Dingdong (Cayman) Ltd ADR

Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to the Ding Dong Limited fourth 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 Zhang, Director of Investor Relations. Please go ahead.

Thank you. Hello, everyone, and welcome to Dingdong's fourth quarter 2022 earnings call. With us today are Mr. Changlin Liang, our founder and CEO, and Ms. Le Yu, our CISO. You can refer to our fourth 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 the 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 our earnings release and the filings with the SEC. I will now turn the call to our first speaker today, the founder and the CEO of Dingdong, Mr. Liang.

Thank you, dear friends of Dingdong Maicai. Welcome to Dingdong Maicai's Q4 Q&A in 2022. First, I would like to briefly review Dingdong Maicai's Q4 Q&A. In Q4, Dingdong Maicai previously received 6.2 billion RMB. In the last year, the growth was 13.1%, and the capital purchase market achieved 49.88 million in net profit under GAF standard. This is the first time to achieve full profit under GAF standard. Under non-GAF standard, the net profit was 1.16 billion yuan. After a year and a half of hard work, under the non-GAF standard, we have lost a quarter of our profit since the IPO. Thank you, everyone, and welcome to Dingdong's fourth quarter 2022 earnings conference call. Let's first review the quarter's operational results. Our revenue of $6.2 billion reflected 13.1% year-over-year growth,