Kuke Music Holding Limited

Good morning and good evening, ladies and gentlemen. Thank you and welcome to KUKA Music Holding Limited's fourth quarter 2020 earnings conference call. At this time, all participants are in a listen-only mode. We will be hosting a question and answer session after management's prepared remarks. I will now turn the call over to the first speaker today, Ms. Claire Choi, PR Director, and I are of KUKA Music Holding Limited. Please go ahead, ma'am.

Thank you. Hello, everyone. Welcome to our fourth quarter 2020 earnings call. Thanks for joining us today. On the call with me today, there are Mr. Yu He, KUKA's founder, chairman, and CEO, and Ms. Sun, the president of KUKA Music, Mr. Tony Chan, the CFO of KUKA Music, Mr. Yu and Ms. Sun will give a general overview, and then Tony will discuss the financials. Following the prepared remarks, our team will be available to answer your questions. You can refer to our fourth quarter 2020 financial results on our IR website at ir.kuke.com. You can also track a replay of this call when it becomes available in a few hours on our IR website. Before we start, please note that this call may contain forward-looking statements made pursuant to the Safe Harbor Prohibition for the Private Securities Legitimacy Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations that involve known and unknown risks, uncertainties, and other factors not under the company's control, which may cause actual results, performance, or achievement of the company to be material difference from the results performance or expectations implied by this forward-looking statement. All forward-looking statements are expressly qualified in their entirely by the cautionary statement, risk factors, and details of the company's filing with the SEC. The company undertakes no duty to revise or update any forward-looking statement for selected events or circumstances. after the date of this conference call. As a reminder, this conference will be recorded. In addition, a live and archived webcast of conference call will be available on KUKA Investor Relations website at ir.kuke.com. It's now my pleasure to introduce our first speaker, Mr. Yu.

Thank you, Claire. Good morning and good evening, everyone. Welcome to our first-ever earnings call as a listed company. First, I would like to thank our investors for all of the outstanding support you have given to our company. For most companies, 2020 was not an easy year. However, since the second half of 2020, China's economy has largely recovered from COVID-19. By the fourth quarter of 2020, our operations had also largely recovered, especially compared with the first three quarters of the year. This improvement was mainly driven by two trends. First, was the overall rebound of economic activities in China. Second, was the resumption of our customers' business operations. In September, for example, as most of China's Kingdoms Garden reopened, our music education business entered into a new growth cycle. And we have observed a strong demand for our music education services since then. As a leading provider of smart music education solutions in China, we expect our kindergarten segment to continue to perform well going forward. We also benefited from the stability and the loyalty of our licensing and subscription customer base. In the fourth quarter, The majority of our customers from this segment renewed their service contracts with us. And more and more traditional businesses are going online and into the digital world. These companies will need music solutions to improve their customer experiences. Next, I will pass to Patricia Sun, president of Cook Music. who will introduce our business segment highlights.