Ladies and gentlemen, good day and welcome to ZKH Group Limited's Third Quarter 2025 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Jin Li, Head of Investor Relations. Please go ahead. Good morning and welcome to our third quarter earnings conference call. With me are Mr. Eric Chun, our Founder, Chairman, and CEO, and Ms. Lai, our CFO. Today's discussion may include forward-looking statements. Related factors are described in our today's press release, and we will also discuss certain non-GAAP financial measures for comparison purposes only. Please refer to the earnings release for definitions of these measures and a reconciliation of GAAP to non-GAAP results. With that, I will turn the call over to Eric. Eric, please go ahead. 大家好，欢迎各位参加箴坤行2025年第三季度业绩发布会。在公司全员的全力以赴下，我们欣喜地看到，经过近四个季度的业务主动优化和调整，我们整体业务在第三季度展现出企稳回升的积极信号。一、成交客户数超过7万家，创季度新高，为未来增长打下基础。二、行业大客户和区域中小客户的GMV和成交客户数均继续保持同比增长。三、毛利率继续保持提升。 Hello everyone, thank you for joining the third quarter 2025 earnings conference call for ZKH Group. In the third quarter, thanks to our team's concerted efforts, we're pleased to see signs of stabilization and recovery in our business following nearly four quarters of proactive business optimization and adjustment. In the third quarter, the number of transacting customers exceeded 70,000, reaching a new quarterly high and strengthening the foundation for future growth. Both GMV and the number of transacting customers among industry key accounts and regional SME customers continue to grow year over year. The company's gross margin continued its upward trend. 由此，三季度公司GMV、收入和毛利额已基本恢复去年同期水平。在订单层面的趋势来看，工作日日均订单量已从今年7月份的约3,700万元提升至截至目前11月份的约5,200万元，提升幅度超过40%。跟去年同比来看呢，日均订单也有20%以上的增长。我们相信，在未来的工作日日均订单将继续保持提升。根据以上趋势来看，基本可以确定我们已经重回增长的轨道。三季度得益于我们费用管控措施的有效性和运营效率的提升，我们的总费用约4.2亿，同比下降14.4%。请翻译。 As a result, our third quarter GMV, revenue, and gross profit largely recovered to their prior year levels. From an order flow perspective, average weekday order value rose from approximately RMB 37 million in July to approximately RMB 52 million November to date, representing an improvement of over 40%. Compared to the previous year, this level has also grown by about 20%. We expect this positive momentum in average weekday order value to continue through the remainder of the year. Taken together, these advancements underscore that we are firmly back on a growth trajectory. In the third quarter, our total operating expenses were down by 14% year over year to approximately RMB 420 million. 综上，三季度我们的盈利能力得到明显提升，公司经营亏损、净亏损和净调整净亏损均大幅收窄。其中，净调整净亏损约1,400万元，同比大幅下降约78%。经调整净亏损率收窄至0.6%，并且我们在9月份再次实现了单月盈亏平衡。我们有信心四季度将实现季度的盈利。在现金流方面，三季度公司实现了约1亿元的经营性活动现金流流入，主要得益于亏损的大幅收窄，以及我们对应收与应付账款等营运资金的管理持续优化和提升。 Overall, our profitability meaningfully improved during the quarter. Operating loss, net loss, and adjusted net loss all narrowed significantly. Our adjusted net loss was down by approximately 78% year over year to just RMB 14 million. Our adjusted net loss margin also improved to 0.6%. Moreover, we once again achieved monthly break-even in September, and we are on track to deliver quarterly profitability in the fourth quarter. In terms of cash flow, we generated net cash of approximately RMB 100 million from operating activities for the third quarter, primarily driven by the substantial narrowing of losses and continued optimization of working capital management, including accounts receivable and accounts payable. 业务的发展离不开我们在产品和AI技术的持续深耕、发展与应用。