Q4 2023 PDD Holdings Inc Earnings Call
Ladies and gentlemen, thank you for standing by and welcome to <unk> Holdings, Inc, fourth quarter and fiscal year 2020 earnings Conference call.
At this time all participants are in listen I mean that there'll be a presentation followed by a question answer session.
Each time, if you wish to ask a question you will need to press star one on your telephone.
Please be advised that today's conference is being recorded.
Speaker Change: I would now like to hand, the conference over to your host today. Sir. Please go ahead.
Speaker Change: Thank you operator, Hello, everyone and thank you for joining us today.
Speaker Change: Peter do you have seen our news release was distributed earlier and is available on our website at Investor Dr. TDD Holdings Dot com as well as to the Globe Newswire services before.
Speaker Change: Before we begin.
Speaker Change: Like to refer you to our safe Harbor statement in the earnings press release, which applies to this.
Speaker Change: We will make certain forward looking statements.
Speaker Change: Also this call includes discussions of certain non-GAAP financial measures.
Speaker Change: Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to GAAP measures.
Speaker Change: Joining us today on the call are Mr. Chen Lei, our chairman and co Chief Executive Officer.
Charlie Japan: Mr Charlie Japan.
Charlie Japan: Executive Director and co Chief Executive Officer, as well as mid switching our VP of finance.
Charlie Japan: Les and Joe John will make some general remarks on our performance for the past quarter and our strategic focus doing but then walk us through our financial results for the fourth quarter and fiscal year ended December 31st 2023.
Speaker Change: During the Q&A session.
Speaker Change: In general the answer questions Chinese.
Speaker Change: I'll help translate.
Speaker Change: We certainly know that.
English translation is for reference only.
Speaker Change: Discrepancy statements in the original language should prevail.
Speaker Change: Now, it's my pleasure to introduce our chairman and co Chief Executive Officer, Charlie Lai. Please go ahead.
Unknown Executive: Hello, everyone.
Unknown Executive: Thank you for joining our earnings for the <unk>.
Unknown Executive: Fourth quarter and the fiscal year of 2000.
Unknown Executive: 2023 was an important year for PTC.
Unknown Executive: We began the journey dedicated to high quality demand.
Unknown Executive: Aligned with our strategy.
Unknown Executive: We wrote.
Unknown Executive: Initiatives to empower business Steve.
Unknown Executive: And the consumer.
Unknown Executive: This effort has it resonated well.
Unknown Executive: Our users and merchants.
Unknown Executive: That is a positive feedback.
Unknown Executive: Driven by a rebound in consumer.
Unknown Executive: Total revenue in the fourth quarter.
Unknown Executive: Nicely.
Unknown Executive: We replace them.
Unknown Executive: 102000.
Speaker Change: Yes, great.
Speaker Change: GAAP net income for this quarter. It was RMB 23 3 billion.
Speaker Change: Over the past year.
Speaker Change: Revenue was RMB $247 6 billion.
Speaker Change: Which will represent a 19% year on year increase.
Speaker Change: In 2023.
Speaker Change: Consumer sentiment all praful, so a healthy.
Speaker Change: The surge in demand.
Speaker Change: In the fourth quarter, we forecast improving consumer wellbeing.
Speaker Change: Hi, called higher core products.
Speaker Change: Yes.
Speaker Change: This was achieved through a CMS Tommy Ben.
Speaker Change: W. Dudley.
Speaker Change: Shopping festival.
Speaker Change: Our goal has always been clear.
Speaker Change: Not a real consumer potato and empower individuals to achieve higher quality of life.
Speaker Change: As a result of these efforts.
Speaker Change: We haven't seen sustained sustained growth and consumer engagement in our platform.
Speaker Change: This quarter.
Speaker Change: In 2024, we will continue to ramp up our support for high quality supply.
Speaker Change: Our ability to deliver good value and exited a survey.
Speaker Change: We will refine our supply chain inside.
Speaker Change: And the tech technology capability.
Speaker Change: Help manufacturers reduce costs increase efficiency and <unk>.
Speaker Change: More product that resonates deeply with consumers.
Speaker Change: Our support for a new generation of farmers and merchant scale in both equity counter and E Commerce.
Speaker Change: Okay.
Speaker Change: This is part of our ongoing for.
Speaker Change: Both local employment.
Speaker Change: And increased farmers' incomes.
Speaker Change: Through our $10 billion ecosystem initiative.
Speaker Change: Alongside our high quality merchants.
Speaker Change: It's more to medium sized businesses to build a more sustainable ecosystem.
Speaker Change: RMB at.
Speaker Change: Our growth.
Speaker Change: Technology company and last year, we continue to invest in technology innovation with R&D expense.
Speaker Change: 11.
Speaker Change: Is the second consecutive year.
Speaker Change: Ben has the RMB 10 billion.
Speaker Change: In the fourth quarter R&D expenses grew by 19%.
Speaker Change: And B two 9 billion.
Speaker Change: This year, we continue to channel investment into new drivers of high quality traffic.
Speaker Change: We are dedicated advisors in a row of cutting edge technologies.
Speaker Change: Culture and manufacturing.
Speaker Change: In the fourth quarter, we reinforced our agriculture.
Speaker Change: So risk point project.
Speaker Change: Yes.
Speaker Change: Agricultural cloud.
Speaker Change: And the team do to kind of be growing competition.
Speaker Change: We hope to encourage the development of more resilient.
Speaker Change: Outer region.
Speaker Change: To further revitalize rural community.
Speaker Change: Yeah.
Speaker Change: Take Latino Academy growing competition as the example.
Speaker Change: It provides a platform.
Speaker Change: To showcase the agricultural innovation.
Speaker Change: <unk> has been active for border police event for the past year Rodney.
Speaker Change: And then we also pay close attention towards the abandoned agricultural product Puma biotechnology or extend Haynesville offers a pause or specialty agriculture product through initiatives, such as Zero Commission and 10 billion program.
While agriculture produce it.
And we remain grateful et cetera.
Speaker Change: We formed a strategic partnership with certain producers to broaden their market reach and provide continuous platform support.
Speaker Change: We also equity pool through our social responsibility.
Speaker Change: In December last year.
Speaker Change: Please cancel project.
Speaker Change: We promptly donated RMB $20 million.
Speaker Change: Indonesia will aid in purchase of redeeming the promise and post disaster construct.
Speaker Change: We hold ourselves accountable for making positive contributions to our community.
Speaker Change: As for our global operation since launching in September 2022.
Speaker Change: We have expanded into 500.
Speaker Change: City country and region.
Speaker Change: Okay.
Speaker Change: We are excited to let it flow our diverse global consumers and market.
Speaker Change: Broad technology innovation.
Speaker Change: With our supply chain expertise.
Speaker Change: <unk> to helping each consumer.
Speaker Change: We will fully alive.
Speaker Change: And we remain committed to this mission.
Speaker Change: 200 <unk> remarks.
Yes, since the founding of CVD holding things.
Speaker Change: Our infection.
We have always stayed close lead to our focus on e-commerce.
Speaker Change: We have always put consumers first in Bray.
Speaker Change: <unk> innovation with an open mind.
