Good afternoon, everyone. Welcome to the conference call for the unaudited operational statistics of Health and Happiness International Holdings Limited for the three months ended 31st of March 2026. Joining us today is Mr. Akash Bedi, Group CEO and CEO for North America, Middle East, and India, Mr. Jason Wang, Chief Financial and Operating Officer, and Ms. Mavis Lu, Head of Investor and Bank Relations.
During this call, all lines will remain muted. We will open the floor for questions following the management's presentation, and you'll be able to address your questions directly to the management after the presentation. I will now pass it to Akash for today's presentation. Thank you.
Thank you, Matt. Good afternoon, everyone. I'm Akash. Thank you for joining us today along with Jason and Mavis. It's really good to be back, stepping in for my second term as a rotating CEO after the period of 18 months. In line with our rotating CEO model, I will be continuing to execute the strategy we have outlined together with my predecessors, Mick and Suceka, building on the strong foundation they put in place over the last 18 months.
It is my pleasure to share with you H&H Group business update for the first quarter of 2026. I'm pleased to report that we have delivered a very strong start to the year with a broad-based growth across all our three business segments, with meaningful market share gain in our core categories. As we promised, we have continued to deliver to strengthen our balance sheet.
In terms of numbers, for the first three months of 2026, the overall group delivered revenue of RMB 4.26 billion, which is 34.4% growth on a reported basis. All our three business segments sustained positive growth momentum with our ANC business, which is Adult Nutrition and Care and Baby Nutrition and Care segment, leading the accelerated growth. Most importantly, as we have always focused on our high margin nutritional supplements business, continues to be the growth engine for the group and accounted for almost 60% of the total revenue for Q1 of 2026.
Within our nutrition supplements business, the VHMS business grew by almost 24.2 percentage point. Our Pediatric, Probiotics, and Kids nutrition supplements grew by 23.1%, and Pet Supplements business grew by 16.3% on a like-for-like basis, all well ahead of their respective markets.
I would like to emphasize that this strong performance in the quarter benefited from two short-term tailwinds, including the phasing impact of the Chinese New Year and a temporary surge for our IMF business for Biostime due to external industry developments. I will explain all these factors when I go into region-by-region performance.
Starting with Chinese mainland business, which continues to remain our largest business and grew the fastest during the first quarter, with revenue increasing by 44.9% on a year-over-year basis. This accelerated growth was driven by the very strong momentum in our both ANC and BNC business. Starting with ANC business, we have seen the revenue growth increasing by 33.5% during the period, which was very much supported by favorable phasing impacts, as well as Swisse continued outperformance in our core strategic categories, including Swisse Plus and Little Swisse ranges.
We also made great strides in our key higher growth, deeper penetration channels, including Douyin, which remained a key growth engine for the business, where Swisse held number three position and grew by 84.3% in quarter one. Giving you a stat for the 12 months ending February of 2026, the overall MAP growth for that channel was 41.6 percentage point. As you can see, we have outperformed the growth and driving share in that key high growth channel.
At the same time, we have continued to scale our presence in the New Retail, which is Sam's Club, with sales increasing by 54.7 percentage point. Our cross-border e-commerce business grew by 37.3%. Combined with all these growth rates, Swisse maintained its leading position in the overall VHMS market for the mainland China. Our BNC business saw the highest level of growth rate with strong recovery in the competitiveness.
IMF sales increased by 74.4%, significantly outperforming the overall market, which remained flat with a 0.2% decline in the retail scan sales. Biostime as a brand continued to gain share in the super premium IMF segment, reaching a new all-time share of 18.2% on a rolling 12-month basis ending February, and further higher of 22.1% in the first two months of 2026 alone. We are very proud to show how our market share has turned around and Biostime is leading the charge. Importantly, this growth is also matched by the robust sell-through, which gives us the confidence that the underlying growth momentum is robust and not a channel build.
This performance was supported by a very healthy stock replenishment and the disciplined execution of our strategic priorities, which relied on particularly new mother education and an improved Stage 3 product conversion, coupled with the temporary surge that we continue to see for Biostime IMF due to external IMF industry developments during the quarter.
Moving on to our pediatric probiotics and kids nutrition supplements, delivered an overall growth rate of 20.4% during the period, driven by strong momentum in the baby specialty stores online channel and our renewed focus on the innovation. Last, for our PNC business, as we have outlined, it showed a decline during the period as we are making a very proactive shift towards supply localization, where we remain on track to complete on or before the end of 2026.
