To Hua Medicine 2025 Interim Result Presentation. George and I will share our status and then measure progress at Hua Medicine in the first half of 2025 and then give you our view for a really strong growth in the next year and then coming years. For Dr. Li Chen, we are intended to treat diabetes. As you may know, there have been nine classes of anti-diabetic drugs, including the first one, insulin, and then most recent ones, the GLP-1s, DPP-4s, SGLT2s. Although those classes of drugs have been on the market for at least 15 years, our diabetes still is a global issue. Right? By the most recent report by the International Diabetes Federation, the diabetes patient number increased from 500-ish into 589 million, with 10 very bad disease complications. In this case, the global diabetes-related expenditure increased over $1 trillion.
Obviously, the United States, although place number three in the prevalence rate or 30 million diabetics, have spent over $400 billion in the diabetes-related cares. China, obviously, placing the second. This also close to RMB 1 trillion used in the diabetes related treatment. Brazil, you can see coming in three, followed by the European countries and also Argentina, New Mexico. Those are areas that we have a great medical needs. You would wonder why, in the U.S. and the European regions, we have very good drugs that lower blood glucose, reduce body weight, and still have such amount of diabetes prevalence and also the very high medical expenditure. I think one of the most important areas that people from the Western community have overlooked is the impairment of glucose homeostasis. That is the management of glucose fluctuation post meals and the hypoglycemia in the exercise and in the morning time, nighttime.
Right? These glucose fluctuations have generated 10 different complications, and it's lead to the brain injury, the heart disease, microvascular disease in the kidney, eyes, and foot ulcer, as well as the neuro pathways and leading to the complication of diabetes dementia and then peripheral neurological diseases. You can see we still in the world of how to learn managing the diabetes, managing the glucose fluctuation. Thanks for the Global Diabetes Organization. Now we introduce a new measure about the glucose homeostasis. That's the timing range. For the diabetics, we would like to get their TIR over 80% from the disease condition. Usually, it's in the 50% range. Now, with the new technology in place and also the new therapy in place, we expect that the global diabetes drug market continues to grow to RMB 130 billion, almost double from what we are now in 2025.
This is not just being able to use the existing therapy, but it requires the new concept and approaches to address the blood glucose fluctuation to restore the glucose homeostasis. In this slide, my intent is to show that in the developed nations in the U.S., North America, and Europe, including Spain, Portugal, France, Germany, Italy, as well as the North Africa countries, they have a very high rate of diabetes-related deaths. We basically reason that although the technology can lower the blood glucose very well, used in those regions, one very important fact is that the glucose lowering technology does not really support the human energetic balance. Glucose itself is a major source of our human energy. Glucose can react with oxygenate ADP, converting to ATP, the critical energy source for human beings.
That's why we believe instead of finding all the ways to reduce blood glucose, to reduce the body weight, the contents of glucose, we need to balance the blood glucose through managing the glucose homeostasis. That's why the glucose is a very important new drug to managing the human energy storage by restoring the glucose homeostasis. This is a global first-in-class glucokinase activator. More accurately, it's a glucokinase modulator. It modulates glucokinase activity depending on the glucose level in our body. In this way, the glucose will be able to regulate the beta cell for the insulin secretion. It also works on the L cells to regulate the GLP-1 secretion, as well as in the alpha cells regulates the glucagon secretion. The three major hormones, insulin, GLP-1, and glucagon, regulate our glucose homeostasis by their hormonal effects. Liver serves as a reservoir for the glucose.
The insulin resistance usually causes the deficiency of glycogen synthesis, which leads to the risk of insulin resistance. The glucose as one region repairs the glucose sensor GK activity in the three organs at the same time, being able to restore the impaired insulin, glucose, and GLP-1 secretion so that it will restore the glucose homeostasis. We have achieved this goal in the three long-term clinical studies, and additional research work has been published to show through restoring the blood glucose homeostasis, we can reach the diabetes remission. At the recent work, we have shown that using the glucose has led to the reduction of the insulins or GLP-1s when those patients cannot control their blood glucose using those hormones alone, which means that the regulation of the glucokinase shows the master control in the blood glucose homeostasis.
