Ladies and gentlemen, thank you for standing by. Welcome to the JD Health International 2025 Interim Results Conference Call. At this time, participants are in listen-only mode. After mentioning your hearing remarks, there will be a question and answer session. Please note that this English simultaneous translation line will be in listen-only mode for the duration of the call, including the question and answer session. If you wish to listen to the management or regional segment or ask a question during the question and answer session, you need to be dialed into the Chinese central line. I will now turn it over to Mr. [Liang Zi], the Head of IR team. Thank you, pleasure. Good day, ladies and gentlemen. Welcome to our 2025 Interim Results Conference Call. Joining us today are JD Health Executive Director and CEO, Mr. Jin Enlin, and CFO, Mr. Hui. Before we start, we'd like to remind you that today's discussion may contain forward-looking statements which involve a number of risks and uncertainties. As the results and outcomes may differ materially from those mentioned in today's announcement and this discussion, the company does not undertake any obligation to update its forward-looking information except as required by the law. During today's call, management will also discuss certain non-average financial methods for comparison purposes only. For the definition of the non-average financial method and the reconsideration of the average to non-average financial results, please refer to the interim results announcement for the six months ending June 30th, 2025, issued today. For today's call, management will read the prepared remarks in Chinese and will only be accepting questions in Chinese during the question and answer session. A third-party interpreter will provide simultaneous interpretation in English on the second line for the duration of the call. Please note that English translation is for convenience purposes only. In the case of any discrepancy, management statements in their original language will prevail. I would like now to turn the call to the first speaker. Mr. Jin Enlin, please go ahead, sir. Hello, everyone. I'm Jin Enlin, CEO of JD Health. It's a pleasure to share our 2025 first half results. From a policy standpoint, national initiatives continue to drive the high-quality development of the healthcare industry. The implementation of a targeted measure, such as the Special Action Plan for Promoting Health Consumption, has further accelerated the health consumption sector's growth. According to the “Healthy China 2030” Plan, the total sale of China's healthcare service market is projected to reach RMB 16 trillion by 2030. In short, supportive policy measures like expediting market expansion are enforcing the certainty of sustained growth in the health industry. Health consumption has become a key driver of the emerging consumer market. For instance, the year-of-weight management campaign launched by the National Health Commission has given rise to a [blue ocean] “Weight Loss Economy” offering significant growth opportunities. Meanwhile, with the rapid development of AI technology, various government departments are actively implementing targeted policies to accelerate the application of AI technologies in medical services and health management. AI-powered, customized, and convenient healthcare services are clearly emerging as powerful catalysts for market growth. As a leading health service provider, we have accurately captured industry growth trends and leveraged supportive policies to achieve high-quality performance development. Amid our broader efforts to advance the Healthy China initiative, we continue to drive technological innovation and optimize our business models consistently, creating greater value for both our users and society. Now, I'd like to share our business updates for the first half of the year, followed by a discussion of our business outlook for the second half. First, let me review our business development over the past six months, focusing on three key aspects. First, we strengthened our supply chain advantages and continue to enhance the value of our position as a strict entry point for online health consumption. Since the beginning of this year, we have consistently optimized our omnichannel capacities, focusing on direct sales and online marketplace, plus on-demand retail to further increase the accessibility of pharmaceutical and health products and improve our user experience. For starters, we have deepened collaboration with our partners to deliver the latest and most comprehensive range of pharmaceutical and healthcare products to users. For instance, in the innovative drug field, we launched over 30 new products in the first half of the year, covering treatments for chronic diseases, digestive health, respiratory issues, and infections. Many of these original innovative drugs were launched nationwide on JD Health initially, following their domestic approval. Leveraging our supply chain advantages, we ensure that these cutting-edge treatment options reach patients swiftly while helping our partners expand market coverage, a win-win outcome for users, the industry, and JD Health. Not only can users quickly purchase a wide range of healthcare products at JD Health, they can also access extensive professional services. For example, when we launched the Yuwell Anytime 5th generation continuous glucose monitor, which set a new record by selling over 13,000 units only in the first day. We also offered on-demand delivery and at-home professional support with device fitting and calibration. Additionally, we provide free online doctor consultations via JD Online Hospital for users to learn more about doctor management and control strategies. Leveraging our integrated online offline supply chain advantage, we continued to strengthen our core B2C business in the first half of the year, while also expanding our instant on-demand retail operations. Our instant delivery service now encompasses over 200,000 healthcare pharmacies and our online medical insurance payment services reach nearly 200 million people nationwide. By integrating data-free pharmaceutical e-commerce, offline