Q1 2021 Autohome Inc Earnings Call
Yes.
Yeah.
Ladies and gentlemen, thank you for standing by for auto homes first quarter 2021 on these conference call. At this time all participants are in a lease.
On a more a quicker.
And answer session will follow the formal presentation.
Mitre his conference call is being recorded EBITDA.
Amy auction you may disconnect at this time.
It's now my pleasure to introduce your host.
And your child Motorhomes IR manager Mr. Chao you may begin.
Thank you operator.
Hello, everyone and I Wanna pumps of auto loans first quarter 'twenty was when you what earnings conference call.
Earlier today auto home distributed its earnings press release, and then you'll find a copy on the Companys website at Www Dot auto home Dotcom Duffy.
On today's call, we have chairman and Chief Executive Officer, Mr trial low.
Co President Mr Hassle shop.
Financial Officer, Mr Jin zone.
Chief Technology Officer, Mr Shah.
After their prepared remarks, Mr loves to shop.
The adult Adam Mr. Wang will be available to answer your questions.
Before we begin please note that the discussion today will contain forward looking statements made on the safe Harbor provision update U S. Private Securities legislation Reform Act of 1995.
We're looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.
Risks and uncertainties include but are not limited to those outlined in our public filings with the Securities and Exchange Commission.
Auto home does not undertake any obligation to update any forward looking statements, except as required under applicable law.
The earnings press release and this call also includes discussions of certain audit had a non-GAAP financial measures.
Our press release contains a reconciliation of non-GAAP measures to the most distract.
The.
Comparable GAAP measures.
It is available on auto homes IR website.
As a reminder, this conference call is being reported in addition, a live and archived webcast of this earnings conference call. We will also be available on auto hubs IR website.
So now I'll turn the call over to auto hubs Carmine.
Mr Law.
Sure.
Oh gosh turbocharge agenda.
Thank you Hello.
Every 1 and thank you for joining us today.
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I'm pleased to report a solid quarter with total revenue is growing $19.1 per cent to RMB 1.8 for gaining revenue from our online market place on a book loss increase the biosciences full percentage year on year and contributed to a 23% from total revenue data products to continue its strong.
<unk> trajectory with revenue, increasing 64, 9% year on year, primarily driven by increased contribution from OEM data products.
Tep's revenue contribution with luxury to our prior expectation adjusted net income in the first quarter and continued to ease back up 13, 7% year on year.
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Before I start discussing our results in detail I'd like to share some thoughts about industry investing at.
And some of our other recent developments well listen I think that changes are coming to the automobile industry in the face of a challenging macro environment and fluctuation in alopecia studies starting to come down at the auto industry has started to step up effort towards a digital transformation emerging premium electric.
Vehicle brands all day.
Traditional auto manufacturing investment in a new energy vehicle has also accelerated the growth in the E Bay State. In addition, some new players with extensive expertise in Internet services.
Into the smart automobile market intensified competition in this field are these trials are reshaping the auto market landscape, including the overall industrial data.
Yeah.
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Youll wash out and indeed, even the U b reshape our culture in your speech.
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Against the backdrop of this new market and industry dynamic a weapon in the past 2 years, we have been consistently optimizing and trimming of low margin businesses, such as offline insurance business, while staying away from price competition to ensure a high quality business portfolio.
And we really loved him full time zero strategies lots of years, namely AI big data and cloud capability and product strategies. Now. We are also planning an upgrade of their strategies by fine tuning our action plans to execution as we seek to better capture industry opportunities and achieve continued.
<unk> high quality development, Inc.
And now an update on this action plan in the second half of free gear and the platform with the masses and engage the user base of more than 40 million daily active users.
The business fundamentals industry, leading innovative capability as well as effective and our strong execution capability. We are confident that all homes can drill beyond its current standing from tap into new growth potential.
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Next let's move to our Q1 results and first a culture in the new energy vehicle market.
Upward growth trend.
In the second half of last year sales.
Sales volumes really clean year on year and accounted for over 9% up from a legal passenger vehicle sales comparison.
From at least 6 per cent for full year 2020, the prosperity of the ATV market brought new growth opportunities for us in our first apologize we extended and it depends on the cooperation with any of the automakers revenue from this auto makers increased to close to 170 per cent compared to the same period.
Of last year.
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Thank you Ginger.
I just show you price or couldnt be simple probably by Nielsen.
