Speaker #1: Are Dylan, CFO of J&T Express, and Haibing, Director of Investment and Capital Markets. The session will consist of two parts: first, Haibing will introduce the company's business performance for the third quarter of 2026, and next, we're going to proceed to the Q&A section.
Speaker #1: The management, is going to be answering your questions now. Over to you, Haibing. Hello and good morning, everyone. Thank you for joining J&T 2026 Q3 operational results presentation.
Speaker #1: Now, I'm going to be walking through the performance of the quarter. The group's total parcel volume in Q3 of 2026 reached 9.584 billion pieces, representing a yearly increase of 24.8%.
Speaker #1: Average daily parcel volumes due at that 104 million average parcel volume exceeded 100 billion pieces for two consecutive quarters, and our leading position in Southeast Asia market remains solid.
Speaker #1: The market share and index ranking in China market is further improved, whereas the Latin America standing in particular. With the rapid growth of the business volume in Southeast Asia and other markets, the proportion of parcel volume from other markets outside of China reached 33% in Q3, representing a yearly increase of 5.6 percentage points.
Speaker #1: Please allow me to talk about the Southeast Asia. The total parcel volume in Southeast Asia in Q3 reached 2.88 billion pieces, with average daily parcel volume of 31.4 billion, million, representing a yearly increase of 44.5%, which is against the, very high base of the same period last year.
Speaker #1: First of all, e-commerce industry in Southeast Asia is still on track of rapid penetration. Macroeconomic fluctuations have not altered the long-term growth momentum. We have been seeing also continuous investment locally, long-term promotions, and shipping and campaigns.
Speaker #1: At the same time, we've been seeing the, very good growth dividend of the e-commerce. At the same time, we've been seeing also the merchants and product categories driving high growth for both e-commerce clients and companies.
Speaker #1: At the same time, the company keeps expanding the regional network capability and fulfill capabilities, and advancing the automation upgrades at the service outlines and, further lift automation levels.
Speaker #1: At the same time, we have been robusting the network capabilities and the price advantages, and widened our gap versus our competitors. Last but not least, we have the strategy of developing non-platform parcels, with continuous improvement in the product planning capacity.
Speaker #1: The service quality and brand influence, non-platform parcel, also grow. Next, in China, the parcel volume in China in Q3 reached 6.42 billion pieces, with average daily parcel volume of 69.9 million pieces, representing a yearly increase of 15.3%.
Speaker #1: In China market, we outperformed the industry average. Industry average, registered aggregate growth of 4.6% from January to August of 2026. The growth focus on China industry has shifted from pure pursuit of parcel volume into the sustainable growth, in terms of scale and quality and efficiency.
Speaker #1: Year to date, our parcel volume growth in China is very steady. At the same time, we've centered on the network expansion, improved timeless service quality, and cost control capabilities, and boosted technology empowerment.
Speaker #1: At the same time, we improved the satisfaction level and stickiness of the customers, and our brand image among the premium brand customers have improved markedly.
Speaker #1: We also kept optimizing the customer portfolio and explored the diversified customer resources, targeting consumers in the higher volume, and high-value categories such as parcel, the apparels, beauty, and 3C products, as well as the niche markets including specialty agriculture and the others.
Speaker #1: Also, we have a very good growth, year by year. And also focus on the higher growth of the quality as well. Other markets, the parcel in the other markets in Q3 reached 271 million pieces, with average daily parcel volume of 2.9 million pieces, representing a yearly increase of 159%.
Speaker #1: The parcel growth in other markets raised in, has been realized in seven consecutive quarters in terms of the growth, and, also we have the several, overall reasons.
Speaker #1: First of all, the, high per capita GDP and consumption levels yet e-commerce penetration remains low, and per capita parcel volume is, far below that of China and Southeast Asia, leading to a very good ample room for the further potential growth.
Speaker #1: And also, we have local e-commerce penetration rising steadily, as well as the subsidy and promotions. Second of all, we have been seeing the company continues to expanding the operation expertise from China and Southeast Asia market and other markets.
Speaker #1: At the same time, we've been seeing a delivery efficiency to be improved. Lifting overall network efficiency and enable the company to capture the e-commerce and cross-border logistics opportunities such as in Latin America and Middle East.
