichannel experience to them. As you know, we have been actively exploring various possibilities for the membership operations. Last September, we launched MINISO's paying membership program and has achieved preliminary progress. Members now only need to pay an annual subscription fee of RMB 79 to enjoy a bunch of exclusive rights. For example, they can receive a package of coupons, enjoy additional discounts and exclusive products, among others. These rights can be enjoyed in every MINISO store in China and our recent new program. This program has been warmly received by our fans. We have rapidly accumulated more than 1 million paying members. Based on our A/B testing, the average incremental spending of customers after becoming paid members is encouraging. [Foreign language] Moving to overseas operations. Revenue for the March quarter was about RMB 520 million, up 17% YoY. During the March quarter, we observed an encouraging year-over-year sales growth in overseas market as a whole. Total GMV increased 30% YoY. GMV growth in distributed markets were even higher. By regions, Europe as a whole increased by 85% YoY, North America 65%, Latin America 45%, the Middle East and North Africa 20%, and Asian countries, excluding China, was 10%. By countries, we saw year-over-year growth of about 80% in the U.S., 60% in Mexico, and nearly 30% in India, and 20% in Indonesia. [Foreign language] We added 39 stores on net basis in March quarter compared to 29 stores a year ago. We have been relatively restrained in opening overseas stores during the pandemic in the past two years in order to control risks. Now observing the stable recovery trend in the past several quarters, we plan to speed up the pace of opening overseas stores this year. We are quite confident to open more overseas stores in this year. [Foreign language] In overseas markets, 74 stores or 4% of our total overseas stores had not resumed operations as of March 31st, down quarter-over-quarter. The majority of such stores were concentrated in Asian countries, excluding China and Latin America. It reflects the lingering effect of the pandemic on our operations in these two regions. [Foreign language] Our efforts in product never stopped. During the past two years, we made full use of the time window to strengthen our core capabilities. One of them is product localization. As its preliminary results, we have accelerated product launch in major overseas markets in this year. Take Latin America as an example. We successfully launched 1,100 new SKU in the March quarter, and contributed directly to the 45% YoY general growth there. We will continue to strengthen our overseas design capabilities and offer more localized products to consumers overseas in a timely and accurate manner. [Foreign language] Now let me introduce the developments of TOP TOY. The pandemic has inevitably impacted TOP TOY's short-term performance, but we continue to follow our established strategy in this quarter and made a steady progress. On the revenue side, offline revenue increased by 3x YoY, where online business ramped up quickly and contributed more than 10% revenue this quarter from nil last year. [Foreign language] In the long term, we see huge potential of the TOP TOY market. According to a report by Frost & Sullivan, the size of the TOP TOY market in China has increased rapidly at a CAGR of 34% from 2017 to 2021, and is estimated to grow at a CAGR of 24% from 2022 to 2026 before its size reaches RMB 110 billion. [Foreign language] The fast growth of TOP TOY market in China is based on four pillars, diversified products, sales channel expansion, increasing importance of IP incubation and co-branding, and growing fan base. TOP TOY is strategically committed to develop its portfolio of diversified products such as China Bricks, and to explore omni-channel strategy to improve capabilities in IP incubation and operation, and to understand more about the Generation Z. Going forward, TOP TOY will follow its own way of interest-based consumption in TOP TOY business. [Foreign language] In March quarter, merchandise gross margin of TOP TOY reached a healthy level of 45%, improved sequentially. Merchandise gross margin of TOP TOY's proprietary products stabilized at around 65%, and revenue contribution has surpassed 10%. Taking Sanrio, MINISO's long-term partner of IP co-branding, as an example. TOP TOY launched co-branding IP products with Sanrio since day one and achieved encouraging sales performance. A new product of TOP TOY's newly incubated IP, Strong Lucky Cat, became the best-selling SKU during this quarter. In addition, TOP TOY continued to focus on potential categories such as toy bricks. In March, TOP TOY launched original vintage home appliance series under the label of China Bricks. These original series became top sellers and were posted by many Generation Z consumers on their social media accounts because it reminded them of their childhood. That is why we believe TOP TOY Bricks has huge addressable market and growth potential. TOP TOY has several toy bricks products in pipeline, and we'll continue to explore the potential of China Bricks, and to offer diversified toy bricks to young consumers. Thank you. That concludes my prepared remarks. I now turn the call over to our CFO for financial review. Hello, everyone. Thank you for joining us. Today, I will start