Good day, welcome to the Bilibili 2019 third quarter earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Juliet Yang, Senior Director of Investor Relations. Please go ahead.
Thank you, operator. Please note the discussion today will contain certain 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 risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and this discussion. A general discussion of the risk factors that could affect Bilibili's business and financial results is included in certain filings of the company with 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 discuss certain non-GAAP financial measures for comparison purpose only.
For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the 2019 third quarter financial results news release issued earlier today. As a reminder, this conference 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 senior management are Mr. Rui Chen, Chairman of the Board and Chief Executive Officer, Ms. Carly Lee, Vice Chairwoman of the Board and Chief Operating Officer, and Mr. Sam Fan, Chief Financial Officer. I will now turn the call over to Mr. Fan, who will read the prepared remarks on behalf of Mr. Chen.
Thank you, Juliet, and thank you, everyone, for participating in today's earnings call. I'm pleased to deliver today's opening remarks on behalf of Mr. Chen. Our third quarter was another strong quarter of growth. Our active user acquisition strategy and increased commercialization efforts are paying off. We secured another quarter to record high MAUs and paying users while meaningfully improving our top line and gross margin. In the third quarter, we added 17.5 million MAUs to our platform sequentially. This is our highest quarterly net add ever, bringing our total MAUs to 127.9 million, up 38% from the same period last year. The growth rate for our mobile MAUs even more accelerated, reaching 114.2 million in the third quarter at 43% year-on-year. While growing our user base, we are also keeping our community engagement at high levels.
Total DAUs were up 40% in the third quarter, reaching 37.6 million, and on average, they spent 83 minutes per day on our platform. Our user stickiness and loyalty creates longevity and willingness to pay for premium content and the services. In the third quarter, our average monthly paying users once again more than doubled compared to the same period in 2018, reaching 7.9 million. Revenues per MAU was CNY 14.5, a 25% increase from the same period in 2018. This set of numbers demonstrate improving monetization of our growing traffic. For the sixth consecutive quarter since our IPO, we exceeded our revenue guidance, beating the high end of our expectations by nearly CNY 100 million. Total net revenues came in at CNY 1.86 billion for the third quarter, up 72% year-on-year. We think this means we are doing something very right.
At our top line expense, we are realizing more leverage, and our gross margin has improved meaningfully each quarter this year, from 13.8% in Q1 to 18.9% in Q3. To give a bit more insight into our strategy, I'd like to walk you through our third quarter performance and provide some updates on what we consider the backbone strategy of our business, content, community, and commercialization. Our full spectrum entertainment ecosystem is strong and growing. We continue to improve our tools and services to better support and inspire our content creators. The mobile content submission tools have been widely adopted by our content creators, with around 50% of content now being uploaded through mobile devices. We believe the 5G network adoption will soon have a positive impact on video creation and consumption beyond our imagination.
During the third quarter, we had an average of 1.1 million active content creators, up 93% year-over-year, uploading 3.1 million videos monthly, up 83% on a year-over-year basis. The top five content categories in the third quarter were lifestyle, entertainment, game, animation, and technology. For lifestyle, our vlog campaign was a great success this summer. By the end of Q3, vlog had more than 11 billion cumulative views. Our interactive video features continues to be a great outlet for our content creators to stretch their imaginations in various verticals, attracting a viewership of more than 300 million in just four months. In October, we launched a new joint creation program that encourage our content creators with mainstream talent to work together to jointly co-produce titles.
This initiative has been well received by our community, particularly in the verticals that require more professional skills such as music, dance, and animation. Looking ahead, we aim to further expand our content offerings in entertainment, fashion, and technology with more effective operators, which we believe will help attract mass audience. Notably, as our smart content distribution engine and operational capabilities improve, we are excited to see our content and content creators gain traction faster than ever. In the third quarter, the number of new videos that achieve 1 million views more than quadrupled compared to the same period last year. The ability to showcase their talent and gain real-time fans in our heavily populated community is making Bilibili the ideal platform for content creators. In addition, we continue to expand our OGV library to supplement our ever-growing PUGV offerings.
