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CPS reports solid 2023 performance, eyes future growth By Investing.com
Consumer Portfolio Services (NASDAQ: CPS) held its fourth quarter operating results conference call, revealing a…
Niu Technologies faces mixed results in Q4 2023 By Investing.com
Fion%20Zhou:%20Thank%20you,%20Yan.%20And%20hello,%20everyone.%20Please%20note%20that%20our%20press%20release%20contains%20all%20the%20figures%20and%20comparisons%20you%20need,%20and%20we%20have%20also%20uploaded%20Excel%20format%20figures%20to%20our%20IR%20website%20for%20your%20easy%20reference.%20As%20I%20review%20our%20financial%20results,%20I'm%20referring%20to%20the%20fourth%20quarter%20figures%20unless%20I%20say%20otherwise.%20And%20all%20monetary%20figures%20are%20in%20RMB%20if%20not%20specified.%20As%20Yan%20mentioned,%20our%20total%20sales%20volume%20for%20the%20fourth%20quarter%20was%20137,000%20units,%20a%20decrease%20of%200.6%%20compared%20to%20the%20same%20period%20of%20last%20year.%20And%20specifically%20speaking,%20the%20China%20market%20sales%20volume%20was%20110,000%20units.%20And%20overseas%20market%20was%2027,000%20units.%20And%20for%20the%20full%20year%202023,%20the%20total%20sales%20volume%20was%20710,000%20units,%20including%20601,000%20units%20in%20China%20and%20109,000%20units%20overseas.%20And%20the%20total%20revenue%20in%20the%20fourth%20quarter%20was%20RMB479%20million,%20down%2022%%20compared%20to%20the%20same%20period%20of%20last%20year.%20To%20break%20down%20the%20scooter%20revenues%20by%20region,%20the%20scooter%20revenue%20in%20China%20were%20RMB355%20million,%20down%2021%.%20This%20decline%20primarily%20contributed%20to%20a%20shift%20in%20product%20mix.%20As%20the%20Chinese%20economy%20was%20still%20in%20recovery,%20our%20premium%20series%20showed%20a%20slower%20recovery%20rate%20compared%20to%20the%20mass%20premium%20series.%20As%20a%20result,%20the%20ASP%20reached%20to%20RMB32.16,%20a%2015%%20lower%20on%20a%20year-over-year%20basis.%20However,%20the%20ASP%20in%20each%20category%20has%20increased.%20The%20premium%20ASP%20remained%20almost%20RMB5,000.%20And%20the%20mass%20premium%20ASP%20increased%20to%20nearly%20RMB3,000.%20The%20overseas%20scooter%20revenue,%20including%20kick-scooters,%20e-mopeds%20and%20e-motorcycles%20was%20nearly%20%2460%20million.%20The%20%5Bbrand%5D%20(ph)%20e-scooter%20ASP%20decreased%20to%20%242,200,%20down%2049%%20year-over-year.%20Despite%20the%20higher%20sales%20volume%20contribution%20of%20kick-scooter%20with%20the%20lower%20ASP,%20the%20new%20launch%20to%20K1%20and%20KU%20is%20contributing%20to%2022%%20of%20the%20sales%20volume,%20which%20targeted%20towards%20the%20youth%20and%20the%20entry-level%20market%20and%20have%20lower%20retail%20prices.%20Accessories,%20spare%20parts%20and%20services%20revenue%20are%20RMB65%20million%20due%20to%20the%20decrease%20in%20the%20overseas%20spare%20parts%20and%20services%20as%20we%20mentioned%20in%20the%20previous%20quarters.%20For%20the%20full%20year%202023,%20our%20total%20revenue%20decreased%20by%2015%%20to%20RMB2.7%20billion.%20And%20China's%20scooter%20revenue%20as%20a%20whole%20saw%20a%2015%%20year-over-year%20decline%20to%20RMB2%20billion.%20And%20the%20overseas%20scooter%20revenue%20decreased%20by%2029%%20to%20RMB349%20million.%20The%20total%20overseas%20revenue,%20including%20scooters%20and%20non-scooters%20contributed%20to%2015%%20of%20the%20total%20revenue.%20And%20now%20let's%20look%20at%20the%20ASP%20in%202023.%20The%20overall%20scooter%20ASP%20was%20slightly%20decreased%20to%20RMB3,323,%203%%20down%20year-over-year.%20While%20the%20domestic%20scooter%20ASP%20was%20RMB3,344,%20up%201%.