The recent policies about the real estate. But that real estate does not, well, does not reflect any, I don't think that people, consumers, income will be improved. So consumers' spending will not increase. So when consumers are not spending, but they do seem to be spending a lot on traveling. The travel business is coming back a little bit. But overall spending willingness is not that strong. So the product, that means when people are not buying things, then the company's products will not, you will not expect good sales. Then advertising will not, you know, so it's not direct. The recent policies does not have a direct impact, positive impact on the advertising market.

May 20, 2024 / receipt, needs a key / Charles Zhang, CEO | earnings call 2024-05-20 | transcript 758a0633-4030-4a2a-bd15-119322be6e7f | chars 16074-16753 | segment 16

Because competition, especially in the electric car industry, intense competition drives the marketing, especially if we can provide some unique differentiated marketing package unique that can really have their brand exposed across the whole social network industry that represents how much they will spend money on our platform and I have more hope for this small ticket item FMCG and So the good thing about our advertising platform is that any businesses, any products, they need market. They need to have a brand building. They need our platform. So if one industry just went down, there's other industries emerging. And people spending, as I mentioned, the lip, you know, lipstick, in fact, people in some small item area, FMCG, or even some, you know, luxury goods. I mean, yeah, the cosmetics and all those places. And actually, they represent some opportunity. Yeah, because people have the money now. just like now people, you know, as people, you know, during the May holiday, people go to Zibo to have Kaorou, you know, that's the kind of really low cost spending, right? People don't have much, a lot of items to go to the, you know, fancy hotels and, or to have the sports clubs to, you know, health clubs to spend, but people do have some, left with some money to spend on other small item things. And that's the FMCG side that we see some of the opportunity in the later half of the year.

May 15, 2023 / receipt, needs a key / Dr. Charles Zhang, CEO | earnings call 2023-05-15 | transcript ba657524-600d-45c2-8d3b-6634506eb6df | chars 15372-16776 | segment 16