Q3 2023 Yunji Inc Earnings Call

Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to YUNG's third quarter 2023 earnings conference call.

Good morning, and good evening, ladies and gentlemen.

Thank you for standing by and welcome to <unk> third quarter 2023 earnings Conference call.

With us today are Mr. Shengli Xiao, Chairman and Chief Executive Officer, Mr. Yiqing Cui, Senior Financial Director, and Ms. Kay Liu, Investor Relations Director of the company. As a reminder, this conference call is...

With us today are Mr. Shang the shell.

Chairman and Chief Executive Officer, Mr. He Qing Wei senior financial director and MS. Kate <unk>.

Investor Relations director of the company.

Speaker Change: As a reminder, this conference call is being recorded.

Now I would like to hand the conference over to our first speaker today, Ms. Kay Liu, Investor Relations Director of Yanjie. Please go ahead, ma'am.

Speaker Change: Now I would like to hand, the conference over to our first speaker today Ms. Kate.

Speaker Change: Investor Relations director of <unk>. Please go ahead ma'am.

Hello everyone, welcome to our third quarter of 2023 earnings call. Before we start, please note that the call will come forward looking statement within the meaning of the private security litigation reform act of 1995 that has faced some of current expectations and current market operating conditions and relate to events that involve non-on-on-one race uncertainties and other factors of the Indian and its industry.

Speaker Change: Hello, everyone welcome to our third quarter tooth I'm from Missouri earnings call before we start please note agriculture come.

Speaker Change: Forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995 that are based on our current expectations and current market operating conditions and relate to events that involve known and unknown risks uncertainties and other factors of India in this industry.

New ball-looking statement can be identified by terminologies such as will, expect, anticipate, continue, or other similar expressions. For detailed discussion of these three circumstances, please defer to our latest document that filed with US SEC. Any ball-looking statement that we may find is called based on assumptions as of today, and are expertly qualified in entirely by cautioning statement, re-textur, and details of the company filing with SEC.

Speaker Change: These forward looking statements can be identified by terminology, such as well as back anticipates continue or other similar.

Similar expressions, but detailed discussion of these risks and uncertainties. Please refer to our latest documents filed with the SEC any forward looking statements that we make on this call are based on assumptions as of today and that is currently qualified in the entirety by closing statements risk factors and details of the company's filing with SEC.

Since you do not undertake any obligation to update this statement except as a quite inapplicable

Speaker Change: <unk> does not undertake any obligation to update these statements is that as a quite an applicable.

With that, I will now turn over to Shang-He cell chairman and CEO of Yingxi.

Speaker Change: With that I will now turn over to Sean yourself, Chairman and CEO of <unk>.

Hello everyone, welcome to the invite our third focus on the company's The Early Voice.

Speaker Change: Can you help frame that.

Sean Yourself: Our family and defense you told us about the hallway Hello, everyone welcome to <unk>, Inc.

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Speaker Change: Australia earnings.

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<unk> has been outstanding so yeah, the hyndman publicly.

Speaker Change: With that said you know the Swiss auto Hudson Bay.

The third question is traditionally an off-pag season for e-commerce. We took this opportunity to further develop and strengthen our business foundations and continue to build the marketing and product firm.

Speaker Change: Juliet Chagall Tucson, there isn't a formless European patent Puma parallel attaching the Bangalore hitting the balance sheet youll get into the <unk> yet no woman, that's still <unk>, how does that sugar hurdle.

Speaker Change: He.

Speaker Change: Is traditionally and off peak season for E Commerce.

Speaker Change: Activities of E&P to further develop and strengthen our business foundation and continue to deteriorate and those the marketing on a pretax.

We feel this is a number of initiatives, including fine tuning our market positioning, advancing developmental and new products, strategically addressing the structure of our product offering.

