J&T Global Express Ltd B

Good day. Welcome to the conference call for J&T Express 2025 Q4 Operating Performance Announcement Call. I would like to remind everyone that during the conference, everyone will be muted. Before the end, we're going to have Q&A section. If you need to ask a question, you can press Start 101 on the Chinese line. Just remind everyone that this is going to be recorded and this is the English line for listening only. Now, give the call back to the management. Hello, everyone. Welcome to the conference call of G&T Express 2025 Q4 performance announcement. This is Frank. Today, the materials have been disseminated through emails to everyone and updated to our website. Today, we have CFO on G&T Express, Dylan, and Hai Bing, Director of the 3D Investment and Capital Markets. We're going to have two parts for this meeting. First of all, Hai Bing will be introducing the company performance in 2025 Q4 and then moving to Q&A section. where the management will answer your questions. Hi, Bing, please. Hello, everyone. This is Hi, Bing. It's very glad for us to give you announcements of our performance in 2025 Q4. The parcel volume reached 8.46 billion pieces, representing year-end growth of 14.5%. Total parcel volume for the entire year amounted to 30.13 billion, year-end increase of 22%. The growth mainly driven by South Asia, China, and new markets. First of all, the South Asia in Q4, the parcel volume reached 2.44 billion pieces with increase of 73.6%. The four-year performance are now led to 7.66 billion pieces, show a year-to-year increase of 67%. The key drivers behind are follows. First of all, the e-commerce platforms have increased their investment through performance activities and the continuous enrichment of product categories. We have driven the rapid growth of the business volume. also in 2025 Q4 we've been seeing a very good maintenance of the growth of major clients of e-commerce and non-performance non-platform parcels have also reached a very good growth marking significant contribution to the total parcel volume and also at the same time we've been seeing the higher requirements of the logistic service and widen the gap with our competitors by the virtual cost and the price advantages as well as the solid network capabilities Next, let's talk about China. In Q4, the parcel volume in China reached 5.8 billion pieces with a year-to-year performance of a flat performance. And the total full-year volume reached 22.07 billion, showing a yearly increase of 11.4%. The business development of China region in Q4 was categorized by four new aspects. The industry growth has slowed down in October and November, and the industrial growth by 8% and 5% respectively. It is expected the industrial growth in December may slow down further compared with November. Also, we have proactively adjusted our strategies, strengthened the foundation of our network, and pursued high-quality growth. The company ranked high in logistic index for franchise system and maintained on the mainstream e-commerce platforms. The brand image has been significantly improved in the minds of high-quality clients, and this has brought us in more high-quality parcel volume. Now, the emerging markets. In Q4, the parcel volume in new markets reached 130 million pieces, with an increase of 79.7%. and 2025 volume was 400 million pieces with an increase of 43%. The following reasons contribute to that. E-commerce penetration rate in new markets is still low. The capital parcel volume is much lower than that of China and South Asia, giving room for further development. Next, we have continued to improve the express delivery network in counseling operational efficiency and service quality. And we can see that we do have very good growth in Mexico and Brazil. and the e-commerce ecosystem in Brazilian market is more mature and within the entire new clients the company has achieved a very favorable growth this is the operating performance of our markets in Q4 when I stood that you're very concerned about a financial performance in the Q4 2025 regarding financial figures the company currently only discloses the semi-annual and annual financial data therefore company generally does not update the performance guidance on the quarterly basis and specific guidance for 2026 will be released simultaneously after the annual results announcement in March. This concludes the announcement. And now we're going to open up the questions to the floor and welcome everyone to ask questions. Thank you very much, management. If you'd like to ask questions through the phone, please press star 101 on China's line. We're going to accept your questions. Now we are going to take the first question from Li Mojing from Citix. Thank you very much. Hello, Dylan, and hi, Bing, and dear management. Good morning. I'm Ali Mooteng from TITIX. Very much thank you to the opportunity to ask questions. So today, I have two minor questions to ask. The first