We remain the dominant leader in the animation field with one of China's largest anime libraries. We recently released updates on 12 Chinese anime projects, including the "3-Body Problem," "San Ti," and over 20 new titles, including "Heaven Official's Blessing," "Tian Guan Ci Fu" and "A Record of a Mortal's Journey to Immortality," "Fan Ren Xiu Xian Zhuan." In the documentary and variety show departments, our signature food documentary series, "The Story of Chuan'er," season two, and our self-produced animal reality show, "Animal Hospital," has been hot topics all summer long. At the same time, we continue to work with leading overseas producers to bring our audience top-level titles. These include the Chinese version of Discovery's outdoor survival reality show, "First Man Out," starring Ed Stafford and "Hidden Kingdoms of China," a phenomenal documentary that we co-produced with National Geographic.
These mass appeal titles have not only helped attracting broader audience, but also yield decent advertisement and premium membership revenue. Looking at our community, we are seeing accelerated user expansion. We are experiencing fast growth in numbers as well as the engagement levels. In the third quarter, we have 725 million daily video views, up 60% year-on-year. This larger base is deeply engrossed in our platform, connecting with each other and our content. In Q3, our users generate 2.5 billion monthly interactions through bullet chats, comments, likes, and Bilibili Moment posts. This is up 122% compared to the same period last year. Our official membership program is also on the rise. At the end of third quarter, we have 62 million official members who passed our 100-question exam, up 46% year-over-year. Our 12-month retention rate remain high as well, at about 80%.
This is an excellent indicator of the high quality of our user growth. Turning to commercialization, according to the latest iResearch report issued in November this year, by 2023, China's online entertainment market will achieve a market size of CNY 1.1 trillion. More so than any other generations, paying for entertainment is a new norm in China. Drilling down a bit further, the ACG game market is forecast to hit CNY 62 billion by 2023. As China's leading online Gen Z entertainment platform and a leader in the ACG field, we are well-positioned to capitalize this market boom and grow our position. First, let's take a look at our game business. Our game business is now accounting for 50% of our revenues.
As we further diversify and expand our game offerings, we continue to grow our market share in the high quality and ACG game space. For third quarter, revenues from our mobile games were up 25% year-over-year at CNY 933 million. The enduring "Fate/Grand Order" or FGO, continued to lead our growth. With growing revenue contribution from our jointly operated ACG themed mobile game, "Arknights," which was released in Q2. FGO fared further growth in Q3. After the release of a major content update, FGO ranked number 1 on China's iOS top grossing chart three times in September. The game's enduring life cycle is an excellent showing of our ability to acquire premium content and our strong game distribution power. Our game community continue to be one of the largest in China. We are excited to bring new titles to our massive audience.
We released a series of ACG titles, including an exciting domestic RPG called Final Gear, and two high-rated Japanese female-based RPG titles, Untouchable Palms and A3!. All have been well-received. On the jointly operated game front, we launched a number of high-quality domestic titles, including Tencent's highly anticipated ACG mobile game, Fox Spirit Matchmaker, and the Paperg ames' Shining Nikki. Looking at our content updates and new game pipeline, we are excited to release a major content update for FGO, planned for New Year's Day 2020. With a total of 30 high-quality games in our pipeline, we have eight titles that have acquired approvals and scheduled to be released in the coming months. These include today's release of Girl Cafe Gun 2, a highly anticipated domestic RPG that combines simulation and shooting gameplay. Over one million users have already pre-registered for this title.
On top of that, The Furious Yama, 12 Weapons of God, Ayakashi Children, and a couple of others have also been approved and will be released in the coming months. Our platform is also slated to bring audience jointly operated games such as NetEase's Onmyoji: The Card Game, Re:Zero, and more. In addition, we are excited to expand our game distribution outside of Mainland China, with dozens of highly ranked titles to be released in Japan and Korea, as well as the Greater China region. A few of the planned international releases at this time include titles such as The Furious Yama, Final Gear, Girl Cafe Gun 2, and Dark Boom. Turning to our live broadcasting and VAS business. Revenue increased by 167% year-over-year, reaching CNY 453 million in the third quarter.
