Dear investors, good morning to you all. Welcome to the Shaanxi Commercial Exchange Exhibition, a mid-term investment strategy meeting held jointly by Anxin International and Luyanzhong. I am the host of this conference, Anxin International's TMT analyst, Wang Yang. We are very honored to have Gloria, the managing director of Chizi Cheng Technology, join us in this conference to help us further understand the dynamic and core values of Chizi Cheng Technology.
If you have any questions, you can ask them in the Q&A section. I will read them out later. Gloria, I'll give you the microphone. Okay. Thank you, Anxin, for giving us the opportunity to record this session. I'll briefly introduce the company and talk about some recent highlights. Then I'll leave more time for questions and interaction.
First of all, Chuzichen Technology is a global leading company in leisure entertainment and mobile games. In terms of business, our biggest business is social business. Last year, we made a total income of about 90%.
There are two types of social business, which are multi-group and cross-group. The main difference is the number of people. The cross-group business is the longest-running business. It accounted for 80% of the total revenue last year.
The four core products are Miko, Yoho, TopTops, and Sugo. They are for live streaming, voice chat, gaming, and one-on-one, text, audio, video, and matching.
The second business is the multi-business community. This business was born in August 2022. We privatized a company listed on Nasdaq called Lanchen Brothers. In August last year, we officially issued a merger form for this business. Last year, because of the five-month income limit, it accounted for about 10% of our total income. Under this business, Lanchen Brothers, there are now three brands. For China, there are two main brands, one is Blue and the other is Fancam.
In December of last year, we launched a new upgraded overseas brand called Keysay. In the future, we will also use this brand to expand the overseas market. Another business is called innovation business. The share of innovation business is still relatively small, about 10%. The main focus is still on the development of Jingting mobile games.
From the perspective of mobile games, there are two lines. The first line is called IAP, which stands for In-App Purchase. In-App Purchase is the income generated by purchasing tools. From the beginning of the game,
So the flow of IP games and the amount of purchase are not listed in the agency, but when the IP game is profitable, we start the distribution from the gross profit. The other line is the IAEA game. Its income mainly comes from advertising.
Advertising revenue. The games we make are relatively light. We mainly make classic games, including Sudoku, Bubble Dragon, and games like Special Edition. These games have a longer life cycle, and the cash flow is relatively stable. In addition, we also have a traditional traffic transformation business. That's about it. Okay.
Next, I will give a more specific introduction to each business. We have been doing this business for 10 years. The north-central China region has always been a very advantageous market for us. We entered the north-central China market in 2016-2017 and operated for 8 years.
Even after 8 years of sharing, we are still optimistic about the potential of the Middle East and North Africa. According to the third-party report, from 2023 to 2028, the growth rate can reach 20% or more. As a market leader, we hope to grow faster than the industry rate.
We are very optimistic about China's population structure. The population structure of China is very young. The population of China under the age of 35 accounts for 75% of the total population.
In addition, the GDP per capita of many countries, especially overseas countries, is higher than that of China. Many people there are rich and wealthy. If you have been to the Middle East, you will find that many young people have nothing to do at three o'clock in the afternoon. So they have more time to participate in entertainment and leisure activities.
At the same time, due to the religious and cultural restrictions, there is not much social entertainment in the countryside. Muslims are not allowed to drink alcohol, and there are not many entertainment venues in the countryside. So young people naturally turn to the countryside for entertainment and leisure consumption.
The next page mainly talks about the basic situation of our company. In 2023, according to the region, about 60% of the income of our criminal group social business came from the Middle East and North Africa.
30% of the income comes from Southeast Asia, 5% from North America, and some other countries, including Japan, South Korea, and Europe. There are four core products in total. Meeco accounts for more than half of the total, Yoho accounts for 10% of the total, TopTop accounts for less than 10%, and Suho accounts for about 15%.
In the past 10 years, we have been focusing on developing our localization operations. In the past 10 years, we have had our own localization operations team in more than 20 countries around the world. Our operations team is very large, especially in the Northeast China region.
We now have more than 500 employees in our local management team. For us, this is our core competitiveness, because these local employees can help us understand the trend of the first-hand market and the preferences of users, and can respond to headquarters in time to develop better products that meet users' needs. That's about it.
