Li Kailuo: Exploration Of The Development Of Chinese Clothing Circulation Business

In September 19, 2010, "2009-2010 China Textile and garment enterprises competitiveness 500 strong conference and 2010 China Textile and garment circulation mode innovation forum" was held in Haining, Zhejiang. The forum was hosted by Haining Municipal People's Government of Zhejiang province.

At the forum, China is famous.

　　我每次演講的時(shí)候都會(huì)推薦一本書，這本書08年在美國很受歡迎，《后美國世界》，它的一個(gè)副標(biāo)題就是群雄崛起的經(jīng)濟(jì)新秩序時(shí)代，這個(gè)話題是美國08年大部分人最關(guān)心的內(nèi)容，甚至奧巴馬先生，我今天不是介紹這本書要講什么，但是有一件事情呈現(xiàn)在我們面前，今天我們面對是一場世界格局的重新的劃分，網(wǎng)上一直在探討中國真的是成為世界第二大經(jīng)濟(jì)體嗎，當(dāng)然也有人開玩笑說，我們被第二了，但是對于中國今天所面對的挑戰(zhàn)，內(nèi)生經(jīng)濟(jì)、創(chuàng)新驅(qū)動(dòng)，實(shí)際上發(fā)出了一個(gè)重要的信號(hào)，我們要拋掉原本的鈕扣經(jīng)濟(jì)，什么叫鈕扣經(jīng)濟(jì)，過去我們所有生產(chǎn)依賴類似像鈕扣這樣的素材產(chǎn)品去出口，而今天我們要重新調(diào)整我們思路的時(shí)候，這場格局其實(shí)在你眼前已經(jīng)展開來了，所以我從這個(gè)話題想跟各位探討的是中國的時(shí)尚的競爭格局。

盡管今天會(huì)有很多是紡織業(yè)的企業(yè)，今天給自己的命題叫中國服裝流通渠道的商業(yè)變革，我們可以通過服裝企業(yè)在這場市場競爭當(dāng)中，不斷的演化過程當(dāng)中，我們來找尋規(guī)律，如果我們談到這個(gè)問題的時(shí)候，這場格局可以說基本上在目前中國的中高端市場大部分被國際品牌掌控，而且隨著這幾年越來越明顯，除此之外，二三級市場已經(jīng)成為國際品牌布局最重要的戰(zhàn)略，可以簡單看幾個(gè)數(shù)字，GUCCI在今年4、6月份兩個(gè)月的時(shí)間五家店鋪，布局的重點(diǎn)已經(jīng)走向二三線城市，LV22個(gè)月里面開了7家專賣店，而且在溫州這些地區(qū)已經(jīng)開店了，Zara的步伐會(huì)在中國加快，前不久我碰到一個(gè)在深圳做LED燈的生產(chǎn)企業(yè)，他說我終于接到了一個(gè)生意，說這個(gè)很難接，是阿瑪尼的品牌在中國，說我這個(gè)訂單接下來不是一個(gè)小訂單，因?yàn)槲腋麄冮_會(huì)我發(fā)覺原來他們準(zhǔn)備在11年在中國有80家店

Shop, I will do this business, of course, UNoLO, in China, there are thousands of stores in ten years, so we have to give us a thought. How big is China's market? So many international brands are stirring up in China's emerging market. How big is China's market?

　　安踏在09年店鋪有6600多家，特步是3511，李寧7249家，森馬是3000家，我們在聽別人說千店計(jì)劃的時(shí)候，中國企業(yè)在思考是什么呢，叫萬家流通的概念，要開萬家店鋪，這個(gè)概念我們過去無法理解，說中國的市場一千家店都是很可怕的數(shù)據(jù)，今天要開一萬家店鋪，所以當(dāng)商業(yè)資本跟金融資本結(jié)合的時(shí)候，其中最重要的一個(gè)引擎就是萬家店鋪的增容是非常有資本的吸引力，如果以一個(gè)非常簡單的數(shù)據(jù)，地級市600個(gè)，縣級市2800個(gè)，如果假設(shè)全國上場開設(shè)1500個(gè)銷售網(wǎng)點(diǎn)，地區(qū)級市開設(shè)店鋪以5-8個(gè)計(jì)，縣級市開1家專賣店，全國二三線城市的網(wǎng)點(diǎn)可以達(dá)到8600個(gè)這樣的規(guī)模，這么大一個(gè)市場規(guī)模，如果中國自己的企業(yè)不去重視，那真的是很可惜的一件事情，所以允許我們在探討一個(gè)大概念叫流通，或者是更具化探討一個(gè)話題就是流通渠道，這個(gè)渠道在歐洲是沒有的，也不會(huì)

Yes, but in China, in the process of constant growth and constant evolution, of course, when we understand this concept, we do not want to define it from a scientific point of view, and the process of our goods from production to consumers, which includes the way, environment or form of commodity circulation.

