Good morning, ladies and gentlemen, and thank you for standing by for So-Young's third quarter 2021 earnings conference call. At this time, all participants are in listen-only mode. After the management's prepared remarks, there will be a question and answer session. As a reminder, today's conference is being recorded. I would now like to turn the meeting over to your host for today's call. Mr. Mona Qiao. Please proceed. Thank you, operator, and thank you for joining So-Young Q3 of 2021 earnings conference call. Please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the SEC, including our annual report on Form 20-F. So-Young does not undertake any obligation to update any forward-looking statement except as required under applicable law. Joining us today on the call are Mr. Xing Jin, our Co-Founder, Chairman, and CEO, and Mr. Min Yu, our CFO. At this time, I would like to turn the call over to Mr. Xing Jin. Xin, please. 大家好，感谢大家参加新氧二零二一年第三季度电话会议。 Thank you all for joining our earnings call for the Q3 of 2021. 三季度，在中国部分地区新冠疫情反复不利因素的影响下，我们继续执行既定的增长策略，仍然取得了稳健的财务表现，收入达到RMB 4.315亿，相比去年同期增长了20%。非美国通用会计准则归属于新氧的净利润为RMB 2,890万，相比去年同期增长9.6%。 We continue to execute our growth strategy during the quarter and are pleased to deliver solid financial performance despite the challenges and impact of COVID-19 in parts of China. Revenues grew to RMB 431.5 million, in line with our pre-announced guidance, an increase of 20% from the same period of 2020. GAAP net income attributable to So-Young International Inc. was RMB 28.9 million, an increase of 9.6% from the Q3 of last year. 三季度国内多个城市新冠疫情反复，用户消费信心减弱，防控措施加强，对我们的业务也造成了不利影响。尽管如此，我们坚信医美行业的长期增长势头仍然强劲。 In the Q3, the resurgence of COVID-19 in several cities across the country, resulting in weaker than normal consumer sentiment and heightened containment measures, had a negative impact on our business. Having said that, we firmly believe that the long term outlook for the medical aesthetic industry remains strong and intact. 已经发完了。三季度我们在运营方面的主要业务进展。首先，我们团队与医疗机构通力合作，加强对平台上机构的品牌支持，目标是不断提高销售转化率。新氧平台的付费医疗机构数达到4,841家，相比去年同期的4,096家增长18.2%。通过促进售前售后服务，进而缩小线上线下的信息需求差距。新氧已成为首屈一指的一站式综合医美医疗服务平台。信息服务收入保持稳健增长，同比增长21.1%至3.216亿人民币。平台上付费信息服务费的医疗机构数量达到2,242家，去年同期为2,146家。 Let's talk about our strategy progress on our operation during the quarters. 1st, our team worked tirelessly with institutions to increase brand advertisement on the platform, with the aim of improving conversion rates. The number of paying medical service providers on our platform was 4,841, an increase of 18.2% from 4,096 in the Q3 of 2020. So-Young has become the premier one-stop comprehensive medical aesthetics and medical service platform to facilitate pre-sales and after-sales services, thus closing the information gap between online and offline demands. Information service revenue maintains steady growth, increasing 21.1% year-over-year to RMB 321.6 million. The number of medical service provider subscribing to So-Young's information service was 2,242, up from 2,146 in the prior year. 在用户体验方面，我们聚焦于几项关键举措，包括提高新氧平台的数字能力，加强个人数据保护，以及根据个人偏好和购买行为，加强定制化社区内容。 In terms of user experience, we focused on a few key areas, strengthening the digital capabilities of So-Young's platform, increasing personal data protection, and improving the customization of community content based on individual preference and purchasing behaviors. 在非手方面，用户对于非手项目需求仍然旺盛。我们继续增加平台上SKU的数量供给，优化线上交易体验，为终端用户特别是多次复购的用户提供更具透明的价格和更有吸引力的激励措施。随着我们不断加强正品管控和服务监督，深化非手的标准化，我们可以看到用户在线上享受的保护权益逐渐增多，用户对品牌的忠诚度持续上升。九月平台非手项目SKU数量超过14万，相比去年同期提高26%。三季度非手业务收入贡献占比提升至总收入的49%，去年同期为43%。 