三季度我们在这两个方面均取得了进一步成果，驱动业务增长与运营效率的同步提升。作为专业的一站式工业用品服务平台，产品的广度与深度是我们增长的基础。目前我们共有32条产品线，根据不同产品线的要求制定对应的策略。有些产品线会聚焦精选，有些产品线侧重于补习品类和供应商。三季度我们在化学试剂、机加工、传动等品类共新增超过230万个可售的SKU，公司可售SKU总数量已经超过1,900万个。同时新增超过1,200家供应商，以原厂供应商为主，以进一步补充我们的产品丰富度，巩固我们作为一站式采购平台的核心优势。 Our business development is underpinned by the ongoing advancement, refinement, and application of our product capabilities in AI technologies. In the third quarter, we continued to make strides in both areas, propelling business growth while enhancing operational efficiency. As a professional one-stop MRO procurement service platform, the breadth and depth of our product offerings are fundamental to our growth. We strategically operate 32 product lines, each with a tailored approach. Some product lines are highly specialized with an emphasis on curation, while others prioritize expanding product variety and supplier base. In the third quarter, we added over 2.3 million sellable SKUs across categories such as chemical reagents, machining, and transmission, bringing our total sellable SKUs to more than 19 million. We also onboarded over 1,200 new suppliers, primarily OEMs, further enriching our product offerings and solidifying our core advantage as a one-stop procurement platform. 自主品牌是我们给客户提供更高性价比产品和提升产品竞争力的重要举措。三季度我们自主品牌上线超过600个新品，涵盖了安防、个人防护、工具、搬运存储等品类。GMV保持两位数的增长，高于公司整体增速。未来我们将稳步提升自有品牌占比，从目前的8%到30%。 Our private label products are a key strategic initiative to provide our customers with high value-for-money offerings, enhancing our overall product competitiveness. In the third quarter, we launched over 600 new private label SKUs, spanning categories such as security-related products, personal protective equipment, tools, and material handling and storage products. The GMV of our private label products maintained double-digit growth, outpacing the company's overall growth rate. Looking ahead, we plan to steadily increase our private label products' contribution to total GMV from around 8% today to approximately 30%. 我们将继续专注于专业的和工业级别的MRO品类，也就是备品备件、化学品和加工制造产品线。这也是我们区别于友商的重要能力和价值。对于我们已建立独特优势的产品线，例如以工业润滑油和胶粘剂为代表的化学品产品线，我们已构建了一个安全可靠的供应链体系，包括涵盖13个专业化学品仓、3个危险品专用仓和自营配送车队的仓网履约能力。我们将继续强化从产品选型到末端交付和现场服务的一体化能力，以巩固我们的竞争壁垒。三季度我们的化学品产线GMV实现双位数的同比增长。 We will continue to focus on professional and industrial-grade MRO categories that are spare parts, chemicals, and manufacturing parts. These areas serve as key differentiators and value drivers that set us apart from our competitors. For product lines where we have distinct advantages, such as our chemical product line of industrial lubricants and adhesives, we have developed a robust and reliable supply chain comprised of 13 specialized chemical warehouses, three of which are dedicated to hazardous materials, and an in-house fleet for distribution and delivery. We will continue to enhance our integrated capabilities from product selection to last-mile delivery and on-site service, further reinforcing our competitive moat. In the third quarter, our chemical product line achieved double-digit year-over-year GMV growth. 在AI智能化方面，我们持续推进数据层与应用层的发展，聚焦业务流程智能化与数据治理，系统性提升公司的销售和运营效率。我们已经看到，在我们业务各场景中，包括物料梳理和管理、产品选型推荐、销售转化、数据标准化、流程提效等方面均与AI产生了深度结合。AI已在助力降本增效、促进生意增长、提升研发效能和增厚数据资产方面成为一个越来越重要的驱动力。 