Youdao, Inc. Price & Performance (DAO)

Please note the discussion today will contain forward looking statements. Related to the future performance of the company. Which are intended to qualify for the safe harbor from liability. As established by The U. S. Private Securities Litigation Reform Act, Such statements are not guarantees of future performance are subject to certain risks assumptions and other factors Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and this discussion. A general discussion of the risk factors that could affect Yudao's business it's included in certain company's filings with the U. S. Securities and Change Commission. The company does not undertake any obligation to update this forward looking information except as as required by law, During today's call, management will also discuss certain non GAAP financial measures for comparison personally. For the definitions of non GAAP financial measures, and reconciliations of GAAP to non GAAP financial results, please see the twenty twenty four fourth quarter and full year financial results news release issued earlier today As a reminder, this conference is being recorded. A webcast replay of this conference call will be available on Yudao's corporate website at ir.udao.com.

Joining us today on the call from YuuDao's Youdao senior management Doctor. Fengzhou our Chief Executive Officer. [indiscernible] our President, [indiscernible] our VP of Strategy and Capital Markets, and Mr. Wayne Li, our VP of Finance, I will now turn the call over to Doctor. Joe review some of our recent highlights and strategic direction. Thank you, Jeffrey, and thank you all for participating in today's call. Before we begin, I would like to remind everyone that all numbers are based on RMB. Unless otherwise specifically stated. In the fourth quarter, our profitability further improved reached RMB1.3 billion, a 9.5% decline compared to the same period last year. Primarily driven by a decrease in revenues from learning services. Since the summer, we have proactively focused on courses and services with strong demand. And maintained a rational approach to customer acquisition. We strategy has enhanced our overall health income of operations for the fourth quarter reached RMB84.2 million representing an increase of 10.3% year over year. Operating cash inflow was RMB158.2 million largely stable compared with the same period of last year. For the full year 2024, our key financial indicators demonstrated significant improvements with record profitability and cash flow performance.

Net revenues totaled RMB5.6 billion, up 4.4% year over year. Income from operations amounted to RMB148.8 remarkable turnaround from loss of operations of RMB $466,300,000.0 in 2023. Marking a substantial improvement in financial health achieving our first ever operating profit from a full year basis. Operating cash outflow narrowed to RMB67.9 million representing an improvement of 84.5%. Year over year. Now let's review the major progresses across our business lines. In the fourth quarter, net revenues from learning services reached RMB676.7 million.

Down by 21.2% year over year. Maintaining financial disciplines and focusing on courses like Yodalung Shi, we enhanced our financial health and long term competitiveness significantly. Within the Learning Services segment, net revenues from digital content services reached RMB388.8 million the fourth quarter. Which covered the cost and operating operating expenses We are committed to fostering long term growth with top priorities centered on elevating customer satisfaction, optimizing operational vitality and driving forward looking innovation initiatives. [indiscernible] [indiscernible] acquisition path by focusing on operations on directors IP. Leading to over 10% year over year growth in gross billings for the fourth Additionally, our flagship product, which integrates AI, tier two learning videos, has enhanced customer loyalty. With retention rates surpassing 70% in the fourth quarter. An improvement of more than five percentage points. Over year. This rise in customer loyalty gave us greater confidence in the future developments of Youdao Xun. In terms of steam courses, Our franchise programming courses focused on 20% year over year increase in gross billings during the fourth quarter with retention rates exceeding 70 Next, within the learning services segment, we see strong growth in our AI driven subscription services. Total sales witnessed an impressive streak of eight consecutive quarters with over 50% year over year growth.

For the full year of 2024, AI driven subscription services generated sales of over RMB200 million. Representing an increase of over 130% year over year. Recently, we launched an open source to China's first step by step exposition reasoning model Confucius one, As a 14,000,000,000 parameter lightweight [indiscernible] Confucius O1 supports deployments on consumer grade GPUs and utilizes Chain of Thought technology to provide detailed problem solving processes It achieves high accuracy in problem solving with strong logic and reasoning capabilities and offers reasoning in Chinese. Notably, Confucius O1 has officially been open source to encourage broader use and innovation of reasoning models in the education sector. Currently, Competitions one has been implemented in our AI learning assistance Mr. PAI Tutor, which received positive feedback with over 100,000,000 cumulative users since the product launched. Award at the Microsoft Store twenty twenty four Annual App Awards. Furthermore, we are continuing to develop the HiEcho ecosystem. In the fourth quarter, we partnered with Rocket to deliver an immersive AI powered English learning experience through AI plus AR technology. HialeahCo Alongside Youdao, the dictionary was named one of the top nine apps of 2024 by LaTeX. We quickly embrace the recent [indiscernible] by integrating both Confucius models and DeepSeq R1 across many of our products.