This page is an introduction to our four products. Miko is a live social media product. It was launched in 2014. It is a relatively mature product. The second product, Yoho, is a voice-controlled product. It was launched in 2018 and has been in operation for six years. Toptop is a gaming social media platform.
First of all, it is like a mobile version of the QQ game lobby. When you open this app, you will see 15 to 20 classic mobile games. Of course, for the Middle East and North Africa region, we have our own local games, such as the local flying chess, dominoes, and uno, which are their local favorite leisure games. Through these games, we can attract user traffic and then convert them through different channels.
Suwoo is the latest product launched in 2021, but it is growing at an explosive rate. The entire game board is a software for one-to-one text, voice, and audio-accompanying social media. We are also constantly using algorithms to understand users' preferences to be able to more accurately recommend to users some accompanying users that meet their preferences.
These four products are our core products. Miko and Yoho played the role of cash cows in this product acquisition. Because they are relatively mature products, they provide very good cash flows. At the same time, they also trained a lot of very good team leaders for us. These team leaders can rotate to our new products, including TopHop and Sugo, and help these new products rise quickly.
Topshop and Sugo are two of the driving forces of growth in our product range. In the next two or three years. Last year, Topshop's revenue increased by more than twice, and profits increased by more than six times. As for Sugo, last year's revenue and MAU increased by more than three times. So these two products still have a very rapid growth this year.
Next, I will talk about multidimensional social media. The market size of multidimensional social media is very large. According to the third party's report in 2021, the global LGBTQ population reached 5.4 billion, and it will rise to 6.6 billion in 2026.
At the same time, it should be noted that the average income of this group is higher than that of ordinary people. At the same time, they do not have the need for children, so there will be more income that can be spent on leisure and entertainment.
At the same time, these users have a higher demand for health care and leisure entertainment. So in our opinion, the overall value of these users is higher than that of ordinary people.
From our business perspective, this is our data. Last year, our average MAU was about 7.4 million. Its vulnerability is about 50% lower than DAO. The maximum flow rate is more than 70%. This data is actually very good. It is probably higher than general social software, mainly because this crowd has a certain speciality.
There aren't many entertainment channels for them to go online. It's a great place to go online. At the same time, the competition pattern is very good globally. If we look at the global positioning of this software, the company we launched with NASA is called Grindr. They are actually two top players. The competition pattern is relatively stable. There are only two companies in the world.
In terms of revenue, we privatized this company in 2022, so we had a lot of domestic business, which accounted for 85%, and 15% of overseas business. Over the past year, we have been organizing, sorting, and optimizing our products. In December last year, we successfully launched our overseas upgraded product, Heizei.
Because for Shizicheng, it has been doing overseas business since the beginning of its establishment. It has never done domestic business. So in the future, the focus of our business with Lancheng will also be to expand its overseas business, to give Lancheng the strong operating capabilities of localization that we have, to help it to dig some potential for the overseas market. That's about it.
These are the three softwares we have under the name of Lanchen Brothers. Brood has been operating in China for more than 20 years. It's an almost monopolized position. It covers all LGBTQ people. Our software is mainly focused on gay people, so it covers all gay people.
Finta is a brand that covers high-end users, so we can see it as a bonus. It is more of a supplement to Blue. For overseas users,
In January this year, we also held a very grand CC Gala in Thailand. We also visited the top-level countries, including the mainland. We also visited the top-level countries, including the mainland.
We hope to get a lot of feedback from users and keep optimizing our products. This year, we will do more promotion and promotion activities. We hope to expand this new brand, make a good reputation, make a stable transition, build a good ecosystem, and then slowly develop. That's it.
This page is about our innovative business. The highlight of our innovative business is our high-end mobile games. In terms of the choice of the game market, first, we think the mobile game market is a very big track. But for us, it's still a very small company, and we didn't have much experience in mobile games before. We entered this track in 2021, and at that time we chose synthetic mobile games. The main reason for choosing this track is because it is a relatively large category in leisure games.
At the same time, the growth rate is very fast. We have made a strong investment in the past three years. In June 2020, we officially launched our own self-proclaimed mobile game, Alice's Dream Merge Island.
In this page, you can see the progress of our monthly flow rate. In June 2022, we officially launched a monthly flow rate of $1 million in December 2022. In April 2023, we broke through the $2 million monthly flow rate. In September 2023, we broke through the $8 million monthly flow rate and rose to the top ten in the world, which is the top ten in the synthetic track. In four quarters, we have maintained a monthly flow rate of $8 million.
