Thank you and hello, everyone. Welcome to Yeahka's 2025 annual results conference call.

Before we start, we would like to remind you that this presentation includes forward-looking statements that involve a number of risks and uncertainties. Information on general market conditions comes from a variety of sources outside of Yeahka's control.

Please refer to our disclosure documents on our website's IR section for a detailed discussion of risk factors. Now, let me introduce the management team on today's call .

Luke Liu, our Founder, Chairman, and CEO, will kick off with a short overview. I will then provide a business review.

John Yao, our CFO, will conclude with a financial review translated by Derrick Li, our Director of Finance, before we open the floor for questions. Without further ado, I will now turn the call over to Luke.

Thank you, Vincent. Hello, everyone.

In 2025, we reached our product line and commercialization to a new level. Core EBITDA rose 52.7% year-over-year.

It extended the rise of around 50% in 2024 versus 2023 in core EBITDA. Overseas expansion delivered another year of exponential growth.

AI much more embedded into Yeahka. Organizationally, we have a core competitive advantage in having a full-stack technical architecture over a wide range of products.

That provides the structurally flat ground for AI to penetrate and scale up productivity latterly, and in turn, increase our competitiveness in the long run. Our products, serving, and brand names became more popular to clients globally.

All these are testaments to our core advantage in innovation, talents, and our digital ecosystem, adding value beyond payment. With scales, each of our business with much higher quality.

Our technology adoption also continued to raise revenue and break down costs significantly. With this setup, we are better positioned to deliver long-term sustainable growth.

We had another big year of success in overseas markets, with GPV over 4 times of the last year. The merchant acquiring sector is a big, globally, with over $30 trillion in volume in 2024, according to industry's report.

The markets are also fragmented, particularly in the part of the world. Many bottlenecks are still across verticals, not satisfied with existing players.

Our dedicated team of experts placed locally focus on solving this, adding value with our products and service innovation. We see increasingly large room to grow and expand our propositions overseas.

Therefore, with our current trajectory, overseas will be a significant contributor to our earnings in the foreseeable years to come. On top, we continue to obtain more license channels and launch more products, services for delivery of extra growth.

Our other strategic focus is application of AI, externally for customers and internally to enhance our operating efficiencies. For customers, we have launched a wide series of products.

In payments, we provide merchant with apps to better monitor frauds, anomalies, and serve their inquiries more automatically. In value-added services, we provide customers with digital humans in live-stream marketing, sharing their stories across regions instantly.

We provided merchant AI tools to manage their omnichannel and traffic flows more efficiently. Lately, we also developed AI shop to help F&B and retail merchants easily create digital interfaces and serve customers just like a real human waiter or salesperson.

The results are customers more engaged, sales conversion increased for merchants, fewer personnel needed, and costs saved. Internally within Yeahka, we have also scaled up AI usage to drive sales, administration, and R&D efficiencies.

Firstly, instead of programming enhancement, we have also launched fully autonomous AI-driven product development, including code generation and end-to-end testing being automated. This hugely reduced the timer of our product development and launch cycle.

Secondly, through development of tools operating under the likes of OpenClaw, we have automated many routine day-to-day operational tasks, from data analysis to customer and operational reviews, we can address customers' demands more precisely and earlier, and free up personnel for other high-value, strategic work. Yeahka's full-stack technical architecture laid a great foundation for AI to scale in each of our services and operating practice, and share synergies across our organization more effectively.

Looking ahead, in our domestic markets, we will continue to maintain market-leading position, increasing commercialization. The successful experience accumulated will help our global expansion fast and efficiently.

Leveraging our proven operating model and talent team overseas, we will enter more markets and provide more products and strengthen such network effects globally. As a full-stack technology platform, AI will drive further value-added services to our customers to help increase revenue, reduce costs, and improve efficiency.

AI will deeply integrate into the entire business system to deliver tangible value. This strategy will strengthen the company's long-term profitability and continue to create great value for all shareholders.

As such, may I pass to Vincent to give you a detailed business review? Thank you.

Thank you, Luke. Yeahka delivered stronger products, better commercialization, and more profits across all business lines last year.

First, in one-stop payment services, our refined operations delivered 8% year-over-year increase in revenue, and 10.1% year-over-year increase in gross profit in 2025. We increased our fee rate to 12.4 bps, leveraging our market-leading services and data-driven analysis on clients with high potential.

