Ladies and gentlemen, thank you for standing by for So-Young's Fourth Quarter and Full Year 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question-and-answer session. We do ask you to limit yourself to one question during the Q&A session. As a reminder, today's conference call is being recorded. I would now like to turn the meeting over to your host for today's call, Ms. Vivian Xu. Please proceed, Ms. Xu. Thank you. Thank you, operator, thank you for joining So-Young's Fourth Quarter and Full year 2022 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 statements except as required under applicable law. Please also note that unless otherwise stated, all figures mentioned during this conference call are in RMB. Joining us today on call is Mr. Xing Jin, our Co-Founder, Chairman, and CEO, and Mr. Nick Zhao, Senior Vice President of Finance. At this time, I would like to turn the call over to Mr. Xing Jin. Xing, please. Hello, everyone. Thank you for joining So-Young's Fourth Quarter and Full Year 2022 Earnings Call. 2022 was a remarkable year for all of us at So-Young. Despite multiple external headings, we have successfully stabilized our core business and substantially improved our profitability. In the fourth quarter, amidst the most severe challenges of the past three years, as the COVID-19 pandemic seriously disrupted the operation of many medical aesthetic institutions, while the slowdown of the Chinese economy made consumers more cautious, we managed to achieve quarterly revenue of RMB 325 million, in line with our prior guidance. In the meantime, we significantly scale up our profit with non-GAAP net income of RMB 38.8 million. We have continued to make strides since reaching breakeven in the third quarter, thanks to our optimized cost structure and improved efficiency. As of the end of 2022, our cash balance remained at close to $1.6 billion, which provides us with sufficient financial assurance to explore new business growth opportunities in the year ahead. Next, I'd like to share some market trends we observed during the past year. In the future, we will look in these directions as we continue to invest resources, seize opportunities presented by change, and build new pillars of revenue for our business. First, Chinese medical aesthetics user base is structurally upgrading as the ratio of non-surgical users continue to increase. User demands are evolving, with high-value users showing increased demand of premium one-stop medical aesthetics services. Along with the long-term trend of consumption upgrade in China, the middle class medical aesthetics customer group is expanding. The growing middle class demographic in China, and particularly urban middle class females in the first and second tier cities, have formed the medical aesthetics consumption habits characterized by increased volume and frequency of consumption. We have observed several important differences between the middle class consumers and traditional medical aesthetics consumers. These consumers generally have higher level of education and are more cautious with their choice of medical aesthetic services. They are more attuned to 50 factors, including the maturity and reliability of service, doctors and institutions, qualifications and product compliance. They're mainly consume anti-aging, skin management and shape management products with higher frequency. Third, they look for rational prices, not simply purchase cheapness, but they don't want to be charged an IQ tax. Fourth, they value service quality and delivery. Based on these changes in the market and meeting the