Hello, ladies and gentlemen, thank you for standing by for Viomi Technology Co., Ltd.'s earnings conference call for the second quarter of 2022. At this time, all participants are in a listen-only mode. Today's conference call is being recorded. I would now like to turn the call over to your host, Ms. Claire Ji from the company's IR department. Please go ahead, Claire.
Thank you, Anita. Hello everyone, and welcome to Viomi Technology Co., Ltd's earnings conference call for the second quarter of 2022. As a reminder, this conference is being recorded. The company's financial and operating results were issued in a press release earlier today and are posted online. You can download earnings press release and sign up for the company's email distribution list by visiting the IR section of the company's website at ir.viomi.com. Participating in today's call are Mr. Xiaoping Chen, the founder, chairman of the board of directors and chief executive officer, and Mr. Wickham Thai, the head of our finance department. The company's management will begin with prepared remarks and the call will conclude with the Q&A session. Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provision of the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements involving inherent risks and uncertainties. As such, the company's actual results may be materially different from the views expressed today. Further information regarding this and other risks and uncertainties is included in the company's annual report on Form 20-F and other filings as filed with the United States Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements except as required by law. Please also note that Viomi's earnings press release on this conference call includes discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. In addition, Viomi's press release contains a reconciliation of the unaudited non-GAAP measure to the unaudited most directly comparable GAAP measure. I will now turn the call over to Viomi's founder, the CEO, Mr. Xiaoping Chen. Mr.
Xiaoping Chen, please go ahead.
大家好，感谢大家来参加我们2022年第二季度的业绩电话会。我们在第二季度实现销售收入大约9.24亿人民币，符合我们之前的预期。销售收入呈现同比下滑的主要两个原因：第一个是相比去年同期小米扫地机的高销售的基数，我们今年已经完全停止了小米扫地机的业务。第二是我们看到今年以来各地的疫情反复，二季度的市场消费力持续走低，家电的整体需求相对疲软。为了配合高端新品的一些推出和品牌的高端化的转型，我们在第二季度继续加大了对品牌的推广力度，增加了广告费的适当投入。除了继续投放电视和平面广告以外，我们还深入年轻的目标群体，与天猫合作，联合赞助了在芒果TV推出的知名家居类目《设计理想家》的真人节目。在宏观市场相对疲软的时期，我们对品牌和产品的宣传暂时使第二季度的经营出现了亏损，但我们相信这些举措可以助力于我们打造长期的品牌认知。从我们618和最近几个月高端产品的销售情况来看，过去几个季度的营销投入帮助我们提升了高端产品的销售占比，也增强了我们科技潮牌的品牌影响力。在第二季度，我们从三个方面继续执行高质量的经营策略。第一，持续精简SKU，优化产品结构。第二，聚焦核心产品的业务和产品线，打造爆品。第三，实施生产供应环节的降本增效，我们的经营质量得到持续的改善。第二季度的毛利率较去年同期提升一个百分点，实现自2020年第四季度以来的毛利率连续同比提升。尽管我们在上半年面临着疫情反复和消费市场的疲软等诸多的挑战，给我们的销售端带来一些压力，但在过去的几个月，随着我们一站式全屋智能解决方案的发展，我们在产品的创新、渠道深化和战略合作方面取得了更多的进展。我们增强了长期的产品力和品牌影响力奠定了基础。首先，在产品端，我们在今年三月底的产品战略新品发布会上推出了一系列的AI新品，例如通过活性猛出甲醛的全域新风空调Space Pro，具备AI健身功能的高端AI大型冰箱Boss，拥有4K超清画质的Royal系列的AI激光智慧互动屏，通过活性超微气泡气溶胶的两千加仑澎湃水量的Super系列的净水器，还有Royal系列的高端AI双筒洗衣机，其中空调、净水器、智能互动屏等新品已经于第二季度面世。此外，我们还持续地推出一系列的智能家居的新品，包括升级了3D结构光人脸识别的eLink系列智能门锁，管理全屋设备和智能场景的AI语音控制面板HomePad Plus。这些新品搭载的AI技术提升了用户的智能化的体验，取得良好的市场口碑和反馈。我们中高端产品的销售增长和产品影响力也在不断地增强。