This is a very deliberate choice and a short-term trade-off to ensure and build a more sustainable cost structure for this business in China. We are sharpening our focus to drive incremental sales from high-margin product segments, particularly for Solid Gold in the premium pet nutrition and supplement range, underpinned by the continued innovation. A very good illustration during the quarter was the launch of the first ever cat-derived probiotic range in our China mainland business.
Moving on to our second-largest market, North America. The revenue growth during the period accelerated to 16.3% on a like-for-like basis, supported by favorable industry trends including humanization of pets and premiumization. Zesty Paws, being the largest business, performed strongly during the quarter, with sales increasing by 17.7%, driven by sustained momentum across key e-com platforms and expanded distribution across major retailers.
We made great efforts during the quarter, launching new product to further drive scale and deepen our penetration in the North America market. Solid Gold returned to positive growth rate up 7.3% on a like-for-like basis during the quarter as its premiumized strategy gained traction during the completion of our channel optimization that we have been implementing over the last 12-18 months.
This is a very important inflection point for the brand, and we expect the growth momentum will continue for the remainder of 2026. Moving on, ANZ really reinforced our domestic market leadership through innovation and channel expansion, delivering overall growth rate of 16.5% for the ANC domestic business. Swisse maintained its position as the number one vitamins and supplements brand in Australia.
This performance was underpinned by the high impact product launches, including Swisse Magnesium Glycinate, as well as continued expansion in various demand formats. We have seen a strong momentum from the rollout of Little Swisse Gummies and deeper partnership with our key retailers across grocery and pharmacy channels. Despite the strong performance, we did see ANZ business decline by 8.3% on a like-for-like basis.
This was a deliberate decision to deprioritize our corporate Daigou channel. I want to reiterate and stress that this is a strategic choice, not a demand issue. The underlying domestic business remains very healthy, as reflected in our double-digit growth for the domestic market. Last, our other territories. Our expansion markets c ontinue to deliver very strong growth, growing by almost 30.3% on a like-for-like basis.
The key driving factor continues to remain Asia, which achieved 37.6% growth rate, supported by ongoing distribution gains and portfolio expansion across all the key markets. During the period, we maintained leading position across several key need states, including Swisse number one ranking in beauty VHMS, liver health, and men's health in Singapore.
France, which is the second-largest market for our Biostime business, IMF sales also benefited from a temporary surge due to external industry developments during the period. Moving on to our balance sheet position. As we have outlined in our Q1 results, we maintain a very solid liquidity position with cash reserves of over RMB 2.1 billion. We have further deleveraged and reduced our debt by almost RMB 300 million compared to 31st December 2025. This voluntary repayment has reduced our USD term loan.
Moving on to the outlook for 2026. We maintain our guidance that we have guided towards at the time of announcement of 2025 results. We overall expect nutrition supplements to track the industry growth rate while IMF business will continue to outperform the market, driving continued top-line growth rates for the group and will maintain a healthy level of profitability.
Speaking from a region's perspective, in China, Swisse will reinforce its leading market position and deeper penetration, supported by very robust new product pipeline. From a channel perspective, we will prioritize the highest growth platforms, including Douyin new retail, i.e., Sam's Club, to broaden our consumer reach. For the PNC business, we anticipate the strong growth momentum will moderate as the current spike in demand for Biostime due to external development fades. However, our underlying strategy remains unchanged.
We will continue to invest behind new mother education across e-commerce and baby specialty channels to drive conversion from early stages into Stage 3 to maintain our growth momentum. A very key milestone for us in April was the launch of our first ever HMO, human milk oligosaccharide infant milk formula product. This is a premium science-led innovation that we believe will be a meaningful long-term driver and growth driver for our PNC business.
Our PNC business, as we shift to localization of supply, will continue to weigh on our NSR in the short term for 2026. However, we remain focused on accelerating the growth rate through our high margin pet nutrition, food, and supplements business to improve the underlying profitability. In North America, Zesty Paws will continue to build on its leading position, advancing our omnichannel expansion and category innovation strategy.
