Investors, good morning. Welcome to Li-Ning Company Limited's 2023 interim results announcement. Let me introduce to you our management. Executive Chairman and Joint CEO, Mr. Li Ning. Executive Director and Joint CEO, Mr. Qian Wei. Group Vice President and CFO, Mr. Zhao Dongsheng. In today's presentation, Mr. Zhao will go through the first half 2023 business review, the chairman will go through strategic directions, followed by future developments and strategies and outlook, there will be a Q&A. Mr. Zhao, please? Good morning. I am Zhao Dongsheng. Now, I will go through with you the financial review of the first half of 2023. In the first half of the year, under general environments of recovery and challenges in the domestic market, we adhered to the direction of steady progress and high-quality development, the final operating results were in line with expectations. Revenue increased by 13% to RMB 14.019 billion, while net operating cash inflow rose by 22.7% to RMB 1.942 billion. Due to intensified competition from online promotions and changes in channel structure, gross profit margin declined by 1.2 percentage points to 48.8%. Under the volatile market environments, the company strictly controlled expenses while focusing on inputs and layouts that would drive long-term business growth. Coupled with a decrease in government subsidies and other non-operating income, net profit fell slightly to RMB 2.121 billion, with net profit margin remaining at a reasonable level of 15.1%, which was in line with the company's expectations. Overall, capital position was healthy, with average working capital to revenue ratio of 7.5%. Cash cycle is 30 days, which is unchanged from last year. The board of directors resolved to declare an interim dividend of RMB 0.362 per share, representing payout ratio of 45%. Li-Ning core brand retail sell-through for the overall platform achieved low teens year-on-year growth. Channel inventory declined a low single digit from the end of last year, with overall platform inventory to sales ratio of 3.8 months, further optimized from the end of last year. Despite the challenging retail environments, offline new product retail sell-through still achieved a high single digits growth, while new product sell-through accounted for 87% of total volume, remaining at a healthy level. Compared to same period last year, 3-month sell-out rates of new products dropped by 2 percentage points, while 6-month sell-out rates remained flat. However, compared to the same period in 2019 and 2020, both the 3-month and 6-month sell-out rates improved significantly. Group revenue grew 13% year-over-year in the first half of the year, thanks to the strategic focus on professional categories, with footwear remaining stable at 54% of revenue. In a volatile market environment, Li-Ning brand insisted on a balanced channel development strategy with a balanced share of wholesale and DTC, which helped us better balance between channels and finances, as well as opportunities and risk between working capital and profit and loss. Overall, channel share remained stable and healthy. Due to the easing of the pandemic and the gradual return to normalcy of people's lives, popularity of online shopping declined. Share of e-commerce revenue declined 3 percentage points to 27%. DTC revenue increased 2 points in share to 25%, and share of wholesale revenue increased 1 point to 48%. Due to the outbreak of the pandemic in Q4 of last year, which led to pressure on inventory digestion, the company increased its efforts to digest all products in the first half of the year. Proportion of sell-through of offline new products within 6 months was 87%, which was down 4 points year-over-year, but improved 8 points and 5 points year-over-year when compared to 2019 and 2020 respectively. It remains at a healthy level. For same-store performance, platform-wide same-store sales declined a low single digits in the first half, with offline same-store sales remaining flat. e-commerce same-store sales declined by low teens. The pressure on the same-store sales in the Q1 is mainly due to the negative impact on consumption from the pandemic at the beginning of the year. In the Q2, offline gradually recovered, but the consumption recovery was less than expected, resulting in the same-store sales continuing to face pressure. E-commerce was affected by temporary changes in consumer channel choices after the pandemic. Same-store sales faced even bigger challenge. For channel development, the number of channel POS totaled 7,448 in the first half of the year, an increase of 336 compared to the same period last year. Among them, Li-Ning core brand stores increased by 230, and LI-NING YOUNG stores increased by 106. Li-Ning core brand continued to focus on layouts of high productivity large stores and shopping malls. While the number of core brand stores increased a mid-single digit year-on-year, total sales floor area of stores and average floor area of a single store increased by mid-double digits and high single digit year-on-year, respectively. Overall, retail sell-through increased by a low teen year-on-year, with e-commerce sell-through realizing low single-digit growth. Offline sell-through increased low teen year-over-year. With average unit price increasing by mid-double digits. A number of units sold increasing by high double digits. In a promotional environment, the Li-Ning brand wholesale business, excluding international markets