one is on the operation in South Asia market. We can see that in Q4 and also the previous quarters, the network collaborators and the number of point of service had the divergence trend. For instance, the number of partners has been decreasing, but the number of point of service is increasing. So we'd like to ask the reasons behind. Is it because that you are doing integration or any other reasons? This is my first question. Thank you. All right. So thank you very much for this particular question. Just now you have asked the reason that so we have actually a different trend for the number of franchisees and the number of the point of service. So in South Asia market, right? Yes. Okay. Thank you for the clarification. In South Asia market, we have lower number of franchisees around 300, but we have 1,000 point of services. The reason is that we have very strong growth in sub-nation markets. So with this very strong growth, we have to further increase the density, increasing efficiency and productivity. This is a number of reasons for us to increase the point of service. And for the franchisees, we're doing integration of franchisees further. We know that we are promoting the particular kind of transformation from self-operating to franchisee model. So we are increasing our efficiency and quality of our service provision. This is the reason for us to have divergence trend between these two. Thank you. Thank you very much, Haiding. And the second question is around the China market. We know that in the second half of the year, we had a lot of changes happening to the logistic and quick express market in China. We would like to ask you, Nat, on this current backdrop, how do you think about the 2026 strategies and your key indicators of performance. Also, could you share with us about your overall outlook of the overall pricing war happening probably in 2026 first half? Right. Indeed, we know that in China market in 2025 throughout the whole year, we had fluctuations a lot and probably you have experienced that in the beginning of the year, we had the pricing war. During the middle of 2025, The government had anti-evolution policies, which lasted for about half a year. And then as for the anti-evolution policy, we have maintained our unanimous, you know, attitude, which is cautiously positive in terms of the duration and the strength and depth of anti-evolution policies. We cannot control these factors. So our strategies will be adjusted dynamically according to the situation. As for China market, we always believe that we have to be steady and with the very good growth against the stability. And in that whole process, we are going to also increase the quality of the parcel delivery, not only focusing on quantity, and also in China for the high-priced parcel, and the reverse parcel and individual parcel numbers will be increasing. As for investment in China, our position is a follow-up. So as for 2026, we are continuously having the same strategies, which is maintaining our positioning and focusing on good quality, finding good strategic opportunities, and realize our growth in China. Another point, which has always been said by us, is that in China market, this is actually a very good fundamental for us to expand in the rest of the global markets. in emerging markets in terms of technologies, human resources, and resources are distributed by China. We are exporting those things to or from China and bringing our very robust and healthy growth in the rest of the markets in the world. Thank you very much. It's very clear. Thank you, Dylan and Haibin. This is the end of my question. All right. Thank you very much for this question. Next question is from Zhou Yubo from Taycan Securities. All right. Can everyone hear me? Yes, no problem for that. So good morning, everyone. You can see that in Q4 of 2025, you have maintained a very robust growth. And this is pretty good. So you can see that the South Asian market is pretty good. And the investors... So first of all, very quickly recap. Just now you asked us about the expectation of 2026. So this year we are announcing the 2025 figures. So we would like to actually reiterate that taking a look back at the performance of the last year interim results and to expect the new growth. So we actually expect to have 74% of the growth. Several reasons. First is that for the major e-commerce clients, B B B B B B B You can see that for some of our third-party logistic companies cannot satisfy the needs and demands of the e-commerce platforms and quit the market due to certain reasons. So we have a very good cost advantage. We are also increasing our competitive advantages on the platforms. You can see that we have increased non-platform parcels, but this is not that contributive to the overall revenue. because it is accounting for less than 10% of the total. Another question is about the outlook of South Asian market in 2026. Overall speaking, we are quite positive to