For Solid Gold, the priority has not changed, which continues to remain to increase the contribution of high margin products to improve the underlying growth rate and profitability over the course of 2026. In ANZ, we will continue to reinforce our market leadership in the domestic market through product innovation and further channel expansion. We anticipate further decline in the corporate Daigou channel in the first half of 2026, consistent with our strategic choice to prioritize higher quality revenue streams.
Finally, we are encouraged by our strong start to the year while we remain mindful that the first quarter benefited from several short-term tailwinds and the underlying fundamentals of the business are healthy. Our brands are gaining share in their core markets. Innovation pipeline remains robust, and we are continuing to focus to deleverage our balance sheet. On that basis, we as a business remain confident to achieve our full year 2026 objectives. Thank you. I now look forward, along with Jason, to answer any questions.
Thank you, Akash. We'll now move on to the Q&A session. If you'd like to ask a question, please press the star button followed by one on your telephone keypad. Just to repeat, that's press star one on your telephone keypad if you wish to ask a question. Thank you.
The next question comes from CLSA of Susan Zhang . Please go ahead. Thank you.
Hi, can you hear my voice?
Yes, Susan, I can hear you.
Okay. Hi, great. Thanks, Akash and Jason Miller. Firstly, congrats on a very solid first quarter sales result, and thanks for taking my questions. I have three questions. The first one is regarding the operation in the baby formula business. I understand that we have been under the shortage of IMF products due to supply limitations and very strong demand at retail side.
Can you share more details over the inventory levels of your baby formula products in the channel as a company side in the first quarter, as well as by the end of 2025? I understand that we have been negotiating with our suppliers with the capacity expansion issue. Can you share a little bit more details over the process and what is your outlook on the timeline of the relief of such supply chain issues throughout the year?
My second question is regarding our cash flow and cash position. In first quarter 2026, with our cash reserve increased by RMB 400 million and assuming there's no significant capital spending, it seems that our operating cash flow reached roughly to RMB 700 million level. I want to firstly double check whether this figure sounds reasonable, and I understand that the robust sales growth could be one of the reasons behind the solid cash conversion.
Any other reasons that you see behind the strong cash conversion, the inventory level change versus the end of 2025. My third question is regarding our targets this year. With very solid performance recorded in the first quarter, it seems that even if no sales growth in the following quarters, we can achieve the lower end of our three-year guidance of a high single-digit to low teen growth. Any thinkings over, like, basing this year's target at this stage? That would be all my three questions. Thank you.
Thanks, Susan. Probably what I can do is I can answer the first two questions regarding the infant formula inventory and also the operating cash flow, and then maybe Akash can give them more color on the target for the full year. For the first question about the inventory for the infant formula. As we indicated during the annual result roadshow.
Basically, last year, due to the much higher than expected demand for our infant formula, the channel inventory turnover went down to a quite low level to around seven days. At the end of the last year, we were planning to increase our inventory turnover for infant formula from seven days to close to 15 days in Q1.
However, in Q1, as you already know, another round of new industry development, which resulted in the higher than expected demand for infant formula again, starting from January, which resulted to also over 70% growth of the infant formula. As a result, actually right now, our channel inventory turnover is still at the single-digit level.
Just slightly better than the end of last year. Now with the successful launch of our new upgraded Biostime infant formula with the HMO, just actually yesterday, and we now foresee, in the coming months, the inventory situation will get relieved quite significantly. At this moment, we don't see any kind of, say, the major shortage of the supply to meet the consumer end needs.
For the exercise to move up of the channel inventory level to around 15 days, then we would expect this can be realized around end of Q2 or early Q3. Please be assured, the whole company operation team is working very hard with our contract manufacturer and also with our internal team to reach that kind of target. That's the first question about the inventory.
Second is about the operating cash flow. As you know, for every quarter, we just indicate the operating results related to the revenue. However, based on the very high ending cash balance of RMB 2.1 billion, this really shows quite strong cash flow conversion from the operation in the Q1. However, we want to also remind the investors, there's also a kind of phasing effect.
If you look at the usual kind of, say, the major channel and branding investment peak seasons, usually, actually, the Q2 is higher than Q1. Secondly, also according to the new product launch kind of pipeline, also, we will expect more investments for the support launch of new products will take place also in Q2.
For example, let's say for the new HMO infant formula. Definitely after the official launch yesterday, then we will definitely put in more investments into the branding and the channel in the coming months. However, we want to just reiterate. Our target is to maintain at least or around 90% of the EBITDA to be converted to the pre-tax operating cash flow.