my remarks with a review of March quarter's financial results, and then provide additional color regarding June quarter. Please note that I will talk about the financials in RMB, and I will also refer to some non-IFRS measures, which exclude share-based compensation expenses. Revenue for March quarter was RMB 2.34 billion, including RMB 1.82 billion in China, and RMB 520 million in overseas market. In China, revenue from offline business of MINISO brand was RMB 1.56 billion. Revenue from e-commerce of MINISO brand was RMB 126 million. The revenue from TOP TOY was RMB 111 million. From a year-over-year perspective, our revenue increased by 5% YoY, primarily driven by 17% YoY growth in overseas market. Dragged by 2% YoY growth in China, which was caused by the lingering effect of the Omicron virus. As we have mentioned in CEO's prepared remarks. In China in this quarter, revenue from offline business of MINISO brand grew by 1% YoY. The pandemic has negatively affected our revenue in China in two ways. Firstly, it caused the temporary closure of our stores. For example, more than 300 or 10% of MINISO store was temporarily closed in March. Secondly, for those store open, the lockdown measures taken by local government have significantly impacted the traffic. We estimate the GMV loss for the month of March alone was around RMB 300 million, which translate into revenue loss of about RMB 200 million. For TOP TOY brand, although it has recorded a year-over-year revenue growth rate of more than 300%, its operation was also negatively impacted by the Omicron, with more than 10% of its stores were temporarily closed in March. In overseas market, the year-over-year growth comes from both distributor market and the subsidiary market, with a part of the shipment to overseas distributors were deferred to June quarter because the pandemic has impacted the operation of our logistics and transportation service providers. However, considering the strong replacement demand from the overseas market after an encouraging GMV growth this quarter, and considering that more stores will be open in the coming quarters, we expect a decent growth of shipment revenue to overseas in the coming quarters. From a quarter-over-quarter perspective, revenue from overseas market down 28%. As you may know, our overseas business is subject to seasonality. Typically, with the strongest performance in December quarter and our lowest in March quarter. For example, our overseas revenue decreased by 40% sequentially in March quarter of 2019, which to some extent represents a normalization of the seasonality before pandemic. The stronger seasonality in March quarter of 2022 is a proof of continued recovery in overseas market. Gross profit was RMB 707 million, increased by about 17% YoY, and decreased by 18% QoQ. Gross margin rate was 30.2% compared to 28.1% a year ago, and 31.1% a quarter ago. The year-over-year increase was primarily due to, one, revenue contribution of overseas market increased by about 2% from about 20% in the same period of 2021 to 22% in this quarter. As you know, our overseas operation usually have a higher gross margin than our operation in China. Number two, higher gross margin contributed by those new products on the strategic brand upgrade of MINISO in China. The quarter-over-quarter decrease was primarily due to the decreased revenue contribution from overseas market from about 26% to about 22%. Excluding share-based compensation expense, selling and distribution expense was RMB 352 million, increased by 28% YoY, and a decrease by 5% QoQ. The year-over-year increase was primarily attributed to, number one, increase of personnel-related expense. Number two, increase the license expense related to our newly launched IP product. Number three, increase the promotion and advertising expense relating to refresh of the MINISO store in China, partially offset by decreased logistics expense. The quarter-over-quarter decrease was due to decreased logistics expense, licensing and traveling expenses. General and administrative expense was RMB 191 million, increased by 22% YoY, and a decrease by 11% QoQ. The year-over-year increase was primarily due to increased depreciation and amortization expense related to a land use right of our headquarters building project and increased personnel-related expense and the tax surges. The quarter-over-quarter decrease was primarily due to decreased personnel-related expense and a decrease in the financial and the legal service fee. Turning to profitability. Operating profit was RMB 141 million compared to RMB 161 million in the same period of 2021, and RMB 255 million in the previous quarter. Operating margin was 6% compared to 7.2% a year ago, and 9.2% a quarter ago. Adjusted net profit was RMB 111 million compared to RMB 149 million in the same period of 2021, and RMB 205 million in the previous quarter. Adjusted net margin was 4.7% compared to 6.7% in the same period of 2021, and 7.4% in the previous quarter. Adjusted basic and diluted earnings per ADS were $0.36 in this quarter compared to $0.52 a year ago. Turning to cash position. As of March end, the combined balance of our cash equivalents and restricted cash and other investment was RMB 5.49 billion compared to RMB 5.37 billion as of end December 2021. Our strong cash position and ample operating cash flow has positioned us