needs of the consumer group, leveraging the resources and capabilities we have accumulated through the years, we launched the So-Young Prime business at a small scale in first and second tier cities in the third quarter of 2022. So-Young Prime is our self-operated as a live service platform for non-surgical medical aesthetics. First, based on the big data gathered on our platform, which shows those most popular treatments of live medical aesthetic service for middle class consumers, we invited experts to create an upgraded treatment plan with standardized operating procedures for treatments and service. So-Young is responsible for pricing and sales. Second, we screen institutions that meet our standards and train and assesses their operating teams and doctors before allowing them into the So-Young Prime service network. These institutions are responsible for providing exclusive treatment rooms and a standardized service to So-Young Prime customers. We have stationed staff in these institutions to welcome So-Young Prime customer and ensure a high quality service experience throughout the treatment. Finally, we procure and certify the live medical aesthetics equipment and the consumables used in treatment. Injections and other consumables are stored in the genuine medicine cabinet placed in each institution and medical staff take out the check each item in front of the customer. Enabled by innovation in the live medical aesthetic service model, quality control of service delivery and our scale advantage in operations, user acquisition and supply chain, So-Young Prime providers provides user with premium genuine and low price live medical aesthetics service. [Foreign language]截 至 目 前 为 止, 到 店 人 次 每 个 月 都 连 创 新 高. 即 使 是 经 历 了 去 年 年 底 全 国 范 围 内 的 阳 性 和 年 初 的 春 节. Upon debut at small scale on August 1 last year, So-Young Prime has quickly won recognition among users. So-Young Prime users satisfaction, average order value and the repeated purchase rate were all significantly higher than our existing POP business. As of the date users visit to the institution have continued to grow every month. Even at the end of 2022, when nationwide COVID-19 infections peaked as well as during the Chinese New Year. [Foreign language]接 下 来 我 讲 一 下 2023 年 我 们 的 业 务 规 划 和 目 标 。 Next, I would like to outline our business plan and objectives for 2023. [Foreign language]首 先 夯 实 和 继 续 发 展 现 有 的 社 区 电 商 业 务 ， 发 挥 我 们 在 社 区 运 营 、 医 生 资 源 、 用 户 运 营 等 既 有 优 势 ， 始 终 把 增 强 用 户 信 任 ， 提 高 用 户 活 跃 度 ， 建 立 值 得 信 赖 的 专 业 平 台 作 为 目 标 。 我 们 的 POP 业 务 经 过 9年 发 展 ， 积 累 了 丰 富 的 日 记 内 容 、 透 明 化 的 交 易 信 息 、 创 新 的 用 户 产 品 和 工 具 ， 实 现 了 数 字 信 息 的 线 上 化 ， 提 高 了 医 美 行 业 规 模 效 率 ， 并 积 累 了 千 万 量 级 的 高 年 度 用 户 群 体 ， 使 得 众 多 的 机 构 通 过 和 So-Young 的 合 作 取 得 了 显 著 的 发 展 以 及 良 好 的 回 报 ， 这 将 成 为 我 们 实 现 发 展 和 转 型 的 规 模 基 石 。 First, we will continue to strengthen and develop our existing community commerce, i.e. POP business leveraging our established advantage in community operations, user operations and adapter resources. We always aim to enhance user trust, increase user engagement, and build a trustworthy professional platform. After nine years development, our POP business has accumulated enriched Beauty Diary content, transparent trade information, innovative user products and tools, and a tremendous volume of industry information. It has also boosted the efficiency of the medical aesthetics industry at scale, accumulated a high sticky user base numbering the tens of millions, and enable numerous institutions to achieve significant growth and sound returns through operation with So-Young. These will become cornerstones for our development and transformation in scale. [Foreign language]其 次 ， 我 们 将 发 力 优 享 业 务 ， 在 去 年 的 基 础 上 快 速 扩 张 市 场 规 模 ， 通 过 增 加 供 给 端 产 品 和 合 作 网 络 的 合 作 机 构 的 覆 盖 网 络 ， 提 高 标 准 化 履 约 的 能 力 ， 吸 引 更 多 的 用 户 来 体 验 ， 促 进 用 户 复 购 。 