With this strong cash flow generation, then we can also maintain our guidance that for the full year of 2026, we can reduce our gross debt by at least RMB 700 million. Meanwhile, also we target to pay out the dividend around RMB 200 million for this year as well. This really shows a very strong, healthy cash flow situation to support the return to both the equity investors and also to the bond investors. That's the quick overview of the current operating cash flow. For the third question, I will invite Akash to explain on our target for the full year.
Thank you, Jason. Susan, hopefully you can hear with me, right? Susan, we all as a management team are very excited with the robust performance that has happened in the Q1 of 2026. As we had mentioned, there are a couple of strong underlying fundamentals for our business and also external factors, which is driven by Chinese New Year and phasing.
If I had to give you a specific data point as to why we are not yet increasing the guidance, and we look to revisit that when we present in first half of 2026, is we want to observe more industry trends during the next quarter of that. A couple of trends that we have seen while our robust IMF performance of 74%, the sell-through rate for the IMF in China remains at 30%.
The incremental part of the growth that we have seen outside of that has come in the form of panic buy, both from our end consumers as well, where there was a bit of a stocking up due to the external IMF factors. On the one hand, we see a significant outperformance of 30%, where the IMF industry has remained flat, but it has been a good level of panic buy as well. We want to further understand how this trend evolves as the industry external factor fades during the quarter. That's in terms of our BNC business. In terms of our ANC business, we are having a very good performance across China, ANZ, and our expansion markets.
Again, as you can underline, look at it, while we are gaining shares as a part of that, but some of the growth rate that we see during the quarters is also underpinned by the launch of innovations and the timing of those as to when they go into the market. During the quarter, we launched into Sam's Club in China and in Australia.
This was driven by gummies. We do see that phasing further happening to drive the double-digit growth momentum. That's not to say that we will lose the momentum. We are gaining share at that. We as a management team would like to get more time during the quarter to see further development of the sell-through to sell-in ratio and look to come back in August if there's any tweaks required by each of the business segments to do that. However, our key focus remains end consumption.
The next question comes from Citi of Tiffany Wong . Please go ahead. Thank you.
Hi. Hello, Akash. Quite a few follow-up questions for each segment. The first one is on ANC. The China direct sales growth in first quarter was much higher than management's full-year growth target. I just want to know if there is any special driver for the strength in first quarter which may not be sustainable for the following quarters. Why we expect a slower growth for the rest of the year?
For the ANZ market, the sales declined slightly by 3%. I remember management mentioned the plan to terminate the corporate Daigou business this year, which accounts for over 20% of sales of the region. The impact should be much bigger than the 3% drop, even not considering the local demand growth.
I would like to check if there is any change of the plan. The next question is on IMF. I just want to know, because of our very strong growth in the first quarter, I want to know whose share are we taking, mainly foreign brands or local brands? What are the key measures to convert their customers in this head-to-head competition? Last question is on PNC. I understood the China supply chain issue till end of 2026. I'm wondering how big is the impact on PNC China revenue in the first quarter and how to expect the full year impact on China PNC. Thank you.
Akash, do you want to handle this? Yeah, sure, the questions about your business and I can also add. Yeah.
Sure. I think starting with your question on the ANC business, right? As I think Suceka Li during the 2025 results announcement would have guided the overall growth rate for the VHMS market in 2026, we expected to somewhere about mid-single digit growth rate. This growth rate was split across multiple channels.
Online, where we expected to see double-digit growth rate driven by primarily from the Douyin channel and the offline channel, where we expected mostly the stabilization after the decline that we saw in the previous year. In light of that, as you can see, our overall business in China grew by 44.9% compared to previous year. This growth rate is driven primarily by the phasing effect.
As you know that the Chinese New Year this year was in February compared to previous year, it was in January. The stock pile-up that happened between the two years happened there during the Q1 of 2026, as opposed to the end of 2024 in the previous year as well. That was one big contributing factor.
Second, as you can see, Douyin, which is one of the fastest growing channels, which continue to make very robust growth into that. We grew almost 84.3% during the quarter. If you look at for the first two months within the China BNC, this channel only grew by 14.4 percentage point. We have significantly outperformed this growth rate even compared to on the MAT basis as well.
