Luckin Coffee Inc

Ladies and gentlemen, welcome to Luckin' Coffee's first quarter 2023 earnings conference call. All participants will be in listen-only mode during management's prepared remarks, and there will be a question and answer session to follow. Today's conference is being recorded. At this time, I would like to turn the call over to Ms. Alicia Guo, the head of investor relations of Luckin' Coffee, for prepared remarks and introductions. Please go ahead, Alicia.

Hello, everyone. And thank you for joining us on today's call. Locking Coffee announced its first quarter 2023 financial results earlier today. Today, you will hear from Dr. Guo Jingyi, Chairman and CEO of Locking Coffee, and Ms. An Jing, CFO of Locking Coffee. After the company's prepared remarks, the management team will conduct a question and answer session based on questions submitted via the company's webcast. We will be referring to a slide presentation on today's call, which can be found via a conference call webcast link as well as on the company's IR website. The IR website link is investor.lkcoffee.com. During today's call, the company will be making some forward-looking statements regarding future events and results. Statements that are not historical facts including but not limited to statements about the company's beliefs and expectations are forward-looking statements. Forelooking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the company's filing with the SEC. With respect to any non-GAAP measures discussed during the call today, the accompanying reconciliation information related to those measures can be found in the earnings price release issued earlier. During today's call, Dr. Guo will speak in Chinese and his comments will be translated into English. Now I would like to turn the call over to Dr. Guo Jingyi, Chairman and CEO of Locking Coffee. Dr. Guo, please go ahead.

Hello, everyone. Welcome to today's business communication. Thank you for your continued attention and support for Ruixin Coffee. I am the CEO and CEO of Ruixin Coffee, Guo Jinyi. In the first quarter of this year, with the adjustment of epidemic prevention and control measures, the catering industry has recovered rapidly, and the market competition has gradually increased. Faced with a fierce competitive environment, we have still achieved high-speed growth in income and profits, and the size of our stores and the number of users has risen again. At the beginning of April this year, Sennin Latte was listed for two years, with a sales of more than 300 million cups, becoming a worthy annual innovative consumer product. Last year's and this year's first quarter's outstanding performance proved that RuiXing's business model is effective and resilient, with a large-scale efficiency advantage and growth performance, as well as a stable product quality and high brand recognition. In the future, we will firmly expand the market share and prove to the market that RuiXing is powerful and efficient in operation. We will speed up the opening of stores and launch more good and inexpensive products. With higher quality products, more convenient service delivery, more friendly prices, and comprehensive feedback from consumers, we will achieve strategic goals to speed up the increase in market share. Hello everyone. Welcome to today's earnings conference call. And thank you for your continued support of Lacking Coffee. I am Lacking's chairman and CEO Guo Jingyi. In the first quarter of this year,