Speaker Change: Throughout this journey our team.
Speaker Change: The math for growth and development.
Speaker Change: We have seen ambitious young leaders ready to take on greater responsibility.
Speaker Change: Oh companies drive AUM.
Speaker Change: Creativity and energy of the younger generation do.
Give me the confidence to create unique value for our growing consumer base.
Speaker Change: Okay.
Speaker Change: And the OLED, our co CEO, Jonathan to further our high quality development strategy.
Speaker Change: What does that does that.
Speaker Change: And I, just wonder woman on time in <unk> publicly.
Speaker Change: Thank you Lei Hello, everyone. This is Joe John Thank you all for joining our fourth quarter and full year earnings call.
Speaker Change: I mean I was on mute.
Joe John: From an <unk> calibrated.
Speaker Change: Well, yes, so implementation will not pay for premium content.
Speaker Change: Yes.
Speaker Change: So I kind of been pool.
Speaker Change: Okay great.
Speaker Change: Mentioned in the answer again put us where we are there now.
Speaker Change: Visiting high Crazy Sundar Twitch, albeit it is empty.
Speaker Change: All right.
Speaker Change: <unk> is a year of recovery guarded by the King presuppose, all recovery benefit Pall and innovation, we proactively responded to the consumption recovery policies might.
Speaker Change: By bringing together the supply of quality products and the demand or consumption upgrade we played a hot releasing consumption potential.
Speaker Change: We achieved decent growth in 2023, which we believe is the combined result of our promotional activities and the overall recovery of consumption.
Speaker Change: In order of where it fits.
Speaker Change: This was a woman.
Tina: My name is Tina.
Tina: Okay.
Tina: Yes, Alex.
Tina: Somebody got ammonia kinds of Banca <unk>.
Tina: It can be and get a concert for the thing Thats been working.
Tina: Okay.
Tina: We feel that's a boundary on four different countries.
Tina: Hammond Keybanc for how the country before.
Tina: Built to serve the needs of a vast and diverse consumer.
Tina: Consumer base in recent years through interactions with our users we are observing a growing demand of consumption upgrades.
Tina: But at the same time, we also noticed the how consumers are looking for ways to upgrade more rational manner.
Tina: Upgrade is not about high consumption overspending it is more about offering.
Tina: Other products and services at more acceptable prices to bring more savings.
Tina: Jamie Feldman.
Tina: <unk> has just turned a corner.
Tina: Jordan Fungible Reorders.
Tina: Yeah.
Tina: Okay.
Tina: Hello.
Tina: Kevin mentioned up illegal.
Tina: Being this trend we pay special attention to product selection quality products sold on our platform and focus our promotional efforts on premium consumer goods, such as training national brand imported goods and high quality projects.
Tina: Ooh cohort Bayou bridge.
Tina: Sure.
Speaker Change: I'm sorry.
Speaker Change: In value with Chicago down a lot more about that.
Speaker Change: <unk> again.
Speaker Change: Well my thanks, again, and Julia Santiago Ma'am.
Speaker Change: And I'm talking not that important once again, ladies house of Angra Tony's Alexander.
Speaker Change: Are you seeing.
Speaker Change: Cohort returns youll hold until assist as I see the name. So we can't if I made it.
Speaker Change: It will be within our normal work on Guy told me if there's not a lot.
Speaker Change: Okay.
Speaker Change: The year was on timing <unk> behind you.
Speaker Change: <unk> heard some banks.
Speaker Change: I'm curious are vocal about understanding how that all works for yoga.
Speaker Change: For example, while the 10 billion program, we are making it increasingly easy to enjoy imported products.
Speaker Change: We are also investing firmly to support national brand.
Speaker Change: During the singles day last year, we helped our merchants sell more and our users save more our flash sale channel acted as a growth engine for over 100000, SME merchants and by the end of the event more than fully product categories saw their sales doubled.
Speaker Change: These included I would couch product national branded products and quality imported goods.
Speaker Change: The number of merchants selling agriculture products and there is no brand new goods that benefited from about 10 billion program more than doubled.
Speaker Change: Our total growth.
Speaker Change: Channel dedicated to imported products.
Speaker Change: 21 out of the top 100, Brian achieved a year on year growth of over 300%.
Speaker Change: 15 items recorded Daddy sales of over 1 million RMB during Singles' day.
Speaker Change: So those who need to lean into EMEA and swimming.
Speaker Change: So a woman ratio yeah.
Speaker Change: Turning to Oakland went down to the table.
Speaker Change: Thanks, Alex.
Speaker Change: We're modality.
Speaker Change: And in the future.
Speaker Change: Oh, who was unusually upward impact.
Speaker Change: Yes.
Speaker Change: You'll recall with yet Jonathan.
Speaker Change: John Mccallion.
Speaker Change: Ladies and gentle Athena uses on John Singleton door base that way.
Speaker Change: Okay.
Speaker Change: Looking at Q1.
Speaker Change: These numbers also show that the growth of our platform is the result of the value we create for our consumers and merchants.
<unk> hundred 94 would be a year of consumption promotion.
Speaker Change: Guided by the principle of consumer first.
Speaker Change: We'll continue to improve the variety of products and services offered on our platform deepening our value for money mindshare upgrade our shopping experience and enhance user activity.
Speaker Change: And as a result, we'll be able to offer more visibility and sales opportunities for quality merchants.
Speaker Change: Thereby strengthening the positive feedback on our platform.
Speaker Change: On the last 10 years, the women's game content on 500 vaccines and in.
Speaker Change: Cineangiography mobile phone call, it's about 110 nanometer coming on a year.
Speaker Change: I'm Tanaka route because the non chocolate, causing.
Causing a syntax that hasn't really a console.
Speaker Change: Well youre constantly how forward looking handily.
Speaker Change: 2023 proved to be a pivotal year for us as we embark on the journey towards high quality development and <unk> will be another critical year to implement this strategy to every part of our operations.
Speaker Change: We're going to step up our investments in three key areas.
Speaker Change: Consumption supply platform ecosystem to further optimize our capabilities offering more savings and better services.
Speaker Change: In Gaza and sometimes with them yet.
Speaker Change: <unk> sounds like there's also a growing team.
Speaker Change: Sure.
Speaker Change: I mean, yeah the 18th.
Speaker Change: MP, Nathan cohort or kind of tweaking the model.
Speaker Change: And we shall be suddenly demand months.
Speaker Change: <unk>, which I forgot.
Speaker Change: Okay.
Speaker Change: Sure.
Speaker Change: In terms of high quality consumption will continue to put ourselves in consumer's shoes and adjust our product offerings.
Following closely the changes in consumer demand.
Speaker Change: With tailored promotional event featuring holidays season, and special product candidates will make it easier for consumers to prepare their.
Speaker Change: Demand high quality products at.
Speaker Change: At attractive prices.
Speaker Change: Hello.
Speaker Change: In order to help fully against the <unk> doctor facing equally weightings and not meeting soon enough we're going to go downtown in companies like <unk>.
Speaker Change: Okay.
Speaker Change: Calgary community that you have at the end of season.
In addition to a more savings we're also continuing to upgrade our services.