In fact, let's take a look at the clothing enterprises in China. At present, there are several channels for circulation, and the first is department stores. The competition in department stores is a must for brands. No matter how much the buckle is deducted, a lot of promotions are good, the game between stores is still an important channel for garment enterprises.

Second professional markets, it is clear to everyone that the professional market is also a very important channel for clothing. Whether it is wholesale and retail mode, wholesale sale mode or wholesale mode of production, or a new professional mode of large circulation, this is also a very important channel for clothing circulation. Third commercial streets, and all the commercial streets in China, and even the streets, have become a very important circulation channel.

OK, or WAL-MART, it's a procurement system, including procurement and shopping centers, and even hotels and airports have become an important new channel for brands. Especially for some men's clothing brands or leather goods brands, the opening and contribution rate of hotels and airports is not low. It is a place where high-end customers are concentrated. When we do not care about this place, it becomes a kind of circulation channel. Of course, the multimedia platform is not only confined to TV shopping, but also classified as multi media. In the past, we said it was a channel, and later it was a market. No matter how to define it, it has become an important way and link for clothing circulation. This is the first point that we just straightened out in the past few years. Fourth large supermarkets, of course, are currently in the world's largest supermarket in China, Carrefour.

It seems that if we analyze this way, the classification of the conventional circulation channels in the clothing industry seems to be in front of us. When we are discussing innovation and pformation, we must think about the problems that can be innovated, and where we can change the problem. But it seems that this is probably the case in front of us. We have to think with problems, and whether there are other possible changes. Let me keep this question first. Wait a minute. Do we seem to be able to answer or enlighten us?

The second question is: what is the inevitable change of circulation channels? What is changing is the way of retailing and the innovation of formats. It is very simple. If circulation is the way, we should go out of your way. If you restrict too many conditions, I will have to open the channel myself, or I will change my retail mode again.

Therefore, the evolution of the retail industry has also been pformed from the evolution process of the entire circulation industry in the past hundred years. Let's look at the three years from 07 years to today. If we can summarize it or sample the case, we simply take these viewpoints, not necessarily completely accurate, but for everyone to share.

　　第一個(gè)模式，在07年到現(xiàn)在三年間出現(xiàn)比較明確的模式，綜合大店SPA的模式，SPA概念的提出者是美國一個(gè)很大的零售的巨額，作為上市公司為了擴(kuò)充自己，要向股東交代，要增發(fā)股票，募集更多的資本去開辟零售資源，提出SPA的概念，自己控制從生產(chǎn)一直到銷售的所有環(huán)節(jié)，我也不依賴你百貨，我自己建零售，怎么建呢，大型店鋪，你百貨在邊上開著呢，我在邊上開一個(gè)大型的店鋪，但是我需要資本的支持，所以出現(xiàn)了SPA的模式，這個(gè)模式在發(fā)展過程當(dāng)中業(yè)界一直在研究甚至一直在探討，中國企業(yè)是否應(yīng)該進(jìn)入到SPA模式發(fā)展過程當(dāng)中去，一個(gè)國際的案例一定會(huì)啟發(fā)中國企業(yè)的演變，比如說美特斯邦威，最近幾年推出的Me&CITY，我們在探討森馬這些原本大宗休閑企業(yè)的時(shí)候，他們正在去SPA化，可能在一個(gè)重要的商業(yè)街里面可以同時(shí)盤踞幾家大型的商鋪，依賴百貨業(yè)

The shape began to change slowly.

Or the United States can see very important POlo living hall, and now see the store's construction mode is to build a shop pattern in the form of lifestyle, and even the division of each area is divided around the way of life, and this mode soon became a model of domestic imitation. The seven wolves soon found the key. It was clear that they found their own reference, positioning themselves as the establishment of China's POLO, seven wolves are listed companies, the private placement of shares, and to the shareholders to explain the eight hundred million main re placed upgrading in the distribution channels. There are 40 wolves wolves ecological museum in the eight hundred million, which not only brings capital, but also changes in form and mode of sale. The second way of life experience museum is already being produced. Some people call life hall. The concept of this mode is also available in the early international stage. This mode can be used in Japan.

