Thank you for standing by for So-Young's Q4 and full year 2024 earnings conference call. At this time, all participants are in listen-only mode. After management gives their prepared remarks, there will be a 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. Mona Qiao. Please go ahead, Mona. Thank you, Operator, and thank you, everyone, for joining So-Young's Q4 2024 Earnings Conference Call. Joining me today on the call is Mr. Xing Jin, our Co-founder, Chairman, and CEO, and Mr. Hui Zhao, CFO. Please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities and the Litigation Reform Act of 1995. Forward-looking statements are subject to risks and alternatives that may cause actual results to differ materially from our current expectations. Potential risks and alternatives 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. Finally, please note that, unless otherwise stated, all figures mentioned during this conference call are in RMB. At this time, I'd like to turn the call over to Mr. Xing Jin. 大家好，欢迎参加今天的财报电话会议。2024年四季度，我们的业绩总收入3.69亿元人民币，归属于信仰的净亏损6.08亿元人民币。南盖普口径下归属于信仰的净亏损为5,320万元人民币。业绩大幅波动主要归因于对子公司旗帜激光一次性计提了5.4亿元人民币的相遇减值，以及我们对智盈连锁业务的持续投入。 Hello everyone and Welcome to Today's Conference Call. In the Q4 of 2024, our total revenue during the quarter was RMB 369.2 million. Net loss attributable to So-Young was RMB 67.6 million, while non-GAAP net loss was RMB 53.2 million. The fluctuation in our bottom line was primarily driven by a one-time goodwill impairment charge of RMB 540 million for our subsidiary Miracle Laser, as well as our continued investment in the self-operated aesthetic center network. 四季度，我们继续推进全产业链垂直整合战略。凭借我们在传统社区电商业务积累的大量用户数据和品牌信任基础，以及在上游供应链的深度布局，为连锁业务带来了品牌和成本优势，推动了连锁业务高速发展。我们的轻医美连锁品牌信仰青春诊所完成全新品牌发布。该品牌专注于提供高性价比的轻医美服务，为消费者提供全面的医美抗衰解决方案，推动医美服务普及，助力中国消费者实现医美自由。连锁业务持续的高增长证明了其商业模式和发展潜力。未来我们将继续对连锁业务进行投入，使其成为集团新的增长引擎。 During the quarter, we continue to undertake our vertical integration strategy, leveraging our extensive base with e-commerce business, and upstream supply chain capabilities to drive the rapid expansion of our aesthetic centers. Our So-Young clinic officially launched with a refreshed brand identity that is focused on providing high-quality, cost-effective light medical aesthetics and anti-aging solutions. The brand refresh aims to make medical aesthetics more accessible and empower Chinese consumers to individually pursue aesthetic freedom. The continued high growth of our aesthetic center network demonstrates the viability of its business model and growth potential. Moving forward, we will continue investing in the business to establish it as a new growth engine for the group. 下面具体分享一下我们的四季度业务发展情况。在连锁业务方面，截至四季度，我们已经在北京、上海、广州、深圳、杭州、成都、武汉、重庆、长沙九个核心城市开设了19家信仰青春诊所门店，均已投入运营。其中11家门店在年底实现了月度经营现金流为证，整体满意度维持在4.98分，5分满分，证明我们在服务质量上已经达到了行业领先水平。在刚刚过去的四季度，连锁业务收入达到8,130万元人民币，环比增长79%，同比增长702%。核销付费人次超过3,800人次，核销付费服务点数量超过81,500次。截至2024年底，我们累积活跃用户超过39,500人，印证了我们的品牌号召力，体现出信仰对市场需求的精准把握。受双十一、双十二促销活动的价格策略，以及入驻美团点评初期的推广策略影响，我们成功吸引了大量核销用户，但人均收入短期内有所下降。这是我们在拓展用户规模过程中预期的阶段性影响。 Now let me give you a closer look at our quarterly performance. In Q4, we have opened 19 So-Young clinics across nine core cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, Wuhan, Chongqing, and Changsha, all of which are fully operational. Among them, 11 aesthetic centers have already achieved positive monthly operating cash flow in December. Our customer satisfaction remains at an industry-leading 4.98 out of 5. Revenue from our aesthetic center business surged to RMB 81.3 million during the quarter, up 79% quarter-to-quarter and 702% year-over-year. We recorded over 38,000 verified paid visits. The total number of verified paid aesthetic treatments surpassed 81,500. As of the end of 2024, the total number of active users exceeded 39,500, highlighting the strong appeal of our brand and our deep insight into market demand. We successfully acquired a large number of verified users through our pricing strategies for the Double 11 and Double 12 sales events and promotional activities following the debut of our aesthetic center on Meituan. However, this led to a temporary decline in our per capita revenue, which was an anticipated result of our user acquisition strategy. 