优 享 业 务 是 我 们 在 产 业 互 联 网 方 面 的 重 要 布 局 ， 它 可 以 充 分 整 合 产 业 生 产 要 素 ， 重 构 生 产 关 系 ， 提 升 产 业 效 率 并 降 低 成 本 ， 最 终 使 得 消 费 者 获 益 。 相 比 单 纯 的 互 联 网 业 务 ， 它 更 重 更 深 ， 但 也 因 此 可 以 解 决 产 业 更 深 层 次 的 问 题 ， 并 构 筑 更 高 的 壁 垒 。 Second, we will continue to focus on expanding So-Young Prime market penetration. Building on our experience in last year through optimizing the products on the supply side and growing our network of cooperating institutions, we will improve our capability to deliver standardized services, attract more customers, and drive repeat purchases. So-Young Prime is our key deployment in the industrial internet. It will comprehensively integrate production factors in the industry, reconstructed relationships of the players in supply chain, increase efficiency, lower costs, and ultimately benefit consumers. It covers a broader and deeper range than pure Internet business and will solve industry issue at a deeper level and construct higher barriers to entry. [Foreign language]展 望 2023 年 ， 外 部 情 况 征 兆 仍 有 利 于 行 业 和 我 们 的 方 向 发 展 。 医 美 机 构 在 逐 步 恢 复 正 常 运 营 。 长 期 来 看 ， 中 国 的 医 美 ， 尤 其 是 轻 医 美 消 费 都 还 有 很 大 的 成 长 空 间 。 新 的 业 务 方 向 将 帮 助 我 们 实 现 收 入 的 多 元 化 和 建 立 更 健 康 的 商 业 模 式 。 运 营 方 面 ， 我 们 将 延 续 高 效 的 市 场 投 放 策 略 ， 严 格 控 制 费 用 成 本 ， 经 济 化 运 营 ， 寻 求 盈 利 基 础 上 的 增 长 。 短 期 有 耐 心 ， 长 期 有 信 心 。 我 们 将 坚 持 以 用 户 为 中 心 ， 致 力 于 成 为 最 受 信 赖 的 医 美 医 疗 服 务 平 台 。 Looking into 2023. External conditions are moving in a positive direction for the industry and our business. Institutions are gradually returning to normal operation. In the long run, there is still large room for growth in Chinese medical aesthetics consumption, particularly for light medical aesthetics. Our new business direction will help us diversify our revenue streams and build a healthier business model. Operationally, we will continue our highly efficient marketing strategy, strictly control our expense, refine our operation, and seek profit profitable growth. With persistence in the near term and confidence in the long term, we will continue to put user first and remain committed to becoming the most trusted medical aesthetics platform. Let me invite our Senior Vice President of Finance, Nick Zhao, to review the financial results for the fourth quarter before taking your questions. Hello, this is Nick. I will now take some time to go through the financials for the fourth quarter and the full year 2022. Please be reminded that all amounts quoted here will be in RMB. Please also refer to our earnings release for detailed information about comparative financial performances on a year-over-year basis. For the fourth quarter of 2022, total revenue were RMB 325.1 million, compared to RMB 449.5 million in the corresponding period of 2021. In line with our previous guidance. The decrease was primarily due to a decrease in average revenue per paying medical service provider. The decrease was primarily due to, one, COVID-19 control measures and the surge of COVID-19 cases, especially in major areas in China, limited people visits to offline service providers. Two, pressure on the overall Chinese consumer market. Within the total revenues, information services and other revenues were RMB 233.9 million, down 32.1% year-over-year. Reservation services revenues were RMB 26.0 million, down 37.2% year-over-year. Sales and equipment and maintenance service revenues, which