In the AI realm, we are continuing to advance our AI infrastructure across both the data and application layers, focusing on intelligent business processes and data governance to systematically improve our sales and operational efficiency. We have already deeply integrated AI across various business scenarios, including material cataloging and management, product recommendation, sales conversion, data standardization, and workflow automation. AI has emerged as an increasingly important driver of cost reduction, efficiency improvement, business growth, R&D productivity, and data asset enhancement. 在11月举办的第八届中国国际进口博览会开幕活动中，我们正式发布了自研的行家玲珑AI大模型及智能体集合。行家玲珑大模型是一款工业用品垂直领域的AI大模型，标志着振坤行在工业用品供应链AI应用领域迈出了关键一步。作为行家玲珑大模型的核心应用之一，AI智能工作台实现一句话创建订单、一句话开发票等45个流程场景的自动化操作，减少跨系统人工操作，显著提升流程处理效率与平台协同能力和人员效率。以人均订单量为口径，三季度客服人效同比提升42%，采购人效提升52%。 At the opening of the 8th China International Import Expo in November, we officially launched Expert Linglong, our proprietary AI large model and intelligent agent suite specifically designed and developed for the MRO industry vertical. Expert Linglong marked a significant milestone for ZKH in empowering the entire MRO supply chain with AI. Our AI smart workbench, one of Expert Linglong's core applications, enables automation across 45 business process scenarios, such as creating orders or issuing invoices with a single prompt. It has significantly reduced cross-system manual operations and enhanced process efficiency, platform-wide synergy, and workforce productivity. Measured by order volume processed per employee, in the third quarter, our customer service productivity increased by 42% year-over-year, while procurement productivity increased by 52%. AI也已成为我们挖掘客户需求、提升供需匹配效率的核心引擎。通过AI推品大脑，我们实现了更精准的产品推荐。自去年四季度上线以来，到今年三季度末，累计创造增量销售额超1亿元。在复杂的业务场景中，AI同样表现卓越。例如，传统需3小时处理的300行客户询价单，通过AI结合专家经验，仅需30秒即可完成，准确率达98%。年初以来，我们通过引入AI工具、优化定品模型与系统规则，使平台自动定品率由年初的11%提升至31%。这不仅显示显著降低了人工介入，更提升了商品上线效率与客户需求匹配精度。未来我们将持续发展自主化、智能化的采购智能体，缩短响应周期，提升客户体验。 Moreover, AI has become the key engine for capturing customer needs and improving supply-demand matching efficiency. Our product recom agent continues to improve product recommendation accuracy, generating over RMB 100 million in new incremental sales revenue since its launch in the fourth quarter of 2024 through the end of the third quarter this year. Our AI tools also excel in complex business scenarios. For example, processing a 300-line customer inquiry traditionally takes 3 hours. By combining AI with expert experience, this task can now be completed in 30 seconds with 98% accuracy. Since the start of the year, we have utilized AI to optimize our product classification models and system rules, boosting the platform's automated product classification rate from 11% to 31%. This not only reduces manual intervention but also increases product onboarding efficiency and improves the accuracy of matching customer needs. Moving forward, we will continue to develop our self-service AI-driven procurement agent to speed up responses and further elevate customer experience. 我们行家玲珑大模型同样驱动着研发体系的升级。我们的研发团队广泛应用AI coding工具，代码生成率超过15%，大幅提升开发效率。未来我们将继续以行家玲珑大模型为核心，围绕产品力、供应链与末端交付能力持续深化技术赋能。我们相信AI不仅是工具，更是重塑工业用品供应链生态的关键力量。 