具体到门店运营层面，以处于成熟期的北京保利样板店为例，我们的老客收入占比达68%，充分证明稳定高效的标准化服务对客户的长期吸引。以成长期的上海正大广场店为例，开业第五个月时，服务人次已超过每月2,000人次，评价已超过1万元人民币。凭借卓越的用户口碑和广泛的品牌知名度，信仰以高效市场推广、科学组织管理及出色运营效率，将平均获客成本控制在行业平均水平以下。四季度，连锁门店正式入驻美团点评，迅速提升品牌认知度。该渠道的ROI表现出色，已成为稳定有效的获客渠道。截至目前，信仰连锁的所有门店尚未入驻信仰APP，客户主要源于品牌影响力、私域、其他平台以及用户裂变等多种渠道。 Our Beijing Head Aesthetic Center has now matured with repeat customer revenue accounting for 68% of total revenue, demonstrating the long-term appeal of our uniform high-quality services. Our Shanghai center in Super Brand Mall is in Beijing and received over 2,000 monthly visits during its fifth month of operation, with per square meter sales exceeding RMB 10,000. Through strong brand awareness, efficient marketing, and robust operational management, we have successfully maintained customer acquisition costs below the industry average. During the quarter, our aesthetic centers officially debuted on Meituan, quickly reinforcing its brand recognition. This channel has generated strong ROI and become a reliable and cost-effective customer acquisition source for us. To date, none of our aesthetic centers have been integrated into the So-Young app. Instead, customers primarily come from various channels, including the brand influence, private domain traffic, other platforms, and user referrals. 未来，信仰轻医美连锁将计划在现有核心城市进一步加密布局，并将我们成功的连锁运营模式快速复制到更多城市，稳步扩大连锁业务版图。 Looking ahead, we plan to deepen our presence in core cities, replicating our proven aesthetic centers across more locations to further expand our network. 上游业务方面，我们持续构建的全品类生态型医美供应链的战略也取得了进展。进入四季度，我们服务的征计机构客户数持续攀升，累计超过1,200家。从征计业务数据来看，上游征计出货量取得了明显的增长，超过52,000支，环比增长幅度达20%，凸显市场对产品的认可与需求，也证明了我们在产品研发、质量把控和市场推广方面的实力。 Our comprehensive medical aesthetic supply chain is yielding results as well. During the quarter, we served over 1,200 medical institutions with our injectable solutions, reflecting continued growth in our customer base. Demand for injectable remained robust, with over 52,000 units shipped during the quarter, up 20% sequentially. This highlights strong market recognition and demand for our products and underscores our product development, quality control, and promotional capabilities. 社区电商业务板块作为我们的传统业务，不仅持续推进自身业务的高质量发展战略，更在公司的整体战略中发挥着关键作用。作为当前的利润支柱，社区电商业务将持续为我们贡献利润，以支持新业务的发展。四季度，我们的验证医美GMV达到3.57亿元，环比增长3%，交易订单量同比增长10%，人均累计到店核销金额环比增长6%。 We continue to carry the high initiatives for POP, which remains the cornerstone for our traditional business and plays a pivotal role in our overall strategy. As a key profit driver, it will continue to generate stable earnings to support our new business. During the quarter, GMV for verified medical aesthetic services reached RMB 356.6 million, up 3% sequentially. Total transaction volume increased 10% year-over-year, while per capita in-store GMV grew by 6% sequentially. 随着轻医美成为中国医美消费的绝对主流，大型轻医美连锁将成为可能。不同于传统医美机构以医生IP加个性化治疗获取高溢价的商业模式，未来的大型轻医美连锁一定是通过提供标准化高性价比的服务快速扩张，从而形成规模效应。 As large medical aesthetics transform into medical aesthetic markets, the rise of large-scale light medical aesthetic chains is inevitable. Unlike traditional institutions that rely on doctor branding and personalized treatments to command high premiums, this chain will expand rapidly by offering uniform, highly cost-effective services to achieve economies of scale. 是否能形成规模效应，对于连锁至关重要。首先，有足够数量的门店，有足够的门店数量和密度，才能形成品牌效应，降低获客成本。其次，足够大的规模才能支撑自建供应链，从根本上降低产品成本，提升利润空间。最后，足够大的规模才能支撑强有力的数字化中台，而全面的数字化是使连锁门店管理降低对人的依赖，实现高度标准化一致性的关键。 