were from Wuhan Miracle Laser Systems, Inc., were RMB 65.3 million, compared with RMB 63.8 million in the same period of 2021. Cost of revenues were RMB 88.2 million, down 30.6% year-over-year. The decrease were primarily due to our cost optimization measures and efficiency improvement programs. Total operating expenses were RMB 212.6 million, down 42.8% year-over-year. Sales and marketing expenses were RMB 98.4 million, down 35.6% year-over-year, primarily due to a decrease in expenses associated with branding and user acquisition activities. G&A expenses were RMB 73.2 million, down 14.8% year-over-year. The change was primarily due to a decrease in share-based compensation expenses, partially offset by an increase in payroll costs and professional service fees. R&D expense were RMB 41.1 million, down 39.2% year-over-year, primarily due to a decrease in payroll costs. Income tax benefit were RMB 2.4 million compared with income tax expenses of RMB 10.1 million in the fourth quarter of 2021. Net income attributable to So-Young International Inc. were RMB 31.3 million, compared with a net loss attributable to So-Young International Inc. of RMB 27.7 million in the fourth quarter of 2021. Non-GAAP net income attributable to So-Young International Inc., which excludes the impact of share-based compensation expenses and impairment of goodwill and intangible assets attributable to So-Young International Inc., were RMB 38.8 million, compared with RMB 62.9 million in the same period of 2021. Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB 0.29 and 0.29 respectively, compared with basic and diluted losses per ADS attributable to ordinary shareholders of RMB 0.26 and 0.26 respectively, during the fourth quarter of 2021. For the full year 2022, total revenues were RMB 1.26 billion, down 25.7% year-over-year. Within total revenues, information service revenues were RMB 888.5 million, down 31.9% year-over-year. Reservation services revenues were RMB 128.7 million, down 53.4% year-over-year. Sales and equipment and maintenance service revenues were RMB 240.7 million. Cost of revenues were RMB 393.3 million, up 19.9% year-over-year, due primarily to the consolidation of Wuhan Miracle. Total operating expenses were RMB 967.4 million, down 30.8% year-over-year. Net loss attributable to So-Young International Inc. were RMB 65.6 million, compared with net loss of RMB 8.4 million in the fiscal year 2021. Non-GAAP net loss attributable to So-Young International Inc. were RMB 22.2 million compared to net loss of RMB 139.5 million in fiscal year 2021. Basic and diluted losses per ADS attributable to ordinary shareholders were RMB 0.61 and 0.61 respectively, compared with basic and diluted losses per ADS attributable to ordinary shareholders of RMB 0.08 and 0.08 respectively in fiscal year 2021. With regards to some items on our key balance sheet, we held adequate and liquidity in this quarter. As of December 31, 2022, we had a total cash and cash equivalents, restricted cash and term deposits. Term deposits and short-term investments in, of RMB 1.6 billion, compared with RMB 1.8 billion as of December 31, 2021. For the first quarter of 2023, we expect total revenues to be between RMB 290 million to and RMB 310 million. The above outlook is based on our current market conditions that reflects the company's preliminary estimates of markets and operating conditions and the customer demand. This concludes our key remarks. I will now turn the call to the operator and open the call for Q&A. Thank you. We will now- Operator, we are ready. Yes, ma'am. Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your touchtone phone. If you are using a speaker phone, we ask that you please pick up your handset before pressing the keys. If at any time your question is addressed and you would like to withdraw your question, please press star then two. We do ask that you please limit yourself to one question. Today's first question comes from Thomas Chong at Jefferies. Please go ahead. Thank management for taking my question. Can you share with us about your marketing strategies and expected user base in 2023? Thank you. Thank you. As the market gradually recovers, we will ramp up our marketing strategy compared to 2022. We will still emphasize efficiency and accuracy, and make adjustments based on market conditions. Thank you. As the market gradually recovers, we will ramp up our marketing strategy compared to 2022. We will still emphasize efficiency and accuracy, and make adjustments based on market conditions. We will continue to optimize community content and our innovative user tools to generate more organic user traffic. As we mentioned before, competition in the medical aesthetics industry is no longer merely for traffic. Professional platforms need a profound understanding of users and the industry to provide a good service experience and meet customer demands. Thank you. Thank you. Our next question today comes from Nelson Cheung at Citi. Please go ahead. Hey, let me translate myself. Thanks management for taking my question. My question is regarding management view, regarding the recovery trajectory of the medical aesthetic industry in 2023 and the growth driver for So-Young this year. Thank you. We still hold a cautiously optimistic outlook for 2023, mainly depending on the recovery pace of the overall consumption environment and the medical aesthetics market. At the same time, we do see the marketing spend from institutions lagging behind the recovery on the user side. [Foreign language]同 期 用 户 订 单 量 已 经 恢 复 到 2021 年 的 水 平, 但 是 在 三 四 线 城 市, 用 户 的 订 单 量, 恢 复 到 了 2022 年 的 水 平, 但 还 没 有 恢 复 到 2021 年 的 水 平. First on the user side, we see regional differences in the recovery of the medical aesthetics market. Due to the impact of the epidemic in the past few years, and especially consideration of the surge in COVID-19 infections at the end of last year, a large number of treatments orders were back-or-backlogged. Therefore, in the tier one, tier two cities, user orders have bounced rapidly since the beginning of this year, and have already recovered to the level of the same period of last year, of 2021. In third and fourth tier cities, user orders have recovered to the 2022 level, but not yet to the 2021 level. [Foreign language]在 机 构 侧 ， 我 们 看 到 机 构 投 放 呈 谨 慎 恢 复 的 状 态 ， 主 要 是 由 于 ， 1 去年 用 户 COVID-19 阳 性 后 ， 1 2 线 城 市 积 压 的 用 户 需 求 快 速 反 弹 ， 机 构 现 阶 段 暂 时 还 不 用 做 大 规 模 的 投 放 。 2 ， 在 之 前 几 年 ， 整 体 的 市 场 比 较 动 荡 ， 机 构 的 投 放 比 较 谨 慎 。 整 体 而 言 ， 机 构 投 放 正 在 处 于 1 个 逐 渐 放 量 的 过 程 中 。 On the institution side, we see that they are still cautious when budgeting their market spend. Mainly because of two factors. First, because user orders in first and the second tier cities rebounds rapidly post-infection. Institutions do not need to spend a lot on marketing at this stage. Second is the overall, turbulence of the past few years has made institutions more cautious about spending. Overall, we do see institution spending gradually recovering. [Foreign language]好 ， 谢 谢 。 Thank you. Thank you. Our next question today comes from Chloe Wei at CICC. Please go ahead. [Foreign language]嗨 ， 管 理 层 好 。 