the growth further in 2026 because for these e-commerce customers, we could see that they have a very good customer conversion, and in 2026, this momentum will be continued, which is something that we firmly believe. Of course, If we have 70% of the growth in South Asia market in 2026, this is pretty much confident for us to actually maintain that. This is pretty much about the South Asia market. Another foreign market is the other emerging markets. As what we have discussed in last quarter, while in 2025, We have collaborated with MercadoLibre and the TikTok in Latin America. We have been actually increasing our collaborations. At current stage, we have a very good diversity of the customer base. So in the emerging markets in 2026, overall speaking, we have some of the figures of showing the penetration still, which is quite potential for us. And, you know, these figures are way lower than the South Asia market in China. So from our standpoint, there is a huge potential for further growth in the emerging markets. And in emerging markets, we're going to perfect our network connection and increase our quality of service and increasing the investment to improve the productivity. So overall speaking, the emerging markets are still at an early stage, and there's a huge room for further growth. So last year, in 2025 first half, we had a low base in this market. And because of the low base number, we believe that we're going to have a very good growth in 2026 first half. But in the second half of 2026, we have to actually, you know, take a look at the performance from those platform and non-platform businesses. But still, overall speaking, we are quite optimistic. The penetration and number of parcels in the emerging markets are way lower than that of China and the Asian market. We would like to regard the emerging market as a third country for growth. All right. Thank you very much, Dylan, for this answer. Very clear answer. No further question from myself. Thank you. Thank you very much. Let's wait for our next question. Next question is from Liu Gongxian from CICC. Please. You have the floor. Thank you very much, Chair Management. This is Sergei Gancher from CICC. I have also two minor questions. The first one is that with regards to the emerging markets, we know that, you know, we have been investing and investigating in sub-Asian markets, and we know a lot about this, but for Mexico and Brazil, we are quite estranged to that. So would you like to comment on the e-commerce and the logistics? What is about the overall landscape as well as the ecosystem as well as the models? Could you have more details? For instance, e-commerce, what are the differences in commons versus China and South Asian market? What about the difficulties and also the competitive edges that you have in terms of logistic service? This is my first question. Second question is about the China. We know that in China we have industrial reasons and also we have our active adjustments as well happening in China. So against that backdrop, how do we think about the economy of scale? Because you had a quick growth in the previous years, and now you're slowing down in China. Probably you're going to be exiting in terms of the resources and the human resources as well. So if we're not considering price, if we only consider about cost, how do you think about the competitive landscape here in China? Let me answer this question, and I will be introducing China. So first of all, just now, you have asked about the Mexico and Brazil, right? So Latin America. First of all, I would like to say that in Latin America, we are still at the first cycle of our development. So with our key accounts in e-commerce, we actually are planning to expand according to the volumes that they have. So this is The first stage of the development and now you can see that the South Asia market is more mature than the Latin America from this standpoint. In South Asia market, we have been actually growing a lot in a year. So in terms of the brand image and in terms of the adoption and the mindset of our customers, In Latin America, this is actually growing and rising a lot. So still there is a very huge room for further improvement in Latin America. We're concerned that we have to provide a very good quality of service to e-commerce customers because there is actually a huge demand of e-commerce platforms in Latin America. And locally, some of the local players in terms of the service is not that good, giving you a simple example, say 365 by 24. This is not actually going to be the case. There is no such kind of a service model happening from the other express delivery platforms. And next is about the express delivery. We know that for e-commerce platform customers, they choose the express delivery to enter the market. and now we are at a very high growth from this standpoint. And those players are setting up the warehouses and delivering their goods and importing the