Canaan Inc.

Ladies and gentlemen, thank you for standing by, and welcome to Canaan Inc.'s first quarter 2020 earnings call. At this time, all participants are in the listen-only mode. After the management's prepared remarks, we will have a question-and-answer session. Please note, this event is being recorded. Now I'd like to hand the conference over to your speaker host today, Mr. Xiaoke Li, board secretary of the company.

Please go ahead, sir. Thank you very much and hello everyone and welcome to Canaan Inc.'s first quarter 2020 earnings conference call. The company's financial and operational results were released by our newswire services earlier today and are currently available online. Joining us today are our chairman and the CEO, Mr. Nangeng Zhang, and our CFO, Mr. Hong Xuanfu. Mr. Jianping Kong, our co-CEO, and Mr. Xiaoming Lu, and Ms. Li Zhang, our senior vice president, will also be available during the question and answer session. Mr. Zhang will start the call by providing an overview of the company and the performance highlights for the first quarter of 2020. Mr. Hong will then provide the details on the company's operating and the financial results for the period before you open the call up for your questions. Before we continue, I would like to refer you to our safe harbor statement in our earnings press release, which also applies to this call as we will be making forward-looking statements. Please also note that we will discuss non-GAAP measures today, which are more roughly explained and reconciled to the most comparable measures reported under general accepted accounting principles in our earnings release and the filings with the SEC. With that, I will now turn the call over to our chairman and the CEO, Mr. Nangeng Zhang. Mr. Zhang will deliver his remarks in Chinese, and I will provide the corresponding English translations. Please go ahead, sir.

Thank you, Mr. Liu. Thank you.