Luckin Coffee Inc

Ladies and gentlemen, welcome to Luckin' Coffee's fourth quarter and full year 2025 earnings conference call. All participants will be in a listen-only mode during management's prepared remarks, and there will be a question and answer session to follow. Please be advised that today's call is being recorded. Now, I'd like to turn the call over to Ms. Nancy Song, Head of Investor Relations at Luckin' Coffee. Nancy, please go ahead.

Thank you, and hello, everyone. Welcome to Locking Coffee's fourth quarter and the full year 2025 earnings conference call. We announced our financial results earlier today before the U.S. market opened. The earnings release is now available on our IR website and the value of our services. Today, you will hear from Dr. Bo-Jing Li, co-founder and CEO of Locking Coffee, who will share a strategic overview of our business. Following that, Ms. Anjing, our CFO, will discuss our financial results in greater detail. Afterwards, we will open up the poll for questions. During today's call, we will be making some forward-looking statements regarding future events and expectations. Any statements that are not historical facts, including but not limited to statements about our beliefs and expectations, are forward-looking statements. These statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in our filings with the SBC. In addition, the non-GAAP measures discussed today, the reconciliation information related to those measures can be found in our earnest press release. During today's call, Dr. Guo will speak in Chinese and his comments will be translated into English. Now, I'd like to turn the call over to Dr. Guo Jingyi, co-founder and CEO of Locking Coffee. Dr. Guo, please go ahead.

Hello, everyone.