Speaker Change: But it sounds like a number of initiatives, including fine tuning our market positioning and advancing development of our new products strategically at adjusting the structure of our product offering and are optimizing our supply chain capabilities. In addition, we ramped up our marketing and our house.

and are optimizing our supply chain capabilities. In addition, we ramp up our marketing and hosting events to highlight product regions and our veil-new products, leading the groundwork for our promotion of sales in the fourth quarter. Notably, during September of private labelting, relocated to a new office building with enhanced product display and presentation errors.

Speaker Change: The events to highlight productive regions and unveil new products laying the groundwork for our promotion our sales in the fourth quarter, notably during September our private label King relocated to a mere an office building with a hard to predict by display in our presentation.

allowing us to more effectively showcase our private label brands to our partners.

Speaker Change: Right.

Allowing us to more effectively showcase our private label brands to our planet.

Here we will have a review which have been talked about

Speaker Change: Well done.

Speaker Change: First of all you need to meet.

Speaker Change: You can get to competitive.

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Speaker Change: Well, we really did celgene choosing Goodyear shot in Quito golf into some Jack with the caution that assumption Teo, So jacobi Toby Willard.

guided by our ongoing strategic development, we conducted a comprehensive evaluation of the range's market positioning. Both range and our travel label brands have consistently maintained higher repeat purchase rates. These positive trends has promoted us to reflect on how can we further enhance the value we deliver to our users and affiliate managers.

Speaker Change: Sky that are buying our ongoing strategic development, we conducted a comprehensive evaluation of the unique market positioning.

Speaker Change: Strangely and our private label brands have consistently maintaining higher repeat purchase rate. This positive trend has promoted ads tariff slapped on how can we further enhance the value we deliver to our users and our service managers all of that's really within a common pattern.

Over to within a competitive market landscape, we remain firmly committed to offering high quality, competitively priced products.

Speaker Change: Market landscape, we remain firmly committed to offering high quality, how did you really price of products that deliver outstanding value to our users. We believe without these commitments will generate higher revenues and strengthened our brand image tailing away for.

that deliver outstanding value to our users. We believe that these commitments will generate higher revenues and strengthen our brand image, paving the ways for our sustainable growth.

Speaker Change: Our sustainable growth.

In recent years, all major platforms have launched low-priced strategies and have adopted various inescapable playstyles to extend the promotion period of Double-4E to a month. Cloud-1's playstyle is simple and the battlefield is much shorter. It is mostly based on the category theme, attracting our users by direct discounts and multi-building discounts. The focused strategy is more beneficial for us to fight together and to recruit targeted silent users.

Speaker Change: Do you mean, the SLC good options.

Speaker Change: <unk> got a clear Vince where you could own central between the wildfires, but I don't see that to show a lot of candela eagerly.

Speaker Change: You need to transfer one for Jim that you have to handle probably little too. So you quit her daughter towards in Ukraine and constellation.

Speaker Change: Jonathan <unk> Goldman <unk>. So what you don't do that vintage insulation that tomorrow, we'll talk with you.

During these years, W.E.L.A. shopping factor war major e-commerce platforms engage in aggressive discounting and a standard of promotions over the course of a month by using a value of a career-adulter approach. We chose to try a different approach.

During these years, probably 11 shopping festival major e-commerce platforms to engage in aggressive discounting in a santander promotions over the course of a month by using a variety of creative approaches.

Speaker Change: So you just got a different course opting for a more straightforward promotional approach over a shorter time frame. For example, we successfully attracted and engage the users by leveraging productive same date direct discounts and a multi idaho. Okay. These are stretch.

opting for a more straightforward promotional approach over a shorter time frame. For example, we successfully attracted and engaged users by leveraging product same day.

direct discounts, and multi-item offers. These strategic focus enable us to coordinate our marketing efficiently and more precisely target dominant users, effectively drawing them back to our platform.

Speaker Change: <unk> focus enable us to coordinate our marketing efficiently and more precisely have installment to use it effectively joined and back to our platform.

In the last press conference, we proposed a strategy to increase the supply of hardware. We have achieved good results in hardware products, especially in food. At the end of August , Xie...

