Distinguished investors, good afternoon. Welcome to ANTA investors press release. Under this, a lot of the uncertainty, we just released the 2025 annual results. For the first time, the revenue was over CNY 80 billion. It is the positive growth for 12 years. It definitely consolidates the leading position and to secure the top three places of the industry of the whole world. To be successful, we have to make the best out of the operation. Let me introduce to you the management with us today, and we are going to share the secret of the success. Let's invite Mr. Ding Shizhong, Chairman. CEO, Mr. Lai. Executive Director, CEO, Mr. Wu Yonghua. Executive Director, Mr. Zheng Jie. CFO and Executive Director, Mr. Bi. Vice Chairman, Mr. Lin. With us, we will begin with Mr. Lai's review of the 2025 and the outlook for 2026. We will pass the floor to Mr. Ding for the financial review. We will end with the Q&A session, where the management team will take the questions from the investors. Now, let's pass the floor to Mr. Lai to review the performance in 2025. Distinguished investors, friends, good afternoon. Let me brief you on what we did in 2025. In 2025, the market was facing a lot of the challenges and uncertainties, but Anta Group achieved our successes through high-quality development. Our revenue grew 13.3% to CNY 80.22 billion. It was the first time for us to make the breakthrough over CNY 80 billion, and we consolidated our strengths in Chinese market. According to the data from Euromonitor, our percentage point of the market was up 1 percentage point, 21%, and the second player was down 16%, so that consolidated our leading position, and we secured the top three places for us. Our market share has been improved as the result of our multi-brand strategy. ANTA and FILA growth rate was definitely above the industry average. DESCENTE and KOLON performance was also over the expectation. The operation was in high quality, and we made a lot of efforts in brand channel and products development, and the operating profit was up 0.4 percentage point to 28.8%. Except for Amer Sports listing, the profit to shareholder was up 13.9%. Our performance was healthy and the operating cash flow was stable. Free cash flow inflow was CNY 16.11 billion. The year-end dividend is HKD 1.80 based on the profits, not in profits to the shareholders. The payout ratio is over 50%. I'm going to share with you the specific performance, but why don't we dive into the specifics of 2025. Generally, the GDP growth of 2025 in China was 5%, which is definitely in line with the government's targets. The consumption amount was over CNY 50 trillion. Among that, the sports apparel consumption was over 6% growth, which is higher than the consumption growth of the overall retail sector. We found that some niche markets, the growth rate was higher. That give a momentum of the overall growth. On the other hand, I think the confidence index was rather low. It is 89.6%. I found it touched the bottom and is rebounding up. In the just finished two sessions, the GDP growth rate has been determined in the range 4.5%-5%, and the policy strategy is to boost the consumption. We recently found that 9% of the growth rate of the incentives that support the real economy. The environment is very favorable, and we will definitely commit to the high-quality development. That's why we are confident for the future of the group. In 2025, we have observed a couple of features of the consumption market. First, it's getting to be more reasonable, so consumers are looking for the affordable replacement. On one hand, they are choosing the quality, the cost-effectiveness, but they are also willing to pay for the premium for better qualities. The DESCENTE and the KOLON SPORT show good results because of this preference, because of their willingness to pay for premium. Service is favored in consumption. It's grown from 39.7% to 46.1% lately. Like entertainment, fitness, and spa business are driven by the experience and growing faster and consequently drive the demand for the apparel and the footwear. Chinese consumer products are going abroad, favored by the e-commerce platforms. Our company, as early as 2021, started our global strategy. Under this current situation, it is very favorable for us to go abroad. In addition, we found that there are certain features of the sportswear industry like large scale and stable performance. Specifically, the features are. First, the professional apparel is growing steadily for the running, training, and tennis, golf, and skiing. Those categories are performing pretty well. Therefore, ANTA and FILA, DESCENTE are showing positive performance in those niche area. That's why we are above the industry average. Second, sportswear is taking a large volume, though the growth rate is slowing down, but the sportswear is penetrating into daily uses and the growth rate is continued. FILA, as the leader in the sports fashion industry, maintained almost 7% growth rate in the last year. Outdoor is an emerging area of business, including the real outdoor products and the urban outdoor products. I believe there are great potential for these segments to grow better. That's why for DESCENTE and KOLON SPORT, we think they are very promising because of the right sector. I'm going to go through the different business segments. Our brand is committed to serve the public, to be professional, and to be premium. We are enabled by technology to cover different categories and consolidate the leading position, as well as expanding the overseas market. In 2025, the revenue grew 3.7%. The operating profit remained 20% of the margin. The performance is definitely over the industry, I mean, the industry of the sizable business or similar size. In that period, we have done a couple of things. First, the channel reform is showing the results. We