NIO Inc.

Hello, ladies and gentlemen. Thank you for standing by for NIO Incorporated's third quarter 2025 earnings conference call. At this time, all participants are in the listen-only mode. Today's conference call is being recorded. I will now turn the call over to your host, Mr. Ray Chen, Head of Investor Relations and Corporate Finance of the company. Please go ahead, Ray.

Good morning and good evening, everyone. Welcome to NIO's third quarter 2025 earnings conference call. The company's financial and operating results were published in the press release earlier today and are posted on the company's IR website. On today's call, we have Mr. William Lee, founder chairman of the board and chief executive officer, and Mr. Stanley Chu, chief financial officer. Before we continue, please be kindly reminded that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Mitigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the views expressed today. Further information regarding risks and uncertainties is included in certain findings of the company with the U.S. Securities and Exchange Commission. the Stock Exchange of Hong Kong Limited, and the Singapore Exchange Securities Trading Limited. The company does not assume any obligation to update any forward-looking statements except as required under applicable law. Please also note that news, earnings, press release, and this conference call may conclude discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. please refer to Niel's press release, which contains a reconciliation of unaudited non-GAAP measures to comparable GAAP measures. With that, I will now turn the call over to our CEO, Mr. William Li.

William, please go ahead.