Ladies and gentlemen, thank you for being here, and welcome to the PDD Holdings, Inc. Third Quarter 2025 Earnings Conference Call. Please note that today’s conference is being recorded. I will now turn the call over to your host. Please proceed. Thank you, operator, and hello, everyone, and thank you for joining us today. PDD Holdings earnings release was distributed earlier and is available on our website at investor.pddholdings.com and through the Globe Newswire services. Before we begin, I'd like to refer you to our safe harbor statement in the earnings press release, which applies to this call as we will make certain forward-looking statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to GAAP measures. Joining us today on the call are Mr. Chen Lei, our Chairman and Co-Chief Executive Officer; Mr. Zhao Jiazhen, our Executive Director and Co-Chief Executive Officer; our VP of Finance, Ms. Liu Jun, is unfortunately on medical leave. Delivering the prepared remarks on Jun's behalf today will be Ms. Xin Yi Lim from our Investor Relations team, who has spoken on our earlier earnings calls. Lei and Jiazhen will make some general remarks and on our performance for the past quarter and our strategic focus, and Jun Liu will then walk us through our financial results for the third quarter ended September 30, 2025. And during the Q&A session, Lei and Jiazhen will answer questions in Chinese and will help translate. Please kindly note that the English translation is for reference only. And in case of any discrepancy, statements in the original language should prevail. Now it's my pleasure to introduce our Chairman and Co-Chief Executive Officer, Mr. Chen Lei. Lei, please go ahead.

Hello, everyone, and thank you for joining our Q3 2025 earnings conference call. This year marks the 10th anniversary of the company's founding. Just before this earnings release, we celebrated our 10th birthday. When we started in 2015, we pioneered the team purchase model, which offered the value proposition of more savings and more fun at scale and created a new e-commerce defined by three characters, namely benefit all, people first and more open. Since then, we have gradually grown from a startup into a key player in the e-commerce industry, and along our journey, created greater value for our users, our merchants as well as the industry and society. This quarter, we reported RMB 108 billion in revenue, with growth remaining under pressure. As always, we prioritize long-term value over short-term results. Looking back over the past decade, we have upheld our core value of concern, adhered firmly to our own duties and principles, and maintained focus on our core business of e-commerce. Through our journey, we strive to create value for our users and to address the needs of the widest range of consumers. We have also made every effort to give back to the industry ecosystem, driving the industry to become more benefit all, more people first, and more open. Since day one, our mission has been to serve the broadest range of consumers by offering affordable prices and quality services. Ten years ago, we introduced the team purchase model to address the challenges faced by the farmers, growers, and industrial belt merchants. This e-commerce model has helped a large base of farmers and everyday workers increase their income while offering urban and rural consumers access to quality foods and daily necessities at affordable prices. Today, ten years later, our focus remains on the day-to-day of people from all walks of life. We continue to provide consumers with quality goods at affordable prices and help merchants, many of which are SMEs, expand their market reach. Ultimately, we help producers and consumers live a better life. As a new e-commerce platform born in the mobile Internet