Please note today's event is being recorded. I would now like to turn the conference over to Sophie Li, Head of Capital Markets. Please go ahead. Thank you, Operator. Hello everyone, and thank you for joining us today. The company's results and the investor relations presentation were released earlier today and are available on the company's IR website at ir.zto.com. On the call today from ZTO are Mr. Meisong Lai, Chairman and Chief Executive Officer, and Mrs. Huiping Yan, Chief Financial Officer. Mr. Lai will give a brief overview of the company's business operations and highlights, followed by Mrs. Yan, who will go through the financials and guidance. They will both be available to answer your questions during the Q&A session that follows. I remind you that this call may contain forward-looking statements made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and the current market and operating conditions, and they relate to events that involve known or unknown risks, uncertainties, and other factors, all of which are difficult to predict and many of which are beyond the company's control, which may cause the company's actual results, performance, or achievements to differ materially from those in the forward-looking statements. Further information regarding this and other risks, uncertainties, and factors is included in the company's filing with the U.S. Securities and Exchange Commission. The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required under law. It is now my pleasure to introduce Mr. Meisong Lai. Mr. Lai will read through his prepared remarks in their entirety in Chinese before I translate for him in English. [Foreign language] 大家好, 感谢各位参加今天的电话会议。2025年二季度, 快递行业延续了较高的增长, 业务量同比提升17.3%。中通坚持把质量放在首位, 保持了行业领先的服务水平, 业务量同比增长16.5%, 达到了98.5亿件。市场份额实现了环比的提升。同时, 面对激烈的市场竞争, 实现了调整后净利润¥2.55 billion。二季度, 快递行业轻小件占比扩大的趋势依然明显, 越来越多的商家倾向于选择更加经济廉价的快递服务。中通凭借网络规模以及服务领先和稳定等形成的议价能力, 未能得到充分的价值体现。在部分区域, 尤其是价格竞争激烈的产量区, 业务量增长低于预期, 与此形成鲜明对比的是中通的散件业务量同比增速超过了50%。自去年起, 中通持续聚焦差异化产品构建与服务效能的提升, 依托不但强化了服务品质, 时效保障及网络覆盖能力。二季度, 散件业务量占比综合成功突破8%。产品结构的优化缓解了增量补贴的压力, 为快递核心业务分别带来了单票收入¥0.17和毛利¥0.02的提升。此外, 通过强化数字化运营, 合理配置资源, 并落实资源到来的新品绩效, 中通实现了单票试运加分解成本同比下降, 区分的增效成果。这些成绩具体现了中通专注运营效益和能力建设的战略定力, 也验证了差异化优势产品与服务能力是构筑未来综合竞争力的关键要素。健康稳定的网络生态与合作伙伴的长期信心是快递加盟模式可持续发展的根基。中通持续践行的同心共享理念与国家和行业监管部门对社会基层利益保障的关切高度一致。我们始终以高效扎实的运营体系为支撑, 持续赋能网络合作伙伴, 实现共赢发展。中通面对前端价格竞争的不绝之耻, 是末端建设和网络赋能的战略工作正在持续稳步的推进。核心措施有以下几点: 一、优化网络政策, 系统梳理网点收费构成各个环节的成本, 确保网络政策的合理匹配。同类网点政策趋同, 提升透明度并持续深化公益性, 结合区域市场实际水平, 制定精准的激励机制, 杜绝盲目超额补贴。二、提升末端效益, 合理部署各类自动化分解和运输设备, 减少人工投入并提升作业效率, 通过直链直送模式降低网点分解派送成本, 让快递员把更多的时间聚焦于揽派工作。三、深化到脚到边, 进一步统一思想, 落实揽件利润分配的激励效果, 激发快递员的内生动力, 提升揽收响应度和服务及时性, 深耕散件客户, 增加收益。四、优化驿站定位和产品, 在提供作业派遣成本解决方案的同时, 有机融合驿站、快递柜、便利店及其他设施商业等本地生活交互形式, 与消费者建立多维度便捷高效的连接。中国快递行业历经二者于三高速发展, 以数据全球最大的规模和最高的效能, 成为最快发展的支柱行业之一。中通深度参与了这一过程, 通过实践充分印证了领先的规模优势与运营效率是持续健康发展的基础条件和核心动力。行业竞争格局的演变已呈现出从规模数量导向转向量子并举的必然趋势, 从快递要素竞争升级为数字化、智能化、多元化综合物流产品和服务能力的竞争, 将成为最终的行业态势。回首过往, 我们曾经从险恶的逆境中求得生存, 通过不懈攻坚实现了赶超。过去的十年, 无论宏观经济和快递行业格局如何变迁, 我们始终坚持在看清客户客观实质的同时, 聚焦做好自己, 从而保持了质量、规模和盈利的领先。中通的品牌背后是成千上万的员工和加盟伙伴, 我们共同追求的是实现个体美好生活的同时, 为解决为社会解决实际的问题, 用我们的产品造就更多人的幸福。展望未来, 新经济环境和竞争向我们提出了新的挑战。我们深信中国快递及整体物流行业的发展前景广阔, 中通独特的品牌文化、坚实的网络基础、雄厚的财务实力, 必将是我们在长期战略进取和愿景达成的保障。虽然脚踏实地, 落实执行, 我们定能与合作伙伴携手, 实现利他利社会的全球价值和股东回报。接下来, 我们请严总给大家介绍财务制度和预期。谢谢大家。 Thank you, Chairman. Please allow me to translate first. Hello everyone, thank you for joining today's conference call. In the second quarter of 2025, the express delivery industry continued to maintain a robust growth, with the business volume increasing by 17.3% year-over-year. ZTO adhered to its quality-first principle, and with an industry-leading service level, we grew parcel volume by 16.5% year-on-year to reach CNY 9.85 billion and increased market share sequentially. Despite fierce market competition, ZTO achieved an adjusted net income of CNY 2.05 billion. During the quarter, the trend towards a higher proportion of light and small parcel in the industry remained, as more merchants opted for more economical or affordable express delivery services. The value from ZTO 's premium pricing power, underpinned by our extensive network scale and leading service quality and stability, was not fully realized. In some regions, particularly major production zones with extreme price competition, the volume growth came in lower than expected. In stark contrast, ZTO's retail parcel volume grew over 50% year-over-year. Since last year, we have continuously focused on enhancing volume mix and upgrading service capability and efficiency. Leveraging ongoing improvements in service quality, such as timeliness, guarantee, and coverage expansion, retail parcels volume peaked over 8% of total volume during the quarter. This mixed optimization of volume structure alleviated the pressure from volume-based subsidies, bringing positive unit contribution