Scale is critical to the success of chains. First, a sufficient number of locations and market density are essential for building brand awareness and reducing customer acquisition costs. Second, greater scale involves the development and in-house supply chain, lowering procurement costs and expanding profit margins. Lastly, a large network supports a strong digital operations platform, where comprehensive digitalization reduces reliance on human management and ensures a high degree of standardization and consistency across all locations. 信仰做轻医美连锁的优势在于有广泛知名度的品牌，布局了四年的完整产品供应链和天然优于传统医美机构的互联网科技基因与AI技术能力。我们需要的只是更多时间，让我们能稳健地开出更多高质量的诊所。我们认为中国未来将会出现千店规模的轻医美连锁，而即使达到这样的规模，也不到中国医美机构总数的5%。这将是一个长坡候选的赛道。我们有足够的耐心赢得最后的胜利。 So-Young's advantage in building a light medical aesthetic chain lies in our strong brand recognition, its integrated product supply chain established over the past four years, our corporate internet DNA, and AI capabilities, which far exceed those of traditional medical aesthetic institutions. What we need now is time to consistently expand and establish more high-quality aesthetic centers. We believe that China will see the emergence of a leading light medical aesthetic chain with over 1,000 locations. Even at that scale, it would account for less than 5% of the total number of medical aesthetic institutions. This is a long-term growth opportunity, and we have the patience and commitment to emerge as the market leader. 现在请Nick来介绍四季度的财务结果，之后我们将进行问答环节。 Now I'll hand over to our CFO Hui Zhao, who will walk through the financial results followed by the Q&A session. Hello, this is Nick. Please be reminded that our amounts quoted here will be in RMB. Please also refer to our earnings release for detailed information of our comparative financial performances on a year-over-year basis. Total revenues during the quarter were RMB 369.2 million, down 5.5% year-over-year, primarily due to the decrease in revenue generated by So-Young Prime. Information reservation services and other revenues were RMB 201.5 million, down 27.7% year-over-year, primarily due to a decrease in revenue generated by So-Young Prime. Aesthetic treatment services revenues reached RMB 81.3 million, a remarkable 701.6% year-over-year growth increase, primarily due to the expansion of our aesthetic center business. Sales of medical products and maintenance services were RMB 86.2 million, down 15.2% year-over-year, primarily due to a decrease in order volume for medical equipment. Cost of revenues was RMB 153.1 million, up 11.2% year-over-year, primarily due to the expansion of our aesthetic center business. Within cost of revenues, cost of information reservation services and others were RMB 44.5 million, down 48.2% year-over-year, primarily due to a decrease in costs associated with So-Young Prime. Cost of aesthetic treatment services were RMB 65.2 million, up 702.3% year-over-year, primarily due to the expansion of our aesthetic center business. Cost of medical products sold and maintenance services were RMB 43.3 million, down 0.5% year-over-year, primarily due to a decrease in costs associated with the sales of cosmetic injectables. Total operating expenses were RMB 815.2 million, up 216.2% year-over-year. Sales and marketing expenses were RMB 134 million, up 6.2% year-over-year, primarily due to a decrease in payroll costs. G&A expenses were RMB 98.4 million, up 13.6% year-over-year, primarily due to an increase in professional service fees and allowance for credit losses. R&D expenses were RMB 42.8 million, down 5% year-over-year, primarily attributable to improvements in staff efficiency. Impairment of goodwill was RMB 540 million, primarily due to an impairment assessment related to our subsidiary, Miracle Laser. Income tax expenses were RMB 2.1 million, compared with income tax benefits of RMB 10.8 million in the same period of 2023. Net loss attributable to So-Young International was RMB 