%20And%20this%20minor%20growth%20was%20driven%20by%20the%20higher%20ASPs%20in%20both%20premium%20and%20mass%20premium%20series,%20despite%20a%20shift%20in%20the%20mass%20premium%20in%20overall%20product%20mix.%20And%20overseas%20blended%20scooter%20ASP%20was%20RMB3,200,%2021%%20down%20as%20the%20proportion%20of%20kick%20scooters%20increased,%20and%20also%20combined%20with%20the%20decrease%20in%20the%20newly%20launched%20lower%20ASP%20kick%20scooters%20in%20Q4.%20The%20gross%20margin%20for%20the%20fourth%20quarter%20was%2019%,%203.4%20ppt%20lower%20than%20the%20same%20period%20of%20last%20year%20and%20mainly%20due%20to%20the%20product%20mix%20change%20in%20the%20domestic%20market.%20Well,%20for%20the%20year%20end%202013,%20the%20gross%20margin%20was%2021.5%,%20up%20from%2021.1%%20and%20representing%20a%200.4%20ppt%20increase%20on%20an%20annual%20basis%20and%20mainly%20due%20to%20a%20reduction%20in%20raw%20material%20costs,%20especially%20in%20domestic%20Niu%20product%20lines.%20And%20talking%20about%20operating%20expenses,%20The%20fourth%20quarter%20OpEx%20was%20%24246%20million,%20%2450%20million%20higher%20than%20the%20same%20period%20of%20last%20year%20and%20mainly%20due%20to%20our%20lower%20revenue%20base.%20Selling%20and%20marketing%20expenses%20were%20%24191%20million,%20%2484%20million%20higher%20than%20the%20last%20year,%20and%20primarily%20resulting%20from%20our%20expansion%20into%20the%20overseas%20markets,%20out%20of%20which%20%2443%20million%20was%20from%20the%20overseas%20micro-mobility%20holiday%20season%20promotion.%20And%20the%20other%20half%20stems%20from%20the%20rental%20expenses%20largely%20driven%20by%20the%20inventory%20buildup%20resulting%20from%20geopolitical%20conflicts%20and%20early%20stock%20taking%20for%20the%20expected%20peak%20season%20in%202024.%20Additionally,%20the%20current%20warehouses%20are%20incurring%20higher%20unit%20per%20area%20costs%20since%20the%20micro%20mobility%20sector%20is%20still%20in%20the%20early%20operating%20stage%20and%20those%20expenses%20are%20expected%20to%20decrease%20in%20the%20subsequent%20quarters.%20R&D%20expenses%20were%20%2436%20million,%20%245%20million%20lower%20than%20the%20fourth%20quarter%20of%202022,%20and%20mainly%20due%20to%20the%20decrease%20in%20staff%20costs%20and%20share-based%20compensation%20of%20RMB8%20million,%20and%20partially%20offset%20by%20the%20increase%20in%20design%20and%20testing%20expenses%20on%20new%20model,%20which%20has%20been%20and%20will%20be%20launched%20in%202024,%20of%20RMB3%20million.%20G&A%20expenses%20were%20RMB19%20million,%20RMB28%20million%20lower%20on%20an%20annual%20basis,%20mainly%20caused%20by%20the%20decrease%20in%20provision%20for%20credit%20losses%20of%20RMB22%20million%20and%20the%20decrease%20in%20stock-related%20cost%20of%20RMB5%20million.%20For%20the%20full%20year%202023,%20the%20OpEx%20was%20RMB891%20million,%2015%%20higher%20than%202022.%20And%20the%20increase%20was%20mainly%20due%20to%20the%20provision%20for%20credit%20losses%20of%20RMB114%20million.%20And%20the%20increase%20promotional%20activities%20and%20rental%20expenses%20in%20overseas%20markets%20of%20RMB101%20million,%20partially%20offset%20by%20a%20%2445%20million%20decrease%20in%20G&A%20and%20also%20RMB40%20million%20decrease%20in%20domestic%20marketing%20and%20promotions.%20Despite%20prudently%20raising%20provisions%20for%20credit%20losses%20on%20overdue%20payments,%20we%20retain%20a%20positive%20outlook%20on%20future%20receivables%20collection,%20given%20our%20current%20partners'%20robust%20financial%20spending%20and%20their%20ongoing%20payments%20continuously.