In terms of our used car business, we are exploring further opportunities in this area leveraging our capabilities in free financing and relevant to support that so de risked resources to empower our customers and to serve our users.
Most importantly, the transaction volume for a T. T. P card, Inc increased by 160% year on year.
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Moving next to our product benefit recently, we unveiled a new version of our intelligent new car loans integrating VR showroom and mini video product, while combining our encouraging activities with offline operations. This is allowing new car motor GAAP used to gain more precise exposure and it.
Tomorrow at effect in the first quarter, a total of 31 automakers utilized our data products and the total number of programs for intelligent new car loans and intelligent marketing solutions with more of a therapy like <unk> domain functions, including Wechat mini programs and marketing as well as.
Promotional tools to the existing public domain function, our incremental leaves products smart shops, we pause yellow version works as a marketing platform for dealers to capture private traffic now all users at a time.
Incrementally.
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Jim from chip all the share books for that.
On the product of a user's front, we recently upgraded our main app to offer a streamlined user interface, while optimizing the design to cater to the younger generation honest after a tough.
So I don't even have to user experience and in meantime, we also took steps to improve the quality of our sales leap like we're calling out and ask their subscription when users lithium cell phone numbers with us, which further strengthens the protection of user privacy and security.
So 1 example, who chose our pages from Carson and alcohol Belgian.
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In conclusion, we have a solid first quarter driven by our resilient core business as well as robust and new initiatives data products. Once again delivered strong revenue growth low T. G. P boosted our used car business line.
So accelerated our product innovation and integration in order to further enhance our overall service quality and infotainment suezmax older homes, leading position in this key area.
Howard we remain committed to better serving the interests of our users and customers and delivering long term value into our share holders.
Sheldon and she said well towards nature's own.
Good food.
P. J E T on the EBITDA is high we achieved with.
With that I will now turn the call over to our CFO, Jim for more business detail and a concert look and I was just reported financial results.
Thank you Chad.
To start let me go through some business matrix.
In March 'twenty 'twenty, 1 the number of average do you use who accessed our mobile websites.
Primarily.
Maybe perhaps.
Google photos with $42.3 minutes per.
Resenting, a increase of $33.3 per cent compared to the price.
Oh for the first quarter, all of our OTC UGC and other content categories seem to sort of use or contraction.
Now I will talk to you through the key financials for the fourth quarter.
Please note that as well.
Prior calls I will reference RMB only in my discussion today, unless otherwise stated.
Net revenues for the first quarter were RMB.
1 point page 14 in the $19.1 per cent increase compared to the first bone spring from corresponding periods last year.
For a detailed breakdown media services revenue were.
600, and a 5 minute lead generation services revenue were 698 treated.
And online marketplace, and others revenue increased by 74% year over year to 537.
So you know I mean I'm sorry.
Primarily driven by the impact of consolidation of TTP and increased contribution from data from them.
So moving on to costs cost of revenues was up 243 million compared to 178.2 million in Q1 last year.
Kris was primarily attributable to the impact of consolidation of TTP.
Gross margin.
It was 56, 3% in the first quarter compared to 88.5 in Q1 last year.
Turning to operating expenses sales and marketing expenses in the first quarter were 683 million compared to 524 million in Q1 last year.
The increase was primarily attributable to the impact from consolidation of TTP.
Increased sushi execution costs to support customers and efficient development.
No kidding the expenses were 305 minutes compared to 219.2 million from Q1.2020.
But.
Increase was primarily driven by higher investment in research and development activities.
Finally, G&A expense or.
129 million compared to 59 million in Q1.2020, the increase was primarily attributable to the impact of consolidation of GGP.
Okay.
Overall.
Delivered operating profit of 567 million.
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Adjusted net income attributed to auto hoping to 735 million for the first quarter.
Compared to 646 minutes in the corresponding period of last year.
Non-GAAP basic and diluted earnings per share for the first quarter.
For our M b.
1.52, compared to RMB 136, and RMB 135.
Respectively.
In the corresponding period of last year.
No no GAAP basic and diluted earnings per ads for the fourth quarter.
RMB 6.8 and RMB 6.06, respectively compared to.
RMB 543, and RMB 5.4 respectively.
Same sales last year.
As of end of Q1, 'twenty 'twenty, 1 our balance sheet remained very strong with cash cash equivalents and short term investments of 17.27 did it with.
We generated operating cash flow of 546 million in the first quarter of 2021.
