LightInTheBox Holding Co., Ltd.

Good morning, everyone, and welcome to the second quarter 2021 Earnings Conference call for Light in the Box holding call limited. Today's conference is being recorded. At this time, I would like to turn the call over to Mr. Rene and Westheim for opening remarks and introductions. Please go ahead, sir.

Thank you, Ray. Hello, everyone, and welcome to Light in the Box second quarter 2021 Earnings Conference call. The company's earnings results were released earlier today and are available on the company's IR website as well as through PR Newswire. Today you will hear from Light in the Box CEO, Mr. Jian He, who will give an overview of the company's strategies and recent developments, followed by Ms. Wang Jun Ye, the company's Chief Financial Officer, who will go over the financial results. Together with them today is Min Wenyu Liu, the company's chief growth officer. All will be available for the Q&A after the prepared remarks. Before we proceed, I would like to remind you of our safe harbor statement. Please note that the discussion today may contain certain forward-looking statements made under the safe harbor provisions of the US Private Securities Integration Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from all current expectations. To understand the factors that could cause results to materially differ from those in the forward-looking statements, please refer to our Form 20-F filed with the Securities and Exchange Commission on April 21st, 2021. We do not assume any obligation to update any forward-looking statements, except as required under applicable law. At this point, I'd like to turn the call over to Mr. Herc. Mr. He, please go ahead.

Yeah, thanks, Renan. Thank you, everyone, for joining us today. Following a solid first quarter, we continued to achieve stable year-over-year growth in the second quarter. Total revenue reached $122.2 million, up 7.3% from the same period of 2020. Our gross profit margins in Q2 was 46.8%, higher than 43.5% in the same period of 2020, while adjusted in data grew by 59% year-over-year. Total revenues for the first half of this year were $234.2 million, representing a 41.6% increase from the first half of 2020. From the macro perspective, as vaccination rates around the world increase, people are engaging in more outdoor and social activities with family and friends, as well as offline shopping at retail stores and malls. It's a good phenomenon, and we are pleased to see this happen. In the long run, we believe that online and offline shopping can complement each other for a better shopping experience. Overall speaking, our sales in Q2 continued to sustain a healthy growth momentum. Product sales increased by 11% year-over-year. Notably, apparel sales increased by 149%, and is our top category, contributing 62% of the total product sales in Q2. compared with 28% in Q2 last year. For the first half of the year, apparel sales grew by 56% from the same period of last year. The solid performance is attributable to our enriched and select product portfolio and our continuous efforts in enhancing our customers' shopping experience. On the other hand, we believe that investing R&D is a critical element that fuels our solid position to stand out from the field competition. Our R&D expense increased by 52% year-over-year to $5.1 million in Q2 as we continued to strengthen our R&D capabilities. accelerated the shift towards online shopping, but at the same time, it has attracted more competition to the e-commerce space from new and established players. Right now, we are still facing economic uncertainties, partly due to the resurgence of the coronavirus in a number of countries. We will continue, as in the past quarters, to implement strategies to enhance our platform to be more responsive and user-friendly so that the customer will enjoy the comprehensive product selections and the convenience of online shopping even more on our websites and mobile app. I will now turn the call over to Yuanjun to go through the financial results.