It sounds like she bought whose all women shoes will attend Goldman.

Speaker Change: You mean the tenure.

Speaker Change: <unk> children are patrolled tango.

Speaker Change: Poverty <expletive>.

XieKaQiHuJuan and XieLiHe have become a popular choice for the Mid-Autumn Festival National Day gift-giving party. They have maintained a stable daily sales without any major headwinds. In just one month of the end of the quarter, we have sold more than 400,000 big crabs in total and sold more than 13 million yuan.

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Speaker Change: Michelle.

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Speaker Change: Just as you do more of the GE women's on humans will attest that she had towards system.

<unk> 12, which is definitely here.

During our previous Earnings Report, we outlined our strategic initiative to enhance our supply chains and capitalize on consumers' growing appetite for seasonal purchases. Our approach has yielded impressive results.

Speaker Change: During our previous earnings call, we outlined our strategic initiative.

Haas, our supply chains and capitalize on consumers' growing appetite for seasonal purchases. Our approach has yielded impressive results, particularly in the food category. For example by the end of August our Krabbe vouchers and a craft gift boxes had emerged as go to gifting.

particularly in the food category. For example, by the end of August , our crab vouchers and crab gift boxes had emerged as go-to gifting choices.

Speaker Change: <unk> for the mid Autumn Festival and a National day Holiday Importantly, we have successfully January is stable levels half of berries salad without significant promotional spending.

for the Mid-Autumn Festival and National Day holiday. Importantly, we have successfully generated stable levels of dairy sales without significant promotional spending. In the space of just one month, we sold over 400,000.

Speaker Change: The space of just a one month, we sold out we sold over 400000 to perhaps generating revenue in Africa, Some 13 million RMB.

generating revenue in excess of 13 million RMB.

Next, I will share with you the progress of Yunji's free brand. Beauty is our base, and health is our second curve. Yunji, which has two free brands, Beauty and Health, is trying to cross-border connections between different brands. In this way, our products are unique and hard to replicate.

Speaker Change: She's had it where would that definitely sounds AEG zero competitive genes that may.

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In September , our cosmetics brand PS launched the Sagi moisturizing cream, which was sold out in less than an hour on the day of the sale. The community's call for the disappearance of the anti-factory

Speaker Change: Juliet Lumpkin pet, yes, two solar Saturday runs and got some downturn the issues relate to so.

Speaker Change: So as you do your friends on shorter the Hudson County, Sagittal mid June comfortably European.

Sagi has always been recognized by users in our health, nourishment, and freedom products.

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Now I'd like to share some updates on Wings' private label brand.

Speaker Change: Now I'd like to share some updates on lean six private label brands well beauty remain our core focus health care has emerged as a strong secondary area. They deal with their kids beauty and how it opens up in siding or panties to its floor clause.

While beauty remains our core focus, healthcare has emerged as a strong secondary area. This dual-circuit of beauty and health opens up exciting opportunities to explore cross-category collaboration, allowing us to create highly unique and differentiated

Speaker Change: Category collaboration, allowing us to create a highly unique and differentiated products. For example in September our beauty brands P&L launched C box. So late bombs that it was an instant heat selling out within an hour on its launch day.

For example, in September , our beauty brand P&S launched a C-boxed lip balm that was an instant hit.

Selling out within an hour on its launch day, the lip balm's popularity sparked a strong demand within our community groups for a further round of sales. C. buxom has proved to be a popular ingredient for our health.

Speaker Change: The leap bonds, probably elaborate T stop the strong demand within our community groups for a thud around ourselves see box. So it has proved to be a popular ingredient for our house brand B by reaction. Following its launch the lead bank has garnered devoted following.

The valion for its lunch. The lipun has gnered a devoid of following across both beauts.

Speaker Change: Across both spewed T and house category, demonstrating the potential often cross category collaboration building on the success of the lip balm and align with the resurgence of in traditional Chinese medicine culture, we've established and horrible things.

and health category, demonstrating the potential of a cross-category collaboration.