of CNY 0.17 in revenue and CNY 0.02 in gross profit for the core express delivery business. Additionally, by further implementation of digitalization of information and intelligent operations, optimizing resource allocation and assigning responsibility with clear accountability, we attained CNY 0.07 productivity gain over the same period last year for combined unit cost of transportation and sortation. This achievement not only reflected our strategic commitment to improving operational capability and efficiency, but also validated that differentiated high-quality products and services are the most critical elements for forging comprehensive competitive edge for the future. A healthy and stable eco-network and long-term confidence of franchisee partners are the foundation for the sustainable development of the express delivery franchisee model. ZTO's enduring philosophy and the practice of shared success aligns well with government and the regulatory authorities' intention and emphasizes on safeguarding grassroots interests. Backed by excellence in an efficient and strong operational system, we consistently empower our network partners to achieve win-win. Our initiatives aimed at effectively addressing front-end inquiry in press competition are steadily progressing forward with the following core focuses: First, optimizing network policies. Systematically identify audit costs through our various stages of pickup and delivery, ensuring rational policy alignment, standardize policies across similar audits to improve transparency and fairness, implement precise incentive mechanisms tailored to market's reliability and avoid blind and excessive subsidies. Second, enhancing last-mile efficiency. Install various automated sorting and transportation equipment at suitable audits to reduce manual work and improve efficiency. Reduce audit costs through direct dispatch to last-mile posts, allowing couriers to focus more time and energy on pickup and delivery. Third, incentivize retail response and fulfillment, further unifying goals and objectives, and enforce profit allocation gravitated towards couriers so that they become self-motivated to be responsive and timely in serving retail customers with increasing loyalty, hence achieving greater earnings. Fourth, we define the value proposition of last-mile posts. While providing industry solutions to reduce delivery costs, integrate last-mile posts with lock boxes, convenience stores, and other community livings and commerce contact points to establish multi-dimensional, convenient, and efficient consumer connection. After more than 20 years of rapid development, China's express delivery industry has built the world's largest scale and the most efficient operations and has become one of the pillar industries of China's socio-economic growth. As a key participant, ZTO has fully demonstrated that leading scale and operational efficiency are the cornerstone to and core driving force for sustained healthy development. The industry dynamics are evolving, and the shift from volume-driven expansion to a balanced growth in both quantity and quality is evident and inevitable. Peer competition will elevate from basic delivery elements to comprehensive logistics solutioning powered by digitalization, intelligent, and smart operations in the final competitive landscape. Looking back, we have overcome adversity and earned a seat in the industry through relentless effort and ingenuity we followed and surpassed. Over the past decade, no matter the changes in the macroeconomic and industry changes, we have maintained course in our own path, achieving leadership in quantity, quality, scale, and profitability. Behind the ZTO brand are tens of thousands of employees and partners united in a shared mission. That is, while solving problems for others, we can afford better living of our own, and we can bring happiness to more people. Looking ahead, the new economic and competitive environment has put new challenges in front of us. We firmly believe in the vast growth prospect of China's express delivery and the broader logistics industry. ZTO's unique culture, robust infrastructure, and the franchisee network, solid financial strengths will support our long-term strategic vision and ambition. With steady, fast execution, we will be able to collaborate with our partners to deliver long-lasting value for others and society, as well as returns to shareholders. Now, let's invite Mrs. Yan to go over the financials results and guidance. Thank you, Chairman Lai and Sophie. Hello to everyone on the call. As I go through our financials, please note that unless specifically mentioned, all numbers quoted are in RMB, and percentage changes refer to year-over-year comparison. Detailed information on our financial performance, unit economics, and