pharmacies, and the 30-minute distribution retail service, we have reinforced our near-field, far-field, and on-site pharmaceutical retail infrastructure effectively, meeting users' medication needs around the clock. Second, with online and offline service integration as core, we are expanding the development of the consultation, examination, diagnose pharmaceutical crossroads service model. In the first half of this year, we advanced the integration of online and offline service formats to further enhance our consultation, examination, diagnose pharmaceutical model by expanding our online hospital-specific care services and optimizing our home care on-demand service ecosystem. We aim to meet users' more care and personalized healthcare needs. We focus on key specialty offerings, such as dermatology, mental health, traditional Chinese medicine, oncology, and angiology. Continuously broadening and refining our online healthcare services. For instance, in dermatology, we provided the refined and personalized treatment solutions to over 20 million patients and launched China's pioneering online seeing disease diagnosis and treatment differential. In addition, our home care on-demand services have expanded to cover 64 items in seven categories, including high-frequency scenarios such as home care and rehab services. Meanwhile, the home rapid testing service now operates in 23 cities and offers over 160 types of testing. This in-hospital equivalent home services significantly enhanced accessibility and users' at-home health management experience, further reinforcing our advantages in the consultation, examination, diagnosis, and pharmaceutical model. Third, we have prioritized the large-scale application of AI in specific scenarios to foster healthcare exclusivity via technology. In the first half of this year, AI application in the healthcare industry flourished, aligning with the development of new quality productive forces and serving as innovative solutions for the industry's long-standing difficult access and high-cost pain points. As one of the earliest companies in China's online healthcare industry to develop and deploy AI, JD Health has taken the lead in realizing large-scale AI applications successfully, upgrading and launching a series of AI-powered medical products such as the AI Jingyi, JOY DOC, and the content covering various medical and healthcare scenarios both in and out of hospitals, including consultations and drug purchases. Let's take the AI Jingyi product system as an example. As well, JD Health's online hospital has launched more than 500 intelligent doctor agents, making it one of the largest online medical platforms in the industry in terms of the number of intelligent doctor agents and service tiers. We also introduce a series of intelligent healthcare agents such as AI doctors, AI pharmacists, and AI nutritionists. Through the deep integration of technology and application scenarios, we have optimized the user experience and greatly expanded the boundaries of healthcare services. When you purchase any healthcare product or service on the JD app, you can access our intelligent agent's consultation services. We encourage everyone to use them and welcome your valuable feedback. For the second half of the year, we will continue to strengthen our integrated online and offline medical service ecosystem and promote technological innovation, deepening our commitment to providing users with accessible, convenient, and affordable healthcare products and services. In the pharmaceutical and healthcare retail sector, we will enhance supply chain management, advance our omnichannel initiative, and continuously improve the accessibility of pharmaceutical and healthcare products and the overall service experience. In the healthcare service sector, we will gather more high-quality professional resources such as doctors, nurses, and nutritionists to expand our all-natural personalized healthcare services scenarios. At the same time, we'll continue to promote the application of AI products to achieve more intelligent, professional, and efficient healthcare service for all. As always, we remain committed to our business philosophy of a trusted data-based evaluation centered on customer health, joining hands with our partners to create a sustainable health ecosystem and contributing to the implementation of the Healthy China 2030 initiative. Thank you for your continued support and trust in JD Health. Now, I'm going to turn the call to Madam Deng Hui to discuss the details of our financial performance in the first half of 2025. Thank you, Enlin. Hello, everyone. Thank you for joining JD Health's earnings conference call. It's my pleasure to provide an update on our performance in the first half of 2025. The first half of 2025 is trying to continue to promote the high-quality development of the healthcare industry, explicitly calling for the cultivation and development of new quality product forces in the health consumption and supporting innovation in the healthcare model. As the industry-leading healthcare provider, JD Health has responded to the public's needs by accelerating further upgrades across healthcare products and services and actively promoting the AI-driven service model innovation. JD Health is committed to providing high-quality, accessible, and convenient health consumption and service experiences for users. JD Health achieved high-quality growth in the first half of 2025 with revenue of RMB 35.3 billion, up 24.5% year over year. We continued to strengthen the synergies of the omnichannel model, encompassing direct sales, online marketplaces, and on-demand retail services, reaching our product offerings, enhancing user experience, and maintaining competitive pricing. We also continue to expand our cooperation with industry-leading pharmaceutical companies and health product suppliers, elevating customer brand awareness while consistently earning user trust. We also created new growth opportunities for our partners as of June 30th, 2025. Our annual active user accounts for the last 12 months reached 200 million, a net addition of approximately 20 million compared to June 30th, 