We targeted higher-margin businesses, including app marketing services on payment transaction pages, and put more focus on key accounts customers, who are more demanding on service scope and have higher willingness to pay. We introduced new products specifically for different verticals, too, like smart checkout scale for wet markets industry and soundboxes to taxi drivers.

We also won customers from industries relatively new to us, such as education and tourism. Strategic partnerships expanded, including HSBC, Citi, J.P.

Morgan, and DBS. New merchant acquiring licenses obtained also include Japan and the U.S., in addition to the ones from Singapore, Hong Kong, and China that we already have.

These set up a great base for increasing volume, revenue, and margins. In particular, our overseas payment business won more high-profile customers like BYD, OPPO, and Guess.

Volume hit RMB5 billion last year, maintaining another year of month-of-month double-digit growth. If this current overseas business maintains its current trajectory, even assuming trending down to single-digit month-over-month growth forward, it will still be year-over-year growth in terms of multiples.

Currently, overseas only contributed 0.2% of overall GPV, but already 3% of profits. As volume scales in multiples, we expect profit contribution scales even faster, with 30% to 50% being our mid-term target.

We look to further expand our license footprint and product suites to bring additional growth on top of those numbers mentioned. We focus on major developed economies with large TAM and attractive economics.

The industry moat to this business is our merchant acquiring systems globally, comprising license, rails, and talents, and our know-how and innovation in addressing each and every industry's pain points with solutions. We are seeing our competitive advantages paying out wider against both local and foreign players.

Our merchant solutions are another profits growth driver. They posted 4.6% increase in revenue, and 10.1% increase in gross profit in 2025.

Gross margin also expanded to 91.8%. These are largely thanks to the continued penetration of AI into content generation and operations.

In particular, production of AI and digital human marketing videos almost doubled in the second half of 2025. Our advertising transaction volume hit another record year in 2025.

Yeahka's self-developed AI advertising platform enables deep AI involvement throughout the entire process, from initial planning, content production, to placement optimization based on customer needs. For each of these processes, the effect gets fed back into the system and help it plan, produce, and allocate placements more precisely.

Such intelligence model enables us to attract customers more efficiently. For example, it allows us to expand industries coverage to e-commerce, insurance, new finance, and so on, to use our products.

It helps us attract more large platform-based customers, including Taobao, Ctrip, and Didi. Our services continued to win industry accolade from sector partners such as ByteDance.

As this business model increases commercialization, and our footprint expands into more countries and regions, merchant solutions will further drive the company's overall profit growth. Our third business segment, in-store e-commerce services, also delivered better products and commercialization.

Our e-commerce platform much more effectively creates and matches merchant's promotion with end customers' demands. AI-generated content accounted for over half of the total in 2025.

Furthermore, AI virtual employees also enhanced service efficiency. Together with a business growth model leveraging extensive channels and focus on increasing customer repurchase rate, the GMV of in-store e-commerce grew nearly 50% versus 2024.

Very importantly, it has also been delivering run-rate net profits since 2025. We have accumulated much expertise in the sector, and it allows us to grow in a much more sustainable manner.

In 2025, we won well-known branded customers like Haidilao, Midea, and Shulin. With trust in our track record and servicing capabilities, Douyin also selected us to help expand the in-store e-commerce industry in Hong Kong, Macau, and overseas.

Notable overseas customers using our services include leading restaurant groups, such as Lubuds, Fulum, and Oriental Tasty Workshop. Synergies increased between our payment services and our e-commerce value-added services.

Whilst in-store e-commerce services bring up transaction, hence payment volume for merchants, our foreign currency exchange channels also support local and cross-border merchants in fund collection processes. Such is a full-stack digital services proposition for merchants as a one-stop provider.

As we scale our businesses internationally, we look to scale such synergies and profit delivery as well. The quality growth of all our three businesses globally will be further enhanced by our production capacity expansion, as well as increase in operating efficiencies day to day, much driven by AI.

In new product generation, process is already automated by using AI to generate codes, iterate testings, and convert ideas to tangible product from front to end. For example, some of the customer insight AI tools themselves are created by our AI.

By bringing AI to the front end, we have made customers more satisfied with faster speed to delivery. On our day-to-day operations, AI does not just assist a portion, but complete tasks front to end as well.

For instance, with tools similar to those running under Claude or OpenClaw, some of our business reviews are already actioned through AI, reducing even more manual labor than before. We are amazed by the effectiveness and efficiencies produced, and we look forward to more broadly implement our AI initiatives.