Our teams rapidly experimented with blending the best of both worlds. Deep Sea Car One delivers robust reasoning and intelligence, while our domain specific models are optimized for high traffic scenarios, unique to our offerings. This powerful combination already enhances products like Mr. P's AI tutor, providing users with smarter, more friendly [indiscernible] Deeper insights into learning materials and more effective support for challenging prompts more responsive and cost efficient service. For online marketing services, net revenue reached RMB481.7 million in Q4. Representing an increase of 1.6% year over year. Gross margin increased to 34.2%, up 1.5 percentage points year over year. In terms of domestic performance based advertising, industries such as gaming, and AI tools have seen record breaking revenues. On the international advertising front, we recently established an official partnership with Google This milestone lays a solid foundation for the future growth of our overseas advertising. Additionally, in the field of overseas KOL, key opinion leader in marketing, We have a leverage our extensive database of global influencers and that advanced technologies such as large language models and image recognition With these tools, we have developed an evaluation model for KOL video conversion effectiveness. This model comprehensively analyzes trends in influencer videos and their comment sections, allowing us to identify which creator possesses strong virality and widespread reach.

Therefore driving high conversion rates. By using commercial conversion, conversion effectiveness as a key metric. The model assigns ratings to each influencer and uses existing data to predict their conversion potential. Furthermore, we played a pivotal role in the global promote of the game Marvel Rivals, In the first two weeks after the game's launch, we successfully facilitated the release of nearly 200 pieces of KOR content resulting in over 80,000,000 impressions across the Internet. Looking ahead, we are optimistic about the long term prospects of our [indiscernible] we are committed to strengthening collaboration with clients in the gaming sector particularly through enhanced synergy with NetEase Group, in both traffic side and demand side. [indiscernible] to our Smart Devices segment. Net revenues reached RMB240 million in Q4, marking an 8.1% year over year increase. With significantly improved financial health. Our flagship product Youdao Dictionary Pain, performed exceptionally well during the November eleven, shopping festival. Maintaining its position as the top seller in its category, on both JD.com and Tmall, five consecutive years. The X7 Pro also earned the top spot in single item sales for Dictionary Paints on both platforms. These successes contributed to an annual 20% year over year increase of revenues for the Dictionary Panel.

Addition, we're thrilled to announce That's cumulative sales of our Dictionary Pan have surpassed 10,000,000 units since its market debut. In terms of product, we recently launched [indiscernible] featuring an instant scan and translation feature The product offers top tier performance at an accessible price point. We also launched the Space One, a brand new dictionary pen. Incorporating the [indiscernible] reasoning model, delivering in-depth analytical reasoning capabilities and providing clearer guidance for complex problem solving scenarios. Moving forward, we are committed to continuing to pioneer innovations in smart devices. [indiscernible] enhancing personalized educational experiences for our users and strengthening our leadership in this product. In 2024, we executed a focused business strategy that combined rapid generative AI implementation with a steadfast drive towards Operational profitability. It was a breakthrough year. During which several of our business units as Youdao Ads, and our AI powered English learning and translation apps. Emerged as clear leaders in their respective [indiscernible] Looking ahead, 2025 has started with the explosive popularity of DeepSeq, a trend that is reshaping the Chinese industry. We anticipated that open source and reasoning models would revolutionize how people learn and market. And that transformation is now underway. Our response has been swift, Over the past few weeks, we have seamlessly integrated DeepSeq into our apps courses app platforms and hardware devices.

