While we are pleased to see signs of recovery in the retail environment, we expected a rebound in our revenue to take time as consumers gradually engage in travel, social activities, and general consumption in the post-COVID era.

May 16, 2023 / receipt, needs a key / Junfeng Huang, CEO | earnings call 2023-05-16 | transcript 6b6f2b87-ddff-489d-bb4b-feb1ca25ccf0 | chars 2590-2819 | segment 2

And also, as the travel retail channel is likely to accelerate, the international players may adjust their price policies to balance the travel rates on e-commerce in the China market.

Mar 8, 2023 / receipt, needs a key / other, other | earnings call 2023-03-08 | transcript e2186da2-24c6-4282-8c9d-1b642db088c3 | chars 30101-30285 | segment 29