As such, our technical architecture has also laid a foundation for business growth in volume, revenue, and profit across our product lines and regions. We will continue to focus on increasing commercialization and product enhancements across our businesses going forward.

With that, I will now turn the floor over to John, our CFO, to present a review of our business and financial results, with translation provided by Derrick, our Director of Finance. Thank you.

谢谢Vincent。大家好，现在由我来介绍移卡2025年的财务业绩。 Thanks, Vincent.

Hello, everyone. Let me introduce the financial performance of Yeahka of 2025.

我们的收入从2024年的30.9亿元人民币增长到2025年的33.1亿元人民币，增幅为7.3%，这主要得益于我们一站式支付服务收入的增长。

Our revenue increased by 7.3% from RMB3.1 billion in 2024 to RMB3.3 billion in 2025, mainly due to the growth of our one-stop payment service revenue.

2025年，国内支付业务的GPV同比增长0.1%，达到了2.34万亿元人民币。

The GPV for domestic payment business increased by 0.1% year-on-year, to RMB2.34 trillion in 2025.

国内支付费率从2024年的11.5个基点进一步上升至2025年的12.3个基点，推动一站式支付服务全年收入同比增长8%，达到29点——达到29亿元人民币。

The domestic payment fee rate further increased from 11.5 basis points in 2024 to 12.3 basis points in 2025, driving full-year revenue of one-stop payment services by 8% year-on-year to RMB2.9 billion.

我们的海外业务持续展现强劲的增长势头。2025年，集团海外支付业务的GPV达到约50亿元人民币，同比大幅增长323.3%。

The overseas operation continued to demonstrate robust growth momentum. In 2025, the group's GPV for its overseas payment business reached approximately RMB5 billion, representing a substantial year-on-year increase of 323%.

海外支付费率和毛利率分别为约60个基点和50%，为集团中长期业绩提供了强劲的增长动力。

The overseas payment fee rate and gross profit margin were approximately 60 basis points and 50% respectively, providing significant growth momentum for the group's medium- to long-term performance. 在交易量和收入增长的推动下，一站式支付服务和增值服务的毛利率都相应增长。

Driven by the growth in transaction volume and revenue, the gross profit margin of both one-stop payment services and value-added services improved accordingly.

整体毛利率从2024年的23.6%进一步提高至2025年的23.8%。

The overall gross profit margin further improved from 23.6% in 2024 to 23.8% in 2025.

2025年的毛利润为7.882亿元人民币，同比增长8.1%。

Gross profit for 2025 was RMB788 million, representing a year-on-year increase of 8.1%.

我们多元化产品体系和全栈技术架构助力AI更深融入了业务流程，提高生产效率和长期核心竞争力。

Our diversified product portfolio and full-stack technology architecture facilitate deeper integration of AI into business process, enhancing operational efficiency and long-term competitiveness.

2025年，集团的销售、行政及研发开支较2024年下降了13.2%，费用管控成效显著。

In 2025, the group's selling, administrative, and R&D-related expenses decreased by 13.2% compared to 2024, demonstrating remarkable cost control effectiveness.

通过积极主动的财务成本控制，2025年融资成本较去年同期显著下降37.8%。

Through proactive financial cost control, the finance costs in 2025 decreased significantly by 37.8% compared to 2024.

利润方面，2025年我们归属于权益持有人的年内利润达到9,220万元人民币，较2024年增长了11.9%。

In terms of profit, our profit for the year attributable to equity holders reached RMB92 million in 2025, representing an increase of 11.9% compared to 2024.

同时，我们2025年的核心EBITDA达到了人民币3.52亿元，同比增长52.7%，展现了业绩稳步提升，盈利能力持续增强。

In addition, our core EBITDA reached RMB352 million in 2025, representing a year-on-year increase of 52% -- 52.7%, demonstrating a steady improvement in performance and continued enhancement in profitability.

谢谢John和Derrick。Um, thank you. With that, may we open up the call to any questions from the line?

Operator, please go ahead.

管理层晚上好，谢谢接受我的提问。我的问题是关于想请管理层能不能给我们分享一下，您观察到最近宏观的趋势，还有线下支付的消费的表现，是变好呢，还是说没有看到这样的趋势？然后我们应该如何思考支付公司现在的竞争格局？Thanks, management, for taking my questions. Would management share what is the latest macro and offline payment consumption performance?

Are they getting better, and how should we think of competition landscape with other payment companies? Thank you.

Thanks a lot, Vicky. Good to see you.

