Unidentified Company Representative: Operator, we can move to the next analyst on the line.
Operator: Our next question today will come from Yang Bai of CICC. Please go ahead.
Yang Bai : I have two questions on financials. [indiscernible] total revenue growth of 66% and the online marketing service growth of 50%. What do you think contributed to that highlight in the past quarter, and do you think this momentum will continue into the second half of the year? My second question is, we noticed your profit margin decreased slightly year-on-year. What are some of the key areas you are putting results into? And how should we understand the fluctuation of your profit margin as industry competition further intensified?
Jiazhen Zhao : This is Jiazhen, and I’ll take the question on growth rate first. So, in short, growth this quarter can be attributed to two factors. The first is the positive industry trends. And second, is the early positive feedback towards our high-quality development strategy. Our business is closely tied to the overall consumption market. And we noticed a continued improvement in the market trends and also consumers increasing witness to shop. We think this is inseparable from the introduction and also implementation of various pro consumption support measures. In Q2, we seized opportunities to enhance our capability to gain more savings and better services. We expanded our valuable money product choices. And also, we executed our high-quality development strategy with determination.
For example, during the June 18 event, we increased promotions and also invested billions in coupons to give back to consumers. And this helped stimulate demand for all merchandise categories. And beyond this promotional event, we also follow through with our concept of every day’s [ph] June 18, and has provided consumers with savings nonstop. And our efforts improved consumption settlement, and this in turn generated more sales opportunities for the merchants, Also, our support for quality merchants encouraged them to invest resources and collaborate with us serving customers well together. So, as a result, we recorded decent revenue growth. We believe that revenue is a natural result of our value creation and high-quality development is our long-term strategy.
We do not prioritize growth over a single quarter. We think that if we can better serve the diverse consumer needs with enhanced services and better savings, and if we can build our robust ecosystem, I think our platform will naturally achieve sustainable and high-quality development. Thank you.
Jun Liu : This is Jun. Thanks. Let me take your second question. Well, first, we are still in the development phase. Profitability itself is not our priority. As Jiazhen just mentioned, it’s a natural result of the value we create. So, with that said, in Q2, we saw different financial results, showing the early results from our high-quality development strategy. And in this process of executing our high-quality development strategy, we are stepping up investment in many key investment areas. For example, giving back to consumers, supporting SME merchants investing with cultural and, manufacturing supply chains, and a 10 billion Ecosystem Initiative to manipulate [ph]. These efforts are reflecting in our financial results. Also, as competition further intensified, we will react positively by enhancing our board savings and better service core capabilities and giving back to our consumers and merchants.
I’ll now go to high-quality developments. When we see opportunities to create long-term value, we will continue to exercise financial prudence and invest with determination. Thank you.
Unidentified Company Representative: Operator, I think we have time for one more analyst.
Operator: Our next question will come from Ellie Jiang of Macquarie. Please go ahead.
