ATRenew Inc.

Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to AT Renew Inc.'s second quarter 2026 earnings conference call. At this time, all participants are in 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. Jenny Jin, Head of Investor Relations. Please go ahead, ma'am. Thank you.

Hello, everyone, and welcome to ATRenew's second quarter 2026 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 will open the call to questions from the analysts. The second 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 you to our safe harbor statements in the earnings pressure release. Any forward-looking statements that management makes on this call are based on assumptions as of today, and that IT Renew does not take any obligations to operate our assumptions on the 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 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.

OK. Hello, investors and analysts. Welcome to the second quarter of the 2026 Group of Tencent Group. We are very happy to share with you the results of this quarter, and share our thoughts on the industry trend and company strategy.