have three Arena flagship stores, and the performance was over CNY 3 million. We are serving Tier 1 and Tier 2 CBD areas by Palace stores. The efficiency was over CNY 800,000. For the public market, we have the lighthouse stores. There are 3,000 either new or reformed. The efficiency is up 25% after the reform. Therefore, you can definitely see the improved efficiency of those new stores, and the reality proves our strategy. Second, we are serving for the champions, for the professional athletes, and we have that kind of the stores, in total, 77. At the end of the year, we in total have 160 professional stores. ANTA is building the market hits. For example, the C Plus or the C Series of the products on the year, on that year, we sold 1.2 pairs of that kind of the shoes. We have PG7, which is featured by being comfortable and cushioning. The sales volume was also pretty good. On the apparels, we have the new kind of the pants that performed pretty well. For kids, we have three key IPs, Zhugong, Hailang and Zuifeng. The sales volume was definitely over the target. The online traffic sales through was over 8%. Therefore, based on the very comprehensive, that consolidates ourselves as the leading position in the sports kids industry. Looking at the overseas business, our overseas business growth 70% and amounted CNY 850 million. This year, probably you have found that the first flagship store in North America, located in Los Angeles, Beverly Hills, just launched that made our presence in the American markets. FILA. FILA is featured by the premier brands and the reform and the retail upgrading. You know, the revenue of FILA grew 7% in the last year. The operating profit margin was 25% and over. That is definitely over the industry with similar size. Speaking of the FILA brands, we consolidate the FILA brands and focusing on two sports, tennis and golf. On tennis, FILA launched the new technology strategy that then level up the sales amount and the influencing power. We became the sole sponsor for China Open, and we signed the brand ambassador, and we redesigned the polo shirts and the tennis skirts. In golf, for three years, we sponsored the Volvo China Open golf tournament and also the professional athletes and signed Yin Ruoning, the athletes, and then we are highly recognized in this circle. On the products, we focused on polo, down jackets, running shoes, and the sneakers. Those products are very competitive. During the reported period, all of those products are showing very positive results. On retail, the store has been reformed. That could perfectly match the niche market. We have the flagship store in, for example, the CN number one store, and the FILA Kids is located... It's launched in the Universal Studios in Beijing, and the FILA Golf has the new kinds of the stores in Beijing, and the image has been consolidated. DESCENTE, the revenue grew 34.5% and make the breakthrough over CNY 100 million. It is the such hundreds of million brands and the overall channel discount was 10% or less, so the growth is really in high quality. DESCENTE will continue the high quality development and developing the products for skiing, golf, and the running shoes. The women products will make some product, you know, breakthrough that accounts 2.4 more percentage points. DESCENTE, the efficiency of the store is over CNY 2.7 million. For those stores for the store achieved over CNY 50 million growth from 21 to 49, and eight stores of DESCENTE made the revenue over CNY 800 million. Online growth was getting better and discount available online is definitely lower than 10% on the loyalty program. For those under 35 years old, it accounts for 40% of the total membership base. Outdoor Kolon showed a really positive growth, and the traffic was over 6 million, growth rate 70%. Overall revenue discount rate is lower than 10% on products. The Kolon products make some breakthroughs on product offering. Made the hiking shoes and the outdoor shoes, the sales through went up 140%. Probably, you know, it was mainly making clothes, apparel, but now we have a couple of the shoes by KOLON. They are pretty popular and well-received by the market. Kolon channels in 2025, the efficiency was over 2 million. Before we have the unbalanced development in the north and the south, but now, even the south of China, the per store performance growth to CNY 1.5 million from CNY 995,000. Within last year, we announced that we were sponsoring the national climbing team of China. Network management of the retail, we continue to optimize the network and enhancing the efficiency of the stores. We need to set up the right store at the right location. By December 2025, the adult store, we have 7,205, kids, 2,650. FILA core, 1,270, FILA Kids, 578, and brands, 189, DESCENTE, 250, KOLON SPORT, 209, MAIA ACTIVE, 252. For the whole year, we set up 971 stores, closed 1,260 stores, reformed 1,302 stores. By the end of 2025, in total, we have 12,949 stores. Year-on-year, 68 stores down. In the meantime, in the last June, we acquired another brands who have 402. Among that, 248 are in China, the rest are in the overseas markets. Online business in 2025, the contribution was 35.8%. Year-on-year, it was a growth of 15.5%. The online growth is pretty fast. In 2025, FILA brands performed pretty well. On Tmall, Jingdong, JD and TikTok, they have the low double-digit growth, which is above the industry average. I think the industry average is like the high single digit, but we achieved the double digit. In the footwear ranking, we were the top three. DESCENTE on the three major platforms, the growth rate was 40% and definitely made itself as the top 10 brands in footwear. We will continue to optimizing the structure of the products and expand to the Southeast Asia and Amazon platform and also expand the overseas business development. AI