Dingdong (Cayman) Ltd ADR

Good morning and good evening, ladies and gentlemen. Thank you for standing by. And welcome to the Ding Dong Limited Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please note that this event is being recorded. I will now turn the conference over to the first speaker today, Nikki Zeng, Director of Investor Relations. Please go ahead, sir.

Thank you. Hello, everyone, and welcome to Dingdong Third Quarter 2022 Earnings Call. Visitors today are Mr. Changlin Liang, our founder and CEO, and Ms. Le Yu, our CFO. You can refer to our Third Quarter 2022 financial results on our IR website at ir.100.me. You can also access a replay of this call on our IR website when it becomes available a few hours after its conclusion. For today's call, management will provide their prepared remarks first, and then we will be hosting a question and answer session. Before we continue, I would like to refer you to our safe harbor statement in our earnings press release, which also applies to this call. As we will be making forward-looking statements Please note that all numbers stated in this following management prepared remarks are in RMB terms. And we will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported in your earnings release and filings with the SEC. I will now turn the call to our first speaker today, the founder and the CEO of Dingdong, Mr. Liang. Mr. Liang, please go ahead.

好的,谢谢各位投资人,分析师,媒体人,谢谢各位京东买菜的好朋友。 欢迎大家来参加京东买菜2022年Q3海宝分析会。 Thank you, and welcome to Ding Dong's Q3 earnings call in 2022. Today, I would like to discuss our Q3 operational performance, some thoughts on product development capabilities, and our next steps. First, let's dive in our Q3 performance. As we expected, revenue in Q3 was 5.94 billion RMB with a non-GAAP net loss margin of 4.8%. Last year, Q3, we felt that the economic situation and the change in the entrepreneurial environment, the rapid adjustment, and the development strategy of performing efficiency-oriented, solid-scale, non-gas-standard losses have reduced from 31.9% in the same period last year to 4.8% in Q3 this year. According to the current development speed, We quickly adapted to the changing business environment in the third quarter last year and began our strategy of efficiency first with due consideration to scale.