在今年的618大促中，我们的部分中高端产品在店上的品类销售中领跑，例如Space系列的空调、AI净水器Super和21Face的AI冰箱等产品。同时，基于一站式全屋智能解决方案的高端系列产品也在全国各地持续落地。我们在第一季度在北京、广州、上海、长沙、昆明等地的多个线下门店与客户签订了二十到四十万的系列订单，随后我们在成都、遵义、银川等地的线下店在第二季度又与客户达成了多个二十、三十万以上的高端系列的套餐。消费者对于我们的高端产品和套系化的方案得到认可，也是我们品牌持续的转型和对AI产品的研发投入的阶段性的成果。我们在AI产品的成功推出和良好的市场反馈下，以及我们的套系化方案的顺利推行，离不开我们在技术创新和产品研发方面的持续努力。截止到今年第二季度末，我们已经申请全球专利达5,400余项，全球累计授权专利达3,300余件。我们的产品技术和专利也得到专利专业权威机构的认可，比如我们的iBot AI无人机的一种视觉检测模块、无人机的智能换挡方法，在今年七月份获得了第二十三届中国专利优秀奖。我们自主研发的净水器设备及集成模块于四月份获得第八届的广东专利银奖。这些都是对我们科技创新的这种能力的认可，也是对我们知识产权实力的肯定。第二，在渠道方面，我们继续在全国稳健地开展大商大店的渠道策略，与线下的商业合作。于第二季度在湖南、安徽、贵州等多地新开多家的4S和5S旗舰店，这些大店通过统一的店面装修和沉浸式的场景体验，向消费者传递科技潮牌的品牌魅力，致力于助力我们一站式全屋智能的解决方案的快速落地。我们在海外方面也在第二季度受到国际宏观的影响，在油价高企、大宗材料持续上涨的影响下，欧洲的消费持续低迷，给我们海外销售带来一定的挑战。但是在我们的渠道优化和多款产品方面取得了积极的进展，与我们新型合作的大型代理商的合作稳定，同时加大开拓东南亚市场。随着我们出海的小家电高端化，中高端机型的销售占比持续提升。下半年我们会进一步丰富智能清洁类目的品类布局，同时在海外的其他几个品类也会取得相应的一些进展。第三，我们在第二季度持续地深化战略合作，推动智能家居的产业共荣升级。我们在今年上半年先后和京东、天猫以及中国电信达成战略合作伙伴关系，五月又与国内领先的家居设计企业顾家家居达成战略合作，双方将深度地融合全屋智能和全屋定制的业务，加快一站式全屋智能解决方案的普及，助力居家生活场景的一体化、智能化和品质化的升级。我们正在与更多的企业平台探索战略合作，为更多的家庭创造便捷的智能生活体验，推动全屋智能的生态发展。我们在上半年克服了疫情和经济环境带来的挑战，在新品研发和品牌力的塑造方面取得了不错的进展。下半年我们将持续地聚焦四个方面。一，聚焦SKU，精简SKU，持续优化我们的产品结构，加大研发创新。第二，在打造AI爆品的同时，深化全屋场景的智能体验。第三，打造更多的线下的沉浸式的消费场景，促进更多的一站式的全屋智能解决方案的落地，提升消费者的体验和长期的品牌价值的奠定基础。第四，执行更严格的成本和费用控制，为长期的健康增长打下扎实的基础。我们相信全屋智能在未来的成长性是能够为我们的用户和股东带来长期回报的。好，谢谢。
Thank you, Mr. Chen. I will quickly translate our founder's remarks before discussing our financial performance for the second quarter of 2022. Hello everyone, thanks for joining us second quarter 2022 earnings conference call. In the second quarter, our total net revenues reached CNY 924 million, in line with our previous guidance. The year-over-year decline in revenues was mainly due to two factors. First, this year we cut off the selling of Xiaomi branded sweeper robots, which had a high prior year base for comparison. Second, since the beginning of this year, owing to the widespread COVID-19 recurrences, market consumption continued to decrease in the second quarter, along with the soft demand industry-wide. To support the release of premium new products and our high-end brand transformation, we continue to enhance our brand promotion and increase advertising spending during the second quarter.
In addition to the launch of a large number of elevator and print ads, we reached more targeted young groups by partnering with Tmall and becoming a co-sponsor of the well-known variety show Design Ideal Home, broadcast on MangoTV platform. Our investment in branding and product promotion during a relatively weak period in the macro environment resulted in a temporary operating loss in the second quarter. We believe these measures will help us to build long-term brand awareness. Furthermore, judging from our performance during the 618 shopping festival and the sales of our high-end products in recent months, our marketing investment over the past few quarters has boosted the contribution of high-end products to our sales and enhanced our trending technology branding positioning. In the second quarter, we continue to execute our high-quality business cooperation strategy. First, continue to streamline SKUs and optimize our product mix.