well to cope with any kind of challenges. Turning to working capital. Turnovers of inventory improved year-over-year and stabilized quarter-over-quarter. Trade receivables remain stable on both year-over-year and quarter-over-quarter basis. Looking ahead into June quarter of 2022, we continue to operate in significant uncertainty in regards to timetable of pandemic recovery in China and some Asian countries. In China, our business suffer more in April than in March. With average 380 MINISO stores were temporarily closed and total revenue down about 10% sequentially. Although we have observed sequential improvement in May, it is more related to seasonality. As it is difficult to predict when the lockdown measure will come to end. We remain cautious in our outlook for the June quarter. We currently expect our total revenue to be between RMB 2.1 billion-RMB 2.4 billion. The middle point of range represents a decrease of 9% YoY. Our margins have been and are expected to be under pressure during this wave of pandemic outbreak, primarily due to the sales deleverage. As we have shared in CEO's prepared remarks, we have not faced any material cost headwinds thanks to our strong bargaining power and our flexible pricing strategy. However, we have taken necessary actions such as controlling operating overheads, reducing personnel-related expense, and adjusting marketing plans in order to ease short-term impact from the challenges we face on our bottom line. Although we have experienced this tough challenge, we are confident with our competitive advantage and optimistic about our growth potential in inflationary times. The fundamentals of our business remain unchanged. We will continue to focus on those elements of our business that are under our control to drive growth and protect margins. Thank you. This concludes our prepared remarks. Operator, we are now ready to take questions. Thank you. We will now begin the question and answer session. Your first question today comes from the line of Michelle Cheng from Goldman Sachs. Line is open. Please go ahead. [Foreign language] So I have two questions for management. The first one is regarding inflation and cost. Given a lot of retailers are calling for high pressure from the cost inflation. What is the management observation on the cost inflation risk on our business, and how do we manage that? In particular, we have very strong margin expansion in the March quarter. How sustainable it is? My second question is regarding the store expansion. Can management give us some update regarding the expansion plans for China and overseas market? Thank you. [Foreign language] In addition, in our supply chain, leveraging our global network of over 5,000 stores, we adopt a strategy of buying in large quantities and maintain stable, long-term partnerships with suppliers. In the face of rising material costs, we have sufficient with suppliers. In the face of rising material costs, we have sufficient bargaining power to safeguard our cost advantage. Therefore, whether it's labor costs or material costs increases, because our pricing approach is flexible and we control terminal pricing, these cost increases can be passed on to terminal pricing to ensure the company achieves its profit margin targets. Third, we have always prioritized inventory turnover indicators. As mentioned in our prospectus, currently the company's inventory turnover days is 60 to 70 days. It has It has basically returned to normal levels before the pandemic. Specifically, before the pandemic in 2019, our inventory turnover days were 63 days, the industry's best level. In 2020 and 2021, due to the impact of the pandemic, inventory cycles were around 70-80 days. Through our efforts in 2022, the first three quarters, that is, the last three days. Through our efforts in 2022, the first three quarters, that is, the last three quarters, our inventory turnover days decreased to 68 days, approaching the levels before the pandemic. Third, currently, China is the least affected and the latest by inflation. This means the company will be more advantageous, be in a more advantageous position. Of course, global cost increases will have a certain impact on us. be in a more advantageous position. Of course, global cost increases will have a certain impact on us. be in a more advantageous position. Of course, global cost increases will have a certain impact on us. We will pay closer attention to raw material costs, labor cost changes, continue to manage inventory well. I will translate for CEO. Thank you for question, Michelle. Yes, we have noted this situation. The recent cost pressure faced by retailers concerns everyone in this industry. Let me share with you our views. To sum up, the recent cost pressures of retail industry, I think they come from the following aspects. The first is the rising transportation and freight cost, including the rising oil price and the rising shipment cost. Second is come from the supply chain side, including the rising price of raw materials and commodities. Also we saw the transmission of cost pressures from suppliers. The third is, you know, the impairment of inventory will lead to the reduction of gross profit. In the current turbulent market environment, the whole retail industry has been facing more uncertain consumer demands and higher seasonality. This has made many companies