Speaker #1: At the same time, our quality of service and capacity in the Latin America has been recognized by customers, and our partners, have been also showing a very good collaboration and, also performance, including TikTok, Shane, Timu, Quiet, etc., and also we've been continuously broadening business footprint in the merchant markets.
Speaker #1: And we kept expanding into the country with Latin America and actively ex- entering the countries such as Europe and the United States and brought further parcel volume growth.
Speaker #1: And also, in shareholder return, continues con- company continued to reward the shareholders with the, buybacks, as of 30 September, we have, already repurchased the 267 million shares since listing and buyback reached 2.2 billion Hong Kong dollars in total.
Speaker #1: Also, the Hong Kong dollar, 1 billion buyback maintained, mandate approved by the board of directors, and we have been seeing a 0.86 billion executed on 25 June of 2026.
Speaker #1: We have announced the approval of a new buyback program, raising the buyback limit of 2 billion Hong Kong dollars. As the end of, the September, 0.77 billion Hong Kong dollars have been, also executed.
Speaker #1: At the same time, you're paying attention to our performance. We outstand at your closely interested in Q3 of financial results, regarding financial figures, the company only disclosed the semi-annual and annual reports.
Speaker #1: Therefore, the company generally does not update the performance guidelines and, as the quarter basis. And the guideline is still the same and valid since the August.
Speaker #1: And exchanges, is only limited to operational data, and we will not discuss the financial figures. Thank you. Now we're going to open up for questions.
Speaker #1: The first question is from. From From Chaitung Securities. Hello everyone. All right. Good morning, dear management and dear IR management. My question is that, you've been actually delivering a very good, performance than the guidance that you have just, provided in the beginning of the year.
Speaker #1: With this outstanding is the new merchant markets and new markets, as well as the other markets. So in these, two regions, we've been seeing a very rapid growth.
Speaker #1: I'd like to understand the major reasons behind and, what is the major drivers behind. At the same time, under the such high base in Southeast Asia, you enjoy such a high growth as well.
Speaker #1: So in terms of the overall structure, would you like to expand further with us? All right. Thank you very much, Mr. Zhou, for joining our conference call.
Speaker #1: As what you can see here, in the Southeast Asia market, we have been seeing a very, wonderful performance as always. As I have already said, that, the, macroeconomy and the macro trends stay the same.
Speaker #1: At the same time, we've been also enlarging our gap with our competitors, and we've been seeing more dedication investment from the platform. We've been seeing very gladly that things this year for some of the new and, the, merchant, e-commerce platform, or those, you know, just, general performed, e-commerce platforms in Southeast Asia have been, accelerating their growth using direct operational, business model.
Speaker #1: And then we enlarge the, customer base in Southeast Asia market, bringing with us new opportunities for the growth. These are some of the new changes of Southeast Asia market.
Speaker #1: Also, for the new markets and, emerging markets, as you can see, that we've been investing a lot and, enlarge the, overall growth. This is a blue sea market, as we believe that, the, per capita parcel volume is still on the track of the growth.
Speaker #1: At the same time, we've been seeing a very good destination and, dedication. So in Q3, in Latin America market and, some of the other regions, while we are improving our capacity, we are also improving the quality of, service as well.
Speaker #1: So then there is a demand and, we are able to have a very good, fulfillment of the contract, then also the performance. So that, we are been enjoying.
Speaker #1: Because of those, you know, benefits and because of those efforts. Enjoying the, dividend. Okay. And next, I would like to talk about, China. You can see that, this is a outperforming than the, overall industry average.
Speaker #1: We've been doing a lot of works here in China as well, in terms of the, franchisees and, in terms of the quality improvement of the point of service.
Speaker #1: We have been, implementing solutions to solve the pain points and improve our mindset and image among the customers. At the same time, you can see that, in terms of the network and, also the, particular franchisees, we've been empowered in with them.
Speaker #1: for instance, the point-to-point, you know, help and, the facilitation in terms of management, etc., upgrade their overall capabilities. At the same time, enhance our network capabilities as well.
Speaker #1: We are benefited because of these efforts. Understood. Thank you very much. I've been I don't have any further questions. Thank you very much. For your question.
Speaker #1: And now we have the question from Pragon from City. Hello, Dylan and Hibing. Good morning. First of all, I would like to congratulate on such a wonderful performance and data.
