H World Group Limited

Good day and thank you for standing by. Welcome to HVO Quarter 3 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. Please be advised that today's conference is being recorded. I would now like to turn the call over to your first speaker today, Mr. Jason Chen. Thank you. Please go ahead.

Thank you. Good morning and good evening, everyone. Thanks for joining us today. Welcome to Edgeworth Group 2025 Third Quarter Earnings Conference Call. Joining us today is our founder and chairman, Mr. Ji Qi, our CEO, Mr. Jin Hui, our CFO, Ms. Chen Hui, and our CSO, Ms. He Ji Hong. Following their prepared remarks, management will be available to answer your questions. Before we continue, please note that the discussion today will include forward-looking statements made under the safe harbor provision of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in our public findings with the SEC. S-World Group does not undertake any obligations to update any forward-looking statements except as required and applicable laws. On the call today, we will also mention adjusted financial measures during the discussion of our performance. Reconciliations of those measures to comparable gap information can be found in our earnings release that was distributed early today. As a reminder, this conference call is being recorded. The webcast of this conference call, as well as supplementary slides presentation, is available at ir.edgeworth.com. With that, now I will hand over the call to our CEO, Mr. Jin Hui, to discuss our business performance in the third quarter of 2025. Mr. Jin, please.

谢谢。 各位投资人、分析师,大家好。 感谢大家参加华洲集团2025年第三季度业绩电话会。 相信大家都关注到,两周前在华洲集团成立20周年之际, 我们成功地举办了主题为华洲20年再出发的伙伴大会。 Therefore, before looking back at the performance of the third quarter, I would like to use a few minutes to share with you again our views on the Chinese hotel industry and Huazhou's long-term development in the future. To sum up in one sentence, we think Huazhou is deeply related to China. At present, we see that the supply of the Chinese hotel market is relatively sufficient, but the supply of high quality is clearly lacking. Compared to the very mature American market, I believe many of you have noticed that two weeks ago, on the occasion of Edgeworth's 20th anniversary, we successfully held a partner conference