Unidentified Analyst: Thank you management. Can management provide a bit more insight on the competitive landscape in-light of the recovery in the industry? Are we seeing more competition? I also have a quick question on the POI for network partner model. Is there any growing trends of network partner model contributing going forward? Thank you.
Mars Cai: Thanks a lot for the great question. From our perspective, the competition is actually a lot less intense in the first quarter. Even after the general recovery, this is a bit counterintuitive, but the general landscape of the industry has changed a lot in the past few years. Let’s see before COVID, a number of our peers in the industry and Energy Monster relied heavily on the direct model. Competition tends to be higher where all of the players within the industry are expanding using the direct model. However, during the COVID, most of our competitors shipped almost completely to network partner model, while we maintained our strong direct model capabilities. The current industry landscape is a lot different because of the general shift towards the network partner because network partners are profit-driven.
That’s why we are not seeing an uptick in incentive fees for the new signings in the first quarter. So, I see the competitive landscape is not as strong as usual before COVID. As for your question on the network partner model, our network partner model continues to be the main driver of the growth of the POI account during the first quarter, mainly because of the increase in network partners count in the past year. Because of this significant increase, one of our main goals this quarter and this year actually is to work alongside our network partners to operationally support them so that they are able to grow alongside us. At the same time, we expect the number of POIs operated under the network partner model to continuously grow but the increase in percentage of POI managed under the network partner model, this quarter is mainly because of the adjustment in our direct model POI portfolio.
Going forward, we will continue leveraging our both models to expand our network coverage and further increase our market share within the industry. Thanks a lot.
Operator: We are now approaching the end of the conference call. I will now turn the call over to Energy Monster’s CFO, Maria Xin, for closing remarks.
Maria Xin: Once again, thank you for joining us today. Please don’t hesitate to contact us if you have any further questions. Thank you for your continued support, and we look forward to speaking with you in the coming months. Thank you.
Operator: Thank you for your participation in today’s conference. This concludes the presentation. You may now disconnect. Good day.
