ATRenew Inc.

Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to the AT Renew Inc.' 's third quarter 2025 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 call is being recorded. I would now like to turn the conference over to your first speaker today, Mr. Jeremy Gee, head of corporate development. Please go ahead, sir.

Thank you. Hello, everyone, and welcome to ATR News third quarter 2025 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 the analysts. The third quarter 2025 financial results were released early today. The earnings press release and investor slides accompanying this call are now available at our IR website, ir.antirenew.com. There will also be a transcript following this call for your convenience. For today's agenda, Kerry will share his thoughts about quarterly performance and business strategy, followed by Rex, who will address the financial highlights. Both Kerry and Rex will participate during the Q&A session. Please note our safe harbor statements. Some of the information you hear during our discussions 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 HVNU 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 a reconciliation of non-GAAP measures to GAAP measures. Finally, please note that unless otherwise stated, all figures are mentioned during this conference call are in RMB, and all comparisons are on year-over-year basis. And now I'd like to turn the call over to Kerry for business and strategy updates.

Thank you. Hello, investors and analysts. Hello everyone and thank you for joining ATV News 3rd Quarter 2025 Earnings Conference Call.