era, we moved beyond the traditional online shopping model that placed products at the center and instead, we put people first. We built our model around consumer focus. We try to understand a human touch behind every click, and we honor the consumer trust behind every order. We strive to bring more savings and more fun to every purchasing experience. With this goal in mind, we will continuously drive product innovation, technology integration, service upgrades, improvements in product selection, and the efficiency of the supply chain. By doing so, we aim to satisfy the diverse and rapidly growing needs of everyday consumers. Throughout our journey, we faced fierce and persistent industry competition, yet we remained steadfast in our focus on the company's intrinsic value in the long run, promoting high-quality growth of the platform ecosystem and advocating for a more open industry environment. Since last year, we further elevated our ecosystem development and rolled out substantial merchant support initiatives such as the RMB 10 billion fee reduction program and RMB 100 billion support program. Through these initiatives, we made investments in our merchants and a wider community, creating room for innovation and growth for both established brands and SMEs. We hope to play our part in facilitating supply chain upgrades and addressing the long-standing challenges faced by our merchants who have quality but lack brand recognition. As we look ahead, the e-commerce industry is witnessing even more intense competition, and we will continue to uphold the principles that have guided us for the past 10 years, staying true to our mission of creating value for our consumers and focusing on investing in the high-quality development of our platform and the wider industry. Today, the scale of our business is far greater than it was 10 years ago and with greater scale comes greater social responsibility. As we think about our growth in this new era, we must do so in a way that prioritizes the interests of the wider public and the long-term outlook of the entire ecosystem. Going forward, more strategic initiatives similar to the RMB 100 billion support program will be rolled out to support both supply side and demand side. We are also strengthening our efforts to give back to the industry and the broader society. Three years ago, we launched our global business, which has now grown to serve many markets. Today, with the rapid evolution of trade barriers and other global events, we are seeing significant shifts in the platform's regulatory environment, including in trade policies, tax rules, data security, and product compliance regulation across different countries and regions. This means we will inevitably face greater challenges and more uncertainties. As a young global company, we are working hard to learn to keep up and adapt to these trends. However, there remain significant uncertainties exposing the company to risks that are unpredictable and difficult to quantify, which may impact our financial performance, both in the short term and over the long term. In the midst of fierce industry competition, a complex global environment, and our continuous ecosystem investments, our quarterly profitability will fluctuate and is inherently unpredictable. Therefore, simple linear projections might not be a good way to project future performance. As we have emphasized in the past, short-term stock price fluctuations have never been our focus. Rather, our focus remains on building long-lasting intrinsic value by doing the right thing and creating value for consumers. It is with our firm commitment to high-quality development that we embark on the next decade towards our vision of Costco plus Disney. With that, we will turn the call over to Zhao Jiazhen for further remarks.

