PDD Holdings Inc.

Executive Director and Co-Chief Executive Officer. Our VP of Finance, Ms. Liu Jun, is unfortunately on medical leave. Delivering the prepared remarks on Jun's behalf today will be Ms. Xin Yi Lin from our Investor Relations team, who has spoken on our earlier earnings calls. Lei and Jiajun will make some general remarks and on our performance for the past quarter and our strategic focus. And Xin Yi will then walk us through our financial results for the third quarter ended September 30th, 2025. And during the Q&A session, Lei and Jiajun will answer questions in Chinese and will help translate. Please kindly note that the English translation is for reference only. And in case of any discrepancy, statements in the original language should prevail. Now it's my pleasure to introduce our chairman and co-chief executive officer, Mr. Chen Lei. Lei, please go ahead.

Hello everyone, and thank you for joining our Q3 2025 earnings conference call. This year marks the 10th anniversary of the company's founding. Just before this earnings release, we celebrated our 10th birthday. When we started in 2015, we pioneered the team purchase model, which offered the value proposition of more savings and more funds at scale. and created a new e-commerce defined by three characters, namely Benefit All, People First, and More Open. Since then, we have gradually grown from a startup into a key player in the e-commerce industry, and along our journey, created greater value for our users, our merchants, as well as the industry and the society. This quarter, we reported RMB 108 billion in revenue, with growth remaining under pressure. As always, we prioritize long-term value over short-term results. Looking back over the past decade, we have upheld our core value of Benzene, adhered firmly to our own duties and principles, and maintained focus on our core business of e-commerce. Through our journey, we strive to create value for our users and to address the needs of the widest range of consumers. We have also made every effort in giving back to the industry ecosystem, driving the industry to become more beneficial, more people-first, and more open. Since day one, our mission has been to serve the broadest range of consumers by offering affordable prices and quality services. Ten years ago, we introduced the team purchase model to address the challenges faced by the farmers and growers as well as the industrial belt merchants. This e-commerce model has helped a large base of farmers and everyday workers increase their income while offering urban and rural consumers across through quality foods and daily necessities at affordable prices. Today, 10 years later, our focus remains on the day-to-day of people from all walks of life. We continue to provide consumers with quality goods at affordable prices and help merchants, many of which SMEs, expand their market reach. And ultimately, we help producers and consumers live a better life. As a new e-commerce platform born in the mobile internet era, we moved beyond the traditional online shopping model that places products at the center. And instead, we put people first. We built our model around a consumer focus. We tried to understand the human touch behind every click. And we honored the consumer trust behind every order. We strive to bring more savings and more fun to every purchasing experience. And with this goal in mind, we will continuously driven product innovation, technology iteration, service upgrades, and improvements in product selection and the efficiency of supply chain. In doing so, we aim to satisfy the diverse and rapidly growing needs of everyday consumers. Throughout our journey, we have faced fierce and persistent industry competition. And yet, we have remained steadfast in our focus on the company's intrinsic value in the long run. And we promote the high-quality growth of the platform ecosystem, and we advocate for a more open industry environment. Since last year, We have further elevated our ecosystem development and rolled out substantial merchant support initiatives, such as the $10 billion fee reduction program and $100 billion support program. Through these initiatives, we made investments in our merchants and the wider market, creating room for innovation and growth for both established brands and SMEs. We hope to play our part in facilitating supply chain upgrade in addressing the long standing challenge faced by our merchants who had quality but lack brand recognition. As we look ahead, the e-commerce industry is witnessing even more intense competition. And we will continue to uphold the principles that had guided us for the past 10 years, staying true to our mission of creating value for our consumers, and focused on investing in the high-quality development of our platform and the wider industry. Today, the scale of our business is far greater than it was 10 years ago, and with greater scale comes greater social responsibility. And therefore, As we think about our growth in this new era, we must do so in a way that prioritizes the interest of the wider public and the long-term outlook of the entire ecosystem. Going forward, more strategic initiatives similar to the $100 billion support program will be rolled out to support both supply side and demand side. We are also strengthening our efforts in giving back to the industry and a broader society. Three years ago, we launched our global business, which has now grown to serve many markets. Today, with the rapid involvement of trade barriers and other global events, we are seeing significant shifts in the platform's regulatory environment, including in trade policies, tax rules, data security, and the product compliance regulation across different countries and regions. This means we will inevitably face greater challenges and more uncertainties. As a young global company, we are working hard to learn to keep up and to adapt to these trends. However, there remains significant uncertainties exposing a company to risks that are unpredictable and difficult to quantify, which may impact our financial performance both in the short term and over the long term. And in the midst of fierce industry competition, a complex global environment in our continuous ecosystem investments. Our quarterly profitability will fluctuate and is inherently unpredictable. Therefore, simple linear projection might not be a good way to projecting future performance. As we have emphasized in the past, short-term stock price fluctuation has never been our focus. And rather, our focus remains on building long lasting intrinsic value by doing the right thing and creating value for consumers. It is with our firm commitment to high quality development, we embark on the next decade towards our vision of Costco plus Disney. And with that, we'll turn the call over to Zhao Jiazhen for further remarks.

Good day, everyone.