On the non-surgical product side, the popularity of non-surgical categories remains high in terms of user demand. We further increase the number of SKUs on our platform to optimize the online transaction experience with more transparent pricing and attractive incentives for the users, particularly as a way to reward our loyal, repeated users. Our online action project has gained much traction and demonstrated progress in brand loyalty as we continue to strengthen the management and control of product authenticity and supervision over treatments and services. Alongside the standardization of non-surgical procedures, as of September, over 140,000 non-surgical SKUs were available on our platform, an increase of 26% compared with the same period in last year. As a result, in the third quarter, revenue contribution of our non-surgical business increased to 49% of total revenue, up from 43% in the third quarter of 2020. 其次，在确保非手项目服务标准化的同时，继续帮助机构加强履约体验，确保高品质正品服务。我们将继续提高在非手的市场份额，深化我们的市场进入策略，推出更多爆款产品，满足不同客户需求。 Secondly, we worked to ensure consistent standardization of non-surgical procedures and service while helping institutions to enhance contract performance and authenticity of high quality service. We will continue to grow our market share in the non-surgical categories and expand our go-to-market strategy by introducing more outstanding and popular products that address different customer needs. 对于手术类项目，我们持续精细化运营，为名医分配了更多资源，扩大我们在手术领域的优势。我们升级了方案项目，通过匹配咨询师、医生和用户，帮助用户更高效寻求到合适的诊疗方案。 To refine our operation in the surgical categories, we allocated more resources to support reputable doctors and expand our advantage in this area. We upgrade our customized treatment program to help users find personalized solutions consisting of effective diagnosis and treatment by matching them with the right doctor and professional consultants. 下面我将介绍与武汉奇致业务整合的最新进展。我们在三季度中完成了收购交易，此次收购将会扩大我们的机构网络，加强用户服务履约体验。同时这也将成为我们探索与更多器械和药品厂商的合作，实施增长战略的基础。武汉奇致目前已入驻新氧平台，开设旗舰店，并与美次卡结合推出了新的产品。截至十一月初，与武汉奇致合作的机构网络中，其中有超过三十家新机构开始与新氧建立合作。 Now I would like to give you an update on our business integration with Wuhan Miracle Laser Systems. We closed the deal in the middle of Q3. The acquisition of Wuhan Miracle has helped us expand our institutional network fulfillment service and is a great example of our strong growth strategy, exploring new collaboration opportunities with equipment and device manufacturers as well as medical drug providers. We have set up a flagship store for Wuhan Miracle on So-Young's platform and added online products to So-Young Pulse. As of early November, So-Young had established business relationships with more than 30 institutions derived from Wuhan Miracle Network. 今后我们将扩大该类业务服务模式的规模，寻求与上游厂商试点合作的机会，帮助他们与新氧上千万的用户建立直接联系。 Going forward, we will scale this service model and seek opportunities with upstream product providers through trials that will connect them directly with many of our users. 监管层面，我们仍在与监管方面紧密沟通，遵循行业指导意见，加强平台自律，对数据库中的所有医生和机构实施严格的内审机制。平台内容和服务也需通过更加严格的审批流程。作为医美医疗行业的领先企业，我们非常注重我们在线提供的医美医疗服务信息的准确性，并且能够帮助合作的机构进行合规审核，推动行业标准化和有序发展。 On the regulatory front, we remain in close communication with regulators and follow industry guidelines by promoting self-discipline on platform governance, conducting stringent internal review mechanisms for all doctors and institutions in our database, and facilitating rigorous approval process on content and service offerings. As a leader in the medical aesthetics and medical industry, we particularly focus on the accuracy of the online information we provide on medical aesthetic services, assist our institutional partners with compliance audits, and promote the standardization and orderly development of the industry. 综上所述，新氧的目标是在提供医美医疗信息、解决行业信息不对称的同时，搭建一个B2B平台，开展与上游厂商的合作。我们会不断加强社区运营能力，丰富供应端产品组合，致力于用户履约阶段的增值服务，提高用户整体满意度，进而渗透更多的医美用户，扩大行业整体市场。随着我们作为中国最受信赖医美医疗服务平台的声誉不断扩大，我们将进一步努力提高行业标准和品质。 