Speaker Change: We'll roll out a series of initiatives that benefit consumers strengthening consumer protections.
Speaker Change: And further improve the shopping experience for remote areas and underprivileged groups.
Speaker Change: Thank god that aren't going to be a time in P&C.
Speaker Change: Eli combo door count what kind of in the <unk>.
Speaker Change: But in total for the.
Speaker Change: Well then take one.
Speaker Change: Andrew its design team like what does that mean counties.
Speaker Change: That's helpful.
Speaker Change: Cohort homes without getting any higher.
Speaker Change: Shocking value, Idaho importantly, senior.
Speaker Change: <unk> seen alcohol or coupons.
Speaker Change: You don't work and Daiichi Golden week salary the Tioga County.
Speaker Change: Got it down I'm sorry, yes.
Speaker Change: In terms of high quality supply since Q4, we have been allocating platform resources, so as traffic support and coupons to help manufacturing brands expanded inflows.
Speaker Change: Series of promotional activities, such as live streaming sessions.
Speaker Change: And then a national goods festival, our machines with great progress on our pipeline.
Speaker Change: The rise in national brands to industry, leading positions requires the joint effort from both the brands onto our platform. This year in partnership with new and established National brands will continue to explore new market opportunities and bring to our consumers better products and a high quality shopping experience.
Speaker Change: But we actually think we're a little bit in Manhattan.
Speaker Change: And in 2019.
Speaker Change: Could you do a woman.
Speaker Change: Could you I understand that.
Speaker Change: You bet.
Speaker Change: I didn't want.
Speaker Change: How are you doing with him Frances.
Speaker Change: He said no we are cookie symbols Ali.
Speaker Change: That's all I have forgotten he's isn't nathalie.
Speaker Change: Yeah.
Speaker Change: Hi, Good culture is the foundation of <unk> as the largest agricultural platform in China. In Q4, we continued our support for the <unk> Academy of growing competition. We also provided ongoing traffic support and other platform resources for Agri Tech enabled products backed by participating teams by doing so our goal is to promote the real world.
Speaker Change: Acacia research findings and to accelerate the improvement in <unk> productivity.
Speaker Change: Okay.
Speaker Change: No we don't.
Speaker Change: So Andrew Thanks for the time turnkey now.
Well again, I don't counsel that northern that we've done recently.
Andrew: So you can get in time.
Speaker Change: Yes, Thanks <unk>.
Speaker Change: Julia Johnson.
Speaker Change: Is there anything Julien.
Julia Johnson: Good morning, John not really knowing not knowing.
Julia Johnson: No yeah, that's only a camera.
Julia Johnson: If you.
Julia Johnson: It could be that Duncan get anything done.
Julia Johnson: He was the one that.
Julia Johnson: Illumina Denzel.
Julia Johnson: Last year agricultural cloud initiative went into production regions in Shanxi, Sichuan Shanxi Hunan Hubei.
Julia Johnson: Shandong and Jiangsu, bringing ecommerce training in one on one consultation to local agricultural merchants.
This year will increase our investment in agriculture through projects such as the cloud.
Julia Johnson: Cultural cloud initiative and the smart agriculture competition to continue to put Digitization solutions to low producers to improve the resilience and the competitiveness of local supply chain.
Julia Johnson: Thereby supporting revitalization and increasing farmers income.
Speaker Change: Yeah, we're penetrating that.
Speaker Change: Cause I dancer Yosef exactly on point to that you have on hand.
Speaker Change: We don't usually talk about values and that could come down a lot.
Speaker Change: You know since the yogurt bogie for their father trading.
Speaker Change: Isn't that high but nothing that stands out.
Speaker Change: Building a high quality platform ecosystem will remain a top priority this year.
So the 10 billion ecosystem initiative and governance policies will continue cluster environment.
Encourage high quality supply and services.
Green coffee.
Speaker Change: Modern platform ecosystem.
Speaker Change: And what about.
Speaker Change: So kind of like Southern California Gotcha.
Speaker Change: Now, let me hand over to Jean <unk>, who will provide you with an update on our financial performance.
Speaker Change: Yeah.
Speaker Change: Oh.
Speaker Change: Jason.
Speaker Change: Everyone.
Jean: Now, let me walk you through our financial performance in the fourth quarter.
Jean: Fiscal year end.
Jean: 2023.
Jean: In terms of income statement in Q4, our total revenue increased to 123% yeah yeah.
Jean: RMB eight 9 billion.
Jean: And 90% of RMB 247, 6 billion for full year 2019.
Jean: This was mainly driven by an increase in revenues from online marketing services and transaction.
Jean: Revenues from online marketing services.
Jean: And others will be.
Jean: $48 7 billion this quarter.
Jean: Up 37% in June just unclear about chapter 2020.
Jean: Our transaction services revenue, it's called a tableau RMB 14 2 billion.
Jean: 357%, that's just the same here.
Jean: 2022.
Speaker Change: Let me answer your question makes sense.
Speaker Change: Our total cost of revenues increased 219, 3% from RMB eight 9 billion in Q4 2020 to.
Speaker Change: $35 1 billion.
Speaker Change: The quota.
Speaker Change: For the full year, our total cost of revenues increased to 192% to RMB 91 7 billion.
Speaker Change: Due to increased fulfillment fee payment processing fees.
Speaker Change: Costs and expenses.
Speaker Change: On GAAP basis total operating expenses this quarter increased 44% to RMB 31 4 billion.
Speaker Change: From RMB 21, 8 billion in the same quarter of 2022.
Our non-GAAP basis.
Speaker Change: Our total operating expenses increased to RMB 2009, 3 billion this quarter.
Speaker Change: From RMB $19 3 billion in Q4 2022.
Speaker Change: During the fourth quarter.
Speaker Change: We continue to focus on key areas critical to high quality department of our platform.
Speaker Change: That you're asking about Jamie I want more savings not sure.
Speaker Change: Our brands and our R&D capabilities.
Speaker Change: Our total non-GAAP operating expenses as a percentage of total revenues was 33% in Q4.
Speaker Change: <unk> hundred 40 acres same quarter 2022.
Speaker Change: For full year 2023.
Speaker Change: Total non-GAAP operating expenses were RMB 19 2 billion.
Up from RMB 61 billion in 2022.
Speaker Change: Looking anticipant civic expense items.
Speaker Change: Our non-GAAP sales and marketing expenses this quarter were RMB $26 2 billion.
Speaker Change: Up 53% that's interesting quarter of 2022.
Speaker Change: During Q4, we stepped up our investment in serious and promotion Latin to give up to get back to have seamless and.
Speaker Change: And increased advertising.
Speaker Change: To promote our brands.
Speaker Change: On a non-GAAP basis, our sales and marketing expenses.
Speaker Change: <unk> of our revenue this quarter was 30%.
Speaker Change: This is 43% plus same quarter in 2020.
Speaker Change: For full year, non-GAAP sales and marketing expenses increased from RMB $52 2 billion to RMB 79 8 billion.
Speaker Change: In 2023.
Speaker Change: Our non-GAAP G&A expenses were RMB 600.
Speaker Change: $74 5 million in Q4.
