Good afternoon. Welcome to ANTA Sports Products Limited's investor presentation. At noon, we have announced our 2023 annual results. We continued to showcase record-breaking performance, high-quality growth, and we exceeded market expectation. So before we announce our results or present our results, please take a look at the following video on our full year results. Next, let me introduce our management in attendance. They are Board Chairman and Executive Director, Mr. Ding Shizhong. Executive Director and Co-CEO, Mr. Lai Shixian. Executive Director and Co-CEO, Mr. Wu Yonghua. Executive Director, Mr. James Zheng. Executive Director and CFO, Mr. Bi Mingwei. In today's presentation, Mr. Bi will first present the 2023 full year financial performance, then Mr. Lai will present a business review and outlook, and in the following Q&A session, Mr. Ding will lead the other executives to answer your questions. Now, I will invite Mr. Bi to present our 2023 annual results. Mr. Bi, please. Investors, ladies and gentlemen, good afternoon. I believe that at noontime, you already read our financial statements. Now, let me make the following presentation in greater detail. 2023 results highlights. 2023, well, we continue our single focus, multi-brands, and globalization strategy. We got the best results in history. Revenue, CNY 62.3 billion, up 16% year-on-year. For ANTA brand, for the first time, revenue exceeded CNY 30 billion, up 9%. FILA, CNY 25.1 billion, up 16.6% year-on-year. For the other brands, 6.9 billion revenue, up 57.7%. In 2023, operating efficiency has been significantly improved. Our operating profit margin, 24.6%, up 3.7 percentage points year-on-year. For ANTA brand, 22%. FILA, 27.6%. Other brands, 27%. All brands achieved the profitability targets at the beginning of the year. Profit attributable to shareholders, excluding Amer Sports, CNY 10.9 billion, up 44.9% year-on-year. Operating cash flow, CNY 19.6 billion, up 61%. So this is a very strong cash generation capability. Dividend payout, 50.7%. So again, we are giving cash return to shareholders in a sustainable way. In 2019, our revenue was CNY 33.9 billion. After three years of the pandemic in 2023, revenue CNY 62.3 billion, and then five-year is a cycle, CAGR 16.4%. So we lead the China sportswear industry. Then let's take a look at the ANTA brand. ANTA brand, up 9.3%. There are three major segments. First, our biggest segment, D2C business, CNY 17 billion, 56% share, up 2.4% year-on-year. So there is intrinsic same-store growth, and there is also some wholesale business being turned into D2C business. E-commerce, CNY 9.9 billion, up 2.6%, and also our traditional wholesale business, CNY 3.3 billion. The share continues to come down. Next, gross profit margin. In 2023, our company's overall gross margin was 62.6%, up 2.4 percentage points. Change in gross margin is because in 2023, well, that is our best year in merchandise management. Our sell-out rate is very high. Discount is also high, so gross margin improved. For FILA, discounts rose 2 percentage points, so FILA's gross profit margin was up 2.6 percentage points. For ANTA brand, D2C business has an increased share, so GP margin improved. So this is very good quality of operations. Operating profit margin, our group 24.6%, up 3.7 percentage points year-on-year. Let me explain our operating profit margin. This is our best indicator in terms of operating quality. This year, we continued to go for high-quality development. I think the improvement in operating profit margin is due to two reasons: first, shop efficiency and area efficiency improvements. So for these two efficiency indicators, this year, for all our brands, store efficiency was up by double digit. With increase in store efficiency, inventory over sales ratio came down, and operating expense ratio also came down. So, our retail operating capability, given the D2C model, improved significantly. Besides, our merchandise operating efficiency also improved. This year, our merchandise inventory management is at its best, and, for all brands, the discount improved, and then, impairment of merchandise decreased. So these are the two main reasons that improved our operating quality. Operating profit margin went back to the pre-2019 high level. Operating expenses ratios. First, staff costs. In 2023, staff costs was more or less the same as a share of revenue as in 2022, so it is proportionate to revenue growth. We continue to make investment in HR resources, including our salary, our welfare, and incentive policy. The goal is to improve the operating capability of our human resources. And then for the whole year, for human resources investment, almost CNY 10 billion. Advertising and promotion expenses, 8.2%, down 2.1 percentage points. This is mainly because in 2023, there was not a big sports event, so it is a normal expense level. In 2022, there was Beijing Winter Olympics, so A&P expense ratio, as a share, came down. For R&D, we continued to invest into R&D. We have set five major