Kenneth Fong

Could management share your thoughts on the current external environment

how should we think about the company long-term profit margin level

how should we view the company's upcoming investment pace as well as the profitability level

we have seen other industry participants achieving good results with the new business models such as quick commerce

The market is keen to understand how this initiative will be delivered to the merchants

Could management elaborate on how the company responds to the policies such as the National Subsidy Program

how should we think about the revenue and profits trend in the near term

what company hopes to achieve with platform responsibility in the long run