Ladies and gentlemen, good morning, and welcome to the Bilibili 2020 First Quarter Earnings Conference Call. Today's conference is being recorded. At this time, I would now like to hand the conference over to Juliet Yang, Senior Director of Investor Relations. Please go ahead.
Thank you, operator. Please note that Thank you, operator. Please note that discussion today will contain forward looking statements relating to the company's future performances and are intended to qualify the Safe Harbor from liability as established by the U. S. Private Securities Litigation Reform Act.
Such statements are not guarantees of future performances and are subject to certain risks and uncertainties, assumptions and other factors. Some of these risk factors 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 Pilijili's business and financial results is included in certain filings of the company with the Securities and Exchange Commission. The company does not undertake any obligation to update this forward looking information except as required by law. During today's call, management will also discuss certain non GAAP financial measures for comparison purposes only.
For a definition of non GAAP financial measures and a reconciliation of GAAP to non GAAP financial results, please see the 20 2Q1 financial results news release issued earlier today. As a reminder, this conference call is being recorded. In addition, an investor presentation and a webcast replay of this conference call will be available on the Bilibili Investor Relations website at ir.bilibili.com. Joining us today on the call from Bilibili's senior management are Mr. Ray Chen, Chairman of the Board and Chief Executive Officer Ms.
Carly Li, Vice Chairwoman of the Board and Chief Operating Officer and Mr. Sam Tan, Chief Financial Officer. And I will now turn the call over to Mr. Fan, who will raise prepared remarks on behalf of Mr. Chen.
Thank you, Juliet. Thank you, everyone, for participating in our 20 21st quarter conference call. I'm pleased to deliver today's opening remarks on behalf of Mr. Chen. 2020 is off to a remarkable start.
We are proud to deliver stellar results and send new records within our key operating and financial metrics. For the Q1, our MAU grew by 70% year over year, reaching 172,000,000 and our mobile MAU grew even faster at 77% year over year to 156,000,000. Our user engagement level also reached a new height. Our DAUs achieved a major milestone of 69% year over year to 51,000,000. Along with our large user numbers, we saw a striking increase in the amount of daily time spent on our platform, up 10 minutes from Q4 to an average of 87 minutes.
This is the highest level we have seen in our corporate history. These statistics once again demonstrate our strong execution and high quality growth we aim to deliver. We attribute our success on increasingly broad content, friendly and sticky community as well as improve the brand awareness. Building on the success of our New Year Eve Gala event, we welcome more new users, especially during the extended winter holiday. Bilibili is becoming many people's first choice when it comes to content creation and consumption.
In 2019, we affirmed user growth as one of our key objectives and raised our target of MAUs for 2021 to 220,000,000. We are pleased to say with the solid execution of our initiatives, we are on a fast track to meet this target. As we roll out more premium content and services and strengthen our monetization capabilities, we are converting more traffic to paying users. Our NPUs grew by 134 percent year over year to an impressive 13,400,000 in the Q1. The premium ratio also grew to 7.8%, more than doubled from 2 years ago.
Our revenues reached an all time high of RMB2.3 billion surpassing the top end of our guidance by more than over RMB100 1,000,000. As our top line expands, we have seen increasing the operating leverage. Gross margin jumped to 23% in the Q1, up from 14% for the same period last year, marking the 4th consecutive quarter of margin improvements. Our strategic partnership also expanded. On the heels of our agreement with Tencent and BARDA, we were excited to bring our long standing partnership with Sony to the next level with its US400 $1,000,000 equity investment and business collaboration plans.
Under the agreement, we plan to bring even more world class anime and mobile game content to the domestic market, further enhancing our advantages in these sectors. The equity investment will not only fuel our future growth, but also demonstrate Sony's confidence in our unique positioning and growth prospects. With that overview, I'd now like to walk through some of our initiatives and the trend we are seeing in each of our core area of content, community and commercialization and how they fit into our long term strategy. I will begin with content. Bilibili has cultivated one of the most attractive and friendly environments for our creators.
Creators can easily upload content, actively interact with users and gain broader fan base access. For these reasons, Bilibili has become many people's first choice for POG recreation, especially during the extended winter holiday, when more people were looking for ways to express themselves. We saw significant increase in the number of active content creators and the video submissions during the Q1. We had about 1,800,000 content creators uploading 4,900,000 videos per month, representing increases of 146% and 138%, respectively, both year over year. With a growing number of creators and the effective operational campaign, we are gaining even more diverse and innovative content submission and further increasing our mass market appeal.