Our focus remains on building long-lasting intrinsic value by doing the right thing and creating value for consumers. It is with our firm commitment to high-quality development that we embark on the next decade towards our vision of Costco plus Disney. With that, we will turn the call over to Zhao Jiazhen for further remarks.

Good day, everyone. This is Zhao Jiazhen. Thank you again for joining our Q3 2025 earnings release. The third quarter this year marks the company's 10th anniversary. As Lei mentioned, over the past 10 years, we have remained committed to creating value for our users and growing alongside our merchants. We have strived to drive the industry to become more open and have delivered incremental value to society. At this 10-year juncture, we will continue to step up our efforts to give back to the supply side and the demand side as part of our efforts to drive industry upgrades and deliver more savings and more funds to the general public. In this quarter, our revenue growth continued to be under pressure and operating profit grew in low single digits. Currently, we see intensified competition within the e-commerce sector centered around new business models. We will continue to invest back into our platform ecosystem, and our investments into merchant support initiatives similar to the RMB 10 billion fee reduction program and the RMB 100 billion support program will continue in the long run. These investments will affect the sustained performance of revenue and net profit. Accordingly, our financial results of this quarter should not be considered as guidance for future performance. We cannot rule out the possibility that the financial performance in the next few quarters will continue to fluctuate. Over the past decade, we grew from a startup into a public platform. We benefited from China's rapid economic development. At the same time, we have not lost sight of the social responsibilities that are inherent to a platform company and proactively gave back to the agriculture and other industries. This year, we rolled out the first RMB 100 billion support program in the e-commerce industry to support merchants and farmers. Through initiatives such as Duo Duo Premium Produce, new quality supply, and logistics support to remote regions, we continue to drive the high-quality development of the platform ecosystem. As a new e-commerce platform with roots in agriculture, the first products bought and sold on Pinduoduo were agricultural produce. Along the way, we have made long-term investments across different parts of the agricultural industry from supply chain and warehousing logistics to supporting new generations of farmers and agricultural research and development. These efforts have significantly increased the scale and efficiency of agricultural product distribution, greatly promoted product standardization and helped farmers increase output and income. In the third quarter, our Duo Duo Premium project team visited dozens of agricultural specialty regions, including Hubei, Jingzhou, Henan, Shangqiu, Shandong, Liyang, and Yunnan, Pu'er. This year, on the back of the RMB 100 billion support program, we launched the Duo Duo Premium Produce initiative to step up our investments into agriculture. Based on the 2025 agricultural product half-year report that we just issued, our investments in agriculture have yielded significant results. In the first half of this year, agriculture sales grew by 47% year-over-year, and we saw a similarly rapid increase in the number of agricultural merchants with a particularly notable increase of over 30% year-over-year in the generation of merchants born in the 2000s. This demonstrates that the online distribution of agricultural products continues to hold immense promise. In the third quarter, our Duo Duo Premium Produce team visited dozens of agricultural specialty regions, including Hubei, Jingzhou, Henan, Shangqiu, Shandong, Liyang, and Yunnan to develop tailored solutions for the merchants and help them make the transition from a model that prioritizes scale to one that prioritizes quality. During the harvest season starting in September, we allocated RMB 1 billion subsidy and RMB 2 billion traffic support and in collaboration with the 300,000 agricultural merchants on our platform, we rolled out the Duo Duo harvest season program to facilitate the timely distribution of produce from rural areas to urban markets, helping farmers increase income. In the early days of our company, our team purchase model brought about a solution to the legacy challenges within the industrial belts and enabled the industries to quickly scale across regions. The number of e-commerce merchants in many of these regions grew from just 100 or 200 to several thousands. However, this growth has also led to commoditized competition. Today, these industrial belts have reached a critical juncture that calls for transformation. This quarter, we continue to invest in a new quality supply initiative through our RMB 100 billion support program. Our teams visited dozens of industrial belts such as down jackets in Pinghu, snacks in Huizhou, children's wear in Foshan, bags and luggage in Shandong, and Hanfu in Chaoqian. Leveraging our digital capabilities and fee reduction and merchant support programs, we continue to enhance quality and efficiency for our merchants, aiming to address the challenges of commoditized competition faced by many industries by incremental innovation across each part of the supply chain from raw materials to finished products. At the end of September, we released a one-year development report on new quality supply. The report shows rapid growth in the number of industrial merchants. The number of merchants between the ages of 25 and 30 grew by 31% year-over-year and those born in the 2000s grew by 44%. The number of high-quality SKUs increased by over 50% year-over-year, and we've also seen a significant rise in the branded stores on these industrial belts. These figures demonstrate that the key industrial belts are steadily moving towards high-quality development. On the supply side, investments have allowed us to bring more savings and more fun to a broad base of ordinary consumers. We see urban white-collar workers ordering fresh flowers from Yunnan, while young people in small towns buy trendy designer toys. We see mountain villages enjoying high-quality seafood, while herdsmen in Western regions wear UV protective jackets. Taking the Western regions as an example, the exemption of transshipment fees has led to a significant surge in order volume for pet supplies, outdoor and sun protection gears, designer toys, fresh produce, and plants, among other product categories. This greatly stimulated economic activity between the regions. Starting afresh from this 10-year mark, we will continue to put consumers first and drive organizational evolution. One by one, we will tackle the practical problems faced by our users, merchants, and the industries through persistent focused efforts and continue to build a thriving platform that benefits all, taking on greater social responsibility and creating value for the public. Now I'll hand over to Xin Yi to provide you with an update on our Q3 financial performance.

