Investors, media friends, good afternoon. Welcome to Xtep International Holdings Limited's 2022 Annual Results Presentation Webcast and Conference Call. I am from IR Department and Sustainable Development Department of Xtep. I'm Sophia. We have Chairman and CEO, Mr. Ding Shui Po, Xtep Brand CEO, Mr. Tian Zhong, CFO, Mr. Yeung Lo Bun. In today's webcast and conference call, well, it will be conducted in Mandarin. At the same time, we have English simultaneous interpretation. The management will first present the 2022 annual results, followed by a Q&A session. After that, I will explain to you the procedures for Q&A. Before our management begins, can you please enjoy the following corporate video of Xtep? I would pass the floor to our Chairman and CEO, Mr. Ding Shui Po. Mr. Ding, please. Okay. Investors, media friends, good afternoon. Welcome to Xtep International's 2022 Annual Results Presentation Webcast and Conference Call. In 2022, COVID-19 continued to affect global economy. It also affected China's footwear and apparel industry. At the same time, people become more cautious about health. For sportswear industry's performance is more stable. For core Xtep brand, retail sales through is still strong. We recorded mid-double-digit year-on-year growth. It far exceeded the industry average level. In 2022, Xtep Group revenue was RMB 12.9 billion, up 29.1%. Core Xtep brand's revenue achieved a record high of RMB 11.128 billion, up 25.9%. Our net profit was up 1.5% at RMB 922 million. For core Xtep brand's net profit, it was up 10.7% at RMB 1.35 billion. Final dividend per share, HKD 0.071, together with interim dividend of HKD 0.13. The payout ratio is 50% for the full year. In terms of operation of our brand, I think I would like to share with you that we're focused on the running category, and the achievements that we have made will be shared with you. We strive to develop world-class running shoes, and we are breaking through existing technology. On the 19th of this month in Wuxi Marathon, two Chinese athletes wore our latest 160 running shoes. They have actually broken the marathon record. At the same time, Saucony Tier 1-2 markets, well, they are actually performing stronger and stronger. I believe that in 2019, when Saucony joined our brand matrix, we were thinking about developing the right running shoes. Saucony among consumer groups in terms of product value and also market segments, they have achieved good differentiation and complementarity. If the market recovers, we will seize the opportunities to develop various brands. No matter whether it is core Xtep brand and new brands, we will put in place a number of measures. We hope that in the process, we're going to communicate more with investors. In 2023, when pandemic control measures are relaxed, I think the consumption market will accelerate. We believe that for the sportswear industry, we are going to see more development opportunities. This year is the 15th anniversary of our listing. From a domestic company, we now become a mature global company, and we have achieved strong and sustainable growth. In the future, we will continue to plan more for our service and business, and we're going to adhere to high standards of corporate governance in order to do a better job. Now, I will pass the floor to my colleagues so that they can present to you our financial performance and business operations. Thank you. Thank you, Chairman Ding. Good afternoon. I'm Yeung Lo Bun. Thank you and welcome to our annual results presentation. Looking back in the year 2022, global economy still faced negative impact from COVID-19. In first half 2022, the pandemic was rather stable in China, but in the second half, especially in Q4, the pandemic was very severe. Core Xtep brands, Q4, domestic retail sell-through was affected. For 2022, retail sell-through growth was a mid-double digit. In Q1, growth exceeded 30%. In Q2, because of some regions, there was pandemic impact, so the growth slowed down to a mid-double-digit. In Q3, there was improvement in the pandemic, so sell-through growth resumed above 20%. In Q4, especially in November and afterwards, there was big outbreak of the pandemic over the country, so Q4 sell-through came down a high single-digit year-on-year. The situation started to improve in January this year. Last year, there was a high base in January and February for core Xtep brand. Retail sell-throughs year-on-year growth reached a mid-double-digit figure. In March, sell-through growth rate increased. It exceeded 20%. As a result, for this year, for our core brand, we are optimistic about its retail performance. For end inventory, starting from the end of 2022, it was 5.5 months, and now it is below 5 months. We believe that by the end of this year, it will go back to the normal 4-month level. That is the recent situation about the Chinese market. Back to our financial statements. Page 2, results highlights. In 2022, annual revenue was up 29.1% at RMB 12.93 billion. It was a historical high level. Various brands