For the Q1, our most heavily trusted verticals were lifestyle, game, entertainment, animation, tech and knowledge. For lifestyle, during the extended holiday, people were looking for ways to entertain themselves while staying at home. We actively promote subcategories such as foodie, online fitness and vlog, and many people look for ways to cook, stay fit, and express themselves. Similarly, games overtook entertainment verticals, and we fortified our game content library, becoming the host for more and more gamers. With our recent partnership with Tencent Music and Sony Music, our music content is also attracting a growing amount of traffic given its universal appeal.
In addition, we expanded our technology and education categories in order to support those looking to catch up on their studies, learn a new skill or simply gain more general knowledge during the long holiday. Turning to our OGV business, building our years of investment and key leadership in anime, documentary and other categories, we continue to turn our OGV library into valuable IP assets, attracting new users as well as converting paying users. During the Q1, we launched the daily life of Immortal King, a Bilibili produced Chinese anime series. This high quality series quickly gained over 100,000,000 video views in less than 30 days, such a new record for our OGV history. It did not only attract many new anime fans to our platform, but also converted a considerable amount of premium members.
Similarly, we further expanded our documentary and variety show offerings to attract broader audience. Our reality show, Animal Hospital Season 2, Chunyi Er and First Man Out of China, Xue Sheng Huang Ye, a documentary that we could produce with Discovery were also welcomed by many pets and survival show lovers respectively. Turning to our community, as I mentioned, we are seeing record high across all of our premium user metrics. We did tracks to our community, the quality of our platform, our content, our users have gone even stronger. In the Q1, our daily video views reached a record high of 1,100,000,000, up 113% year over year.
Our users were more engaged with content and each other than ever before, and our overall committed retention levels were improved. In the Q1, our users generated nearly 4,900,000,000 monthly interactions through the Boolie Chan's comments, likes and Bilibili Moments posts, more than tripled a month from the same period in 2019. Members of our official membership also grow at an accelerated pace in the Q1. By the end of Q1, we had 82,000,000 official members who passed our 100 question exam, up 66% year over year and the twelve month retention rate for these users remain high as well, well above 80%. The strong community engagement and retention level continue to be excellent indicators of the quality of our user growth.
Turning to our commercialization progress, I will first review the status of our game business. Revenue from our games increased 32% year over year to RMB1.15 billion, accounting for 50% of our total 1st quarter revenues. FateGrand Order, or FGO, delivered a robust performance for the period following a major content update. Other exclusive licensed titles such as Luna Line and Furious Yama also continued their popularity during the Q1. In April, we launched the highly anticipated Chinese RPG Princess Connect, that exclusively licensed game was a media hit, attracting millions of players and talking China's iOS download and grossing charge winning a week after release.
The phenomenal success of this release was a game through our strong distribution power and the understanding of the ACG game market. Our jointly operated games also continued their growth momentum in the Q1. Newly released updates of Arknights, Newfoundzhoo and the Benghwaishan were welcomed by many existing and new players. With an increasing number of gamers gathering and more efficient distribution operations, our platform is an inevitable channel for game developers who want to maximize their exposure to quality players and reach potential new fans. Later this year, we will be further expanding our game offerings.
With certain high quality games in our upcoming game pipeline, we are looking forward to further diversifying our portfolio. We have 8 titles that have acquired approvals and are scheduled to be released in the coming months. This includes administrative Guanyuan Xue, a sewing ACG title that we plan to roll out this summer. On the jointly operated game front, will continue to work with leading game developers to bring our users premium games such as Mihayo's, Yuan Shen and NetEase: Harry Potter. Turning to our VAS business, revenue from VAS increased by 172% year over year, reaching RMB794 1,000,000 in the Q1.
Our growth was mainly driven by increased contribution from premium members, live broadcasting and other value added services. As part of our video content ecosystem, we continue to enrich our live broadcasting offerings and increase our live broadcasting penetration among growing user traffic. Our investment of top live broadcasting IP continue to fuel our user growth and attract more live broadcasting host to our platform. We are seeing more talent agencies and individuals contributing to grow their influence on our fast developing platform. With access to our exclusive members have become accustomed to paying for high quality content.