%20Exclude%20the%20non-cash%20expenses,%20such%20as%20the%20provisions%20for%20credit%20losses,%20depreciation%20and%20amortization,%20and%20share%20based%20compensation,%20The%20OpEx%20increased%202%%20year-over-year.%20The%20non-GAAP%20OpEx%20was%20RMB845%20million.%20In%20the%20fourth%20quarter,%20we%20had%20a%20net%20loss%20of%20RMB130%20million%20and%20the%20non-GAAP%20net%20loss%20of%20RMB%20122%20million.%20On%20a%20full%20year%20basis,%20due%20to%20the%20factors%20including%20the%20lower%20than%20expected%20domestic%20sales%20and%20increasing%20overseas%20business%20expansion%20as%20mentioned%20above.%20We%20had%20a%20net%20loss%20of%20%24272%20million%20and%20non-GAAP%20net%20loss%20of%20%24224%20million.%20Turning%20to%20our%20balance%20sheet%20and%20cash%20flow,%20we%20ended%20the%20year%20with%20RMB1,078%20million%20in%20cash,%20restricted%20cash,%20term%20deposits,%20and%20short-term%20investments.%20On%20annual%20basis,%20the%20operating%20cash%20flow%20was%20inflow%20RMB96%20million,%20primarily%20because%20we%20made%20a%20net%20income%20after%20adjusting%20for%20non-cash%20items.%20And%20our%20Q4%20CapEx%20was%20RMB22%20million.%20For%20the%20full%20year,%20the%20CapEx%20was%20RMB79%20million,%20RMB56%20million%20lower%20than%20the%20last%20year,%20as%20we%20cautiously%20opened%20up%20stores%20in%20domestic%20markets.%20And%20now%20let's%20turn%20to%20guidance.%20We%20expect%20the%20first%20quarter%20revenue%20to%20be%20in%20the%20range%20of%20RMB438%20million%20to%20RMB480%20million,%20an%20increase%20of%205%%20to%2015%%20year-over-year.%20And%20please%20be%20aware%20that%20this%20outlook%20is%20based%20on%20the%20information%20available%20as%20of%20the%20date%20and%20reflects%20the%20company's%20current%20and%20preliminary%20expectations,%20which%20is%20subjected%20to%20change%20due%20to%20uncertainties%20related%20to%20various%20factors.%20And%20with%20that,%20let's%20now%20open%20the%20call%20for%20any%20questions%20that%20you%20may%20have%20for%20us.%20Operator,%20please%20go%20ahead. Operator:%20Thank%20you.%20We%20will%20now%20begin%20the%20question-and-answer%20session.%20%5BOperator%20Instructions%5D%20One%20moment%20for%20the%20first%20question.%20Our%20first%20question%20comes%20from%20the%20line%20of%20Zijun%20Liu%20from%20CITIC.%20Please%20ask%20your%20question. Zijun%20Liu:%20Good%20evening.%20And%20I'm%20Zijun%20Liu%20from%20CITIC.%20Thank%20you%20for%20your%20time.%20And%20I'd%20like%20to%20be%20more%20interested%20in%20the%20following%20questions.%20The%20first%20two%20are%20more%20about%20us%20and%20the%20last%20two%20are%20more%20about%20our%20industry.%20The%20first%20one%20is,%20this%20year's%20store%20expansion%20plan%20and%20the%20strategy.%20It%20means%20we%20would%20really%20like%20to%20restore%20the%20original%20channel%20or%20more%20to%20supplement%20the%20new%20sinking%20channel.%20And%20the%20second%20question%20is%20about%20how%20to%20evaluate%20%5Bindiscernible%5D%20aggressive%20sales%20target%20this%20year%20and%20whether%20it%20would%20squeeze%20over%20sales%20target.%20And%20the%20above%20two%20is%20about%20us.%20And%20I%20wonder%20if%20you'd%20like%20to%20sort%20this%20two,%20and%20then%20I'm%20going%20to%20the%20sector. Yan%20Li:%20So%20I'll%20talk%20first%20on%20the%20store%20openings.%20I%20think%20it%E2%80%99s%20actually%20a%20mix%20of%20--%20basically%20I%20think%20we're%20still%20going%20to%20be%20focused%20on%20the%20top%2045%20cities%20at%20first.%20And%20with%20the%20option%20to%20expand%20into%20other%20cities%20as%20well.%20So%20notably%20in%20the%20past,%20if%20you%20look%20at%20the%20last%20couple%20of%20years,%20because%20of%20the%20lithium%20price%20hike,%20we%20have%20lost%20roughly%20about%20500%20stores.