Investors and analysts, good morning. I am Mars Chen from Investor Relations and Corporate Communications Department. Welcome to JS Global interim results presentation. Before we officially begin, please allow me to introduce the management team who are present today. They are Madame Han Ren, [Foreign language] CSO and Executive Director. Senior Vice President of Finance and Chief of Staff, APAC Operation, Leon Liu. Chief Financial Officer, Financial Director, Kenny Kan. Secretary of the Board of Directors, Joyo ung, Max Miao. So before it's too late, let's invite Madame Han to make an opening speech. Good morning, everybody. Thank you for attending the JS Global 2024 interim results presentation on your busy schedule. On behalf of JS Global Lifestyle, I would like to express my heartfelt gratitude to all of you for your long-term support and interest. Over the past six months, JS Global has entered a new phase of development and a new beginning. We have optimized the allocation of resources, attracted global talents, and increased our investment in R&D, user research, marketing, and other areas. We have made a lot of progress, but we also have identified some areas where we still need to improve. Today, my team and I would like to share with you some of our operating results for the past six months. The Joyoung segment remains the group's largest revenue-generating business. Despite the increasingly competitive market and challenging consumer environment in this operating region, we stayed true to Joyoung's core value of health innovation during the first half of 2024, advanced the research and development of the new products. To tackle the small but significant issues in daily lives, Joyoung has introduced the third generation of zero-coating non-stick rice cookers, designed to help consumers prepare healthier, personalized taste for rice. Additionally, we also have launched instant water purifier that can operate for up to six years without needing the filter replacement, and unveiled a new line of technological products featuring unique automatic soy milk maker. For SN Asia Pacific, since the strategic restructuring in the second half of 2023, we have directly operated by JS Global. During the first half of this year, we focused on the optimization of IT, tax, internal control, legal, and HR functions across SN Asia Pacific to ensure that the business units could fully optimize on the potential of Asia Pacific market. In terms of organic growth, we continue to see steady increase in market share and sales revenue, particularly by reinforcing our leading position in cordless vacuum cleaner in Japan. The markets in Australia, New Zealand, and South Korea have also performed exceptionally, with strong growth across most categories, providing valuable experiences for the future market expansion. Additionally, we also have expanded our overall presence by formally entering the Indonesian and Philippine markets through the exclusive distribution model in partnership with prominent local distributors. As SN Pacific will continue to advance its infrastructure improvements, we are confident that this segment will maintain the steady growth in the future, contributing positively to the group's overall performance. Now, let's invite Leon and Mars to introduce the 2024 interim results and the upgrades of the two different segments. Now, let's first invite Leon. Thank you, Madame Han. Thank you so much for your continuous attention to JS Global. Now, let me introduce to you the key financial metrics in H1. For revenue, we have been very resilient, reaching 29.5% of the growth. For gross margin and gross profit have all maintained their growth, except for the earning from the transaction related. We still have about 13.1% of the growth. So for gross profit and gross margin, because of our significant investment in Joyoung, it has got a significant decline of the EBITDA. And after adjustment, we also have already got a very good result of the positive revenue growth. So the adjusted EBITDA, you can also see from the announcement, the main influences are still about our partial investment valuation adjustment, and then for the sourcing and supply chain investment during the transitional period. These are the major adjustments. Now, let's talk about the breakouts of the revenue. For H1, for the third party, from the third-party revenue, according to the constant exchange rate, we have about 17.7% growth. What is impressive is about the SharkNinja APAC growth, and the proportion of the transaction related has from the 9% to be doubled to more than 20% of H1 this year. On the next page, we could also see, according to the region and the area, so for the revenue, you can see compared with last year, the YoY, except for Japan, for the rest of the markets, have all got a significant growth. For Japan, with a constant exchange rate, we also have seen an over 30% of the growth. For the third-party sales of the gross margin, we can also see the gross margin level. We also can see, compared with last year, we have over 2% of the growth. Compared to last year, the major contribution is also from the overall product portfolio, especially for APAC, including for the new products for the NPI. We have a very high gross margin. Now let's see the overall cycle of the operation, we have maintained a very healthy cash flow. You can see with almost a 30% of the revenue growth, our inventory turnover and receivable turnover compared with the end of 2023, it has all been improved. For the payables turnover has also been improved in this half of 2024, compared with last year. It's also because of our restructuring and our stable supply chain and stable cash flow, we have reached this, a healthy operational cycle. Now, let's lastly