Thank you, Jiazhen. Hello, everyone. This is Xin Yi from the Investor Relations team. Jun is on medical leave, and I will deliver the prepared remarks on her behalf. Let me walk you through our financial performance for the third quarter ended September 30, 2025. In terms of income statements, in the third quarter, our total revenues increased 9% year-over-year to RMB 108.3 billion. This was driven by an increase in revenues from online marketing services and transaction services. Revenues from online marketing services and others were RMB 53.3 billion this quarter, up 8% from the same quarter of 2024. Online marketing services growth moderated further as competition intensified and as we invest in the merchant ecosystem. Revenues from transaction services were RMB 54.9 billion, up 10% from the same quarter last year. Moving on to costs and expenses. Our total cost of revenues increased 18% from RMB 39.7 billion in Q3 2024 to RMB 46.8 billion this quarter, mainly due to increases in fulfillment fees, bandwidth and server costs, and payment processing fees. On a GAAP basis, total operating expenses this quarter increased 3% to RMB 36.4 billion from RMB 35.4 billion in the same quarter of 2024. On a non-GAAP basis, total operating expenses increased to RMB 34.4 billion this quarter from RMB 32.9 billion in Q3 2024. Our total non-GAAP operating expenses as a percentage of total revenues this quarter was 32%, roughly in line with the same quarter last year. Looking into specific expense items, our non-GAAP sales and marketing expenses this quarter were RMB 29.8 billion, flat compared to the same quarter last year. On a non-GAAP basis, our sales and marketing expenses as a percentage of our revenues this quarter was 28% compared to 30% in the same quarter last year. Our non-GAAP general and administrative expenses were RMB 896 million versus RMB 647 million in the same quarter of 2024. Our research and development expenses were RMB 3.7 billion this quarter on a non-GAAP basis and RMB 4.3 billion on a GAAP basis, up 41% year-over-year. Our investment in R&D reached a new high this quarter, reflecting our focus on improving the core technology capabilities of our platform. We are committed to investing in R&D over the long run to capture opportunities in supply chain innovation and consumer experience. On a GAAP basis, operating profit for the quarter was RMB 25 billion versus RMB 24.3 billion in the same quarter last year. Non-GAAP operating profit was RMB 27.1 billion versus RMB 28 billion in the same quarter last year. Non-GAAP operating profit margin was 25% this quarter, down from 27% for the same quarter last year. As we invest in the platform ecosystem, our profitability may continue to fluctuate. Net income attributable to ordinary shareholders was RMB 29.3 billion for the quarter compared to RMB 25 billion in the same quarter last year. Basic earnings per ADS was RMB 20.96, and diluted earnings per ADS was RMB 19.7 versus basic earnings per ADS of RMB 18.02 and diluted earnings per ADS of RMB 16.91 in the same quarter of 2024. Non-GAAP net income attributable to ordinary shareholders was RMB 31.4 billion versus RMB 27.5 billion in the same quarter last year. Non-GAAP diluted earnings per ADS was RMB 21.08 versus RMB 18.59 in the same quarter of 2024. Now as Lei and Jiazhen mentioned, we are facing an increasingly competitive industry landscape, which calls for more investments in the platform ecosystem. Therefore, as we roll out greater merchant support initiatives and ecosystem investments, financial results may continue to fluctuate from quarter to quarter. That completes our income statement, and now let me move on to cash flow. Our net cash generated from operating activities was RMB 45.7 billion compared with RMB 27.5 billion in the same quarter last year. As of September 30, 2025, we had RMB 423.8 billion in cash, cash equivalents, and short-term investments. Thank you. This concludes my prepared remarks.

Thank you, Xin Yi. Next, we will proceed to the Q&A session. In this session, Lei and Jiazhen will be available to answer questions from analysts on the line. Lei and Jiazhen will respond in Chinese and provide translations for clarity. Operator, please open the floor for questions. Your first question comes from Joyce Ju with Bank of America.

