MINISO Group Holding Limited

Hello, everyone. Thank you for waiting and welcome to listen to the 4th quarter of 2020 and the annual phone call conference of 2025. Now, all participants are in the listening mode. After the management level speech, we will also conduct the Q&A session. Please mark your name and where you are and note that this event will be recorded. This phone call conference provides English voice transmission. 你可以在Zoom会议中点击传译来选择语言。 我们已今天公布了2025年第四季度及2025年全年业绩, 可以在我们的投资者关系网站ir.minnesot.com上查阅。 参加今天会议的有我们的创始人兼首席执行官叶国富先生和首席财务官张敬金先生。 Before we continue, please take a look at the security statement in our financial report. This statement is also used for this phone call, because we will make a pre-published statement. Please note that we will be discussing non-IFAS financial indicators today. We have explained these indicators in the financial report of the company and the documents submitted to the U.S. Stock Exchange Commission and the Hong Kong Exchange Office, and have adjusted the most reasonable indicators according to the IFAS report. Unless there is another explanation, the currency unit is the people's currency. In addition, we have prepared a written report for today's phone conference. If you are using Zoom conference, you can see it now. You can also view it on our RR website later. Next, let's welcome Mr. Ye Guofu to start speaking. Hello, everyone.

Welcome to the 4th quarter of the Mingchang Youping Group's 4th quarter of the year. The 4th quarter of the year is the annual financial report conference. In 2025, there will be a growth in documents for the group. China China China China The core brand is outstanding. In the fourth quarter, the mini brand achieved the highest growth rate in nearly eight quarters, with a growth rate of 28%. The revenue reached 5.6.5 billion yuan. At the same time, the brand also achieved a strong growth rate of 4 quarters, with a growth rate of 112%. The annual income of nearly 600 million yuan shows the strong vitality of the multi-brand system. This year, we opened a store, and in the context of the reduction in sales in 2024, we achieved higher income growth, more performance, and more sales. This shows that our growth model is more efficient. The multi-ap, multi-product, globalized business model of Chunfeng Yanzi also shows its great potential for long-term growth. Today, I will combine the results of the whole year's business and share with you the significant results of the MISO strategy in the past year, especially focusing on our breakthrough progress in the two major fields of brand upgrade and door experience optimization. The first is MISO China, MISO brand. In the fourth quarter, the income of 56.5 billion yuan, of which 28.7 billion yuan was contributed internally by China. China has a growth of 25% compared to January 2021. China has a foreign income of 27.8 billion. China has a growth of 31% compared to January 2021. China has a growth of nearly 50% compared to January 2021. China has a growth of nearly 50% compared to January 2021. China has a growth of nearly 50% compared to January 2021. China has a growth of nearly 50% compared to January 2021. China has a growth of nearly 50% compared to January 2021. China has a growth of nearly 50% compared to January 2021. China has a growth of nearly 50% compared to January 2021. China has a growth of nearly 50% compared to January 2021. China has a growth of nearly 50% compared to January 2021. China has a growth of nearly 50% compared to January 2021. China has a growth of nearly 50% compared to January 2021. China has a growth of nearly 50% compared to January 2021. China has a growth of nearly 50% compared to January 2021. China has a growth of nearly 50% compared to January 2021. China has a growth of nearly 50 2023 is the big year of retaliatory consumption after the epidemic. And Misao can also break through its share in the 25-year long-term market. This shows that this is a real structural improvement, not just by eating red rice. At the same time, we are also very confident. Assuming that the red rice environment will improve in 2026, and the consumption will return to the original state, Misao will have a stronger brand mentality, a better store position, a more efficient supply chain, and a better supply chain. The competitive status must be able to surpass the average elasticity of the industry, capture greater popularity, and gain more market share. And until the end of the fourth quarter, the number of domestic homebuyers reached 1,157, creating a new record. Homebuyers vote with their feet is the most real market signal. And more and more powerful large homebuyers came in to join our industry. Their homebuyers saw the performance and profit of our major stores with their own eyes. This trust is built up from our one-hundred-hundred-hundred-hundred-hundred-hundred-hundred-hundred-hundred-hundred-hundred-hundred-hundred-hundred-hundred-hundred-hundred-hundred 我们既拿下了北上广深一线城市顶级商圈, 也布局了呼和浩特海口贵阳等地特色街区。 今年1月,广州增加密钞烂的KL, 首日客流近万人次, 销售额达54万元,创华南区域纪录, 同时密钞烂的在乌鲁木齐, 南宁等一线城市的首店表现同样亮眼。 