Meitu, Inc. (1357) Earnings Call Transcript & Summary

[Interpreted] [Audio Gap] [Foreign Language]Productivity tools are quite well performing. Actually, we have realized very good results in these 2 products. For example, the Meitu design Meitu Studio launched 2 years ago is already ranking high in China. In last year, the revenue is -- was about RMB 200 million in a single product last year. And also, Kai pai, in terms of MAU alone has become #1 in China talking video tools. And the results we have realized in China Mainland and also the experience we gained from this market allows us to globally expand with greater confidence. Lastly, I'm going to talk about our strategy for the large model development. Since our products are based on base AI technology to enhance our products to enhance subscription, we have a strong emphasis on AI technology, particularly the deep AI technology. Now our home developed large models are actively deploying different kinds of models and also utilizing high-quality API interfaces and also different applications to enhance our capability to enhance our products. For example, based on the Miracle Vision large model, part of the Meitu designer functions like Live PPT, when it comes to thematic understanding, we have incorporated deep sea capability to enhance the export of our text, the reasoning in text. And also Moki is also-- provide a lot of options for the video functions for the users to choose to increase their satisfactory satisfaction. We call this a model container. This strategy will allow us to reduce unnecessary training for foundational models and will also allow us to have greater budget to specific scenario training. And this is what I'm going to talk about today. That concludes my speech. Now I'll hand over to Gary for the financials.

[Interpreted] Thank you, Xinhong. In 2024, our overall growth grew by 23.9%, achieving RMB 3.34 billion. Our productivity and globalization strategy continues to deepen. The overall revenue in the past year and the past -- in several reporting period enjoyed great growth. This is reflective of our strategy. The video and photo design products grew by 57.1% to RMB 2.09 billion with AI-driven power. Our products are continuing to increase to provide better user experience, provide better video and visual processing and creativity. In 2024, advertisement revenue grew by 10% -12.5% to RMB 850 million, basically coming from programmatic advertisement. And we continue to strengthen this kind of operation to optimize advertisement presentation to increase click-through rates to more precisely target the users. In Solutions, Beauty Industry Solutions, we dropped by 32.4% to RMB 380 million for this noncore business, we are not pursuing the revenue growth alone. In the medium and long term, the productivity tools outside of China will be focused on increasing subscription penetration rate and also will be core centered around the visual and photo and design products and also from -- and by regions around -- centered around our global strategy. In past year, revenue from the international market grew by 42% much higher than the China 17% in 2024, revenue from the international market accounts for 32% of the total growth. That is greater than the 28% in 2023. And in the internal market, the video and photo design products accounted for the biggest ratio to 89%. In gross profit, for 2024, it was RMB 2.29, growing by 39% and also the gross market -- the gross profit was maintained at 68.7%, higher -- 7.2% higher than 2023 because the video, photo and design products are highly profitable products and then will lead to drive the overall growth of our profit margin. Now we're talking about the fees. The R&D expenses was RMB 911 million year-by-year growth of 43.3%, and it was a big part of it was attributable to our visual large model training. And in the visual model training, the fees were -- the cost was RMB 140 million. That was concentrated on the computational power. And then we spent a lot of money on the foundational model training. But as we are finishing up the video model training, this part of the cost will be reducing. And we have adopted a models container strategy. And we think that the R&D cost will not grow so much this year in terms of capability in computation. And also, we have more R&D staff just last year that contributed to the greater R&D cost. And we think these R&D staff will be effectively enhancing the company's power, competitiveness in core visual front. And last year, we have completed the merger of Zeeco, and that will bring a RMB 20 million raise in the R&D cost. On sales cost, overall, in 2024, it was RMB 480 million, a year-on-year growth of 12.9%. This growth basically came from the visual and audio products promotion, which grew by 30% year-on-year to RMB 250 million. And overall, we anticipate that in 2024, these products -- promotion fees for these products will continue to grow, but the core growth strategy is still centered around products and also PRG strategy. Relatively speaking, our promotion in the international market is -- was greater than in China. Administrative costs grew by 32.9% to RMB 400 million. And then new management fees -- among the new management fees, around RMB 45 million came from the M&A of Zeeco and other costs came from staff for manpower and also staff-related rise. In 2024, our profit could be RMB 49 million year-on-year growth of 59.2% and this high profit -- highly profitable video and visual design products will continue to drive our business despite our rise in R&D costs for AI products. Overall, it's -- our operational cost is lower than the growth in gross profit. So this operational leverage is quite significant. It's quite obvious, taking our overall profitability forward. And also apart from the base the main business, our nonoperational business items are also bringing positive impact on the company, particularly in December 2024, we sold all the cryptocurrencies and earn a onetime lump sum big gains. And also, there are also some long-term investments to some extent, offset against the gains from the sale of the cryptocurrencies. But from 2024, our net profit in IFRS perspective was RMB 810 million, year a growth of 113%. And also our dividend payment strategy was adjusted by 40%. So the adjusted net profit attributable to parent will have some changes. It will continue to center around the productivity and globalization, continue to deepen AI and also continue to drive our product forward with AI. And now that concludes my sharing followed by the Q&A session. Now we'll have the Q&A for investors.