The macro environment in the Chinese mainland is gradually recovering. There are certain areas that have been going better than the others, particularly in the new consumption areas, such as travel services, entertainment, and healthcare products.

People are more willing to spend on items that bring well-being, fulfillment, safety, and nice experiences. We think such consumption patterns should continue to grow going forward.

We are quite well positioned in some of these verticals as we are bringing all-rounded industry solutions tailored to the IT within these specific sectors. Because of that, we are also able to enjoy better and secure economics growing along with these clients.

In terms of competitive landscape, I think large, major players in the industry, including ourselves, are gaining market share, especially for larger-sized customers who have more sophisticated demands and focus more on service quality, stability, and breadth of services. Larger players are more equipped to address their needs.

These customers also tend to have more needs on value-added services outside of payment, which also tend to be more offered by larger service providers. For Yeahka, we are seeing increasing room to expand our market share and to enjoy better economics going forward.

Our ecosystem remains market-leading in China, with hundreds of banks, agents, and thousands of industry partners, forming a very entrenched system that is hard to override. For example, Meituan is also one of our partners, where we enable payments for merchants domestically in the Chinese mainland.

We will continue to increase collaboration all across.

Thank you.

Hope that addressed the question.

诶，好，谢谢管理层给我这个提问的机会。我有可能有三个小问题想借这个机会请教一下。然后第一个就可能看到我们那个下半年，包括全年吧，我们的那个支付量看起来算是接近平稳吧，尤其是国内这部分。那当然海外这边增长也是比较迅猛。然后想问一下公司管理层如何看2026年的支付规模的增长，然后就包括国内跟海外。然后包括我们的take rate这块也看到是较之前有一个有一个一定的征服吧，所以想问一下就我们是否觉得就是整个行业的这个底部已经出现了？然后对未来这个take rate这个如何展望？第二个想问的就是想问一下就是我们的那个商户跟到店的这个发展情况，因为也看到今年也是相对来说比较平稳吧，然后那个商户跟商户的那个GP margin也是有一些增长，然后但到店那部分可能还是有一些波动吧，然后想问一下后边我们怎么看这个GP margin？第三个想请教的是关于AI这块，因为公司也讲很多我们在AI上面的一些发展，然后也是AI驱动，然后带动我们很多的一些财务上的优化，所以想问一下我们公司目前认为这个在AI上面的主要发展的方向是哪些？然后我们公司内部是在AI上面主要会关注哪些指标？I will translate my questions. I have three questions.

First, we are aware that the TPV has trended to stabilization, what do management anticipate the trading volume in 2026? The take rate, is the take rate reached the bottom, and what is the drivers for the improvement of take rate?

The second question is about the merchant solution and the in-store e-commerce. What are the main driver for the steady growth of these two segments?

What's your outlook for the GP margin of these two segments? Third question is about the AI development.

We want to know what are the major area that company will invest in 2026, and what are the key metrics that management focus on in developing AI? Thank you very much.

Thank you very much, Johnny. I'll let Arnold take the take rate question, and I'll address the merchant solutions and AI question.

Hi, Johnny. Hello, everyone.

This is Arnold. For the first question regarding the GPV outlook and the take rate outlook, we think that in China market, there is a gradual bottoming up of the offline consumption as well as the merchant activities.

We are cautiously optimistic about the future outlook. First off, from the GPV perspective, we try to consolidate more on the channel strategy, putting more leverage power to ourselves and take on more profits versus traditionally with being given out more commissions out to our ecosystem partners.

That's one strategy that we're focusing on. That is part of the profitability-driven strategy that we try to focus on in mainland China.

We feel pretty good about this strategy, because going forward, we believe the overall payment competition landscape in China is gradually easing up. We don't have the regulatory overhang traditionally we had a couple of years ago.

From our perspective, we try to control what we can, and gradually move on to more profitability, first off, by remaining more profitability to ourselves. The second thing about fee rate, I think in 2026, the outlook is pretty optimistic, I would say, because we've already bottomed up in fee rate a couple of years ago, and you're seeing a trajectory to gradually increase the fee rate over the last couple of years.

In 2025, we got the fee rate up to 12.3 bps in China, and we think in 2026 we're more confident about raising fee rate. Of course, that would be built into our overall channel strategy as we cover more channels, more segment, more diversified channel partners, such as SaaS partners, and the banks that we have.

I think in that sense, we're pretty optimistic about that. Thank you.