and the LI-NING YOUNG business, reported a 14% year-on-year increase in revenue in the first half of the year. Number of stores increased by 72, excluding revenues from sell into specialty stores. Wholesale revenue increased by low end of 20%-30%, while wholesale sell-through was affected by pressure from operating environments and increased by high single-digit year-on-year. Under the complex operating environment, we need to ensure sufficient new products reserves to drive the chances of sell-through recovery. In the long run, we'll continue to strengthen our distributors' retail operation capabilities to ensure healthy channel inventory and sustainable channel growth. Direct retail revenue increased by 22% year-on-year, and number of stores increased by 158. As shown in the chart on analysis of revenue change, the increase in revenue was mainly contributed by the growth in new store openings. Although direct retail business was affected by the operating environment to a certain extent, we continued to strengthen our retail operation capabilities and strive to improve same-store business performance of our direct retail channels, while placing high-quality new store openings to drive revenue growth. In the first half of the year, gross profit margin declined by 1.2 percentage points to 48.8%, mainly due to the following factors. 1, for e-commerce channel, gross margin decreased by 1 percentage point due to deeper discounts as a result of intensified promotional competition. 2, optimization of product mix in the wholesale channel, resulting in a 0.1 percentage point increase in GP margin. 3, increased R&D expenses, resulting in a 0.2 percentage point decrease in gross margin. 4, a decline in proportion of revenue from the D2C channel, which has a higher gross profit margin, impacted 0.2 percentage point in the decline in the group's GP margin. 5, improvement in the channel structure and efficiency of other business units, which led to an increase in GP margin by 0.1 percentage point. 13% revenue growth brought about an increase in gross profit by RMB 638 million. On the expense front, we strategically invested and controlled expenses to drive better long-term return on investment. Non-fixed expenses related to sales, such as direct retail store expenses and platform commissions, increased by RMB 479 million, mainly due to higher store expenses as a result of the advanced placement of direct retail stores in good quality channels. Advertising and marketing expenses increased by RMB 61 million, with the increase in marketing expenses mainly due to increase in promotional and marketing expenses to drive recovery of sell-through. In addition, other platform expenses increased by RMB 126 million due to higher R&D and staff costs, as well as resumption of routine expenses, such as business travel after the pandemic. Other income decreased by RMB 98 million, mainly due to the decrease in other non-operating income, such as government subsidies. Overall, the group's operating profit margin declined 3.6 percentage points to 17.7% from 21.3% in the same period last year. Net profit margin declined 2.5 percentage points to 15.1% from 17.6% in the same period last year. For channel inventory, total channel inventory in the first half of the year increased by a mid 10%-20% year-on-year, matching the growth in sell-through. All channel inventory turnover months was 3.8 months, with inventory structure remaining stable and at a healthy level. Going forward, we will continue to implement rigorous inventory management initiatives to ensure that inventory turnover, efficiency and inventory structure remain healthy in the long run. The company's inventory in the first half, the cost of inventory before provisions increased by 9% year-on-year, relative to 13% revenue growth is a reasonable increase. Overall inventory is healthy. Due to the impact of the pandemic, inventory was under pressure in Q4 of last year. 6-12 months inventory ratio rose 7 percentage points to 22%. According to our plans, we will do rhythmic digestion in the second half. It is expected that the age structure of the company's inventory will be further optimized at the end of this year. Overall, the company's inventory is at a healthy and controllable level. Reasonable inventory structure is an important foundation to support the healthy and sustainable growth of the business. We believe that there is still room for further improvement in the future through continuous improvement of merchandise efficiency and operational efficiency. For trade receivables, our pre-provision trade receivables increased by a reasonable 9% relative to the 13% increase in revenue. Accounts receivable turnover days remained healthy at 14 days, which is healthy. As shown in the chart on the right, the proportion of trade receivables within 90 days increased to 84% from 83% in the same period last year. Although the terminal environment is challenging, our past support for our channel partners and strict requirements on channel efficiency management have kept our channel partners in a relatively healthy condition. In the future, we'll continue to maintain our support and management strategy for our channel partners. In terms of working capital efficiency, we maintain a healthy level of working capital at 8% of annualized revenue, giving us sufficient resources to fuel business growth. The company's cash flow from operating activities was adequate, rising 