Speaker #1: So I would like to understand, the China region. Now we have been enjoying very good growth. What at the same time with such, wonderful growth and, the overall, you know, volume growth, we can see that, this helped the overall performance to be further increased, for the whole year.
Speaker #1: And now what is to expectation for the peak season? And next is about the emerging and new markets. I would like to understand that, is it possible for you to talk to us about this, exploration progress in the new markets?
Speaker #1: Of course. Thank you. For this, question, let's talk about the China region. You can see that, in China, we've been growing a lot. In terms of the parcel volume.
Speaker #1: And, you know, in the UE, you can see that, you know, since the beginning of the year and our government and regulators are actually, propo-promoting the, anti-involution campaign.
Speaker #1: And because of the increase of the oil price, we've been seeing a little bit price increase in the beginning of the year. In the later parts of the year, this, anti-involution as a major direction remained the same and, steady.
Speaker #1: At the same time, we've been seeing some of the news that in Guangdong, Yiwu, Henan, Hebei province, and Shanxi province, they've been having, internal meetings in the industry.
Speaker #1: And, emphasizing on a significance on the, pricing, stabilization. So I believe that, this is, pretty much, you know, helpful to the profitable, guarantee, of, you won.
Speaker #1: And at the same time, you can see that we're gonna give, announcements of the financial figures, by regions. But still, in terms of our peers, they're actually having very performative performance and, we are pretty much, enjoying dividend.
Speaker #1: With such a good growth in Q3, at the same time, we are actually making readiness of our preparations for Q4 in terms of the, peak season.
Speaker #1: In terms of capacity and also the service quality. I believe this, this is gonna be of great help to our peak season performance. In terms of the new market, I believe that, Dylan is, now in Europe.
Speaker #1: So probably, you know, we can have, Dylan in answering the question related to the new markets. Of course, not a problem. This is, Dylan speaking.
Speaker #1: Thank you very much. For this question. at the current stage, as I have already said, that, we are now still making efforts in actually preparing for the explorations of the new markets.
Speaker #1: In the first half of the year, we've been seeing actually a, new area of, South America. Been explored. And now we are preparing for, Germany and, the UK as the two countries in Europe and, preparing for the network.
Speaker #1: So overall speaking, the demand is, pretty huge. And, if we're talking about the South America and, Middle East, and the Southeast Asia markets, they also are trying to position the, you know, their services and their product sales in, Europe.
Speaker #1: We are coping with these customers. From Southeast Asia market, for instance. And, also we are going to build up our overall network coverage, according to the total volume required and demanded, by our customers.
Speaker #1: So this is actually the phase one of our exploration in new countries. In the second phase, we are going to have, even asset lightweight to actually further, help to, work with, some of the delivery, you know, service points to be our franchisees.
Speaker #1: So at the current stage, we're still at the phase one in trying to, you know, hire the, terminal kind of, career service providers and I believe that, this would be the, most efficient way in terms of the collaborations in, the new markets, be it the Colombia that we are preparing for the first half of the year.
Speaker #1: And then, we have the UK, the Germany, these, new countries in the Europe. We are actually, using this business model and collaborative model. Thank you very much for the answer.
Speaker #1: Thank you for the question. Now I would like to wait for the next question. Next question. This is from Elmer Pan from Mingshan. Hello, Hibing and Dylan.
Speaker #1: Hello, IR team. Good morning. So today, my question is we're still having another two months to go for 2026. As for the, growth decrease in, last Southeast Asia and, the acceleration of the growth in Latin America, probably it's difficult for us to expect for the next year.
Speaker #1: Of these two markets, would you like to talk to us about the overall opinions of the growth rate expected for 2027 for Latin America and Southeast Asia markets?
Speaker #1: All right. Thank you. Thank you very much, Elmer, for this question. As for the expectation and outlook of, next year, according to, principal we're gonna do that during this, annual, performance announcement of 2026.
Speaker #1: But, I would like to talk to you about, the overall opinion. So just now you said the growth reduce in, Southeast Asia market. Actually, it's not a correct wording.
Speaker #1: We're still growing a lot in Southeast Asia market. And you know that the base number of last year was very high as the region with 10th millions of parcels on daily basis, if you wanna actually maintain a very, very kind of a very high growth, this is not scientific.
Speaker #1: So we're still having a very quick growth in Southeast Asia market. As, what's said in, the guidance, this year we are going to have a 50 to 55 percent of the growth as the overall guidance of this, market.