Second, focus on core business and product lines to build best-selling products. Third, implement cost control and efficiency improvement measures in production and supply chain. These efforts lead to ongoing optimization of our business operation, with growth margin increasing by about 1% year-over-year, representing consecutive year-over-year improvements since the fourth quarter of 2020. Despite COVID-19 recurrences and weak consumer spending exerting considerable pressure on ourselves, we made significant progress in product innovation, channel expansion, and strategic cooperation. In addition, we continue to develop our one-stop IoT home solutions, further solidifying the foundation for our long-term product enhancement and the branding influence. First, with respect to our products, we introduced a series of new AI products at our strategic new product launch event in March, including Space Pro, our all-space AI air conditioner featuring formaldehyde removal.
Both our large screen refrigerator with AI fitness functionality, our Royal series of AI laser interactive smart screen incorporating 4K ultra-high definition display. Super 2, our 2,000 gallon super large tank water purifier, which generates ultra micro bubbles to remove pesticide residues, and our Royal series of AI twin tub washing machines. Among them, the air conditioner, water purifier, and interactive smart screen came to market in the second quarter. In addition, we also introduced a series of new smart home devices such as eLink, our smart lock with upgraded 3D facial recognition technology, as well as HomePad Plus, our AI screen-based control interface for managing all smart home appliance across scenarios. These new AI-equipped products provide our consumers with a superior smart home experience and have received favorable market feedback and reviews.
Furthermore, sales growth and the product influence among our mid- to high-end products are also increasing. During the recent 618 shopping festival, some of our mid- to high-end products topped the e-commerce sales chart in their respective categories, such as our Space series of air conditioners, Super series of water purifiers, and the 21Face AI large screen refrigerators. Meanwhile, based on our one-stop IoT home solutions, we are accelerating the implementation of our premium bundle home solution offerings nationwide.
After our offline merchants in the first quarter signed the whole home solution order ranging from CNY 200,000- CNY 400,000 with customers in Beijing, Guangzhou, Changsha, and Kunming, some offline merchants in Chengdu, Zunyi, Yinchuan, and certain other cities followed suit in the second quarter, recording multiple high-end whole home solutions orders exceeding CNY 200,000 and CNY 300,000. Our customer recognition and adoption of our premium AI products and our bundle home solution offerings are a testament to the success of our space transformation into a premium brand and our investment in research and development for our AI products.
The successful launch of our new AI products, which received positive market feedback and the smooth adoption of bundle home solution offerings, was not possible without our unremitting efforts in technological innovation and product research and development. As of June 30, 2022, our cumulative global patent applications and registered patents reached more than 5,400 and 3,300 respectively. Our research and development achievements have also been recognized by industry and professional institutions. In July, the intelligent gear shifting method of our iBot AI range hood, a visual detection module, won the twenty-third China Patent Excellence Award. Also in April, we took the silver at the eighth Guangdong Patent Award with one of our water purifiers with the integrated water wing module technology.
These awards are not only the recognition of our technological innovation capability, but also affirmation of our intellectual property strength. Second, we continue to execute our large store and better merchant channel strategy. In the second quarter, we collaborated with our newly signed offline merchants and opened additional Xiaomi 4S and 5S stores in provinces including Hunan, Anhui, and Guizhou, etc. These flagship stores enhanced our leading technologies, brand positioning through unified storefront decoration and an immersive experience scenario and help implement our one-stop IoT home solution. As to our overseas business, in the second quarter, the tougher international macro environment, including the increase in oil and bulk raw material prices, led to sluggish demand in the European market and brought certain challenges for our overseas sales. At the same time, we made positive progress in channel optimization and our mid- to high-end transformation.
We have established stable cooperation with newly joined large international agents and expanded the market in Southeast Asia. With the trend of high-end sweepers both overseas, the sales population of the mid and high-end models has further increased. As we progress through 2022, we will further enrich the product offerings of intelligent cleaning products and simultaneously roll out some other categories of products in overseas markets. Third, we continue to deepen our strategic cooperation with more channels in the second quarter to promote the integrated and stable development of the smart home industry. In the first half of this year, we built partnership with JD.com, Tmall, and China Telecom. In May, we extended our strategic cooperation with Kuka Home, one of the leading domestic home design enterprises. Kuka Home and Xiaomi will jointly integrate smart home ecologies and the whole house customization business.