南宁店市营业带上了商场客流成比增长80%, The Urumqi store, which used to be a shopping mall with more than 100 IP addresses, has become the new center of regional trend consumption, and has proven its strength in the downstream market. Such a high-quality online experience store is the heart of IP operation. Through real-world scenario design and product generation, we can really enter the IP world. This kind of tangible and participatory online experience not only makes the IP value fall, but also makes us collect and return. So I mean to say that offline stores are the best advertising brand and the best source of traffic. Microsoft is not the first to set up a large-scale brand. It is definitely not the last. But why is our large-scale strategy more difficult for others to learn? The key is that the large-scale model must also have a strong self-reliance for foundation. Without self-reliance, large-scale is empty. Some self-reliance can continue to produce unique and different experiences. And behind this is the design team of more than 1,500 global high-end suppliers in the supply chain for more than 10 years. There are also more than 150 top-level IP cooperation ecosystems. People who want to copy will have to spend the same amount of time and cost to build these core capabilities. And in this process, we will continue to move forward and not only move forward. In terms of the power station, we will build seven large power stations in 2024. And in 25 years, we will continue to treat it well. We hope that in different cities, business circles, and consumer environments, There is a kind of MISO telecommunications with precision equipment. That is to say, every business circle has a MISO's ZU. In fact, I proposed that MISO will carry out a large number of telecommunications. We also want to take this opportunity to share with you the deep logic behind this strategy. Why do all of our new telecommunications have to be big telecommunications, good telecommunications, and telecom telecommunications? Looking back at the development process, MISO has easily passed two strategic stages. First, run the whole world, spread the world, and then do an IP strategy upgrade, from a flat price to a cross-border, into an e-consumption destination. In these two stages, we have achieved the success of the current stage. Now we are entering the third stage, which is to upgrade the core of the core network with Microsoft NAND. This is not a simple door chain expansion, but it integrates the core capabilities of the previous two stages, and installs more APU categories in a larger space, and evokes emotional insomnia in a clear scene. You can see you get that AP don't see not a lot of Google. This is from my time being. Yeah. So you're not saying you can't find something that can be seen quite. This is our question. How do you think this is going to happen? You know, I don't know. I don't know. I don't know. The second is overseas. In the fourth quarter, overseas revenue of the fourth quarter reached 2.8 billion yuan, which is a historical high. The growth rate increased by 31%. Overseas closed-door stores competed in the quarter with 159 stores. In 2025, there will be 465 stores in the whole year. Our largest overseas market, the U.S., has grown by more than 60% in the whole year of 2025. Of which, the fourth quarter has a growth rate of 57%. The growth of power generation is more than 20%, which is more than what we expected. I talked about the performance of the last year's record meeting. North American market power supply is the core focus of the improvement in 2025. A year has passed since the US market power supply has made a comprehensive improvement in quality operation efficiency and user deepening. Let's talk about power supply. First of all, the rise in new power quality. The Japanese market share of new power in 2025 is historically high. As of 2024, double-digit growth will be achieved. Customer price and customer volume will not increase. Single-chain profitability and consumption transformation capabilities will be significantly enhanced. In this context, the old power supply will be more resilient. Through the fine-tuning of the power supply, the final model will make it possible for the old power supply to achieve the growth of the volume of documents. The daily sales and trading volume will double, and the current flow and consumption frequency will not improve. It is particularly worth mentioning the running of the Plaza gate. In 2025, 48 Plaza gates were opened throughout the year. These gates have a very high generation and customer base price. The daily sales of the Hsianzhu, Poyin, Tengqi shopping malls opened a more flexible and profitable opening new path for us. In operation, we focus on the core area to continue to open stores. The logistics efficiency is greatly improved. The cost efficiency is significantly improved. The U.S. staff is more stable. This document is the strongest and most powerful Thank you. One hundred and seventy-two single-caliber inputs have reached nearly six billion yuan. In terms of door chains, up to the end of 2025, Taobao's number of door chains has reached 334, including 34 overseas door chains, which are located in the markets of Thailand, Malaysia, Indonesia, and Japan. The international layout is being proposed. In the domestic operation strategy, Taobao is using its own product to maintain high-end innovation to determine the growth of door chains. The following AP Romeo will quickly break through with the help of stars. . . . . . This is an in-depth, multi-talented, self-sufficient experience. The most rich IP governance is our IP consumption. It is the most core, the most difficult to copy core competition. Microsoft's strategic vision is to become the world's leading IP operating platform. I have always seen it clearly and firmly. All the way through, we have used practice to prove the correct direction, the model is established, and the consumer's Thank you, Mr. Ye.