We've improved the revenue contribution from our live broadcasting premium memberships and the Maoer and the comic business. We continue to enrich our game and entertainment content offerings in live broadcasting and attracting new viewers with increasing demand in this area, such as premium esports content. During the League of Legends S9 final, our peak concurrent users almost doubled compared with last year's S8 final. In addition, our featured VTuber and audio-related content remain our top verticals. With access to additional and often exclusive content, members are highly incentivized to join our premium membership program. Premium membership continued to bring in new subscriptions, and by the end of September, we had 6.1 million valid premium members, up 129% year-on-year. During the third quarter, we initiated a joint member program with Tencent Music, which has been a great win-win collaboration for both parties.
As for our advertising business, we are seeing encouraging signs of bettering a [macro] environment. Revenues from advertising increased by 80% year-over-year to CNY 247 million. We continue to improve our performance and efficiency, yielding positive results with better click rates. The top three industry verticals for brand ads in the third quarter were food and beverage, games, and e-commerce. The top three verticals for performance-based ads were games, education, and e-commerce. I will now briefly update you on our partnership with Alibaba. During this year's Double 11 event, we launched an integrated marketing program with Tmall and Taobao. The campaign included a number of e-commerce advertisement initiatives and combined Bilibili vast content ecosystem with Alibaba's extensive e-commerce ecosystem. To be more specific, the campaign allows e-commerce advertisers to complete one-stop shop marketing on Bilibili.
They can first raise brand awareness through various display ads, secondly, influence user purchase decisions through native ads, and third, complete the transactions through performance-based ads that link to the merchandise. The initial results were very encouraging. We look forward to working closely with Alibaba and bringing our partnership to the next level. I would like to touch on our e-commerce business. For the third quarter, our e-commerce and other business grew by 703% to CNY 226 million, largely driven by an increased number of paying users spending more on our e-commerce platform. We are pleased to announce that by the end of October, our year-to-date e-commerce GMV has achieved an exciting milestone of CNY 1 billion. We are excited by the momentum that we are seeing across our business.
Our solid Q2 results are a strong testimony of our ability to grow our user base while maintaining a healthy and engaged community. The abundant traffic we generated along the way quickly translated into top-line expansion as our monetization power improved. More importantly, as revenue expense, we see growing leverage with our gross margin, which gives us more confidence to invest in our future growth. Looking ahead, we plan to continue our active user growth strategy while enhancing our commercialization power. At the same time, we are committed to bring our community more exceptional content that help young users engage, connect, and entertain. That concludes Chen's remarks. I will now provide a brief overview of our financial results for the third quarter of 2019. Our total net revenues increased by 72% year-over-year to RMB 1.86 billion, exceeding the high end of our guidance by 5%.
Our non-GAAP revenue made up nearly 50% of total revenues in the third quarter, up from 31% in the same period of last year. With almost half our revenues coming from multiple sources, we are pleased with our commercialization progress and the implications. We are also converting more and more online traffic to paying users. The average number of monthly paying users increased by 124% year-over-year, which is 7.9 million in the third quarter. Cost of revenues increased by 71% year-over-year to CNY 1.5 billion. Revenue sharing costs, a key component of cost of revenue, were CNY 655 million, a 49% increase from the same period in 2018. Gross profit increased by 18% year-over-year to CNY 351 million. We are also starting to see operating leverage from our diversified revenue streams.
With more revenue contribution for our higher margin business, including advertising and incorporated games, as well as additional income from paying users, our gross profit margin improved to 18.9% compared with the 16.4% in the second quarter of 2019. Total operating expenses increased to CNY 774 million, up 71% from the same period in 2018. Selling marketing expenses were CNY 364 million, representing an 85% increase year-over-year. This increase was primarily from increased channel and marketing expenses associated with our app and brand during the summer holidays. We also had additional promotion expenses for our mobile games and an increase in headcount in sales and marketing personnel, as well as the higher fulfillment cost for our e-commerce related products. G&A expenses were CNY 163 million, representing a 48% year increase year-over-year.