My first question is, in the third quarter, we observed a recovery in the overall online retail sector as the industry's year-over-year growth reached its highest level in several quarters. Could management share the company's perspective on the recent industry trend? Additionally, we noticed a slowdown in Duo Duo's online marketing service revenue this quarter, which we estimate indicates some pressure on the take rate. Could management elaborate on the main factors driving the growth? Also, do you expect this trend to continue in the next couple of quarters? Furthermore, in recent quarters, we've seen several platform companies introduce significant business innovations and increase investments in new models, which has significantly changed the competitive dynamics. How does management perceive the competitive outlook in China's e-commerce sector moving forward and why?

Could management elaborate on the main factors driving the growth? And do you anticipate this trend will continue in the next couple of quarters? Additionally, in the past few quarters, we've seen several platform companies introduce significant business innovations and increase investment in new models, which has altered the competitive dynamics. How does management assess the competitive outlook in China's e-commerce sector moving forward and why?

This is Zhao Jiazhen, let me take this question. In the past few quarters, the industry has entered a new investment cycle. The e-commerce sector is evolving rapidly and within an industry landscape that has a large number of strong players, competition is unavoidable. Faced with this competitive and fast-changing environment, our primary focus should be on what unique value our platform can create for consumers, merchants, and other participants. We do not pay too much attention to the short-term industry trends or every move made by the competition. As we see it from here onwards, we must leverage our inherent strength to pursue high-quality growth and enhance our core capabilities in order to better serve our merchants and consumers, creating more value along the way. Of course, we are also encouraged to see the overall recovery in online retail. At the beginning of this year, we further recognized the long-term value of high-quality growth, and our management team made a commitment to elevate our platform ecosystem investments to a new stage and launched the RMB 100 billion support program to support our merchants. This involves the platform proactively dedicating substantial resources to invest in merchants and the broader industry. In doing so, we target to provide ample room for innovation and growth for both established brands and SMEs. We also formed the Merchant Protection Committee to create a long-term communication mechanism with our merchants. We have also undertaken targeted upgrades to the merchant after-sales service system and implemented multiple improvements to address issues like abnormal order disputes. These efforts focus on optimizing the business environment for our merchants and nurturing a platform ecosystem where all participants can thrive together. Management unanimously agrees that it is our responsibility to further increase investment in our platform ecosystem and think about the company's development from a broader perspective of public interest and the long-term health of the entire ecosystem. We will remain focused on the platform's intrinsic value and healthy development in the long run. Looking at growth rates, we mentioned several quarters ago that as the platform increases in scale and competition intensifies, our growth rate is set to slow down. As we continue to invest in programs to support merchants and the industry, our financial performance may experience ups and downs in the coming period. However, we will always maintain a long-term perspective, focusing on creating unique value for consumers and merchants and building our intrinsic value. In terms of your second question about competition, as you have observed, the competition in our industry has intensified. Over the past few months, we've seen many industry peers deploying significant capital and resources to aggressively develop new business models, leading to increasingly fierce competition around emerging business models in the e-commerce sector. In this environment, we will continue to invest substantial capital to strengthen our platform ecosystem. Major merchant support initiatives such as the RMB 10 billion fee reduction program and RMB 100 billion support program will be sustained over the long run with more similar programs to be launched. The platform is willing to let go of some profits to create room for the overall development of the ecosystem. We view these as our long-term investments. For instance, as mentioned earlier, this year, we launched the Duo Duo Premium Produce campaign under our RMB 100 billion support program, which has significantly helped quality agricultural merchants increase their scale and improve the efficiency of product distributions. There are numerous initiatives like this. These long-term investments will naturally impact our revenue and profit performance. Moving forward, amid the changing external conditions and intensifying competition, our long-term investments are set to increase. Therefore, we do not think this quarter's profitability should serve as guidance for future performance, and there is still the possibility of continuous fluctuation in the results over the coming quarters. Thank you. Thank you, Joyce. Operator, we’re ready for the next analyst on the line. Your next question comes from Alicia Yap with Citigroup.