These are some of the highlights of our business last year and the direction of our future development. Last year, the highlight of our social development is that the core product income in the Middle East and North Africa continues to maintain a very healthy and strong growth, with about a 30% increase. As Tao Tao and Suho just mentioned, it is an explosive growth, so it is also a growth driver in the entire product management.
In the next three years, we hope to polish two flagship products. The definition of a flagship product is a level that exceeds US$10 million. Recently, we have a product called Sugo. Although it was launched in 2021, it is a very explosive growth. In the past few months, it has exceeded US$10 million. So we have taken a step forward in the process of setting our own goals.
The second part is the LGBTQ business. Last year, we focused on organizing, sorting, and product optimization. In December, we launched the TC brand. This year, we focused on promotion. We have different approaches to different markets. In the Southeast Asian region, we are already the number one player. We focus on expanding our market share.
there are still a lot of regional players, so we still want to keep improving our brand, and increase our market share. Secondly, this business is actually globally positioned, so we have also found a lot of strategic new markets, including Japan, the United States and other regions. In addition, we are also actively looking at the development of WanYan City, hoping to enrich our product governance through the development of WanYan City.
Last year, Alicestream achieved 0-1, and Alicestream made a profit of $8 million. This year, Alicestream made a big profit. In the first quarter, Alicestream made a profit of $7 million. In the second quarter, Alicestream made a profit of $7 million. In the second quarter, Alicestream made a profit of $7 million.
Actually, we want to be conservative. We want to continue to buy steadily and maintain the $7,000,000 to $8,000,000 monthly flow. But in the second quarter, our strategy became more aggressive and we increased the amount of money we bought. Now, Alice Dream's monthly flow has exceeded $10 million. It has risen to 28th place in Data.AI's recent rankings. The top 30 are usually above $10 million monthly flow.
So this year, for the entire business line, at the beginning of the year, we actually hoped that Alice would be profitable, that the innovation business would be profitable and balanced. So from the second quarter, maybe it's because our current strategy has small changes, we hope to make this scale bigger. At the same time, because of this game, if you can buy a lot and make the scale bigger, in fact, the profit of the recovery will be better in the long run. It's just that the profit point will be pushed back.
In terms of this year's whole line, there may still be a small loss, but next year, if there is profit, the amount will be larger. That's about it. In terms of financial indicators, in the past five years, the revenue K is about 50%, and the gold adjustment is about 40%. I won't talk about the historical data later. This is a brief introduction of the management layer.
Let's talk about the situation in the first quarter. In the first quarter, we gave an income interval. In terms of the interval, the social business has increased by 65% to 70%. This is to explain that 40% of our growth can be attributed to our disease table for Blue City Brothers. Last year, we had a disease in August. This year, we have a disease table.
In addition, 30% of the growth can be attributed to the rapid growth of our core products in the Northeast China region. In fact, we have seen a 30% growth in the first quarter, which is also good. In terms of our innovation business, our innovation business has grown from 3.3% to 20% in a single digit range. The main factor in this range is that
Our traditional traffic transformation business is fluctuating. So there is uncertainty in every quarter. So this is the situation in the first quarter. This is what I told you about the company's introduction and some highlights of the latest business. Now we can see if you have any questions. Thank you.
Okay, thank you, Gloria, for the detailed introduction. Let's move on to the Q&A session. If you have any questions, you can ask them in the Q&A section of the meeting. The first question I received is to ask where is the overlap between the main business in the Middle East region and YALA, or the client? Thank you. Okay.
Yala is a company based in the Middle East. The main income comes from voice chat and gaming social media. Some of the products we have in common are voice chat. We are one of the top two players in the Middle East.
They also have another model, Yara Ludo, which is similar to TopTop, but TopTop focuses more on social media. I'd like to point out that our company's underlying fundamentals are social media, but we do develop different product models. These product models include live streaming, voice chat, game play, or companion chat.
But at the bottom, it's all about social logic. This might be a little different from other companies. Second, we are a global positioning company. We are doing very well in the Middle East and North Africa, but after all our products are successful there, our second step will definitely be to copy this successful story to Southeast Asia, and then copy it to other countries. So we must be doing global business. These are probably the two differences.
