Canaan Inc.

Ladies and gentlemen, thank you for standing by, and welcome to Canon Inc.' 's first quarter 2020 Tour Earnings Conference 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 that this event is being recorded. Now I'd like to hand the conference over to your speaker host today, Ms. C. John, Investor Relations Manager of the company. Please go ahead, Ms. Zhang.

Thank you, operator. Hello, everyone, and welcome to our earnings conference call. The company's financial and operating results were released by our newsletter services earlier today and are currently available online. Joining us today are our chairman and CEO, Mr. Nam Kung Chang, and our CFO, James Jin Chong. In addition, our Mr. Xiao Minglu, our SVP, Mr. Leo Wang, IR Senior Director, Mr. Clark Susie, IR Director, will also be available during the question and answer session. Mr. Zhang will start the call by providing an overview of the company and performance highlights for the quarter. Mr. Cheng will then provide details on the company's operating and financial results for the period before we 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. Today's call will include forward-looking statements. These statements include but not limited to our outlook for the company and statements that estimate or project future results of operations or the performance of the company. These statements speak only as of the date hereof and the company assume no obligation to revise any forward-looking statements that may be made in today's press release, call, or webcast except as required by law. These statements do not guarantee future performance and are subject to risk, uncertainties, and assumptions. Please refer to the press release and the risk factors and documents we filed with the SEC, including our most recent annual report on Form 20F, for information on risk, uncertainties, and assumptions that may cause actual results to differ materially from those set forth in such statements. In addition, during today's call and webcast, we will discuss both GAAP financial measures and certain non-GAAP financial measures, which we believe are useful as supplemental measures of the company's performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP measure results. You can find additional disclosure regarding these non-GAAP measures including reconciliation with comparable gap measures, gap results in our earnings press release, which is posted on the company's website. With that, I will now turn the call over to our chairman and CEO, Mr. Nangong Zhang. Please go ahead, sir.

Hello, everyone. The first part is about the price. In the first quarter of 2022, the price of Bitcoin will continue to rise In March this year, many cities and regions in China have been affected by the COVID-19 pandemic. and the rise in epidemic prevention measures by local governments have all had a certain impact on our supply chain, production, and logistics. Despite this, our team has still achieved many things in the face of difficulties. The company's internationalization has continued to advance, and at the same time, it has deepened the relationship and service of customers, and has worked hard to maintain the stable operation of the supply chain, and continues to promote the development and operation of new products. This quarter, we have achieved a profit of 4.3 million yuan,