With this, I think we would like to share with you our outstanding commercialization results in the first half of 2025. As many of you remember, starting from January 1st this year, Hua Medicine took over the commercialization of Dorzagliatin in China. This is an effort that comes from Hua Medicine's current employees and staff. Over hundreds of our staff became the frontline soldiers, interacting in the hospitals and maintaining our market share of Dorzagliatin in the hospital at the beginning of the year. We are quickly able to establish a 100-staff sales representative-based sales team, who work with Hua Medicine's internal team, and have achieved our net sale to RMB 217 million over RMB 100-ish million last year. It's a 112% increase in the revenue.
If you look at the number of packs we sold in the first half of this year, it's representing over 100% increase, from 646,000 packs - 1,076,000 packs. You can see this dramatic change, over 100%, in the revenue or in the volume of Dorzagliatin. I think we have set our goal to achieve over a RMB 1 billion sale, a RMB 1 billion sale by 2027 and it might come earlier. On top of this very exciting sales numbers, we have also increased the gross profit from RMB 47 million -RMB 117 million, with an increase from 46% - 54%. That's basically created by our continual optimization in our manufacturing process and then reducing the cost of goods in this process.
At the same time, because of changing the sales team from our previous partner, Bayer , to our own sales team, with significant, almost double the revenue, but without increasing the sales expense. The percentage of the sales expense actually significantly reduced, demonstrating Hua Medicine has been able to transition from an R&D-based organization to a commercialization organization. Now, Hua Medicine has a broad interest in the global market. That's why during the last 10 years, we have built up our patent portfolio and families, which covers the first generation and its formulation, to 2037. The glucokinase modulator itself has a very good patent coverage from now till 2037, right? We have developed the glucokinase modulator plus the other oral anti-diabetics. Our first fixed-dose combination of the glucokinase modulator with metformin will be entering pivotal clinical study next year and then file NDA.
We expect that the FDC, the glucokinase modulator and metformin, will be launched in the 2028-2029 timeframe so that they will still be able to enjoy 10-year patent coverage. Of course, after this success in the first generation in China, we are also looking over the activities and opportunities in the rest of the world. I'll talk more about that in the later presentation. As we're moving along to demonstrate the glucokinase modulator has this unique effect to restore the glucose homeostasis, reduce the risk of diabetes complications. We have developed the second generation of glucokinase activator, and its compound coverage, as well as the new formulation, goes beyond 2040. We have a new indication in the GNS area. It's also filed and then with the coverage over 2040.
With 330 + granted patents, covering 60 - 70 regions around the world, Hua Medicine is positioned to move our product from China to the rest of the world. Before I discuss the details for our overseas expansion plan, I want to just remind you that restoring the glucose homeostasis is really regaining the bioenergy balance, which will extend human health lifespan. This is not only going through the glucokinase modulator to be able to lead diabetes remission in the roughly over 100 million drug-naive patients. It will also reduce the death toll or body organ injury in the diabetes complications through the combination of the glucokinase modulator with metformin, GLP-1, SGLT2, DPP-4, and insulin. With this approach, we can significantly slow down and reduce the diabetes indications. Additionally, we have recently been working with Dr. Juliana Chen in Hong Kong to kick off our efforts for the diabetes prevention.
The pre-diabetics, which have moderate glucose increase but have a high risk, advance into diabetes. Globally, we have 630 million IGT patients. Those are the pre-diabetics. In Hong Kong, we have initiated our clinical study in those patients. We would like to demonstrate that the glucose can restore the glucose homeostasis in the IGT patients and then convert them into the normal glucose tolerant subject. In this way, we restore the energy balance, be able to continue contributing to the management of immune homeostasis and the neurological homeostasis. Right? All this homeostatic management is governed by our bioenergy ATP. Glucose is the major source of the ADP. The homeostasis is the way to maintain the health and then restore the health.
With most recent study conducted with the external partners and the academic leaders, they have used the human genetic data and medallion randomization methodology, demonstrated the genetic activation of the glucose is related to reduction of free energy index, increase the working pace, increase the lean muscle, and increase the telomerase of their benefit in reduction of heart diseases and also protection of memory loss. I think this offers a very significant rationale for Hua Medicine to enter into the area where we can address the neurodegeneration diseases as well as the diseases related to frailty and then be able, in the way of the treatment, to strengthen the health and then to prolong the lifespan, achieve longevity. Now, as we launch the glucose in China, many physicians have used this drug for the real-world study.
