Joyce Ju

are you seeing or would you expect to see a corresponding increase in merchants' willingness to spend on advertising?

how are you thinking about the consumer spending outlook for the full year?

we saw a slight increase in sales and marketing expense ratio of the company

How does the company assess the impact of these new models on the broader industry landscape.

Could the management share the company's view on the consumer market like regarding categories with faster growth

Could management elaborate a bit on how the company thinks about the investment and return cycles for these projects

How does management view the competitive outlook in China's e-commerce sector from here and why

could management share some colors on platform performance and also key trends observed so far

How does management view competition in current market environment

How should we think about the long-term goals for platform ecosystem development and how this will drive the platform’s further growth

could management also share what has been done on the consumer side recently