cash flow are posted on our website, and I'll go through some of the highlights here. In the second quarter, we continued to prioritize quality, which helped to drive volume expansion and cost optimization. Our parcel volume reached 9.8 billion, which grew 16.5%. Adjusted net income decreased 26.8% to CNY 2.1 billion, largely attributable to competition-based price decline. ASP for the core express delivery business decreased 4.7% or CNY 0.06, and the breakdown are the following: CNY 0.05 decrease from the decline in average weight per parcel and CNY 0.18 decrease from higher volume incentives. These decreases were partially offset by a CNY 0.17 positive contribution from an increase in KA volume, mainly comprised of headquarter contracted reverse logistics products and services. Total revenue increased 10.3% to CNY 11.8 billion as a combined result of volume increase and price decline. Total cost of revenue was CNY 8.9 billion, which increased 25.1%. Overall unit cost for the core express delivery business increased CNY 0.07 to CNY 0.89. Combined unit cost of sorting and transportation decreased 11.1% or CNY 0.07 for the quarter, benefiting from economies of scale and various productivity gain initiatives. Specifically, unit cost for line haul transportation decreased 14% to CNY 0.33, given enhanced route planning in conjunction with optimizing fleet operations and lower fuel cost. Unit sorting cost decreased 7% to CNY 0.25, benefiting from automation and labor efficiency. Unit KA cost increased CNY 0.15, which was in line with KA volume growth. Gross profit decreased 18.7% to CNY 2.9 billion, and gross margin rate dropped 8.9 points to 24.9%. SG&A, excluding SBC, grew 5.9% to CNY 621 million. SG&A expenses, excluding SBC, as a percentage of revenue, declined to 5.2%, reflecting strong corporate cost leverage. Income from operations decreased 23% to CNY 2.5 billion, and associated margin dropped 9.1 points to 20.9%. Operating cash flow was CNY 2.2 billion for the quarter, representing a 37.7% decrease, primarily due to higher advances for expanded reverse logistics services and increased dividend without withholding tax payments. Adjusted EBITDA decreased 18.5% to CNY 3.5 billion, and capital expenditure for the second quarter totaled CNY 1.1 billion, and we anticipate the annual CapEx in 2025 to be CNY 5.5 billion-CNY 6 billion. Now, moving on to our guidance. We are revising our parcel volume guidance to be in the range of 38.8 billion- 40.1 billion, representing a 14% to 18% annual increases. Putting it into context, without any question, quality is first, then volume is mission-critical to us. Meanwhile, there are no excuses for subsidies that are unproductive to us, the brand operator, or to our network partners. That is what we mean reasonable earnings. By assessing current market and operating conditions, and given the visibility we have into the industry development for the second half of the year, we trust in the operational team's commitment in delivering volume growth at pace with the industry average for the year, hence keeping ZTO' market share intact. Above assessments and estimates represent management's current and preliminary view, which are subject to change. Now, this concludes our prepared remarks. Operator, please open the lines for questions. Thank you. Thank you, ma'am. If you would like to ask a question, please press star then one. If your question has been addressed and you would like to remove yourself from queue, please press star then two. We do ask that you limit yourself to two questions. Today's first question comes from Qianlei Fan with Morgan Stanley. Please go ahead. Thank you. [Foreign language] 赖总, 严总, Sophie, 早上好。感谢给我这个提问的机会, 也感谢公司在这个比较不确定的环境中对这个份额、盈利和服务质量做出的不断的努力。我有两个小问题。第一个问题是关于下半年的建量指引的, 因为我们看到, 基于现在的指引, 其实这个暗含的下半年的建量增长的这个范围其实是一个很宽的一个范围, 可能从11到20左右的这个范围。也严总刚刚也提到了说其实还是希望跟行业的增速保持一致, 所以可能这主要还是基于对整个下半年行业的增速的一个比较宽范围的一个预判吧。请教一下, 在下半年从管理层的角度, 怎么看这个对行业建量增长的这个影响的一些主要因素有什么因素我们应该特别注意, 它可能会让这个行业建量的增长比预期的更好或者更差。这第一个小问题。第二个小问题是关于科技和AI的应用, 想请教公司在今年一二季度有没有什么新的关于科技和AI应用方面的进展, 这些新的进展对我们的收入, 然后成本的效率和服务质量的提升有什么具体的影响。 