PDD Holdings Inc.

Ladies and gentlemen, thank you for standing by and welcome to PDD Holdings, Inc. Fourth Quarter and Fiscal Year 2025 Earnings Conference Call. At this time, all participants are in listen-only mode. There will be a presentation followed by a question and answer session, at which time, if you wish to ask a question, you will need to press star 1 on your telephone. Please be advised that today's conference call is being recorded. I would now like to hand the conference over to your host today. Sir, please go ahead.

Thank you, Operator, and hello, everyone, and thank you for joining us today. PDD Holdings' earnings release was distributed earlier and is available on our website at investor.pddholdings.com, as well as through the Globe Newswire services. Before we begin, I would like to refer you to our safe harbor statement in earnings price release, which applies to this call, as we will make certain forward-looking statements. This call also includes discussions of certain non-GAAP financial measures, Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to GAAP measures. Joining us today are Mr. Chen Lei, our co-chairman and co-chief effective officer, and Mr. Zhao Jiazhen, our co-chairman and co-chief effective officer. Our VP of Finance, Ms. Liu Jun, is unfortunately on medical leave. Delivering the prepared remarks today will be Mr. Li Jiong, our finance director. Jiazhen and Lei will make some general remarks on our performance for the past quarter and our strategic focus. Jiong will then walk us through our financial results for the fourth quarter and the fiscal year ended December 31, 2025. During the Q&A session, Lei and Jiazhen will answer questions in Chinese and will help translate. Please kindly note that English translation is for reference only. In case of any discrepancy, statements in the original language should prevail. Now, it's my pleasure to introduce our co-chairman and co-chief executive officer, Zhao Jiazhen.

Jiazhen, please go ahead. Hello everyone, and thank you for joining our earnings call for the fourth quarter and fiscal year of 2025. we launched the first 1000 billion-level exchange strategy in the e-commerce industry. The company put all its efforts into it and raised the exchange rate to a new level. At the year-end shareholders' meeting, we upgraded the company's governance structure, implemented the contact president system, and further upgraded the company's strategic center to a heavy-duty supply chain, focusing on the development of high-quality branded supply chains, and promoting the entire supply chain system to achieve value-added