introduce our overall balance sheet and capital structure. We also can see at the end of July last year, we have already returned all the interest-bearing loans. So now we have, like, zero interest-bearing loans for all the operation, are all based on our own cash generation. So for the debt, for our IC, you can see they are all very healthy. We are very confident we could still support our APAC growth. These are all about the 2024 H1 overall financial report. Now, I would like to invite Mars to introduce the updates of the two different business units. Thank you, Leon. Good morning. JY has just finished its performance release. Now, I'm going to update you. For H1, we have already got the thirtieth anniversary and our new scientific technological product new launch. Over the past thirty years, Joyoung has always adhered to the health innovation by paying attention to and solving the small problems in everyone's life. Joyoung has continued to participate in the core technology, building the quality, small household appliances, constantly promoting the innovation of healthy lifestyle to help Chinese people to live better. To be more specific, Joyoung has launched three core new products. The first one is our third generation zero-coating rice cooker. Compared with the previous generation, this generation, for the inner container, has further adopted the technology of rice grain activation suspension boiling, which makes the non-stick effect meet the national class two non-stick standard. Through the heating module on the base and the top, and the air-cooling technology with precise temperature control to adjust to the softness and hardness of the taste, it could also make it possible to realize the human-computer interaction through IoT. The second one is the all-around wall-breaking Nutrition Master Y8, which uses the brushless variable frequency motor to reduce the noise from the source to make the cooking process more quiet and comfortable, and we also have loaded with the automatic one-button processing, cleaning, sterilization, and drying, lazy gospel function, and in grinding and pulping, blender X crushing system and intelligent remote sensing technology can help the consumers to obtain the better, delicate taste and the more nutrients. The third one is [Foreign language] This product adopts a three-in-one, full-length antibacterial system of the filter elements, so pipeline and pasteurization to prevent the inside of the water filter from becoming a hotbed for bacteria, so the biggest selling point is that it has a long-lasting filter cycle, that it could be used for six years, much longer than the most products available online, to lower the cost of replacements for the filter. So we also have stuck to the idea of solving the problem of combining health and innovation to solve the small, but important problems, so the next is about the business updates of APAC. After the strategic reorganization, Joyoung has vigorously developed the SharkNinja APAC this year, helping it to establish a more perfect system and function, as Madame Han said, "A more complete team and system, accelerating the launch of the new products and new categories, and gaining more market share through expanding the market, promotion and marketing activities." This slide is what we always stick to this IR deck, because this page will guide our team to constantly keep going forward. SN APAC is committed to actively influencing the quality of life of every family, every day, focusing on consumers, gaining more deeper insight into the consumers' ideas, providing the localized products with the best cost performance. At the same time, on the marketing slide, by providing quality marketing activity to improve the brand image, to improve the brand awareness of the consumers and the new product utility rate could also be improved. So the growth strategy of SharkNinja APAC has been based on the development strategy of constantly exploring new markets, new opportunities, and constantly consolidating the new advantages into the core existing categories, introducing new categories as well. In the first half of this year, the company maintained good growth in Japan, showing strong performance in new markets like Australia, New Zealand, and South Korea. We also have entered the new markets. Other products have also launched in the market and with very good popularity among the consumers. So now let's talk about the first pillar of the growth. Using our core products, we have been very successful. So the cordless vacuum cleaner in Japan, as we all know, and now let's take the cordless vacuum cleaner as example. Last year, we have launched the Clean Sense IQ and the EVO system, NEO series. So in this half of the year, it has been very well welcomed. It has also been very well received by the local retailers. In the past six months, our in-store display has been constantly expanded. According to GfK POS statistics, our market share of the cordless vacuum cleaner in Japan- ... compared with last year's 17%, to being improved to 19% this year. Compared with 2021, within more than two years, our market share has been doubled or even more. This is still, like, in H1 of this year, with our sales competitor, carried out the price for quality measure, and then discounting strategy for H1 this year. This has shown our Japanese consumers and retailers constantly enhancing their trust in the brand and products of SharkNinja. So now I would like to share with you, how could we achieve the second growth of the category, of the new category? So, for example, the Ninja Blast, the portable blender, after entering Australia in H2 last year, it has received a very good response. We have also introduced it into Japan and South Korea. This is the first