When it comes to merchant solutions, a lot of our AI products for customers lie in our merchant solutions, as well as other value-added services, including in-store e-commerce. Their growth will continue to be charged by AI, be it in the Chinese mainland or overseas.

AI-related services will be another important growth driver for the company, along with our very obvious overseas growth initiative. Behind this segment are increasing blue-chip customers in value-added services and merchant solutions, such as Haidilao, Midea, Lubuds, foreign names and local names, and overseas names.

Our self-developed AI advertising platform enables deeper AI involvement throughout the entire process. As this model expands to overseas strategic partners, and our business footprint expands into more countries and regions, they will definitely further drive Yeahka's overall profit growth.

AI is a very important initiative for the company. We made a lot of progress last year, both on products as well as on operations.

The impact on revenue and cost savings will be huge. On products, another example is our AI shop, our AI-generated marketing content, and our digital influencers.

All these are bringing increased revenue to Yeahka as they bring more convenience, higher quality, and better products with shorter timeframe to our customers. Now, over 40% of our marketing video production is already AI-driven, and we expect that to increase.

The product creation cycle will continue to be shortened with AI, as well as making all these more efficient. In the production process, we automate code generation and testing iteration using AI as well.

That's a significant upgrade from copilotting or other programming enhancements. Take value-added services as an example again: the efficiency of human personnel has increased over 60% in content production.

Even in our day-to-day operations, we also use AI employees to finish tasks, whether it's data sourcing, compilation, analysis, report generation, or everything from front to end. AI is already automating these workstreams for us like real humans do.

In the process, we save a lot of manual labor or tedious work that frees up resources on more important human work. Take payment fraud detection as an example: the accuracy and the intensity of work done by AI 24/7 has enhanced our process efficiency a lot.

That's how we save another 13% of costs in our SG&A for yet another year in 2025. As a native tech company, we think we can do more in this regard and continue to innovate.

Our edge is our tech architecture that is proprietary and that goes through each of our product and business lines. In the application of AI, we have much more leverage in scaling up efficiently without the burden of the past or reliance on a particular line.

We, for sure, will continue to produce more AI products and services and bring our efficiencies to the next level this year. If you look at our core EBITDA, which reflects true status of business operations, we increased over 50% in 2025, after another 50% growth in 2024.

We, as an organization, have been consistent in becoming more effective and efficient, and we will trend towards that direction going forward, too. Thank you, Johnny.

管理层好，我是中金公司的唐依宁，谢谢给我这个提问的机会。主要想问三个问题。第一个是我们可以看到公司海外支付这块，不管是在GPV还是在毛利率上表现都很亮眼。想请问怎么样去展望未来海外GPV的增速，还有长期的收入利润贡献？第二个问题是，我们的增值服务这块未来拓展的增长点还有哪些？怎么样去展望增值服务这块对于未来长期的收入和利润的贡献？第三个是关于海外支付还有稳定币牌照的布局和规划？下面简单翻译一下。I have three questions. First, how do you see the future growth of overseas GPV and its long-term contribution to revenue and profits?

Secondly, what other growth areas do you see for merchant solutions and in-store e-commerce, and how will they contribute to revenue and profits over the long term? Third, what are your plans for overseas payments and stablecoin license?

Thank you.

Thanks, Yining. Good to see you here.

For the first question regarding overseas outlook, we expect overseas GPV to maintain growing in multiples every year for the next five years. We aim to grow the business, maintaining overseas markets fee rates as well as margins.

We do so with expenses well kept under our strict ROI evaluation for each sales and project, so that on a net profit basis, it will be a real, significant mover to Yeahka's overall bottom line for many years to come. We are confident about this five-year plan, as our existing overseas business already exceeds budget across GPV, revenue, and profit metrics in January, February, and March.

We also haven't incorporated new products, new markets, or geographies for conservative purposes. Now, besides payment, our value-added services outlook, we are also very optimistic, as you mentioned about AI adoption.

It will continue to drive the growth of this business. To give you a sense, our AI video transaction volume more than doubled in the second half of 2025 versus the first half of the year already.

This year, for example, in in-store e-commerce segment, we will also use AI to automate more content production for customers from front to end. As we grow overseas with both payment and value-added services, we expect synergies between them for customers to increase, to maintain, call it, 10% targets of overseas revenue being value-added services, based on our current ratio also in the Chinese mainland, to be conservative.

The margins of these businesses have been high in our operations. They're currently at over 90%, and we expect them continue to be high going forward, given the AI component.