607.6 million, compared with a net income of RMB 17.5 million during the same period last year. Non-GAAP net loss attributable to So-Young International was RMB 53.2 million, compared with non-GAAP net income of RMB 35.7 million during the same period of 2023. Basic and diluted loss per ADS attributable to ordinary shareholders were RMB 5.92 and RMB 5.92, respectively, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of RMB 0.18 and RMB 0.18, respectively, during the same period of 2023. For the full year 2024, total revenues were RMB 1.47 billion, down 2.1% year-over-year. Within total revenues, information reservation services and other revenues were RMB 929.5 million, down 19.3% year-over-year. Aesthetic treatment services revenues were RMB 169.3 million, up 1,206.1% year-over-year. Sales of medical products and maintenance services were RMB 368 million, up 10.3% year-over-year. Cost of revenues were RMB 567.6 million, up 4.3% year-over-year, primarily due to the expansion of our aesthetic center business. Total operating expenses were RMB 1.552 billion, up 50.1% year-over-year. Net loss attributable to So-Young International was RMB 589.5 million, compared with a net income of RMB 21.3 million in 2023. Non-GAAP net loss attributable to So-Young International was RMB 4.7 million, compared with non-GAAP net income of RMB 58 million in the fiscal year 2023. Basic and diluted losses per ADS attributable to ordinary shareholders were RMB 5.72 and RMB 5.72, respectively, compared with basic and diluted earnings per ADS attributable to ordinary shareholders of RMB 0.21 and RMB 0.21, respectively, in fiscal year 2023. We have maintained a robust cash position with cash and cash equivalents, restricted cash and term deposits, term deposits, and short-term investments totaling RMB 1.25 billion as of December 31, 2024. Moving to our outlook for the first quarter of 2025, we expect total revenues to be between RMB 280 million and RMB 300 million. Several of our business initiatives, including both our aesthetic center business and the sales of medical equipment and maintenance services, have already yielded impressive results, reinforcing our leading position in the industry. We remain confident that our long-term strategy, focusing on the vertical integration of the entire aesthetic medical industry and leveraging our core strengths, will enable us to capitalize on our new growth opportunities, diversify our revenue streams, and drive sustainable growth. Ultimately, this transformation will help us to fulfill our vision of making aesthetic and medical treatment services accessible to a much wider consumer base. With the continuous expansion of our aesthetic center businesses and market conditions stabilizing, we anticipate a steady improvement in our financial performance. This concludes our key remarks. I will now turn over the call to the operator and open the call for QA. Thank you. Operator, we are ready to take questions. Thank you. Yes, sir. Thank you. We will now begin the Q&A session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, we ask that you please pick up your handset before pressing the keys. To withdraw your question, please press star then two. Today's first question comes from Nelson Cheung with Citibank. Please go ahead. 各位观众朋友晚上好，谢谢接受我的提问。我的问题是关于我们的POP的业务。先请教一下，在这个POP业务里面，我们在下家赋能以及合作深度方面，我们在今年会有哪些新的进展？这些进展是如何帮助他们度过我们目前的这个行业的整合期的呢？ Let me translate the question into English. Thanks, Nelson, for taking my question. My question is related to the POP business and what are the latest developments in merchant support and empowerment on your platform during the industry consolidation period? Thank you. 嗨，你好，谢谢你的提问。随着行业整合进程的加速，市场集中度提升已经成为必然趋势。大型连锁机构凭借规模效应、品牌影响力、标准化服务等优势，占据更大的市场份额。对于POP平台上众多精品机构而言，只有通过差异化战略、深度挖掘并凸显自身在技术专长、服务特色和产品优势等多方面的独特之处，才能够有效提升产品与服务的议价空间，进而在激烈的市场竞争中站稳脚跟。