Welcome to today's meeting. Next, let me quickly review the financial data of this period, and then talk about our view on the 26th year and the 1st quarter. The currency is RMB, except for another explanation. First, let's review the situation of the completion of Q4 in the 25th year. Q4 group's income has increased by 32.7%, as I said earlier. from 25% to 30% in the previous year. We can see that all the BEOs have handed out higher-than-expected answers in Q4. Among them, China's domestic Q4 revenue has increased by 25% compared to the previous year's high double-digit number. The Q4 revenue has increased by nearly 30 billion in overseas Q4. The previous year's expected revenue was from low 20s to high 20s. Top Toys' Q4 revenue share growth was 112%, which exceeded the previous 80-90% forecast. Therefore, Q4 led to a 26.2% annual revenue share growth, which exceeded the previous 25% growth forecast we gave in the first half of the year. In the fourth quarter, the same-point growth of Mingchao Youping China is medium-sized. and the U.S. share price has increased by more than 20%. The share price of these two major markets has exceeded our previous expectations in the fourth quarter. The share price of the two upper markets has reached the middle position throughout the year. Although our previous guidance gave us the middle position, in fact, because Q4 is better than expected, the middle position is a little bit lower than our previous expectations. The adjusted net profit has increased by 12% in the fourth quarter, to the expected double-digit growth of the previous year. The net profit of this year's adjustment is 36.7 billion yuan, which is also in line with our previous year's leading range. In the fourth quarter, the net profit of this year's adjustment is 17%. Based on the upper and lower half of the year, in the second half of the year, the net profit of this year's adjustment is also lower than the upper half of the year. Looking at the quarter's revenue, we are very happy to have created three layers at the revenue level. The first milestone is the first time our single-segment group has exceeded 100 billion yuan. The first time our single-segment group has exceeded 60 billion yuan. The first time our single-segment group has exceeded 200 billion yuan. The first time our single-segment group has exceeded 200 billion yuan. The first time our single-segment group has exceeded 200 billion yuan. The first time our single-segment group has exceeded 200 billion yuan. The first time our single-segment group has exceeded 200 billion yuan. The first time our single-segment group has exceeded 200 billion yuan. Since 2025, MINTSO's domestic performance in China has continued to grow. The annual revenue increase of the same ratio has increased significantly. Q4's same ratio increase is the highest in the past eight seasons. MINTSO's overseas revenue increase of the same ratio is 31%. Total's Q4 revenue is 600 million, and the same ratio increase is 112%. Since the last quarter, the same ratio increase of the same ratio has maintained a three-digit increase, which is more than expected. Back to the year of 2025, 21.4 billion in revenue, there are a few milestones that I think can be highlighted. First of all, the first milestone of 100 billion in revenue in China. In such an economic environment, we have increased by nearly 17%. The second is that overseas, the annual revenue of 86 billion has increased by nearly 30%. TopToy's annual revenue increased by 95% to maintain a high-speed growth. In terms of B-area structure, China's domestic revenue increased by 22% and accounted for nearly 60% of the total revenue. Overseas revenue increased by 33% and accounted for 40% of overseas revenue. In terms of the performance of the copper industry, Mint's China's Q4 copper industry continued to grow and reached a double. It exceeded our expectations. In the past 25 years, China's share price has grown from Q1 to Q2 to Q3 to Q4. China's share price has grown from Q1 to Q2 to Q3. China's share price has grown from Q1 to Q2. China's share price has grown from Q1 to Q2. China's share price has grown from Q1 to Q2. China's share price has grown from Q1 to Q2. China's share price has grown from Q1 to Q2. China's share price has grown from Q1 to Q2. China's share price has grown from Q1 to Q1. China's share price has grown from Q1 to Q2. China's share price has grown from Q1 to Q2. China's share price has grown from Q1 to Q2. China's share price has grown from Q1 to Q2. China's share price has grown from Q1 to Q2. China's share price has grown from Q1 to Q2. China's share price has grown from Q1 to Q2. China In order to improve the power supply, we have made a lot of efforts from the inside out. In terms of internal management, we have tested the image and integrated the growth of the power supply into the core test indicator. We have proposed a digitalized infrastructure, through the systemization, digitalization and intelligentization of the business process, to strengthen the team system. The third is the avoidance and optimization of operations. The power supply SOP has been fully upgraded, and the supply chain has been fully