By the end of the Q1, our premium members reached an 127% year over year and further demonstrates that our users represent the Golden Cohoes with a high willingness to pay for premium entertainment material. As for our tiding business, our rapidly growing community and increasing brand equity continue to make Bilibili a leading platform for Despite macro headwinds, revenue from advertising segment continued to increase year over year, up 90% to RMB240 1,000,000 in the Q1. The leading 3 industry verticals for brand advertising were e commerce, games, and 3C products, and the top 3 verticals for performance based ads was games, education, and e commerce. Advertisers are seeking out new and innovative ways to increase their visibility and online channels represent a popular heavily trusted avenue. Beginning from this year, we hosted multiple online new product launch conference including Huawei, Vivo, Oppo and McDonald's.
We expect this offline to online marketing transaction will continue throughout the year. Advertisers in other industries such as online education and e commerce are also seeking out our platform to increase their brand reach. To summarize, we had an outstanding Q1, marked by excellent growth across our primary operational and financial metrics. The success was attributable to years of devotion in building a healthy content ecosystem, friendly community and improved commercialization capabilities. We are also pleased with our strong execution in raising our brand awareness, growing our user base as well as forming high level strategic partners.
Building this early 2020 momentum, we will continue our user growth strategy, improve our top line and drive value for all of our supporters, our growing community and our stakeholders. This concludes Ms. Chen's remarks. I will now a brief overview of our financial results for the Q1 of 2020. Our total net revenues increased by 69 percent year over year to RMB2.3 billion, exceeding the high end of our guidance.
With a fifty-fifty revenue split for our game and non game business, we are pleased with our commercialization progress and the implications of this diversity. We are also converting more and more online traffic to paying users. The average number of monthly paying users increased by 134% year over year, reaching 13,400,000 in the 1st quarter. Cost of revenues increased by 51% year over year to RMB1.8 billion. Revenue sharing cost, a key component of cost of revenues was RMB889 1,000,000, a 61% increase from the same period in 2019.
Gross profit increased by 180% year over year to RMB530 1,000,000. We are also starting to see operating leverage from our diversified revenue streams. With more revenue contribution from our higher margin business as well as additional income from paying users, our gross profit margin continued to improve, reaching 23% in the Q1. Total operating expenses increased to RMB1.1 billion or 117% from the same period in 2019. Selling and marketing expenses were RMB606 1,000,000, representing a 2 33 34% increase year over year.
The increase was primarily attributable to the increased channel and marketing expenses associated with Bilib's apps and brand, as well as expenses for gaming mobile games and the sales and marketing personnel. Building on the success of our New Year Eve Gala and the strong user demand during the extended holiday, we made additional investment in branding and channels to further drive user growth and raising brand awareness, which we believe will yield considerable return in the long run. G and A expenses were RMB171 1,000,000 representing a 33% increase year over year. The increase was primarily due to increased headcount in general and administrative personnel and increased share based compensation expenses. R and D expenses were RMB297 1,000,000 representing a 60% increase year over year.
The increase was primarily due to increased headcount in research and developed personnel. Net loss was RMB539 million for the Q1 of 2020 compared with RMB196 1,000,000 in the same period of 2019. Adjusted net loss, which is a non GAAP measure that excludes share based compensation expenses and amortization expenses related to intangible assets and acquired sub business acquisition were RMB475 1,000,000 compared with RMB145 1,000,000 in the same period of 2019. Basic and diluted net loss per share were RMB1.6 2. Adjusted basic diluted net loss per share were RMB1.46 1.46, sorry.
As of March 31, 2020, before starting this investment, we had cash and cash equivalents, time deposits as well as short term investments of RMB7.9 billion or 1,100,000,000 dollars compared to RMB8.1 billion as of December 31, 2019. To further grow our business, we plan to improve our monetization by leveraging our considerable and growing traffic. We also see benefits in further expanding our diverse revenue streams and continuing to improve our paying ratio. Longer term, we believe our monetization efforts, high paying user commercial rates and scale will yield an improved bottom line. With that in mind, we are currently projecting net revenue for the Q2 of 2020 to be between RMB2.50 billion and RMB2.55 billion.
Thank you for your attention. We would like now to open the call to your questions. Operator, please go ahead.
