LightInTheBox Holding Co., Ltd.

Hello, ladies and gentlemen. Thank you for standing by for Light in the Box's fourth quarter and full year 2025 earnings conference call. At this time, all participants are in 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. Serena Wong. Please go ahead, Serena.

Thank you, operator. Hello, everyone, and welcome to Light in the Box fourth quarter and four-year 2025 earnings conference call. The company's earnings results were released via Newswire services earlier today and are available on the company's IR website at ir.ador.com. On the call from Light in the Box today are the CEO, Mr. Jian He, and the CFO, Mr. Su Haiji. Mr. He will provide an overview of the company's strategies and highlights, followed by Mr. G, who will go over its financial results. Following our prepared remarks, we'll open the call to questions. Before we proceed, please note that this discussion may contain forward-looking statements made under the of the US 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 Form 20-F filed with the SEC. 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 the discussions of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. Please refer to the company's earnings press release which contains 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. Hu. Please go ahead.

Good morning and good evening, everyone. Thank you for joining Light in the Box fourth quarter and four year 2024 earnings call. We are pleased to report exciting results for the fourth quarter and the four-year 2025, marking a key milestone in our transformation into a global consumer lifestyle company. In 2025, we delivered consecutive profitable quarters, which record quarterly profit in Q4 and a remarkable four-year turnaround. Despite a challenging e-commerce environment we regained a positive year-over-year revenue growth in the first quarter of 9%, while achieving a regular net income of $3.3 million for the quarter and $8.3 million for the year. Our strategy of involving Light in the Box on the platform into a consumer lifestyle company is clearly working. Capturing consumer preference and sentiment, we offer differential products that drive consumer engagement through deep emotional resonance. The Lighting Box online platform now focuses on festivals, holidays, and special occasions, offering highly customized, non-standard products that adjust consumers' sentiment and lifestyle requirements rather than purely functional needs, thus allowing us to common premium pricing. To further complement and strengthen our positioning as a consumer lifestyle company, we also adopt a brand match strategy by launching three proprietary apparel brands successfully since 2024. in women's fashion, golf apparel, and light party dress. These brands build around the social attributes of women aged 30 and above, delivering emotional value and a more relaxed, enjoyable lifestyle experience across scenarios such as vacations, social golf, and parties. That involves online business, and the new brands create a powerful synergy, tagging our hot streams and forging emotional connections with our core customers. Such two-pronged, unified approach towards consumer lifestyle positioning has yielded great results. In 2025, our branded apparel business grows over 143%, and already accounted for 17% of total revenue, up from just 6% in 2024. Helped by higher pricing power and the growth of our branded apparel business, we achieved a four-year gross margin of 65% in 2025, the highest level since becoming a public company. in 2013, along with positive operating cash flow of $6.2 million. In addition, we have fully-impressed AI to capture the real-time marketing chance and drive operational efficiency across all aspects of our business, such as product design, photo garage style, marketing channels, and customer service, end-to-end AI automation has also contributed to a workforce optimization of 58% since 2023, thus further improving our profit margin and financial results. 2025 was indeed a milestone in our history as a public company as we navigated through challenging and intense competitive e-commerce environment, executed a business turnaround, and a return to profitability. Looking ahead to 2026, we remain committed in our continual transformation to becoming a global consumer lifestyle company, and are confident in our ability to deliver overall revenue and growth. With that, I will hand the call over to Shu Hai. to go through our financial results.