[Interpreted] [Operator Instructions] Now, it's the onsite investor Q&A. Fourth row left-hand side, lady in white please.

[Interpreted] Mr. Wu. first, congratulations on your great profit and also on the -- a lot of surprises in the paying subscription. Two questions. First, I understand that the company has started from last year, been putting into action the globalization and productivity tools. And we have realized since the second half of last year, there has been some significant changes. So I want to ask on these 2 parts, these strategies, do you have any data to share with us? That's question one. Question 2, we have seen recently the development evolution of large models, particularly the visual large models. We have seen some launches from competitors like the 2.0 flash and also some visual models testing results. So I wanted to ask your views on the progress over competitors.

[Interpreted] Okay. Now we have a answer from Mr. Xin from online. Okay. I'll just be brief regarding the productivity and globalization strategy. At present, as we can see, last year, our productivity holds more or less were around user growth and profits with surprising growth, just like the beauty, the Meitu Beauty design studio, the gross profit achieved RMB 200 million. That's the most rapidly growing product since the growth since the birth of Meitu and the subscription penetration rate is already 12.8%. I would say, in the China Mainland market, or among the earlier launch products in China Mainland, this has the highest subscription penetration. So further, that gives me confidence that productivity tools will be a powerful driver for growth. And also on globalization, we have a very good beginning this year. In my presentation, I talked about the beauty cam, the AI wardrobe, they've gone viral internationally and the beauty camera brought us more than 220 million overseas new users. Our investment in these actually was not that great because it was basically some computational power or and marketing and also appropriate channel purchasing investment. I mean, compared to the new growth, our investment was not that big with the return rate was quite surprising. And I believe that this year, we will have some more growth like this because we are realizing the AI application will be an explosive growth point. And internally, we have set a target, which is we would like to bring into some core capabilities, and we also will work harder and deeper on these capabilities so that we will remain competitive around the globe and to remain far ahead of our competitors in the world. Okay. Then coming back to whether it's photo or videos or models, we are seeing like open source-- we're seeing a lot of suppliers opening source and the investment growing bigger and bigger. In general, this is a good thing because Meitu has always been benefiting from open source ecology, the ecosystem that will allow us to benefit faster like from existing sources, resources from competitors, from peer enterprises like open source models that allow us to implement our own models quicker. So we understand our positioning. We are an AI application firm rather than a large model firm. Therefore, on AI application, we believe that we are strongly advantaged, whether in terms of our current user scale or because we have accumulated through 17 years technologies, particularly in algorithm and engineering. And also our anesthetics and also our insights in users, the will allow us to grow bigger and more competitive. And at the same time, we should also see from models to applications, there is a big gap. I mean, even if there are open source models and also APIs being provided, actually, developers can find it very hard to use them directly. There are a lot of engineering in between. So we believe that Meitu has such an economy of scale to make that happen. We have the engineering capability to compete in the application scale scenario. Thank you.

[Interpreted] Okay. Gary, do you have anything to add? Then we will have more questions from on site. Okay. This lady, please go ahead.

[Interpreted] I am Lydia from Morgan Stanley. My first question in 2024, the profit rate and also overseas productivity tool growth, can you share with us some more information? The second question is, do you think -- if you think AI is increasing or reducing the threshold to this industry and also how Meitu remains competitive in the AI era?

[Interpreted] Okay. Question one, Gary, you can go ahead.

