was mainly driven by the fluctuation of the share-based compensation expenses and a decrease in salaries and well-fare benefits, partially offset by an increase in software and tech… and technical expenses, and second, an increase in software expenses. Income from operations was R&D 897.3 million, equivalent to US dollar 139.3 million in the 3rd quarter of 2021 compared with R&D 900… 979.3 million in the 2nd quarter of 2021. Income tax expenses was R&D 121.4 million, equivalent to US dollar 18.8 million in the 3rd quarter of 2021 compared to R&D 204.2 million in the 2nd quarter of 2021. The decrease was primarily due to a decrease in taxable income. US Gap Net Income was R&D 976.4 million, equivalent to US dollar 159… 151, sorry. 151.5 million in the 3rd quarter of 2021, compared to R&d 824.3 million in the 2nd quarter of 2021. Long Gap Net Income was R&D 452.7 million, equivalent to US dollar 70.3 million in the 3rd quarter of 2021, representing a decrease of 30.5% from R&D 651.8 million in the 2nd quarter of 2021. US Gap, uh, Basic and Diluted Net Income for ADX were R&D 0.724, equivalent to US dollar 0.112 and R&D 0.717, equivalent to US dollar 0.111 respectively in the 3rd quarter of 2021. Compared to US Gap basics and Diluted Net Income for ADX of R&B 0.595 and R&D 0.591 respectively in the 2nd quarter of 2021. Long Gap Basis and Diluted Net Income for ADX were R&B 0.336 equivalent to US dollar 0.052 and R&D 0. 333m equivalent to US dollar 0.052 respectively in the 3rd quarter of 2021. Compared to Non-Gap Basic and Diluted Net Income per ADX of R&D 0.470 and R&D 0.467 respectively in the 3rd quarter of 2021. As of September 30th, 2021, the company had cash and cash equivalent with crypto-cash, short-term bank deposits, short-term investments, and short-term bank deposits of R&D 14.72 billion, uh equivalent to US dollar 2.28 billion, compared to R&D 14.88 billion as of June 30th, 2021. As of September 30th, 2021, approximately US dollar 1.64 billion, equivalent to R&D 10.59 billion was it… was denominated in US dollars. When the 3rd quarter ended in September 30th, 2021, Net Cash used in work-creating activities was R&D 142.9 million, equivalent to US dollar 22.2 million. This concludes our compared remarks today. We will now open the call to questions. Operator, please go ahead. Thank you. We will now begin the Question and Answer Session. To ask a question, you will press star, then one on your touch tone phone. If you're using a speakerphone, we ask you to please pick up your handset before pressing the keys. To withdraw your question, do press star and then two. And for the benefit of all participants on this call, if you wish to ask your question to the management in Chinese, please immediate-ly repeat your question in English. Today's first question comes from inaudible. Please go ahead. Um, hi everyone, and inaudible Management, thank you for the presentation, and this is Lydia inaudible from inaudible. Uh, I have two questions, um, my first question is: Um, given the recent regulation uh, of inaudible developmental, uh, would you like to uh, share with us how will your product's portfolio involve going forward, and what changes can we expect to see in your existing product portfolio? And, my second question is: So, we saw the slow-down for uh, the first inaudible in the 3rd quarter, so could you actually share more color on your 1st quarter to date operations um, trends, and also your outlook for next year given the current, uh, uh, regulation update and, and also the… the COVID situation? Thank you. Uh, thank you very much Lydia. Um, so regarding your first question regarding our product portfolio, so we do have a very clear product development strategy, as mentioned in the opening remarks. We try to offer device products to the right future inaudible for the optimal route to market channel. So, we're full aware of the press conference uh, held by the State Tobacco Monopoly Administration yesterday and also the announced product consultation of the National Electronic Cigarettes Cross-Standards, so we've been in the transition period of our new requirements to become effective, they will strictly comply with regulatory guidelines. So, regarding uh, what will be changed to our current product offerings, uh if and or uh, when the draft National Electronic Cigarettes Cross-Standards become effective, we anticipate we may need to modify some of our current offerings; However, we are very confident that such changes won't be complex for our company, thankfully, and we believe inaudible will still continue to seek out and use our products at harm-reduction or current use. So, regarding your um, second question, uh about market outlooks at 2020, so the current state does not have any um, guidance for the quarter together with next year, so we hope uh, to share more when have the comparative. Thank you very much. Thank you, our next question today comes from Charlie Chen at China Renaissance. Please go ahead. Thank you, Management to take my questions. I have two questions here. The first one is: could you please share your observations on the current comparative landscape for this industry? Uh, are there any changes compared to the first half of this year? And also um, what are your thoughts on the retail pricing for the… the current environment? So that's the first question. And then my second question is: Um, regarding single sales. So, what are the single inaudible sales inaudible stores for now? From your perspective, where do you consider to be a healthy single-stores sales level? Thank you very much. Um, thank you very much, Charlie. So, I mean there are two questions, one is on the um, comparative landscape and the other one is on our inaudible stores. So, I mean, on the first one, um, as mentioned before, uh, during the latter half of the 2nd quarter, um, we do see that the industry developed… did not progress as expected. So, indeed, this has carried into the 3rd quarter and we still see that there are external factors affecting the entire industry, including our company and also-… impacting the entire industry, including our company and also our peers to varying degrees. But in this, uh, regarding inaudible landscape, we have observed reduced industry competition as compared to this first half of 2021. So, um, regarding, like, retail price that you have mentioned. So, we do have increase our promotional access in the first quarter, uh, trying to drive our retail sales and reduce inventory pressure, uh, of our chain. And we have also seen that, given the fourth quarter decline in general consumer spending in China, many other companies similarly in inaudible. For the overall inaudible of our subsidies our promotional efforts described inaudible compared to our consumer inaudible company in China. And we have start already, uh, reducing this further. So, going forward, we will continue to monitor our inventory inaudible, uh, together refuse demand and adjust our promotional efforts promptly to maintain, uh, reasonable retail price of our end users. So, regarding your