time that we have launched the new product of Ninja in Japan market. After two months of the launch, we realized that the Ninja Blast had already topped the market share list in Japan. We had become the number one in Japan. In Japan and in South Korea, we also had invested in the Ninja branding and the Blast product marketing. On the TVs, magazines, and the bus stops, as well as the screens of the malls, as well as the shop-in- shops constructions, we have a great development. All these events are able to deliver our better brand image and the content of the products to the consumers. Last but not least, the third pillar is the expansion of the new market, and it helps us to further expand the market share. And last year, we have accessed the New Zealand, Australia, and South Korea market. And last year, in April, we had acquired the distributors to access the Australian market. And as for the South Korea, we collaborated with the new distributors closely and re-entered the market. So for these two, re-enter the new markets, we have a great advancements. So as you can see here, we are gaining the market share in Australian market, and all of the core categories are gaining their shares. And what's worth mentioning is that, since the beginning of 2023 to the end of June this year, the cordless category has been gaining traction and had increased from 1% to 16% this year. So this had demonstrated that the Shark cordless, in the past six months, had become a great and a strong brand in Australia. And, likewise, in South Korea, our marketing is very eye-catching to the consumers, and we won a lot of the good feedbacks from the consumers. And, over the past six months, we had to continuously launch the core products in the South Korea, and this momentum will continue. And hopefully next year, this time, we're able to share with you more details about, the change of the market share in South Korea, like today's sharing of the market share in Australian market. And in the final part, I'd like to very quickly walk you through our efforts in ESG, and I believe that our performance in this front is also very great. And in the first half of 2024, we have been successfully listed among the Hang Seng ESG 50 Index, and has become the only home durable company in China, incorporated in the Standard & Poor's 2024 Sustainable Development Yearbook. All those recognitions had identified our efforts in ESG and sustainable development, and laid a solid foundation for our future sustainable development. The Joyoung Foundation also celebrated our 30-year anniversary, and the 101,500 charity kitchens had been established in the first half of the year. We will continue to contribute to improving the health and the nutrition of students living in the rural areas, and to guarantee their healthy lives. This presentation deck will be uploaded to the website, and that is the end for the prepared remarks. If you are on Zoom, you can type in the words to ask the questions. While we are waiting for you to type in your questions on the web, let's check out the secretary and operator about the telephone questions, and she will introduce you how to raise the questions. Please press star one. First press star, and then press number one, and after you hear the prompter, you can start to ask the question. Next, let's welcome Fan Xiaoli from Guotai Junan to ask the question. All right. Thank you for giving me this opportunity to ask you the question. Hello, everyone. I'm Fan Xiaoli from Guotai Junan. Dear managers, I have a small question. First is still about our Japan market, and can you share with us the proportion of revenue from Shark and Ninja? And, as for Shark in the Japanese market, we have been gaining our market shares for the vacuum cleaners, and we can see this trend over the past few years. So how do you deploy your categories and distribute your channels? And Dyson and Hoover, some of the other competitors, are also developing very quickly. So what is the differentiation of our positioning? So what are our benefits and advantages to differentiate ourselves? What are our highlights? This is my first question. Thank you. All right, thank you very much for your question. I'd like to invite Leon to answer the question about, the revenue share between Shark and Ninja, and the rest of us will, add our comments. All right, thank you for your question. [Foreign language] Thank you. This is a great question. In Japan, we have seen that well, actually, in the past four and five years, we mainly focused on the vacuum cleaners, the wet and dry market share, as you can see from the slides. This year, it almost has reached the 20%. However, for Ninja, we had launched the first Ninja product, the Ninja Blast, in February, but before that, we didn't have any new product. Yesterday, we also started the sales of the second new product of Ninja in Japan, and this is a very compact, small size, the tabletop blender. In terms of the unit price, currently Ninja only contribute very little to the total revenue in Japan. But because we believe that the total scale, addressable scale of the blender market is not very large, but as we had shared with you, in a short time of two months, we had to become number one in terms of the market share in Japan. So I did not have more detailed data, but you can take a look at our data, as well as the time that we have launched. So right now, it's still a very small proportion from Ninja, but we expect that in future we will further expand it to other categories. And in the end, Shark and Ninja may reach a fifty-fifty share to the contribution of the revenues. And the second question you asked is about the channel and the category deployment in Japan. All right. Right now in Japan, we have both online and offline