Speaker Change: But just to RMB 368, 68 million in second quarter 2022.
Speaker Change: Our annual non-GAAP G&A expenses were RMB, one 8 billion in 2023, let's just arent the ones left.
Speaker Change: Yeah.
Speaker Change: Our research and development expenses were RMB, two 4 billion in the fourth quarter on non-GAAP basis, and RMB, two 9 billion on a GAAP basis.
Speaker Change: For full year 2023.
Speaker Change: Our annual GAAP R&D expenses to pause to RMB 10 billion for the Socgen Sasaki Chief Yeah.
Speaker Change: Technology is at of course, everything we do.
Speaker Change: Well, they're continuing to build our R&D capabilities to promote <unk> and agriculture and manufacturing.
Speaker Change: <unk> supply chain efficiency, I'm intent well that.
Speaker Change: A lot to consume less Israeli election.
Speaker Change: Quality products at attractive prices.
Speaker Change: On a GAAP basis.
Operating profit for the quarter was RMB 22 4 billion.
Speaker Change: So it's just RMB nine 1 billion in the same quarter 2020.
Speaker Change: non-GAAP operating profit was RMB 24 6 billion.
Speaker Change: I was just RMB 11, 6 million in the same quarter 2022.
Speaker Change: non-GAAP operating profit margin was 28% this quarter.
Speaker Change: Comparable trees mentioned notwithstanding for same quarter 2020.
Speaker Change: For full year non-GAAP operating profit increased from RMB 38.
Speaker Change: It would be $65 8 billion in 2023.
Speaker Change: Not income attributable to ordinary shareholders was RMB 23, 3 billion for the quarter.
Speaker Change: In RMB 60 billion for the full year.
Speaker Change: And our first quarter earnings.
Speaker Change: She was RMB 17, and diluted earnings per ads was RMB 15, ATC. That's just basic earnings per ads of RMB <unk> <unk>.
42, and diluted earnings per ads of RMB 652, and the second quarter of 2022.
Speaker Change: non-GAAP net income attributable to ordinary shareholders was RMB $25 5 billion for the effect for the quarter and RMB 67, 9 billion political yes.
Speaker Change: And the fourth quarter non-GAAP diluted earnings for Avs were RMB 17 point that due to the RMB eight.
Speaker Change: <unk> 34 in the same quarter of 2022.
Speaker Change: As Larry mentioned.
Speaker Change: 2023 is the first year of a pass through.
Speaker Change: It was high quality departments.
Speaker Change: It will encourage it by the early results.
Speaker Change: Looking ahead, while we are excited about the new journey, there are challenges and uncertainties along the way.
And it would need to be prepared in batches scientifically for the long term value I'll follow up platforms.
Speaker Change: Our financial results May continue to change and past performance will not serve as a benchmark for future quarters.
Speaker Change: The company's income statement.
Speaker Change: Now, let me move onto cash flow.
Speaker Change: Our net cash flow generated from operating activities was RMB <unk> 9 billion in Q4, and RMB $94 2 billion for the full year of 2023.
Speaker Change: Compared with RMB 26, 6 million in the same quarter of 2022.
Speaker Change: And RMB $48 5 billion in 2022.
As of December 31st 2020, see the company had RMB $217 2 billion in cash cash equivalents and short term investments.
Speaker Change: Thank you. This concludes my prepared remarks.
Speaker Change: Thank you next we will move on to the Q&A session today's Q&A session, ladies and doing well take questions from analysts.
Speaker Change: We could take a maximum of two questions from each analyst.
Speaker Change: Ladies and gentlemen will answer in Chinese.
Speaker Change: I'll help translate for convenience purposes, operator, we're open for questions.
Speaker Change: Ladies and gentlemen, we will not begin the question and answer session.
Speaker Change: If you wish to ask a question. Please press star one on your telephone and wait beyond that.
Speaker Change: Participants are requested to.
Speaker Change: Two questions at each time.
Speaker Change: Our first question comes from Joyce Ju with Bank of America.
Speaker Change: Okay.
Lixin Ju: Good evening, my badge entering and Kerry Thanks for taking my questions I have two questions today.
Speaker Change: As management mentioned in the opening remarks.
Lixin Ju: 23 was an important year for BBB from the strategic perspective looking back at the fourth quarter and when we get 2023 P to maximize share how you would evaluate execution part of your strategy and how does the actual rent that was all.
Contract against them and get the teams.
Lixin Ju: Original expectation.
Lixin Ju: For 2024, well Debbie any like a major change in your strategic focus.
Lixin Ju: And my second question was actually about the the fourth quarter promotion.
Lixin Ju: We only know the fourth quarter is the peak season for the ecommerce platforms and how would management SaaS Pdd's performance in the fourth quarter shopping fast matters argue any interesting trends of consumers merchants. Our platforms can be shared with US also could you also help us a little bit in terms of understand.
Lixin Ju: Adding the relationship between the promotional season seasonality and you're very strongly.
Speaker Change: I went out and thanks, a lot well I think that would be in that range.
Speaker Change: Can you go Vinci users Shanghai Guangzhou.
Speaker Change: Welcome everybody.
Speaker Change: On a sunny undergoing actual shot and killed Janet.
Speaker Change: Thank you good timing.
Speaker Change: Okay great.
Speaker Change: Okay.
Speaker Change: That is a generally a dripping shouldn't feel bad I hope I didn't come to it.
Speaker Change: Worked out well.
Speaker Change: They should count go down.
Speaker Change: Got it.
Speaker Change: Oh, you should go by without Cuda.
Speaker Change: So that those without pushing but he has founded one now.
Speaker Change: Alex I would say is that when you come up with Mckool Smith, who can do that we don't go go go.
Speaker Change: Glenn how about you can't seem to a tissue I'll call you felt that that's great.
Speaker Change: I know you might find one Hong Kong.
Speaker Change: Okay great.
Speaker Change: There you go.
Speaker Change: But without colon they pick up more people would articulate how we have to take them down and that your Guangzhou.
Speaker Change: Yeah.
Speaker Change: Yes.
Speaker Change: Hey, Jonathan.
Speaker Change: Generally the ICI legal question.
Speaker Change: Hi, Joe This is Lenny.
Lenny: I'll take your question on strategy.
Speaker Change: Oh go ahead.
Speaker Change: Okay.
Speaker Change: Penal dose utilized cost without the countries in the year.
Speaker Change: And the total hedge positioning.
Speaker Change: Thanks Tyson.
Speaker Change: Don't you do that each year, which was at tinder off on quake.
Speaker Change: So congestion.
Speaker Change: That goes to the down.
Speaker Change: Latanya do you told the synergy.
Speaker Change: As mentioned in our remarks.
Speaker Change: 2023 marks the beginning of a high quality balance sheet.
Speaker Change: After a year of dedicated dedicate execution, we have seen positive outcome on the consumption side.
Speaker Change: <unk> site.
Speaker Change: Within our platform ecosystem. This further reaffirmed our.
Speaker Change: Lasting commitment and hard work.
Speaker Change: Element.
Speaker Change: Among with Shanda.
Speaker Change: Also a portion of it.
Speaker Change: To me that's just a good luck with you shortly.