Let me translate for myself. Thank you, management, for taking my questions, and thank you for the management and all stakeholders' efforts in market share and profitability and service quality improvement. I have two questions. The first question is about the outlook for the second half of this year for this industry. We noticed that in our volume guidance, the implied volume growth for the second half of this year, actually, the range is quite a wide one. Management also mentioned to still aim to grow in line with the industry. That said, this wide range of growth outlook is mainly because of potentially lots of uncertainties in growth for the industry. What could be the key factors that potentially impact the second half 2025 market growth outlook? My second question is about the technology and AI's application. What are the new efforts and initiatives that we have adopted in this year, and what's the impacts we have seen from these efforts on cost efficiency gain or on revenue generation or on service quality improvement? Thank you. [Foreign language] serves more than 10,000 users per day. Employees can quickly obtain business knowledge and operation guides through natural language conversations, effectively improving response speed and reducing operational errors. Thank you. Thank you very much for your question, and I'll translate for Chairman. Yeah, indeed, our volume growth was below our expectation in the beginning of the year. Second quarter, however, we have seen the sequential increase in our market share. Specifically, on months May and June, we had experienced higher than industry average growth. Looking at the trend for the whole industry for January through July, the growth was 18.7%, and for the month of July, it was 15.1%. We do see a slight slowdown for the industry, and we believe the second half of the year was most likely to be lower in its growth rate than the first half of the year. With that said, though, we would still continue to focus on our work, that is to achieve balanced improvements in growth for quality of services, volume, and profit. Overall, we think that the recent market dynamics shift with some of the region's price increases, smaller logistics fee-free type of packages would mostly be impacted, and hence, in other words, it would most likely be shrinking in its volume. We have considered many factors such as these to adjust our overall guidance. Yes, indeed, it is in a wide range because, again, there are still many uncertainties in the macroeconomic environment as well as in the industry competitive dynamics. We do have an annual 14%- 18% guidance provided. Second question. In the recent ZTO has directed attention and resources towards lean management and digitalization to transform the way we make decisions and solve problems. Going forward, we will further integrate AI tools across all business segments, continuously driving cost efficiencies in serving the last-mile fulfillment for our outlet operators, for the frontline couriers so that they are able to reduce cost. This year, some of our key initiatives included one at the sorting center level, the developed or developing 3D digital twin models that enable remote management and real-time monitoring, provided automated early warning capabilities. This model has allowed us to reduce frontline management headcount by 1/3 and had cut missorting rates by more than 60%. In the last-mile scenario for its planning, we are applying AI to scenarios such as site selection, design of the specifics of the direct linkage solution, and directive delivery routes, empowering outlets to improve their intelligent planning capabilities. At the customer service front, we have embedded AI-powered customer service agent systems into merchants' after-sales support channels. These agent systems autonomously handle over 2 million after-sales requests daily, covering more than 90% of merchants' service needs. This not only significantly reduced costs for our outlets' customer service operations, but also allowed 7 days a week, 24 hours a day service availability. At the employee level, we have launched the knowledge-based Ask Xiao Tong program, which now serves on average over 10,000 users daily. Through natural language queries, employees can quickly obtain accurate business knowledge and operational directions, hence effectively improve response time and reduce rates of errors. Hope that answers your question. Thank you. Our next question today comes from Luo Yuezhang with Guosheng Securities. Please go ahead. [Foreign language] 赖总, 严总, Sophie好。我是国盛交运分析师的罗月章。感谢给我这个提问机会。我有两个小问题想请教一下公司管理层。第一个是怎么看待本轮这个产粮区涨价的持续性? 第二个是想请教一下公司广东地区涨价对公司的这个利润影响。 Let me translate myself. How do you view the sustainability of the current price increase in Guangdong, and what's the impact of price increases in Guangdong on company profits? Thank you. [Foreign language] 你好。这个确实今年上半年这个价格竞争还是非常惨烈的。我们认为行业要持续稳定健康发展，一定是从价格战要走向价值战，一定是用服务的品质去赢得市场。我们相信这个整个行业一定会理性地看待这个价格的问题。价格战只会伤害这个整个行业，是一种胆识行为。我们对这个行业的稳定还是充满信心。广东从8月份开始，8月5号开始，整个行业价格做了一些调整，这个也是朝着良性的方向去发展。利润因为有一部分快件从现在行业最低价是¥1.40，所以比原来确实涨了一些，这个对公司的整体利润是正向的。大部分还是网点跟业务员派费，业务员的派费跟网点的收入的增加，这是利好。还有问题吗？我们相信整个行业还是会对这个延续性，我们认为这个是可持续的概率肯定是高的。谢谢。 