design and R&D centers around the world, and we cooperated with more than 70 universities and scientific research institutions. R&D investment in 2023 exceeded CNY 1.6 billion. Next, Amer Sports. Amer Sports in 2023, revenue in RMB terms, CNY 31 billion, up 30% year-on-year. EBITDA, CNY 3.7 billion, up 45% year-on-year. As you know, in February, Amer Sports was successfully listed on the New York Stock Exchange. After listing, in 2024, there would be a one-off non-cash gain for ANTA. It will be one point six billion that will be recognized in the first half of 2024. Profit margin attributable to shareholders. If we refer to this chart, in 2019, the profit margin was 17.6%. After 2020, 2021, and 2022, these three years, as you know, there was COVID-19 in those three years. In 2023, it rose quickly to the very good level of 2019, that is 17.6%. Including joint venture, 16.4%. So this shows high-quality growth capability. After three years of COVID-19, there was a short decline afterwards. We picked up very rapidly. Operating or working capital management. First, inventory, 123 days, down 15 days year-on-year. This is the turnover days. This year, revenue was up 16%, but inventory, total inventory was down 15%. For all brands, their total inventory came down. So the goal is that with the smallest amount of inventory, we can drive the highest quality growth. We have 10+ indicators to manage our inventory operation full life cycle, from the beginning procurement, and then inventory, turnover, and then finally, the digestion of inventory. So there are 10+ indicators to follow up on inventory management. So this year, it is the healthiest inventory level that we have seen in history. So apart from inventory, our inventory over sales ratio came down to below five. Trade payable days, 47 days. Trade receivable days, 20 days. So all working capital, indicators or metrics are at healthy level. Cash flow capability. This year, operating cash inflow, CNY 19.6 billion, up 60% year-on-year. Own cash flow, CNY 16+ billion. So as of the end of the year, cash or cash equivalent, CNY 48.5 billion, up 75%. Right now, for our liabilities, there are two parts. One, convertible bonds, CNY 8 billion, and the other part is our current debts, CNY 7 billion, altogether CNY 15 billion of liabilities. Net cash, CNY 33.5 billion. This year, net cash increased by CNY 18.5 billion. Finally, our dynamic management model. Let me briefly introduce. We have been improving our multi-brand differentiated management model. This year in 2023, we improved our inventory management 10-odd models to improve our inventory health, including retail efficiency. For single store, we focused on budget management to improve our single store capability. We have 10,000-odd stores. For each store, it is our profit center. This year, the efficiency improvement of these stores has given support to our retail profit margin. In 2024, we will adhere to dynamic management to strive for high-quality development for the group. That's all from my part. Thank you. Thank you, Mr. Bi. So our single-focus, multi-brand globalization strategy enables us to give full play to our strengths. Next, we will invite Mr. Lai to explain how the group will strengthen our group's layout to strive for high-quality growth. Investors, friends, good afternoon. Just now, Mr. Bi explained that over the past year since listing, 2023 is a year of healthy growth. Various metrics are all very healthy, and we have very high efficiency for this fiscal year. So now I would like to talk about things that we have done in the past and our future thoughts. In 2023, China economy recovered. According to National Bureau of Statistics, total retail sales of consumer goods resumed growth with annual growth rate of 7.2%. For sports industry, I think, the figure is better than this number. Overall speaking, consumer confidence is still not enough. It is still in recovery period, especially in the second half of the year. It came down... The confidence index came down to 87.6, towards the end of the year, so consumers' consumption propensity is not very strong. We observed a number of characteristics in the consumer market. There are two main points. First, K-shaped recovery. So we can see that for luxury brands, their growth is quite good. And then, for those, products with very high cost effectiveness, their growth is also quite good, but brands in the middle faced difficulties. Second, brands are going overseas.... There are more brands going overseas. With breakthrough of e-commerce platform companies overseas, companies in Clothing, F&B, and Retail have also begun to go overseas intensively. Now, for sports industry, there are four characteristics. First, outdoor market is very good. Outdoor growth is much faster than the overall sport industry. Second, industry concentration has changed from increase to decrease. For the top five sports brands, market share in 2016 is 56%, and then in 2021, it rose to 60%. But then, starting 2021, it's began to