Building on the success of the lip balm and aligning with the resurgence of traditional Chinese medicine culture, we've established a herbal skin care studio and intend to introduce more cross-category products.

Speaker Change: Skincare stereo and intend to introduce more cross carrier products, such as DTC and face mask to cater to the evolving preferences of users.

such as the TCM face mask to cater to the evolving preferences of users.

Our service providers choose Yunji because Yunji is a service provider that can take care of their business and family.

Speaker Change: Women are <unk> that are unique to the vintage of was a preacher and we'll see a projection when we do not trade on Indian tempting to medicines. Each obsolete. Therefore, you repeat who now can do food you need a credit for that and shows a who play if we would see the same pool you can lose two or three what he said.

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Finally, I'd like to tend to a critical component of our success, our dedicated service managers. They choose Unity because we offer a unique opportunity to strike a balance between their professional and family languages.

Speaker Change: Finally, I'd like to turn to a critical component of our success our dedicated service managers. They chose AMG because we offer a unique opportunity to strike a balance between their professional in assembly language, our innovative flash sales strategy.

Our innovative flash of sales strategy empowers the service manager to build a magicier product or brand in a short time frame often within an hour. This allows them to rapidly generate sales and then return to their personal life.

Speaker Change: Empowers service manager.

Speaker Change: The magic heated products or brands in a short timeframe often within an hour. This allows them to rapidly generate sales and then return to their personal lives freeing up time for self increments and to spend with their families in terms of her personal development we continue to.

freeing up time for self-improvement and to spend with their families. In terms of her personal development, we continue to prioritize the continuous learning and growth of our service managers. As part of this commitment, we launched a new education and training program in the third quarter. This initiative will not only refine their self-skills, but also foster broader thinking and cultivate a more diverse ingredient.

Speaker Change: I'll, let KC continuous learning and growth of our service managers as part of this commitment we launched a new education and training program in the third quarter. These initiatives will not only find their sales skills, but also foster broader thinking and I'm correlated more diverse.

ultimately helping to create a more fulfilling family life.

Speaker Change: <unk> automated way, helping to create a more fulfilling family life.

Speaker Change: Yeah.

Speaker Change: What do you need to be done.

Speaker Change: Well he doesn't eat chairman Wang on the Teva got into Gen. Three of Jimmy that definitely has helped us with that I will turn the call over to meet that frame, our senior financial that watch had he'll go through the financial results.

Without, I will turn to pour over and see you meet the great. I will see you at financial level, at a total growth through the financial results.

Thank you, Sun Wei. Hello, everyone. Before I go through our financial results, please note that all numbers start in the following remarks and in terms of all tapas and presented change, year over year, this is unless otherwise that note, as far as tomorrow Hola do all the others

Yeah.

Speaker Change: Okay.

Speaker Change: Thank you Hello, everyone before I go through our financial results. Please note that all numbers got Athena hauling remark.

Speaker Change: Terms and a temporary pause.

Speaker Change: <unk> changed our year over year basis, unless otherwise noted.

During the third quarter of 2023, our operations remained relatively stable and we used the opportunity to reinforce our core operational project. Key to this.

Speaker Change: The third quarter or 23, our operations.

Speaker Change: Remainder of the caterpillar stable, although we used the opportunity to live in.

Speaker Change: Both our core operational progress.

To this.

effort has been the enhancement of our inventory management practice. We now have a robust, comprehensive strategy that covers our private label's product development, sales scheduling, and the management of stock inflows and outflows. At the same time, we actively monitor different product categories on a weekly or monthly basis to ensure inventory is kept at an optimal level.

The effort has been in Hoffman.

Speaker Change: When Chris Benjamin project, we now have a robust comprehensive strategy here and cover our private label product.

Speaker Change: She also scheduling and the management of our stocks and broth and off road.

Speaker Change: In part we actively monitor different product categories on a weekly or monthly basis to ensure even trickier.

Speaker Change: Optimal level.