products from Asia and other markets to Latin America. So be it the cross-border or local, like local to local service, You know, we are very clear about the business models, right, via which model that we're talking about. As long as this model need the delivery, our global network can coverage and national coverage could have a very good service quality match. So we are also going to provide a lot of different strategies locally. But of course, not only in terms of these factors, if you're taking a look at the trajectory of our development in South Asia, and also in China, you know, we do a lot of mergers and acquisitions. We believe that we have advantage as well in Latin America. For instance, together with our e-commerce customers, we're going to establish the warehouses or we're going to take the parcels from the local warehouse or we could collaborate with the merchants and also penetrate our service into theirs. So we do have a lot of APIs available for that from a system standpoint. So this is going to be really good. You can see that we are able to compete in a very highly efficient way. At the same time, we are always investing in the emerging markets. You can see that in Latin America, be it the fleet investment and the equipment, we are increasing those investments at the same time. So these are going to be the backdrop for further growth. In terms of the differentiation, I think that as we have already introduced, that we do have the experience from China, and we are going to have a systematic, you know, copy and paste to the local market in Latin America. But the other competitors do not have the capabilities like we do. All right. Thank you very much. And then this is Haibin, and let me answer the question about the China market. Actually, for China market, as we could see that after years of the growth, this is a huge market. In around 2020, we actually entered the China market. In five years, now we are having such a market share as of Q4 of 2025. and this particular five years of development equals to 20 years of our development of our competitors and rivals. So as far as we have very good strategies, but of course, at the same time, we have very good internal capabilities that we could deliver in 2025 for October. We have actually announced a new transportation center in Guangzhou. and this is actually going to be the biggest center here in China or even the biggest in Asia or in the world so this is actually showing that we are actually dedicated to further increase and also to further increase our penetration in China market and we believe that in China Even if actually the particular kind of growth has been slowing down, but overall speaking, the potential is pretty good. And you can see that China is a huge market. So this is definitely going to be a very, very important market, especially a strategic market for us. We're going to increase our efficiency of operation, lowering down the cost, and this is going to be our focus here in China. All right. Thank you very much, Dylan and Haibin. If possible, I can have a follow-up question on the tariff issue in Mexico. This is already taken into effect. We would like to understand that in Q4, whether or not you had certain issues, you know, before the tariff adding, and after the tariff adding, what is the particular, you know, competitiveness of those e-commerce customers in Latin America? Right. Thank you very much for this question. I think that in a short period of time, the tariff is actually having some impacts on the e-commerce customers, but also you know that we have the local-to-local service model. This is actually going to enhance because of the tariffs. And of course, we have a lot of sellers, right? If we cannot have the cross-border business done in a very cost-efficient way, we're able to do the other business models. So in a short period of time, the penetration of e-commerce customers will be actually hindered by the tariff policy. But still, you can see that we are going to have very good growth on local-to-local business, which is going to be offsetting the impact from tariffs and policies. So in Q4, the performance is actually lower than our expectation, but still we had a growth, right, in Q4 in Latin America. So in the long run, if we have those platform, you know, business and the local to local, we are actually more advantageous even than the other rivals. And sometimes you know that this is, you know, quite easy business model because it's happening in the port and airport. So while we have actually a very good local-to-local business, this requires a lot of the network coverage, which is something that we already had. Right, understood. Indeed, local-to-local is very good positive news to TNT Express. But still, the particular delivery upon arrival is going to be quite challenging, but local-to-local business is pretty advantageous to us. Yeah, no problem. for myself and this is the end of my questions.

