Ellie Jiang : Let me quickly translate myself. My first question is on the competition. So, we’re seeing a lot of the competitors putting more emphasis towards the promotions and low pricing categories. Also, we are seeing pretty strong active buyers and merchant data from the peers. How do management evaluate the impact on our operations? Are we feeling more pressure, and that would potentially impact our strategy going forward? And the second question is on Temu. We have seen Temu — following Temu very closely in the recent periods. We understand that this is still very early stage and might have limited financial contribution. But I wonder if management could share with us the latest progress of Temu and talk about the overall strategy, and any financial metrics management could share? Thank you.
Jiazhen Zhao : Hi. This is Jiazhen, Thanks for the questions, and I’ll share some thoughts on the competition first. We noticed changes in the industry. And as consumption covers and consumers show stranded demand, it’s not surprising for us to see peers setting up on subsidies. Competition is indeed becoming more intense. And we believe that healthy competition, which is driven by consumer-centric goals can benefit the industry, which includes not only the consumers but also the platforms as well. The e-commerce industry is always rapidly evolving. And for us, the key to adapting to the rapid changes is not to focus on what our competitors are doing. Instead, it is to stay laser-focused on consumer demand and shop our own skills and also to face competition directly and also briefly.
We channel competitive pressure into more motivation to strengthen our core competencies and focus on implementing our high-quality development strategy. And serving consumers route is at the core of our value creation. We are deepening our capabilities of providing more services, more savings remains very important to us. And last quarter, for example, there’ll be invested a balance in the generating promotion to cover all product categories and make sure consumers have access to quality products at affordable prices. And positive consumer experience requires a comprehensive effort. It is not just about price, and we continue to focus on R&D to understand and also adapt to consumers’ evolving me to help consumers shop with peace of mind. We also work very hard to provide better services, which include, for example, upgrading logistics and also after-sale support.
And high-quality supply is for metal to offer value for money product. And we are promoting digital transformation in agriculture and also manufacturing. Our team is active in the field and also in the factories to help farmers and also SME manufacturers standardize and also improve design, production as well as logistics. With our 10 billion Ecosystem Initiative, we also provide support to quality merchants and products. And this incentivizes them to improve product and service quality. I think this in turn promotes a healthy and high-quality development of our platform ecosystem. We received positive feedback from these efforts. And this gives us confidence to continue on this path of high-quality development. Our strategy is very, very clear, but executing well is not that easy.
It actually requires a long-term commitment, and we will need to do the right things and also do things right. We will continue to stick to our comfort, improve ourselves in the face of competition, and create greater value. Thank you.
Jun Liu : Thanks for your question. Let me address your second question in Temu. Well, for our global initiative, Temu is currently in a learning stage. Our key focus right now is how we can apply our expertise to create our unique value. We do not focus on my position or other financial metrics at the current stage? We hope to leverage our tax background and supply the know-how to bring quality products at good prices to consumers in various markets globally. And this presents us with both challenges and learning opportunities. Currently, our team is laser-focused on understanding and accepting to different cultural preferences, social environments, and consumer demand in different markets with the aim of creating more unique value. As we continue to understand and explore the consumer demand from the different markets, we carefully evaluate the investment opportunity and make responsible capital allocation decisions.