Two questions. The first is regarding the global business operation, where we have noticed that the company and its peers are under regulatory scrutiny in many countries, with some facing significant pressure. How does management perceive this situation, and what are our planned responses? The second question pertains to the company's investments in the merchant ecosystem over the past few quarters. Can you provide the current status of this initiative and how we should evaluate its financial impacts? What are the company's future plans?

We have noticed that the company, along with other competitors, is experiencing significant regulatory scrutiny in various countries. How does management perceive this situation, and what are our planned responses? Additionally, the company has referred to investments in the merchant ecosystem over recent quarters. Can you provide an update on this initiative and how we should evaluate its financial effects? What are the company’s future plans?

Alicia, this is Lei. Let me answer your first question. After more than three years of development, the company's global business now serves local consumers in many markets and has received positive feedback from users worldwide; we are greatly encouraged by such support and trust, but we also sense profound responsibility. From the very beginning, the goal of our global business has been to achieve long-term sustainable development in each market and deliver tangible value to consumers. Therefore, we continuously reflect on how to integrate with the local cultural practices and legal compliance systems in each of the markets so that we become an organic part of the local economies. The growth of our business alongside regulatory trends across different markets now sets a higher standard for us. We have always believed that providing consumers with a safe and trustworthy shopping environment is a fundamental duty of an e-commerce platform. Accordingly, management has made trust and safety, and product compliance, a key component of the company's high-quality development strategy and has made substantial investments in this area. On the technical front, we are continuously refining the policies and processes for merchant onboarding and product listing. The company has dedicated significant resources combining automated and manual screening to proactively monitor product listings, sales, and after-sales services. By doing so, we hope to enhance our ability to detect and respond to safety risks. At the same time, we actively collaborate with external stakeholders and incorporate the feedback to hold ourselves to higher standards. In terms of our teams, we continue to invest in building a professional compliance team that keeps up with regulatory trends in our operating markets and promptly implements adjustments in our business operations. Despite these efforts, the regulatory environment in areas such as trade policies, tax, data security, and product compliance are undergoing significant changes across various countries and regions, which presents us with greater challenges and heightened uncertainty. As a young global organization, we are striving to learn and adapt to these changes. However, I have to admit that this process introduces significant uncertainties, which bring unpredictable and difficult-to-quantify risks and could impact the company's financial performance in both the short and long term. In facing such uncertainties, we remain very focused on strengthening our internal capabilities and enhancing platform compliance while fostering a healthier and more sustainable platform ecosystem. Thank you.

We are striving to learn and adapt to these changes. However, I have to admit that this process introduces significant uncertainties, which bring unpredictable and difficult-to-quantify risks and could impact the company's financial performance in both the short and long term. In facing such uncertainties, we remain very focused on strengthening our internal capabilities and enhancing platform compliance while fostering a healthier and more sustainable platform ecosystem. Thank you.

This is Zhao Jiazhen. Let me answer your second question. Over the past 10 years, we have undergone an extraordinary growth journey, evolving from a start-up to a public platform with social influence. Throughout this journey, we have benefited from the rapid development of the digital economy while, at the same time, took on social responsibilities expected of a platform company like ours. Over these 10 years, we have explored different ways to leverage digital capabilities to serve the broader communities and give back to society, particularly around rural revitalization and industry upgrades. As part of this journey, we launched strategic initiatives such as the RMB 10 billion agriculture research program to inject new energy into agricultural modernization. This year, we took another critical step to launch the first RMB 100 billion support program in the e-commerce sector. Through key measures such as Duo Duo Premium Produce, new quality supply, and logistics support for remote regions, we are continuously improving the platform ecosystem and bringing more high-quality merchants and products to broader consumer markets, driving the high-quality development of different industries. Regarding your question around merchant support investments, we have always emphasized that as an e-commerce platform, we must collaborate closely with all ecosystem participants to create value for consumers and merchants are vital partners in our efforts to serve consumers well. Therefore, a healthy and sustainable merchant ecosystem is a fundamental pillar of the platform's high-quality development. We hope these initiatives will promote high-quality growth for quality merchants. For instance, the fee reduction policies we introduced have lowered merchants' costs, enabling them to be more willing and able to reinvest in their products and services. Currently, we are already seeing some positive feedback from these ecosystem investments on our platform. This year marks our 10-year anniversary, and standing at this new starting point, we will continue to diligently address the practical challenges faced by our users, merchants, and industries one by one, and we hope to take on greater social responsibility by building a platform ecosystem that benefits all. Thank you. Okay. Operator, I think we have time for one more analyst. Your next question comes from Kenneth Fong with UBS.