我 这 边 有 两 个 问 题 啊 ， 第 一 个 就 是 我 们 想 看 一 下 ， 就 是 管 理 层 的 这 个 预 期 ， 对 于 这 个 Prime 业 务 的 就 是 未 来 也 就 是 中 到 远 期 三 到 五 年 吧 ， 的 这 个 预 期 ， 啊 ， 这 个 量 大 概 会 做 到 多 少 ？ 然 后 我 的 第 二 个 问 题 是 ， 呃 ， 有 关 于 这 个 ， 呃 ， 竞 争 的 格 局 ， 对 。 呃 ， 然 后 我 先 来 翻 译 一 下 。 my first question is about, could you please revisit some of the things that you are thinking about, as far as the business volume in the short to medium term view, say in the next three to five years? Can you give us just an update around maybe how you are thinking about the competitive landscape? Thank you. [Foreign language]哎 ， 你 好 。 呃 ， 优 享 业 务 作 为 我 们 新 的 收 入 增 长 曲 线 ， 其 增 速 主 要 依 托 于 非 手 术 市 场 的 发 展 ， 并 随 着 中 产 阶 级 女 性 规 模 群 体 的 不 断 扩 大 。 As a new growth driver, So-Young Prime, trajectory will mainly depend on the development of the non-surgical market, which will continue to expand in line with the growth of the middle class female population. [Foreign language]我 们 将 通 过 增 加 供 给 端 产 品 和 合 作 机 构 的 覆 盖 网 络 ， 优 化 产 品 的 覆 盖 度 ， 以 及 配 套 的 产 品 ， 扩 大 服 务 网 点 的 密 度 ， 保 障 服 务 旅 的 质 量 ， 提 高 用 户 的 渗 透 率 和 复 购 率 。 We will expand the network on the supply side, cooperate with more institutions, enrich the product portfolio, boost the number of service outlets, ensure high quality service delivery, and improve the user penetration rate and repurchase rate. [Foreign language]轻 医 美 的 用 户 消 费 习 惯 更 接 近 于 生 活 美 容 。 大 量 中 小 医 美 机 构 具 有 一 定 的 优 势 。 然 而 ， 中 小 医 美 机 构 在 产 品 设 备 、 品 相 设 计 、 服 务 履 约 、 品 牌 认 知 等 方 面 的 短 板 比 较 明 显 。 新 氧 优 享 通 过 为 这 些 机 构 赋 能 ， 整 合 成 为 高 标 准 的 履 约 服 务 网 络 ， 不 仅 可 以 赋 能 更 多 的 中 小 机 构 ， 也 能 服 务 更 多 的 医 美 用 户 群 体 ， 提 升 用 户 消 费 的 便 利 性 ， 这 也 是 我 们 与 其 他 竞 争 对 手 非 常 不 同 的 点 。 Non-surgical medical aesthetics users are used to consuming daily domestic cosmetic and skincare products, which is area of expertise for the numerous small and medium institutions. Small and medium institutions are usually weak in equipment, SKU design, service delivery and brand awareness. So-Young Prime forms a network ensuring service delivery of high standard by empowering these institutions. In addition to benefiting small and medium institutions, this initiative could serve large medical aesthetical user group and increase convenience for consumption for them. Makes us distinctive from our competitors. [Foreign language]所 以 新 氧 优 享 打 通 了 供 应 链 端 ， 使 上 中 下 游 发 挥 联 动 效 应 ， 扩 大 了 医 美 受 益 人 群 ， 为 用 户 带 来 更 优 质 的 服 务 体 验 ， 共 建 让 求 美 者 安 心 放 心 的 医 美 环 境 ， 推 动 整 个 医 美 行 业 更 好 的 增 长 。 Only by connecting the supply chain and the linked the upstream, midstream and downstream, can we expand the medical aesthetic industry addressable market and provide user with a better service experience. Building a safe and secure environment for customers and driving the overall growth of the industry. [Foreign language]关 于 第 二 个 问 题 ， 我 们 认 为 从 医 美 行 业 来 看 ， 随 着 环 境 不 确 定 影 响 的 减 弱 ， 用 户 消 费 需 求 恢 复 ， 医 美 市 场 的 空 间 是 足 够 大 的 ， 行 业 的 前 景 是 很 清 晰 的 。 For the second question, with environment, environmental uncertainties easing and consumption demands recovery, there is plenty of space in the medical aesthetics market and industry outlook is clear. [Foreign language]呃 ， 我 们 认 为 医 美 行 业 是 由 供 ， 供 给 侧 驱 动 的 ， 所 以 未 来 我 们 更 多 地 会 在 供 给 侧 深 耕 ， 同 时 整 合 我 们 在 机 构 、 医 生 、 用 户 等 积 累 的 核 心 生 产 优 势 ， 打 造 履 约 标 准 和 服 务 标 准 ， 为 用 户 提 供 高 质 量 的 服 务 体 验 。 这 些 综 合 能 力 建 立 了 我 们 强 大 的 竞 争 壁 垒 。 相 比 单 纯 的 互 联 网 模 式 ， 可 以 解 决 更 深 层 次 的 问 题 ， 与 其 他 竞 争 对 手 形 成 差 异 化 的 竞 争 。 