Clothing supermarket convenience store mode is also evolving in recent years. UNIQLO, rooted in the Japanese market, has put forward a new mode supermarket mode. All the clothes that you want to buy when you come in are bought by the cart, so the clothes can be bought on the same day. So in Japan, people are seen pushing cars to buy a dozen socks. Today, there are also changes. In China, with the continuous domestic and international cases, Hai Lan's home has created its own new retail mode, which has become predatory in the market. We are exploring the definition of a systematic business mode behind each mode, and today's time relationship can not be dissected one by one.

{page_break}

Multi brand store mode, many brands in a store for chain operation. Early in Hongkong, a company like IT grew up in this way. What I sell is its own agents in the world and its own brand in its own store, which is sold in the sub area. Many brands are put in one area, but the chain is I T. In fact, China's sports 100 is also developed in this way. I put Adidas, Nike, back to back in a store and locked in the whole country. This mode especially changed our understanding of the retail industry in the past, broke the traditional concept, and was soon accepted by the market.

Designer brand integration shop has always said that designers are hard to develop, or they can make people get married and independent. But the designer brand has been reassembled by other people. After that, designers have been integrated into a brand, and foreign designers focus on their works. In China, people have been trying. In 08, ID has been opened in Shanghai. We are studying any business rule. Any case does not represent a certain success, but it decides that it thinks about the possible business models triggered by its success, and China is also trying to change it.

Store in a shop, and products are not necessarily clothing. If we go to Hongkong and visit some island cities, we will see shops like this, which may be sold by Dior, or maybe Adidas will be sold in a shop. The products that are carefully selected by their buyers are put into the shop for sale. Has anyone tried this way in China? In fact, some people in China have launched the naming house. Some people have pushed it out to choose boutique in the global purchasing network. They also opened their CBD in Beijing or opened their business in the most important business circle, or set up their own fashion club or even fashion secretary's service or fashion consultant's service. The model of buyer selected shop has been in Japan for many years, and it is used professionally to select "shop choice".

You find that a lot of retail ways are evolving very fast in our short span of three or four years. Each case may rise in the last three years, and may disappear in the next three years, and the new model will come out again.

單品專門店的模式，在日本專門賣襪子的店鋪，也是連鎖的，而且市場做的很大，專門賣襪子，各種各樣的襪子，這是在日本實(shí)地拍的照片，只賣襪子這樣一種方式，而這個(gè)方式實(shí)際上我們很容易看到，也很容易去學(xué)，但是能否學(xué)好是值得思考的問題，中國有家企業(yè)也去學(xué)，中國三足針織品有限公司，推出3?Z?U，在07年底的時(shí)候是100家，現(xiàn)在是150家，在推行這種模式，以單品的專賣店，而這種單品的專賣店包括T恤，把T恤做得很專業(yè)，這種店鋪在日本很受歡迎，在中國也有，衫國演義，所有的店鋪里面賣得就是T恤，這個(gè)也不便宜，我們發(fā)現(xiàn)有很多的模式在參考背后下不斷的有人在升級，不斷有人在大膽的嘗試，而且嘗試的過程給我們商業(yè)帶來的無限的遐想，所以我以最快的時(shí)間一下子把大家拉到可能很微觀的市場里面去，07年到現(xiàn)在我們似乎可以來理解，這七大

The pattern of retail stores, and the seven store models, are also constantly enriching our way of circulation. How do we go about it? What channel do we enter to sell our products, whether they are forced or their own innovation, business is in such an evolution.

The mode of selling and shop will inevitably evolve into a new category killer in the future. We can see the possibility of the future development of China's apparel retail industry through the changes of clothing store mode in recent years.