[Interpreted] Okay. The profit guidance, actually, we generally don't define it this way, but we are aware of the analysis. Actually, it's a realizable figure. And on productivity growth, revenue growth, our guidance is -- let me put it this way. Overall, the rapid growth momentum will not change. However, in '24, in '25, the year '25 may not be the biggest explosive year because the whole productivity growth -- revenue growth come from overseas productivity tools. And this market, and we have actively been actively deploying in this market since last year. And also -- and we will -- maybe 2026, the explosive period, the second half of '26. And on this front, I think in '25, you will see a lot of -- just like Xinhong just said before, like Taipei penetration rate is very high. And these early launch early indicators showing that these productivity tools will drastically transform our life scenarios and that will allow the explosive growth in the subscribed products. But if we want to translate this into income, it may not be happen in 2025. What about Xinhong, do you think anything to add?

[Interpreted] Yes, yes, I do have some. Simply on question 2, the AI, obviously, particularly the generative AI is largely reducing the threshold for app developers -- as we can see in the video and photo arena, we have seen a lot of small to micro start-ups. Of course, this will make the whole market very vibrant. And for us, in general, there are some upsides and downsides. Let me just talk about the upside of it. Open source ecosystem is, of course, beneficial to application firm like us. And... We're more working on the model container because our home developed large model, of course, will not give it up because there has been a lot of capability developed inside, and we will take advantage of this home model and combine it with external open source models so that we can continuously do more testing like the efficacy of the models so that they can serve the users better. And we will also be working on the model acceleration framework so that it will increase efficiency and reduce cost. The challenging thing is because more people -- there are more market entrants now. So for Meitu, we have to be more focused on our core competitiveness, core capability, which is -- we think these highly potential vertical scenarios like the commodity videos, AI special effects and AI photos so that we can serve the e-commerce industry like video creation, we can provide very highly efficient workflows. And from models to applications, just like I said before, it's not easy. So we will strengthen our capability to transform from models to applications. So there is a lot of work to do here, a lot of efforts in planning. We need to have some economy of scale so that we can remain competitive. Thank you.

[Interpreted] Next question. On site, if you have any questions, you can raise your hand. The third row -- the gentleman on the third row.

[Interpreted] I'm Shanghai Securities. I want to know about your ongoing the writing down plan for shareholders. What -- how many shares are already there-- are left there?

[Interpreted] The Wen sheng writing down is his own personal behavior. Now there may be 20% shares left there. I don't think this will affect our operations because overall, we remain focused on the sector. And also we have very good strong growth drivers, and the whole team is very confident. Gary, anything to add?

[Interpreted] Let me just add something here. Wen sheng exited from the position as a shareholder. He is now just an investor. He has not been involved in the company's operations and not informed of anything happening inside the company. So actually, he very rarely communicated with us. So from this perspective, his trading of the shares does not give rise to any hints or information. It doesn't show anything about the company being good or not or healthy or not because the trading of stocks is more about his own personal investment strategy. So from the perspective of the company, we think it's just the same as a general investor.

[Interpreted] Okay. The on-site Q&A continues. If you have any questions, you can raise your hand. Okay. Now we have a question from Tencent Meeting online. From Securities, Ms. from Securities.

[Interpreted] We are talking about the monthly solutions. We've seen that there is some drop in 2024. I want to ask why. This is question one. Second question is about our model cost testing because we have seen that since the launch of Deep Seek, it may have some impact on our training costs. I want to ask like image and -- when video, is there anything changing in the cost happening. So going forward, with the rising -- the decreasing cost, any positive side on that?

[Interpreted] In the beauty sector income drop, I just talked about it in my presentation first. The beauty part -- the decrease in the beauty part is actually because we are moving our capability to those divisions with higher gross profit because we're not trying to make up a bigger income. So from the gross profit and also the net profit perspective, even though we are dropping in 2024, but actually, we are growing. But this growth from the perspective of net profit may be millions of RMB. So actually, it's not such a big impact on our company overall. So going forward, -- we are not going to invest a lot of resources to push it forward, and then we will pick the right time to see what we can do about it. And on the large model investment and the cost reduction, first, in the presentation, I mentioned from R&D was about 140 million in 2024. And this figure, I think, will remain mostly the same in 2025, with may be some drop. And I think this corresponds to the last analyst. And if I -- from the reasoning perspective, actually, our total reasoning cost accounts for the cost of revenue -- in the cost of revenue just accounts for a very small portion of it. So the cost reduction from the general profit statement, it is not such a big thing because the overall, the whole profit statement, most important is the growth in revenue and gross margin and gross profit. Whether it's Deep Seek or core or other open source models, the key is that we can based on these open source models, we will have more fine-tuning, fine-tuning more vertical scenarios and services. And from the revenue side, the revenue side, the revenue growth is actually outweigh -- outperforms the cost reduction. This is the actual benefit. Okay. Xinhong, anything to add?