Speaker #1: So hopefully that we're gonna reach to the upper limit and, giving you a better response. And thank you. next one is that, for Latin America, as we have, already, you know, provided in our guidance, we are upgrading this overall expectations to 100 and 120 percent growth for the Latin America.
Speaker #1: And, as what we have, just now, you know, offered, it is a very strong growth in Latin America. We have, younger population, with a better vocabulary GDP and, also, better, consumption habits.
Speaker #1: And now in the news, be it, we're talking about the Brazil or Peru, we've been seeing actually the, new infrastructures of the ports that are gonna be built and, constructed that have, everything to do with the help of Chinese government.
Speaker #1: And if that's the case, we're gonna have, better and more Chinese goods, you know, exported to Latin America and this is gonna be improving the overall figure of the per capita and, the, average daily, parcel.
Speaker #1: And second and third of all, you can see that, the overall kind of, growth momentum and, the environment in Latin America is gonna be better than that of the Southeast Asia markets.
Speaker #1: We have been, absorbing a lot of experience in Southeast Asia and, no matter for the non-platform parcel or the collaboration with the local kind of, partner, for instance, e-commerce platform, Mercado Libre.
Speaker #1: In, Latin America, they've been emphasizing more on the collaboration with us. At the same time, we are also trying to improve our capacity there and, further invest in Llama.
Speaker #1: this is, gonna be 40, fulfilling our overall target. Thank you very much. I don't have any further question from my side. All right. Thanks a lot for the question.
Speaker #1: next question is, Susan Ja from, CICC. Please. You may have the floor. Good morning, Dylan and, Diana and Hibing. Now I have a question.
Speaker #1: Just now in the conference call, as you have already mentioned, that, for the non, e-commerce, platform, I mean, non-e-commerce or business, I would like to understand, you know, the overall situation.
Speaker #1: are you going to talk about some of the, you know, percentage of the, non-e-commerce, parcels, from Southeast Asia? And, for the next, several, months, what is the overall target of the overall growth?
Speaker #2: All right. Thank you very much, Suzanne. Let me answer this, question for you. As what have been just now mentioned, in Southeast Asia market, the, marginal growth is, pretty good.
Speaker #2: the primary reason as to we have already indicated that in the roadshow, that, you know, talking about this, and, you know, yeah, that, and, DoorDoor, while they are getting connected, they, actually provided a lot of, you know, supports, in terms of the, marginal growth for the platform parcels.
Speaker #2: And, for non-plan platform parcels and businesses, we've been making efforts as well. So for the non-platform parcels, we are actually getting, getting a very good explorations, of the key accounts.
Speaker #2: In terms of the overall growth, this is gonna be less, you know, intense than the e-commerce itself, but still we've been seeing a volume growth and, very good momentum as well.
Speaker #2: At the same time, we are actually trying to optimize the infrastructure building. And on the network side, we've been promoting the automation level and, the service quality and, the level of service so the delivery guys are able to actually absorb more parcels and platform parcels as well.
Speaker #2: So I believe that for the non-platform parcels, we're gonna have, huge space in the future. While we are organizing the non-platform businesses, except that, we are going to improve the capability of, the parcel collection.
Speaker #2: At the same time, we wanna, actually make sure that, the businesses and services like, the, delivery upon the next day or the same day can be further enhanced.
Speaker #2: So we have, strategic collaborations with SF Express. And in terms of the commercial parcels and non, platform parcels, SF Express is very much experienced.
Speaker #2: And in the past, in Southeast Asia, SF Express, actually delivers to the whole group to help to implement. So we are going to get a lot of, supports and learnings from SF Express.
Speaker #2: to actually make the, non-platform parcels, business, in the band much better way. So at the same time, for the non-parcel, non-platform parcel business in Southeast Asia, we're gonna improve the percentage and, market share.
Speaker #2: The overall, you know, development logic of the non-platform is the not the same as platform, parcels. For platform parcels, it is quite, singular and, the customers are quite concentrated.
Speaker #2: But for the non-platform parcels, we're talking about SME, customers. And the SME customers, in terms of their understanding and acknowledgement of, images, this is, totally different.
Speaker #2: Let me give you example. In Southeast Asian countries, some of the, logistics companies are not performing quite well or even making losses. But some of the local dwellers and citizens still believe that they are the priority, that they wanna choose.