This is just the beginning. We believe that large AI models should serve not merely as additional features, [indiscernible] as autonomous agents, that drive outcomes They should be deeply embedded into our learning and the work, plus to unlock higher productivity. Accordingly, we are launching our AI native strategy, integrating AI more comprehensively across our business lines. For example, automating our advertising platforms, and introducing AI driven tutoring for our cost customers. We're excited by the rapid maturing of reasoning models and eager to deliver these innovative projects to our customers this year. Another significant milestone for 2024 was achieving full year operating profitability for the first time. 2025, given the current economic conditions and our ongoing progress, we are targeting [indiscernible] revenue growth alongside fast paced improvements in our bottom line. With that, I will turn the call over to Supang. To provide you with more details insights into our financial performance. Thank you, Doctor. Koh. Today, I will be presenting some financial highlights from our fourth quarter and full year of 2019. We encourage you to reach our press release your earlier today for further details. The fourth quarter, total net revenue of RMB1.3 billion or US182.6 million representing a 9.5% decrease from the same period of Tencent three.

Net revenue from our learning services were RMB $617,700,000 or US84.6 million representing a 21.2% decrease from the same period of 2023. The year over year decrease was due to our continued strategy focus on more selective customer acquisition approach, per prioritizing to higher return on investment engagements. Believe despite the short term revenue decline, the strategy has been enhanced the overall resilience and operational efficiency of our business. Net revenue from our smart devices were RMB million, [indiscernible] 32,900,000.0 eight point one percent from the same period of 2023. Primarily due to the driven by the continuing increase in sales of Yuzao Dixinipen in 2020 Net revenue from our online marketing services were RMB hundred and $81,700,000 or $66,000,000 representing a modest increase from the same period of 2023. For the fourth quarter, our total gross profit January. Compared with 63.6% for the same period of 2019. Gross margin for smart devices was 43.9% for the first quarter of twenty twenty four, compared with 38.3% for the same period of 2023. [indiscernible] smart and for online marketing services was 34.2% for the first quarter of twenty twenty four, compared with 32.7% for the same period of 2023. For the first quarter, we reduced our total operating expense to RMB556.6 million or US76.3 million dollars compared with RMB $6.00 $662,500,000.0 for the same period of last year.

Looking at our expense in more detail. Sales and marketing expense declined to RMB381.8 million compared with RMB hundred and 41,400,000.0 in the fourth quarter of twenty twenty three. Research and development expense was decreased to RMB120.7 million compared with RMB hundred and 68,100,000.0 in the fourth quarter of twenty twenty three. Our operating income margin was 6.3% in the fourth quarter of twenty twenty four. Compared with 5.2% for the same period of last year. For the fourth quarter of twenty twenty four, our net income attributable to ordinary shareholders was RMB 83,000,000, dollars or $11,400,000 compared with RMB 56,500,000.0 for the same period of last year. Non GAAP net income attributable to the ordinary shareholder for the first quarter was RMB 91,800,000.0 or $12,600,000 compared with RMB69.3 million for the same period of last year. Basic and diluted net income per ADS attributable to the ordinary shareholders for the fourth quarter of twenty twenty four were RMB0.71 or US0.1 dollars and RMB0.7 US0.1 dollars respectively. Non GAAP basic and diluted net income per ADS attributable to the ordinary shareholders for the first quarter $0.11 dollars and RMB0.77 dollars or $0.11 respectively. For net cash provided by operating activity, RMB158.2 million US29.7 million dollars for the first quarter, Turning to our full year results.

Our total revenue for the 2024 increased by 4.4%, to RMB5.6 billion or $770,700,000 Net revenue from our loan services for 2024, down by 12.7% over year. To RMB2.7 billion, or US376.4 million dollars Net revenue from our smart devices for 2024 are RMB903.7 million (US133.8 million remained stable compared to the 2023 Net revenue from our online marketing services for 2024 were up 48.3% year over year to RMB2 billion or hundred and 70,600,000.0 Total gross profit for 2024 RMB2.7 billion, or 376,500,000.0 remaining stable compared to the 2023 Total operating expense for 2024 decreased to RMB2.6 billion or U. S. Dollar hundred and 56,200,000.0 compared with RMB3.2 billion in the 2023. Net income attributable to the ordinary shareholders for 2024 was RMB 282.2 million dollars 11,300,000.0 and the basic and diluted net income per ADS attributable to ordinary shareholders for 2024. [indiscernible] $0.7 or 0.1 as of 12/31/2024, our contract liabilities which mainly consists of deferred revenue generated from our linked services, RMB million. Or US131.7 million dollars compared with RMB1.1 billion as of 12/31/2023, At the end of the period, our cash cash equivalents and now current and non current restricted cash short term investment totaled RMB 662,600,000.0.