within our group recorded strong growth. Core Xtep brand revenue was up 25.9% at RMB 11.128 billion. For athleisure segment, up 44.4% at RMB 1.40 billion. JV up about 100%. Our operating profit was up 4.9% at RMB 1.464 billion. For core Xtep brand, it was up 9.4% at RMB 1.759 billion for operating profit. Our net profit growth, 1.5% at RMB 922 million. For core Xtep brand, it grew 10.7% at RMB 1.345 billion net profit. Operating profit and net profit growth is smaller than sales growth for the following reasons. One, for the form new brands, they are still in investment stage. The total loss was RMB 120 million. Comparing with our original estimate of RMB 100 million-RMB 150 million, the loss was bigger. That's because in Q4, there was outbreak of the pandemic in China. Without that factor, the loss should be within our original estimate. Number two, for core Xtep brand in Q4 last year, because of the pandemic, we offered one-off subsidy of RMB 100 million to distributors. Number three, for core brand, we did brand upgrading last year, A&P expense ratio rose from 4.2% to 11.9%. Very often, our ratio is around 11% to 13%. In 2023, we believe that we will control A&P expense ratio to within this range. For core Xtep brand number of stores, last year, it increased by 116. Now we have 6,313. This year, there will be store opening of around 200. The board proposed a dividend of HKD 0.071 per share. Payout ratio is at 50%, more or less the same as stated in the interim report. Page 4, balance, income statement. Revenue was up 29.1%, at RMB 12.93 billion. Gross profit was up 26.7% at RMB 5.292 billion. Gross margin down 0.8 percentage points because K-Swiss and Palladium overseas business in 2022 was affected by logistics and supply chain factors. As a result, for athleisure segments, gross margin in 2021 was 44.6%. It came down to 37.6%. It came down 7 percentage points. We have confidence that in 2023, gross margin of athleisure segment in 2023 can go back up to over 40%. SG&A rose 34.5% at RMB 4.144 billion. SG&A ratio rose from 30.8% to 32%, up 1.2 percentage points. I said just now because of the pandemic, we gave a RMB 100 million one-off subsidy. Last year for Core Xtep brand, we did brand upgrading. Operating profit up 4.9% and net profit up 1.5%. Operating profit came down 2.6 percentage points. Operating profit margin. Net profit margin down 2 percentage points. I explained the reasons already. I won't repeat them. Page 5, consolidated balance sheet. Our balance sheet is very healthy. We have net cash of RMB 1.22 billion, and we have available credit facility in bank. We have enough capital to develop our four new brands in the future. In the second half, operating cash inflow, net inflow was RMB 840 million, better than the RMB 270 million of net outflow of last year. We have RMB 570 million net current assets. Next page, turnover days. It improves by three days to 67 days. You are most concerned about inventory turnover days comparing with last year during the interim period, there is big improvement from 106 down to 90 days. An improvement by 16 days. The main reason is for domestic new brands, they started a lot of store opening. We need to prepare more stock. For receivable turnover days in the past few years, it was declining, down 9 days year-over-year. We have 120 days for trade payables turnover, more or less the same as last year. Page 7, Core Xtep brand revenue and gross profit analysis. Revenue went up to RMB 11.128 billion, up 25.9%. The main growth driver is from the running products and also kid business strong growth. For kids business, sales revenue went up by 52.3% at RMB 1.6 billion, accounting for 15% of total. Gross margin down 0.1 percentage points overall speaking. For adult product and kids products, their gross margin rose every year gradually. For kids wear products, GP margin was lower by 6-8 percentage points than adults. When kids business share went up, that affected overall GP margin. Our goal is that in 2023, kids wear business growth rate should be faster than adults business. The target is a growth by 20%-30%, roughly. When adults and kids wear GP margin improves, overall gross margin should be at around 41%-42%. For our Xtep brand in 2023, sales revenue growth target is mid-double digits. In first half, we have to clear inventory, and in the second half, growth will be faster than in first half. Page 8, core Xtep brand SG&A is up 34.4%. Expense ratio last year was 26%. It rose 1.8 percentage points to 27.9%. The main reason is because of brand upgrading and additional A&P expenses. A&P expenses rose 52.2% at RMB 1.33 billion. R&D costs up 34.6%, accounting for a share from 2.5%-2.7%, an increase. For others, there is RMB 100 million. That is our subsidy to our customers. Last year in Q4 because of COVID-19, we offered this one-off subsidy. Regarding financial review, that's all in my part. Now, I will pass the floor to Mr. Tian to report to you the Core Xtep brand's business. Thank you. Thank you, Ricky. Investors, media