This increase will primarily result from additional G&A personnel-related expenses and increased amortization expenses related to the intangible assets acquired through business acquisitions and other increased G&A items. R&D expenses were RMB247 million, representing a 69% increase year-over-year. The increase were primarily due to increased [headquarters] in R&D personnel, increased share-based compensation costs and others. Net loss was RMB406 million for the first quarter of 2018, compared to RMB246 million in the same period of 2018. Adjusted net loss, which is a non-GAAP measure that excludes share-based compensation expenses and amortization expenses related to the intangible assets acquired through the business acquisitions, was RMB343 million compared to RMB203 million in the same period of 2018. Basic and diluted net loss per share were RMB1.24. Adjusted basic and diluted net loss per share were RMB1.05. As of September 2019, we have cash equivalents, time deposits, and short-term investment of RMB8.4 billion.
To further grow our business, we plan to improve our monetization by leveraging our considerable and growing traffic. We are comfortable with a 50/50 split in revenues between game and non-game business, but see benefit in expanding our VAS revenue stream and improving revenue contribution per MAU even further. Creating additional operating efficiency also further improve our gross profit margin. Longer term, we believe our monetization efforts, higher paying user conversion rates and scale will yield and improve the bottom line. With that in mind, we are currently projecting net revenue for the fourth quarter of this year to be between CNY 1.93 billion and CNY 1.98 billion. Thank you for your attention. We would like now to open the call to your questions. Operator, please go ahead.
Thank you very much. Ladies and gentlemen, we will now begin the question and answer session. If you wish to ask a question today, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press the pound or hash key. Please note participants are limited to one question at a time. If you have further questions, please press star one again to re-enter the queue. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. Your first question today comes from the line of Jialong Shi from Nomura. Please go ahead.
Hi. Good morning, management. [Non-English content]. First of all, congratulations on a solid quarter, and also congratulations on achieving the company's 120 to 130 million MAU target ahead of schedule. I just wonder if management can provide some colors on the profile of the new users acquired in the past quarters, and how are the new users compare to those of old users in terms of their profile and the engagements?
Since the company has already achieved this year's MAU target ahead of schedule, I was just wondering, what is your new MAU target for end of this and the next year? My second question is about the outlook of competition landscape. We heard some of the game live broadcasting platforms are trying to diversify their content offering by adding more and more anime related contents into their library. I just wonder what management think of the potential for these new entrants. Thank you.
[Non-English content]
Okay, Mr. Chen will first share his view on user growth, and Carly will share some colors on this quarter's new user profile. Mr. Chen feels very optimistic about our future user growth trend. He feels that we can upkeep the current speed of user growth or even achieve accelerated growth without compromising the quality of our users. That quality translates to the engagement, the time spent, the retentions. We are quite confident to keep up a very high quality growth while achieving a relatively higher growth rates.
[Non-English content]
The confidence comes within our more and more mature content creator ecosystem. Over the past year, we have developed a very mature and self-sustaining content ecosystem that attracts more and more content creators come to our platform creating high quality content. At the same time, our improved AI content recommendation is pushing more high quality content to meet with more mass audiences, also at the same time, our community also help our content to spread faster through word of mouth. That can be supported by over the past few quarters, we can see our content category expanded to much wider categories. At the same time, the new videos that achieved 1 million video views become much, much more.
[Non-English content]
In the past few quarters, we've seen reports from different third parties suggesting that the benefit of the growing population of China is diminishing, that there are less time spent, less active users in the overall internet space. On the contrary, Bilibili's very unique content ecosystem and our unique user growth models will definitely attract more and more attention in this field.
[Non-English content]
I will now give a quick update on the method of user acquisition and the new user profiles.
[Non-English content]
First of all, organic growth still takes a big part of our user growth strategy. Given our current content ecosystem, our community environment, this is very beneficial for word of mouth user growth.
[Non-English content]
At the same time, we'll also be more proactive in acquiring traffic that includes investments in different app stores and work with larger traffic platforms.
[Non-English content]
For this part of growth, the acquired traffic, we will be very focused on the core user retention and time spent and engagement. At the same time, our AI-powered recommendation system will continue to improve in that direction to help to maintain a higher retention rate of the new users.
[Non-English content]
We've observed that the new users' paying ratio has gradually improved. The new users who are coming in 2017's paying ratio is significantly higher compared to 2017. We've seen the new user who come in the third quarter's paying ratio is also higher than previous quarters.