channels, and all of the offline home appliance franchise stores, like, Bic Camera, Yodobashi, Santen Denki, all of these are the top chain stores of home appliances, and we have 2,400 plus counters, stores, et cetera. Online, we have Rakuten, Amazon, and our own website to sell to the consumers. We have been following the path of a SharkNinja, that is the omni-channel. This is what we have been doing in the Japanese market, both online and offline. The last part of your question is about our differentiation compared with the other competitors, and so what are our biggest advantages and features? So as you can see from our slides, among our competitors, at least one of them, and that is Dyson, to be more specific, well, in SharkNinja APAC or Japan, each year, we will launch the new products, and our competitors is slower in new product launch compared with us, so our benefit is that we're constantly adapting to the needs of the consumers, and according to their needs, we launch the new products to gain more market share, and for our competitors, they are not as quick as launching new product as us, and some of the competitors even reduce the price to gain more sales volumes, but this is definitely unsustainable. And we also had to make some countermeasures, and if you have the chance to go to Japan, you can visit those stores of Shark, and you can compare our price with the products of our competitors. There are some differences, definitely. So innovation is still the key for us. I have something to add here. We can see that recently, we have more and more competitors decided to develop overseas, and in our development in APAC region, we can see that compared with the traditional brands, definitely there are some impact from the emerging markets. And so we do need to breathe a new life into our portfolios with innovation and the launch of new products. And as in APAC is an early adopter and an early player accessing those market, and so we also enjoy the benefits as a global market with the global footprint. Thank you. All right, thank you for the answer, and I have a follow-up question. Just now, you talked about the new product launch, and indeed, this is a great feature of us. So in terms of the planning of the new product, can you give us a more detailed introduction? What will be the directions for the new product launch in the second half of the year? Are you asking about the Japanese market or the whole APAC region? Well, maybe both, and let's just start with Japan and then APAC. Okay, thank you for the question. I'd like to start with the Japan market, and as I said, yesterday we had a newly launched blender product in Japan. And every time before the launch of the product, we will do a lot of the testing, and with this testing, we have, again, very positive feedback, and only after that, we will truly launch the product. So for the next year, the number of the SKU of the new products will be doubling this year. And also, in the second half of the year, we will also launch the Ninja new products, and the wet and dry vacuum cleaner, and some other types of the floor cleaning products. And so we will upgrade the existing products and launch the new products in this category, so this is a continued line. So what's special about Japan is that, in comparison with Australia, for Eastern Asia countries, we do need to have a further improvement, such as the quietness and the size, as well as the weight. All of these are our focuses, so we will address the pain points and needs of the customer in these areas in Japan. So for Australia, I believe that the Western users share the similar using habits, so it's more convenient for us to bring the U.S. and the U.K. products to Australia. And maybe I can give you two examples. We have a Slushi product, which was launched lately, and this is a very popular product in Western countries, and it is used to make the sherbet, and we will also bring it to APAC region. So on the roadmap, we do have a very rich pipeline and it will become our core competitiveness and help us to gain more market share in APAC. Thank you very much for your answer. And actually, I still have another question, that is, in APAC region, what is our team structure? Because in the previous two years, we were still making the team, and right now, do you think that we have a very mature and established team, or do you think that we still need to further organize the team? Well, for this question about the team structure, starting from April last year, we had been acquiring the distributors from Australia, New Zealand, and Malaysia, and Singapore, and we started to set up the team in APAC regions. And after the spin-off, we have the JS to coordinate the team building. So till today, as you can see from the result, the growth of APAC region is very quickly, and there is... it's impossible for us to achieve that without a strong team. So in Japan and Australia and while in South Korea, we use the model of distributors, and in Singapore and Malaysia, we already have a great teams. And the main responsibility of the local team is the sales and marketing to support the expansion of the local sales. So in terms of the specific headcounts, we had already announced that the total headcounts of JS Global, and for the moment, and maybe we cannot further break it down to the headcounts in APAC. But what I can say is that we have a bigger team, much bigger team compared to with last year. So maybe I have some comments to add based on what Leon had shared. In APAC region, our business are still growing, and we are still launching the new categories. For example, in Japan, we will launch more Ninja products, and this year we had launched the first Ninja product, so we will do more. So when we launch