optimized, effectively improving the performance satisfaction, high-demand products continue to produce performance and reduce potential sales losses. Fourth, we speed up the delivery and promotion of products. We have improved the sales contribution of new FQs and the promotion of new products. Fifth, the health of our stores is constantly improving. From the perspective of business operations, we also continue to optimize the sales of our products and contribute to our stores. From the perspective of people, we have increased the conversion rate of our stores. By increasing the flow rate, to obtain high-frequency mid-range information. By testing different door-to-door decorations and layers, we can obtain information about door-to-door static electricity. This is just an example. This further boosts the optimization of our channels. At the same time, we have launched diversified marketing services. For example, this year, we have expanded Xiaohongshu's one-day computer activity, artists' streets and sign-up events. At the same time, there are also various star-studded stores. The wear and wear movements of star-studded stores and social media such as Xiaohongshu. Through the interaction of fans, we have enhanced the transparency of the brand. Looking at the products we just talked about, we would like to add two more things here. First, we have grasped the trend of seasonal and discounted products. Second, we have gained a deeper understanding of IP and non-IP. On the one hand, we have used the smartness of IP products well. On the other hand, we have used many methods to create a link between non-IP products. In terms of the factory, we have improved the storage of stores. We have completed nearly 300 stores in the whole year. We have achieved very good results. In terms of overseas, the performance of the same store is slightly different. First of all, in Asia and Latin America, the performance of the same store in these two markets is relatively inferior to that of other overseas markets. And our new strategic market, North America and Europe, and the performance of the power supply. Among them, our most important strategic operating market, the U.S., has achieved more than 20% of the power supply growth in Q4, exceeding previous expectations, and achieved power supply growth throughout the year. This is the result of our fine-tuning of the pull of the terminal performance and the door-to-door model. We are also excited to see that the door-to-door profit rate in the U.S. in 2025 will be equally healthy. Through scientific decision-making, The U.S. behind-the-scenes cost rate in the entire year of 2025 has lowered the number of low-end buyers. It has further dragged the continued improvement of the U.S. business profit rate. It is worth mentioning that in 2025, the U.S. income and profit both greatly improved. In 2025, the U.S. business suffered a huge red-light environment, such as a tax-free counterfeiting. Our team, with its excellent front-line support, sharp market insights, and a good execution, delivered an excellent result. In short, this result shows that our right-wing model is strong enough. Our team also has a strong ability to seize opportunities in uncertainty. This sense of organization from both inside and outside is the foundation of our business cycle. In the past 12 months, we have seen a very typical expression of the entire organization. . . . . . . . We are confident that in the Southeast Asia market, we will be able to reproduce the logic of respect for China and the United States. In terms of door stores, at the end of 2025, the number of door stores has reached nearly 8,500. The total number of door stores has increased by 647 in the year. Among them, the number of door stores in the world has officially exceeded 8,000. In China, the total number of door stores has increased by 182 in the year of 2025. Last year, the number of door stores increased by 460. Back in 2024, Mingchang China's domestic income increase was about 10%. In 2025, Mingchang China's domestic income increase was about 17%. This means that in 2025, we achieved a higher income increase with fewer power plants. This means that we are heading for a higher quality growth. In 2025, Minito overseas, it achieved 3,583 power plants in 465 power plants in the whole year. PowerPoint's income increase was 58%. At the end of 2020, it reached 334 stores. TopToy started to launch at the end of 2024. In more than a year, the number of overseas stores has reached 30 stores, including in Malaysia, Indonesia, Thailand, Japan, and China and Macau. At the end of 2020, MINISO has reached 26 stores, covering 19 cities across the country, with MINISO SPACE, LAND, and FRIENDS as core stores. Le Xi Men and Qi Jian Dian, and other major companies, accounted for about 10% of the total number of companies in China. However, in 2020, they contributed 20% of the GDP. This figure will continue to increase this year. This proves the logic of major companies leading major industries. In 2026, we will accelerate the release of this market. So far, we have seen Sanya's ZDF, Zhengzhou's Dawei City, and Shanghai's Hong Kong-based Hengmeng Hotel are about to meet