Or US90.8 million dollars This concludes our prepared remarks. Thank you for your attention. We would now like to open the call for your questions. Operator, please go ahead. Thank you.

We will now begin the question and answer session. Link to The first question we have is from Brian Gong of Citi.

Six months profitability achieved for this quarter. Just a very quick question. Commensments elaborate on the outlook for this year 2025? Like for different business lines and our overall strategies. Thank you. Thank you, Brian. So our company is focused on two key areas. One is AI driven education technology. The other is AI driven online marketing technologies.

So I'll talk about our two lines. And we see a significant opportunity in both areas. So one, our strategy is to enhance our offering by leveraging cutting edge AI. Improving our content quality gaining deeper insights into customer needs and we try to establish leadership positions in each of our key product segment So as we discussed earlier, reasoning models have become very important for the education segment and also marketing segment. So we anticipated rapid advancement in this area. And the actual case actually exceeded our expectations. Today, not only do we have models that are really good at reasoning at solving problems. But also, they are very affordable. So I think if you look at history, so breakthroughs in infrastructure technologies, have often lead to explosive growth in applications. So we believe this year 2025 and likely next year will be the widespread developing of large language model applications in edge advertising. So that's where we will be focused on the product and tech side. On the financial side, '24, was a milestone year for us as we achieved profitability. And looking ahead to 2025, so we plan to maintain a drive towards a modest revenue growth while keeping profitability a key focus for us.

So particularly in today's challenging economic environment. So we will remain financially disciplined balancing growth and profitability. So looking at the separate businesses, so for Learning Services, we remain focused on high demand products like Yudaling She. So as we talked about, we think this is the right strategy. This is good for the for our financial health and this is also good for long term growth. And for this year for courses, AI is going to be more important for us compared to past years because the technology is finally we believe it's ready. Now it's in place to introduce features like AI tutoring as a core element of our cost offerings. So that's a major project we're working on right now. So combined with our high quality video learning content, and expert service teams, so we believe AI tutoring will provide an enhanced much enhanced learning experiences for our customers. Additionally, we're also working on other AI features like AI driven college admission advisor. We believe that will be important too. We also expanding our AI subscription services. We will be offers a photo and interactive learning experiences. So we recently upgraded HireCo. So experience, much lower conversation latency.

So that's an example of what we will do down the line. So we will enhance a lot of our services and release new new subscription services this year. [indiscernible] as regard to smart devices, we see continued opportunities in 2025. Our focus remains on maintaining market leadership. With the dictionary, PEN category And also at the same time, we'd like to introduce new category products. So we have a very good product pipeline for 2025. So just two days ago, we launched our first high end products of the Yudao Space one Youdao. Pen. So this device represents our vision for what's a next generation AI tutoring learning device should look like. So it's a very different product as our dictionary pens. So it is a very good example of how we continue to [indiscernible] through this kind of innovation. So especially in terms of enhanced personalized learning expenses for home learners. So finally, but also very importantly in online marketing services, The key trend continues to be we see to be twofold. One important trend is the shift of the multi trillion yen at industry towards performance based advertising. And the second trend is the growing application of AI of large language models in advertising.

So we are still a relatively small player in this space. But we We see significant growth opportunities in 2025. By leveraging these trends. So we plan to deepen our strategic collaboration with NetEase to integrate more traffic ecosystems and advertiser resources. The partnership which began last year 2024 currently represents less than 10% of our ads revenue. And we expect this to grow considerably in 2025. So in parallel, we are [indiscernible] With a focus on key opinion leader marketing and performance based advertising. So moreover, we are actively exploring AI and LOM driven projects that will enhance platform capabilities for our ad clients. So our goal is to replicate the step growth we achieved in Q4 last year, Q4 twenty twenty three. 2023. While this kind of step growth is challenging to attain. We are committed to find them and pursue them. So at the same time, we continue to optimize and expand our business on a day basis. So we think that will ensure more stable and sustainable growth. So as our AI technology matures, we will accumulate more customers, develop more experienced teams contributing to our ads business growth. Yes, that's all for me.

Yes, thank you. You, Doctor. Toh. And this is Wen. I'd like to add more color from the financial perspective. There was a remarkable financial progress 2024, and we will continue to monitor the key financial metrics to track our progress in 2025.