Thank you very much for your question. As it's evident that the first half of the year, the competition is quite fierce. In order for the industry to continue to grow, we must shift from price-driven volume to quality of services in order to win market presence for the long run. We believe the industry will eventually return to centers, and price competition is a short-term behavior. Since August 5th, the whole industry in Guangdong does have a slight price adjustment. It's a positive adjustment upward. The lowest price for the industry right now is CNY 1.40, slightly improved compared to before. The impact to the company is less significant as it's mainly for improvements in relieving pressure for outlets and for the couriers so that they are able to receive a higher delivery fee. As far as how it would sustain, we tend to believe that there is a good possibility and good chance for it to last. Thank you. Our next question today comes from Aaron Luo with UBS. Please go ahead. [Foreign language] our core competitiveness. Unmanned vehicles have already been commercially deployed at some ZTO sites, and the cost reduction results are significant. We have more than 200 cities with road rights, Let me translate for myself. Thanks Mr. Lai, Mrs. Yan, and Sophie for taking my questions. I have three ones. The first one is also about pricing. We knew that the price is the first charge but of barring its chance but following the [Foreign language] campaign, where you noted some prices high clarity started in some industry key regions, what's your view on the pricing development in the remaining of the year? And the second question is about a unmanned vehicle. We noted that they have a very closed cooperation with the leading providers. Or just to risk about our current development on this, with progress on this. And also, how much of this patent could see from this 25 hour, last hour depreciency, also the cold Spanish age. Our shareholder returns, the way we see further room instruments. In terms of payout and share buybacks. Thank you so much. [Foreign language] to gradually increase shareholder returns. The company currently has ample cash flow and is arranging reasonable capital allocation. In terms of repurchase decisions, the company closely monitors market trends and stock price movements, comprehensively considering the current market environment's uncertainties and financial flexibility. We are seeking more cost-effective repurchase strategies. Let me help translate and supplement where necessary. The first half of the year, the price pressure is quite significant, and the competition is really fierce. In the past, typically in the high season, price will return as opposed to in the low season, capacity need to be filled and the price will be low. For 2024, it wasn't as such because during the high season, the price largely remained stable. In the beginning of this year, all the way through July, we have observed price decline, and the trend remained. Post-August, the anti-involution initiatives did help slight increase in the market price. For those that are significantly and below cost, price practices were being strictly dealt with and addressed. We think in the future, no matter what the competition heat up to or slow down, for express delivery price to come in below CNY 1 is not feasible because, again, this is a cost-based pricing system. We even strongly believe in the long run, a sustainable competitive landscape needs to go from price competition to value and capability competition. For the second question relating to autonomous vehicles, ZTO has entered into commercialization in the early but successful testing stage of utilizing autonomous vehicles, drones, and other self-driving technology. We are actively collaborating with industry leaders. Most of the industry leaders are not only developing their technology based on the AI autonomous driving technology development itself, which is rapid, and also applying real case scenarios. We are one of the very application scenarios that's well-fitted. At the same time, we have been leveraging our in-house serving and mapping qualifications because we do get that certification to make our own maps. We have developed the capability to generate high-precision maps to serve the delivery process. We have completed the parallel digitization model for over 50 sorting centers, enabling real-time visualization of all operating elements, including personnel, vehicles, parcels, and equipment facilities, so as to support remote intelligent monitoring and control. These technology initiatives will continue to enhance network efficiencies and strengthen our core competitiveness. Autonomous vehicles have been also commercially deployed at some of our outlets and have shown significant results in cost reduction. We have over 700 outlets in over 200 cities where the road permits were available that employ in total over 2,000 autonomous vehicles to serve their delivery purposes. This year, to further elaborate, the headquarters has accelerated the promotion of autonomous vehicles among outlets by offering central procurement and providing