[Interpreted] Our training cost is actually -- we'll continue to invest in, but it will not be a significant big growth. It's just switching, moving from investing in foundational models to investing in vertical scenarios to our core competitiveness. Just like Gary said, it will be a higher investment and revenue ratio there. And we also see the general growth reduction in cost. And we believe that the overall training or reasoning costs will continue to grow -- continue to decrease. And for Meitu, we will have significant growth in AI penetration in current products, and we will further utilize generative AI to redo our core competitiveness because we have been doing AI before, but it was a computer-- computerized vision. But now we are using more technology to transform ourselves. This will be beneficial for better user experience. Yes. But of course, the reason cost, a larger reduction in the reasoning cost will allow us to relieve the pressure on the user side because if the reasoning cost is high, the user may find it more expensive to subscribe to our products. But we still have the opportunity to maintain our costs acceptable to the users.

[Interpreted] The next question comes from an online investor in text.

[Interpreted] The first question is, consumers scenario, what's the strategy for C consumers in 2025? What about the overseas sales overall acceleration? Second question is on the productivity scenarios. We will expand into new industries in 2024 and new product plan.

[Interpreted] Now let's have Xinhong to answer this question first. The first one is the C, right, the CN strategy for China and overseas. Whether it's China or overseas, the C end users is a basic user group of Meitu. In our newly relaunched the financial reporting, we have a monthly active users of 266 million. Such a big user group will become a large pool for videos and photos. I mean most of the demands for this product -- for these users will be able to met by the Meitu products. And such a pool user pool will be very beneficial to our newly launched productivity tools, and we'll be able to do very good PMF testing or validation. I mean, from user demand insight to quick reiteration and also then to release the power. this whole series -- this whole process is based on our large user group. So we'll continue to grow the users on the CN. And we also hope that we will be able to form several big segments for videos and audios and photos like Meitu xiuxiu, it is basically around image and also Wink is basically around videos. The Meitu studio is online design and also photo, video, online design is actually -- they are actually separate independent arenas. And we have seen a lot of different arenas can be integrated. They are independent. So in Meitu xiuxiu and has become a data generator, we will need to create transform Wink and the Meitu Studio. On the productivity tools...

[Interpreted] Sorry, I want to ask, is it about strategy or something? The productivity scenario, do you have -- will you expand to any new sectors in 2025, any new products?

[Interpreted] Okay. Actually, productivity tools, we will not expand too much on it into too many sectors. We will be more focused on one important sector, I mean, e-commerce to do in-depth mining development because every sector has a lot of barriers, a lot of know-hows that we are not aware of or fundamental capabilities and Meitu proven successful products are all around e-commerce, like the Meitu Studio around the e-commerce materials and also Kai working on e-commerce and also talking head video tools around video creation. Of course, we can -- we have a lot of more examples just like the -- and also Mi, even though it was initially doing the gaming materials production. But in the future, it will go into the e-commerce material creation and casting and also the Meitu cloud streaming in addition to -- the AI batch trimming will be moving into e-commerce sector for e-commerce model image, I mean, AI batch trimming. We want to find a big industry where we can build up a large capability, the large workflow essential to e-commerce, and then we can put together all of these core capabilities to provide an all-in-one package for this whole industry. But I want to reiterate that the e-commerce is, of course, not the only one that we're working on. There will be some premium like if you can do the e-commerce materials well, design or videos well, likewise, we may be moving on to marketing or advertising, et cetera, because these industries are similar, quite similar to each other. So to be simple, we will be focused on one industry and then work deeper into that. Okay. Anything to add from Gary?

[Interpreted] Okay. No for me.

[Interpreted] And then more questions from on site. This investor -- hang on a second.