当前我们持续优化POP业务，通过多维度赋能商家，深化合作关系，提升平台供给能力，并优化用户体验，以助力商家穿越周期，把握市场机会，推动业务稳健发展。在机构端，我们持续深化与头部及特色机构的合作，建立更紧密的合作关系，提供针对性定制化的赋能方案，确保优质医疗机构在竞争环境当中保持领先。同时，通过城市、机构和品项的分层策略，优化平台供给结构，实现精准匹配市场需求，提高整体供给效率。 As industry consolidation accelerates, market concentration is inevitable. Large-chain institutions are gaining greater market share due to their economics of scale, brand influence, and standardized service models. For many specialized medical aesthetic institutions on our platform, a differentiator is key to highlighting their unique technical expertise, specialized services, and product offerings. With these differentiators, they can increase their pricing power and secure a solid foothold in a fiercely competitive market. We continue to optimize our platform business by empowering medical aesthetic institutions across multiple dimensions, deepen partnerships, reinforcing platform capabilities, and improving the user experience. These efforts help institutions navigate market cycles, capitalize on opportunities, and achieve sustainable business growth. For institutions, we continue to strengthen partnerships with top-tier and specialized medical aesthetic institutions, fostering closer collaboration through tailor-made solutions that empower them to ensure that they maintain their leadership in a competitive market. Through a segmentation strategy that targets different cities, institutions, and service offerings, we optimize our supply structure to better match market demand and supply, improving the overall efficiency of our platform. 在补贴运营上，我们坚持精细化管理，结合用户行为数据，优化补贴策略，并在APP端持续优化用户路径，缩短决策周期，提升用户转化率。此外，依托好医好品项目，我们为用户提供个性化的医美产品和服务推荐，进一步提升用户满意度，同时带动客单价的提升。在用户端，我们不断强化私域运营，通过私域营销、买手裂变等方式拓展用户群体，增加用户粘性，激活长尾价值，帮助医美机构拓展客群，挖掘增长潜力。在这一系列举措的推动下，我们已经取得了阶段性的成果。同时，年度框架协议签订金额和签订进展良好，充分验证了我们策略的有效性。展望未来，我们将持续优化平台生态，深化与入驻机构的合作，提升用户体验，共同推动行业的长期健康发展。 In terms of operations, we are here to refine management practices, leveraging user behavior data to optimize subsidy plan. Additionally, we continue to enhance the user journey on our app, shortening decision-making times and improving conversion rates. Furthermore, through the Good Doctor, Good Product initiative, we provide personalized recommendations for medical aesthetic products and services, further enhancing user satisfaction while increasing transaction value. On the user side, we are continuously strengthening our private domain operations, expanding our user base through private domain marketing and influencer-driven referrals. These efforts enhance our user engagement, unlock customer loyalty, and help medical aesthetic institutions reach a broader audience and drive more growth. Driven by these initiatives, we have achieved notable results at this period. Meanwhile, in terms of annual framework agreements, we are making strong progress in both volume and progress. Further validating the effectiveness of our strategy, looking ahead, we will continue to enhance our platform ecosystem, strengthen collaboration with institutions, and improve the user experience, fostering the long-term sustainable development of the industry. 谢谢。 Thank you. Thank you. Our next question today comes from Yibi ng Li with Haitong Securities. Please go ahead. 好的，管理层晚上好。感谢这个提问机会。我这边是想请教一下关于连锁业务。对，因为也是截至四季度，看到我们目前连锁已经开了19家门店。那对于成熟期、成长期这样不同生命周期的门店，公司有什么不同的策略和打法吗？ Let me translate myself. We are glad to see that So-Young has opened 19 aesthetic centers as of Q4. So how does the company adapt its strategies and operations for centers at different stages of development? Thank you. 你好，谢谢你的提问。我们针对不同发展阶段的门店制定了差异化的运营策略，以确保各阶段的门店都能实现最佳的经营效益，并持续提升品牌影响力和用户体验。对于起步期，也就是0到3个月的门店，核心目标是建立品牌认知，让周边5公里范围内的目标客群快速知晓并了解新养自营诊所。我们推行标准化操作流程，在组建团队期间，对医生、护士、咨询师等服务人员开展大量培训和严格考核，把控每一个服务细节。依托新养12年的产业深耕，我们建立了百万用户的私域社群，让我们能够直接触达种子用户，从而极大降低营销成本。在这一阶段，我们高度重视种子客户的体验管理，严格控制就诊等待时长，优化用户评价。同时在大众点评等门户平台快速打造极高品质、极高质量店铺形象，增强线上口碑，为后续客流沉淀打好基础。 