As a listed company on the Hong Kong Stock Exchange, we will follow the call of practices adopted by you.
Public companies in Hong Kong market and as a result, we will no longer provide guidance on revenue going forward.
In the March Auto home successfully listed on Hong Kong Stock Exchange. Additionally, Hong Kong total homes, Hong Kong stocks will be attitude.
And syntax index and a handsome composite index.
Marking a key milestone.
Our history and opening a new journey for auto home.
In the past few years total home has been leading the development of the industry.
As we move forward with our strong balance sheet and our profitability. We are confident that all of whom will bring more value to both our users and customers and deliver long term return value to our shareholders as well.
With that we're ready to take your questions.
Operator, please open the line for Q&A.
Yeah.
Thank you.
We will now begin the question answer session.
At least not yet despite this 13 minutes to 1 question. So you have more questions more than 1 patient post caliber join the queue again.
I just wanted to ask a question post may not but zero by 1 on your telephone keypad and placing into Q2 pencil the queue. Please press <unk>.
I'd like to.
What's that.
Again, you have any question to post Brexit or 1 order that we get that well break into Q2 kinds of Q2.
Sure.
Yeah.
First question is.
Dotcom from bank of <unk>.
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Thank you for taking my question can management share your thoughts on the business outlook for the second quarter and the second half this year.
Especially for the second half because previously imagined when they should that come from and we will announce action plans force that teaches athletes in the second half. So can you give us a heat or what kind of areas where company focused on like what kind of pull back from services, which might be taken thank you.
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Mhm.
Okay. Thank you for raising this question I'd like to take the question about the strategic upgrading.
In China I can't change is very fast and we do witness 3 different basics such a cost risk take is that the sales volume for all of them have been volatile and have been very dramatic changes over to Parker.
Several quarters in Q1, you can see that there's a very big growth comparing with the same period of last year that the growth of 69% of course, there's also the factor caused by the COVID-19 pandemic and in April we can see that we only have the growth of about 12%. So the gross jumped.
But from a 69% to 12% and for the first 3 weeks of May after they've put up wholesale business. There's a negative growth year on year. So the second characteristic is that because of COVID-19 pandemic day digital transition off the automakers have been upset.
The weighted and the subcategories day is that you can't see the sales of ABB has been growing very rapidly and from January to April of this year, you can see that the sales of the new electric passenger vehicle increased by 288% almost a 300 per cent.
So there's not a lot of new players, including some of the you know some of the intelligent.
Some of that.
Premium car brand as well as some of the carmakers with very good expertise, our internet services, they're all entry into the anyway sector.
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Great.
And its income will also find that the entire auto industry has been developing as well as changing very fast.
We're getting in touch with the auto makers with the auto Oems. We also discovered this changes for example, a lot of the automakers to be had been directly connecting with their users and some of them directly connected.
Connected with the operational update users and sometimes the integration of the products of the auto OEM is also accelerated so for auto home, we think that we're dedicated to pursue long term sustainable and healthy development of the auto market.
We can figure out that the upgrading of our strategy last year, we launched our full price Euro strategy and this year based on the above mentioned new changes on the market. We are considering about the upgrading of the strategy.
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And I'm, calling to the plan of all of them, we are actually going to announce the update of the fine tuning of the extra planted execution in the second half of this year. So actually we are dedicated to have the long term found a stable as low as a get developed.
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Actually for this year, we still maintain our estimate about the auto market growth in China and have been very beginning after here, which is the estimate of our growth of about 10% and actually we still have to absorb the changes in development market. They felt the same way.
Happy to take notice it's about a shortage just oh total level chief production, there's no shortcut for awhile and secondly, we have to take notice of the relapse of COVID-19, Inc. Specific geography, and the second thing is that I think that for the auto Oems.
Think of the whole year is closely related to the sales volume of the cards. So different from 2 points I'd like to add.
Okay.
Yeah.
Operator next question please.
I think you can break out Mr. Kruszewski Eddy Wang from Morgan Stanley. Please go ahead.
Yeah.
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So thank you.
And also the total for taking my question. My first question is just about the Oh, you know do you.
Comments on the new car sales in April which has been a little bit of a slowdown and the inc.
My first 3 weeks of May actually you see a year over year decline in terms of new car sales volume. So would you. Please give us some color on how this will impact revenue in the second quarter. That's the first question second question you had that you.
You had been talking about in the prepared remarks.