[Interpreted] Executives, I've come from Shanghai Investors. I want to ask, in the 2025 development of productivity tools overseas, we understand that the payment in overseas market is better than in China, but there is a large difference because we just started to do this business in 2024. So any challenges that we come across in this process? And how do we address these challenges and difficulties. Could you please share with us some your insights? And on the overseas productivity tools, I think to what level should we achieve like in terms of revenue or user number or payment rate? And to what level do we consider we are having a good foothold in overseas?

[Interpreted] Okay. Let me try to answer this question first and then followed by Gary. On this globalization of the productivity tools, of course, there are obviously a lot of challenges. First, the global market, particularly the European and Western American market, our team does not have the real deep insight. So last year, we have -- we started to send -- I mean, to send a lot of the senior officers in the company overseas to overseas market to station there -- to be stationed there so that they will have formed a deeper understanding of their local market, whether in terms of users or enterprises demand. And this process may be slow, but it will be effective. And the returning staff members show us a stronger determination for globalization. And they have a more multidimensional understanding of the overseas market. Of course, there are more challenges there. For example, will it bring a big rise in the manpower cost, and we are looking to -- looking for some cost-effective point overseas because not every country has such a high labor cost. So we are looking for some jurisdictions where the manpower supply was sufficient with reasonable cost to establish our overseas presence. But some of the challenges are not -- how should I say, that we can't do anything about it. Like those more complicated geopolitical factors, like -- I mean, for all Chinese companies going overseas, this is their challenge. So at present, several overseas products on the productivity tools, it is still in the early stage. I can give you an example like Meitu Studio, the overseas version like X Design or the Kipa overseas, Wemac, internally, we have we are far from satisfaction actually. So we hope, firstly, these products will play well in certain regions that we're not very good at because I said, we have a large user group. The large user group is the basis of commercialization. So we'll be more looking for rapid user growth and also the further localization of the team because the best globalization is localization. I mean we need to have our products launched in the target country should be a localized product, an indigenous product so that the users will find it close and indigenous to them, not strange. This sounds simple. It is quite challenging to realize it from internally. Anything to add from Gary?

[Interpreted] Maybe at this stage, we are not using revenue as a determinant for success. I may be answering your questions in 2 aspects. First, I think we still need to really improve user experience and value in our products because productivity is to help them achieve more goals in their jobs, earn more money and also improve their efficiency. If our products can achieve that goal, that means we have the user recognition, then we can set a very strong foothold. Another aspect is we have been emphasizing the overseas productivity scenario. Actually, the capacity based on 2024 maybe 20x than the life scenarios. But the whole life scenarios market now is in a rapidly growing state. So we can only say if we can find something useful in this market, that may be very hard to measure using today's parameters. Like if you keep looking forward, more than 10% or 20% growth in the future, it may not be the case. I mean the life scenario is our third growth curve and the tangent should be higher than what we are doing today.

[Interpreted] Okay. Due to time constraint, the last question -- last 3 questions from now. First, the second row on onsite.

[Interpreted] I have a couple of questions. First, the domestic payment rate increase, what's your view? How do you maintain the rapid growth in products? What's the potential growth -- space for growth? Another question is the overseas payment rate, what is the overseas payment rate? So any new product development plan in overseas market? You mean overseas, what subscription penetration, paying rate, what's the paying rate? And also for different products, their development plan in different countries, regions.

[Interpreted] I'll just say something and then follow by Gary, okay? As we can see at this stage, our average subscription penetration is still -- is not quite high actually. So whether in terms of China or overseas, there is a big room for growth. But we -- but we are not in a rush to pull to raise this penetration because that would mean we have to raise the pay bar and that will potentially impact user experience or monthly active users count. So we will apply a very stable, steady approach, I mean, by increasing -- improving productivity, product power to drive the payment and conversion. This is what we do basically. And on the Wink, though it is among the video calls is ranked second to Jing actually, the gap is quite high from the first -- from the top first because of the market rate, Jing is over 60% and Wink is just about 10%. But we are seeing whether it's for Jing or many of our peer competitors, they find it difficult to meet all the demands or they find it hard to become an all-round, a general excellent enterprise to meet all the demand. So we are actually complementary to each other. Just like the AI image trimming and also the video beauty actually is complementary to Jing. So actually, they are not doing well and better than us in these 2 segments. So going forward, we will continue to work on these core capabilities to invest more in these areas to be first to be #1 in the world, and then we will maintain a rapid growth. So we're expecting Wing, just like I shared before, will become a new -- the video data generator in -- for Meitu. Just like the video version of Meitu xiuxiu shows you because we have a lot of products to provide. And on the overseas market, the subscription in overseas, I can -- Gary can add some more.