Particularly in profitability and the cash flow improvement aspect. First, from the [indiscernible] as mentioned by Doctor. Zou, 2024 tracks the first year to achieve the scale of profits Net income attributable to shareholders For 2024 was over RMB80 million compared with the loss of around RMB550 million in 2023.

The significant improvement in our bottom line primarily debt from our focus on strategy projects and the streamline of loss making operating units. We believe AI and AI driven technology as mentioned by Doctor. So such as AI tutoring, will enhance our advantages of our business. It will further drive the improvement in performance in twenty twenty five. Looking ahead to 2025 with the AI technology become more mature and cost effective, We will further leverage this development and implement new cost optimization measures to enhance business profitability. Second, from a cash flow perspective, we have dramatically improved our net cash outflow from the substantial improvement from RMB $440,000,000 net offload in '23 to around RMB70 million in 2024. Such improvements step from both enhanced profitability and [indiscernible] of our AI [indiscernible] [indiscernible] in 2025. We will continue our efforts in revenue expansion and the cost control aiming to achieve historical breakeven in annual operating cash flow for further improvements. Regarding revenue growth, as mentioned by Doctor. Zhong, [indiscernible] anticipate continued moderate growth considering today's challenging economic environment while keeping While we faced significant challenges from competitors and during this uncertainty, we remain confident in delivering better business financial performance in 2025.

Thanks. The next question we have is from Brendan Zhao of CICC. Good evening, Zhou Zhou and Susan.

Thanks for taking my question and congrats on the improvement in your progress in your AI products, both in education and in ad sector. So my question is about the online marketing business because we saw that the Q4 growth of this business is kind of like flattish. What kind of opportunities will arise for these business in 2025? Are we going to expand our Because previously, we are mainly in the domestic market, are we going to expand in the overseas market? And what's our strategy? Thank you.

Hi. This is Dunez. Thank you for your question. In 2025, your advertising 30 will focus on three inter connected growth The first, we intensify our collaboration with through both technological integration and ecosystem expansion. By developing Yuu. Proprietary data analytics and AI algorithm, across NetEase platforms are driving a measurable improvement in advertising efficiency.

Leading our successful partnership with NetEase [indiscernible] news and mail services. Now identifying new high potential traffic channels with the ecosystem to create additional advertiser type one. Notably, our AD services were Natis Group achieved over 200% year on year Youdao over year revenue growth in 2024. Yet they still account for less than 10%. Of our total AD revenues, [indiscernible] potential. Second, as you mentioned, our global expansion is gaining strong momentum. Last year, March two strategic breakthroughs [indiscernible] [indiscernible] helped us surpass RMB100 million in international AD revenue. With over 100% year over year growth While our recent Google partnership certification established [indiscernible] [indiscernible] [indiscernible] potential us to capture the emerging emerging opportunities in global digital marketing through 2025 and beyond. Finally, we are reorganizing our advertising tech stacks through AI innovation. Following the successful integration of our advertising LOM, with deep six capabilities. We are now developing and an AI advertising optimizer. This solution automates campaigns strategy generation aligned with marketing objectives, enable dynamic budget of optimization and execute real time [indiscernible] significantly enhance both provision operation efficiency in AD delivery.

Thank you. The next question we have is from Thomas Chong of Jefferies. Please go ahead.

Hi. Good evening, friends. Management for taking my question. My question is about the priority for Earnings services [indiscernible] Thank you. Thank you, Thomas. This is Xu Peng. I will handle the And I think the last year, we initiated a the adjustments in our learning services product portfolios. We intensified the focus on the courses with robust demand, especially in the Youdao Linxin we are facing out non essentials programs at some times. This restructuring remain ongoing, I think, and it's projected to conclude in the second half of this year. Upon completion, revenue from the learning services is expected to stabilize in the latter half of this year. I think you're alluding to will serve as the strategic priority for the services in this year 2025. Commit to the advance following the key initials to deliver the more personalized and efficient learning experience for our customers. And at the same time, we expect the revenue whatever the [indiscernible] [indiscernible] [indiscernible] So first, we think we will elaborate in advanced capability of deep seek, the lifetime remodels. Will comprehensively upgrade the AI services between the Youdao Ling Shui Intelligent Learning System. Post upgrade the enhancement will include the first is called more precisely the identification of knowledge gaps optimize the learning class design enhanced to clarify in QA and explanations a more comprehensive college application planning solutions, Secondly, we are implementing implementing the data driven updates to the instructional videos beyond routine updates aligned with the curriculum [indiscernible] Our primary updates create criteria built derived from the students' [indiscernible] Within the intelligent learning system When the error rate exceeds the threshold, our dedicated advisor will Proactively engage the students to collect feedbacks on the specific video content Expedia has consolidated feedback to the content managers and RRD teams facilitate immediately the video update and the system redevelopments.

