PDD Holdings Inc.

Thank you for standing by and welcome to the PDD Holdings Incorporated 1Q2026 earnings conference call. All participants are in a listen only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to our host today. Please go ahead.

Thank you, operator. 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 start, I'd like to refer you to our safe harbor statement in the press earnings release, which applies to this call. as well make certain forward-looking statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our readiness release, which contains a reconciliation of non-GAAP measures to GAAP measures. Joining us today on the call are Mr. Chen Lei, our co-chairman and co-chief executive officer, Mr. Zhao Jiazhen, our co-chairman and co-chief executive officer, as well as Mr. Li Jiong, our financial director. Lei Yangjiajun will make some general remarks on our performance for the past quarter and our strategic focus. And Jun will then walk us through our financial results for the first quarter ended March 31, 2026. During the Q&A session, Lei Yangjiajun will answer questions in Chinese and will help translate. Please note that 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 Co-Chairman and Co-Chief Executive Officer, Zhao Jiazhen. Jiazhen, please go ahead.

Hello everyone, this is Zhao Jiazhen. Thank you all for joining the first quarter of the first quarter of the first quarter of the first quarter of the first quarter of the first quarter of the first quarter of the first quarter of the first quarter of the first quarter of the first quarter of the And this year marks the beginning of PDD's second decade.