[Non-English content]
In addition, we'll also invest in raising the brand awareness of Bilibili. We'll upgrade our overall branding campaign, this is prepared for 2020 user growth.
[Non-English content]
In terms of new user profile, there's no significant difference between the new users that we attract in the previous quarters. It's still majority being young generations and 1st and 2nd-tier city with a further penetration in the lower tier cities.
[Non-English content]
The overall platforms average age are still 21.5 years old.
[Non-English content]
In terms of their content preferences, it's still relatively the same with the old users. They are into lifestyle, Chinese animation, PUGV, and this is beneficial to our increasing content supply in lifestyle, specifically in vlog and other high-quality content verticals. [Non-English content ]
[Non-English content]
First of all, in terms of anime content supply, Bilibili was never the first one to do it, and we're not the only one who is providing that type of content. As a matter of fact, there are a number of players, including some of the industry giants, supplying this type of content.
[Non-English content]
Our results prove ourselves, especially in the past five years, we have proven to be the most influential platform. Our partners across the industry also agree that Bilibili is the most powerful and most influential anime platform in China.
[Non-English content]
Our advantage does not only include that we basically have all the anime fans gathering together on Bilibili, but also our pipelines, our preparation in terms of content, IP, as well as content creation teams has also been leading the industry.
[Non-English content]
We have full confidence to continue to be the leader in the anime field. At the same time, while we see more and more competitors coming into space, we think that is a positive sign showing this industry has very promising growth future. We are also delighted to see that.
Your next question comes from the line of Alex Poon from Morgan Stanley. Please go ahead.
[Non-English content] Sam, Carly, Juliet. [ Non-English content] Year-over-year [Non-English content] accelerate[ Non-English content]. I translate myself. My first question is related to advertising. We noticed very strong year-over-year growth acceleration to 80% in Q3.
Given you have a lot of ad inventories, can you share with us what's your plan of releasing more ad products in the coming quarters? Especially any spots on your platform that you have a lot of viewership but have not monetized properly yet. Some companies have mentioned that the macro is bottoming out, do you expect to release more products and also expect this year-over-year trend to continue to accelerate? My second question is related to live streaming. Can you share a little bit more about the trends about paying users, ARPU, and in terms of monetization and economics of scale of revenue, are you at a point that you can start negotiating down your revenue share ratio with talent agencies? Thank you.
[Non-English content]
The ad load for our ad business this quarter has remained at 5%. This hasn't changed in many quarters, and we do not intend to raise that ad load in the short term. My overview about our advertisement business is to first improve our commercialization efficiency and discover more advertising formats that better combine our content ecosystem with our commercialization capabilities.
[Non-English content]
We think our advertisement team is growing stronger, and they have started to find a way to improve our advertising efficiency without jeopardizing user experience and discovering more effective commercialization methods. We believe without raising our ad load, we can achieve a faster overall advertisement growth rate.
[Non-English content]
We do see some of the macro shift in last year and this year. However, under the unsettling environment, we were still able to achieve 80% year-on-year growth on our advertisement revenue.
[Non-English content]
First of all, we have overall improved and optimized our overall brand advertisement and improved our brand awareness and better merged our brand influence with our content ecosystem.
[Non-English content]
Because that we have further improved our community environment in brand advertisement, that we can better help to build brand awareness among our community, hence to further improve our brand advertisement efficiency.
[Non-English content]
We've come to a relatively newer method of integrated marketing campaign that includes raising brand awareness to display ads, to brand ads, and influence users' purchasing decisions through native ads with our content creators. Last, complete the transaction through our various performance ads.
[Non-English content]
On the performance-based ads, we've done three major improvements to improve the efficiencies. One is in terms of performance ads formats, we are creating new formats to better present the advertisement. Second is to improve our overall algorithm to result in better click-through rate. Third is to further expand our customer base to higher quality customers, higher quality advertisers to improve our overall efficiencies.
[Non-English content]
Looking ahead to 2020, we're still very confident to achieve a higher growth rate of advertisement business. At the same time, we are going to explore better ways to present our advertisement that combines our overall content ecosystem.
[Non-English content]
Upkeep at least the current growth rate of Q3's advertisement.