And we think that will be the things we did in the twenty five thousand five hundred loan service and the content and we expect to deliver the high quality product and service our students. Thank you, Thomas. I hope that answers your questions.

Thank you. The next question we have is from Bojan of Wai Thai Securities.

Please go ahead.

Thanks for taking my question. [indiscernible] My question is, after the integration of Yodao, [indiscernible] language model, Cardiosis, [indiscernible] can they expect on the business operation?

Yes. Thank you, Jambou, for the question. Yes, I'll take it.

So I think there are three So first, DeepSeq, particularly DeepSeq, R1, the reason models, it opens up a lot of exciting opportunities for us.

So we're one of the first teams in the education and the adverts area to integrate DeepSeq into our including Mr. Pierre Attutor Yudao Dictionary, Yudao Kuchin Yipan, Chinese China University MOOC, Y So we're doing it first. However, what's more powerful is enhancing these models with demand specific business specific knowledge. So one, key technology that you can enhance the base model base deep seek model is to augment it with retrieval augmented generation RAC technology. So this integrates the model with knowledge bases and vector databases to combine general capabilities with domain specific expertise. So our team has significant experience with WAC and our Q anything framework.

It is actually one of China's leading rack platform. So that's a good example. So we've also developed popular RAC applications in education, such as our AI college application systems. Last year. So now with DeepSeq, we [indiscernible] making them more effective. So from a competitive standpoint, the deeper integration of strong models into applications is I think it's quite similar to developing apps for mobile platforms like iPhone and Android. So those teams with [indiscernible] app building experiences. I think right now we'll have a an edge here. So these teams will develop AI Just as we have been able to develop mobile applications very well. So that's one. So second point is So agents are a newer very promising application model of large language models.

So instead of just answering single questions, so agents solve multi step tasks. So AI agents have already seen success in areas like programming And I expect education and advertising to be the next major area. Where agents will be very successful. So Jin Lei just talked about AI ad optimizing optimizers. [indiscernible] agent applications that we are already exploring. And we already see very good early results for these AI agents. So there are a lot of very highly frequent scenarios where we we see that a strong model with agent technology can automate tasks with very high such as tutoring on specific topics such as automizing advertising assets and performing ad attribution analysis.

Third, we are enhancing general purpose large scale models with smaller more domestic specific vertical models. So this is different from from RAG. So essentially RAG is you combine a model with knowledge base. So vertical model is you develop new smaller and more specialized models. This actually has been our strategy since 2023. And it's proving to be highly effective. So for instance, we recently open sourced the Confucius one 14B reasoning model I talked about. So this one this one is optimized to run on a consumer grade GPU like the thirty, ninety or forty, ninety? [indiscernible] It actually outperforms the steel version of deep sea R1. Of the same size of the same 14B size. [indiscernible] So basically, we developed a model for math tasks that's more effective than DeepSeq of the same size. So I think that's That's very exciting. So [indiscernible] what's also exciting is that Confucius one was developed in IR teams in just a month, just under a month. So that showcases how rapid open source models development has empowered our team and others in the industry to create competitive vertical models. So alongside Computers one, translation model with just 10% of the parameters of larger size general models.

And also we also have 1,000,000,000 parameters that delivers offline translation quality better than many online NMT translation models. So as we continue to understand and and anticipate usage scenario in the coming quarters, we will quickly upgrade these models and develop new vertical models. So keeping R and D and compute costs efficient while delivering valuable results to our users and business. Yes. So I hope that answers your question. Thank you.

Thank you. This concludes our question and answer session. I would like to turn the conference back over to management for any closing remarks.

Thank you once again for joining us today. You have any further questions, please feel free to contact us at Yudao directly or reach out to Pearson Financial Communications in China or The U. S. Have a nice day.

The conference has now concluded.