face the difficulty to, you know, reorder or face a prolonged reorder lead time. There is more and more freight pressures coming our way. Some companies, they are choosing to keep more inventories. Because, you know, consumer demand nowadays is more and more difficult to predict. At this time, under the market, if your forecast goes wrong, it can be troublesome and can lead to inventory overstock. This has become a common challenge for the retail industry. For MINISO, we currently do not feel much pressure on cost side, and it has been supported by, you know, our recent rise in gross margin during the past quarters. I think it's mainly due to following reasons. First, I would like to explain our expense structure. In the whole process, the freight cost borne by MINISO is from the, you know, the supplier to the MINISO's warehouse. This part only accounts for a relatively small proportion of the total freight cost. The freight from MINISO's warehouse to the domestic MINISO retail partner stores or overseas distributor stores, they are charged to corresponding retail partners or distributors. The rises in freight costs will not have material influence on our P&L. For retail partners and distributors, because, they use, you know, the price of products using cost-plus markup strategy. The rise in freight cost will also have no impact on their gross margin too. Secondly, in the supply chain side, you know, our large procurement volume as a result of our, you know, more than 5,000 stores worldwide, have provided us with tremendous, cost advantages. Our long-term mutually beneficial relationship with our suppliers has enabled us, strong and enough bargaining power to consolidate our cost advantages. Thanks to our, flexible pricing strategy and our, terminal end pricing rise. Be it freight cost or the commodity pricing rise, we can all transfer these incremental costs to our price and promise to make sure that we can achieve our established gross margin targets. Now, third is we always control inventory. As I shared earlier, the inventory turnover days range at 60-70 days and very close to our pre-COVID level. Specifically in FY 2019. Our inventory turnover days was about 63 days. And in fiscal year 2022 and 2021, it was about 78 due to COVID. Thanks to our continuous efforts during the past year. In the past 3 quarters, our inventory turnover days has recovered to 68 days, which is very close to our pre-COVID level. At this moment, China is the least and the latest to be affected by the global inflation. This has positioned MINISO well. But of course, the global cost rising, it has some transmission mechanism and we'll pay more closer attention to the changes and continue to do good job in the strategy. I will translate for CFO. Yes. For your question on store expansion, let me start with the overseas markets. Now we still maintain our you know our guidance of net addition of 350 store in calendar 2022. For China, it's a more complicated story here because, you know, everyone knows that what happens here, and the whole restrictive control measures has been for a while. As Mr. Ye shared in his prepared remarks, we will dynamically adjust our store opening in China, based on the pandemic control in China. The basic principle here is that we will focus on the long-term health of the whole MINISO system. We will, based on that, to adjust our store opening plan. Thank you. Thank you. The next question is from the line of Lucy Yu from Bank of America Merrill Lynch. Line is open. Please go ahead. [Foreign language] The market is concerned about China spending power deterioration. In the near term, we might face consumption downgrade or more conservative spending. It might take some time to restore consumer confidence. Meanwhile, MINISO has raised the price for certain products since the second half of last year. How should we think about potential impact on sales in a consumption down cycle? Will you consider to adjust this strategy? Second question is sales situation in both China and overseas during the second quarter so far, and following that, China sales have been quite soft lately. How should we think about the inventory destocking pressure in the second quarter or third quarter? Thank you. [Foreign language] I'll translate for the CEO. Thank you for the question, Lucy. One thing I want to point out here is that so many countries are facing the inflation, inflationary pressure at this moment. Consumers, they tend to look for value more in such a high inflation environment, which is a very good opportunity for us because that is our advantage. With our experience and core capabilities in supply chain, inventory management and our pricing strategy. We will continue to leverage our value proposition and cost advantage and get more competitive position in this downturn of consumer. For a long time, MINISO has always followed our pricing strategy of taking around 50% merchandise gross margin. Starting in 2021, our new product pricing margins are represented by, you know, these IP products have increased by at least 5%. It needs to be emphasized that this price increase are just for the 30% interest-based products. For the rest 70% of MINISO products, we will stick to our value proposition. I can share a set of numbers. In the past three or four years, the average selling price per MINISO product in