To summarize, So-Young's goal is to provide comprehensive medical aesthetics and medical information that will resolve information asymmetry within the industry. Meanwhile, we are developing a B2B platform to enhance our cooperation with upstream product suppliers. In addition, we are strengthening our community operation capabilities, our product quality on the supply end, and improving overall user satisfaction rate by facilitating value added service in the treatment execution phase. We believe this will help us expand our reach to a growing number of aesthetics users and raise the size of total addressable market. As we continue to grow our reputation as the most trusted medical aesthetics and medical care platform in China, we will further strive to raise the standards and quality of the industry. 下面请我们的CFO余敏介绍三季度的财务情况，之后我们将开始Q&A环节。 Let me invite Min to give us overview of the results for the quarter and then open up to the Q&A. Thank you. Thanks, Xing Jin. Please be reminded that all amounts quoted here will be in RMB. Please also refer to our earnings release for detailed information of our comparable financial performance on a year-over-year basis. For the Q3 of 2021, total revenues were RMB 431.5 million, up 20% year-over-year from RMB 360 million. In line with our previous guidance, the increase was primarily due to an increase in the number of paying medical service providers and the consolidated revenues of RMB 48.1 million in 2021 Q3 from Wuhan Miracle. The number of paying medical service providers on the platform was 4,841, increased 18.2% from 4,096 in the third quarter of 2020. The total number of medical service providers subscribing to information services on So-Young's platform was 2,242 during the quarter, compared with 2,146 in the Q3 of 2020. Within total revenues, information services and other revenues were RMB 369.7 million, up 39% year-over-year from RMB 265.7 million. Reservation services revenues were RMB 61.7 million, a decrease of 34.3% from RMB 93.9 million in the Q3 of 2020. Cost of revenues were RMB 89.6 million, up 63.7% year-over-year from RMB 54.7 million in the Q3 of 2020. The increase was primarily due to the consolidation of the costs of Wuhan Miracle. Cost of revenues included share-based compensation expenses of RMB 4.8 million, compared with RMB 5.1 million in Q3 of 2020. Total operating expenses were RMB 322.5 million, a decrease of 3.7% from RMB 335.1 million in the Q3 of 2020. Sales and marketing expenses were RMB 190.7 million, down 13.9% from RMB 221.6 million a year ago, primarily due to a decrease in expenses associated with branding and marketing activities. Sales and marketing expenses included share-based compensation expenses of RMB 2.2 million compared with RMB 2.2 million in the corresponding periods of 2020. G&A expenses were RMB 54.7 million, up 8.7% from RMB 50.3 million a year ago, primarily due to the consolidation of general and administrative expenses of Wuhan Miracle. G&A expenses include share-based compensation expenses of CNY 10 million, compared with CNY 12.2 million in the corresponding period of 2020. Research and development expenses were CNY 77.1 million, up 22.1% from CNY 63.2 million a year ago. The increase was primarily due to the consolidation of the research and development expenses of Wuhan Miracle. R&D expenses for the Q3 of 2021 included share-based compensation expenses of CNY 5.1 million, compared with CNY 6 million in the corresponding period of 2020. Income tax expenses was CNY 4.3 million, compared with CNY 16.3 million income tax benefit in the Q3 of 2020. Net income attributable to So-Young International Inc. was CNY 6.8 million, compared with net income attributable to So-Young International Inc. of RMB 0.9 million in the third quarter of 2020. Non-GAAP net income attributable to So-Young International was RMB 28.9 million, compared with RMB 26.4 million in non-GAAP net income in the same period of 2020. Basic and dilutive income per ADS attributable to ordinary shareholders were RMB 0.06 and RMB 0.06 respectively, compared with RMB 0.01 and 0.01 respectively during the same quarter of 2020. Now for our balance sheet. As of September 30th, 2021, we had total cash and cash equivalents, restricted cash and term deposits, term deposits and