Our Expert Linglong large model is also empowering upgrades across our R&D system. Our R&D teams have widely adopted AI coding tools, with over 15% of our code now being generated by AI, significantly improving development efficiency. Looking ahead, the Expert Linglong large model will remain at the core of our AI development, driving deeper technological empowerment across our product supply chain and last-mile delivery capabilities. We believe that AI is more than a tool; it is a key force reshaping the MRO supply chain ecosystem. results. Thank you, everyone. In summary, the third quarter was highly productive. We drove steady progress in all of our business segments in line with our strategic roadmap, building stronger growth momentum across the board. Looking ahead, we remain committed to advancing our development goals of product excellence, AI-driven growth, and profitability improvement, delivering long-term value to our customers and shareholders. Now I'll turn the call over to our CFO Max Chun Chiu Lai to present our financial results. Thank you, everyone. Thank you, Eric, and thanks everyone for making time to join our earnings call today. I'm pleased to walk you through our robust financial performance, driven by revenue recovery, enhanced profitability metrics, and positive operating cash flows. Let me begin with the top line. Both GMV and revenues returned to approximately last year's levels, with GMV down 2.3% year-over-year to RMB 2.62 billion and total revenues up 2.1% to RMB 2.33 billion. This performance indicates that the headwinds from our business optimization initiatives have largely cycled through, providing greater visibility for renewed top-line growth in the quarters ahead. Notably, the number of transacting customers exceeds 70,000, reaching a new quarterly high, and private label GMV grew 16.7% year-over-year, outpacing the overall business and reaching 8.2% of total GMV. Turning to business quality, our gross margin remained healthy at 16.8% compared with 17% a year ago. On a GMV basis, our gross margin continued to improve, expanding by 41.5 basis points year-over-year to 14.9%. Specifically, gross margin for our product sales YP model increased by 11.2 basis points to 16.2% on executive platform and 223.8 basis points to 7.7% on the GBP platform. Additionally, our take rate of marketplace model rose by 47.5 basis points to 13.1% year-over-year. These gains were mainly driven by our optimized procurement costs and a high contribution from our private label products, which typically deliver high margins. On operational efficiency, our disciplined focus on streamlining costs and enhancing productivity continued to yield tangible results. Total operating expenses decreased 14.4% year-over-year to RMB 493.8 million, representing 18.1% of net revenue, a significant improvement from 21.6% in a prior year period. Breaking this down, fulfillment expenses were RMB 90.4 million, down 9.8% year-over-year, reflecting lower employee benefits and warehouse rental costs. Sales and marketing expenses declined 13.2% to RMB 145.9 million, primarily driven by lower employee benefits and travel expenses. R&D expenses decreased 19% to RMB 40.3 million, mainly attributable to lower employee benefits, and general and administration expenses were RMB 145.8 million, down 17% year-over-year, driven by lower employee benefits expenses and lower credit loss allowances. Efficiency gains underpinned margin improvements and a substantial reduction in losses. Operating loss narrowed 69.3% to RMB 32.3 million, with margin improving to negative 1.4% from negative 4.6%. Non-GAAP EBITDA improved to a loss of RMB 8.5 million from RMB 62.8 million, with margin improving to negative 0.4% from negative 2.8%. Adjusted net loss narrowed to RMB 14.1 million from RMB 66.2 million, and margin improved to negative 0.6% from negative 2.9%. As of September 