%20So%20I%20think%20the%20expansion%20for%20including%20--%20actually%20including%20the%20store%20we%20have%20lost%20and%20then%20reclaiming%20back%20as%20well%20as%20opening%20in%20new%20areas.%20So%20I%20think%20those%20are%20basically%20--%20I%20think%20we%20have%20a%20clear%20roadmap,%20actually%20location%20map%20on%20where%20to%20open%20stores,%20and%20based%20on%20our%20new%20product%20portfolios.%20Now,%20I%20think%20with%20the%20second%20question%20about%20competitors.%20I%20think,%20overall,%20if%20you%20look%20at%20our%20product%20offerings,%20so%20our%20current%20product%20offerings,%20basically%20the%20price%20range%20anywhere%20between%20basically%20RMB3,500%20above%20to%20up%20to%20RMB12,000.%20So%20you%20look%20at%20the%20entire%20market,%20the%20volume%20above%20RMB3,500,%20that%20volume%20is%20basically%20somewhere%20around%2014%20million%20to%2016%20million%20units.%20So%20within%20that,%20let's%20call%20that%20our%20addressable%20market%20at%2014%20million%20to%2016%20million%20units.%20And%20with%20that%20number,%20last%20year%20we%20only%20did%20about%20600,000.%20So%20even%20with%20this%20year's%20forecast,%20I%20think%20the%20market%20is%20still%20--%20the%20addressable%20market%20is%20still%20very%20significant%20and%20large%20than%20our%20volume%20target.%20So%20in%20the%20sense%20that%20I%20think%20we're%20less%20worried%20about%20competitors,%20but%20I%20think%20we're%20more%20focused%20internally%20on%20how%20to%20get%20the%20best%20product%20out%20there%20and%20how%20to%20expand%20the%20channels,%20expand%20the%20stores%20so%20the%20consumers,%20the%20interested%20consumers%20actually%20have%20a%20location%20to%20acquire%20the%20product.%20I%20think%20that's%20sort%20of%20--%20hopefully%20that%20addresses%20your%20second%20question. Zijun%20Liu:%20Got%20it.%20Quite%20clear,%20and%20I%20really%20hope%20that%20this%20year%20could%20be%20a%20--%20we%20could%20see%20a%20robust%20growth%20in%20our%20market.%20And%20the%20next%20two%20questions%20about%20the%20sector.%20First%20one%20is%20the%20Nanjing%20fire%20has%20attracted%20the%20attention%20of%20the%20society%20to%20the%20batteries%20of%20the%20two%20wheelers.%20What%20is%20our%20view%20of%20the%20impact%20to%20this%20sector?%20And%20the%20second%20is,%20our%20users%20are%20more%20concentrated%20in%20%5Bindiscernible%5D,%20as%20you%20just%20mentioned.%20And%20also%20our%20users'%20time%20of%20using%20our%20product%20is%20relatively%20long%20and%20has%20accumulated%20for%20a%20long%20time.%20So%20I'm%20very%20curious%20about%20whether%20we%20can%20--%20we%20have%20ever%20done%20some%20analysis%20of%20our%20users'%20behavior%20on%20whether%20we%20can%20detect%20change%20in%20their%20consumption%20habits%20from%20this%20accumulated%20data,%20such%20as%20changes%20in%20the%20cycle,%20changing%20costs%20or%20batteries.%20Thank%20you.%20This%20is%20my%20two%20questions%20about%20sector. Yan%20Li:%20Sure.%20I%20think%20first%20of%20all,%20I'll%20address%20the%20issue%20with%20the%20fire%20accident.%20I%20think%20it's%20unfortunate.%20So%20I%20think%20what%20it%20really%20calls%20out%20for,%20high%20quality%20products.%20I%20think%20that's%20--%20in%20the%20case%20of%20what%20we%20observe%20in%20the%20market%20is%20many%20people%20who%20buy%20products%20either%20low%20quality%20or%20they%20buy%20products,%20then%20they%20buy%20the%20original%20scooters,%20but%20then%20they%20complement%20with%20a%20modified%20third%20party%20lithium%20batteries.%20And%20usually%20those%20third%20party%20lithium%20batteries%20are%20second%20hand%20lithium%20batteries,%20it's%20poorly%20manufactured,%20it's%20low%20quality.