Vipshop Holdings Limited

Ladies and gentlemen, thank you for standing by. Good day, everyone, and welcome to Bishop Holdings Limited first quarter 2020 earnings conference call. At this point, I would like to turn the call over to Ms. Jessie Fan, Bishop Directors of Investor Relations. Please go ahead, ma'am.

Thank you. Thank you, operator. Hello, everyone, and thank you for joining BSE Shop first quarter 2020 earnings conference call. Before we begin, I will read complete hardware statements. During this conference call, we will make forward-looking statements within the meaning of the Private Superiority Litigation Reform Act of 1995 that are based on our current expectations, assumptions, estimates, and projections about the exit shop holding facilities and in the community. All statements other than statements of historical fact were made during this call are forward-looking statements. These forward-looking statements are identified by words or phrases such as anticipate, believe, continue, estimate, expect, intend, is for our cybersecurity, say, plan, should, what, age, potential, or other similar expressions. These forward-looking statements speak only as of the date they are all and are subject to change at any time, and we have no obligation to update these forward-looking statements. Joining us on this call are Eric Shen, our Co-Founder and Chairman, Joe Hong, and 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 first quarter 2020 Earnings Conference Call. We are pleased to have delivered resilient results in the first quarter of 2020. Despite the negative impact from the COVID-19 pandemic, the retail industry was meaningfully impacted by the pandemic, and the payroll category was especially affected due to people leaving their homes less often. Through this difficult time, we worked closely with our suppliers and SF Express to continue to provide great products and reliable service to our customers. We also spent a lot of We are glad that everyday life in China has returned to normal, and our business has been healthily recovered as well. Our GMV has grown nicely in May, driven by the consumption recovery in our core category. In addition, we will be launching our June promotion event soon. We think this year's June promotion event has a great opportunity to help our suppliers catch up on sales while providing our customers with great deals in summer wear at the change of the season. Looking into the rest of the year and beyond, we stay positive about the outlook of our company. We believe now is a great time for We are an e-commerce company to gain shares from offline retailers, and we are especially well positioned to expand our market share in China's discount retail market. Looking ahead, we will continue to improve on our merchandising capabilities. As our brand partners are facing challenges with excess inventory, we are committed to working with them more effectively while offering the best deal to our consumers. creating a win-win situation for all parties. At this point, let me hand over the call to our CFO, Donghao Yang, so that he may discuss our strategies in more detail and go over our operational and financial results.