friends, good afternoon. Now I'm going to explain to you core Xtep brand's business review and future strategies. Please turn to page 10. In the past year, our most important move is brand upgrading. In September last year, we launched a brand new brand strategic positioning, that is we want to use professionalism to affect the mass, we want to enhance consumers' mind share. Last year, we announced or launched the X technology and also the new generation champion running shoes, 160X. 160X Champion Series since launch has been well-received by runners. As of December 2022, we helped 49 Chinese athletes to win 228 marathon championships, records were broken. In the Wuxi Marathon that just ended, the athletes whom we signed, that is He Jie and Yang Shaohui, they wore 160X, they broke the 15-year record for Chinese marathon. This is not easy at all. We continued to build and refine the largest running ecosystem in China. We sponsored marathon races and other big events, and we worked with famous athletes. We expanded our running clubs, and we expanded the scale of our business. We penetrated more into the mass market. As of 2022 year-end, we have 49 Xtep running clubs in China. For more than 1.7 million Xtep Runners Club members, we created value. For mass runners, we offer one-stop professional running service. Page 11. In 2022 second half, for some offline marathon races, they were resumed. It includes the Xiamen Marathon, Shanghai Marathon, Beijing Marathon, and also marathon that we sponsor. In 3 events, the wearing ratio achieved record high. Comparing with other brands, [Weima], Xiamen, and other brands, well, for athletes whom we sponsor, they wear 160X Champion running shoes. In the above marathon races, they achieved good results. For example, Xiamen Marathon champion and Yang Shaohui. Beijing Marathon champion Anu baike, they wore 160X running shoes. Peng Jianhua also wore the same series. In the Xiamen Half Marathon, he broke record, national record of China. In 2022, for China marathon male athletes, among the top 100, our Xtep running shoes wear rate reached 35%, so we came first. This is the first time that we surpassed international brands. We're top among all brands. Page 12. Apart from running, we also continue to expand our influence in different niches. For example, in the professional area, we continued to work hard in the basketball collection. Lin Shuhao is our spokesperson, and there are also other ambassadors. We want to communicate more with young consumers in the basketball area. In the future, we will also promote more well-liked categories and also athletes to tie in with our work in the basketball series. For athleisure, our high-end label XDNA in the Shanghai Fashion Week showcased the latest 2022 Autumn Winter collection. In terms of fashion, we also showcase our environmental protection effort to attract more young people. In the Half Sugar female collection since it was launched, personality, sports, fashion elements are all incorporated. We are able to grab the attention of female consumers. In November 2022, we launched the first Mass Balance low-carbon running shoes, 360-ECO. Biomass material was used to replace old materials, so carbon emission can be greatly reduced. We are working towards the dual carbon goals of China. We are discharging our corporate social responsibility. Page 13. In terms of retail channel operation, we did 3 upgrades. First, store image upgrade. The ninth-generation store is full of vitality and energy. By means of lighting control, robotics, and also other technology, we create very special consumer experience. The ninth-generation store is being well-liked by KOLs, so we are able to attract young consumers. Secondly, channel upgrades. Last year, we continued to open big and good stores. We enhanced the share, our share of stores in shopping malls. Number 3, city upgrade. When our brand continues to upgrade, we also increase our store opening in Tier 1-2 markets. As of 31st December 2022, Xtep adults branded stores in Mainland China and overseas totaled 6,313. For ninth-generation stores, they account for 45%, 2,878 in total. Page 14. Xtep Kids. In 2022, we increased our investment in kids business so as to grasp consumers' demand for kids products. Strategically, we want to enhance market share. We want to increase scale very fast. For kids business during the pandemic, it continued to show strong growth. Revenue was up 52% YoY, reaching RMB 1.671 billion, accounting for 15% of core Xtep brand's revenue. As of the end of 2022, we had 1,520 Xtep kids branded stores in Mainland China. Nowadays, young people are getting stronger and stronger in consumption. We encourage young people in China to fulfill their dreams. Within the year, we became strategic partner with China Space Museum and China Hip-Hop Union Committee to raise brand awareness among teenagers in Mainland China, so that they are more aware about space development. This is also in line with the dual carbon strategy of China. By means of