We are accelerating the popularization of our one-stop IoT home solutions to facilitate the integration, intelligence, and quality upgrading of home scenarios. In addition, we are exploring strategic cooperation with additional channels and companies to create a more convenient and smart living experience, and promote the development of smart home ecology for families. We successfully navigated the challenges caused by the pandemic and the weak macro industry environment in the first half of the year, and made progress in developing new products and enhancing brand awareness. Moving forward, we will continue to focus four aspects. First, streamlining SKUs and continuously optimizing product portfolio. Second, devoting more resources to improving product competence, building best-selling products, and providing a more immersive scenario experience.
Third, creating more offline immersive consumption scenes and facilitating the implementation of our one-stop IoT home solutions to lay out the foundation for user experience improvement and the long-term brand value development. Fourth, implementing more disciplined cost and expense control measures to lay a solid foundation for long-term healthy growth and create value for our customers and shareholders in the long run. Thank you. That concludes our founder's remarks. Now Mr. Wickham Thai, the head of our finance department, will go over our second quarter 2022 audited financial results, and the third quarter outlook in more detail.
Thank you. Now I will go over the details of unaudited financial results of the second quarter of 2022. Net revenues were CNY 924.2 million compared to CNY 1,768.9 million for the second quarter of 2021. Net revenues in line with the company's previous guidance. In addition to the overall weaker consumption environment, the decrease was mainly due to the complete cut-off sales of Xiaomi-branded sweeper robots this year, as well as its high prior year base for comparison, and the ongoing product portfolio adjustments in some categories.
Revenues from IoT at home portfolio decreased by 54.2% to CNY 524.5 million from CNY 1,146.3 million for the second quarter of 2021. The decline was primarily due to the complete cut-off of sales of Xiaomi-branded sweeper robots, as well as SKU adjustments for some categories. Revenues from home water solutions decreased by 17.4% to CNY 180.9 million from CNY 218.9 million for the second quarter of 2021. The decline was primarily due to the decreased demand of water purifiers. Revenues from consumables decreased slightly by 1.9% to CNY 100.3 million from CNY 102.2 million for the second quarter of 2021.
Revenues from smart phones and others decreased by 38.1% to CNY 118.5 million from CNY 191.5 million for the second quarter of 2021, primarily due to product portfolio adjustments within this category and the decreased demand for small appliances products. Gross profit was CNY 204.5 million compared to CNY 351.8 million for the second quarter of 2021. Gross margin increased to 22.1% from 21.2% for the second quarter of 2021, primarily driven by the company's continued effort to shift business and product mix towards higher gross margin products, and partially offset by the decreases in selling prices of some products for cleanup due to the product portfolio adjustment in this quarter.
Total operating expenses decreased by 14.6% to CNY 264.6 million from CNY 309.7 million for the second quarter of 2021, primarily due to the year-over-year decrease in selling and marketing expenses. In more detail, research and development expenses increased by 20.4% to CNY 79.7 million from CNY 66.2 million for the second quarter of 2021, mainly due to the increase in research and development experts and related salaries and expenses, as well as the increased input in new product development.
Selling and marketing expenses decreased by 24.6% to CNY 162 million from CNY 214.9 million for the second quarter of 2021, mainly due to decrease in marketing expenses, partially offset by the increased expenses on advertising activities and to enhance the company's branding recognition. General and administrative expenses decreased by 20.3% to CNY 22.9 million compared to CNY 28.8 million for the second quarter of 2021, primarily due to the decrease in estimated allowance for accounts and notes receivables recognized in the current period. Net loss attributable to ordinary shareholders of the company was CNY 39.6 million compared to the net income attributable to ordinary shareholders of the company of CNY 46.1 million for the second quarter of 2021.
Non-GAAP net loss attributable to ordinary shareholders of the company was CNY 33.9 million compared to the non-GAAP net income attributable to the ordinary shareholders of the company of CNY 59.5 million for the second quarter of 2021. Additionally, our balance sheet maintained healthy. As of June 30, 2022, the company had cash and cash equivalents of CNY 816.3 million, restricted cash CNY 46.8 million, short-term deposits of CNY 10 million, and short-term investments of CNY 237 million. Now let's turn to our outlook. For the third quarter of 2022, we currently expect net revenues to be between CNY 740 million and CNY 840 million.
We estimate that the year-over-year change in revenues will be mainly due to the uncertainty pertaining to the potential effects of COVID-19 recurrences, as well as the potential impact of overall market demands in the third quarter of 2022. The above outlook is based on the current market conditions and reflects the company's current and preliminary estimates of market and operating conditions and customer demand, all of which are subject to change.
