ATRenew Inc.

Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to AT Renew, Inc.' 's first quarter 2026 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, Ms. Jessie Jin, Head of Investor Relations. Please go ahead, ma'am.

Thank you. Hello, everyone, and welcome to HRE News first quarter 2026 earnings conference call. Speaking first today is Terry Chen, our founder, chairman, CEO, and he will be followed by Rex Chen, our CFO. After that, we will open the call to questions from the analysts. The first quarter 2026 Financial results were released earlier today. The earnings press release and investor slides accompanying this call are now available at our IR website, ir.atrenew.com. There will also be a transcript following this call for your convenience. For 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 participate during the Q&A session. Please note our safe harbor statements. Some of the information you will hear during our discussion today will consist of forward-looking statements, and I refer to you 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 ATR&U 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 request 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 call are in RMB and all comparisons are on a year-over-year basis. Now I'd like to turn the call over to Kerry for business and strategy updates.

Hello, investors and analysts. Welcome to the first quarter of the WFJF's first quarter of the first quarter of the first quarter of the first quarter of the first quarter of the first quarter of the first quarter of the first quarter of the first quarter of the first quarter of the first quarter of the first quarter of the first quarter of