The strategic growth inventory management has been extraordinary in optimizing our use of assets and effectively managing cash growth. We believe this new approach lays a solid foundation for our attempt to develop development within a constantly shifting dynamic market. Now, let's take a close look at our financial.

<unk> books argument to a measurement has been struck Manhattan, optimizing our youth Oss and effectively managing cash flow. We believe this new approach.

Speaker Change: A solid foundation for our tablet development co.

Speaker Change: Shifting dynamic market.

Speaker Change: Let's take a closer look at our financial.

Total revenues were 145 million compared to 239 million a year ago. Revenue from sales or merchandise were 140 million and the revenue from our marketplace business was...

Speaker Change: Total revenues were 145 million compared to 239 minutes of Yatsko revenues from sales of motorcycles worldwide hungry under 40 minutes.

New for our marketplace business.

29 minutes. The changes were premiered driven by ongoing refinements to our product range across all categories.

Speaker Change: 29 minutes, the changes were primarily driven by ongoing refinements to our product range across all categories.

This, coupled with the optimization of our supplier and the merger network, results in a short-term impact on sales.

Speaker Change: This coupled with the optimization of our supplier and the Mercury network, resulting in a short term impact ourselves.

Despite these challenges, our growth margin remains relatively solid at 45.7%. This will do to the tenderly customer's rights towards our privacy labels and our effective product coaching decisions.

Speaker Change: Despite these challenges our gross margin remained relatively.

Solid at 45.7%.

Speaker Change: This was due to the tender and customer loyalty towards our private labels and our effective products coaching gesture.

Now let's take a look at our pre-tank stance. The human stance will...

Now, let's take a look at our operating expense fulfillment expense were.

$26 million compared to $37 million a year ago. This was primarily driven by a decrease in warehousing and logistics expenses stemming from lower merchandise sales and reduced personal costs due to staffing.

Speaker Change: Turning to <unk> 6 million compared to $37 million scope. This was primarily driven by a decrease in warehousing and logistics expense beaming from lower amongst ourselves and the reduced personnel cost due to stopping.

Structural optimization, sales and marketing expense was $30 million compared to 2019.

Structure optimization sales and marketing expense was 30 million.

Speaker Change: Compared to.

47 million ASGO. This was a primary result of a decline in member management fee and a decreased business promotion expense. Technology and content expense were 14 million. Compared to 17 million ASGO, the decrease was mainly due to a reduction in personal cost resulting from starting structure optimization.

Speaker Change: Well there are several million scope. This will permit there's also a.

Speaker Change: The car I mean, remember imagine would be under decrease the business promotion expense.

Speaker Change: On the content expense was 14 million compared to 17 million. Yes go the decrease was mainly due to a.

Speaker Change: The reduction in personnel costs, resulting from the restructure.

Speaker Change: Structure optimization.

General and administrative expense were 28 million compared to 38 million IS Gold. This was mainly due to a decline in share-based completion expense.

Speaker Change: General and administrative expense was 28 million compared to 38 familiarity that score. This was mainly due to the card and share based compensation expense.

Total operating stance in the third quarter decreased to

Speaker Change: Total expense total operating expense in the third quarter decreased to <unk>.

98 million from 139 million in the same period of 2022.

Speaker Change: 98, 2 million from 139 million in the same period or 2022.

Lost block operations were 30 million compared to 18 million eyelash blocks.

Speaker Change: Loss from operations was 13 million compared to $18 million.

Next loss was 35 million compared to 30 million years ago while the Justin at loss was 34 million compared with 30 million years ago

Speaker Change: Net loss was 35 million compared to $32 million.

Speaker Change: While adjusted net loss was <unk> 4 million compared with 30 minutes ago.

BILIC under diluted net loss per share attracted to ordinary share holders were both 2 cents compared with 2 cents in the same period of 2022.

Speaker Change: And the diluted net loss per share of traffic to ordinary shareholders was <unk> <unk> compared with <unk> in the same period of 272.

