ZKH Group Limited

Good day, and welcome to ZKH Group Limited's fourth quarter and fiscal year 2024 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Jin Li, head of investor relations. Please go ahead.

Thank you, operator. Thank you, everyone, and welcome to our call today. Joining us today are Mr. Eric Cheung, our Founder, Chairman, and Chief Executive Officer, and Mr. Max Lai, our Chief Financial Officer. Before turning the call over to Eric, I'd like to briefly review our Safe Harbor provisions. Please note that the comments made during today's call represent management views as of today, and may include forward-looking statements. For further details, please refer to our latest Safe Harbor statement. in the earnings release on our IR website. We will also discuss certain non-GAAP financial measures for comparison purpose only. Please refer to the earnings release for definitions of these measures and a reconciliation of GAAP to non-GAAP results. With that, I will now turn the call over to Eric. Eric, please go ahead.

Hello, everyone. I would like to thank everyone for attending and the annual performance conference. In the fourth quarter, our GMV is 26.9 billion RMB. In the whole year of 2024, GMV is 104.8 billion RMB. The same ratio has dropped slightly, mainly due to the impact of business optimization adjustment. If we exclude the impact of business adjustment, in the fourth quarter of 2024 and the whole year, GMV has achieved a double-digit increase.