This is primarily driven by, as we can see, the channel is now driving a lot of incremental traffic where the smaller brands, due to the compliance issues and the cost of acquisition of the business, are not participating in that. We do expect that Swisse will continue to maintain this growth rate, but it is expected to moderate over the course of 2026 due to the base impact as well.
That's why at this moment, we're not seeing the underlying consumption will grow that but the overall NSR growth rate will moderate due to the phasing impact and other growth following the industry trends. In terms of our IMF business, as I had mentioned previously as well, while we see a very strong growth, but in the Q1 of it, there was a very big factor of the selling and the sell-through as well, driven primarily due to external IMF factors.
We have increased our market share. Our overall ranking, which was almost number three at the end of 2025, had increased to number two during the first quarter of 2026. This shows and supports underlying that we are driving the share towards it. Biostime still continue to remain number one imported IMF.
We are gaining share from the domestic brands as well due to our deeper penetration and continued focus to educate the mothers on the high quality of the products that we have. As Jason mentioned, that yesterday itself, we launched our Biostime, new backed by HMO. This would further help to maintain and grow our share during the remainder of the 2026. Jason, did I answer all those questions or if I missed anything?
I think Tiffany also asked about the PNC China supply issue, right, Tiffany? That's your question?
Yes.
Yeah. Think I can. I can.
Yes.
I can answer that.
Yeah, go ahead.
Basically, Tiffany, regarding the PNC China, this is actually not a kind of supply issue. It's more like, say, the management kind of proactive approach to ensure a profitable growth going forward. As you know, right, in the past, the majority of the PNC China sales is related to the input products from the U.S., and for the gross margin of this input products from U.S., over the years, had been impacted significantly by the tariff and also the higher inflation relating to the U.S.-made products.
This is why we have decided to shift the focus of the portfolio more towards the high-margin pet nutritional food and the supplements produced within China. This can also help us to address very quickly the local consumer demand needs. We are seeing this progress right now is in the middle of being implemented.
Just to put into perspective, right, the PNC China itself, the business right now in the total PNC business right now is less than 10%. In terms of percentage of total group's revenue is just less than 1%. To us, it's really not moving the needle for that kind of business. Yeah, we just want to make sure we give this business the certain period of time to achieve this portfolio optimization.
As you can see this time, right, for the Solid Gold North America, in the past two years, already went through the similar kind of process. Now we are happy to see, following this very successful completion of this channel and product portfolio optimization in Q1, the Solid Gold achieved a positive growth of 7.3% in North America.
Again, right, for the full year guidance-wise, if we put Solid Gold together as a total business, we still target for Solid Gold this year to achieve a low to mid-single-digit growth. We are quite happy to see this gradual turnaround of this pet food business.
Okay. Thanks very much.
Yeah.
Thank you. We will now take some questions from our Chinese stream participants. Kindly be aware there may be some brief pauses as these questions. Thank you.
Hi, Akash. Here is the translation. Here is the translation from the analyst from Soochow Securities, Deng Jie. The first question is: Why is the domestic ANZ market growth so strong, which seems it's really outperformed the average industrial growth?
Mavis, can you hear me?
Yes.
Mavis? Okay. I think Swisse continues to remain one of the leading brands in Australia. We have reinforced our market position in the last two years from being a number two to a number one brand, both in terms of volume and value. This effort has been primarily driven by our stronger efforts, coupled by two factors, one, growing share in our core categories and innovation.
The Q1 performance strong continues to follow the same playbook that we have been implementing in the last two years, is renewed market share gain. During the quarter of Q1 2026, we had several new innovations, primarily led by magnesium category, where Swisse is the number one brand, and we are further deepening our penetration into the high growth segment of that as well.
Second, due to this innovation being one of the successful, we also driving penetration into channels of other pharmacies and grocery that is providing the positive halo impact as well. Second, our market efforts compared to the competition is also yielding efforts not only into the domestic channel of the retail, but also e-commerce.
During the quarter, we also saw accelerated growth coming from the e-commerce business of Chemist Warehouse and other players, which are incrementally providing accelerated growth outside where we have been performing in the last two years. The growth rate is primarily driven by factor of driving growth from core existing products, innovation and deeper penetration in the existing and new channels.
Okay. I will translate her second question. Hi, Akash. Her second question is regarding the New Retail channel in Sam's Club. In Q1, the New Retail channel for Swisse China grew by over 50%. Is there any strategic change in terms of this channel development?
