ATRenew Inc.

Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to ATRenew, Inc.' 's first quarter 2023 earnings conference call. At this time, all participants are in a 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 will now turn the call over to the 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 ATB News first quarter 2023 earnings conference call. Speaking first today is Kerry Chen, our founder, chairman, and CEO. And he will be followed by Rex Chen from the CFO. After that, we'll open the call to questions from analysts. The financial results we released earlier today, the earnings released and investors' lives accompanying this call are available at our IR website, ir.atrenew.com. There will also be a transcript for this call for your convenience in English and Chinese. For today's agenda, Kerry will share his thoughts of the quarter's performance and the business strategy. followed by Rex, who will address the financial highlights. Both Kerry and Rex will join the Q&A session. Let me cover the safe harbor statements. Some of the information you will hear during our discussion today will consist of forward-looking statements, and I'll refer you to our safe harbor statements in the earliest press release. Any forward-looking statements that management makes on this call are based on assumptions as of today, and that's AT&T news does not take any allegations to upgrade our assumptions on these statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earliest release, which contains a reconciliation of non-GAAP measures to GAAP measures. Finally, please note that, unless otherwise stated, all figures mentioned during this conference are in R&D, and all comparisons are on year-over-year budgets. I'd now like to turn the call over to Kerry for business and strategy updates.

各位投資者和分析師,大家好。 歡迎各位參加萬物新生集團2023年第一季度業績電話會。 Hello, everyone, and welcome to A3 News' first quarter 2023 earnings conference call. 28.72 billion yuan in total revenue, exceeding the high of the last quarter. At the same time, we once again achieved a profit breakthrough, achieving a net gap of more than 44 million yuan in net profit. The net net profit rate has reached 1.5%. In the first quarter of this fiscal year, the company's performance surpassed the traditional short-term expectations of the auto industry, achieving a super target of income and profit.