LightInTheBox Holding Co., Ltd.

Hello, ladies and gentlemen. Thank you for standing by for Light in the Box's third quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question and answer session. Today's conference call is being recorded. I will now turn the call over to your host, Ms. Jenny Cai. Please go ahead, Jenny.

Thank you, Operator. Hello, everyone, and welcome to Lighting the Box third quarter 2024 earnings conference call. The company's earnings results were released via Newswell Services earlier today and are available on the company's IR website at iradore.com. On the call from Lighting the Box today are Mr. Jian He, CEO, Mr. Yuan Junye, CFO, and Ms. Wen Yuliu, Chief Growth Officer. Mr. He will provide an overview of the company's strategies and the recent developments, followed by Ms. Ye, who will go over its financial results. Following our prepared remarks, we'll open the call to questions. Before we proceed, please note that today's discussion may contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from the company's current expectations. To understand the factors that could cause results to materially differ from those in forward-looking statements, please refer to the company's firm 20F filed with the Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements except as required under applicable law. Please also note that light-in-the-box earnings press release and this conference call include discussions of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. Please refer to the company's earnings press release which concerns a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures. Now, I'd like to turn the call over to Light in the Box CEO, Mr. He. Please go ahead.

Good morning and good evening, everyone. Thank you for joining Light in the Box third quarter 2024 earnings call. In the face of intense competition across the e-commerce industry, in 2024, we made the strategic decision not to trace market share as earning cost. Rather than participating in a race to the bottom, we shifted our focus to protecting our margins and enhancing profitability earlier this year. This approach has enabled us to achieve profitability despite the significant revenue fluctuations as we navigate an incredibly competitive landscape. But that's not the only story. We are transforming Net-In-The-Box from an e-commerce retailer into a brand-focused apparel designer. It is the launch of our new brand, Adore.com. Adore isn't just another online store. It is a bold, design-driven venture that reflects our commitment to quality and style. With Adore, we will be crafting proprietary apparel collections and selling them directly to consumers online, allowing us to control quality, brand image, and ultimately profitability. What makes it truly exciting is our approach to product development and the customer engagement with design studios and the sample shops in both the United States and China, including a boutique and a design studio in Campbell, California. We are able to gather real-time feedback from customers and refine our collections to meet their preference. We recently hired a talented new designer based in the United States, and we are thrilled with their fresh perspectives and creativity they bring to our team. Our aim is to offer high-quality clothing at prices 50% lower than similar brands without sacrificing our margins. This direct-to-consumer model is already delivering higher margins, offering an encouraging path to sustainable growth Unlike traditional retailers, Adobe allows the other costs associated with maintaining a physical retail network, which allows us to invest more in the brand's designs and the product quality. In addition to women's clothing, the company is expanding into niche markets with women's golf apparel and a new line of men's clothing. to further broaden our customer base. These expansions represent our commitment to building a brand ecosystem around a door that resonates with quality-conscious, style-savvy consumers. Beyond fashion, Lightingbox is also leveraging its team's extensive experience and expertise to offer a comprehensive suite of services to e-commerce companies. This includes advertising, supply chain management, payment processing, order fulfillment, shipping, and delivery solutions. These capabilities have been developed through years of refining our processes, and they represent another pillar of growth of our business. In summary, Lighting the Box is undergoing a transformative journey. Our Legends e-commerce site will remain active, but the heart of our future growth lies in Adore and our host brands, as well as our e-commerce services. This shift not only aligns us more closely with our customers, but also perhaps the way for stronger sustainable profitability. With that, I will now hand the call over to Yuanjun to go through our financial results.