The employment differentiated operational strategy of the centers at various rates of development to ensure they can reach their optimal performance while continuously improving influence and enhancing user experience. For aesthetic centers in the ramp-up stage which lasts about three months from opening. The main goal is to build broad awareness and ensure that target customers within a 5 km radius recognize So-Young's aesthetic centers. We follow SOPs while building the team, providing comprehensive training and strict assessment of doctors, nurses, and consultants to ensure service quality at every stage. With 12 years of industry experience, So-Young has built a private domain community of 1 million users, facilitating direct engagement with initial customers and significantly lowering market costs. At this point, we focus on delivering an outstanding experience to initial customers, minimizing waiting times, improving customer reviews, and quickly building an extraordinarily high-quality aesthetic center image through major portal platforms like Meituan Dianping. These efforts help strengthen our online reputation and establish a solid foundation for long-term customer acquisition and retention. 进入成长期，也就是从第四个月到第十二个月，门店开始从品牌建设向经营效率优化过渡，重点关注医疗交付质量和客户留存。我们加强老客复购和老带新机制，以提升客户生命周期价值，同时逐步平衡经营效率，优化财务表现。大部分门店在这一阶段已具备稳定的业务基础，并能够实现连续数月的正向现金流。 As aesthetic centers enter the growth phase, which lasts from the fourth month to the twelfth month after opening, the focus shifts from brand building to optimizing operational efficiency. With an emphasis on service quality and customer retention, we strengthen repeat customer engagement and referral programs to maximize customer lifetime value while gradually balancing operational efficiency to improve financial performance. To this point, most aesthetic centers have established a stable business foundation and are able to generate several consecutive months of positive cash flow. 当门店进入成熟期，也就是开业12个月以上，重点将转向长期客群的生命周期管理和品项结构的优化，以确保业务的持续健康发展。在此阶段，我们将依据客户消费频率、消费金额、消费项目等多维度数据，对客户进行分层管理，针对不同层级客户的特点与需求，精心拟定差异化服务策略，通过此类分层运营策略，深度挖掘各层级客户潜力，加强用户忠诚度，从而有效提升客户终身价值。 As aesthetic centers reach the maturity phase twelve months after the opening, the focus moves to long-term customer lifecycle management and service optimization to ensure sustained business growth. At this phase, we implement customer segmentation based on consumption frequency, spending levels, past service records, and other data. We then develop tailored service portfolios based on the needs of different customer groups. By adopting this segmented operational plan, we can enhance customer loyalty and effectively increase customer lifetime value. Through these well-structured strategies, we can ensure that our branded aesthetic centers and different phase groups progressively achieve their operational goals and continuously strengthen our broad influence and competitiveness in the markets. 通过这一系列策略，我们确保不同阶段的门店都能稳步成长，实现经营目标，同时持续增强品牌的市场影响力和竞争力。 Through these well-structured strategies, we can ensure that our branded aesthetic centers and different phase groups progressively achieve their operational goals and continuously strengthen our broad influence and competitiveness in the markets. 好的，谢谢。 Thank you. 好的，谢谢金总。那我这边还有一个小问题，也是关于连锁业务的，想再追问一下，就是公司怎么看这个连锁业务增长，能否保持，就是关于持续性这样一个问题。 Let me translate myself. How can us aesthetic centers' business maintain growth? Thank you. 你好。在我看来，新养的连锁业务的增长是具备持续能力的。从市场宏观角度分析，目前国内医美市场有超过2万家的机构，但是连锁化比例极低，没有一家品牌超过100家店，即1%的市占率，留给连锁化的空间很大。韩国医美市场发展的历程极具参考价值。在韩国，医美行业高度发达且连锁化程度较高，连锁品牌的市场占有率是超过10%的。其成功经验表明，随着消费者对医美的认知度和接受度不断提升，连锁模式能够凭借品牌影响力、规模效应、专业服务体系等优势获得更大的市场份额。 