those new major categories, we will recruit more salespersons and marketing persons to support us, and that is to say, we will further expand the team size in Japan, and this had been reflected in the admin and the sales expenditures in the first half of this year, so we will have a further growth in the future. The next? Hey, how does... Okay. Okay. Thank you. I can still hear that. Got it. And that's all for me. Thank you so much. [Foreign langauge] Thank you, Shavi. And please play another round of the way for proposing questions. Thank you. If you want to raise questions, please press Star and One to hold. First, the Star and the number One. Please, after hearing the ringing tone, to start your question. Thank you. [Foreign language] We are waiting for the telephone side. I have already seen some questions posted online. I've seen the first question is: For the gross margin of a company's APAC branch, how is that? And looking to the future, what are the methods of us improving the overall gross margin? Okay, for this, I would like to have Leon to answer the question here. Thank you. This is also a very good question because our gross margin is also a way to improve the overall sales growth. If we haven't got a very healthy gross margin, it's hard for us to have a fast development. What I could report to you is, currently, for APAC overall gross margin, it is quite a high level. It's about 40%-45%. We also can see. For SN, for the company, because for the company that we have already done this spin-off, it has already issued its overall gross margin and the number, you can take it as a reference. For the long run, SN's gross margin has also been very good based on the previous answer I have given. Our NPD has always been upgraded, even if our older products, we do some discounts to deal with the challenges proposed by our competitors, we will still have this high gross margin new products to complement. So now for APAC, gross margin is very healthy, and it is also going upward. Okay, thank you, Leon. I think there's another one. We also can see that when we have already seen the sales expense increasing a lot, so for... This is definitely due to our investment in APAC. I want to know that when will we expect to see the returns of the investment, and for the overall APAC gross margin, how is that? So I think that Leon has already answered the second question. I also hope that Leon could answer us, how will we see the returns? Let me first answer that. Of course, after investing, we want to see the returns. I think in H1, we have already seen part of the returns. And we also can see that for the overall APAC growth, it has this overall statistics calculation is actually mainly in Japan, and also after April for the four different countries' sales. However, it is also like quite strong, and now we have already improved over 10%. I think that with this quite big sales revenue increase is definitely because of our big investment in marketing and the new products being promoted in H1 this year. We also have given this corresponding investment and support, just like Mars has shown in the slides, including Australia, Japan, South Korea, for the comprehensive promotion for the new products. I think these have all been like, quite positive, with a quite positive returns, and I would like to say that when will we be able to make money, or it will be shown from the net profit perspective? I think this is not like the most important direction that we are paying attention to. Currently, we are still looking forward to the expansion about our market share and the sales scale. I think this is also like from the net profit perspective or from return on investment perspective. For this, after we have the scale, we could also have that, and we also pay a lot of attention to this. You also can see that when next year we have already expanded the scale, it will definitely have a very good return for the investors, so thank you, Leon. Because of the time, I will broadcast the last question. The investors want to ask that whether we have some other different procurement plans. If we have, what is the target region or target industry, so now I would like to invite Madame Han to answer that. When we are expanding and doing APAC market, we are also actively looking for suitable opportunities to like facilitate the long-term development and we are still looking forward and focus on the small home appliances for the industries and companies, so from a regional perspective, we are also looking forward to the targets in Asia. Indeed, there are some possible targets that we are researching in Southeast Asia. If it is possible, we would have the synergy to be shown. We also could consider that. This is also one of the growth and momentum of development. So now I would like to invite Madame Han to give us a very short conclusion. Generally speaking, as the group's first half year focusing on APAC market, and we are quite generally pleased with the results achieved so far. We also recognize that the road ahead is full of challenges and intense competition, and the entire management team is very confident in enhancing the performance of Joyoung and the development of Shark Ninja APAC with high quality. We really are full of confidence for that. We also will continue to invest resources to deepen our market presence and introduce more innovation products tailored to the needs of different regions. And we also hope to ensure the sustainable growth and development in the group's operation or regions, while creating value for consumers. At the same time, we also hope to hear from your insights and ideas, and comments. Please keep in touch. Thank you. So this concludes today's event. Thank you so much for your participation. Thank you.