Yunji Inc.

Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to Yungi's second half 2025 earnings conference call. With us today are Mr. Shang-Lu Hsiao, Chairman and Chief Executive Officer, and Mr. Nan Song, Senior Financial Director. As a reminder, this conference call is being recorded. Before we start, please note that this call will contain forward-looking statements and within the meaning of the Private Securities Litigation Reform Act of 1995 that are based solely on the company's current expectations and current market operating conditions and relate to events that involve known or unknown risks, uncertainties, and other factors of Yunji and its industry. These forward-looking statements can be identified by terminologies such as will, expect, anticipate, continue, or other similar expressions. For a detailed discussion of these risks and uncertainties, please refer to the company's related documents filed with the U.S. SEC. Any forward-looking statements that the company makes on this call are based on assumptions as of today and are expressly qualified in the entirety by cautionary statements, risk factors, and details of its filing with the SEC. The company does not undertake any obligation to update these statements except as required under applicable law. With that, I will now turn it over to Mr. Shang-Lu Xiao, Chairman and CEO of Yunji. Please go ahead, sir.

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