One of the real-world studies is organized by Hua Medicine, we call the Bloom study, which in this study, we have 2,000 type 2 diabetes in 80 clinical centers in China. We have finished almost one year follow-up. At this time, over 1,000 patients have done their study. From this study, we have found that the glucose was widely used in the drug naive and metformin users. However, to our surprise, many patients in the metformin users, right, there were close to 60% of those patients using metformin together with SGLT2, DPP-4, GLP-1, and sometimes insulins. When adding the glucose to their current therapy, which obviously cannot control the blood glucose satisfactorily, the glucose added to the existing oral and injectable therapy brings the benefit to the patients to reduce the post-meal glucose excretion and then reduce the blood glucose fluctuation and then lower the A1C. Right?
This is really exciting if you think about it. In the history of diabetes management, usually we have one drug to start and then over the years keep adding drugs. Right? We end up with 2-3 orals and then another two injectables. That's what we find in the real world, right? There is no example that you can reduce the number of drugs you use to control the blood glucose and then still achieve an excellent homeostatic control, right? Looks like the glucose just did that, right? That gave us two very important signals. One is in the real-world study, under the guidance of physicians, there will be expanded indications to come. Then how to use those real-world data and then working with the regulatories to bring new indications in our drug label, right? This is something we are doing now, right?
In addition to this, we have reports from other Chinese investigators, and they organize the investigator-initiated trials and then publishing their results in the DKD patients, which is diabetes kidney disease patients, right? Through the add-on to the glucose, we actually be able to reduce the amount of insulin used in those DKD patients, really help them to control the blood glucose fluctuation and also improve the quality of their life, right? Of course, there are a lot more reports coming up in the recent ADA. The most important part of those interesting reports is related to how the glucose is regulating the GLP-1 and then the GLP-1 regulation and plus the insulin regulation, making the glucose one of the unique agents to repair the diseases in humans in type 2 diabetes.
One of the leading causes or the root causes of type 2 diabetes is the reduction of glycogen storage in the liver. Using insulin through clamp study, people have not been able to restore it. Now, a study at Rita Basu's lab using triple tracer has established that the glucose treatment can restore the impaired glycogen storage in type 2 diabetes patients. This, again, showing the glucose is not just reducing the blood glucose or stabilizing the blood glucose. It's actually treating the leading cause of the disease. It is a disease-modifying therapy, which is very rare to see or has been used in the clinic. Now, with the success of launching medical studies, real-world efforts with our physicians, we are now also pushing this product to Hong Kong, Macau, and then let Hong Kong, Macau patients use China innovation fast, right?
We have filed the glucose Hong Kong registration recently. Also, we have established a new brand for the overseas market. It's called MYHOMSIS, means My Homeostasis, right? The drug managing through managing the glucose homeostasis will bring the healthier life and then long life for the diabetic patients and also be able to help much broader patients with pre-diabetes, diabetes kidney diseases. Through entering into Hong Kong, we like to expand from Hong Kong to the 11 countries in Southeast Asia, in which it has 700 million people with 70 million diabetes patients, 40% with DKD. Through Macau, there are nine Portuguese-speaking countries with 250 million people and 30 million diabetes patients. 90% of them are in Brazil. As I have shown before, Brazil is the third largest diabetes-related medical expansion country in the world.
Adding to our patients in mainland, this gives us around 250 million diabetes patients that need help. I think the glucose will bring the benefit to them. We are also bringing the second generation of glucokinase for our U.S., European friends and patients. In the U.S. and the European patients, because their genetics and food structure are very different from the Asians and the Chinese, we particularly engineered the second generation with boosted GLP-1 secretion capability, as well as with increased dose, we'll be able to further reduce their blood glucose under the heavy influence of their insulin resistance because of the obesity and the fatty liver. This trial, as we reported before, finished the first single dose phase one study last year. The data is excellent. We are now talking with our potential partners to establish the MAD study plan.
In this plan, you can see we're not just doing a multiple assigning dose or getting the PK data. We are actually using CGM in the whole process to monitor how the glucose at four dose groups ranging up to 300 mg per day QD to reach this glucose homeostasis and a control and a better control. I think we are working pretty hard over the certain influence of these geopolitical issues. The KOL in the U.S. are very much looking forward to get this clinical study started. We will keep you updated as we're moving along. People are asking why we're doing second generation. I think, as you can see in the history of diabetes management, two very important hormones have become a drug. The first hormone is insulin. Over 100 years, four times, right, technical upgrade and then four new generations of insulins now on the market.
