JD.com, Inc.

Hello, and thank you for standing by for JD.com's fourth quarter and full year 2020 earnings conference call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question and answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the meeting over to your host for today's conference, Ruiyu Yu'i. Thank you. Please go ahead. Thank you, operators, and welcome to our first quarter full year 2020 earnings conference call. Joining me on the call today are Mr. Lei Xu, CEO of GD Retail, and Sandy Xu, our CFO. For today's agenda, Mr. Xu will share his thoughts on the recent business trend, followed by our CFO, Sandy, who will discuss highlights for the first quarter and the full year 2020. Both of them will join the Q&A session. Before we continue, I refer you to our state harbor statement in the earnings press release, which applies to this call as we make forward-looking statements. Also, this call includes discussions of certain non-GAAP financial merits. Please refer to our earnings release, which contains a compilation of non-GAAP merits to the most direct comparable GAAP merits. Finally, please note that, unlike otherwise stated, All the thinkers mentioned during this conference call are in RMB. Now I would like to turn the call over to our CEO of GD Retail, Mr. Lei Xu.

Thank you, Ray Yu. Hello, everyone.

Thank you for joining our Q4 Earnings Call. This is Xu Lei, CEO of JD Retail. I'm glad to take this opportunity today to share with you JD Retail's 2020 review and our outlook for the new year.