fall. In 2023, it fell to 55%, even lower than in 2016. The third characteristic is market share of domestic brands continued to rise. In 2016, their market share was 38%. In 2020, it fell to 30%, but in 2023, it rose again to 37%, more or less the same in 2016. Fourth, vertical brands are rising rapidly, including our DESCENTE and KOLON SPORT, Arc'teryx, Salomon. Their growth rate is very fast. Comparing with other sports products, their growth is much faster. Although there are challenges in the external environment in the past year, our group continued to focus on single focus, multi-brand, and globalization strategies to promote and upgrade. For single focus, each brand has made good progress in building brand salience. So for example, ANTA's running category and our basketball category. Our running has number one market share in China. Sales exceeded 25 million pairs. For basketball, we invested some top resources, and global sales of Owen is very successful. We sponsored China's CBA league. So we have enhanced the brand salience categories. For FILA, their tennis and golf mindshare is number one in the industry. For skiing and golf mindshare, it has increased significantly. KOLON camping mindshare or salience is number one in the industry. Besides, for female vertical, we have acquired MAIA ACTIVE, and we have refined our multi-brand matrix. For supply chain, logistics, digitalization, innovation, and other modules, they can all support our business. We have improved our multi-brand synergy capabilities. For globalization, we have started our global layout. Last year, Southeast Asia was the first step, and we have achieved good results. Owen's global sale was successful. In the future, in American and European markets, we have good brand equity to continue our work. For innovation, we have global five R&D and design centers, and we have built innovation network for ESG. Among peers in the industry, we are a pioneer and practitioner, and we have achieved good results. In the past, for many years, we achieved good ESG results. This is because over the years, we have accumulated a number of core competitiveness. First, multi-brand integrated management capabilities and multi-brand retail operations capability and global operations and resources deployment capability. These three capabilities are rather unique for ANTA, and we have co-accumulated them for many years. It is difficult to see other companies in the industry to achieve such outcomes. So this is a good opportunity for us to develop multi-brand strategy. Now let me review our various brands operations. ANTA brand in 2023, it is our strategic consolidation year, and we have also done many transformations. First, from headquarters to the terminal, we further clarified our mass market positioning, including product structure adjustment, channel structure adjustment. And then for mass market, we gave more importance to it, and we made adjustment. Secondly, for performance sportswear categories, we have achieved breakthrough. Like for basketball and running, we put in top resources, and then we sorted out the product matrix. For ANTA Champion, they have achieved good results. In some core stores, store efficiency, well, that is, 2 x that of ANTA brand. There are only a few dozen stores. This year in 2024, there will be 100 stores. So for ANTA Champion, I think they are also one important support for our focus on performance sports. Over the years, for traditional channels, we have upgraded them and achieved breakthrough. So we planned a new channel classification model. For example, there are paddlers and shoe stores. These are new format stores, and on consumers, and we have achieved good feedback. At the same time, we maintain healthy inventory level. For ANTA Kids in the industry, we are the most influential with the biggest scale as a brand. This year, we introduced a brand-new ANTA TH to create professional sports shoes and clothing for teenagers to help them improve their sports performance. We also develop the girls' sports market, covering apparel for rhythmic gymnastics, figure skating, dance, children's yoga, and other scenes. In the past, our share in girls was very low, now we are increasing it, so that ANTA Kids will be more balanced. And then we also have outdoor sports products. For example, we introduced water-repellent technology, and there is also the ANTA Storm Mecha jacket. They are outdoor products which are well-received by consumers. Now, for ANTA Adults and Kids, there are 9,800-odd stores, D2C, 7,700 stores, and half of them are directly operated by us, half are operated by franchisees, according to the model of being close to consumers. For FILA, we stay on top of trends to lift brand salience. We continue to promote three top-notch, top-notch brands, top-notch products, and top-notch channels. FILA core store efficiency is almost CNY 1 million. It is another new record high. For FILA shoes, retail sell- through last year, it exceeded CNY 10 billion. Originally, shoes