Speaker Change: That's helpful.
Tom: This is Tom.
Tom: So you won't be in R&D.
Tom: And once that is somewhat challenging.
Tom: It is helpful to us again assumption.
Tom: Yeah.
Tom: Sure.
Tom: <unk>.
Tom: So as you do that.
Tom: Okay.
Tom: Tissue without the.
Tom: I don't know if you can find me timna.
Tom: Kindred at home.
Tom: As we expand into multiple countries and regions.
Tom: Encountered diverse consumer habits culture, and a rapidly evolving marcia landscape with.
Tom: We firmly believe that the consumer demand for more savings and better services.
So therefore in Q4, we continue our investment in alignment with our high quality development strategy.
Speaker Change: Thats helpful.
Speaker Change: So all you do.
Speaker Change: This is Joe Bob you did mention Mike shelf is the future.
By the way.
Speaker Change: And what you're doing there should have been on the wrong number.
Speaker Change: Women side Tom.
Speaker Change: In between each one of you still need to push out.
Speaker Change: <unk>.
Speaker Change: Youll see that traditional book shelf.
Speaker Change: Southeastern and Golden Monkey and being clear that you guys are looking to do it.
Speaker Change: John.
Speaker Change: So that should also be demand.
Speaker Change: This is truly the owner or developer tool.
Speaker Change: Okay.
Speaker Change: First from the consumer side, our top priority has always been to understand and meet consumer me during.
Speaker Change: During the peak season in Q4, we introduced in our promotional activities across different markets, featuring innovative direct and engaging campaign.
Speaker Change: These initiatives allow consumers to improve their quality of life with east equity savings, making it easier for our consumers to achieve high quality consumption. The response to this promotion has been positive.
Speaker Change: Thanks Luke.
Speaker Change: Thank you dawn.
Speaker Change: Yes.
Speaker Change: <unk> green tea closer to something.
Speaker Change: To obtain HIFU interchange at Genco and deals in the Tempe.
Speaker Change: Bill.
Speaker Change: From a bunch of the standouts eastern time.
Speaker Change: He also has like Sean John P income, but yes.
Speaker Change: Okay.
Speaker Change: What I team for the job.
Speaker Change: Can you John can you tell the Arlington as required.
Speaker Change: On the supply side, we continue to allocate platform resources towards high quality products.
Speaker Change: Reputable merchants to offer consumers more quality products.
Speaker Change: In addition, we also help merchants drive volume interim turnover efficiency reduce operating cost minimized, where that was and consequently, lower product prices, forming a virtuous cycle.
Speaker Change: Yeah.
Speaker Change: Okay and cognizant.
Speaker Change: Hi.
Speaker Change: Turnkey.
Speaker Change: Yes, sure Charlie it's Jim.
Speaker Change: Thank you Josh.
Hum.
Speaker Change: That led to the Permian for Tinder.
Tim Duncan at home.
Speaker Change: He is with us.
Speaker Change: <unk> <unk> from.
Speaker Change: <unk>.
Unknown Executive: Can you just walk us entre into it.
As we sit here.
Speaker Change: Thanks, Jim Bob.
Speaker Change: Antics locally.
Pete: I'm Pete <unk>.
Pete: She thinks and that's really how much your doubleclick yourself.
Pete: In the future with tissue.
Pete: Don.
Pete: I shall face.
I wish enough with <unk> funds.
Pete: The <unk> R&D.
Pete: So how's the ecosystem is the fundamental for the sustainable growth platform.
Pete: We are determined to put more efforts in this area.
Pete: Continue to make forward looking investment in platform governance.
Pete: <unk> technology to identify risk early and respond quickly we carry our products screening and merchant we view on issues such as the garden minors, IP protection and product compliance and achieved favorable outcome.
Pete: Moving ahead, we will continue to take our social responsibility torturing a favorable environment for both consumers and merchants.
Pete: Hum.
Pete: Jean <unk>.
Pete: Okay.
Pete: Goes without saying.
Pete: Gil.
Pete: <unk>.
Pete: The material right.
Pete: Starting with <unk>.
Pete: Sure.
Pete: So therefore the tundra.
Pete: Sure.
Pete: Jim for the Europa League.
Pete: We shall face.
Pete: Yes.
Pete: Yeah.
Pete: After a year of execution, we're delighted to see the positive changes brought about by our high quality development strategy.
Pete: Going forward, we will speak to our strategy.
Pete: Strategic focus deepen and strengthen our strategy further refined platform capabilities and deliver our unique value to consumers in a society. Thank you.
Speaker Change: Yeah, I'll just add there.
Speaker Change: I played out how you want your talks with the venture.
Speaker Change: This is John let me take your question online shopping festivals.
John Singleton: I think China Shaanxi.
John Singleton: Well the usual Tijuana, Dell Quanta plus away that John started to wane.
John Singleton: When you shop with us you're going to <unk> Youll wait no unusual or non touch once each again.
John Singleton: Thereby prohibit teachers and so it's essentially <unk> of that.
John Singleton: John Applicator lead to hunting kind of forgot finally.
John Singleton: And we will go about that shortly.
John Singleton: Switch off.
John Singleton: As always during last year's Singles' day, and double talk we provided consumers straightforward park discount to strengthening I'm more savings Marcia.
John Singleton: Example, during the double 11 last year for the first time, we introduced direct price reduction on top of a 10 billion program for the.
John Singleton: We also expanded the brands and products covered by a promotion.
John Singleton: This is to meet the growing demand for upgrades.
Speaker Change: Well, let's just aruna.
Speaker Change: I don't actually know the hardest Punjab chassis, each again singled out valuable young who took part of Louisiana.
Speaker Change: By now you tell me if I may.
Speaker Change: Personnel gotcha.
Speaker Change: Pinheiro Johnson phenomena.
Speaker Change: Tiny pink hydrogel wholly owned by Sun down do you suddenly Australia Screentime Cingal, So Shannon I think <unk> got a cold winter.
Speaker Change: In that way.
Speaker Change: We received a positive feedback.
Speaker Change: From our continued efforts.
Speaker Change: During Singles' day over $620 million.
Speaker Change: <unk> benefited from the temporary of Oakland with auto what volume more than doubled at.
Speaker Change: At the same time we.
We are happy to see that the value of our pipeline has been increasingly recognized by our merchant.
Speaker Change: The number of merchant Bryan and product participating our promotional activities reached.
Speaker Change: Reached a new high.
Speaker Change: Our merchants are growing together without proper.
Speaker Change: I'm glad you cannot you can have that cost, which again should allow us enough runway.
Speaker Change: Now women has it gone bonds will be that continental and agenda.
Speaker Change: I wish I was that they did a whole tenure forget Magnus rituals.
Speaker Change: And while we are pleased to see the results from our shopping at basketball our team actually chose to pay more attention to the ongoing improvement in our platform capability.
Speaker Change: And how we can better meet consumer demand for quality product at a country prices all year round.
Speaker Change: So he knows the autonomy that they can find enough again it man.
Speaker Change: Well this is on a trajectory.
Speaker Change: Towards the end of the whole room.
Speaker Change: So I'm not sure I'm with you John.