[Interpreted] Let me put it this way. I will try to give you some hints on how to imagine this penetration in China or the overall video photo products. First of all, I want to share a little story from inside. In the beginning, in 2021, we started to do the Meitu xiuxiu. And then the team believed that Meitu xiuxiu subscription penetration is ultimately 5% -- 5 points. And then years past, now it's very close to 5 points, but it's tangent is very steep. It's still on high growth. So -- so this story is just to share with you something about because in China, if you want to do subscribe products, particularly in video and photo tools, there is no predecessors, including our own judgment may not be just correct. But this incorrectness, we need to -- we often think of it in a positive way because, for example, logically, our products are characterized by different from content type subscribe products, which after you consume the content, you don't want to pay anymore. Just like after I watch this new video, I may want to unsubscribe before the next product. And because our products -- for our products, if you use the beauty function like if you added a photo and then you may keep editing photos one after another, you keep improving your adding sales. So logically, our payment continuity to some extent, may be stronger. So the second angle is we see, for example, in air brush, his payment penetration rate can be up to 50% in the United States. Of course, this includes because the U.S. consumers are more willing to pay. And they being more willing to pay is because culturally, they started from 100% payment and keep going down. So they will be higher than China. But if you look at the consumer behavior in China, we are more and more comfortable with pay software or subscribe software because we started from pirate software, and then we grew on that. So from this angle, I think I have shared something with the investors before. The first milestone may be 10%. Just like a few years back, when we're doing the Meitu xiuxiu, our ceiling was 5% in the years past. And then maybe 2 years ago, when I shared with other people, maybe 1 or 2 years from now, we may be achieving 8% or 9%. So from the managerial perspective, of course, we want to better serve the users. But from the present stage, we don't feel close to that ceiling. We are still moving ahead and we're still growing. So that's -- all we can do is share with you what we have seen so far. But it's very hard to predict some certain figures. Okay.

[Interpreted] Due to time constraint, this is time for the last question. Okay. The last question will come from online in text. Mr. Yang's question is, surpassing or more popular Adobe, will it be part of your strategic consideration?

[Interpreted] Actually, we have seen Adobe a role model that we all learn from. They are actually quite respectable, highly respectable because in the past 30 years of development, they have become a great leader in the photo and video design arena. I would say, even the king of that. So -- but we've also seen Adobe, most of their products have a higher bar because they mostly serve professional designers and photographers or medium and big enterprises. And then we've seen in the recent years, more and more companies by realizing certain capabilities in Adobe and make it more simple, achieve better user growth and revenue growth, including the Meitu Studio and also Kwa. They do the poster design like Kwa, they do the UI design. So -- by considering this, we see a trend, which is among popular among the general public and also professional users. There is actually a big user group among them having great demand for video photo designs like KOLs or small and medium or small to micro enterprises or consumers. But of course, there are many terms for them. In our eyes, they are just living users, user cases. And they -- by utilizing these video and photo production tools generate income or generate fans growth, they have a very clear demand and also they are more willing to pay. So clearly, we are -- this productivity tools deployment will be basically serving these intermediary range of users because we think these users will generate a much bigger revenue than the general public and also professional users. And we think this might have been mis underserved before, but -- so there is a big room for growth there. So generative AI plays a very important role in this because generative AI, before its explosive development, -- our goal was hard to achieve, but now the technological development evolution allows us to use -- to reduce the bar, reduce the threshold for certain functions of Adobe to make it more user-friendly. Thank you.

[Interpreted] Okay. Anything to add from Gary?

[Interpreted] No for me. Thank you.

[Interpreted] And thank you all for your questions and also the executive responses. So if you have any other questions regarding the company's performance, please get in touch with our IR team. Now is the media Q&A. This section will not be interpreted into English. Please let us know your organization name before you ask your questions. [Foreign language] [Interpreted] Thank you for all your questions and the information provided by the management. Today's presentation has come to an end. Thanks again for all your participation today in Meitu 2024 Annual Results Presentation. We look forward to seeing you next time. Thank you. [Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]