China market has been slowly decreasing from RMB 12.5 to less than RMB 12. During the same time, our margin in China market stabilized. We won't raise MINISO's product price completely, but we'll do that based on our value proposition and do some, you know, differentiated pricing to meet the more diversified consumer demands. As of today, I think this strategy, its influence on our gross margin is positive. In the future, there will be not many changes for our pricing, for our pricing promotion strategy. It will still be for the 30% interest-based products and only for new products. As we communicate in last quarter's earnings call, I really hope that after the brand upgrade, when consumers come to MINISO store, they won't feel that we get more expensive, but we have more value. Thank you. [Foreign language] [Foreign language] I'll translate for CFO. Let me see. I will answer your second question. Your first part on the recent recovery in April and May. First of all, in China, currently April is even worse than the situation in March because we had a more stricter control measures. Sequentially, the GMV in April has down 10%, mainly due to number one, the temporary store closure was even higher. In April there was about 380 stores were temporarily closed. Number two, foot traffic footprints to our stores also decreased in April. For the operations in May in China, we saw some kind of recovery. Our judgment here is that it's more related to seasonality, because May is traditionally a strong month for MINISO. On the other side, we also saw that, you know, the store closures in May in China has decreased to about 260 stores in recent days. For the overseas operations, I think the whole big picture is that the overseas situation is much better than that in China. If we look at the first quarter, the March quarter's year-over-year growth was 30% or so. Entering into the June quarter we have seen apparently acceleration in the whole recovery in overseas markets. For example, India and Indonesia, on average, you saw more than 60% YoY growth, especially in the India market has saw more than 100% growth. For your second part question on the inventory. My first guess, my first impression here, based on the situation we observed here is that we're just fine. We are good on the inventory, because during the past two years, we have, you know, found every chance we get to control our inventory turnover days. We also very disciplined in our whole inventory management process. In March, due to the COVID and the control measures, our inventory was naturally negatively affected a little bit. The inventory turnover days for China was still at the low level of 60 days. In fact, I want to express here that our whole control of the inventory level is quite good. We are very confident for this side. Thank you. [Foreign language] Thank you. The next question is from the line of Veronica Song from Credit Suisse. Line is open. Please go ahead. [Foreign language] Uh, maybe I'll quickly translate. How's our latest development in our overseas market, especially in North America? Have we seen a stabilizing store economics in the U.S.? Also, in which overseas countries have we entered the stage of having a stabilized store economics and ready for further mass expansion? Thank you. [Foreign language] Thank you. Generally speaking, since we are only officially launch our $10 N' Under program in North America, since the last year in fourth quarter, everything went quite well in North American markets. I would take the U.S. market as an example since it has become the majority part of the $10 N' Under business. As of the end of March, we had 54 MINISO stores in America, and mostly directly operated. The store number increased by 70% YoY. In terms of average store performance, average store sales in March quarter, we have seen it's 100% recovery to the pre-COVID level. If we look at the high season, the peak season of December quarter last year, the average store performance was, you know, 10% higher. Of course, it has a large part on, you know, the whole recovery of the U.S. retail, the U.S. retail markets. Beyond that, we also have accomplished a lot of internal management improvement, such as the localization of our products, such as the solution to our supply chain and so on. During the past 7 quarters, we have seen more and more profitable stores in the U.S. market, and we are more and more close to see a relatively stable store model. We really hope we can have this job done in the year of 2022. Except the U.S., we also try Canada market in the second half of 2022. Except the North American market, we also had other several subsidiary markets. I would say that many of them have already had a store model there, especially in Indonesia. For the wholeNorth and South Asia market, including Indonesia, the major problem of them is the pandemic. It's still there, so it has still lingering effect on our sales there. We do really hope that in 2022, the impact of the COVID in this market will fade eventually so that we can improve substantially our P&L for these subsidiary markets. Thank you very much. Thank you once again for joining us today. If you have any further questions, please contact MINISO Investor Relations team. Our contact information can be found on today's press release. We will see you next quarter. Have a nice day.