22.7% to RMB 1.942 billion. Our net cash, compared to the same period last year, increased by RMB 1.127 billion to RMB 19.225 billion. Ample cash reserves enable us to better regulate the stress and risks in the face of a complex end user environment, while also putting us in a better position to flexibly capitalize on new business growth opportunities in the future. This year, although the market is gradually recovering, operating environment is still under pressure, Recovery of consumption is relatively slow. In face of the less-than-expected end user environment, the company has actively launched countermeasures. Although it is still a challenge to achieve the full year target, we'll continue to work hard in the direction of reaching the target in the second half of the year. At present, we maintain the target of annual revenue growth of mid 10%-20% and net profit margin at mid 10%-20%. Meanwhile, we are optimistic about the company's long-term development. This is the end of the financial section. Next, I would like to invite our Chairman to introduce the key strategic directions for the first half of the year. Thank you. Thank you, Dongsheng. Good morning. In the first half of 2023, with gradual restoration of domestic, economic, and social activities, the consumer markets also entered a state of gradual recovery. Under promotion of national policies, people's health awareness has been significantly enhanced. Potential of sports consumption is expected to be further released. Sports industry has brought prospects for development. Over the years, our company has continued to adhere to the strategy of single brand, multi-categories, diversified channels, focusing on professional sports, brand accumulation, and product innovation, and integrating sports trend elements to provide consumers with professional and fashionable sports products through a multi-categories, diversified channels matrix, strengthening brand and product competitiveness. In the first half of the year, we continued to focus on professional categories using technological innovation to strengthen our brand resilience. Professional categories continued to power up, especially running shoes, achieving 33% increase, which is outstanding, bringing our revenue and performance steady growth. In the first half of the year, we continued with our professional running shoes matrix with the three IPs as core, our Super Light, Rouge Rabbit, and Feidian, and become the first domestic brand to build a mature professional product matrix. All three products are equipped with our leading Beng mid to low technology, and we achieved eye-catching sales performance, further expanding our leading business opportunities in the field of professional running shoes. In particular, we have been able to achieve the best results for Chinese running shoes in the Tokyo, Boston, and London marathons under the World Marathon Majors. Leading, we topped the list of most won Chinese brand for 3 consecutive times. As for basketball, the category increased professionalism through technology, bringing together brand resource and product, leveraging and the star players to maximize our exposure of the products. In July of this year, Jimmy Butler came for an 11-day Jimmy Butler tour, covering 7 cities, including Beijing, Chongqing, Hong Kong, and it had received deep interest among the fans. He's also the first NBA international star to visit Taipan Village, Guizhou, bringing in huge attention from the West. In terms of fitness, we continue to penetrate diverse customer groups with technological innovation and all scenarios matrix for varying needs. We will continue to look into various categories, including the styles and soft touch series for women as well. For sports casual, in order to promote this category, we have been able to explore the deep connection between Chinese culture and target groups. Through this unique cultural connection and story IP and original design, we were able to create special products, strengthening our advantages in our brand. For brand marketing, we continue to enhance our consumer communication through sports events in a number of areas. In particular, for June of this year, we have presented MY-VERSE collection at the Paris Fashion Week for the spring and summer seasons. We have inspired diverse genres in global youth cultures. With our spring and summer 2024 collection, MY-VERSE symbolizes a vast and limitless universe of China Li-Ning. We have been able to, in a number of areas, promote our brand and connecting from China to Pompidou. Next, we will have our CEO, Mr. Kosaka Takeshi, to introduce the company's operation progress. Thank you. Good morning, everyone. I am Kosaka Takeshi. I will be talking about the first half in terms of our operation progress. In the first half of the year, the group continued to carry out our enterprise operations with the core of improving our operation efficiency and promoting our growth of performance healthily and vigorously. At the same time, we have been able to make flexible preparations and measures in face of the volatile market environment. In the overall recovery and challenges of the domestic market, we have achieved a year-on-year increase of 13% in revenue, and net profit margin has been maintained at a healthy level of 15.1%. Overall performance is in line with our company's expectations. In terms of commodity or products operation, we continue to strengthen the ability of