Full Truck Alliance Co. Ltd.

Ladies and gentlemen, good day and welcome to Full Truck Alliance's fourth quarter and fiscal year 2025 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mao Mao, head of investor relations. Please go ahead.

Thank you, operator. Please note that today's discussion will contain forward-looking statements relating to the company's future performance. which are intended to qualify for the safe harbor form of liability as established by the U.S. Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions, and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and discussion. A general discussion of the risk factors that could affect FTA's business and financial results is included in certain filings of the company with the SEC. The company does not undertake any obligation to update this forward-looking information except as required by law. During today's call, management will also discuss certain non-GAAP financial measures for comparison purpose only. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the earnings release issued earlier today. Joining us today on the call from STA's senior management are Mr. Hui Zhang, our founder, chairman, and CEO, and Mr. Simon Tai, our chief financing and investment officer. We will open the call to questions following brief opening remarks from Mr. Zhang. As a reminder, this conference is being recorded. In addition, a webcast replay of this call will be available on FTA's investor relations website at ir.foodtrackalliance.com. I will now turn the call over to our founder, chairman, and CEO, Ms. Zhang. Please go ahead, sir.

大家好,欢迎各位参加满邦2025年第四季度以及全年业绩的电话会。 2025年第四季度,在复杂的市场环境中,我们持续深化生态体验建设,加强私货交易保障。 Hello everyone, thank you for joining us today for our fourth quarter and fiscal year 2025 earnings conference call.