I think there are some overlapping users, but not many. Because they are all in the same track, but the whole function or some features are still a little different. You can go and play and you will feel it. Okay, thank you Gloria for the detailed explanation. The next question is to ask if the company has a specific guidance on overall revenue and profits this year.
Okay. This is our annual income, which is about 4.2 billion RMB. In terms of gross net profit, it's about 4.5 billion RMB. Does this include the impact after the Lanzhou epidemic? Yes, it does. Okay, I understand.
The next question is, what is the current income ratio of each product? And what is the income growth rate of each product? We haven't disclosed the latest information yet. We have a 2023 income ratio here. You can take a look. I just mentioned it. For these four products, we are sure that the income ratio will change a lot every year. Because we are a growing company. And for our company,
In terms of support and payment for new products, there is a lot of support. From the perspective of core products, Meco and Yoho are mature products. They have a big difference in price.
From our perspective, it is a stable state. It is more of a cash cow to provide resources, staff and funds for our new products. As for PaoPao and Sugo, last year's increase was definitely more than 100%. This year, we will continue to see a very fast increase, so the income ratio of these two products will be relatively large this year. As for Sugo, as I just said,
It's now more than 10 million USD. It has become the second largest product in our product pool. And it still has a lot of potential. Okay, thank you Gloria.
Next question is about Toptop. Toptop achieved good results in the first half of this year. Did the company analyze the reason? Will we increase our investment in sales costs in Toptop?
Yes, that's a good question. I think that both TopTop and Sugo are products that need to be bought. This year, since these two products are growing, they definitely need to be bought and supported. We will also increase the number.
This product is a UGC ecosystem. It is not a product that can grow very fast. Why did we suddenly launch this product? This product was launched in 2019.
In the past four years, we have been cultivating the ecosystem and raising users. After we reached a critical point last year, the first thing we did was to improve the overall product design. At the same time, we did a good job with the games we developed, which attracted a lot of users to our platform.
So you can see that this is because of the accumulation in the past. It has been accumulating for four years, and now there is an outburst of growth. That's about it. So in fact, in addition to TopFab, SQL grows faster. That's about it. Okay, thank you, Gloria. It's very clear.
If investors have any questions, they can ask them in the Q&A section. I have prepared some questions and I would like to ask Gloria. First of all, on the business side, our main business development growth direction is still in the Middle East region. I would like to ask if there are any business development plans in other regions or areas?
Yes, first of all, in terms of regional strategy, we are very optimistic about the Northeast China region. Even though it has been developing for 8 years, we are still optimistic about the next 5 to 10 years. Especially in Shater, which has a relatively large population base, Salaman also proposed the Vision Plan for 2030. The development of the entire economy and the development of the entertainment industry will be high in the future, and the growth rate will be fast.
Therefore, we will continue to explore the potential of this policy and the rapid development of this area. At the same time, we are also very optimistic about the Southeast Asian region, because the population base in the Southeast Asian region is very large.
This is a region that cannot be given up. Thirdly, after these two projects are completed, we feel that the users' value is high in the eight countries. Although the threshold is relatively high, as we continue to accumulate our ability to localize operations and other capabilities, we will also make a positive expansion. So, in fact, what I just said is global positioning. Okay, thank you Gloria. And I would also like to ask about the company's
In terms of cash balance, can you share the current situation of the company in terms of asset debt? And because the company's business performance is also relatively good, is there anything you can share in terms of return on investment?
In our company's strategy, we focus on profitability. We hope to verify the business model in any business. At the same time, it can guarantee cash flow in the future. This can be seen from our report.
We don't have any debt. Our stock price has gone up a bit recently. We have about $200 million in stock in our account. We have a lot of cash flowing in every quarter. That's about it. I see. Do you have anything to share about shareholding?
I see, I see. As for the use of funds, I think the first is business development. Business is definitely one of the things we are most concerned about. The second is that we will look at the acquisition of Wanyan City. In fact, there are quite a lot of labels in our development plan. It's just that it's hard to determine the time now. These two are certain. Next, we are also very concerned about the return on equity. Next is repurchase. We will actively repurchase. Last year, we repurchased about 40 million Hong Kong dollars.
we will actively buy back. As for Fenghong, we don't have a formal dividend payment policy. Fenghong may not have a high probability this year, but when our income reaches a certain level, we will launch the Fenghong plan.