Next, we have from Senior Securities.

Hello. Happy New Year. This is . First of all, thank you very much for this opportunity to ask my question. I have two minor questions. The first one is, a follow-up on the business growth in South Asian market in 2025. Because of a very good growth and also strategies, you had a very good performance. 2025 is already over. If you're talking about the commercialization and monetization, we do have a lot of factors. But if you want to have a priority for those initial factors, what about the ranking?

For instance,

the increasing capability of logistic efficiency and the platform resources, investment, et cetera, et cetera. So we like to ask the company that how do you think about these industrial factors? And in the next two to three years of time, how do you plan to commercialize upon those industrial factors? Some of the values may not be reflected right now, but we are expecting them very much. So would you like to have an answer for this? Right. This is a very big question. Let me try to answer this question properly. Of course, I may have quite subjective answer to this in terms of the priority ranking. First one is that the changes of the offline retail changes. This is actually growing a lot in South Asia market. Last quarter, you could see the changes in Thailand and Vietnam. Now the free delivery threshold has always been lowering continuously. And the VIP service of e-commerce platforms, we are going to actually make sure that more buyers are able to actually enjoy cheaper price of the logistics. And some of the other benefits of buying goods online, So offline to online to offline this is actually accelerating in terms of the overall trend. That is to say that the offline retailing is actually developing quite fast. This is actually quite obvious trend. Second point is and this is actually something quite dependent on our investment to the e-commerce customers from those e-commerce customers you could see that in South Asia market the e-commerce customers are increasing investments a lot right and the third point I would like to illustrate if you're talking about the ranking first trend is that increasing online to offline and the second is investment increasing by e-commerce customers and third industrial factor would be the increasing of our penetration rate and market share and exiting of the medium and small size of players. These three changes are quite core to us. The second question is about the continuability and the sustainability. I think that the first and second factors are going to be still playing their roles. We know that for e-commerce customers B B B online to offline and second is that more investments from e-commerce customers these two trends are going to be really continuous in the year 2026 and the marginal you know effects are going to show gradually but there is a four factor which is the acquisition of the non-platform parcels in 2024 we started to actually have those non-platform parcels and starting to build a brand image and started to have our designated local business development team and trying to find new mechanisms of operation. The reason is that we want to actually acquire more platform parcels because you know that we have a very good mature network and we will be actually trying to actually collect the parcels as well upon doorstep. If you place the order, our delivery guys will pick up. It should have been the case long ago. And in South Asian market before we did, it was already like this, but the other players did not have this particular kind of network density to actually realize the efficiency of picking up the parcels within one to three hours. In most of the cases, they just deliver upon the other sites. So we do also have another factor which is really, really important for us. So the second question is actually more financial related. So I think that this also includes the China and South Asian markets. We know that in 2025, you have been increasing a lot of investments to buy the automation equipment, and the seaborne transportation was one of the highlights. But if you buy more automated equipment, you are going to actually lower down the advertised cost. So in 2026, as for China businesses, is it also visibility for us to have a prediction that the overall operational cost will be lowered further in China? In South Asian market, we have actually paying attention to the average price of the industry and the ASP has been reducing in South Asian market. So whether or not the average weight will be also reducing at the same time. Also, if you take a look at the China, if the average weight has been lowering, the overall operational cost will be performed better. So whether in South Asia market, you're going to see the similar trend. Thank you. This is pretty much financial related questions. Thank you very much for this question. The operational cost. We know that we are keeping investing in China market. As we have already mentioned, the CapEx. It is very strong in China. It's not quite long for us to enter the China market, but be it from the logistics architecture standpoint or the kind of investment, we are a very strong player in China. The purpose of having those investments is to actually further support our further and sustainable growth. So we are very confident on the China market performance. So we will be further later focusing on our encumbrance of our management experience and cost reduction methodologies. You can see that the common of operation encumbrance and the optimization will be really important for us. Also just now, we have mentioned The industrial differentiation. This is going to increase to a certain extent. But overall speaking, we are able to actually cover the overall growth of our operation. And overall speaking, we are quite positive to the future. As for South Asian market, probably you have noticed that in South Asian market, we have In terms of ASP and cost per parcel, they have been enhancing and optimizing. While we are optimizing the overall cost, which is going to be taking a gradual step, we are going to have a much better off situation in the future. Our number of franchisees has been decreasing, as we have already illustrated, and the investment on buying the automated equipment Thank you very much. It's very clear. No further questions from myself.

Thank you. Let's wait for another question.