you. In Q4 of 2020, we opened our first overseas store in Thailand, SunSquare. The market return was very hot, which made us believe that the space of overseas stores is still very large. In 2026, we will continue to revive this immersive entertainment experience to the global core. In the 26th year of the overseas market represented by the United States, and plan to cover the front line. We will try to complete most of the new stores before the Q4 sale arrives. The purpose of this is to focus all of Q4's experience on terminal use and experience optimization, thereby maximizing the real-time performance of the store when the sale arrives. In terms of profit, Q4's profit is 46.4% and last year it was 47%. The gross profit of the whole year is 45% and 24 years is 10%. In the past five years, our gross profit has increased from 28% to 45%. That benefits our brand to upgrade the globalization and IP strategy. Since this year, we have made some healthy gross profit adjustments to some products in and out of China and abroad. We have also obtained better sales performance and increased the gross profit of the company. In the future, we will continue to pay attention to the difference between gross profit and sales. to achieve higher quality and sustainable growth. In terms of cost, Q4's total cost, not to mention SBC, increased by 45%. Among them, sales cost increased by 47%. Sales cost rate is 25%, which is 3% higher than last year. Management cost increased by 36%. Management cost rate is 5%, which was even last year. The increase in sales costs is mainly due to the three aspects of the cost of authorization and marketing in Zhiyin. First, Zhiyin is still in the early stages of rapid expansion overseas. Zhiyin's cost of people, rent, etc. is 14% higher than last year. The cost is 40% higher than last year. However, the increase of 40% has been better than the increase of 55% in the first nine months of 2025. The second is that the IT fee has increased by 107% in Q4 in the same quarter, and by 3% after the war. This is one level higher than the IP rights fee in the same period last year. This is related to our IP strategy, especially our free IP, and the potential investment of large IPs that we will work with in the future. The third is our advertising promotion fee, which has increased by 30%. Although this increase is slightly lower than Q4's revenue, the ratio of revenue is the same as last year. The net profit after adjustment of Q4 increased by 12% to 10.6 billion. The net profit after adjustment of Q4 increased by 8% to 36.7%. In Q4 of 2025, we actually looked at our revenue Q4 is lower than last year, and Q4 is lower than last year. Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and Q4 is lower than last year, and It's 1% higher. The investment of the copyright fee is 1% higher. So, in total, the impact on the operating profit rate is about 3%. So, in the whole year of 2025, the adjusted operating profit rate decline is mainly related to the investment related to the power supply. This ratio is 2% higher than last year. So, the price of the copyright and other fees is 1% higher. This is the impact of 3%. Second, from the point of view of B.U., the operating profit rate of core joint business in the East China region, based on 17 points of income growth, is only a few dozen BP drops in a small degree. This is a very healthy data. The main reason is that we are more stingy in terms of net profit. In exchange for a healthy scale of growth and more net profit contributions. At the same time, the increase in the ratio of new business from the lightning warehouse to e-commerce has a slight effect on the profit rate of the East China region. The decline in the company's revenue is mainly due to the decline in overseas revenue, which is the same as in 2024. The main reason for this decline is the structural change in revenue. For example, overseas operating revenue accounts for more than half of the revenue from 1.3% in 2024 to 2.5% in 2025. Besides North America, our other overseas operating markets are in the early stages of inflation, and the revenue is lower. At the same time, It comes from our overseas debt, which is the income from our overseas assets. Because its profit margin is higher, and the increase rate is relatively slow in 2050. So the impact of this momentum caused a decline in the profit margin overseas. In our report, we also have some projects that non-Russian credit unions will present. There are about five of them. The first one is the SBC, which is based on equity settlement. Q4 is $1.5 billion. The full year of 2025 is 3.7 billion yuan. The full year of 2024 is 8.5 million yuan. The growth of SBC this year is mainly due to our company's influence on the management team and employees. Secondly, it is related to the cost of the extension product supply value change and the issuance of the transfer debt. This is related to the CBI in the early 2025. Thirdly, it is related to the interest cost. The interest cost related to our CBI and Yonghui's investment in the ice bag. Then Q4, the cost of the insurance loan is 51 million, of which 47 million is non-cash, and the loan interest of the acquisition of