ATRenew Inc.

Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to ATRenew Inc. Second Quarter 2022 Earnings Conference Call. At this time, all participants are in the listen-only mode. We will be hosting a question and answer session after management's prepared remarks. Please note today's event is being recorded. I would now like to turn the call over to our first speaker today, Mr. Jeremy Gee, Director of Corporate Development and Investor Relations of the company, Please go ahead, sir.

Thank you. Hello, everyone, and welcome to ATR News second quarter 2022 earnings conference call. Speaking first today is Kerry Chen, our founder, chairman, and CEO. And he will be followed by Rex Chen, our CFO. After that, we'll open the call to questions from analysts. Our second quarter 2022 financial results were released earlier today. The earnings release and investor slides accompanying this call are available at our IR website at ir.atunew.com. There will also be a transcript following this call for your convenience. For today's agenda, Kerry will share his thoughts of the quarterly performance and business strategy, followed by Rex, who will address the financial highlights. Both Kerry and Rex will join the Q&A session. Let me cover a safe harbor statement Some of the information you will hear during our discussion today will consist of forward-looking statements, and I refer you to our safe harbor statements in the earnings press release. Any forward-looking statements that management makes on this call are based on assumptions as of today, and that AT Renew does not take any obligations to upgrade our assumptions on these statements. Also, this call includes discussions of certain non-GAAP financial measures Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to GAAP measures. Finally, please note that as stated, all figures mentioned during this conference call are in RMB, and all comparisons are on a year-over-year basis. I'd now like to turn the call over to Kerry for business and strategy updates.

Hello, investors and analysts. Hello everyone, and thank you for joining us on our second quarter 2022 earnings conference call. 今年二季度是自从2020年初的新冠肺炎出现以来,外部环境作为复杂,公司运营层面最具挑战的一个季度。 First of all, looking at the business development of the front-end cities, the core cities of our EP recovery business have been severely affected by Q2. Many large cities such as Shanghai and Beijing, especially Shanghai, have been under social control for more than two months in a row. We are forced to close the stores in many regions or carry out strict prevention measures. It is difficult for us to carry out the recovery of the users face-to-face. We also encountered During the second quarter, we faced unprecedented challenges to our operations in the most complex external environment