Next question is from Hu Junwen from Yangtze Securities. Hello. Good morning, everyone. Dear Dylan and Hai Bing and Frank, I have two questions. First one is that previously you had a survey in Thailand, which was quite surprising. Not only you are actually collaborating with those e-commerce customers, but also you're upgrading your products on social media. So we'd like to ask you that. Would you like to actually help us to have a differentiation of the e-commerce platform business versus the social media business? Social media business is actually going to be a very strong driver, right? And my second question would be that what is actually the following steps after you have been integrating your securities and equities. As for new assets, you have consolidating them. More equities are now in the profitability of the mother company. So in the future, whether you have any new adjustments on those points as well.

All right.

Let me answer the first question, which is the mix of platform Non-Platform Parcels vs Non-Platform Parcels Now you can see that this is a single digit for the non-platform business in the South Asian market this is actually the case but for the e-commerce growth this is pretty good so we have to increase a lot of the e-commerce business in South Asian market in specifics but in the long run We are aiming to have more high-value customers acquired and also increasing the profitability of our franchisees. So we have a lot of business to do in the subject market, such as expanding our network coverage and increasing our investment on the e-commerce platforms and acquiring non-e-commerce businesses and also giving benefits back more to the franchisees. As for franchisee model, they're actually going to help us to acquire new customers and helping us to service in a much better way. In the long run, this is actually going to be a healthier business model. So this is something that we are actively doing right now. Second one is about equities.

Thank you for this question. In the new markets, we always tell

through the announcement that at current stage, we are doing some of the share buybacks. And first of all, thank you for asking this question. But still, we are going to have all kinds of different supports in different markets. In emerging markets, we are meeting our expectation. We are very grateful to our investors on this So we are going to further having this equity manipulation and also at the same time we are pretty much showcasing our confidence in the new markets and we are very grateful to the support from our investors. This is going to be really important to us. Also at the same time we're going to give good benefits back to our investors. So while we are going to further explore the new markets, we are going to have a very mature market performance as well and business model. So at the same time, in Malaysia, for instance, we want to further increase the non-parcel volume. At the same time, we also wish that we could have more regions helping us to achieve that so that we're going to have a tool Global Coverage and also further enhancing our competitive advantages.

Right. Thank you very much.

The management from J&T. No further question from myself. Thank you very much. Now let's wait for the next question. The next question is from Kwon On Development Securities. Shuko, you have the floor. All right. Good morning, Dylan and Haibing and management. Congratulations on a wonderful performance achieved. You can see that in 2024 Q4, you had a high base in South Asia market. Still, you had that 74% of the growth in 2025 Q4. This was actually the achievement on a base of the high number. It's very surprising. And for the previous question, I would like to have a supplementation. If you want to further explore new markets, will you actually continue with the same strategies, working with the capital further, or you're going to use the listed code to beat the company in 100% to explore the new markets? All right, so it would be the listed code that doing the business development in the new markets. Let me give you the backdrop. Why we actually used the previous way? Because while we are preparing for new markets in China market, we were still in loss-making situation. So we used our subsidiary to do that business. And in 2021, I know at the same time, e-commerce cross-border business was just developing, but it wasn't that clear. So as an investment from a company or investors, they were actually really looking forward to our future communities and wish to collaborate with us. So in the overall sense, I believe that this is the reason that they actually trusted us. But this happened in 2021. When that's over, we were listed in 2023, and now our global businesses are all profit-making. So I think that overall speaking, we don't need the subsidiary anymore to do that business. Right. Thank you very much, Dylan. The second question is that, you know, that in 2020, you have achieved the possible pickup of 1.1 billion. So what we would like to know that in new markets, you can see that, you know, TK has been increasing their guidance on the Latin America on TMV. So we would like to know that the new market in 2026 or 2027, which year is going to be the year that you are going to be hitting the number of 1.1 billion? So we would like to know that in the merchant markets, when you are going to reach the total volume of 1.1 billion a year. Right. First of all, I didn't know that whether or not the guidance was, you know, official or not. We had some information online that probably from our customers. So we cannot answer the questions on behalf of our customers, or we cannot validate the, you know, data. and figures from a third party. So timetable-wise, to be honest, we don't have a clear answer, but we know that the trend is quite obvious. And we do have several. So first is that the particular base number of new markets is no lower than that of the South Asian market. If you take a look at the potential of the possible markets in Colombia, Chile, Argentina, and Peru, if you edit all the markets, in Latin America. The number of, you know, population is around 600 million. It's quite potential. And also, the average GDP, right, per capita GDP, this is actually also higher than that of the South Asia market. So the market potential is really huge. At the same time, the kind of penetration of the e-commerce is really low in those markets. And of course, the kind of habits of, you know, purchasing is just not there. So in the long run, the South Asian market will be as mature as that of the South, the Latin America will be as mature as that of the South Asian market. But in which year, it is very difficult for me to predict. At current stage, you know, we believe that, you know, this is not going to be happening naturally. We need to invest. At the current stage, The positive thing is that South America is more positive than we thought at current stage to Shopee. Gives away a lot of investments in the South Asian market, but in Latin America. We had TikTok investing a lot, but Sheen and Temi already invested in the Latin American market, and Kuaishou is also increasing their investment as well.