Over the last 20 years, GLP-1 has come up with four generations and stepped up, right? From a first generation GLP-1 injectable to now once a week dual-acting GLP-1. I think with the technology expansion increasing the duration of the glucose from twice a day becoming once a day, it will offer us to explore the opportunities not only in the blood glucose control but also in the neurodegeneration diseases priority and then body muscle management. Here is the summary of an existing pipeline. The new indications for the drug naive and the metformin add-on will expand from China to Hong Kong in the coming months. We are engaging in the real-world study in the diabetes remission area and also coupled with the Bloom study, the 2,000 post-marketing study. We are adding an adventure study to really look into the drug reduction and the diabetes remission.
That's going well in China. We have been advised from the KOLs in China, Hong Kong, and the United States to come up with a dosage and an indication for MODY-2 patients. Traditionally, the MODY-2 patients only suffer a mild hypoglycemia. People say, well, that's not so bad. In the recent years, with the CGM coming into play, those patients found that they have a very bad glucose fluctuation and they need treatment. Three out of three from China, US, and Hong Kong, the physicians find that the glucose can bring their homeostasis back home. Patients really want to use the glucose to help them to have a healthy life, preventing the diabetes complications. As I mentioned, we are also working on another rare disease area, which is called CFRD. This is a partnership with Dr. Michael Rickels at the University of Pennsylvania.
Michael is an expert in diabetes, especially in the islet transplantation and blood glucose management. He has been working on the CFRD over the last five years and tested all the other anti-diabetics in those patients. Because of their weakness in their digestion system, the CFRD patients have an issue in the tolerability in many drugs who have the intestinal side effect, GI side effect. Those patients suffer from the deterioration of their beta cell function. GK looks like a good candidate, right? It does not have any GI side effect, improves the glucose homeostasis and the beta cell function. We are partnering with them in this rare disease in the United States. By developing the first generation, we have very good coverage in Asian and Asia Pacific, West Pacific regions. We're sharing the similar disease etiology, genetic, and food structure.
We are advancing our work into the United States with the first generation on the rare disease and the second generation with the broader population. Obviously, I've talked about the expansion of the fixed-dose combination, loose-dose combination with oral drug or injectables for the diabetes complication preventions. Those activities now become a common practice with our clinical physicians engaging in the investigator-initiated trials. As I said, that can be organized in the future to become an indication-approval activity. I think that's a brief update about where we are in our business and R&Ds. Let George give you an update on the financial section. George.
Yep. Thanks, Dr. Chen. I'll keep this quite short. As Dr. Chen has already mentioned, it's been a true blessing and incredible effort by the Hua Medicine commercial team in China to actually seamlessly increase our sales by over 100%. Keep in mind that there was no change in the price between 2024 when it was sold under our previous partner and then 2025. I think what we're really focused on from a company and for a shareholder perspective is the sustained growth and also demonstration of glucokinase as truly a cornerstone platform for diabetes treatment. Really now we're going to start seeing operational leverage. As you can see from Dr. Chen's previous slide, right, we had RMB 217 million, about a 100% increase from the same period last year. The one thing that was beautiful is the selling expenses dropped tremendously and is now completely under our control.
We invest more in sales when it actually generates returns. If it doesn't, then we're going to try something different. Now we have visibility. That's why Dr. Chen was indicating his confidence as of right now that we'll be achieving at least RMB 1 billion in sales by 2027. I think one of the beautiful things about this slide here is you can see this leverage really working on the fixed expenses. If you look at our administrative expenses and also our R&D expenses, you can see that for half a year, you know, it's going to be pretty much the same year if you just double them as the previous year. In fact, R&D has dropped more. We will see more in the second half of 2025, but it certainly won't increase over 2024. Although Dr.
Chen has a lot of interesting ways to actually expand and expand our indications and actually expand use, those trials are not going to be as expensive as our phase 3 seed and dawn trials, right, with thousands of patients. The real-world evidence trial is nothing compared to that. That's 2,000 patients. Again, the drug is already being dosed in over 200,000 patients in China. Lots of doctors, KOLs are exploring different uses with it that, frankly, we're just collecting the data. Those expenses will be a lot less. I'll give you two examples. Before this year, before we filed the Hong Kong registration, actually, if we wanted to, you know, apply in other countries in English, that would be very difficult because the official application and registration was on Chinese. Now it's all in bilingual, right? It's got a trademarked English name. It can do all these different things.