short-term investments of RMB 1.8 billion, compared with RMB 2.7 billion as of December 31, 2020. For the Q4 of 2021, So-Young expects total revenues to be between RMB 430 million and RMB 450 million, representing a 1.3% to 6% increase from the same period of 2020. The above outlook is based on the current market conditions and reflects the company's preliminary estimates of market and operating conditions and the customer demand. This concludes our prepared remarks. I will now turn the call to the operator and open the call for Q&A. Operator, we are ready to take questions. Certainly. Participants who wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you ask your question in Chinese, please repeat it in English immediately. 1 person is allowed to ask 1 question at a time. If you want to ask more than 1 question, please rejoin the queue again. It's star followed by 1 to ask your question. Thank you. Your 1st question comes from the line of Thomas Chong from Jefferies. Please go ahead. Thanks, management, for taking my questions. I have a question about the regulation side. Any comments about the guidelines on medical and aesthetic advertising law enforcement as well as the relevant regulatory situation? Thank you. As medical aesthetics has both medical nature and the consumption nature, the guidelines on medical and aesthetic advertising law enforcement issued by the SAMR, the State Administration for Market Regulation, will help maintain the order of the medical aesthetics market and truly protect the legitimate rights and interests of consumers. As an online service platform for medical aesthetics, we will strictly follow the requirements of the law on protection of consumer rights and interests, e-commerce law and other laws and regulations as mentioned in the guidelines as we provided the online information services. We will let consumers acquire the specific information of products including price, performance, specifications, and the disclosure of information of the product or service in a comprehensive, genuine, accurate, and real-time manner. In order to guarantee the right to know and the right to choose of consumers. 主动违法违规的医疗宣传信息，维护医美行业规范有序的发展环境。新氧作为行业中最早和持续进行行业自律行为的平台，也认为机构投放获客时不能以夸大或者虚假的方式欺骗消费者。严禁违法违规医疗美容宣传信息，以保障消费者权益为核心。对于机构而言，机构在投放渠道上的选择会更加慎重，向专业的合规平台靠拢。 Meanwhile, we will proactively follow the guidance to guidelines to further establish and optimize our internal review, take the initiative to block illegal promotion information, and maintain the standardization and orderly development of the industry. As a platform that started in the first place and continuously conduct self-discipline in the industry, we believe institutions should not cheat consumers by exaggeration or false information marketing and consumer acquisition. We strictly forbid illegal promotion information and take protection of consumer rights and interests, of course. For institutions, they will turn to more prudent, professional and compliant platforms when choosing marketing channels. 长远来看，政府有关部门的监管有利于整个行业的健康发展。新氧作为行业领导者，将坚持行业自律，进一步完善内部审核信息，促进医美回归医疗本质。 In the long run, regulations are positive to the healthy development of an industry. As a leader in the industry, we will stick to self-discipline, further improve our internal review mechanism and drive medical aesthetics to return to its medical nature. That's all. Thank you. Thank you. Thank you. Your next question comes from the line of Nelson Cheung from Citi. Please go ahead. Nelson [Foreign language] line is open, you can ask your question now. Nelson, if you muted your line, please unmute your line and ask your question. Your line is open. Nelson, your line is open, you can ask your question now, please. Nelson from Citi. Your line is open. You can ask your question. Please unmute yourself and ask your question. 听得见吗？ Yes. Yes, we can hear you. 好，谢谢管理层接受我的提问。我的问题是关于佣金这方面的，因为我们看到这个季度佣金好像有一点下降，所以我们想多了解一下这方面的原因。