Vipshop Holdings Limited

Ladies and gentlemen, good day, everyone, and welcome to the Q3 2019 VIP Shop Holdings Limited earnings conference call. At this time, all participants are in a listen-only mode. At this point, I would like to turn the call over to Ms. Jessie Fan, VIP Shop's Director of Investor Relations. Please proceed.

Thank you, Operator. Hello, everyone, and thank you for joining VIP Shop's third quarter 2019 earnings conference call. Before we begin, I will read the safe harbor statement. During this conference call, we will make forward-looking statements within the meaning of the private securities litigation reform act of 1995 that are based on our current expectations, assumptions, estimates, and projections about VIP Shop Holdings Limited and its industry. All statements other than statements of historical fact women make during the call are forward-looking statements. These forward-looking statements can be identified by words or phrases such as anticipate, believe, continue, estimate, expect, intend, is or likely to, may, can, should, will, aim, potential, or other similar expressions. These forward-looking statements speak only as of the date hereof and are subject to change at any time, and we have no obligation to update these forward-looking statements. Joining us on today's call are Eric Shen, our co-founder, chairman, and CEO, and Donghao Yang, our CFO. At this time, I would like to turn the call over to Mr. Eric Shen.

Good morning and good evening, everyone. Welcome and thank you for joining our third quarter 2019 earnings conference call. During the quarter, we delivered strong operational and financial results, which were made possible by our team's solid execution of the merchandising strategy. Our total active customers increased by 21% year-over-year, which further improved from the 11% year-over-year growth We delivered in the second quarter of this year. The healthily growth momentum of both our repeat and new customers is driven our top line growth, represented by a 10% year-over-year increase in the third quarter of 2019, despite weak seasonality. By shifting back to the discount apparel business, Where our core capability lies, we are seeing better user metrics across the border. As we continue to improve our product offering to more customers' needs, the positive word-of-mouth feedback we receive will enable us to penetrate into new customer segments and attract more new customers over time. This is very important as customer growth are the engines that will drive our top-line growth and profitability improvements in the future. Looking ahead, we will continue to focus on improving our product procurement and driving more value to our customers. As a dominant player in China's discount retail segment, We are well positioned to further expand our market share and generate sustainable value for our stakeholders. At this point, let me hand over the call to our CFO Yang so that he may discuss our strategy in more detail and go over our operational and financial results.