Speaker Change: <unk> assumes.
Speaker Change: Not only meeting here in Chicago.
Speaker Change: The summer season.
Speaker Change: Shovel.
Speaker Change: <unk> has enough.
Speaker Change: Thanks to funding up to eight years ago, we have always kept our focus on our core E Commerce business.
Speaker Change: By patient given back to the consumers. We serve we have gradually earned a positive user mindshare.
Speaker Change: I think the results we have today is not only brought by the promotions in the past quarter, but also the return on investments we made in the past.
Generally sherwood shoppers onto Hana.
Speaker Change: Just hit a button and you will do with Athena.
Speaker Change: One is in China.
Speaker Change: What about on the quoting identical dorsa, Dr. Lee Holman.
Speaker Change: Linda.
Speaker Change: With shield with visit of homes.
Speaker Change: Example, donut hole plan now you'll hold on looking back on my time in the Q&A.
Speaker Change: Saddam did cause enough on that I'm talking about myself Tom on licensing.
Speaker Change: From the consumer side, we continue to see the growing trust from our users and in addition to serving more new users.
Speaker Change: We are also expanding the wallet share of existing users.
Speaker Change: We believe is the result of our growing capabilities offering more savings and better services.
Speaker Change: It's very encouraging trend strengthens our confidence.
Speaker Change: The overall direction of the high quality development strategy.
Speaker Change: And in fact, I'm, calling it on a kind of <unk> <unk>.
Speaker Change: So when they're talking to us and actually I'll tell you why that isn't that cool T cell letting hydro you sound out of chances.
Speaker Change: What is it for now.
Speaker Change: Change what they're doing on down classes are part of our analysis.
Cool actually up with a phone for the up and down is something that right.
Speaker Change: It's all around us agility, sometimes.
Speaker Change: And from the supply side.
Speaker Change: Leverage our technology and the scale to provide differentiated services for our SME.
Speaker Change: And through the surface.
Speaker Change: SME merchants expand their market reach and at the same time, rather than product selection available on our platform and by doing so we create a virtuous cycle.
Is that enough.
Speaker Change: Although <unk> Tijuana Sandino Georgetown.
Speaker Change: Nice English Sanjay I'm, not touching that johns's slipping had decided on how to neutral just yet.
Speaker Change: And looking ahead, we're continuing to embed firmly on patiently to create long term value for our consumers and merchants and also to build a solid foundation for the next journey next phase of our journey. Thank you.
Speaker Change: Operator, we are ready for the next question.
Speaker Change: Your next question comes from Kenneth Fong with UBS.
Right.
Kenneth Fong: Hi, Oh excuse me only until just I wonder if you would.
Kenneth Fong: Oh well there.
Kenneth Fong: So while you can T cells hung either.
Kenneth Fong: One of these homes Cleveland, two Wheeler Union of wounded Pingo, though the year would I think he does what he says how are the cuts off the hook also di D. G tube.
Kenneth Fong: Clearly she has seen the truth.
Kenneth Fong: Click on one of the things that Mike.
Kenneth Fong: What do you have the ones you see while you unique.
Kenneth Fong: We found that a woman can do DCC to consider diet season, Yeah. The Kingdom judge Judy Changzhou quite a year with Pfizer popped out shop, Tyson shoot up which will be immediately.
Got you.
Kenneth Fong: What are you some government.
Speaker Change: Yes, I do do you.
Speaker Change: I Dunno woman you guys choose to Mistras to causes in India do you need a three P M.
Speaker Change: Oh don't worry about it.
Speaker Change: Oh man.
What kind of woman to self without changing the old Gen. Couch, how do you do woman. She does that she thought that women, who see it not quite mature equal comparison.
Speaker Change: A woman.
Speaker Change: At least you had thought as well.
Speaker Change: <unk> yeah.
Thanks management for taking my question.
Speaker Change: My first question is regarding domestic.
Speaker Change: Domestic business.
You can share your view on the opioid consumption market in the upcoming year what are the new trend that you are seeing in the first quarter.
Speaker Change: My second question is on the shareholder return at margin.
Speaker Change: This quarter the company achieved but you didnt profitability against the backdrop of intense competition and rapid growth of your global business can management share your view.
Speaker Change: How we should think about two months in.
Speaker Change: 2024, and going forward and Meanwhile, shareholder return we saw that up do you have a very strong balance sheet and the cash flow given peers have been large and knows large increase in the share buyback and dividends do we have similar plans.
Speaker Change: Thank you.
Speaker Change: Anyhow, what does that and say you know what I forgot exactly how they sit on a venture.
Speaker Change: Hi, This is John let me take your question on the consumption market.
John Singleton: Unfortunately I don't.
And just if I can hold off from one of the choices.
John Singleton: Do you want or anything I wouldn't do it Alex how much top message Omar licensing that.
John Singleton: And the posture, we actually.
John Singleton: He felt that way.
John Singleton: And also the resilience of the China consumer market and we are very confident in its future.
John Singleton: Now I'll, let Susan how much Houston.
Susan: And then looking for the Guy who started.
Susan: He seems to Napa <unk> center.
Yes.
Susan: Second all lending niche operators into the decision Jonathan first of all the passionate people.
Susan: At that time.
And the other from the activities, we see on our platform. We were clearly feel the improving consumer sentiment and we look forward to seeing that trend continue into this year.
Susan: The support of more macro policies.
Susan: Now Macondo, Sri George Hoffman, Shahada touchy their trading needs.
Susan: Uh huh.
Speaker Change: The email it sounds like two months, you're not going to show up now.
This is jumping to five key tenants.
Speaker Change: <unk> yeah.
Speaker Change: I'm not sure if they could see a trial.
Speaker Change: So on the Union pad seamless potential Sean Yes, Pedro let them assurance on the links Wilson told me because I'm a T cell C. O N I understand you saw that didn't even neutral.
Speaker Change: So <unk> got to go towards.
Speaker Change: Adoption presenting my honest shingle porno, what do you think that impacts your gonna have been noted.
Speaker Change: And we see many long term driving forces behind the positive consumption trends on.
Speaker Change: First of all consumers desires for better life, which lays a solid foundation for consumption.
Secondly, the new retail formats and business models emerge with the technology innovation, which also drive penetration of retail shelves. This.
Speaker Change: <unk> supports the industry downturn.
Speaker Change: Back that long.
Speaker Change: Three we see tremendous potential in the large number of quality.
Speaker Change: Not all brands in agricultural product and this also offers further opportunities for our platform.
Speaker Change: That's a good transition in China.
Speaker Change: So it shouldn't have a rule ladonna. Unfortunately, recent eiichi hotshot visa.
Speaker Change: <unk> had a service center.
Jonathan: Jonathan just yet.
Jonathan: In this favorable consumption environment, we will continue our investments to enhance our service capabilities.
Jonathan: <unk> with more money.
Jonathan: Our consumer as well and also improve the topline coat system.
Jonathan: Doing so we hope we can create greater value for society.
Jonathan: Hi, Kevin This is Jean.
Jean: Let me take your couch on that that would be profitability and shareholder return.
Jean: Well regarding profitability, we always emphasize touch we are still in development stage.