Thank you. Ladies and gentlemen, we will now begin the Q and A session. Please for the benefit of all participants on today's call,
Congratulations on a very solid quarter. My question is about MAU. We saw a big acceleration in this quarter. Could management give us some colors on how much of the growth was driven by the pandemic in 1Q and how much was organic? And as life in China is getting back to normal, how should we look at the trend of your MAU growth post the pandemic?
For the new users acquired in the quarter, how is your engagement level compared to those of old users? Lastly, for China's POGV market, could you give us some color as to what would be the size of the user base this segment could potentially reach? Thank you.
To your first question on the menu, indeed, we had an outstanding Q1 in terms of user growth. And we believe that user growth is built on 2 factors. 1 is 10 years of devotion and value in building a healthy content ecosystem and friendly community to ensure that we always have the highest quality content to offer to our users. And second of all is our continuously raising brand awareness and our active and effective user acquisition strategy. Probably you have already experienced that Bilibili has become not only for the younger generation, but more for mass market people, first choice when it comes content creation or content consumption.
And there's more and more chatters about what type of videos they've seen on Bilibili. So all of these factors that we've mentioned above actually has nothing to do with the extended holiday result by the pandemic. We believe the pandemic only helped us to accelerate our user growth process, but it will not change or become a main factor of how our user growth. So regarding your second question about how the I mean, it's trending after people are returning back to school or work. So as I mentioned earlier, the accelerated user growth that we've seen in the Q1 has more to do with the fundamentals of our company and the extended holiday only help us to accelerate the process.
So, we are still quite confident that in the second and third quarter, we'll still see we will still be seeing relatively decent rate of user growth. So in terms of the new user profile that we've seen in the Q1, it has there's no big difference between the new users and the old users. It's still majority younger generation. Their average age is around 20 years old and over 50% of the new user comes from 3rd tier cities or below. So, in terms of user growth, we never just purely focus on the quantity, but we always put the quality first.
As you can see from the user metrics, our MAU grew 70% year on year. Our DAU also grew 69% year on year. And our time spent per DAU increased 10 minutes quarter over quarter to 87 minutes per day and our video views surpassed 10,000,000,000 reaching 1 point I'm sorry, past 1,000,000,000, reaching 1,100,000,000 on a daily basis. And the overall retention rate, the engagement level of our user base is also very, very strong. The 12 month retention rate of our official member who take and pass the 100 question test, they are also well above 80%.
All of this matrix was achieved under the environment that the overall user increased significantly. So, this is another set of results that demonstrate our quality of growth. So at the same time, as you can see, our paying user has also experienced very fast growth. Our paying user has reached over 13,000,000 this quarter, which means we're converting more traffic to paying users. So this is another very strong matrix that supports the quality So according to the latest Cinec report, the overall Chinese video user has already reached 850,000,000.
As the adoption of 5 gs technology, we believe video will become the most common format of content consumption or creation. By that time, we believe the overall video user is probably going to be equivalent for the overall Internet users. So the reason why we call PUGV and PUGV is the professional part of the terms because it's professionally produced. So it has higher quality. We don't believe anybody will say no to higher quality video content.
And because of that, we think that all the video users could potentially be PGP users. So we believe in the near future, everything will be videoized, which is a great opportunity for Bilibili. And from what we have observed that we believe video is not just pure content or communication, it has become as a service or as a scenario or an important part of entertainment. Based on what we have seen so far, there's a trend that everything marketing related has become more videoized. And there are tons of users are studying, learning new things, gaining general knowledge on Bilibili.
So this is video become a format of gaining knowledge. And in the longer term, we believe video is going to be the new connector that connects everything. Hope that answers your question, Xiaobin.
Yes, indeed. Thanks very much for the color.
Your next question comes from the line of Lei Zhang. Please ask your question, Lei.
My question is mainly about the commercialization of nongame business. We have seen strong revenue growth in Q4 of nongame, especially VAS. We also noticed some positive development recently in music and the live streaming. Could management share more color on the efforts we have made in non GAAP business, especially our policy with live streaming? And also wondering your growth outlook in nongame business in live streaming and advertising in 2020?
20?
So we haven't taken our tone about our non game business plan or strategy since our IPO. So from as we heard of our live broadcasting business, we always emphasize live broadcasting for visibility is an ability is based on our current video content ecosystem. And we have massive users gathering around, so they really consume a lot of entertainment content, such as animation and other professionally generated content. So, we launched our premium membership services to satisfy satisfy their growing needs. And if I have to talk about our strategy, again, it still comes back to the same logic that we have the user to understand the needs and we recommend the right product to suit their right need.