share was very low, now we are almost 30% or 40% with CNY 10 billion. FILA in the past year, brand equity index increased to a new high. Our functional sports as a share increased by 4 percentage points to 36%. Inventory is also very healthy. So for FILA, including shoes, professional sports, increase in share, whereas a result, FILA brand is even more balanced. We do not rely on single category. We do not only rely on fashionable products. For FILA KIDS, retail sell- through scale exceeded CNY 5 billion, FILA FUSION exceeded CNY 4 billion. It is a new level. For FILA KIDS, we continue to expand our influence in this category. For example, we sponsor junior tennis matches and skiing events to strengthen children's professional attributes. FILA FUSION focuses on two categories: FILA FUSION X and Fusion Life, focusing on street style and outdoor functionality, and there is integration of urban lifestyle and sports culture as well. DESCENTE and KOLON SPORT. This year, they grew fast. For DESCENTE, revenue growth exceeded 50%, KOLON SPORT, more than 80% growth, around 80%. DESCENTE was a high-end sports brand as its position. It focused on high-quality development for merchandise. We focused on, for example, golf and shoes. In the past, we relied on import, but now, we focus on self-design. And for brand building, we have signed contracts with two Chinese national ski teams and sponsored the ski U-shaped Halfpipe World Cup and Golf LPGA events. So DESCENTE influence is even bigger. For DESCENTE, there are no more than 200 stores, but we achieved sell-through ratio or scale of over CNY 5 billion. In the future, we won't just keep on opening stores. Store efficiency is almost CNY 2 million for DESCENTE. For stores, more than CNY 100 million, there are three already. More than 30 million stores, there are not many now, already a few dozen, with store efficiency of over CNY 30 million. KOLON SPORT is the fastest growing brand. It revolves around high-quality products and more balanced development. In the past, products are usually outdoor products, in winter, and, spring season products are less. In the past, it's 30% only, now it rose to 40-odd% of total. At the same time, we launched many products, which are very well-received. In the past, there are fewer operations in the south. It normally operates in the north. In the future, we will open stores in the southern region because, camping and outdoor are not only the favorite activities of northern people. For southern region, in the past, it's now, it is 38% already. In the past, only around 30%. It is our room for growth. For retail stores, for ANTA or for FILA, 1,972 stores in the past, more or less the same. Its growth relied on store efficiency and online high-quality growth. DESCENTE and KOLON, not reaching 200 stores yet. Online business, e-commerce, as a share, was 33%. Absolute amount, comparing with last year, there was a growth of 11%. In the past, various brands' performance online, was good, was quite good, especially FILA. Well, live streaming, e-commerce, did very well for FILA. It was among the top two. So, for digitalization, we focused on people, goods, and size to bring business value to achieve the effect of reducing cost and increasing efficiency. We have formulated AI plan to improve product design efficiency, efficiency of operating e-commerce model, and also low cost online live streaming. Supply chain platform, we continued to refine our multi-brand supply chain layout and differentiation, so as to provide strong support for each brand to achieve its strategic goals. Last year, in our headquarters, phase two of our digital intelligence integrated industrial park in Jinjiang will be officially opened. It will handle more than 1 million pieces in a single day, and overall logistic costs will be reduced by CNY 150 million. In 2023, in Eastern China and for international, we'll continue to do more R&D work. We will focus on innovative materials. We organize supplier innovative materials and technology conference, and together, we promoted innovation and green supply chain. For ESG performance, in the past two years, we worked hard. ESG is one of the most important part of our strategies. We achieved good results. In 2023, our business growth was quite big. Overall, greenhouse gas emissions, emission intensity came down by 36%. For water resource consumption, density came down 9%. In the past two years, for 299 suppliers, we conducted more than 400 ESG audits. Most were external audits. 