Value-added services, with the support of both overseas and AI initiatives, will be increasingly important growth drivers for our profits. When it comes to our overseas expansion, licenses, and all that, we continue to expand our services and channels coverage to stay at the forefront of innovation and broadening our footprint geographically.

We are really expanding in many fronts. We continue to invest in licenses in selected areas, and progress to work with various regulators and ecosystem players overseas.

In terms of geographies, we continue to prefer economically developed markets, as they provide very favorable context to grow healthily and sustainably. In terms of product set, besides stablecoins, online payments is another interesting trend worth following.

The segment is global by nature, and the market is huge. I mentioned about over $30 trillion in terms of market size for offline merchant acquiring, based on third-party report.

That is offline only, and it doesn't even count the online portion, to give you a sense of the market that we are looking at.

Right. This is Arnold.

Just to add on to those points, we think the total addressable market that we're looking at right now overseas is tremendous. For the countries that we already have licenses in, we are looking at a $15 trillion market size.

That is, due to some third parties' research, about three to four times of that in China. We're looking at a tremendous size overseas where we already have a head start.

Over the next few years, you will see a -- I wouldn't say overly aggressive, but very assertive growth strategy in terms of GPV. We have on-the-ground teams in all locations that we have licenses in, and we use asset-light models.

We first cooperate with local banks, and then we also cooperate with local e-wallets and card networks to expand in an asset-light mode. You would expect us to expand our overseas business quite gradually.

For the value-added services, just like Vincent just mentioned, we think, and our top management already reiterated within our internal meetings, that we are going to keep exploring AI-empowered solutions and processes within ourselves. With that being said, we can unleash 10 times, if not 100 times, of efficiency boost for each and one of our employees.

We've all already seen what AI can do in the last year, especially in 2026. Within ourselves, we think product innovation, research and development, market research, new product trials, and all those points are all the things that we can explore, we can empower by AI.

I think we're at an inflection point where in the future, our 2B business nature would empower us to be one of the best or first movers to leverage AI tools, especially AI agents and so on.

That's something that I want to add. In terms of stablecoin plans, just as what Vincent mentioned, we are closely monitoring that, and we also have online payment that we try to explore.

I think the room to grow is tremendous. Coming from a Chinese background, we have the Chinese know-hows that, to some point, some of the products and technologies that we have already far exceed what we are seeing in the market in Southeast Asia and beyond.

We are very optimistic about what we can do overseas. Thanks.

管理层好啊，感谢给我提问的机会啊。我想请教一下管理层，就是咱们在海外业务那一块啊，我们看到发展得很快。想请问一下海外业务当地的竞争的一个情况，包括公司和当地的公司竞争的时候，咱们的优势在哪里？So, let me do the translation. Management, for taking my question.

I got one question. I would like to ask about the competitive landscape of the overseas payment business in the local market, and what is the company's advantages on it?

That's all. Thanks.

Thank you very much, Yuxuan. Great question.

Our latest volume growth overseas is also very strong, at about teens percentage growth month-over-month, continuing to take a lot of market share overseas versus competitors, local or foreign. We are quite confident on delivering annual growth in terms of multiples going forward, just based on our existing overseas markets alone.

We are doing so with profitability maintaining high, i.e. fee rate at about 60 bps and gross profit margin around 50%.

Each of these are a few times higher than those in the Chinese mainland, as you can see, and when multiplied, they are very solid growth drivers. Competitive edge overseas, it really lie on our service quality and our ability to solve pain points.

Rather than on price, we think that it's a very sustainable gameplay, adding value to customers and local partners, including banks, with whom we co-create together, serving clients better. Effectively, we are standing in a sweet spot, more competing within the third-party non-bank provider segments.

There's a long tail of smaller players, startups, etc., in this segment overseas, and our edge against them is to make good use of our scale, our products, our licenses, our listed status, our compliance status, and a wide network of partners that we have built over time overseas, that is very hard for smaller players to replicate. On top of which, we also offer value-added services beyond payments.

They drive B2B payments overseas. For example, a local restaurant that we serve wants our in-store e-commerce services to attract tourists visiting them, and we can provide foreign payment acceptance methods to help them take payments from these tourists as well.

That's what we call a complete solutions. It forms a synergistic cycle that reinforces itself, bringing us increased volume overseas.

Thank you, everyone, again for joining our results today. We are now ending the call.

If you have any further questions, please feel free to contact us directly. Our contact, together with other information in relation to our results, can be found on our website at www.yeahka.com.

Thank you, and see you again soon.