ATRenew Inc.

Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to ATRenew, Inc.' 's first quarter 2024 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, Drew. Hello, everyone, and welcome to ATR News' first quarter 2024 earnings conference call. Speaking first today is Kerry Chen, our founder, chairman, and CEO. And he'll be followed by Rex Chen, our CFO. After that, we'll open the call to questions from analysts. The first quarter 2024 financial results were released earlier today. The earnings release and investor slides accompanying this call are available at our IR website, ir.atunew.com. There will also be a transcript following this call for your convenience. On today's agenda, Kerry will share his thoughts of our 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 the safe harbor statements. Some of the information you'll 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 today 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 press release, which contains the reconciliation of non-GAAP measures to GAAP measures. Finally, please note that, unless otherwise 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 everyone and welcome to HRE News first quarter 2024 earnings conference call. We are very pleased to share with you our recent developments, pivotal growth drivers and business strategies. In terms of revenue, the total revenue of the first quarter reached 36.5 billion yuan, reaching the high end of the revenue guide zone, with a growth of 27.1%. Among them, a batch of product revenue contributed to the main growth drive, with a growth of 28.5% to 33.1 billion yuan. After that, the growth drive of EBE business will be fully opened. The 3P platform revenue of 3.4 billion yuan has achieved a 15.1% growth rate. The platform revenue has recovered double in two consecutive seasons. There has been a growth in the business of Paiji Tang and PaiPai, which are two trading platforms. There has also been a contribution of multi-level recovery, which has increased the profits and operating profits of the company. Let's begin with some first quarter financial highlights. On the top line, our total revenues increased by 27.1% to 3.65 billion, the high end of our guidance. Net product revenues from 1P business