Turning to liquidated as of the 13th, 2023, we had a total of 555 million in cash and cash equivalent. The straight cash and short-term investment on our balance sheet compared to 1669.

Speaker Change: Turning to liquidity as of the third.

Speaker Change: <unk> to 'twenty three we had a total of 500 under $55 million in cash and cash equivalents restricted cash and short term investments on our balance sheet compared to 60 or 69.

million as December 31, 2022, our liquid access was sufficient to cover our payable obligations and we did not hold any long-term bank loans or debt bills on our balance sheet. Looking ahead, we will continue to proactively explore investment.

Speaker Change: Oh December so tier one transitioning to our liquid assets was sufficient to cover our payable obligations. Although we do not hold any long term bank.

Speaker Change: Bank loans or that bears on our balance sheet broker looking ahead, we will continue to proactively explore investment.

opportunities with the aim of enhanced our supply chain capabilities. To summarize, we talk crucial steps towards achieving our long-term strategy goals during the third quarter, our diligent efforts to enhance our inventory management mechanism and our decision to provide for all of the

Attunity is with the N enhance our future capabilities to summarize we talk crucial steps towards achieving our long term strategy growth during the third quarter, our diligent efforts to enhance our inventory management, our mechanism and our decision to promote.

Speaker Change: For all of it.

to sustainable and effective access management approach. We are integral to this process. Going forward, we will continue to drive ongoing effective improvements in ensuring that our company remains designed and adaptable. This approach, positioning, are to effective in the future.

Speaker Change: To sustainable and effective asset management approach, we are integral to this process going forward. We will continue to drive ongoing effects of improvements ensuring that our company remains this island and adaptable.

Speaker Change: Coach position to effectively meet the future.

Speaker Change: The challenges and seize opportunities as are we.

Speaker Change: The.

Speaker Change: And will it change your economic landscape. This concludes.

Speaker Change: This concludes our prepared remarks for today operator, we are now ready to take questions.

Thank you. We will now begin the question and answer session.

Speaker Change: Thank you.

Speaker Change: We'll now begin the question and answer session.

To ask a question, you may press stars and ones on your touchstone's own.

Speaker Change: To ask a question you May Press Star then one on your Touchtone phone.

If you are using a speakerphone, please pick up your handset before pressing the key.

Speaker Change: If youre using a speakerphone please pick up your handset before pressing the keys.

If it any time your question has been addressed and you would like to withdraw your question, please press stars and two.

Speaker Change: If at any time. Your question has been addressed and you would like to withdraw your question. Please press Star then two.

When asking a question, please state your question in Chinese first. Then repeat your question in English for the convenience of everyone on the call.

Speaker Change: When asking a question. Please state your question in Chinese first then repeat your question in English for the convenience of everyone on the call.

At this time, we have caused women terribly to assemble our roster.

Speaker Change: At this time, we will pause momentarily to assemble our roster.

The first question today comes from Ethan Yu with her stress. Please go ahead.

The first question today comes from Ethan you with our stress. Please go ahead.

Speaker Change: Oh, Thanks for taking my question.

This week it's related to conference Windsor, ??????iatos of H?anska Kizman, direction colonel A feliz Ben commissioner of j?.

Speaker Change: Is it one infringes on a Q O Q.

Speaker Change: Nice job on Boeing doesn't ship with all the user Jim O'neil.

The Great Park, Ohio.

So everything's on track.

We've produced more color on the specific plants and the denacetization for our health business segment.

Speaker Change: Cause you should have more color on the expected expense and ER.

Speaker Change: Positioning for our health business segments. Thank you.

Speaker Change: Okay.

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In the future, there will be 6.21 Chinese people who will be in the 60s.

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She is on a ball modest MBS that are there in the past the loop.

Speaker Change: It seemed to be that puts in a sequential 300 ones with genco.

Speaker Change: Glenn to juggle highs of the income coming through.

Speaker Change: <unk> so good.

And thank you for your questions. The Inji House is an inji's forward looking strategy for the NASA 10-020-YETS, and in the NASA 10-020-YETS.