2025, our cash position remains strong at RMB 1.9 billion. Net cash generated from operating activity was RMB 105.5 million, compared with net cash used in operating activity of RMB 160.5 million in the same period of 2024. To conclude, our first quarter results demonstrate clear signs of stabilization and recovery, underpinned by a more balanced customer mix, a higher margin product portfolio driven by private label growth, and a structural efficiency gain from AI-enabled process optimization and strengthened supply chain capabilities. Looking ahead, we expect to capitalize on this momentum through disciplined investment in AI and data capabilities, continuous enhancement of our product and supply chain capabilities, and focused execution while advancing our international expansion. We remain focused on top-line growth, further margin expansion, and loss reduction on our path towards sustainable profitabilities. Thank you, and I would like to now open the call for Q&A. Operators, please go ahead. We will now begin the question and answer session. To ask a question, you may press star, then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. Again, you may press star, then one to ask a question. The first question comes from Xiaodan Zhang with CICC. Please go ahead. [Foreign Language] questions. So, according to publicly available information, JD Industrial is preparing for an IPO in Hong Kong. Could management share your views on the competitive landscape of MRO market in China? Thank you. 我觉得京东工业品的上市呢，对整个行业的推动和发展，我觉得也是一件非常好的事情。因为有京东，我们正工行这样的企业来推动整个MRO的线上化的采购，一站式的采购，帮助企业更好地降低管理成本。我觉得这也是一个时代发展的机会。那另外一点，我觉得呢，中国是全球最大的一个制造业国家。我觉得在中国这样一个基础上呢，应该能够培养出来非常领全球领先的企业。那不仅能够服务好中国本土的制造业，实际上我们也有机会走向全球，服务全球的制造业。那请翻译。 I believe this JD MRO looking to get listed is a very good thing for ZKH and for the industry at large because it's very good in terms of spreading this idea of doing one-stop purchasing on e-commerce platforms. It's definitely an opportunity that our times have afforded us. China, being the number one manufacturer in the world, is actually big enough for leading MRO companies to exist. These MRO companies can not only serve Chinese manufacturers but also benefit global ones. 大家也都知道，在中国的MRO的市场上呢，有不同类型的企业的参与，甚至还包括传统的做办公用品的企业也在参与到MRO这个市场。那我觉得我们正工行呢，作为一家专业的B2B服务的企业，那我们的创业的最早期就是经营工业品，经营这个MRO领域的一些化学品开始起家了。所以我们的定位呢，给我们自己的定位就是真正的专业级的MRO的这样一家企业，无论是在比较工厂、比较硬核的备品、备件、化学品、加工制造这些品类。那另外一方面呢，你看我们还在太仓建了我们的创新中心，我们对MRO的产品参与得会更深，参与到产品的研发、测试、选型、对比等等这方面的工作。我们希望通过这些专业和技术的提升呢，能进一步地帮助到我们的客户。当然在另外一方面呢，我们也在自建我们自营的仓库，包括最后一公里的交付。我觉得在未来，这个覆盖全国的，甚至能够服务到海外的这个专业的供应链能力，也是我们非常重要的一个核心能力。请翻译。 In the MRO space, we have seen different kinds of players, including those players traditionally engaged in supplying office supplies. As ZKH, we started out in serving and selling chemicals and industrial-grade MROs. We are really specialized; we specialize in selling spare parts, chemicals, and manufactured goods. We have built an innovation center in Taicang. This goes to show how we are committed to be deeply involved in integrating our services. In terms of R&D, testing, product selection, and comparison, we would like to use this specialty of ours to help our customers better. We have also built our own warehouses and last-mile delivery capabilities. This supply chain capability can not only serve the whole of China but also the rest of the world. 正东请讲。 在整个市场的竞争格局来看呢，总体的趋势是竞争格局逐渐趋于稳定。那头部领先的企业呢，优势呢，实际上是经过这几年的建设呢，实际上是优势逐渐越来越明显，包括我们公司的大量的市场化的中小型的企业的获取。