Speaker #2: So this is something that we wanna actually make a turn and change, so with time, I'll fly will is gonna be spitting at a higher speed of rotation.
Speaker #2: In the future, the particular non-platform parcel business in Southeast Asia market will be quite performative. Thank you. Thank you very much for this question.
Speaker #2: next, we have the question from Lin Luqing from Citrix. All right. Hello and good morning, everyone. This is, Lin Luqing from Citrix. And thank you very much for this opportunity.
Speaker #2: Would you like to, speak up a little bit more? Is it good now? Yes. Of course. So as the announcement showed, we've been seeing the announcement that, the some of the, you know, peers are actually just having the project established in the, Southeast Asia market.
Speaker #2: So we would like to understand that, you know, how would you like to try to understand this, major business model of this, business? And the next that, whether or not you are going to explore the other markets with this similar business model that we have just talked about.
Speaker #2: The second, question is about the Southeast Asia market. I would like to understand the overall plan of the capacity in Q4. How do you think about your positioning as well?
Speaker #2: Right. Thanks a l very much, Mo Jin, for the question. For the first question, I would like to clarify. Are you talking about this, news of, TT in, Vietnam, right?
Speaker #2: Yeah. This is not approved but I just, heard that news. As rumor. Yes. I think that, for that, news report, we've talked with some of the third parties.
Speaker #2: And I believe that, the particular this is a follow-up, issue of this, licensing, granting. It is like, the TTE would like to actually, you know, build up this, management platform of logistics businesses.
Speaker #2: And they're actually claiming this, in the application form with the government and, at the end of the day, the CDTL is, going to operate everything.
Speaker #2: So, they wanna make sure that their logistics is, becoming more efficient and, better managed. So in other regions, I think that there are actually similar situations going on.
Speaker #2: And, they are going to, build up some warehouse for the management and, need to fulfill the contract. And even some of their contract I mean, their warehouses are gonna be operated by, the third party.
Speaker #2: So another thing that I want to showcase with everyone is that, on the e-commerce platforms, their attitudes towards the logistics are that, they wanna actually separate those, businesses out.
Speaker #2: So most of the cases, one of the biggest, e-commerce, you know, platforms, are is actually trying to, divest, and, spin off. Their overall kind of, asset of, the, logistics.
Speaker #2: So they wanna have, more, focused, you know, resources on the e-commerce and, the algorithm, growth, etc. So you know that logistics is a businesses that is, you know, as heavy and that is very much different from the e-commerce business itself.
Speaker #2: Second question is about the overall plan of the capacity in Q4 in Southeast Asia market. I don't think that the, you know, this is only the overall plan for the whole quarter.
Speaker #2: And at current stage, the, total volume of the parcel reached, 47 million. And we now we have, new kind of a, particular capacity coming out.
Speaker #2: And, our overall capacity is, going to reach to the peak, during the peak season. So further, we're talking about 50 to 60 million, parcels, on the average daily basis.
Speaker #2: In the long run, according to the seasonal and, quarterly growth, in Southeast Asia market, we're gonna plan the capacity in advance. So as to satisfy the ever-growing, demands of, logistics as well as the, courier service of, e-commerce parcels.
Speaker #2: All right. Thank you very much. No further question from my side. Thanks a lot for this, question. We would like to actually take the very last question from the line.
Speaker #2: The very last question is, from the Ethan. From Goshin, Securities. All right. Hello everyone. Now, I would like to have a question, follow-up question on the capacity planning.
Speaker #2: In terms of, CapEx, you had an update during the announcement, season. So in other markets, in terms of the overall growth, this is actually a higher and better than the updated, guidance.
Speaker #2: I would like to understand that, if that is the case, whether you want to increase your CapEx, and, what is the overall distribution, plan across different regions in the world?
Speaker #2: Yeah. Stellan, please. You can answer the question. So in August, we have just, provided our overall guidance on the, updated, and adjusted CapEx. And it's, still not a long time after this.
Speaker #2: So we just maintain the guidance, the same. And, also, another thing I wanna talk to you about is the capacity in Southeast Asia market.
Speaker #2: You can see this, performative data. At current stage, we're increasing the, service points number. And, we are going to enhance the automation level. But on those, you know, network side, the CapEx is not incorporating into our CapEx.