TTP car has delivered a large day expected contribution to your pulp price. So can you give us a little bit more color in terms of firstly, how just a used car industry.
It had been so far this year.
Secondly, your data or how.
How can you how do you how did you achieve that how do you expected the.
Top line growth of the TTP car and how what what's your strategy you can be over all day.
Used car kind of sector. Thank you very much.
Okay.
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So to answer your first question you can see that in fact is no Mark Hopkins here in particular from January to April as well as the fastest 3 weeks ethanol near the declining trend of the new car sales, so I think that.
Basically 2 reasons for that the first in light of day shortage of the chips and the second 1 is COVID-19 pandemic. So.
The estimated growth for the whole share, which was up about 10% you can see that so far in comparison, there's a downward trend and we think that for the auto makers. Their budgeting is closely related to the sales volume and the readout and tells me that our advertising business.
The fact that because of that hybrid we're still exploring the potential of other businesses and your second question is about the used car business you can see that so far the growth of the.
The second secondhand car that used the park is higher than the new car sales and Nokia We acquired TTP and how we are thinking about their cooperation between auto home MPTP that is to say, we hope that the business object used in auto home as well as PGP, we kept warm summer.
The action, we kept on some synergy and first in line is that in terms of the used car business with do you stick to the platform based business model, which is actually focusing them on the light assets.
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And what he used to card business, you know together with GBP from the standard side where average.
I will leave cash services at the auction services, so as to enable the salary okay. If the card and from the Fireside, we're offering the lead Gen services.
Box platform services that is enable the buyers. So I think that in the future. We're also considering about launching the trade and our services and the revenue project, so that to better integrate our used car business as that Ashford Inc.
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Okay.
I left it at 2 points Firstly, just like Mr. Sha mentioned day.
Advertising budget of the automakers are closely linked with the auto sales.
We are also exploring the acquisition of other businesses by offering more products to our clients and the other thing is that we will pay more attention to the operation of the users so as to enable the total OEM automakers and in terms of Adv I should see that.
Actually.
Our clients would like to pay a much higher premium for the leap day, comparing with the beach update traditional automakers. So I would not have you read the details about the gap between the 2 but I think that this premium is very significant so I think attitude advertising as well as the PPA.
Well it continues to empower the traditional automakers as well as those are emerging premium DB breath.
Yeah, well Oh.
I also said that you know we offer a comprehensive suite of services to an EV makers and traditional because it also makes it that's what makes Tvs.
Advertisement services through orders through your WPS.
So thanks, operator next question please.
Thank you Angela next question is Brenda child from UC ICT. Please go ahead.
Yeah. Thank you Wendy.
Would you be you wouldn't go shop affluence Sushi day January.
Does that because you know your true J P M will projection of book.
So in that.
So that means that meant you choice at all of them, what's your hurdle from Shaheen.
Well Joanne woman, sorry, Jay Carvell.
How does he go more soupy time zone with Stephens.
Thanks management for taking my questions I have a follow up question on a net.
So could management elaborate a little bit more on the cooperation model, maybe automakers and our future.
The potential.
Other models.
Thank you.
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Uh huh.
No woman.
Excuse me there are 2 new here it used to be either be credible, but you didn't see price.
Oh, you can actually see from having to pick up.
Uh huh.
I'm not rely on these young huh.
I can imagine how long we might here if you can do without.
Got it.
Sure.
You betcha.
Can you give me a price.
Sure.
So she would be negligible.
I think the hurdle motion that we ought to see yeah, I see them.
Starting with.
Cancel aren't Houston yard.
Aren't you.
Thanks.
Moshe do you get net woman.
Uh huh.
Yeah Yeah.
Actually you can do.
Good day.
Yeah Yeah.
Got it.
Right.
That's a question we have very comprehensive cooperation with it every.
Every day automakers as well as day premium.
Premium EV, Brent actually I think 2019, we already enter into cooperation with the big names like Selco like meal.
The auto et cetera, so there's very sustainable and very stable cooperation between net so interest stopped a lot of cost pressure actually they.
They lead Gen and actually printing and shipping on the demand and the price of the fleet will be based on the quality of the beach. So this is the principle of our cooperation model. So we offer a package of total sales increased solution to those clients.
Oh, no you don't.
Well, Matt how can it be.
So that can be sent to you the book you're doing well.
The motion that tissue that you guys sort of your day.
No.
Sometimes.
You got it.
Well, Matt we drop out.
You know what I'm sorry.
