PDD Holdings Inc.

Ladies and gentlemen, thank you for standing by. Please continue to hold and the webcast will begin in a few minutes. Thank you. Thank you for watching. and many more. Thank you. Li Wenjie, Li Wenjie Li Wenjie Li Wenjie Li Wenjie, Li Wenjie Li Wenjie Li Wenjie Ladies and gentlemen, thank you for standing by and welcome to PDD Holdings Inc. Second Quarter 2026 Earnings Conference Call. At this time, all participants are in a 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 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 conference earnings release was distributed earlier and is available on our website at investor.pddholdings.com, as well as through the Gold Newswire services. Before we begin, I'd like to refer you to our safe harbor statement in the earnings press release, which applies to this call, as we'll make certain forward-looking statements. Also, this call 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 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 Jun, our financial director. Lei and Jiazhen will make some general remarks on our performance for the past quarter and our strategic focus. Jun will then walk us through our financial results for the second quarter ended June 30, 2026. On today's call, certain management remarks will be in Chinese and will help translate. Please kindly 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, Mr. Zhao Jiazhen. Jiazhen, please go ahead. Hello, everyone. I'm Zhao Jiazhen. Hello everyone, this is Jiazhen Zhao. Thank you for joining our earnings call for the second quarter of 2026. Before we formally begin, We would like to take this opportunity to express our deepest condolences on the passing of our Independent Director, Professor Yvonne Richards, and to pay our highest tribute to her significant contributions and dedicated service during her tenure with us.

Professor Richards has served as the Director-General of the University of Ningen in the Netherlands for a long time. She has an international reputation in the field of private research and pharmaceuticals. Since being the independent chairman in August of 2023, Professor Richards has proposed valuable professional advice for the company's governance and development. At the same time, the University of Holland-Waheningen, as a long-term partner of many agricultural competitions, continues to contribute to the international market and professional guidance for the market, helping the market to become an important platform for global agricultural technology innovation and talent growth. We will continue to support the professor's passion for agricultural business, continue to increase his investment in agricultural and agricultural, and pass on his professional spirit to long-term action. will contribute more to global agricultural development and food security. Next, let's go back to the performance of this quarter.