And our strategy is always to attract map the loyal engaged user through PGV at the same time to provide them live broadcast content, professional OGV content to satisfy their growing needs. So in terms of the growth potential of our wrap business, we believe for many years to come, it will maintain a high growth rate for a relatively longer term. To be more specific regarding the high growth rate will be over 100%. So we avoid using monetization when we talk about our commercialization progress is because we believe essentially our commercialization process is providing user better services, put more premium content. This is especially for our users.
Okay. Your next question comes from the line of Alex Lu from China Renaissance. Please ask your question, Alex.
Thanks for this opportunity. My question is on sales and marketing spending. Could management provide us some breakdown on this quarter's sales and marketing expenses? And also could management share more updates on this year's brand image upgrade considering our recent platform branding initiative resulted in pretty heated discussion among users? Thank you.
Okay. Alex, I will take your question and Carly will add more color about the brand upgrade program. As Chairman Chen Ren mentioned, user growth is still the top priority of our business in this year. So, it's also the cornerstone of our commercial monetization progress. So, if you look at all the numbers, the main component for our marketing expenses, they are channel promotion, the channels like App Store as well as the VDAT channel and our brand ability activities as well as for our game release and promotion and our sales staff salary bonuses.
The incremental part, if we compare that with our Q4 numbers, are mainly for the channel promotion and brand activities. We don't set very specific market cost target for financial purpose, but instead we monitored all the ROI very closely to ensure the high quality user growth. The decision will be made according to both of the quality and the quantity observations on the all the newly added users, including their activity degree, for example, the DAU, their retention level, time of spend and average daily VV and the numbers of their interactions. When the market opportunity comes and the ROI are reasonable and we will continue to invest. At the same time, with deepening our commercialization progress, the new users we see they also effectively converted into our paying users.
In Q1, MAU just increased by 70% year on year, but the number of paying users increased over 130% year over year. And the overall paying ratio also improving. So, that demonstrates the users growth will also lead to the growth of the top line. The users growth will also lead to the growth of the top line. You will see that the leverage is still there.
The top line increased by, I think, 69% in Q1 and our gross profit increased by 180%. That means we just need to accelerate our commercialization progress to get a better return from our investment. So, currently, we have over RMB10 1,000,000,000 cash reserve after Sony's capital injection and all the strategic shareholders, they are still very supportive for our user growth strategy. And generally, in Q1, we still generate positive operating cash flow and extra cash burn for Q1 is just like RMB200 1,000,000, which is much less than the loss recorded in our P and L statement. So, the financial status is quite healthy.
We believe the market is still booming and the opportunity is still there, so we're just on the right track to catch those kinds of opportunities. So, I will let Carly to comment about the brand upgrade program.
So as you can already aware, user growth will be our primary focus for 2020. And we have set up a comprehensive plan to grow our user in 20 by some misperception of how our to correct by some misperception of how our brand represents or some of our content vertical represents among users or content consumers. So, from late last year, we have tried some independent marketing campaign. Some of the events you probably already be very aware. One is our investment in the World Championships and League of Legends and our New Year Youth Gala and the most recent, the use day campaign regarding the new generations.
And all of that have echoed strongly with our existing and potential users. In addition, we'll also actively promote our content verticals within the ability ecosystem such as studying, such as blogs, letting people know this is the go to platform to consume those content verticals. This is also helping us to raise more brand awareness and platform awareness. So from the Q1's operating data, it's already pretty obvious that the efforts and initiatives that we take has quite significantly raised our brand awareness and influence among Internet users that age between 15 to 35. And we have take very proud of what we have done so far.
So going forward, I will continue to promote our brand through online and offline campaign. We'll create sustainable, create more events and will continue to educate our users about our categories and our content offerings. So going forward, we're going we're going to launch a series of campaign in terms of raising our brand awareness, our brand mission and positioning through bunch of online and offline activities. And the timeline will be surrounded with several important timestamps, for example, the graduation season and Bilibili's anniversary as well as summer vacations. So tomorrow, on March 20, it is also a very interesting time of the year.
We will collaborate with a famous singer, Mao Wei, to launch a graduation theme song called Wuhan to dedicate that to dedicate the song to the new generation that is about to graduate from school and enter the society. And we quite look forward to that piece to meet everybody.