No continued change in how we approach. Swisse continues to follow a very simple be where the relevant end consumption lies towards it. As you can see from our approach, we have been deepening our penetration both into the e-commerce and the normal trade as well.
Sam's Club remains one of the key strategic channel for Swisse, where we even leveraged our gifting strategy and launch of products as part of during this CNY as well. We will continue to double down on our efforts for this channel to tap into the new consumers, especially for our Swisse Little and Swisse Energy range to drive into that.
The next question comes from Wu Bo from CICC. The first question is regarding the profit margin. Is there any EBITDA margin indication for the three business segments? The second question comes from the Swisse China CBEC regulations.
We are seeing that the brands that have some issues in the CBEC channel, and which seems that the leading brand will benefited from this trend. Do the management see any differences in terms of the competitive landscape, when the CBEC regulations get tightened? This is the two questions.
Yeah. Akash, probably I can answer the first question regarding the margin, and you can take the second question about the CBEC channel change.
Sure.
Yeah. For the first question about the margin development, for three segments in the first quarter, as our general practice, right, for each quarter, we just announced the top line numbers without going through the whole P&L. However, what I can indicate is that for all three segments, the margin level in the first quarter, all higher than what we have guided for the full year.
Why it is this is just as I explained earlier, is that, usually, we do see certain kind of seasonality for the branding and the channel investments, along with the major shopping seasons or festivals around the year. Plus also, we need to phase our investments by following the new product launch cycles. Therefore, for Q1, traditionally, actually including for this year, the investment level is at a quite low level.
We will expect the higher investments to be put in the Q2, given that we will see quite a few major shopping seasons and festivals in Q2, plus a quite strong pipeline of new product launches as well for all three segments in Q2. Therefore, for us, we need to put in the margin outlook on the full year base to see the true underlying profitability development.
Again, therefore, we will maintain our guidance for the full year to maintain a kind of EBITDA-wise around mid-teen level, a healthy EBITDA margin. For adjusted net profit-wise, we will maintain around mid-single digit level. If we look at each segment, then for ANC, we also target to maintain a kind of high-teen level EBITDA margin, which is quite healthy if we compare with ourselves and also with the other competitors.
The same for the BNC. We will also target the gradual improvement from last year's level of 11% to this year, low to mid-teen kind of level. For PNC, given the needs to continue to expand in our new expansion markets, then we will target PNC to stay around the same kind of mid-single digit level for EBITDA margin wise.
Overall, this is a quite healthy margin development. We also just want to emphasize for some investors, they raised a question earlier asking about, say, what will be the direct kind of impact on our business, given the Middle East conflict. We simulated actually for the direct freight cost and the direct kind of material cost, for the scenarios which we can foresee at this moment, then the direct impact on the P&L for this year will be just around impact of 0.4-0.5 percentage points on our total gross margin for this year.
Meanwhile, we are trying to use various approaches such as portfolio optimization, the operating efficiency improvement, in order to try to mitigate that gross margin impact. Overall, we are quite confident for this year, we can maintain for the total business a very healthy EBITDA margin and even the slight improvement of adjusted net profit margin from last year.
Thank you, Jason. Maybe I can take the question on the regulatory, right?
Yeah.
We take this recent regulatory tightening that we have been observing on the CBEC channel for supplements, a positive development for the overall long-term health of the industry. It is, in our view, probably going to support players like Swisse very materially. Our view is driven that this will increase the entry barriers and probably raises the compliance requirements, which will accelerate further industry consolidation, especially for smaller players which are less compliant.
We saw the similar trend for IMF industry for the new GB. Also, we believe this will help consumer protection as to improve the overall safety and the quality trends. Swisse will probably benefit more given we are one of the largest player, and we have been investing in the, over the last 10 years, significant efforts to drive the overall awareness of the wellbeing into that.
Net-net, we expect this industry development to support the long-term health of the industry, drive favorable consumption, and support players like Swisse and underpin the growth for the market.
As a final reminder, if you would like to ask a question, please press star followed by one on your telephone keypad. That's press star one if you'd like to ask a question. That's press star one if you would like to ask a question. It appears we have no more questions. We will now conclude today's call. If you have any further questions, please reach out to the H&H Group's IR team. Thank you and have a good evening.
Thank you, everyone.
Thank you, everyone.
Thank you, everyone.