Speaker #2: For instance, Southeast Asia market, some of the CapEx is, shoulders by the, overall partners. So I think that, at the current stage, you know, we are going to have a dynamic upgrade of everything.
Speaker #2: And, this is, pretty much, well illustrated already. Right. Thank you very much. We have, new question coming in. The question is, Orlando Ong from, CSLA.
Speaker #2: All right. Good morning, everyone. The question is, the, TT, is building this, particular, you know, transportation, center in, Vietnam. Would you like to actually talk to about this if TT is gonna be established in this, transfer center in, Vietnam?
Speaker #2: And, you know, whether that is gonna be impacting your profit, of, parcels in, Vietnam? Okay. So Orlando, just now, as I have already said, that, for our customers, they want to build up the transfer center in order to actually manage their, partners and the vendors in a much better way.
Speaker #2: Because we know that we have, secondary and tertiary kind of, de vendors as well. So as for the quality, the fulfillment, the efficiency, and, the time efficiency, we need to manage them.
Speaker #2: So this, particular news, is pretty much, you know, in line with that, model. So it is actually a, management platform instead of, a, contract fulfillment platform.
Speaker #2: So for J&T Express, as long as that, in Southeast Asia market, the overall kind of, you know, facilities and service capabilities are pretty much good, we are really confident that, you know, in this, particular, you know, payment and, in, in terms of the overall, you know, fees, we're gonna take a very good percentage, against the, partners in Southeast Asia market.
Speaker #2: Right. Thank you very much. Now, we would like to take the next question. Now, we have, the functionally from Morgan Stanley asking the question.
Speaker #2: All right. Hello. and, good morning, everyone. I have, question because recently in the news, we've been seeing that, there is actually a oil shortage, supply in Indonesia, and people need to queue for a very long line to get the, the oil refilled.
Speaker #2: So we know that, you're not going to change the guidance. so comparing with the first half of the year, as you have mentioned in the interim result announcement, that, at the current stage, you have been sorting out the mechanisms of this additional oil, cost.
Speaker #2: But, I think that, you know, this, businesses is actually a more difficult to run in the, in the first half of the year. We've been seeing a higher price for the refined oil.
Speaker #2: And, at the same time, I think that, at the current stage, this, particular, you know, macroeconomic situation, is not that boiled, so I would like to understand that, you know, you have been sorting out, what's going on for mechanisms, but still you're having a very stressful days in terms of macroeconomic growth.
Speaker #2: So what impact would you do, do you have actually? All right. Thank you very much, for this question, Qing Lei. And, to be honest, we are actually paying attention to this.
Speaker #2: so, as for the Southeast Asia market and also Germany, we've been paying attention to this, you know, geopolitical tensions. And, situation. So the oil price was high in the first half of the year and then dropped and then, increased again.
Speaker #2: So it takes a very long time for the fluctuation to finish a cycle. And during that, you know, time, we've been preparing ourselves and, giving a lot of time for the other countries to be coping with this.
Speaker #2: So when the oil price is, growing and increasing, for instance, we've been seeing some of this, particular, you know, situation happening. And, also in a lot of, you know, industries, we are also guaranteeing the oil delivery.
Speaker #2: At the same time, Indonesia is a big country of energy. So as a result, we actually do not see any impact to our overall business there.
Speaker #2: And, what is about this, passing to, mechanisms? I think that, you know, this mechanism could be only, you know, realized, together with our customers after negotiating with them.
Speaker #2: it's not purely the subsidies blindly are provided to our customers. We hope that we are going to improve our efficiency at the same time to have a better planning and improve the loading rate, etc.
Speaker #2: And then we are gonna see natural positive consequences because of these, areas. And it has been, actually, you know, now operating for about half a year and a year.
Speaker #2: We are pretty much, ready for the high oil price. We might adopt, renewable energy, for instance, as, alternative or the other kind of, energy source, vehicles to reduce our reliance on the, petrol.
Speaker #2: So overall speaking, we're still maintaining, the guidance, since August, unchanged, and we have, a series of, efforts and, you know, strategies in overcoming this, particular difficulties of the soaring oil price.
Speaker #2: All right. Thank you very much. There is, no further question from the line. And, I would like to give the floor back to the management to give us a closing remark.
Speaker #2: All right. So this is the end of, today's conference call. I wanna thank everyone for attending. Thank you. See you next time. Thank you very much.