Your next question comes from the line of Wendy Chen from Goldman Sachs. Please ask your question, Wendy.
Thanks management for taking my question. My question is related to the mobile game business. So just a follow-up on the previous question. How do we foresee the mobile game business growth for the coming quarter considering many gamer potentially have resumed work and full with potential reducing gamer gaming time? And my second question is regarding, since we're doing some very innovative campaign to market our new title Princess Connect, wondering we will utilize such a marketing toolkit for the future games to be launched?
And lastly, wondering if management can share your insight on our strategy cooperation with Sony in terms of the game business. Thanks very much. So, we actually don't believe the overall pandemic has big influence on our games business. Actually, we're quite confident throughout the rest of the year with our game business. We currently have 30 games exclusively licensed games in our pipeline.
8 of those already acquired approval and majority of those pipelines are domestic titles and relatively smaller scales are from imported titles. So it's a very healthy component. So, the success of Princess Connect, we believe this is another strong testimony of our strong distribution power and our deep understanding in terms of ACG games. And before the game was launched, the game had over 6,500,000 pre registered users. And since its release on April 16, it has topped on the China's iOS top downloading chart for a week and top growth in and reached the number 2 on top growth.
And based on our strong execution, we believe this is a very, very successful event and very successful. And based on the existing data and feedback that we haven't received, we believe this is going to be a title with very long life cycle, probably over 3 years. So as I mentioned, the printer to connect is another strong testimony of our distribution power in terms of AC2 games. And we are becoming an inevitable channel in China to launch ACG related titles. And we believe this advantage will further expand as our overall community is getting bigger and our overall huge user in game are becoming more and more And going forward, similar with our how we expand our content verticals, we'll also seek to expand our game offerings into more high quality content, high quality titles.
And we are quite confident this will also be very successful as well. So we indeed have a long standing relationship with Sony. Before the equity investment, we already are working with them on multiple business aspect, including animation and games. And with the strategic partnership, we are going to further solidify and bring our partnership to the next level in terms of animation and Sure. Karl, I wanted to add something on.
So, first of all, Sony is a world leader in terms of entertainment and technology and Sony's strategic investment really demonstrate their confidence in Bilibili's growth potential and our unique positioning in the China's entertainment market. And on top of the animation and games, Mr. Chen mentioned that we are also hoping to work with Sony on other aspects, including music as well as movies. We're hoping to really bring in more world class premium content to satisfy our growing user needs.
And your next question comes from Alex Poon from Morgan Stanley. Please ask your question, Alex.
I'll translate my question. My first question is regarding MAU targets. As we already achieved more than 170,000,000 MAUs in Q1. Should we expect to revise up the full year target and also next year? My second question is related to PUGV competition.
There are many more platforms allowing content creatives to upload platform and they also provide a lot of easy tools and cash returns to these content creators. So how should we see the ROI of PUGV in future? Thank you.
Okay. Regarding your first question on the user target, we are confident to say we are going to achieve our user target in advance. When we get there, we'll discuss further about raising our user target. And your second question about the competition, I think the essential the foundation of your question relies on how we are able to keep our content creator or essentially how we are able to grow our content creators. And as you can see from our Q1 data that actually we have experienced a very fast growth in terms of our active content creator and their content creation.
A number of content creator with more than over 10,000 followers are the growth rate is also expediting. All of that means we have cultivated a very healthy ecosystem that allows our content creators to grow on our platform. And the mechanism behind that is to truly respect the high quality content and respect the high quality content creators and always put the quality in our priority. It's much easier said and then done. You have to resist that principle for over 10 years and to make sure this mechanism that helps you keep attracting and returning those users.
So that you can as you can see, actually, those top content creators are staying with us and growing with Bilibili. And that's I think that's the key competitive edge Bilibili has compared with other competitors.
And that concludes the question and answer session for today. I would now like to hand the conference back over to management for any additional or closing comments.
All right. Thank you once again for joining us today. If you have any further questions, please contact myself, Julie Yang, the lead the lead Senior IR Director or TPG Investor Relations. Our contact information for IR in both China and the U. S.
Can be found on today's press release. Have a great day.
Ladies and gentlemen, that does conclude today's conference call. Thank you for all participating today. You may now all disconnect.