Donghao Yang: Yes. Well, regarding your second question about our guidance for Q4, we are guiding the market that our total revenue is going to decline by 30% to 40%. And, the decline will come primarily from our color cosmetics business offset by our fast growth of skincare business. So, the general trend of our business especially our category mix in the future will be very fast and healthy growth in our skincare business. And at the meantime, we are working very hard to try to turn around color cosmetics business.
Unidentified Analyst: Got it. Thanks a lot. There’s no — I have no other questions.
Donghao Yang: Thank you.
Operator: Thank you. And our next question comes from Olivia Tong with Raymond James.
Olivia Tong: Great. Thanks. Good morning. I wanted to ask you about your view on the competitive environment local brand versus international brand, how they stack up, particularly with 11.11? And then also your thoughts as you go into next year? And then specifically for you about fiscal ’23, the Q4 guide would suggest that on a two-year stack basis on revenue that the sales deceleration starts to — it’s a greater deceleration in sales. So, as you think about the go-forward over the next 12 months, in your view that sort of a steady state pace now, or is there something that changes materially as you go into fiscal ’23? Thank you.
Jinfeng Huang: Well, I think as the market — the growth for the total beauty market right now is already almost zero while sometimes even declining. So, the competition will be intense. But that’s — normal in this market. Though looking at the international players, the and also continues to for the whole year since W11 last year. So, domestic front I think that the new brands emerging has kept challenge industry in the past two or three years, especially on fast-growing platform. So for us, I think we will be more focused on our strategy instead of focus on the external competition. So, right now we have a very clear strategy to grow our skincare brands in the portfolio and also to turnaround our color business. So, profitability would be the priorities.
And also, skincare brand will be the priority. So, when we look forward I think we are executing the strategy consistently and also we will continue to move forward. We expect very clear strategy in the future as well.
Donghao Yang: Yes, and your second question about our next year’s outlook, well, first of all, we do not provide guidance for our any time horizon beyond the next quarter. But anyway, well, for 2023 I think the decline in growth rate I don’t think it will be as deep as this year for number of reasons. One, we have been working very hard to turnaround our color cosmetics business. And we are seeing some very good positive signs in our effort. And secondly, we have got very strong growth in our skincare business which we believe will continue into — well into next year. So, if you consider these two trends together, I think overall our — next year I think our growth rate of our business will start to stabilize, if not had turn positive, from a year-over-year standpoint.
Olivia Tong: Thank you so much.
Jinfeng Huang: Thank you.
Operator: Thank you. And that concludes the question-and-answer session. I would like to turn the conference back over to management for any closing comments.
Irene Lyu: Thank you for joining us today. If you have any further questions, please feel free to contact us at Yatsen directly or through our TPG Investors. Our contact information for IR in both China and the U.S. can be found in today’s press release. Have a good day. Thank you.
Operator: Thank you. The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect your lines.