and digitalization. Our company launched the AI365 strategy, which means reduce the cost, driving the growth, strengthening the experience. Those are the three targets of AI development, and we are happy to see the results. Cost reduction. For the first time of the sports industry, we launched a big model of this industry that enabled AI to help the design of the products. For the driving of the growth on many platforms, we use the digital avatar to do the live stream. The GMV contribution was CNY 300 and change, meaning the total live stream hours was over 100,000. Through AI, we do the targeted precise marketing and the conversion rate was 20%. On the experience of the users after the AI customer service, the response rate was over 50%. Satisfaction level was up 11%. Let me give you a few remarks on our performance of ESG. I think we have done tremendous and very down-to-earth job about ESG, and the performance is pretty good. MSCI rating for three years, we jumped three to four grades. Now it's AA. Climate change rating is A, and we are included in the A List. Only 2% of the business in the world could be included. We are also included in Hang Seng ESG Index and the Dow Jones Sustainability Emerging Markets Index. We were ranked at the top 10 of those two index. Developing with the consumers are 38 products are renewable and sustainable. We launched the replacement pathway, and it has made us the first one to commit to replace the polyesters. Renewable packaging is being used in 48% of our total products. For all of our stores, we stopped using the one-off plastic bags, disposable. For Scope 1 and Scope 2 emissions, it was down 65.2%, and by 2024, it's down 46%. It's in line with. For the Scope 3, it was for the first time we reduced. It was the first time for the Chinese industry. You know, for the governance, we have 60,000 employees. 41% of the management people are females, and we hit this target earlier than our deadline. Every year, we give the share incentives to let the employees to grow up together with us. On social responsibility, we donate cash and donate sports facilities. For the development with our partners, for the primary and secondary suppliers, all of them are in complying with the ESG, and we have done 1,500 times of the supervision, and 88% were receiving good or excellent rating of the ESG. That's all of my review of the performance in 2025. Thanks very much, Mr. Lai. How could you make it and how could we implement our multiple brands strategy. Now, let's pass the floor to Mr. Bi to do the financial review. Good afternoon, investors. I'm going to dive into the specific financial performance. In 2025, the overall revenue was CNY 80.2 billion, up 13.3% year-on-year. The growth of this year was CNY 9.4 billion. Through the multiple brands strategy and the stable operation, I believe just within this year, we made the growth over CNY 10 billion. It is very stable. Let's go to the specific performance of each brand. ANTA, CNY 34.7 billion, year-on-year, 3.7%. Online growth rate, 7.3%. FILA, revenue CNY 28.4 billion, 6.9% year-on-year. Online growth was over double digit. All the rest of the brands contribute to 19%, CNY 19 billion revenue. The growth rate was 59.2%. Represented by DESCENTE and KOLON SPORT, the growth rate was so good. Looking at the gross margin, the overall gross margin of the group of 62%, down 0.2 percentage point. What are the reason behind? ANTA gross margin was down 0.9%. The reasons are, first, we continue to invest more in running and basketball and other professional products like the C Series running shoes. We invest more in the R&D of the technology platform. Online business is taking a larger portion. Online discount is generally lower than the offline market. That's why the gross margin was impacted. FILA gross margin was 66.4, down 1.4 percentage points. In 2025, FILA has the special position. Based on that, we redesigned the model of the products offering, and we invest more in DNA products, and we made more efforts in the fabric development and the products design. That's why the gross margin is suffered a bit. For the rest of the brands, if you look at the figure alone, it's getting down, but I want to say a few more words. Those other brands were incorporated in the performance of our new brands because it's dedicated to the wholesale business. That's why the gross margin is low. If we exclude that acquisition, those other brands' gross margin was actually growing up. Expenses of operation. Salary accounts 15.3%, up 0.5 percentage points. We will continue to do the efforts in human resources. Advertisements and publicity accounts 8%, down 1 percentage points. In 2024, it was the big year because there were a lot of sports tournaments like the Olympic Games, and we have to invest in those events. In 2025, this was pretty easy and normal, so the expenditure was stable. R&D accounts 2.7%, down one percentage. Using other research centers of the world, we continue to develop the best products for the customers. That's why we continue to invest in that by developing new technology, new material, and new methods. We spent CNY 22.2 billion on the development of the platform. Probably you found that in the Winter Olympics in Milan, we sponsored 13 national teams in China, and we provide the professional apparel and the facilities to them and help them to achieve the best result they could. Profit margin, we have the revenue CNY 80 billion and the profit, the profit ratio was 23.8, up 1-4 percentage points. Among that, ANTA, the operating profit margin was 20.7%. It's mainly is used for the investment of brands building and the product development. The global position of ANTA gives a very good momentum of growth. If we look at the future, and if we are speaking about the investment for the future, I believe we are on the right