The company's operating margin decline this quarter has lessened compared to the previous quarter. Management recently discussed plans for increased investment. How should we interpret the company's anticipated investment pace and profitability level? Additionally, could management elaborate on the new consumption trend observed during the recent annual shopping festival promotion? We've noted that other competitors have achieved positive outcomes with new business models, such as quick commerce, during Double 11. How does management assess the competitive landscape with these emerging models?

How should we perceive the company's forthcoming investment pace and profitability level? Also, could management discuss the new consumption trends observed during the recent annual shopping festival promotion? Furthermore, we've noted that other industry players have seen success with new business models like quick commerce during Double 11. What is management's perspective on the competitive landscape amid these emerging models?

This is Zhao Jiazhen. Let me answer your question. In the third quarter, heightened competition, together with our ongoing investments in the RMB 100 billion support program put pressure on our revenue growth and also led to a decline in operating margins both year-over-year and quarter-on-quarter. At the moment, the industry landscape continues to change rapidly. In this environment, it is crucial for us to maintain our long-term strategic focus. Looking ahead, we will continue to increase investments in our platform ecosystem. This includes measures such as merchant fee reduction and marketing support for high-quality merchants, all aimed at creating more room for healthy development of the supply chain. These investments will pose challenges to our revenue and profit. At the same time, as mentioned in our prepared remarks, our global business is currently facing a complex global environment. The policies and industry regulatory landscapes across different countries and regions have undergone and are expected to continue undergoing significant changes. This will bring unforeseeable risks and challenges to our company, which may also impact the company's financial performance in both the short and long term. As we communicated over the past few quarters, we will firmly prioritize high-quality development in the long term over short-term financial results. Accordingly, our financial performance may fluctuate over the coming quarters, and linear projections may not be appropriate for financial forecasting. Regarding your second question, over the past few months, we have observed an overall positive consumption momentum with gradually recovering market confidence. During the Q3 promotional period, consumption needs in the e-commerce sector were further stimulated, showing a steadily improving trend. At the same time, we clearly recognize that the e-commerce competition remains very intense. New business models continue to emerge, and the market landscape is constantly evolving. Major players are increasing investments in new business directions, leading to escalating competition and creating challenges for our businesses on all fronts. In such an environment, we will further raise our standards, strengthen our core capabilities, and continue to deepen our efforts in supply chain improvement and platform ecosystem development to identify new growth opportunities. From a long-term perspective, we will increase high-quality investments to translate these capabilities into products and services that offer consumers greater quality for money. This process will not be immediate but will require continuous efforts. For a considerable period of time, we may be at a competitive disadvantage to our competitors, potentially accompanied by financial pressures such as slower revenue growth. However, our attitude remains positive. We choose to view competition through a long-term lens and plan on proactively increasing investments to create more opportunities for the healthy and sustainable development of the ecosystem, even if it means forgoing some short-term profits. These trade-offs are made with the intention of building a more robust and sustainable long-term value amid industry competition. Thank you. Okay. Thank you, Jiazhen. It's about time, and thank you all for joining us today. We look forward to speaking with you again next quarter. Thank you, and have a great day. Ladies and gentlemen, that concludes our conference for today. Thank you for participating. You may now disconnect.