Jean: The ability to issue right.
Jean: Chile apparel Ritchie.
Jean: Considering our current stage do you like the developments our strategic focus remains on the high call evolved to.
Platform.
Jean: So we're focused on building the platforms launched in Belgium, which is consistent with the interest of our <unk> test.
Jean: Over the past two years guided by our strategic strategy of high quality apartments, we have Mike funding last months seeing a few.
Jean: Key areas.
Jean: For example.
Jean: We have continued to keep about two casinos.
Jean: To deepen our my share we always show remains committed to R&D, which aren't exiting 10 billion RMB 40 seconds.
Jean: Yeah.
This investment.
Jean: Terribly initial returns.
Jean: We feel that we were continuing to make decisive on patient last months, where she goes along samurai potential.
Jean: And our.
Jean: Our business execution cycle, we satisfy various factors and may know, which align with our financial reporting cycle.
Jean: The ability on a weekly basis, we are in our to Bali Scottrade based on a stick frame mushmouth opportunities, we ought to Dubai show the financial results in Q4 may not serve as a benchmark for future quarters.
Jean: And.
Jean: Regarding the share purchase and David.
Speaker Change: You're basically asking about all of our capital allocation.
Speaker Change: Just also affected by the stage of departments.
Speaker Change: Each company is at a different stage of it department and for US we're still in investment phase. So we our current focus is still to invest in our launch in that.
Speaker Change: Sure.
Speaker Change: Okay, operator, let's move onto the next one.
Speaker Change: Your next question comes from Thomas Chong with Jefferies.
Speaker Change: But somehow they took on a challenge.
Thomas Chong: You and what did the easement issue you don't want changeable quite yet.
Thomas Chong: Your appointment trying to acquire what's like what you're getting into that each call departure, losing money.
Speaker Change: With the playoffs to sum up.
Thomas Chong: So you can model.
Thomas Chong: Watching it closely.
Thomas Chong: Hi, Bob do you have something in the kind of <unk>.
Bob: You will find them yet.
Bob: Oh.
Bob: Well, the yoga and T. G. I guess, you know why didn't doesn't jive.
Bob: The Union Western bushels, Oh sure that's unknown.
Bob: Was it.
Bob: Hi, Chi Tung Giacobbe Ddos.
Bob: Yeah.
Speaker Change: Got it.
Speaker Change: What do you think you'll have to come by because I'm pretty sure. That's when you see nothing like what I'm seeing with Athene Global decision that's awesome.
Speaker Change: Goldman Sachs is a view that it didn't don't want it.
Speaker Change: Thanks management for taking my questions.
Speaker Change: My first question is that that'd be saw.
Speaker Change: We're seeing good momentum in the past year.
Speaker Change: Sure and then you'll be on the future of pen four pieces.
Speaker Change: The market also pays attention to the company's position on compliance.
Speaker Change: Company Finance legal and compliance with more business development.
Speaker Change: Second question is about domestic competition in the past many of your major competitors.
Speaker Change: Okay for that.
Speaker Change: And that strategy, putting more emphasis on price competitiveness, how does the management will there'll be both.
Speaker Change: As your main competitors are you concerned that it might impact the market.
Speaker Change: How would you adjust your own strategy.
Speaker Change: Competition. Thank you.
Speaker Change: Yeah.
Speaker Change: Thomas.
Speaker Change: Now I'll.
Speaker Change: I thought you wanted to close into Ohio, with a web T <unk>.
Thomas Chong: Well I mean to essentially move the switching.
Thomas Chong: Does she want to Angola.
Thomas Chong: But just wondering.
Thomas Chong: No change with the usual longer.
Those assumptions thank you.
Thomas Chong: It can be selfish.
Thomas Chong: Central time at all for you.
Thomas Chong: However, the Moshe.
Thomas Chong: Most of the year.
Thomas Chong: Actual results.
Thomas Chong: Oh wait.
Thomas Chong: It will be volatile.
Thomas Chong: Hi, Thomas This is Timna, let me take your question on global business.
Timna: Our vision for global business.
Timna: Our supply chain and talk about that.
Timna: There seems to bring outstanding merchant and high quality products all of the world to global consumers, helping consumers from all backgrounds.
Timna: <unk> and team.
Speaker Change: Currently the business you're at a relatively early stage.
Any uncertainties and challenges ahead.
Speaker Change: I mean <unk>.
Speaker Change: Goodbye.
Speaker Change: To support that should have an equal policy size always ashish just associated with <unk>.
Speaker Change: And the TCE that you.
Speaker Change: Couldn't do the key issue cut most of the Trump team Ups's hunting.
Speaker Change: To address this uncertainty.
Speaker Change: When my constantly improve ourselves.
Speaker Change: With a genuine desire to learn from consumers in the market we actively.
Speaker Change: Seek more innovations in technology and operation motor to employees lots of competition and overcome challenges.
Speaker Change #100: No contact you teed off.
Speaker Change #100: The top line with <unk>.
Speaker Change #100: At the shelf edge.
Speaker Change #100: The assumptions.
Joel Sawyer: So Joel Sawyer.
Joel Sawyer: Awesome.
Yes.
Joel Sawyer: <unk>, we didn't deem that Jan Carlson.
Joel Sawyer: Once the Dol change of high yield.
Joel Sawyer: Unfortunately, that's all accounted for.
Joel Sawyer: Well, what do you think either due to Jonathan Zhang CL.
Joel Sawyer: <unk>, our Polish enough <unk> Susan.
Joel Sawyer: John woman.
Joel Sawyer: She will trade chocolate beta cell phones, the product until the judge.
Joel Sawyer: Okay.
Joel Sawyer: Despite shifts in the market environment and competitive landscape consumer demand for more savings and better service is universal.
Joel Sawyer: Therefore, well be dedicate.
Joel Sawyer: Integrated integrating our high quality, Gabon strategy into our global operations and be.
Prepare for long term investments.
Joel Sawyer: We have confidence in the unique value of our platform.
Joel Sawyer: Welcome Black Monday hunters to join us and creating more value for consumers globally.
Joel Sawyer: <unk>, while so Guido.
Joel Sawyer: But you see you're right we will do that.
Joel Sawyer: You can join us.
Joel Sawyer: So yes, we'll follow up.
Joel Sawyer: You should also.
Joel Sawyer: If you saw but it's only if we have one yet.
Joel Sawyer: Okay.
Joel Sawyer: Finally, if I'm doing it just to acquire the <unk> phase one is ownership.
Joel Sawyer: We're talking on the G <unk> Saba.
Joel Sawyer: <unk> vehicles.
Joel Sawyer: I mean, you all budgeted.
Joel Sawyer: Jim with the judge Shaw Womens shoes, do you assume within a week.
Joel Sawyer: You also mentioned compliance.
Joel Sawyer: And compliance has always been fundamental to our business.
Joel Sawyer: It's a big part of our strategic plan.
Joel Sawyer: And the management team has.
Joel Sawyer: Is it efforts in this area.
Joel Sawyer: Our fear is that.
Speaker Change #102: The legal and compliance committee chaired by myself to enforce our legal and compliance capabilities across regions.