I don't understand. Because I saw that the company didn't issue a notice for the repurchase. Is this repurchase through the RSU, which is the way to stimulate the stock first? We did issue a notice, but it's really like what you said. Yes, it's through buying a stock and putting it in a list. It's more for the purpose of stimulating the employees. I understand, I understand, I understand. In the first half of this year, there were 10 million.
I see, I see. The next question is about LanCheng. How much income does LanCheng account for? How much can it do in terms of profit margin and stability? LanCheng will have an annual balance sheet this year. It can account for about 20% of our income.
Last year, the profit margin was about 10% to 15%, but it will increase in the future. Now, the profit margin is a bit lower overseas, but we think there is a lot of room for transformation. In China, we are also constantly expanding the range of different functions. So the profit margin does have a certain opportunity to improve. I see.
Also, I would like to ask that the company has done quite well in terms of user size and MAU. Will you consider other aspects in terms of traffic conversion, such as live delivery or cross-border e-commerce?
When it comes to blockchain, we are actually doing a vertical track. The products we develop are all based on a vertical track. Of course, there will be some additional features. But as of now, we won't consider live delivery. Because our company is still a low-asset strategy.
Actually, we focus on social media. It's not a content streaming platform. So live streaming is more important to us. It requires a lot of logistic and supply chain considerations. We won't consider it in the short term. Okay, thank you, Gloria.
If you have any questions, you can type them in the Q&A section. I will read them out later. The next question is about the new products and games. What other part-time projects are we looking forward to? What is the current situation of the game released in Alice last year? What is the current situation of the game released in Alice last year?
Okay. As for our innovation games, we definitely have Pimeline. Internally, we have a team of nearly 200 to 300 people working on the mobile game industry. We have a lot of IP and IA games. But the focus of this year is to make the flagship game more stable. Because we are a relatively new and relatively small player. We only entered this track in 2021.
So I hope everyone will be patient. Let me add a little bit. In terms of the monthly flow of water, Alice has already reached 10 million USD. I think it's already a milestone. Hopefully, it will stabilize at this stage. We also hope that it will be profitable quickly.
to get the cash back. Okay, the next few questions are about business. First, I'd like to ask you about the organizational structure of the China-North Africa market and the structure of the R&D staff. Can you briefly introduce the main responsibilities of the domestic companies in the group? Thank you.
Okay. In fact, in the Northeast China region, we have a lot of people working in the operation team. Because each product has a different design, the needs of the operation team are different. So we have a lot of people working in the operation team. In total, we have a lot of industrial teams. But we pay a lot of attention to the combination of industrial and front-end operations. In recent years, we have also sent a lot of product managers to the frontline to understand the needs of users.
That's it. Okay, next question. Next question is, in the Middle East and North African markets, what is the current level of competitiveness of our main products and the competition pattern? And do you have any plans to expand to more countries and regions in the short term? Oh, okay.
We have four vertical routes in our core products. Meeco is a live route. We saw that there were more than 100 competitors five years ago. Now we are the third in the competition.
There are two big ones ahead. The second one is the multi-person voice chat room. As I said, Yara and I are the top players. In terms of TalkTalk's game social network, we are probably in the top three.
Suwo is the first company in China to launch a product like this. It's probably the first player who hasn't seen a competitor that can be compared with our scale.
Will it reach other countries? Yes, it will. Take a look at the upper left corner of this picture. All of our products are made in the Middle East and North Africa. Once they are successful, they will be copied to Southeast Asia and other developed countries. Meeco has been in operation for 10 years, so it has products all over the world. All of our products are made in this way.
The next question is, in terms of business model and specific approach, what are the differences between China and North Africa compared to China? To be honest, since our company was established in 2009, we have made some online tool products.
But they haven't done any domestic business. In fact, we have our own national manager in every country. They have also been doing overseas business. To be honest, they don't know much about the domestic market. They know more about the overseas market than the domestic market.
In fact, what they pay more attention to is the needs of users in the local market and their preferences. Of course, Meeco, for example, its live format has been played a lot in China in 2014 and 2015.
At that time, we launched Machu Hua in 2014, and then entered the Middle East in 2016 and 2017. For them, it was still a very new product. It may be a similar model, but for these new markets, the East-Middle East and North-East markets, it was a very new product model at that time. The second is that I can be different from the domestic localization operation team. We did set up a localization operation team.