Yeah.
The Permian.
Your argument.
Great. Thanks.
Yeah.
At the low coming to town kidney into them.
And then the price of the U K.
Oh great.
Yeah.
And Gerry.
Upgrading of our strategies, but also integrate the corporation model between us and does any of the automakers. There are too many directions. The first 1 is that we will enhance our services in particular, the order placement services.
As well as the online reservation of the tap to drive and the second thing is that actually we are we will have those any of the automakers to expand their coverage and the different geographies in particular in tier 1 cities.
Okay.
Yes.
Okay. Thanks.
Yeah.
Operator.
Thank you Brenda shop. This question is Thomas Chong from Jefferies. Please go ahead.
Well it sounds like you said.
You bet.
Oh, what's the when you saw us I should.
Sorry about that.
So on their sales.
We're moving dirt.
But I believe that I keep on this Dan.
Make a 1 day.
Got you.
<unk>, maybe you can really get our head count today Dominion.
It kind of about it beautiful Lindsay.
When 1 of them and definitely right.
Oh Boy you got it.
Right.
1 zone.
Oh, Thanks management for taking my question.
My other question relating to our Opex trend.
And got minutes from inclement about Oh of course.
Strategy for this year as low as our head count per well.
And my second question is about the overseas expansion strategy.
Is that a cold, but you're still quite uncertain.
I would say it's fine.
Great.
Some changes.
Overseas expansion. Thank you.
Uh huh.
Sheila we don't need to England.
Sure.
I don't know what goes on inside that take a place called from your children to school machines out exactly vitale of synergy.
So we didn't actually finishing a non shoes.
Chiquita timber if they don't they don't want don't want me, you're calling us off unless you said I should say take a total you don't own a sufficient to absorb some of them come true.
Oh no. It's a good from your 300 was our game there Sean.
It's also of course, if this union Nike shoe for assertion won't use it just didn't flow. That's a good thing over time, but it's a total dollar Cushing you don't know from watching you.
Well, let's say the flow, possibly a bit.
Uh huh.
So your total that's you know take are just too high.
Not sure what.
Our total production.
How are you doing an interruption in depth.
Okay, I would like to take the first question and let me start and I'll take the second question I guess like our chairman said in their opening presentation, now where plenty about the upgrading of our strategy. So it's very difficult for me to give you a forecast about changes and of course, if the ethics.
But according to our traditional legacy actually were very attack, we're very good at cost control as well as the operational efficiency it happened and for the cost of sales in our business, where you stand in the incubation of the new business I think that this principle will remain unchanged.
Yeah.
Hey, how are you young woman does seem to fill their share food them jobs from 2.
For those of you acquired Russia at noon.
Good day and to Die you cash you don't need also food a junior computer, which is Daniel Thiago country I'm not sure I, even heard announced from Guy who didn't quite Josh its usual neither from too.
2 from Allomap, telling me it is essentially on the sandy.
Children. So you don't have to teach against our total shareholder.
You want to cancel a piece and she's going to walk faster you know who knows.
Country, Suzanne together when they talk to each other here.
Okay cancels on day, 1 go continental's growth Felicia.
I don't think of it too.
Hi.
Felicia when we'll find out.
Youll be thought about somebody shot.
New channel down bandwidth without huge value.
They skew towards I don't know you'd be onshore.
Okay.
You bought it.
Yes.
So Frank I think your question about our overseas business, we will still follow the principle of empowerment of the S output and types of empowerment. I mean are we will actually empower our users through the content. It means that there'll be very rich content provider.
A lot to add to facilitate their users to see different models online to actually.
The test to drive.
To make the reservation, all I think that that seems like that and in terms of the out towards women technical output, we will continue to.
Hence our <unk> plus the.
Auto show it capability. So that we can launch activities are life and to provide more convenience to the online users and from that channel. It means that we will empower the dealers and distributors to our shop capability that platform and in terms of our corporation.
With the auto OEM, we will empower them with our lead gen capabilities and our content from.
Asia capabilities and you can see that in March our total M. E. D is about a 3.12 million and we actually are connected with 6500 that the 15th.
Can you just won 2 minutes.
Just add 1 point too.
Our CTO is a S or.
Some of Otter, so for the auto market you know, we don't mind, you know looking into the investment or acquisition opportunities to expedite our inroads into those local markets.
So we are still confident that our overall technology content and our our.
Our ability and experience to work with the OEM in theaters.