This concludes our prepared remarks. We will now open the call for Q&A session. Our founder and Mr. Wickham Thai will join this session and answer questions. Operator, please go ahead.
Thank you. We will now begin the question and answer session. To ask the question, you may press star then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the key. To withdraw your question, please press star then two. For the benefit of all participants on today's call, if you wish to ask your question to the company's management in Chinese, please immediately repeat your question in English. The first question today comes from Hildy Ling with Morgan Stanley. Please go ahead.
Hi. Thank you management for the presentation. I have three questions allow me to ask. The first one is about the expectation for the second half of this year in terms of the sales and also the margin expectation. What do you think about the key drivers behind such set of sales expectations? This is the first question. The second one is about the overseas market expansion or overseas sales.
We are seeing that the macro is being quite volatile, but the European market is quite weak, but the U.S. market has been relatively more resilient, and there seems to be a little bit of improvement in the inflation as well, or less pressure from it. What do you see about the overseas trend in overseas sales trends nowadays and what's your expectation in the second half of the year? The third question is about the robot vacuum segment. How's that performing in the first half this year? And how do you see for this segment to perform in terms of the demand in the second half?
Okay. Thanks for Hildy's questions. For the first question regarding the sales and margin expectation. Yeah. In terms of revenue guidance for the second half of this year, as usual, we don't give specific guidance, especially under the macro environment with more uncertainties due to COVID-19 and the macro market. We expect the revenues to be driven from several perspectives. First, the sales of our new high-end products have been increasing over the past several months, and some SKUs hit the best-selling list during major promotion seasons. We estimate our AI-centric premium products will help to drive leading to long-term revenue growth.
Second, we have been preparing for export, exporting additional product categories, including some big home appliances to overseas market in the near future, which will partially mitigate the impacts from the weak consumer demands and help drive growth in the short term. With respect to gross margins, we still estimate it to maintain a stable level, let's say at least over 20% for the whole year. As we will continue to promote premium products with higher margins and take product portfolio adjustments, we expect the overall gross margin to be a reasonable level in the midterm. For the second question, about the overseas sales, from our observation, we estimate the overseas consumer demands will still be relatively weak, not only in the U.S., but especially in Europe.
As we see, due to the international geopolitics, the increasing prices of crude oil and raw materials, alongside the falling euro exchange rate, the overall consumer sentiment in Europe is relatively low, and we expect this to change into the second half of this year. While we are taking some actions to mitigate the impacts of weak consumer sentiment in overseas markets, first, we see the Southeastern Asian market is relatively dynamic, and we see a growing market with great potentials. At this moment, we will increase the sales of our products in Southeastern Asia. Second, in the following months, we will start to sell additional product categories in addition to sweeper robots, which we think could help drive the growth for our overseas markets. We will share more details regarding this in due course.
For the third question about our vacuum robot. The sales of our own brand sweeper robots were relatively weak compared to the same period of last year, mainly due to the overseas market, including international geopolitics in the increasing prices of crude oil and raw materials, alongside with the euro exchange rate, that we mentioned just now. Euro is very sensitive to this change to the second half of this year. However, as we discussed previously, we are making some efforts to mitigate this impact. Like we will increase the sales in South Asian, Southeastern Asian market. Second, in the following months, we will sell additional product categories in addition to sweeper robots like some big plans, which we will share more details regarding this in due course. Thank you.
Sorry, allow me to follow up a little bit on the question. In terms of the revenue and net profit contribution, how much of it is coming from overseas market? If we think about in the future, is company planning to expand more, put more focus in the domestic market or put more focus in the overseas market? Thank you.
I will quickly translate Mr. Chen's answer. We are quite optimized about our overseas revenues for the second half of the year. It's as we mentioned before, except for the cleaning products, we plan to introduce new categories of products like big appliance to overseas markets. We are looking for the overseas revenue percentage to achieve more than 20%. Although the revenue percentage of the overseas market of the first half of the year is around 10%. Thank you.
谢谢。我没有其他问题。谢谢您很详细的回答。Thank you very much. That's all for me, thanks.
The next question comes from Alex Wang with CICC. Please go ahead.
Thank you for your presentation. My first question is how is the company's current cooperation with Xiaomi? What is the contribution from the supply to Xiaomi in the company's revenue? What is the outlook for related future revenue growth? Will the future cooperation continue to expand or adjust? My second question is, in terms of a smart home solution, what is the contribution of the new smart home solution in the company's revenue? Could you give me information about how the updated demand accounts for the revenue? My third question is, in the second quarter of 2022, is there any performance pressure brought from the real estate? How does the company view the impact from the real estate industry in the future in China?
