Jun Liu: Going forward, agriculture will remain a cornerstone of our high-quality development strategy. We will continue to leverage our advantages in technology and platform resources to streamline the supply chain of agricultural products, promote agri-tech innovation and adoption, and bring more quality products directly from farm to table, thereby creating tangible benefits to our farmer merchants. Thank you all.
Unidentified Company Representative: Thank you, Natalie. Operator, we can move on to the next analyst on the line.
Operator: The next question comes from Ronald Keung of Goldman Sachs. Please go ahead. [Foreign Language]
Ronald Keung: Thank you, management, for taking my question. My first question is that since the beginning of this year, many of your competitors have been putting more emphasis on value-for-money merchandise and made it easier for manufacturers to set up storefronts on those platforms. Some of your peers have observed some strong user and merchant momentum. So how do you evaluate the competitive landscape and what are some of the key initiatives to defend your competitive position in this environment? And my second question is that we’ve seen your global business gather good, strong momentum since launch a little over a year ago. So may you share with us the latest development, your strategy for this business going forward, and what’s your vision for the business in the near to medium term? Thank you. [Foreign Language]
Jiazhen Zhao: This is Zhao Jiazhen. Thank you for your question. Let me share my thoughts on competition. [Foreign Language]
Jiazhen Zhao: As Lei just mentioned, this year is a year of recovery, but it’s also a year of heightened competition. As the micro-supportive policies are gradually rolled out, we are not surprised that our industry peers have been increasing investments to boost consumption. [Foreign Language]
Jiazhen Zhao: Our industry needs to face directly the constantly evolving consumer needs. And consumers nowadays have different platforms to choose from, so competition is a constant inevitable. There’s no permanent solution to dealing with competition. Instead, we are always thinking about how to improve our core competencies and work with ecosystem partners to create greater value for our consumers. [Foreign Language]
Jiazhen Zhao: In the third quarter, we continue to be innovative in promoting more savings and better services, and to offer more quality and affordable products to our consumers. And at the same ten times the great shopping experience. [Foreign Language]
Jiazhen Zhao: While we are continuing to deepen the more savings mindshare, which is our strong suit traditionally, we hope we can also deepen consumers’ trust in our platform by providing better services. This will hopefully invite more users to explore new product categories on the platform, so we can better serve our users’ demands for consumption upgrades. [Foreign Language]
Jiazhen Zhao: At the same time, we will continue to expand our physical economy, and to help new farmers and manufacturing companies all over the country to solve the digital challenge of the physical economy. We will help them connect their products to consumers all over the world, so more producers can taste the sweetness of the digital economy, and enrich their shopping choices and choices. [Foreign Language]
Jiazhen Zhao: On the supply side, we continue to be rooted in the real economy, and to promote digital inclusion in agriculture and manufacturing sectors across the nation. By helping the producers sell their products directly to consumers, both in China and now globally, we enable more producers to enjoy the benefits of the digital economy, and at the same time, broaden the merchandise selection on our platform. [Foreign Language]
Jiazhen Zhao: Our approach to competition has always been clear, which is we don’t focus on what our competitors do, but on what our consumers need. We have been seeing a clear trend of consumption upgrades among our users, and against this backdrop, we formulated the high-quality development strategy to better adapt to this trend. The idea is very simple, but simple enough. [Foreign Language]
Jiazhen Zhao: There is both healthy and malicious competition. Sometimes competition can easily evolve into unhealthy market practices, and those who do well will always attract attacks. For example, we noted a short-sale report on our company was issued in early September. The allegations in the report are totally baseless, and the short-seller has a spotty track record. On its face, the report was published with the intent to create panic and to drive down stock prices, enabling the firm to profit from short decisions. [Foreign Language]
Jiazhen Zhao: As we investigated further, we found out that there were actually more follow-up actions taken by the instigators behind the report. Their motives and the unusual actions are quite apparent. We are encouraged to see that most investors understood the underlying motives and saw through the groundless accusations. [Foreign Language]
Jiazhen Zhao: Looking forward, we will continue to focus on our consumers and our high-quality development strategy. With a clear and focused mind, we will relentlessly focus on execution, and in the end, we believe consumers will vote with their wallets. This is our view on competition. Thank you.
