The opening of a store, as reflected in the company's semi-annual report, is a new offline store that has opened and entered the sales period. Currently, there are still some stores that have paid a deposit in advance or are being renovated and are awaiting opening. Judging from the store opening situation up to now, there is a slight difference from the previous two years. Structurally, there is no impact from the external environment this year, and the number of directly-managed stores has increased compared to the past. However, in the past few years, brands have been relatively conservative about opening offline stores, so they have more and better store resources. However, entering this year, brands have stepped up their efforts to open offline stores, which has also made the competition for opening stores even more intense. The company has accumulated sufficient store opening experience and management system over the past few years, which can also further improve the efficiency of opening stores.