我觉得这都是我们供应链能力提升的一个非常好的一个证明。所以从这个角度上来讲，那我们正工行将持续专注于我们专业的MRO能力这个建设。好吧，这是我对这个问题的总体的回答。 In terms of the competitive landscape, I would say over the years things have really stabilized. As leaders in this space, our advantages are becoming increasingly marked. The fact that we are able to have acquired lots and lots of SMEs goes to show that there has been a great improvement to our supply chain capabilities. Basically, at the end of the day, we are committed and focused on beefing up and enhancing our supply chain capabilities in the MRO space. That was my answer to your question. Thank you. Are you ready for your next question? The next question comes from Leo Cheng with Deutsche Bank. Please go ahead. 谢谢管理层接受我的提问。我的问题是，刚刚陈总有提到公司将进入以盈利性成长为发展目标的阶段。我想请问一下公司过去未能盈利的原因，以及在盈利中盈利和中长期发展投入之间，公司是怎么考虑和平衡的。 Let me translate myself. Thank you, management, for taking my question. Management just mentioned in the prepared remarks that the company will commit to advancing development goals of profitability improvement. What are the reasons the company has not been profitable so far, and how does the company consider and balance between profitability and the mid- to long-term development investment? Thank you. 大家知道呢，正工行的发展呢，是得到了很多的投资的支持。那一个创业公司的发展，它是会有不同的阶段。那一般的来讲，在创业的早期，更多关注的于是现金流的健康。这个时候呢，把融来的资金更多于投资于基础设施的建设，整个核心竞争力的建设。所以这个阶段我们说它是亏损，实际上它是核心竞争力建设的一种投资。我觉得在这样一个阶段，所以我们我觉得在过去这个阶段，我们已经经历过这个阶段，现在正在逐渐进入一个新的发展阶段，就是从这个早期的创业的以建设核心能力为主的这么一个阶段，进入到依赖盈利，用盈利再进一步建设核心竞争力的这么一个新的发展阶段，应该是这样一个阶段。所以我觉得就是正工行逐渐地从早期体现出来就是亏损，能力逐渐地提升，发展到下一个阶段，逐渐开始盈利。好吗？先帮我翻译这个阶段，这一段。 We got lots of investment and funding along our journey. As a startup, startups have different phases, right? In the early days, we were more focused on the health of our cash flow. More of the funds were used and spent on infrastructure build-out and the build-out of our core capabilities and competencies. We were suffering losses primarily due to these investments that we made in order to beef up our core competencies. I believe we are entering a new phase now. This is a phase marked by profitability, and we're going to use some of the profits and expand the profits to further build our core competencies. 正东请继续。 那我们这样的发展模式呢，就是一旦解决了亏损的问题，一旦开始实现盈利，那我们就会有什么现象呢？也就是叫经营杠杆的效应就会越来越明显。那基本的逻辑就是总的费用率会持续地下降，那这个销售额毛利额或者叫履约的毛利额呢，持续地提升，就会实现盈利能力的逐渐增强。那我们早期创业的阶段也是这样规划的。那现在看来，我们也正在进入这样一个阶段。请翻译。 Now that we are profitable, one thing that is clear is we are having an increasingly strong operating leverage. Specifically, our expense ratio keeps dropping while our fulfillment gross margin keeps rising. Our profitability is getting better, and this is very much in line with our original plan for our developments. 正东请继续。 那总结一下，回顾一下过去四年的我们的财务的业绩，比如说2021年，这一年我们就亏损了9.1个亿，有大量的投资。那2022年呢，亏损是6.3个亿，23年呢，是2.9个亿，24年呢，是1.6个亿。那今年呢，预计全年亏损量同比大幅收窄，并且呢，第四季度我们有信心呢，实现季度性的盈利。请翻译。 In terms of specific profits and losses, 2021 we made a loss of RMB 910 million due to the loss and loss of investments that we made. 2022 we made a loss of RMB 630 million. 2023 losses were RMB 290 million, 2024 RMB 160 million. 2025 we saw losses greatly narrowed, and in Q4 we are very likely to turn a profit. 请继续。 从未来来看呢，我们的GMV保持在15%到20%之间的这样的每年的增长呢，是比较有确定性的。那怎么样去把握好当下的盈利和长期的这个发展呢，这样一个平衡呢，我们就觉得一方面我们要管理好各种费用，提升各方面的效率，加大我们的这个在市场获客等等这方面的能力。那另外一方面呢，有关于核心能力的建设，对未来核心竞争力建设的这些方面的投资呢，我们要在盈利保证盈利的前提下，照样就要持续地推进，包括产品的研发，包括数字化和AI的研发，包括海外市场这几个方面。也就是确保什么呢？一方面要确保盈利的可持续，并且盈利的能力逐渐增强，另外一方面呢，还要确保长期的可持续的成长。那这是我对这个问题的回答。 