product operation management and improve our efficiency of product operation, realizing our product focus and optimizing our efficiency in order to meet the needs of multilevel, multi-store, and multi-scenario customers and demand. We constantly improve the product structure and appropriately adjust the width and the depth of the products. During the period, the width of products decreased year on year, and the depth increased significantly. By continuously, continuously strengthening our planning system for products, we improved the pace of our launch and sales, and combined the various levels of our product sales to adopt a targeted price strategy and to accelerate our sales. We have been able to increase our sales in the first half of the year for our professional basketball shoes and running shoes to a total volume of over 5.8 million pairs, further increasing our proportion of professional products. For inventory, the omni-channel warehouse sales ratio is 3.8, and overall total inventory and warehouse age structure has also been optimized. It is at a healthy level. For the retail operation, we continue to improve our retail standard and drive the growth of terminals, retail sell-through. In the first half, our transaction rate remained at a good level, and our joint level was also improved. In terms of discount, it has deepened slightly over the year, with overall discount trend continuing to improve. In the Q1, the digestion of our inventory was accelerated, and the number of units and optimization of discount year-on-year was deepened. In the Q2, the retail discount rose quite significantly to 30% off, and the year-on-year and month-on-month improvement was also improved. In terms of channels, we insist on expanding our high-quality, profitable stores. With a recovery of offline business, we actively expanded excellent channels with pursuing single-store flow, profitability and efficiency, and expanded our stores that are profitable, and strengthened our super first line, first line cities layout, accelerating and expanding our efficient stores and closing inefficient or loss-making stores, and upgrading our store image. We focus on large stores. The number of large stores, about 300 square meters, exceeded 1,630, average store size exceeded 410. The proportion of large stores and shopping centers have further improved, We continue to improve our structure channel. For the first half, e-commerce business environment faced certain challenges, Online direct sales sell-through increased by low single digits. Due to the easing of the epidemic and gradual resumption of people's livelihood, popularity of online shopping has declined. At the same time, we have provided a retail discount and further maximizing returns measures. During the period, the online average discount deepened to single digits. In the future, we'll continue to promote the establishment and implementation of Li-Ning e-commerce business model to ensure sustainable and healthy development of Li-Ning's e-commerce. For kidswear, we strengthened our retail operation capabilities, drove the continuous improvement of retail indicators, and realized healthy growth of overall business. During the period, the retail flow recorded a mid growth or mid-twenties growth. The average unit price also increased, and the same-store sales increased by 10%-20%. The number of kidswear stores has reached 1,281. Average monthly store efficiency has increased by 20%-30%, and we gradually optimize the business coordination between campus and business and also kidswear. In terms of supply chain, we continue to integrate and optimize our supply chain organization. In the quality, all of our staff strengthen the awareness of quality control and establish full-length quality management mechanism, strict implementation of quality management systems and standards, and continue to pay attention to product quality improvement. The environment for rising raw materials and labor costs, and we controlled our costs through materials integration. In terms of production capacity, we effectively ensured the supply of production capacity improved, and the delivery time through reasonable regionalization was also improved. During the period, the production capacity of the top three suppliers of shoes and clothing accounted for more than 40%. Continuous improvement in our supply resources continued based on business strategy. Large cargo business has also established a relatively stable supplier mixture. Also, at the same time, we had differentiated supplier matrix as well. We strengthened our supply chain management. In the first half of 2023, we adhered to the promotion of our core business development strategy, pursuing the improvement of operating efficiency and ensured the enterprise continued moving forward. In the second half of the year, we continued to build a business collaborative operation system based on a process-driven approach, improving our digitalization platform, driving business decision-making with data, and empower business efficiency with IT, and continued to train and build our talents. Based on the above points, we continue to focus on seven core business transformation tracks, promoting the implementation of key strategic tasks, and accelerating the transformation of business models, promoting our enterprise to achieve long-term and sustainable growth, and create continuous value and returns for consumers and shareholders. Thank you.