如果到此為止商業(yè)就沒有想象了，最古老的商業(yè)模式是店鋪模式，在具有潛在消費(fèi)力的地方去開鋪，這是店鋪模式，沒有人把自己的店開在沒有人去的地方，這個(gè)我們可以理解的，我們已經(jīng)理解了前面幾個(gè)觀點(diǎn)還有創(chuàng)新呢，在流通的渠道變革當(dāng)中還有什么可以創(chuàng)新的，百貨、購物中心、大超市、大賣場，連酒店和機(jī)場都被人占去了，多媒體也有人做的很好，還有什么辦法，我們拿更小的案例，有四個(gè)模式，過去我也講過，有人在寫字樓開商店，把鋪?zhàn)影岬綄懽謽抢锩嫒ィ以谝荒昵耙舱f過，連寫字樓都變成渠道了，在日本有這樣一個(gè)企業(yè)，專門在寫字樓開店鋪，而且是連鎖，方式是區(qū)別于普通的店鋪，提供更好的服務(wù)，提供更升值的服務(wù)，包括檔案的建立，提供商品信息，提供免費(fèi)的避孕套，甚至提供租賃服務(wù)，非常的細(xì)化，必然用更細(xì)致的服務(wù)去提高自己的商業(yè)

The competitive ability, service upwards, means are constantly improving, and the customized mode of the wedding birds is dedicated to office buildings, specifically for white-collar workers, to create the building economy in the clothing industry.

Office buildings have also been occupied, and some people have done it. Of course, the better ones are yoga houses and weight reduction centers.

　　社區(qū)店，前段時(shí)間日本一個(gè)朋友來跟我交流，說中國產(chǎn)生了社區(qū)化網(wǎng)絡(luò)，這個(gè)社區(qū)還給自己定義叫高貴的住宅區(qū)，社區(qū)形成了社區(qū)的經(jīng)濟(jì)，社區(qū)的商業(yè)也隨之形成了，社區(qū)的店鋪專門把自己的店鋪開到高級社區(qū)里面了，如果以深圳、北京以兩萬以上/平米的價(jià)格作為一個(gè)區(qū)別，專門開到這里面的商業(yè)，在武漢有一家企業(yè)，這家企業(yè)專門在社區(qū)里開店，店鋪的銷售額第一個(gè)月15萬，淡季的時(shí)候是10萬，突然看這個(gè)數(shù)字一點(diǎn)都不稀奇，因?yàn)樵谏虉隼锩孀鲆话偃f的企業(yè)都有，但是有一個(gè)數(shù)字要關(guān)注，毛利率有40%，如果在商場里做到30萬，沒有這么多的毛利率，而且在這樣的社區(qū)里面店鋪形象擴(kuò)大了，服務(wù)做得更細(xì)致，依文專門選擇在北京高檔社區(qū)里去自建物業(yè)，開設(shè)自己的社區(qū)店鋪，這個(gè)店鋪里面也提供全天候免費(fèi)的熨燙護(hù)理的服務(wù)，這些都是重新認(rèn)識(shí)，幾年前我們在

關(guān)心山東的說你買兩條褲子我送你一條褲子的時(shí)候，這個(gè)時(shí)代在不斷的演化，所有手段都用之其極，只有想不到，沒有做不到的事情，連公寓也變成開店的地方，現(xiàn)在在中國還沒找到這樣的模式，可以說在美國或者是倫敦可以看到，包括POLO這樣的公司在公寓里面專門建公寓的店鋪，在倫敦有很多這樣的時(shí)尚品牌已經(jīng)找到自己的風(fēng)格定位，他們甚至成為英國旅游指南當(dāng)中最重要的一種文化炫耀的場所，因?yàn)檫@個(gè)地方表達(dá)整個(gè)在英國時(shí)尚文化的一個(gè)集中體現(xiàn)，其他一個(gè)私密性，你買東西到我家里買，這是一個(gè)假的概念，不可能是在家，但是制造的是一種家的感覺，而這種感覺是創(chuàng)造私密的生活片刻，如果我們看看服裝史應(yīng)該知道，過去貴族經(jīng)常去私密的地方去選購這些東西，而公寓店已經(jīng)成為這種新的渠道的方式。