offering corporate sponsorship and by expanding into school community through campus sports products, we want to support young people's sports development. In the future, we'll continue to increase investment in R&D and A&P so that our brand can penetrate more campus communities. Page 15. To conclude for core Xtep brand, our future strategies are, well, first of all, we will make use of our mass market positioning and upgrade our brand. We'll continue to focus on the running area and enhance our performance. We will use professional performance to attract the mass market and enhance market share. We will invest more into the running ecosystem to strengthen it. In terms of retail, we will continue the three channel upgrades. We will introduce more ninth-generation stores and enhance our store image. We will strengthen the connection between Xtep brand and runners. Besides, the state would like to do more in terms of youth sports education. By means of technology upgrades and by penetrating more into campus sports, we will enhance our kids business market share. Now I will pass the floor to Ricky to go through the new brand's business operations. Thank you. Mr. Tian. Now page 17, K-Swiss and Palladium financial highlights. Revenue grew strongly by 44.4% at RMB 1.402 billion, accounting for 10.2% of the group's business. Both brands grew more than 40%. K-Swiss started to open stores in China. For Palladium, they are optimizing their channels. China K-Swiss and Palladium sales totaled around 10% of athleisure total. The main driving force came from overseas. In second half of last year when supply chain and logistics started to improve, supply chain and logistics in May last year started to improve. The products concentrated in May to August for delivery. Last year during interim period, the inventory increased a lot. We said at that time that most of the inventory were orders placed by customers. They will be eventually delivered. You can see that in the second half, our sales increased a lot by more than 50%. Gross profit up 21.9% at RMB 527 million. That is because gross margin came down 7 percentage points. The reason for the decline is mainly because of supply chain and logistic problems, so there was more inventory. Operating loss increased by RMB 100 odd million. That's because logistics and supply chain problems causing a cost increase. Last year, K-Swiss started to open stores in China, but in the second half, there was the pandemic, especially in Q4. There were 2 months' time where stores could not operate normally. Page 18. Regarding K-Swiss and Palladium, 2023 growth mainly will come from Mainland China. K-Swiss will continue to open stores in China to expand the market. Palladium, they will also complete channel optimization. They will also start to open stores. For the two brands, they will open 30- 40 stores in China, and they will enhance and do more e-commerce sales. For overseas, we will develop new markets and enhance our product mix. Last year, the growth base was rather high, and overseas economy started to slow down, so we will be more prudent about overseas business. We think that growth will not be too big. For athleisure segment in 2023, our growth target is 20%-30%. We believe that the loss will be reduced. It will be within RMB 150 million. Next page 20, Saucony and Merrell. Sales grew 100% at RMB 400 million. Gross profit margin is at 56.5%, up 2.4 percentage points. Operating loss was reduced by RMB 30 odd million at RMB 67 million. I think there is around RMB 33 million of loss that will be reduced because of accounting standards. Page 22. Saucony got resources from Xtep and development was good. In 2022, in the main market of marathon, like Xiamen, Beijing and Shanghai Marathon, Saucony's wear rates is within top 5. For Saucony's 2023 developments, we are very positive. For Merrell, after pandemic control measures were relaxed, outdoor travel will increase. For Merrell, it should begin to benefit. Our goal is for Saucony and Merrell to achieve sales growth target of 60%-70% in 2023. For Saucony, we hope that in 2023, it can break even. It will be the first brand among the 4 new brands that can achieve break even. In 2023, for Saucony and Merrell store opening target 30-50 stores, mainly Saucony stores. Finally, prospect, page 23. For future Chinese economic development, we are full of confidence. There is Guochao and also national policy support. Chinese are now more health conscious. In 2025, for us to complete sales target of RMB 24 billion, we are full of confidence. For 2023 outlook, overall speaking, we are optimistic. For core Xtep brand, our sales target for the whole year will be double-digit growth and sell-through should achieve a growth of more than 20%. For athleisure brands, this year sales targets is to achieve a growth of 20%-30%. JV, this year sales target will be a 60%-70% growth. Our group's profit growth will not be smaller than sales revenue growth. That's all in my presentation today. Thank you. Thank you, management.