For those partners that want to explore the use of the glucose, that's wonderful, right? They can do it. Same thing with Portuguese-speaking languages. We will eventually file in Macau, and that will also be in Portuguese. These are not substantial costs. I think each one of these is less than $3 million to get application approved and submitted. Once we get it submitted in all three territories, there will be multiple countries that satisfy a lot of these other countries for approval, especially in emerging countries. Next slide, Dr. Chen. This next slide is really interesting because if you look at just our glucose, our HuaTangNing business in China, right, you can see actually we've already turned into a profit.
If you just look at sales minus the gross profit, the cost of manufacturing and our selling expenses, and frankly, there is not that much actually other administrative costs or R&D associated with that. This is just going to increase, right, with increased sales. The beauty of this drug is very similar to what is happening to the EV business globally. At first, everybody was really excited about EVs and how expensive EVs are. China had to really work hard to drive costs down. Now you can see everybody is just wanting an EV to get from point A to point B, but at a much lower cost. You can see in these free markets, like in Europe, people are switching to Chinese EVs because of the lower cost. We are demonstrating this operational profit, right, for U.S. dollar equivalent of only $1.60 per day with our drug.
That is something that countries can embrace for public policy to adopt for the entire country. That's what China has done. You cannot do that with GLP-1. Frankly, GLP-1 does not provide, right, remission, but not everybody needs to lose weight. Not everybody needs to lose 25% of their body weight, especially if they're on the older side. Great drug, but not exactly the same, right, as ours. Our cost is so low that we can actually generate a profit even with these reimbursed prices. When we go into emerging markets, we won't necessarily start with our reimbursed price. Why should we do that? That's a negotiation point with these various governments. If they want to open up accessibility to their patients, then we can definitely talk about affordability. From our perspective, this operational profit is wonderful.
Net profit perspective, you can see, right, you add in all the other costs. We're still having a loss of RMB 59.3 million for the first half 2025 pro forma. If we take out the one-time exceptional other income release that we had as a result of the termination, right, that's more of an accounting. I think from our perspective, the pro forma shows a wonderful trend, right, and it's going to continue moving as we continue with sales. The last slide is another really good slide. It's actually our cash position. We remain in a very, very strong cash position as of the end of June 30, 2025. Our cash balance is still pretty much the same as what it was when we IPOed in 2018. The company is focused on disciplined spending outside of just all the variable costs associated with driving our growth. I'll stop there.
There's not much more time for Q&A, but we'll pause here and see if there are any in the next nine minutes or so before we jump to our Chinese investor call.
Yes. Thank you, George, and Dr. Chen, for the very excellent presentation. Let me remind the attendees that if you've got any questions, please feel free to press the raise hand button, and then we will unmute you. You can also type your questions in the Q&A box. Thank you very much. While we wait for some questions, maybe I've got a question here on behalf of the investors. Can you reiterate your sales guidance? This is the first year you've regained your commercial rights from the previous partner and the sales growth momentum. Also, the whole P&L margin is really very impressive. Can we look at what we are expecting in 2026 and also 2027 regarding the whole top line and what kind of level of margin we are looking at in the next two years? Thank you very much.
Yeah. Dr. Chen, you want me to take this? Yeah. I mean, we've discussed this a lot. I guess, Dr. Chen, you can go back to the front to our sales and our operating expense slide. Matthew, you know what, this is our first reporting period where we've actually assumed our commercial control, right? From a sales perspective, we've gotten very comfortable with our Mr. Liu Yu that we actually hired from Eli Lilly, and he had previous experience with Novo Nordisk in China. He knows the grassroots. We're very comfortable. We're just making sure that our controls are in place, but we're just adding new salespeople. I think as of now, Dr. Chen, please correct me, but we've got over 100 salespeople. I think by the end of this year, we'll be at 150. The guidance that we've given is that, and actually, Dr.