Yonghui is 2,400 million. In the whole year of 2025, the interest related to CB is 1.9 billion, of which 1.7 billion is non-cash, and it does not need to be reimbursed. The loan interest of the acquisition of Yonghui is about 87 million in the whole year. Then the fourth adjustment is the Yonghui rules of division. Then we have already mentioned it before. According to Yonghui's latest estimate of 25.5 billion yuan, this strategy is about 8.1 billion yuan. The fifth is the value change in the balance sheet of the recovery war generated from the priority stock. This is generated in Q4. The amount is 1.5 to 1.6 billion yuan. This change has something to do with the strategic financing of our subsidiary last year. The above five changes in Q4, with the adjustment of the influence rate of net profit, are about 10 billion yuan. In the previous five years, it was 17.1%. After removing the impact of the previous few months, in the fourth quarter of 2025, the effective tax rate of the company that has been adjusted is 20.2%. In the previous five years, it was 20.1%. Finally, regarding the progress of the adjustment, it has increased by 7.29% throughout the year. But due to our large-scale repurchase and resale in the past year, our revenue per share will increase In Q4, the growth was 9.4%. The annual growth was 8.0%. From the point of view of operating capital, at the end of 2025, the company's stock turnover was 100 days. Last year, it was 91 days. China's domestic stock turnover was 74 days. Last year, it was 75 days. So the domestic stock turnover has improved. The overseas stock turnover was 228 days. Last year, it was 187 days. The growth of the overseas supply chain is, on the one hand, a strategic preparation to meet the US tariffs, and at the same time, the local materials of our existing overseas market are also affected. On the one hand, the local materials can effectively balance the supply chain pressure and ensure the abundance and growth of the product. On the other hand, in the future, based on the current situation overseas, the dynamic adjustment of the supply chain will be optimized. By the end of 2025, the stock market's cash reserves had reached 7.1 billion yuan, which is still very significant. In 2025, the amount of cash flow generated by our business activities is 26 billion yuan, which accounts for nearly 90% of the total net profit of the year. This reflects our business's resilience, high-quality profit, and strong ability to create and learn. Our capital allocation strategy will continue to balance the growth and return of available and predictable returns. In 2025, we will buy back 1.4% of the total return, and will continue to sell. You can see it every day in the 25th year. We have released more than 200 copies in the 25th year. We made a strong return on the long-term internal value of the management team. In the whole year of the 25th year, the return we gave to shareholders was 19.1 billion yuan, which accounted for 66% of the annual net profit adjustment, including a return of 5.5 billion yuan and a cash inflow of 13.6 billion yuan. At the same time, today, the board of directors also approved a new round of end-of-year bonus. The amount is 8.1 billion yuan, which is 50% of the net profit of our second half of the year. It is expected to be paid to our shareholders in April this year. Finally, it is the balance and our outlook on the year. Looking back at the past five years, the financial performance of MINISO Group is very good. During the five years of 2021 to 2025, the total income growth rate of the Group reached 21%, The net profit growth rate has been adjusted to 40%. By 2026, we expect the total profit growth to be double. This means that the net profit growth in the past three years is not lower than 22%. Compared to the past five years, we still have a slightly faster growth. In 2026, our important markets, such as China and North America, will continue to maintain the first-largest health growth. There are 510 to 550 stores closed every year. we will pursue the quality of opening up, not the absolute quantity. In 2026, we will continue to balance growth and efficiency, and pursue profit growth and cash flow profits. In the coming 26 years, our current management profits and net profits will grow faster than in 2025. From the perspective of profits, the net profit of Europe and the U.S. is mainly in the low end, especially Q4. Many excellent companies with net profit in Europe and the U.S. . . . . from medium-to-high-to-high-to-high-to-high-to-high-to-high-to-high-to-high-to-high-to-high-to-high-to-high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to- high-to Because this investment brings a one-time income of 8.5 to 9 billion yuan per month. I would like to remind everyone that the management thinks that this kind of income and our stock market capital spending will affect the loss of interest, the related cost of GDP, including the loss of Yonghui. It does not reflect the interest rate of Mingchang core industry. We should start from the adjustment of the investment interest rate and the interest rate. So that's my speech. Next is the question and answer session. Thank you.