For example, we can manage local broadcasters, users, and various brand channels. This is a bit different from what we do in China. First, it allows us to understand users' needs. Second, it allows us to create the content they like in Arabic. And our local employees, 90% of them are Chinese speakers.
Locals. 10% Chinese. So the management is also very different. You need to understand English, Chinese and Arabic. So maybe there are some differences in all aspects. I understand. And I would also like to ask about the entry threshold of the Middle East and North African markets. What are the advantages of the company's founding team in this area?
Okay. I think every market has its own threshold. In China, culture, religion, language, and preference for the market are all thresholds. We did enter the market early. We have been operating for 8 years and we have a large team.
We also trained a lot of local employees to help us understand the market and operate the products well.
It's accumulating slowly. It's not like you can send a team to make some money in one day. At first, you might think it's low, or it's not a high threshold. But after eight years of accumulation, it's hard to get in now. I see. Thank you very much, Gloria.
At the moment, there are no more questions online. I will ask a few more questions and look forward to more questions from our investors. I would like to ask, what do you think of the current LGBTQ market? Are we still in the process of deepening or is there still a lot of expansion in the LGBTQ market?
I think I only heard the latter half. Let me answer this first. This market is very large. I have already written it here. This page is the industry overview. In fact, we think that the value and demand that this crowd can produce is very high. Just looking at the value of a single user, their value is much higher than that of ordinary users.
In terms of the overall regional expansion, we may have a deep root in the Southeast Asia region, because we are already the largest. We will continue to expand the population, and at the same time, we will increase the number of users.
UpSide is in it. In addition, for many regions, we don't have a lot of coverage yet. Including Japan, Europe, America, and some other regions, there are still many areas that can be expanded. On the other hand, all of our software is only for male children.
We don't want to involve other groups like GBTQ. In the future, it can be an external development or self-development, and we will gradually cover these groups. So there is a lot of room for future development. As I said, the user value is high, the age is high, the activity is high, and the demand is high.
At the same time, there are only two global locations. No third company will come out. The competition structure is good. So that's my introduction to this track. Okay. I have two questions. First of all, I would like to ask if there is any change in the team management and organizational structure after the company's privatization. What is the current structure like?
Yes, after we privatized it, we sent four or five executives there. The person in charge of the overseas business is also the person in charge of the anti-human rights community. He is also very capable.
For most of the employees, we keep them, especially the middle and low-level employees. We want to keep their culture and their preference for users. Of course, we also did some team work. So why didn't we do much in the past year? It was more about the organization's transition and the team's reorganization. After a year and a half, it's almost done.
Okay, the next question is, what is the fastest time frame for Lanchen Brothers to achieve a profit-loss balance? I think they have already achieved a profit-loss balance, right? We achieved a profit-loss balance very quickly. In the past, we lost tens of millions of dollars every year. In August 2022, after the acquisition, we made a profit-loss balance in just four months. Last year and the year before that, we made profits. In our own report, we made about 10.3 billion yuan, and we made 72% of it.
I see. So in the future, the profit margin will probably reach a dozen points, right? It has already reached a dozen points. In terms of the entire Blue City, it is 10% to 15%. We think there is still room for improvement. I understand, I understand. Okay, that's good. There are no more questions at the moment. We are running out of time. Gloria, do you have any questions to add or share with the investors?
I would like to thank Anxin for organizing this event for us. As a company, we want to be a global leader in leisure, entertainment, and social activities.
The whole company is focused on stable development, so we built a very rich product pool. There are mature products, including Meco and Yoho. There are also fast-growing products, including Toptop and Sugo, as well as products that we are actively incubating, as well as Lanchen that we purchased.
So this rich product pool will allow us to develop healthily and steadily in the next three to five years. And the market and the track of Sobu will have great potential for development. So I hope investors will be patient with us. We are still a relatively small company, but it will gradually grow. That's about it.
Okay, thank you, Gloria. Thank you for your time. If you have any questions, feel free to contact Anxin International's Research Department. We will help you with more recording requirements. You are also welcome to contact the company's investor relations team. Thank you again for your time. Thank you, Gloria. Thank you, thank you. If you have any questions, you can contact Anxin or me. Okay, thank you. Okay, bye-bye. Bye-bye.