75% were external audits. The results showed that for suppliers who received good grades, they account for more than 60%. So you can see that our suppliers have made a lot of continuous improvement in social responsibility. We also discharge our social responsibility. For example, in the past, there were natural disaster, disasters. We donated cash and also sports products, to charitable organizations. For corporate governance last year, the chairman of the board of directors and the CEO positions were held by separate persons. In our board, there are six executive directors and four independent directors, and female directors account for 20%. This shows our emphasis on governance and also diversity and inclusion. Then regarding sustainable products, our sustainable packaging materials reached 20% in use, and we have also launched carbon-neutral products. One is ANTA Storm Mecha jacket and also ANTA Champion running shoes 2.0 Pro. We have 3+5 goal. By 2030, our sustainable products must reach 50%. But in 2023, we have already reached 20%, so now our progress is faster than our plan. Next month in Shanghai, we will have our first zero-carbon concept store in Wukang Road. It will be opened in April for ANTA brand. So in ESG, we have done a lot of work. So regarding rating, last year, we got very good improvements. Our CDP rating rose to B. MSCI rating rose to triple B. So this is the highest rating for China, sportswear companies. It is, more or less the same with international brands, and, we, exceeded, the, largest, the best rating already. So we joined some internationally leading organizations, including, Science Based Targets initiative, Leather Working Group, Cascale, and we have also joined the, become a corporate member of UN Women's Empowerment Principles. This demonstrates our influence on a global scale and also our contribution and commitment to sustainable development goals. In 2024, even though there will still be challenges, while consumers' confidence is still not fully restored, and in China, there are uncertainties in the economy, we will still adhere to our strategy set in 2020. So this is the fourth year of that strategy. Our goal is high-quality development. We'll continue to increase our market share. For performance sports group, ANTA brand has done much transformation in 2023. I believe that this year, there will be even better outcomes and realization. In 2024, there will be the Paris Olympic Games. It's the Olympic year, so the Olympic national team will wear ANTA's apparel to take part in the competition. So FILA continues its high growth, high-quality growth and improve its brand equity and sports performance. For sports shoes in top-tier channels, there will be further breakthrough. For DESCENTE and KOLON SPORT in the outdoor category, we have very good developments. We will continue to build some CNY 50 million big store formats for KOLON SPORT. As said just now, it will do more in southern China and in terms of merchandise evenness or balance, we will upgrade our digitalization and digital intelligence, innovation and breakthrough, and ESG. We will also promote major ESG projects. So we believe that 2024 is a year with some business visibility. For the whole industry, I think it will be better than the overall consumption industry, and our performance, we hope that will be, we hope will exceed the overall industry. We will adhere to long-termism and achieve better returns for our shareholders. Thank you, all. As Mr. Lai said, the group, ANTA, has some visibility, and we always adhere to long-termism. In the past few years, we worked hard to integrate sustainable concept into our business. While protecting the environment and society, we make the most suitable and best sport products for consumers. Now we will play our group's ESG promotion video. Through ANTA brands, icon spokesperson, Bekele, while he is the Olympic champion and world record holder, he wore C202 shoes on his feet. So it will show how we put sustainable concept into a pair of shoes and put sustainability into practice. We recycle raw materials, packaging, renewable energy, low carbon logistics, diverse employees and biodiversity. These are all connected by ESG and SDG goals. Finally, we return to running itself. We echo ANTA's mission and integrate the sport spirit of transcending ourselves into everyone's life. Now, let's watch the following video. I started running at 14. Whether in Ethiopia or around the world, I'm not running after the finish line, but the sunlight, air, and the breeze along the way. They are gifts from the earth, and they keep me motivated. To run sustainably, we need the best shoes to set foot on the cleanest land. To run sustainably, we need renewable water, energy... and the materials. We need a diverse and a passionate team. We need to be with children and animals, whether in the city or the countryside. To run sustainably, we need to change some everyday habits. We keep pushing beyond the limits. ANTA has been working with the earth since 2007. Last year, we replaced plastic bags, carton boxes with sustainable packaging, which saves over 8,000 tons. We have reduced over 30 million plastic bags, as well as 20 million product tags, which have a total length equal to 40 full marathons. Today, low carbon and the eco-friendly practice are making sustainable running easier. If you want to go fast, go alone. If you want to go far, go together. I'm Kenenisa Bekele, son of the earth. My sustainable journey continues. Time to join me.