然后如果长远来看的话，我们佣金收入的预期大概是多少？So thanks management for my question. With the revenue decline of reservation revenue this year, can management share the reasons behind it? What's your expectation for the long term trend of this business going forward? Thank you. 首先，由于疫情的影响，一些主要的消费城市疫情反弹，导致用户的消费信心减少，消费意愿下降，影响医美消费。 Thank you. 1st, due to the resurgence of COVID-19 in some mega cities, consumers' confidence is weaker than normal, and their willingness to spend is not that strong. It's impacted medical aesthetics market. 其次，医美消费具有消费属性，用户客单价较高，且部分城市的用户如果有医美需求，会跨城到其他城市消费。因此，疫情的反复和严格的防控措施，一定程度上对部分用户的跨城消费也造成了阻碍。 Secondly, the price for medical aesthetics treatment is generally expensive and some consumers need to take cross city travel to get the treatment. The containment measures in some cities prohibits their movement. 同时，三季度我们开展了与机构新的业务合作模式，将从机构产生的收入，通过高佣金高补贴的政策，鼓励机构参与我们的大促活动，鼓励用户在线消费，以提高整体的交易量规模。 In the meantime, in this Q3, we tested new promotions with selected institutions. We encourage institutions to expand inventories and give more rebates to users, making them have more incentive to place orders online. 在采取高佣金高补贴政策下，九月促销期间用户在线支付GMV相比三月大促和六月大促，分别增长了96%和78%。用户客单价相比三月大促和六月大促分别增长了76%和39%。 As a result, under the new promotion, GMV of online transactions in September was 96% and 78% higher than that in March and June respectively. While ARPU was 76% and 39% higher respectively as well. 长远看呢，随着我们线上消费体验的提高、产品的标准化，在用户端，我们除了增强线上下单的预约权益外，也开始深入到用户到店后的线下预约体验，保证用户的正品保障。在机构端呢，强化线上支付对流量分发和流量转化的影响，促使机构引导用户线上下单，提高机构的交易转化效率。 Over the long run with the better user online experience and standardization of our product offerings, we will enhance the fulfillment of online transactions and extend our service to offline, ensuring user gets the authentic products. For institutions, using online payment service will be an important factor if they want higher traffic and conversion. They will be encouraged to let user place order online. That's all, thank you. Thank you. Your next question comes from the line of Nick Zhao from Needham & Company. Please go ahead. 谢谢管理层接受我的提问，应该听得到我吧。我有两个问题，我的第一个问题是关于这个疫情的影响，再套上这个刚刚管理层也说了，这个疫情的反复对我们这个业务、这个运营造成影响。我想知道管理层能不能分享一下，比如说至今为止我们看到的四季度，当然这个我们有个guidance，但是就是说，比如说在这个用户增长端，我们现在看到的迹象是什么样子呢？然后对于明年，我们现在大概对在这个用户增长和收入增长是怎么样一个看法？然后第二个问题是关于这个美次卡的业务进展，想知道这个相对于手术类目，就是这些医美受疫情影响比较大，这些非手术类目的增长如何，然后有什么亮点可以分享的吗？我自己翻译一下。Hi management, thanks for taking my question. My 1st question is about the impact from COVID-19. As you just said COVID-19 resurgence continue to impact our business operation. Can management share your view on its impact on Q4, especially on user-based sides? Also for the next year, what do you see for user growth and revenue growth? My 2 nd question is about the progress in So-Young Prime compared to surgical categories, which is greatly impacted by COVID-19. How is the growth trend for non-surgical categories? Any highlights to share? Thanks. 你好，先回答第一个问题。在三四季度呢，我们看到部分城市的疫情反弹一定程度上给业务造成了短期的不确定性，我们会持续地观察整体的市场情况，根据市场变化做出相应的业务调整和激励政策。 Thank you for the 1st question. In Q3 and Q4, the rebound of pandemic in some cities brought short-term uncertainties to our business. We are monitoring the development of the market and will make adjustment for our marketing strategy timely. 四季度以及明年，受益于非手术类项目的热度不断攀升。在保有手术类项目优势的基础上，我们在非手术上也会继续执行激进的战略，不断渗透和拓展市场份额。 For the Q4 and next year, we believe the popularity of non-surgical category will maintain its momentum. We will solidify our existing strong position on surgical side while executing our established strategy on non-surgical side to penetrate into more market and gain more market share. 过去几年医美行业的发展是以整形收入的增长来带动的。因为手术类医美非标性，医生操作水平是医疗结果的关键因素，使得整体医美行业还是呈现分散、非标准化和服务水平较低的现状。疫情的影响呢，一定程度上改变了用户的消费习惯。同时，轻医美技术的提升和医美用户不断的渗透，推动医美服务线上化和标准化的进程。 