In my view, So-Young's aesthetic center network has the capability for sustained growth. From a market-wide perspective, there are currently over 20,000 medical aesthetic institutions in China, but the penetration rate of chain clinics remains extremely low, with no single brand exceeding 100 locations, representing just a 1% market share. This leaves ample room for expansion. The development of South Korea's medical aesthetic industry serves as a valuable reference, as the sector is highly developed, with chain brands collectively holding a market share exceeding 10%. South Korea's case demonstrates that as customer awareness and acceptance of medical aesthetics grow, the chain model can leverage broad influence, economics of scale, and a professional service system to capture a larger market share. 新养的连锁模式在国内市场呈现出极具竞争力的差异化优势。目前国内多数传统医美机构的运营模式采用了饭店逻辑，严重依赖机构内的明星大厨，即少数核心医生。一旦关键医生流失，机构的业务量、客户信任度以及市场口碑都将遭受重创，抗风险能力较弱。与之不同的是，新养连锁采取的运营模式是快餐逻辑，其核心优势在于标准化服务体系的建设和推广。从客户接待流程、医美技术操作规范到医美产品的选用标准，每一个环节都经过精心打磨与严格统一设定。 So-Young's chain model presents a highly competitive and differentiated edge in the domestic market. Currently, most traditional institutions follow a restaurant model, where operations rely heavily on a few key doctors, similar to how restaurants rely on seasoned chefs. If these doctors leave, the institution suffers a decline in sales volume, loss of customer trust, and damage to its market reputation, making it highly vulnerable to risks. In contrast, So-Young's aesthetic centers adopt a fast food model, where the core strength lies in the establishment and expansion of a uniform service system. Every aspect of operations, from customer reception, medical procedure protocols to product selection standards, is thoughtfully designed and standardized. 这种标准化服务带来了多重优势。首先，无论消费者身处哪一家新养连锁门店，都能享受到品质如一、高度稳定的医美服务体验，极大提升了用户满意度与品牌忠诚度。其次，标准化降低了对特定医生个体技术的过度依赖，使得机构不再受制于个别医生的变动，增强了运营的稳定性与抗风险能力。再者，高度标准化的模式为新养连锁的快速规模化复制与扩张提供了坚实基础，保障了增长的持续性，让我们能够在未来的市场竞争中保持领先地位。 This uniform approach offers multiple advantages. First, it ensures that regardless of which So-Young aesthetic center a customer visits, they receive a consistent, high-quality, and reliable medical aesthetic experience, significantly enhancing customer satisfaction and brand loyalty. Second, it reduces dependency on individual doctors' proficiencies, preventing institutions from being overly affected by staff turnover, thereby improving operational stability and reducing risk. Lastly, this highly standardized model creates a solid foundation for rapid scaling and replication, ensuring long-term growth. Thus, we are confident we can maintain a leading position in this highly competitive market going forward. 谢谢。 Thank you. Thank you. Our next question today comes from Jim Peng at CITIC Securities. Please go ahead. Hello, Jim, your line is open. Please proceed. 可以，可以，可以。哎，哎，就是，感谢，领导层，就是接我的问题啊。我是中兴证券的冯景才啊，然后呢，就是我这边主要是想请教一下，因为也是看到我们公司其实在此前，对于上游的这个企业还是做了挺多的布局，所以比较想请教一下咱们对于上游的整个的一个未来的这种规划和展望啊。 Okay, so let me just briefly translate for myself. I’m Jin Feng from CITIC Securities. Thank you for taking my question. I have one question about the company’s upstream business. As we can see, we have acquired, like the Miracle Laser in China, and we have multiple partnerships with the upstream companies. What is our strategy for our, the upstream business, in general? Thank you. That’s my question. 呃，你好，谢谢你的提问。呃，近期新养顺利完成对控股企业旗帜激光的全面接管工作。旗帜激光作为国内领先的光电医疗设备类服务提供商，啊，拥有强大的技术实力和市场优势。基于新养未来的战略布局和对上游市场的规划，为实现资源的高效整合，促进业务协同，现已将旗帜激光纳入上游业务体系，重点推进核心人才团队的融合。在光电板块，公司将依托旗帜激光为核心业务基础，结合市场需求进行产品升级与技术创新，增强技术与产品储备。随着上游业务融合发展，产品资源也将进一步赋能连锁等新业务板块，推动公司的可持续增长。 Recently, we successfully completed the full integration of our subsidiary Miracle Laser, a leading provider of medical aesthetic laser devices in China. With strong technical expertise and market advantage, this move is part of So-Young's upstream business and long-term planning. To optimize resource integration and enhance business synergies, Miracle Laser has now been incorporated into So-Young's upstream business units, with a focus on integrating key talent and reinforcing team collaboration. In the medical aesthetic laser segment, Miracle Laser will serve as the core foundation, driving product upgrades and innovation to meet market demand and enhance our technology and product portfolio. As the upstream business continues to expand, our product resources will further power aesthetic centers, driving sustainable growth for the company. 