[Non-English content]
[Non-English content]
Our live broadcasting business has been upkeeping 100% year-on-year growth rate.
[Non-English content]
In the past, a lot of people have asked Mr. Chen that the China's live broadcasting industry is getting more and more competitive, how we're going to grow our position in this landscape? Mr. Chen's response has always been, "We're not in a position to directly compete with other live broadcasting platform. On the contrary, Bilibili's live broadcasting is more of a natural extension of our current video platform." As our user grow into a bigger scale, our live broadcasting categories have actually naturally expanded. That includes the VTuber content categories that we talked about, and also games and other pan-entertainment live broadcasting categories.
[Non-English content]
In the past, we haven't spent a lot of money in poaching big live broadcasting hosts, or spending too much marketing dollars to promote our live broadcasting business. However, we're still being able to achieve a relatively very sustainable live broadcasting growth.
[Non-English content]
In terms of the guilds related income in the past, it indeed was a portion that has seen relatively faster growth.
[Non-English content]
Because Bilibili has a very healthy user ecosystem, that's the major reason that attracts more and more guilds to come to our platform to work with us.
[Non-English content]
In terms of the revenue sharing with guilds, because in the very beginning, the reason that we are introducing or welcoming guilds is to achieve sustainable growth, not to drive our revenue to a spike in the shorter term. In the first, we set up our revenue split with guilds is at a relatively healthy and sustainable level.
[Non-English content]
Ladies and gentlemen, just a reminder, for fairness, we ask that participants limit their questions to one at a time. If you have further questions, please press star one again to reenter the queue once your question has been answered. Your next question comes from the line of Daniel Chen from JP Morgan. Please go ahead.
[Non-English content]I will translate myself. My question is on the game business outlook for 2020. Firstly, could management elaborate on what is our expectation for our key current games in 2020, including such as FGO? Secondly, what is the key games we have in the pipeline, and what is the schedule for launch in 2020? Thank you.
[Non-English content]
In terms of FGO, we are happy to share that FGO is still at a very healthy state, as we mentioned during the earnings call that FGO in the third quarter has reached number one in China's iOS top grossing chart. We are delighted to see the full year 2019 FGO's grossing has maintained relatively stable level compared to last year.
[Non-English content]
In terms of the future performance of our game business, we remain very confident. That is due to, number 1, the macro environment. First of all, there are still a lot of younger players who couldn't find ideal titles that's suitable for their gameplay and their preferences. Secondly, according to the latest iResearch report, the China's ACG game market is forecast to reach CNY 62 billion by 2020. That is more than doubled compared to the market size we have this year. We have the growth of the market and growth of the demand. That's number 1 reason.
[Non-English content]
According to our internal research, about half of our existing users will actively search for games that they wanted to play. As we further expand our user base, we are very likely to get the largest audiences, game lovers in China. That is a very ideal user base, best position for future game growth for us.
[Non-English content]
There are two things we're going to focus on. One is to increase our content supply, our game supply. Number 2 is quickly expand our user base. As long as we are achieving that two steps, we're very confident about our future growth.
[Non-English content]
As you may notice that we have over 30 exclusive license pipeline, among those 30, eight of those apps already have a permit to release. That includes Girl Cafe Gun 2 that will be released today, and The Furious Yama that will be released in the next two months.
[Non-English content]
Both of the titles have gained a very positive review internally. We believe these two titles will become a milestone of our future game revenue growth.
[Non-English content]
Another thing to notice, to call out, is in terms of domestic game pipeline, we have drastically improved our pipeline in that category relatively compared to 2017, where majority of our pipelines are imported games. This is very positive for, number one, game approval perspective. Second, it's very beneficial for us to further expand our overseas market outside of Mainland China. We can promote these titles in more regions.
[Non-English content]
All above, that gives us very good confidence to further grow our game business.
Ok。
That concludes the question and answer session. I would like to turn the conference back over to management for any additional or closing remarks.
Thank you once again for joining us today. If you have further questions, please contact myself, Juliet Yang, Bilibili Senior IR Director, or TPG Investor Relations. Our contact information for both IR in China and in the U.S., can be found in today's press release. Have a great day.