　　游擊店，游擊打一槍換一個(gè)地方，這個(gè)概念在日本早期就還是了，專門利用這些報(bào)廢的倉庫或者是報(bào)廢的加油站，在別人眼里是一個(gè)廢氣的地方，在那里建立自己定時(shí)銷售的店鋪，可能一年開一些時(shí)間，里面原本樣子都不改變，在里面賣最時(shí)尚的產(chǎn)品，也會(huì)賣一部分過季產(chǎn)品，有人在城市廣場做游擊商店，把一個(gè)集裝箱放在那里，也是開一段時(shí)間，有人專門是在某一個(gè)非常重要的街道去建一個(gè)展示點(diǎn)，非常小，你可以接觸我的產(chǎn)品，可以接觸我新功能的面料和新功能的T恤，更有人把店做一個(gè)BuS，開到哪里賣到哪里，40多品牌，一千多個(gè)品類的產(chǎn)品，可以用網(wǎng)絡(luò)通知人們，我今天這個(gè)車會(huì)開到哪里去，這種流動(dòng)的渠道的模式展現(xiàn)在我們眼前。

所以你到了這里，我們在探討盈利模式，無論說店鋪、渠道還是不斷演化出的創(chuàng)新，這里面一切的過程都在提醒我們，這個(gè)市場夠大，這個(gè)市場競爭的層次未來會(huì)更加明顯，取決于你要不要這個(gè)市場，如果我們說把前面所有的觀點(diǎn)一個(gè)學(xué)理的觀點(diǎn)去理解的話，只能說我們漸進(jìn)的改、不斷的改，是一種演化或者是演進(jìn)，慢慢的看，我們超級市場超過你百貨，進(jìn)入了購物中心的市場，到了專賣店的時(shí)代，等等劇烈的變革才能形成革命，而這場劇烈的變革我覺得最關(guān)鍵是在于思想的變革，所以每次在準(zhǔn)備一個(gè)課題的時(shí)候希望有輸出，但是我看到時(shí)間已經(jīng)到了，還要繼續(xù)嗎，我糾結(jié)了一下，我準(zhǔn)備了下面一個(gè)內(nèi)容叫發(fā)展路徑，即使我們不去理解這些東西，或者是這些東西我們沒時(shí)間去理解，或者也不想討論這個(gè)問題，我們?nèi)ニ伎及l(fā)展的路徑，在最后結(jié)束的時(shí)候用三個(gè)現(xiàn)實(shí)版

A case study is given to see if there are any suggestions for the development of textile and garment manufacturing enterprises.

　　第一個(gè)好孩子，大家都知道這個(gè)企業(yè)，這個(gè)企業(yè)很簡單，是在美國可以說因而手推車和汽車兒童座椅是占據(jù)了三分之二的制造生產(chǎn)，有人統(tǒng)計(jì)了一下，在歐洲基本占據(jù)了13%市場，標(biāo)準(zhǔn)的生產(chǎn)型的企業(yè)，產(chǎn)品主要是嬰兒車、電動(dòng)車、自行車、學(xué)步車，這個(gè)13%是很大的，帶有壟斷性質(zhì)的，肯定做的非常好，而這樣的主打產(chǎn)品之后延伸了，延伸到服裝、寢具、食品、其他，當(dāng)進(jìn)入到資本市場游戲規(guī)則，突然發(fā)覺自己這樣一個(gè)生產(chǎn)制造業(yè)企業(yè)，竟然市盈率那么低，這么大家產(chǎn)、家業(yè)，包括市場份額，占據(jù)13%的市場，竟然比不過李寧這樣一個(gè)市盈率，怎么也上不去，我在資本市場不值錢，是因?yàn)閯e人看穿了我的營業(yè)模式，這個(gè)模式?jīng)]有幾何性的增長的可能，也就是說我在生產(chǎn)制造只能做加減法，如果碰到運(yùn)氣不好的時(shí)候還變成除法了，因?yàn)槭袌霭l(fā)生變化了，怎么辦?開始

想要碰零售，第一個(gè)推出了一個(gè)最簡單的方式，一般所有生產(chǎn)企業(yè)都會(huì)有這樣一個(gè)思路，我生產(chǎn)什么就賣什么，推出一個(gè)好孩子傳統(tǒng)零售模式，就把我自己原來的產(chǎn)品放在一個(gè)店鋪里面，我公司叫好孩子，我店鋪的名字也叫好孩子，緊接著發(fā)生第二個(gè)改變，推出一個(gè)新興商業(yè)模式叫媽媽好孩子，不僅買自己的產(chǎn)品，而且賣其他的產(chǎn)品，包括一些母嬰護(hù)理產(chǎn)品，第三個(gè)手段拿到英國一個(gè)高端品牌作為高端的補(bǔ)充，跟它進(jìn)行合資，商業(yè)很有意思，媽媽好孩子是為了上市零售業(yè)增加市盈率最重要的方式，而好孩子跟英國的這個(gè)去保持它零售行業(yè)獲取中高端市場的機(jī)會(huì)，市場就分割出來了，高、中、低分割出來了，高中低不稀奇，必須要有一個(gè)零售模式，叫一站式母嬰生產(chǎn)館，包括安全用品、哺乳用品、嬰幼兒食品，衛(wèi)浴用品、玩具、家居、服飾，在講這個(gè)案例的時(shí)候，這