This is actually a very good thing.

Another very good thing is that we have collaborated with MercadoLibra, which is a local company in Latin America. So with this help of the e-commerce platform from China and MercadoLibra, we will be increasing our business of the e-commerce platform in Latin America. Right. Thank you very much, Dylan. And let me have the very last question, not necessarily – We know that in the U.S., it's actually having the geographic attention raised because of this attack to Venezuela.

So whether or not this is impacting your exploration in the South America market.

So geopolitical reasons, yes, this is quite impactful. And we know that, you know, we are the company that explore the markets in the world. B B B B B B B B So I don't think that this will be impacted that much. And in the future, of course, we are going to actually further pay attention to this and further enhancing and optimizing our network coverage and the infrastructure, further making Latin America as the next South Asia market for us. I think that this is going to be something beneficial to you because when you have that, you have to increase the investment on infrastructure of livelihood issues. So definitely speaking, we are going to be quite precautious in dealing with those impacts because of geopolitical tensions. But we are not alone, I believe. We do have some of the enterprises that are collaborating with us in local markets Right, thank you. Thank you. Now, we are going to take the very last question from online is from Chen Yaben. Hello, everyone. This is the information security. We would like to ask you that in South Asian market, you had such a high growth. So we would like to know that if you're talking about the absolute growth of the number of parcels, in a quarter you had 1.03 billion parcels increased, and that means 27 million pieces increased today. So we'd like to have a breakdown that on TikTok, Shop, Timmy, and non-platform parcels. Would you like to have a further breakdown in terms of the contribution? We know that MercadoLibre is the biggest company in Latin America and at the current stage we are now further focusing on the development. So at the same time in MercadoLibre this is actually the biggest company in Latin America before we enter into the market. So while we actually further to increase our investment there in Latin America. This is actually bringing up a lot of other, you know, sellers to sell their products in Latin America. And you can see that there are more merchants now operating on MercadoLibre, which is going to be a very good thing, driven by our performance. So, for instance, the automotive in China. Some of the like phone case, you know players Are performing quite well, but when they actually enter the Saturday market they are going to be working with Mercado Libra and at the current stage, this is already the case and next Mercado Libra is now increasing their investments in China and In December, I think that they have opened the Dezid account in China to sell some products to China market. So with that particular, you know, strength, we are seeing a very good performance. And at the same time, I think that they have a very big room for further improvement. We always believe that in the future, MercadoLibra, will be bringing with us more contributions from the increase of the number of parcels in Latin America. Thank you very much. It's very clear. No further question. Thank you very much for the questions. Now hand over the callback to the management to giving you the closing remark. Thank you very much all the analysts and dear investors for your answers. This is the end of this performance announcement call. This is the end. Thank you and you may disconnect. Thank you very much for your participation.