It will help us to penetrate those markets.
Thank you.
Next question please.
Thank you Thomas net.
Question is Brian Gong from Citigroup. Please go ahead.
Uh huh.
Sure Vishal Onesie Twosies show was how funny tone from them a simple thing.
So I'm in charge of school book.
Yeah.
That's helpful.
Got you.
They're trying to do it.
Uh huh.
What are you from.
From here on the full year.
Oh go quickly translate for myself, so commencement share some salts.
Okay.
And what's the Joe a piano play into our spreadsheet probably from the.
Second half of this year. Thank you.
Yeah.
Yeah.
Okay.
Total.
Okay.
Oh.
Uh huh.
What are you guys should do we owe them.
Okay.
Yeah, we could depending upon day euthanized.
Just with the channel.
Uh huh.
Yeah.
You talked when they switch from June this year.
Okay, that's useful to share from kind of their jobs.
Uh huh, yeah from here.
Apart from that side.
The G T shirts, you from here they'll get Togethers from today.
What I can do it again.
No.
No we don't see anything come in due time.
Well I mentioned that it could become.
Yeah.
Okay.
Uh huh.
Yeah, Yeah yeah.
So it's easy to do.
On that day.
Yeah.
We got them with you.
That's your time Tonight.
Thanks.
Okay.
We ought to do share.
Oh My bad.
Yeah.
Bye bye.
Uh huh.
Well, they can't that day to day.
Thank you Michelle.
How do you.
Uh huh.
Joe you can back into it.
Michelle you May talk to you can put up by channel.
No.
Got it.
Well it can be lumpy.
Let me pizza by Obama.
As you can.
Uh huh.
Yes.
Alright.
Right.
Yeah on that night.
I'm Gonna change here.
How're you doing.
I don't know dealer mentioned was up by about a teacher and I couldn't get it from them.
Akshay.
Yeah.
In terms of a coffee shop with <unk> I think that cash mainly suite that nurses can discuss about the corporation. The first of what this technology.
And a second 1 traffic collaboration and specialized product collaboration and in the first of what day technology collaborate I think that we have been greatly empowers and enables Viking I E.
AI automation technology, as well as machine learning and especially in light of day traffic collaboration we have been cooperating with paint and we have been making our present a lot of the mini programs Oh, let's start for example, a good car owners.
Okay skull bachelors as low as pocket.
Like that we have been cooperating with them by making our presence in the mini program and it sounds like the product that collaboration Nissan mainly based on specific projects. They do they have projects that we have been talking before and that's why we can from a price.
Sales and marketing towards the users based on their accurate user profiling and take them all day for the 18th campaign for example in our P&C had been greatly empower us sure.
Sure there are so many occasion as well as media resources capability.
Well, yeah, it's easier.
Jim in your mind.
<unk> had less of a jaw piece of Jamba, Shanghai Guangdong into EG.
G SCHUNK, who does it.
No no drag from nice gene is from Jim could you at all achieved certain kinds of Chunghwa.
Mr Chairman Lu.
So timing of adult chooses his job Shanghai, Guangzhou and kept them from Jeff.
But I would say gee well, mainly due to her she said the change outs from the Shanghai the easier comp total jet dull.
<unk> all been nonetheless certainties.
I'd also like to add 1 point actually from this year P. I had has been trying to fight the collaborations corporation as well as support with alcohol actually for all day subsidiary affiliated with them, which are related to that.
Also ecosystem he had been totally and very comprehensively engaged listed corporation with auto Paul and our recently you can see that when we are actually dealing with the Oems as well as the dealer.
Actually we get a lot of support from Peanuts in terms of did any work.
Okay.
Yeah.
Oh.
Okay.
Okay.
Okay.
Okay.
Yeah.
Thank you Brian.
Diesel price.
I will turn the conference back to management for closing comments.
Okay.
Okay.
Sure.
Yeah.
Got you gave out a transaction.
She's not shopping.
Oh, I'm, sorry, I'm, sorry, the Jo mill can you sort of thinking about Google.
No no it wouldn't be a virgin volume safely USDA chicken.
Thank you very much for 'twenty. After day, we appreciate your support and we look forward to updating you on our next quarter's conference call.
In the meantime, please feel free to get in touch with US if he has any further questions or comments.
Thank you.
Yeah.
Ladies and gentlemen.
Good Day conference call. Thank you for your participation you may disconnect now.
Okay.
Yeah.
[music].