The price earnings ratio has a chance, because it develops rapidly, continuously introduces the development of the entity, and begins to establish its own e-commerce or virtual platform to sell, in order to determine the position of business in China, of course, it is now facing a lot of changes, but at least the pformation is made, this is a production type enterprise to do a conversion.

　　第二個(gè)公司我相信在服裝行業(yè)的人一點(diǎn)很清楚，叫寶成國際，是標(biāo)準(zhǔn)的OEM企業(yè)，耐克的大部分的訂單來自于它，它自己研發(fā)設(shè)計(jì)能夠拿到2800多人，耐克公司給這些研發(fā)人員講流行趨勢，研發(fā)人員作出產(chǎn)品，由耐克進(jìn)行指導(dǎo)和選擇，這樣的企業(yè)幾乎成為耐克重要競爭力的能力的體現(xiàn)，覺得自己光做OEM，寶成國際幾年前收購一家企業(yè)，耐克跟他說，你做運(yùn)動(dòng)品牌不成了我的對手了，我就停掉了，我相信寶成國際不和平說我為了做中國的民族品牌或者是做一個(gè)國際品牌不要你的訂單，這是不現(xiàn)實(shí)一個(gè)選擇，結(jié)果放棄，耐克公司把這個(gè)破產(chǎn)的公司直接收購，等于說明明可以自己拿得東西必須交給別人，別人說你不要碰，是我的，這個(gè)選擇對它來說也是最痛苦的，但是他做了一次戰(zhàn)略性的調(diào)整，推出一個(gè)中國名字叫勝道，與其我做不了品牌，不能造車上路，我就造路，

I do not become a brand name, I become a channel business, what does it mean? This is the same reason as the case before, which is the same as that of sports 100. It is also the way that Sheng Dao can sell Adidas, Nike or 360, or XTEP, and concentrate on this source, and use a large amount of accumulated capital to compile other channels. Overnight, the name of the channel is changed into Sheng Dao. In the process of starting 08 years, 3881 shops are established, and we can only think about this mode. There are also some deficiencies in it, but it can be seen that the pformation from production form to retail form.

　　講到這兩個(gè)大型的企業(yè)，我就想賣自己的產(chǎn)品，有一家公司是這么做的，最后一個(gè)案例，美國著名的一個(gè)織品制造商，生產(chǎn)毛巾和床單一個(gè)標(biāo)準(zhǔn)的生產(chǎn)型企業(yè)，產(chǎn)品非常簡單，毛巾、床單，后來開始做窗簾，甚至做了一些其他的浴室的家用紡織品，這樣一個(gè)公司，1888年成立，后來在06年的時(shí)候跟北美一家家紡公司重新合并，建立一個(gè)新的公司，為了讓自己的產(chǎn)品能順利的進(jìn)入百貨渠道，把自己的產(chǎn)品進(jìn)行組合了，組合的方式抓住了一件事情，用產(chǎn)品是死的，用產(chǎn)品疊加別的創(chuàng)造一種生活的場景，毛巾是死的，怎么去制造生活場景了，毛巾跟戶外的道具放在一塊，營造出一個(gè)戶外的生活方式，啟發(fā)了很多人說原來毛巾在家里用、戶外用的，各種各樣可以去思考去購買，一個(gè)小小的簡單的生活場景的布局去創(chuàng)造了自己的銷售的增長，這點(diǎn)是值得我們做的單獨(dú)產(chǎn)品的

Enterprises to think about, I also saw in the country a towel making enterprise to make eco towel living hall.

In fact, we can not use any definition and view to solve the complex business that we are facing today. But every forum can not solve all the problems, but we can only solve one thing at the same time, but at least it can bring us deeper thinking. This is my wish, and I hope that in these tens of minutes, we can not only hear the news or the success of others in the dozens of minutes, but we will try it. For the future of China's market and the pformation of distribution channels, I believe that everyone can not just be an audience.