Chen's KPI is very focused on this number, is actually 2027, right? We're going to achieve or exceed RMB 1 billion in sales. Dr. Chen, the previous slide, please, you'll see actually our expenses. In order to achieve that, if we continue on our trajectory for the year, and again, this is a reimbursed drug, so we're just increasing our exposure and sales force and recognition and teaching all the doctors in the various communities. There's a lot of them because there is no sort of primary care, but there's a lot of diabetes doctors, if you will. Mr. Liu Yu needs to continue focusing. If we continue on this trajectory, you can see if the full year is double what our first half is, we're over at RMB 400 million. If we continue 30-40% growth year- over- year, we're going to achieve RMB 1 billion.
The one thing is our price is already fairly low that we're talking with the national reimbursement list, but it's hard to see how much more can you cut. That will affect all the innovative companies as well. There are other places to cut. One thing Dr. Chen did not talk about is actually during this period, especially 2026, a lot of the oral antidiabetics that are actually the most popular in sales are going to go generic in China, and they'll be subject to VBP, which then opens up a lot more purse and funding in the national reimbursement to focus on companies that have exclusivity in China. Fingers crossed, but the stars are aligning pretty well for us that we shouldn't be affected too much, Dr. Chen, on the next slide. We shouldn't be affected too much on the operating expenses, right?
Sorry, the specific variable expenses, except for the fact that as we increase volume, we're talking about millions and millions of pills, tons of API. This is a primary care drug. There's only one factor in the world that makes this API, and it's actually quite difficult right now. It's our collaborators and the people who have found us, that Wuxi. Imagine as we get from kilograms, hundreds of kilograms to tons, we're already achieving tons, and that's just increase per pill. The cost will go down. The gross profit is definitely going to go down. I'm not sure how much more the selling expense would actually go down. You know I've looked at our budget, but I would say we could push that down a couple more points, but we are being very diligent on this. It's almost instantaneous, right?
As soon as we see sales are not working great, then we can shift maybe those people to other provinces because right now it's still low-hanging fruit. I could say if you look at this slide, you can see the gross profit margin increasing as our cost of goods goes down, continues to go down. That will be part of the plan every year. You're not going to see another drop like this for the next half, but you're going to see increased volume. Selling expense maybe we'll get a few more points down. You know in terms of China for this specific purpose, we're looking in that 27% maybe that we can reach in a year or so. Right now, we're still working through a lot of things and investing in our selling systems because this is our first time. Everything is working well. As Dr.
Chen likes to say, it's really nice to actually start from ground zero because you can build it the way you like. It's much faster to scale up later and grow and cover the entire country. We're very excited about this. We would be very welcoming of these other products that we can combine with, for example, all the different combinations, especially as they go to VBP, those costs will go down. Sorry for the long answer, but I think that is a fair question. I know I didn't answer and give you a specific number, and I've been forbidden to actually do that. I've kind of given you how are we going to reach to RMB 1 billion. I think it's a lot easier. I think at the beginning of this year, it was harder to see that just with two months of the growth.
Now with six months locked in, July locked in, we can kind of look forward. We've got direct visibility through our sales force. We're very confident that we can achieve this key milestone that Dr. Li Chen is waving the flag at the company about for 2027. Operationally, you can see HuaTangNing could become actually very profitable. That's not excluding any sort of even minor pickup of revenue from Hong Kong or Macau. The larger scale trials for second generation, we're definitely going to need a partner. That's why those trials are actually designed specifically to consider some of the things they want to see. Higher HbA1c, as Dr. Li Chen said, higher GLP-1 secretion, right? The first GLP-1 generation, you know, 18 years ago, it didn't have any reduction of weight, right?
What we're doing is actually accelerating this evolution of glucokinase activator to optimize those different things while keeping an exceptionally benign and tolerable profile, right? I mean, all these new drugs, 20% tolerability. Dropout rates for us, we're getting less than 1% in terms of side effect calls in, in terms of hypoglycemia, usually very transient. Nothing else other than that.
Okay. Thanks, George, for the very, this is a very comprehensive and also congratulate again on the results. That's very truly impressive. Hope that we will grow ourselves as we expected. Because it's an hour, I think we will conclude our call. Thank you, George and Dr. Li Chen, again for giving the presentation. We'll see you next time. Thank you very much. Bye.
Yes. This presentation will be on our website. Anybody that wants it, it'll be up within the next hour. Thanks, everyone.
Thank you.
Thanks, Matthew.
Thank you.
Bye-bye.
Bye-bye.