We believe the medical aesthetics industry is driven by the supply side, and that is where we will put more emphasis in the future. We will also integrate the core production advantages we have accumulated in terms of institutions, doctors and users. Set standard for service quality and service delivery, and provide user with a premium experience. These comprehensive capabilities will enable us to build a strong competitive barrier compared with the pure Internet model. We will be able to solve issues at a deeper level and create more differentiation from our competitors. [Foreign language]过 去 几 年 ， 我 们 通 过 社 区 电 商 平 台 为 用 户 提 供 了 透 明 可 信 任 的 信 息 平 台 ， 提 高 了 行 业 的 规 模 效 率 。 未 来 我 们 还 会 继 续 优 化 社 区 内 容 ， 创 新 用 户 产 品 工 具 ， 持 续 发 挥 互 联 网 规 模 优 势 ， 为 线 下 履 约 服 务 提 供 好 的 资 源 互 补 。 当 然 也 不 排 除 和 其 他 流 量 平 台 协 作 的 可 能 性 。 In the past few years, we have provided user with a transparent and trusted information platform through our community commerce, business, boosting the efficiency of the medical aesthetics industry at scale. In the future, we will continue to optimize our community content, innovative new user tools, leverage the scale advantage of the Internet, and provide a second complement of resources for offline service delivery. Of course, we may also cooperate with other traffic platforms. [Foreign language]我 们 相 信 我 们 横 跨 产 业 链 资 源 的 整 合 能 力 ， 以 及 深 耕 医 美 行 业 履 约 体 验 ， 将 会 更 加 有 益 于 用 户 和 整 个 行 业 的 健 康 发 展 。 We believe our integration capabilities across industrial chain and our investment in the service delivery experience will benefit users and drive the sustainable development of the whole industry. Thank you. Thank you. Our next question today comes from Hugo with Haitong Securities. Please go ahead. [Foreign language]嗯 ， 管 理 层 好 ， 感 谢 这 个 提 问 机 会 。 啊 。 那 刚 刚 听 到 公 司 对 于 客 户 的 需 求 端 做 了 一 些 简 单 的 分 享 ， 呃 ， 我 想 这 边 再 进 一 步 请 教 一 下 ， 就 是 我 们 去 观 察 ， 像 以 后 的 话 ， 这 个 用 户 对 于 我 们 整 体 医 美 的 消 费 需 求 啊 ， 包 括 比 如 说 像 呃 产 品 的 项 目 啊 ， 包 括 一 些 消 费 的 呃 渠 道 啊 ， 行 为 习 惯 ， 又 观 察 到 了 哪 些 明 显 的 变 化 啊 ？Uh, let me translate it. Uh, thank you for the opportunity. My question is: Do you see any changes in mathematical consumption demands on the user end after the COVID-19? Thank you. [Foreign language]你 好 。 首 先 ， 正 如 我 在 电 话 会 议 开 始 时 提 到 的 ， 用 户 需 求 分 层 出 现 变 化 。 我 们 看 到 中 产 医 美 消 费 群 体 与 传 统 医 美 消 费 者 不 同 ， 他 们 更 加 看 重 品 质 、 安 全 、 正 品 、 价 格 合 理 性 ， 一 些 高 客 单 价 产 品 需 求 度 在 上 升 。 例 如 高 客 单 价 的 光 电 ， 注 射 类 产 品 ， 平 均 支 付 客 单 价 在 RMB 5,000 以 上 ， 很 受 用 户 的 青 睐 。 Thank you for asking. In the, for question, first, as we mentioned in our prepared marks, user demands are evolving. Middle class medical aesthetics consumer have different demands from the traditional consumption group. As they focus more on quality, safety, genuine products and rational prices. Demand for certain high order values SKU have increased. For example, SKUs in those photoelectric and injection categories with average order value over RMB 5,000 are highly popular among users. [Foreign language]其 次 ， 随 着 市 场 的 恢 复 ， 我 们 认 为 过 去 几 年 抑 制 的 手 术 类 市 场 会 随 着 消 费 复 苏 和 出 行 便 利 反 弹 ， 市 场 将 迎 来 一 波 手 术 用 户 消 费 。 Secondly, as the market recovers, we believe the surgical market, which was pursued in the past few years, will experience a wave of consumption as the economy recovers and travels, pick up. [Foreign language]同 时 随 着 出 境 的 开 放 ， 用 户 也 会 涌 向 比 较 发 达 的 海 外 市 场 消 费. With the rebound in outbound travel, users will rush to develop overseas market for medical aesthetics consumptions. [Foreign language]谢 谢. Thank you. That's all. Ladies and gentlemen, this concludes our question and answer session. I'd like to turn the conference back over to management for any closing remarks. We are now approaching the end of the conference call. Thank you for your participation in today's conference. You may now disconnect it. Have a good day. Thank you. Bye