In the past several years, the main driver for the growth of medical aesthetic industry came from the plastic surgeries. Because these surgeries are not standardized, non-standard treatments, the quality of which is largely depend on surgeon doctors. Therefore, the status of the industry remains fragmented with no universal standard and poor service quality. The COVID-19 by some degree has changed user behavior. In the meantime, the advancement of the technology of light aesthetics and expanding user group are accelerating the development of the digitalization and standardization of the industry. 我们相信这一趋势会在未来五年持续。线下机构需要更快提升整体服务水平和医疗水平的能力。同时，上游的器械设备和药品厂商需要开拓对于C端用户的触达和影响，对于平台的依赖性会增加。 We believe such trend to continue in the next 5 years. Institutions are required to improve their medical skill and service quality, while the upstream equipment and drug providers want to increase their exposure and brand influence to end users. Both of them will need more service from our platform. 对于第二个问题，美次卡是从去年十月份开始正式运营，从最初覆盖的十一个城市。 Yes, yes, go ahead. 好，那我继续。从最初覆盖的十一个城市拓展到本季度末超过五十个城市，合作机构数从最初的九十多家机构拓展到本季度超过两百五十家机构。我们在扩大覆盖范围的同时，也在不断优化美次卡的服务体验和热门品类。 Operation for So-Young Pass was started last October, and the number of cities covered has expanded to over 50 by the end of this quarter from 11 at the beginning. Corporate institution also increased to more than 250 from 90 at 1st. While expanding the coverage, we are continuously optimizing service experience and the popular category of So-Young Pass. 在非手术端，本季度我们的非手订单占总订单数量的76%。同时可以看到结合我们的社区内容和新媒体资源优势打造的爆款产品，如Fotona 4D、光子嫩肤、HIFU等核心品类。用户在线下单的GMV同比增长均超过了85%，其中Fotona 4D的用户在线下单GMV甚至同比增长超过了400%。 For nonsurgical, the orders accounted for 76% of total orders during the quarter. Meanwhile, the hot selling products was established with our advantage in the community content and new media such as Fotona 4D, photorejuvenation, HIFU and other categories, recorded at more than 85% year-over-year in average GMVs from users online orders. Among them, the online GMV for the Fotona 4D even grow over 400% year-over-year. 除此之外，我们也将美次卡加入到新机构建店和营销推广计划中，帮助一些缺乏线上资源和运营经验的中小机构，中小规模机构迅速提升曝光和精准获客。 In addition, we add So-Young Pass to the shop opening and promotional campaigns of newly joined institutions, helping small and medium-sized institutions with a lack of online resources and operation experience to rapidly increase the exposure and improve accurate client acquisition. 综上所述，正如我们之前所提到的，美次卡只是我们在非手术端深入用户履约的第一步，也是我们在非手业务端的一个抓手。从整体非手业务来看，受益于非手术类项目热度不断攀升，我们长期致力于非手项目的标准化，深入用户履约，保证用户在非手端享受高品质正品体验。同时我们也在寻求与其他上游厂商的试点合作，进一步帮助用户解决在非手上的消费痛点，提高用户整体满意度，进而渗透更多的医美用户。 In summary, as mentioned before, So-Young Pass is just the 1st step as we take to enhance content performance and also effective use on the nonsurgical side. For the whole nonsurgical business benefited from the rising popularity of nonsurgical services, we are committed to standardization of nonsurgical service in the long term, continuously enhance content performance, and ensure user to enjoy premium experience of authentic products on the nonsurgical side. Meanwhile, we are seeking for cooperation trials with upstream manufacturers, further helping users to solve their pain points in nonsurgical categories, improving the overall user satisfaction and penetrating to more medical aesthetics users. That's all, thank you. Thank you. Your next question comes from the line of Leo Chiang from Deutsche Bank. Please go ahead. 谢谢管理层接受我的提问。我的提问是关于我们的MAU还有市场费用。我们看到MAU，在第三季度，还有市场费用都有下降的趋势。想请问一下4Q还有明年的用户和市场投放的推广策略。I'll translate my question. My question is regarding to MAU and sales and marketing. I just wonder why the reason behind the MAU decrease and the reason behind the decreasing marketing expense and what is the marketing and promotion strategy for next quarter and next year? Thank you. 首先，由于疫情的影响，一些主要的消费城市疫情反弹导致用户的消费信心减弱，消费意愿下降，因此用户访问量相比Q2有所下降。 Thank you. Firstly, due to the negative impact of resurgence of COVID-19 in some large cities, consumer confidence was hurt and consumption willingness declined, resulting in the Q-on-Q decrease in MAU. 