We are pretty certain that our GMV growth year over year could reach 15%-20% per year going forward. In terms of how we are going to go about striking a balance between profitability and long-term growth, I think it comes down a lot to control of expenses. We will continue to improve our efficiency and control our expenses, as well as enhancing our capabilities of customer acquisition. We will also keep investing in our core competencies while ensuring profitability. These core competencies include R&D when it comes to AI, R&D when it comes to product capabilities, and our overseas business expansion. We will not only make sure that our profitability is sustainable, but also we will enhance it while ensuring long-term growth. Thank you. Are you ready for your next question? The next question comes from Ruc hen Tang with CITIC. Please go ahead. 好的，各位正东好，大家好。我这边有一个问题，就是想请咱们领导更新一下海外业务的一个最新的发展情况和未来的规划，包括美国本土市场和服务中国企业的出海的这个业务。谢谢。 好嘞。总体来讲呢，我们在出海这个业务方面，包括两个方面。一个方面呢，是服务中国企业出海。大家都知道我们中国的制造业在全球化的这个发展的过程，那我们要做好这个服务，这是一方面。另一方面就是我们规划的在美国本土，包括在欧洲的这个业务的开发。那经过过去一年的这样我们的一个测试，未来我们整个海外的业务呢，会有适当的调整。调整的第一个方面呢，短期内我们更加重视中国企业出海的服务。这方面呢，可投入也比较有限，业务呢，确定性也比较高。这三季度呢，我们已经完成多家中国客户在泰国、马来西亚、印尼、墨西哥等当地工厂的MR采购的交付，并完成这些国家的产品的认证，包括清关等等这些方面。所以这是一点，更加重视中国企业的出海。那欧美市场呢，因为欧美市场我们判断是一个比较中长期的市场，那产品呢，进入包括欧洲的市场，需要做大量的认证等等这方面准备的工作。它不是短时间能获得快速增长。那我们这个策略就是适当的控制一下在欧美的这个投入。那控制的逻辑就是什么呢？我们海外的业务明年的规划就是总体盈亏平衡。这是我们海外业务的总体的这样规划。请翻译。这也是我对这个问题的回答。谢谢。 Let me quickly translate the question first. Looking out on your latest developments and the future plans for overseas expansion, could you talk us a little bit about how you think about developing your business in the U.S. versus serving Chinese companies as they go abroad? Answer: Overall, when it comes to going abroad, there are two parts. One is serving Chinese companies as they go abroad, as there are lots and lots of Chinese companies that are currently taking their business globally. Also, we are going to develop business in the U.S. mainland and Europe. We are actually already actively doing that. After a period of testing things out, we have made some adjustments as well. Firstly, we still highly value Chinese companies going abroad, and because investments there on our part are pretty limited, and the certainty of this business is very high. In Q3, for example, we have already finished the MRO purchasing and delivery for some of our customers, for quite a few Chinese customers rather, in Thailand, Malaysia, Indonesia, and Mexico for their local factories. We have finished things like product certification, customs clearance, etc. As for our business in the U.S., we believe that's going to be a mid to long-term play. Because it's going to take longer time in terms of product prep, getting to the market, we have decided to control our investment pace and cadence in the U.S. Overall, we believe our overseas business will achieve break-even in the whole of 2026. 正东请继续。 好嘞，我的回答已经完毕了。谢谢。 That was actually all of my answer to this question. Thank you. That concludes the question and answer session. I would like to turn the conference back over to management for any additional or closing comments. Thank you once again for joining us today. You can find the webcast of today's call on ia.zkh.com. If you have any further questions, please feel free to contact us. Our contact information can be found in today's press release. Thank you and have a great day. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.