Speaker Change #102: No margin for you guys.
Speaker Change #103: Yes sure.
Speaker Change #103: The way this neighborhood within Hollywood.
Speaker Change #104: Well, then Bob Ashish, Thank you Gisela out yet to be seen the higher.
Speaker Change #104: No.
Speaker Change #104: Yeah, good quarter, Shawn Quanta, Jim once you go.
Speaker Change #104: Okay.
Speaker Change #104: Our continued efforts, we enhanced our internal compliance mechanic and processes.
Speaker Change #104: With a humble attitude.
Speaker Change #104: We strive to stay abreast of the latest industry laws and regulations and maintain communication and cooperation with regulatory bodies in the countries, where we operate.
Speaker Change #104: Yeah.
Speaker Change #104: No.
Speaker Change #104: Well, we do see the actual.
Speaker Change #105: Oh sure, Yeah, Hey, Colby.
Speaker Change #105: Yes.
Speaker Change #105: The mobile if it's an issue that.
Speaker Change #105: Sure.
Speaker Change #105: Yes.
Speaker Change #105: And by the way Pete Thompson.
Speaker Change #105: Colorado.
Speaker Change #105: I see.
We aim to align with high industry standard in a few of legal and compliance.
Speaker Change #105: We will continue to conduct research.
Speaker Change #105: Moving it invest in this area to lay a solid foundation for long term housing development.
Speaker Change #106: Thank you.
Speaker Change #106: Anyhow.
Speaker Change #107: All I can say that kind of why you think <unk> hi.
Speaker Change #107: Hi, This is John let me ask a question on competition.
John Singleton: Not their rooms against it onto that that money Latanya now.
John Singleton: And what could be those that do this switching playful he'll put ourself in it because it didn't have the Berkshire chairman of something that's not that.
John Singleton: I want to know is that you plan to Cook and boutique can be Indiana Armstrong extended feature now.
John Singleton: And I sat down and it started in China things happening that 102 quick Samsung that's out of a hunter lindahl from Janus a hiatus isn't about me.
John Singleton: As we mentioned earlier on this call in 2020 three we saw the standard recovery in consumer sentiment and at the same time consumers start to care more and more and more about achieving upgrade at attractive prices.
John Singleton: And in this background.
John Singleton: It is normal to see e-commerce platform increased promotional efforts and also a focus more on price competitiveness.
John Singleton: Things and this is against the high end of it.
John Singleton: I need not managing down a little bit.
John Singleton: Uh huh.
John Singleton: So you don't have them here I'm, not Jewish either that switching to a well.
John Singleton: <unk> found that one incident and Nissan.
John Singleton: And competition anything inactive boatyard industry in the face of competition, we always focus on understanding and meeting the needs of consumers and keep working on our own capabilities.
Speaker Change #108: No that was the union.
Speaker Change #108: Pineda doggone it sounds good.
Speaker Change #108: <unk> two <unk> 5020 <unk>.
Speaker Change #108: Good job or.
Speaker Change #108: Not the same.
Speaker Change #108: Because there are other plants are talking tightening up on EMEA.
Speaker Change #108: Over the past year, we have built good momentum a lot of high quality development strategy.
Speaker Change #108: We're confident in the overall.
Speaker Change #108: Strategic direction and moving ahead, we're focusing in.
Speaker Change #108: Our strategy.
Speaker Change #108: Saks off our platform operations.
Speaker Change #108: So again, our Norway tissue cantina dominant shopping done.
Answer to split in the league.
Speaker Change #108: This is a client, which I'm ready for the future.
Speaker Change #108: Results for Central Garden, <unk> Tableau desktop, Georgia, that's agenda, which are the.
Speaker Change #108: A quick.
Speaker Change #108: We're dealing with a child, how can how are you pushing that.
Speaker Change #108: That does it La Z boy would at least ended up.
Speaker Change #108: And first we will continue to deepen our consumer mindshare, and we do so by offering more savings our users we.
Speaker Change #108: We are very closely following consumer needs and launch very simple and direct promotional activities.
Targeting the most desirable product categories and probably around.
Speaker Change #108: This is the foundation that we need to keep them.
Speaker Change #108:
Speaker Change #108: How much of a T M.
Speaker Change #108: Jonathan you want to know.
The health Wuhan, though.
Speaker Change #108: Good as it could go lower.
Speaker Change #108: So Jan one of them.
Speaker Change #108: Yeah, it's a whole charitable Horton family and Woodward shrimp shoot us an E.
Speaker Change #108: And then going back on the financing.
Speaker Change #108: And of course, a good consumer experience, it's not only about price.
Speaker Change #108: In terms of services, we're also continuing to refine our entire shopping experience.
Speaker Change #108: Our consultation fulfillment after sales services to a consumer protection our goal is to.
Speaker Change #109: Oh for a safe and enjoyable shopping experience for our users.
Speaker Change #109: Personnel to work hard this year on my way tissue yen Bali, but.
Speaker Change #109: But could you just got a young.
Speaker Change #109: Women Jumbos on our hands are full at 120000 out of.
Speaker Change #109: Okay.
Speaker Change #109: So I don't know tamping down here that.
So you got some you put out.
Speaker Change #109: Duncan Russell finest hunting for countertops.
Speaker Change #109: At the same time as a tech company will increase our investment in the R&D.
Speaker Change #109: And we are guided by the principle of type of good and will continue to strengthen our capabilities to empower a wide range of smbs promote the digitization of the various industries and also introduce more product to the market.
Speaker Change #109: No two ways you can pass on her knee.
Speaker Change #109: Use of the <unk> solar pool, how you put it in the future, let me Sheila <unk> and her team, but that won't be necessarily stations.
Speaker Change #109: And high quality supply is a key component of the platform ecosystem and it's essential to serving our users well and from this angle. We hope that R&D will further drive the positive development of the ecosystem.
Speaker Change #109: Not all emission seaway weapons.
Speaker Change #109: <unk> found that if it gets into your chartered accountants.
Speaker Change #110: Well Julien.
Speaker Change #111: He did it.
Speaker Change #111: So the 19, well done and all the kinds of work, which I'll read of herself I forgot about that.
Speaker Change #111: And we believe that by focusing on these areas.
Speaker Change #111: Critical to long term value creation, we can remain calm in a fiercely competitive environment and continue to improve ourselves a great greater value for consumers in this society. Thank you.
Speaker Change #112: Okay. All right. There is about time and I want to thank you all again for joining us today and if you have any further questions. Please reach out to our team and thank you see you next quarter.
Speaker Change #113: Ladies and gentlemen that does conclude our conference today. Thank you for participating you may now disconnect.
Thank you.
Speaker Change #113: Yeah.
Speaker Change #113: Okay.
Speaker Change #113: Okay.
Speaker Change #113: Okay.
Speaker Change #113: Okay.
[music].
Speaker Change #113: Yeah.
Speaker Change #113: [music].
Speaker Change #113: Yeah.
Speaker Change #113: Okay.
Speaker Change #113: Okay.
Speaker Change #113: Okay.
Speaker Change #113: [music].
Speaker Change #113: Okay.
Speaker Change #113: [noise].