%20That's%20where%20--%20I'm%20not%20sure%20what%E2%80%99s%20actually%20the%20cause%20of%20Nanjing%20fire,%20but%20our%20experience%20back%20then,%20throughout%20the%20time,%20it's%20actually%20the%20modified%20lithium%20batteries,%20like%20not%20original%20manufactured%20ones%20are%20one%20of%20the%20main%20causes.%20So%20I%20think%20from%20our%20perspective,%20I%20mean,%20we%20have%20actually%20taken%20many%20caution%20--%20preventive%20measures.%20For%20example,%20our%20scooters%20only%20work%20with%20our%20batteries,%20not%20necessarily%20--%20not%20working%20with%20the%20third%20party%20second%20hand%20batteries.%20And%20I%20think%20with%20this,%20I%20think%20it%20basically%20raises%20a%20bell%20saying,%20I%20think%20it's%20basically%20people%20quite%20for,%20I%20think,%20a%20high%20quality%20product%20with%20original%20parts%20are%20necessary%20and%20to%20guarantee%20safety.%20So%20I%20think%20that's%20actually%20set%20advantage%20for%20us.%20Now%20I%20think%20in%20terms%20of%20your%20second%20question%20about%20user%20behaviors.%20I%20think%20typically%20we%20observe%20that%20people%20tend%20to%20keep%20these%20scooters,%20I%20guess,%20for%20roughly%20about%20three%20to%20four%20years,%20I%20think%20three%20years%20is%20roughly%20sort%20of%20the%20usage%20cycle.%20I%20think%20the%20--%20for%20us%20--%20we're%20highly%20--%20we're%20too%20concentrated%20in%20the%20top%20tier%20cities.%20I%20think%20this%20year%20is%20actually%20what%20we're%20looking%20at%20is%20actually%20beyond,%20besides%20gaining%20market%20sharing%20in%20the%20top%20tier%20cities%20is%20to%20actually%20expand%20our%20footprint%20and%20getting%20more%20store%20coverage%20as%20well%20as%20market%20shares%20in%20the%20Tier%202%20and%20Tier%203%20cities%20with%20--%20basically%20with%20products%20that%20are%20suitable%20to%20those%20markets. Zijun%20Liu:%20Got%20it.%20Quite%20clear.%20And%20thank%20you%20again%20for%20your%20time.%20And%20I%20sincerely%20hope%20that%20we%20could%20achieve%20the%20goals%20of%20this%20year%20and%20the%20Niu%20returns.%20Thank%20you. Yan%20Li:%20Yes,%20thanks. Operator:%20Thank%20you%20for%20the%20questions.%20The%20next%20question%20comes%20from%20the%20line%20of%20Yating%20Chen%20from%20CICC.%20Please%20ask%20your%20question. Yating%20Chen:%20Hi.%20Thank%20you%20for%20receiving%20my%20question.%20My%20first%20question%20is%20about%20our%20sales%20volume%20target.%20As%20we%20can%20see,%20the%20target%20growth%20for%202024%20is%20more%20optimistic%20than%20last%20year.%20And%20so%20I'd%20like%20to%20know%20what%20is%20the%20target%20sales%20volume%20of%20kick%20scooters?%20And%20what%20is%20the%20sales%20target%20for%20two%20wheelers,%20especially%20for%20domestic%20and%20overseas%20markets?%20This%20is%20my%20first%20question.%20Thank%20you. Yan%20Li:%20No,%20I%20think%20for%20the%20kick-scooters%20we're%20looking%20at%20--%20because%20in%20the%20past%20few%20years,%20even%20though%20the%20selling%20volume%20to%20our%20distributors%20remains%20roughly%20constant,%20but%20the%20sell-off,%20basically%20the%20sell-off%20to%20the%20consumer%20has%20been%20doubled%20if%20I%20compare%202023%20to%202022.%20So%20that's%20because%20the%20comprehensive%20product%20portfolio,%20also%20over%20the%20year%20we're%20actually%20able%20to%20get%20to%20all%20this%20offline%20channels.%20So%20we%20expect%20the%20sell-off%20volume%20this%20year%20also%20doubled,%20which%20sort%20of%20implying%20the%20selling%20volume%20to%20the%20distributors%20actually%20double%20as%20well.%20So%20on%20the%20kick%20scooter%20we're%20looking%20at%20somewhere%20--%20anywhere%20between%20200,000%20to%20250,000%20units.%20So%20I%20think%20that%20adds%20on%20the%20kick%20scooter%20market.%20Then%20the%20rest%20is%20sort%20of%20the%20electric%20two-wheeler.