Okay. Thank you for asking questions. For the first question about Xiaomi business. Firstly, we always maintain stable cooperation with Xiaomi and the revenue contribution with Xiaomi branded business has been stabilized around 40% over the past several quarters, and we expected to maintain at this level in short to mid term. In terms of categories we cooperate, except the Xiaomi branded sweeper robot that we scale back due to our relevant resource shift, we don't have material changes on other categories we are cooperate. We currently cooperate on home water solutions, smart kitchen products and some other small appliances.
We will maintain the current cooperation and see if we have further reciprocal opportunities to explore cooperation and additional categories. For the second question about the home solution. First of all, the IoT home solution offering is one of our selling methods with bundle sales and certain services, and so far it's not separately calculated as a revenue disclosure factor. The premium bundle offerings we recently started promoting are mainly through our offline merchants. As we previously shared, our offline merchant partners. Our offline merchant side holds home solution orders ranging from CNY 200,000-CNY 400,000 with customers in Beijing, Guangzhou, Changsha and Kunming in first quarter.
Accomplished multiple high-end whole home solution orders exceeding CNY 200,000 and CNY 300,000 in the second quarter in Chengdu, Zunyi, Yinchuan and some other cities. Regarding your question about the impact from real estate, we are not directly impacted by it as we don't have direct cooperation with real estate industry or in terms of pre-decoration for housing sold, but our sales are indirectly impacted to second degree as an influence on the overall demands for home appliances for new apartments. We observe the impacts on the overall industry is trending now as some cities have implemented policies to stimulate real estate industry, though it takes time to recover. In addition, we think the home appliance industry in particular the smart home appliance demand is less dependent on the real estate than before.
With the increasing young people starting to replace the old ones with the smart home products. We think the size of incremental housing markets and smart home industries also rely on the stock housing market, which is more flexible than traditional home appliance industry. Thank you.
我再补充一下，这三点其实还是蛮重要的。第一个就是我们跟小米之间的这种合作保持是一个非常稳定的，我们现在最近在沟通扩大一些产品品类的合作，这个合作我们应该会继续深化，甚至于强化这方面的品类的合作的面，对公司对未来的业绩的贡献应该会是还是会增长的，这是第一个。第二个和第三个问题其实是一个问题来的，因为现在中国的房地产是在下行嘛，在下行，那么在下行的时候，其实对于这种企业的经营，它其实提出一种新的挑战。他们的挑战就是你怎么样把你的用户和你的顾客之间的这种它的价值能够进一步地挖掘出来。所以我们推的全屋智能其实就是一个提高套购的占比，提高这种提供这种客单价，单一客户的客单价，那么这是应对这种经济下行或者说经济的结构性的调整一个很重要的方法来着。所以全屋智能本质上其实就是一个抓行业集中度提高的手段，就像当初的这个全屋定制一样的。全屋定制其实也是抓的一个家居行业的行业集中度。那么全屋智能其实是家电和带电的部分的这种行业集中度提高。所以我们预计在未来的若干年，这种套购的比例会呈现一个上升的趋势。那么从未来来看的话，就是能够应对这种房地产的下行趋势的话，我觉得套购是一个非常非常有效的手段，而且可能会成为一个主要的趋势。所以我们预计未来有可能会这种套购的比例，就全屋智能这种套购的比例可能会占到整个行业大概30%左右这么一个比例。所以我觉得这里面我们会建立自己的这种品牌的认知和这种竞争力吧。
Okay. I will quickly translate, basically translate our founder response. For the first question, our cooperation with Xiaomi is quite stable by now and in the near future. Now we are working on new cooperation up to introduce new categories to the market and we are looking forward to the Xiaomi partner revenue would be increasing to our total revenue. About the second question, the three or four questions are actually one topic. Of the macro environment of the real estate industry is decreasing. It brings new challenge to our company. To dig out a new supply to digging out the new consumers needs we aim to improve the unit price per customer. We are looking forward to enhance the bundle sales offering. We are looking forward to the this bundle sales revenue to be 30% industry wide. Thank you. Okay, that concludes our response to your questions. Thank you.
As there are no further questions now, I'd like to turn the call back over to the company for any closing remarks.
Okay. Thank you once again for joining us today. If you have further questions, please feel free to contact us through the contact information on our website and The Piacente Group, the company's investor relations consultant.
This concludes this conference call. You may now disconnect your line. Thank you for-