其次，我们在今年年初的时候有提到，公司今年的市场投放策略是在提高整体用户数量的基础上，获取更多有质量的核心医美用户，因此与去年大量获取新用户的投放策略有所不同。 Certainly, as we already mentioned at the beginning of this year, our marketing strategy in this year is to acquire more cold, putting the priority of user quality ahead of quantity, which is different from the strategy last year when we focused on targeting new users. 三季度我们优化了市场投放渠道，减少了线下品牌的投放，利用自身在内容方面的优势，提高在线上内容的投放，以优质的内容在其他第三方平台做效果投放，树立专业医美医疗平台的形象。 Referring to the total marketing fee during the quarter. We optimized our marketing strategy, reducing branding spending in offline channels, and increasing online promotional content, leveraging our content advantages and also releasing the premium content on 3rd-party platforms to enhance effectiveness, establishing our image as a professional medical aesthetics and medical platform. 全年看，整体销售和市场费用占收入的比例预计维持年初的既定水平，不会超过50%。 Looking forward to the whole year of 2021. We estimate the total sales and marketing expenses will account for no more than 50% of our revenues. Maintain the same level as we project in the beginning of this year. Thank you. That's all. Thank you. Your next question comes from the line of Xixi from CICC. 金总，尹总，晚上好，我想请问一下能否多介绍一些目前武汉奇致的进展情况，以及公司切入供应链之后，可否再跟我们讲一下目前整体长期的发展规划。Thanks, management, for taking my question. Just wondering if you could give us more business update on Wuhan Miracle. Since you added the business of upstream equipment supply. Could you please also share with us more color about your long-term development strategy. Thank you. 三季度我们完成了对奇致的收购交易，奇致开始入驻新氧线上平台，开设官方旗舰店，在线上向用户推广其产品，同时与美次卡结合，让用户享受正品产品体验。截至十一月初，在与奇致合作的机构网络中，超过三十家新机构开始与新氧建立合作。 In the Q3, we closed the deal of acquiring Wuhan Miracle. We have set up a flagship store for Wuhan Miracle on our platform and promote its products to our users and integrate its products with So-Young Pass. As of early November, So-Young had established business relations with more than 30 institutions derived from Wuhan Miracle Network. 关于公司的长期发展方向，在过去几年呢，我们解决了信息不对称导致的用户决策困难。通过规范和优化社区内容，让用户对医美消费在信息层面上有了专业的医美认知。 Referring to your 2nd question. In the past few years, we have made efforts to solve the difficulty of user decision making by providing more transparent information, by normalizing and optimizing our community content to enable our users to gain better understanding of medical aesthetic treatments with professional help at the informal information level. 随着对医美运营的加深，我们规范了线上商品的标准化和透明化，将产地、用途、规格等医美信息以标准化的方式展示给用户，并且平台首创免费提供给用户线上保障权益，为用户提供先行赔付相关医美项目保险，切实保障用户的消费体验。 With the refinement of our operation, our online service will be more standardized and transparent in price. We are able to correctly display to users the place of production, usage, specification and other information. We are also pioneering in offering online rights protection at no cost, providing advanced compensation and insurance for relevant medical aesthetic treatments to our users. 现在随着我们不断加深对医美行业的了解，我们更加深刻地认识到，上游产品的高客单价格和有限的品类选择，一定程度上限制了更多的用户享受医美消费。但是在用户需求端可以看到医美消费逐渐破圈，用户对医美的需求在持续高涨。因此，我们认为现阶段我们要利用平台优势，加强与供应端合作，深入医美行业，让更多的用户可以享受好的医美体验，扩大整体市场。 At present, as we better understand the medical aesthetic industry, we are well aware that the higher transaction value of upstream products and the limited choice of categories have set limits for more users to enjoy medical aesthetics consumption. On the user demand side, we are seeing that medical aesthetic consumption expanding out of the original user base as the demand for the medical aesthetics continues to rise. For this reason, we believe at the current stage, we will leverage edges of our platform, enhance cooperation with the supply end, explore into the industry, enable more users to have access to good medical aesthetics experience and expand the overall market size. Thank you. That's all. Thank you. Thank you. Is there no further questions? That brings us to the end of the call. Thank you for participating. You may all disconnect now. Thank you all.