%20And%20within%20the%20electric%20two-wheeler%20market%20volume,%20I%20think%20majority%20of%20them%20are%20going%20to%20be%20in%20the%20China%20side,%20where%20the%20international%20electric%20two-wheeler%20and%20electric%20motorcycles,%20probably%20somewhere%20around%2020,000%20to%2030,000%20units%20than%20the%20rest%20of%20whole%20China. Yating%20Chen:%20Thank%20you%20very%20much.%20And%20my%20first%20question%20--%20and%20my%20second%20question%20is%20about%20our%20profit%20margin.%20Especially,%20I'd%20like%20to%20know%20our%20product%20strategy%20in%202024.%20To%20achieve%20our%20sales%20volume%20target,%20will%20the%20average%20selling%20price%20or%20profit%20margin%20will%20decline%20in%202024? Yan%20Li:%20All%20right,%20so%20I%20think%20basically,%20I%20guess%20--%20this%20question%20this%20sort%20of%20relates%20to%20our%20first%20unit%20product%20launch,%20the%20NX%20and%20NXT%20in%20March.%20So%20that's%20actually%20one%20of%20the%20premium%20or%20high-end%20product%20for%20our%20case,%20the%20retail%20pricing%20is%20between%20RMB6,000%20to%20RMB12,000.%20But%20then%20if%20you%20look%20at%20another%20product%20which%20just%20launched,%20it's%20called%20%5BU1E%5D%20(ph),%20basically%20upgraded%20U1,%20which%20a%20few%20days%20ago,%20that%20retail%20pricing%20is%20around%20RMB4,000.%20So%20if%20you%20look%20across%20the%20board,%20we%20expect%20our%20average%20ASP%20to%20roughly%20remain%20constant%20compared%20with%20last%20year.%20So%20I'll%20let%20Fion%20to%20comment%20on%20the%20margin%20part. Fion%20Zhou:%20Yes,%20well,%20as%20Yan%20just%20mentioned,%20even%20though%20that%20we%20upgraded%20our%20classic%20N%20series,%20and%20we're%20about%20to%20launch%20the%20new%20products%20in%20the%20following%20months%20with%20a%20better%20price%20versus%20the%20product.%20But%20the%20ASP%20will%20stay%20at%20a%20relatively%20flat%20level%20in%20the%20domestic%20product%20line.%20Well,%20in%20the%20overseas%20product%20line,%20since%20we%20have%20a%20high%20expectation%20on%20the%20e-motorcycle%20and%20the%20mopeds%20recovery%20in%20the%20overseas%20market.%20Those%20are%20almost%20two%20times%20to%20four%20times%20higher%20than%20the%20kick-scooters%20ASP.%20So%20we%20will%20expect%20a%20slightly%20recovery%20from%20the%20overseas%20scooters%20ASP%20in%202024.%20Altogether,%20will%20give%20us%20a%20blended%20scooter%20ASP%20almost%20at%20the%20same%20level%20in%20this%20year.%20Go%20back%20to%20the%20gross%20margin%20for%20the%20domestic%20scooters%20and%20the%20overseas%20scooters,%20we%20were%20expecting%20a%20slight%20gross%20margin%20increase%20to%201%20ppt%20to%202%20ppt%20altogether%20blended%20with%20the%20domestic%20and%20the%20overseas%20market.%20And%20we%20have%20already%20made%20the%20cost%20efficiency,%20those%20operational%20activities%20in%202023.%20And%20with%20the%20scale%20of%20the%20sales%20volume%20increase,%20we%20may%20get%20the%20benefit%20from%20the%20gross%20margin.%20But%20we%20didn't%20expect%20a%20higher%20growth%20margin%20increase%20because%20we%20still%20consider%20to%20share%20the%20profit%20with%20our%20dealers%20and%20also%20the%20overseas%20market%20expansion%20with%20our%20partners.%20That's%20why%20we%20considered%20the%20gross%20margin%20altogether%20will%20only%20increase%201%20ppt%20to%202%20ppt%20for%20the%20whole%20year. Yating%20Chen:%20Thank%20you%20very%20much.%20And%20my%20last%20question%20is,%20I'd%20like%20to%20know,%20do%20you%20have%20any%20guidance%20for%202024%20on%20the%20selling%20expense%20ratio?%20Or%20to%20say,%20will%20it%20grow%20or%20remain%20steady,%20comparing%20with%202023?…
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