基于此，新养上游未来主要有以下发展策略：我们将加强高端畅销产品的研发，通过深入调研市场需求，分析消费者偏好，以及紧跟医美行业前沿技术趋势，全力投入专业研发资源，致力于打造一系列具有创新性、高品质且符合市场需求的高端医美产品，以满足不同消费者对医美产品的高端化、个性化需求。 Based on this, our upstream business will focus on several key strategies in the future. First, we will enhance the R&D of high-end and best-selling products by conducting in-depth market research, analyzing customer behavior, and staying ahead of industry trends. We will invest heavily in R&D to build a series of innovative, high-quality medical aesthetic products tailored to market needs. This will enable us to meet growing need for premium and personalized aesthetic solutions. 另外，我们将扎实做好旗帜团队与新养团队的深度融合，发挥双方团队的独特优势，形成高效协同的工作模式，提升整体团队的专业性和执行能力，为上游业务发展提供坚实的人才基础。后续，凭借整合后的强大资源与能力优势，我们将重点聚焦为新养连锁业务，提供更优质、更稳定的产品供应，从产品种类丰富度、供货及时性到产品质量保障等多方面为连锁业务赋能，助力其提升服务质量与市场竞争力，进而实现新养在医美上游市场的持续发展与扩张。 Additionally, we will ensure a seamless integration between the Miracle Laser and So-Young teams, leveraging the unique model both sides to establish a high-efficiency and collaborative working model. This will enhance the overall expertise and action-oriented capabilities, creating a solid talent foundation to support the growth of upstream business. Following the team integration with the combined resources and enhanced capabilities, we will focus on providing So-Young's aesthetic center with a high quality and more stable product supply. From expanding product variety and ensured delivery to strengthen quality assurance, we aim to empower our aesthetic center network and enhance its service quality and competitiveness. These efforts will drive So-Young's continued growth in the upstream sector. Thank you. Thank you. Our next question today comes from Leo Chiang with Deutsche Bank. Please go ahead. Just let me translate by myself. Thanks for the management for taking my questions. Management just gave the guidance of 2025 revenue guidance, and could the management share more insight into the company's financial outlooks in the future? Thank you. Thank you, Harry, for your question. Looking ahead, we are committed to driving sustainable and high-quality growth through the execution of a vertical integration strategy. We have successfully established a full value chain covering both upstream supply chain capabilities to downstream aesthetic treatment services, which creates synergies across our business units. This diversified and balanced model lays a strong foundation for long-term financial stability and operational resilience. From our financial perspective, while near-term profitability may be impacted by the pace and scale of our new aesthetic center expansion, this business is critical to transitioning towards sustainable, high-quality growth. We recognize that different business units are at different stages of development. Some high-growth initiatives, such as our aesthetic center business, have just begun to scale and improve operational efficiencies after the success of pilot projects. With healthy cash flow and a disciplined capital allocation approach, we will continue to invest in strategic initiatives that reinforce our market leadership while maintaining a prudent approach to cost management. Our focus remains on balancing growth with profitability, enhancing financial resilience, and ultimately driving long-term value for our shareholders. Thank you. Thank you. Ladies and gentlemen, this concludes today's Q&A session and today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.