discounts in assisting in road right of way negotiations. In the second quarter, we reached a strategic cooperation agreement with a leading autonomous vehicle company to jointly explore the implementation of autonomous vehicles in last-mile delivery scenarios and further enhance the performance and reliability. At the same time, since we do have a last-mile focus, we have established an autonomous vehicle logistics platform to promote industry standardization. Currently, we have been working very closely with top autonomous vehicle companies such as Neolix, NN, etc., in rolling out in the future more and more into more and more cities. We have a 240 cities goal. We wanted to deliver more than 200,000 parcels daily with autonomous capabilities. At the outlets level, typically, the historical method of delivery, including vehicles and drivers, would cost about $0.12- $0.15 each. With the autonomous solution, the cost would go down to somewhere around $0.08. That is a significant reduction. Now, on the third question, on our shareholder payback and a return of shareholder value, the company has and will comprehensively consider both dividend and share repurchase as measures to gradually but consistently increase shareholder returns. Currently, we do have sufficient cash reserves and also strong cash generation capabilities, and we are arranging a reasonable capital flow structure. For repurchasing of the shares decisions, we are closely monitoring the market trend and stock performance while taking into account some of the uncertainties in the marketplace, as well as our flexibility of financial arrangements. Going forward, we will continue to monitor and allocate capital and cash and increase shareholder returns. Thank you. Our next question today comes from Lisa Li at Gold Securities. Please go ahead. [Foreign language] 观众好, 感谢接受我的提问。我这边有个跟进的关于涨价的问题。我比较想问的是, 整个快递的涨价对于电商市场以及行业电量增长的影响吧。因为刚刚其实赖总也有提到, 可能价格上涨对一些低价件会有一些抑制电量的增长。所以想问, 如果看更长期的维度, 如果整个行业的涨价性的方向是持续的, 那中长期这种价格上涨对于电商行业的发展, 特别是一些低价件的那些卖家的市场, 我们怎么看这个需求的变化呢? 后续的话, 我们要怎么理解政府怎么去平衡这种低价件卖家的一些影响和快递价格的平衡。我自己翻译一下, let me translate for myself. Thank you, management, for taking my questions. I just wonder, what do you think about the potential impact on the overall e-commerce industry and the industry parcel volume growth from the increase of the parcel price? As management mentioned before, the higher parcel price may suppress the low-end parcel demand, and the industry parcel volume growth may be slowing down a certain half. For the longer term, what do we see about the higher parcel price compared to the growth of the overall e-commerce industry? What do you expect the government, how the government maybe balance the growth and balance the price? Thank you. [Foreign language] the right direction, healthily and sustainably. Only with healthy and sustainable development can the industry better serve upstream and downstream enterprises. Thank you. It is in my opinion that the proper term to describe the recent trend should be that the price auto return to sensibility. The competition in the most recent past is the price and cost is disconnected. Nowadays, you see the lowest price in Guangdong is around CNY 1.4, but indeed it is not necessarily impacting all the or majority of the delivery practices. The authorities paid attention to those extreme pricing practices that are well below the costs. The intention is to protect the interest and benefits of many of the operators in the delivery businesses, including outlets and the couriers. The majority of the merchants, their price is still reasonable, and the impact of the price adjustments or returning of the sensibility is less impactful to them as opposed to for those extreme portions of small and light packages. We think that the differentiated product and services are important to our customers, to merchants as well as to consumers. We all see that it is easy to reduce price, but price reduction doesn't create value. The future of competition for this industry lies with quality of services, differentiated product and services to meet different demand or needs. I strongly believe has always been that the impact is less at this point. Going forward, the longer-term betterment of this industry is to shift from price competition for volume to quality of services gaining both economic gain as well as volume increases. That is the only way to have a sustainable growth for the industry. Thank you. This concludes our question and answer session. I'd like to turn the conference back over to management for closing remarks. Thank you very much for everyone's joining of today's call. We are anticipating conversations with you and discussions with you for anything that you have questions on. Thank you again. Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.