track and the operating profit margin maintains the same level. FILA operating profit margin 28.1%, up 0.8 percentage points. As I mentioned, that even the gross margin dropped a bit for FILA, but the operating profit margin maintained at a high single-digit growth rate. We reasonably controlled the uses and the allocation of the resources for FILA. That's why the overall efficiency of FILA were pretty high, so the operating profit margin was 28.61%. Excluding the impacts of our acquisition, for the rest of the brands, DESCENTE was over 10% beating, and the size of the scale showed the benefits. The profit margin, the operating profit margin growth 2.3 percentage points to 31.8%. The profits to shareholders accounted for 60.9%. It's 0.1 percentage points up. I believe it is the best possible figure in the past three years. In 2024, Amer contributed CNY 200 million positive profits. In 2025, it was CNY 1.22 billion. That's why the year-end dividend was 1 point... was HK$1.08, and the payout ratio was 50.1%. The long-term payout ratio was very stable. Operating capital management. Inventory life is a bit below the growth rate of the revenue. At the beginning of 2025, we had a rather big inventory base from 2024. Now, the inventory life is 137 days. It's 14 days more. We have a strong data system to let us know the overall inventory of different channels and the inventory sales ratio is like five times. I think overall it is rather healthy. In 2026, I believe we will continue to strengthen the healthy level management for the inventories. We will take different measures to control the high inventory. For example, precise and reasonable management of the procurement and the online/offline O2O-coordinated management of the data. I believe the inventory level will be better in 2026. Receivables and liabilities and payables are roughly the same level of last year. Looking at the cash flow, the net cash flow from operating activities CNY 21 billion, up CNY 4.2 billion. The ratio is 96%. It is the really stable capacity of cash generation. We paid for the acquisition in the last year, CNY 2.17 billion. After that, the free cash flow was CNY 16.11 billion, CNY 2.8 billion more. The year-end cash and deposits amount to CNY 50 billion, liability 23.3, net cash 31.7. It is roughly the same level of last year. The financial situation is rather stable and healthy. In 2025, we will continue to commit to the high quality development as the leading principle. We have multiple brands and we are trying to differentiate them, and we have an organized way to manage all of them. Though we are standing on a high base, we still want to grow further. On a couple of aspects we want to develop. First, the stable profit-making ability. In 2025, we know the net cash flow and the operating profit growth achieved a high double-digit growth. On the operation, the net gross margin was rather stable. In 2025, the net cash flow created was CNY 21 billion, up 21%. Now our cash flow is really sufficient. It's around CNY 30 billion, and we will continue to invest for the future. CNY 2.2 billion were invested for R&D. ANTA, FILA and the other brands will definitely make one breakthrough after another. By our data, I believe those breakthroughs consolidate our leading position in the industry. We will go to the world as our usual business strategy. That's why the overseas business will take a larger portion of the total business. That's the overall situation. Thank you very much. Thanks very much, Mr. Bi. Five times has been mentioned, at least about the stability. ANTA proves that we always want to be stable, but not driven by the short-term gains. Now, I'd like to pass the floor to Mr. Dai to have an outlook for the future. Mr. Dai will brief us how ANTA will go to the world from China. Looking at 2025, by our estimation, I think professional and fashion sports business segments will grow stably. The outdoor sports will continue the growth in high speed and high quality that will have the stable development of the whole industry. Our group will have the clear strategy and committed to the focus, multiple brands and globalization. We will definitely focus on products and operation. Through the high quality products and highly efficient operation, we can achieve the good development. Products is the king. Products is driving the development. Products is the core competitiveness of the business. Through the structure optimization of the products and the precise supply of the products, we can enhance the stability and the certainty of the products, of the profit making. Second, to make the good offering of the products and continue to provide the market hits, then we can have a network of the market hits products. The structure will be consolidated. We will focus on the key products and the key channels, optimize the portfolio of products and the price, consolidated our leading position. Number four, we will release the efficiency of the division or the premium through the organic and systematic management of the operation. We will speed up the cycle of inventory and improve the efficiency of the inventory. Also, release more potential of the profits. Operation is the driver of our overall system. Also, we will do the digitalization of the system and the procedure. The quality of development will be improved and the inventory will be managed better through dynamic management system. The healthy level will be monitored and the risk will be eliminated or reduced. Channel quality management is another focus. We will put the priority to quality, optimize the structure of the stores and its combination with the channels. The efficiency of both the operation and the brands will be enhanced. Those are the two key area we'd like to work on in 2026. Overall speaking, we are confident for 2026 and thanks for your support.