Speaker Change: And thank you for your question ranging house is AMG four were looking strategy for the NASA tend to return to yet and in our naphtha tend to 'twenty, yet and we know that in China. We are going to have a 620 million Chinese people or so.

And we know that in China we are going to have a 620 million Chinese people over a CP years old and above and you can take it as our second the recurve

Speaker Change: Two years old and about and you can take it as our secondary cause and a 95% of our consumers are women and long reach 86 per cent often are matters a key characteristic of these groups in theory kings.

And 95% of our consumers are women, among which 86% of them are mothers. A key collector risk of these groups is their keen sense of health, particularly as the

Speaker Change: House.

Speaker Change: Equally active primary guardians of the well being of the depots elderly family members and its children.

primary guardians of the well-being of the both elderly family members and the children.

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Speaker Change: Tuesday. This is home, but you if you recall that's what she said is until you do the SUV.

Speaker Change: John gone up which she is not just aperture Tulsa.

Speaker Change: Well not really true nature.

Speaker Change: Sure Tien <unk> latasha.

Actually in China's current industry and we do not lack different models of the SUV But we lack the SUV with six seats Similarly in China's health industry we do not lack the online and offline supermarkets But in the next 20 years in China will lack the health supermarkets

Speaker Change: Actually in China car industry, and we do not lax different model S E Z, but we love the SUV, we seek to see similarly in China How's industry, we do not lack the online and offline supermarkets.

Speaker Change: In the last 20 years in China, we'll lap the house supermarket.

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in genuine fact, our health social occasions, for example we are at the?? the real self protective protection government

Speaker Change: Should you will notice on the G in concert with Jim on the simple answer.

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Winged house can be likened to a Sam's Club for the house domain.

Speaker Change: Lindsay House can be like Hunter to Sam's club for the house domain, including the healthy food also.

including the healthy food, also those food that are focused on health, and with a primary emphasis on health-holding scenarios.

Speaker Change: So those and you know food and a focus on house and.

Speaker Change: With a primary emphasis on household is in our house.

Or by those a functional food. It gets diverse house product.

Speaker Change: There was a functional food and it gathers divest how spread out some various brands and categories to meet the personalized health needs of a different family members, while many associated house when the dietary choices, we I'd ever paid for a healthy lifestyle income.

found various brands and categories to meet the personal life's health needs of a different family members. While many associate health with the dietary choices, we advocate for a healthy lifestyle in composing assets like the sound protection, skincare, hair care, and cleanliness. Lingey aspires to be a comprehensive, healthy world for all aspects of life. Thank you for your time.

Speaker Change: But I think as that Leidy, some protection skincare hair care and it's clean.

Speaker Change: <unk> aspire to be a comprehensive how do you work for all aspects of life.

Speaker Change: She didn't know that you would center for a question.

Speaker Change: Okay.

Thank you, Xiao Zhengma, for your time. Thank you, Xiao Zhengma. I have no more questions. Thank you.

Speaker Change: She just doesn't work like that because I have no more questions. Thank you.

As there are no further questions, at this time I'd like to hand the conference back over to management for closing remarks.

Speaker Change: As there are no further questions at this time I'd like to hand, the conference back over to management for closing remarks.

Speaker Change: Okay.

Thank you for joining us today. Please do not hesitate to contact us if you have any further questions and we look forward to talking with you next quarter. Bye.

Speaker Change: Thank you for joining us today, please do not hesitate to contact us if you.

Speaker Change: Have any further questions and we look forward to talking with you next quarter Bye.

The conference has now concluded. Thank you for attending today's presentation. You may now dismiss.

Speaker Change: The conference has now concluded. Thank you for attending today's presentation you may now disconnect.

I I J, I that.

Speaker Change: Yeah.

Speaker Change: Yes.

Speaker Change:

Speaker Change: [music].

And.

Speaker Change: Okay.

Speaker Change: [noise].

Speaker Change: Okay.