2024. First, our direct sales revenue for the first half of 2025 increased 22.7% year- over- year to RMB 29.3 billion, constituting [83.1%] of our total revenue. In the pharmaceutical sector, we empowered our partners through new and specialty drug launches on the China expansion and digital marketing. During the first half of 2025, over 30 innovative drugs debuted on JD Health, including Xin Er Mei, an innovative drug developed by Innovent Biologics, and Yi Su Da, a new domestic anti-influenza drug developed by Qingfeng Pharmaceutical. JD Health also set new benchmarks for innovative cooperation with multiple global pharmaceutical companies. For instance, through the strategic partnership with Novo Nordisk, we developed an integrated one-stop medical solution for diabetes and related diseases, building a full circle service system. In terms of medical devices and health supplements, we partnered with multiple brands to launch several products online. Notably, the Yuwell Anytime 5th generation continuous glucose monitor debuted on JD Health, offering users on-demand delivery service thanks to our online channel supply chain network and service capacity. Second, our service revenue reached RMB 6.0 billion in the first half of 2025, representing growth of 34.4% year- over- year and accounting for [16.9%] of total revenue. This proportion has risen 1.2 percentage points compared to the same period in 2024, with relatively high growth rates sustained in advertising service and platform commissions. We continue to help brand partners achieve sustained business and user growth by focusing on new health consumption scenarios and precisely aligning with the user consumption needs, which attracted increased marketing investments from brands. At the same time, we continuously enhance the synergies between our direct sales and online market businesses by supporting partner merchants and significantly increasing product variety on our marketplace. As of June 30, 2025, the number of merchants on our marketplace exceeded 150,000, an increase of over 15,000 since December 31st, 2024. Starting the first half of 2025, we further developed our on-demand retail business. We continue to expand our instant delivery service coverage and fulfillment capacities, connecting over 200,000 pharmacies nationwide. We also extended the retail-based online medical insurance payment services to nearly 200 million people. Meanwhile, we continue to explore innovative retail pharmacy models to deliver omnichannel retail experiences to users across different regions. For instance, JD Health and Beijing Children’s Hospital have entered into a strategic cooperation framework to jointly promote the pediatric pharmacy model. This collaboration aims to establish dual-channel pediatric specialized pharmacies integrating online and offline services, payment systems, and delivery networks. In healthcare services, we continue to enhance our online hospital specialty offerings, establishing five core specialty areas: dermatology, mental health, traditional Chinese medicine, oncology, and angiology. In dermatology, we deepened our focus on the diagnosis and the treatment of common specialty diseases, offering dedicated training for allergies, pediatric dermatology, healthcare, and cosmetic medicine, delivering refined and personalized treatment solutions to over 20 million patients. In the first half of 2025, we continue to solidify our industry leadership in at-home care services by further enhancing our one-stop postal service model. For instance, we further strengthened our home care on-demand service capacities and continue to expand our service offerings. As of June 30th, 2025, more than 12,000 nurses have begun offering services on the JD Health platform. During the first half of 2025, we also continued to expand the JD at-home rapid testing service network, offering over 160 types of testing to users across 23 cities in China. From a profitability perspective, our gross profit margin in the first half of 2025 increased 1.6 basis points year over year to 25.5%, demonstrating our efforts in deepening our supply chain network. We also enhanced the brand marketing resources by reaching our marketing products and distribution channels, increasing investments in advertising resources, and deepening cooperation with brand partners. Looking ahead, we'll further tap into the value of the retail pharmacy plus healthcare service cross-loop ecosystem. Meanwhile, we will continue leveraging our supply chain advantages to prepare the integrated development of the online and offline health service ecosystem and further expand our market share across all product categories. On an average basis, our fulfillment expense ratio in the first half of 2025 was 10%, a decrease of 20 basis points from the same period of 2024, benefiting from the cost dilution driven by increased order volume. In the first half of 2025, our selling and marketing expense rate was 5.1%, increasing by 20 basis points from the same period of 2024, with selling and marketing expenses rising by RMB 420 million year- over- year. To further reinforce user perception as a trusted destination for both medical consultations and medicine purchases, we organized major campaigns during the year's 618 Grand Promotion, including JD Medicine Free Orders and Super Simple initiatives. In the first half, our R&D expense ratio was 2.1%, an improvement of 10 basis points from the same period. In the first half of 2025, leveraging industry's rich selection of online healthcare scenarios, we took the lead in building AI-powered full-spectrum health service matrix that integrates AI doctors, multi-intelligent service agents, and intelligent doctor agents, accelerating the advancement of interface healthcare into a new phase of a shared AI application. As of June 30, 2025, AI Jingyi intelligent agents have cumulatively served over 50 million users, covering every healthcare scenario at every stage, from consultation to medication purchase and use. Additionally, benefiting from our rapid business growth, we enhanced the utilization efficiency of fixed R&D expenses, such as the service. By 2025, we expect to complete the AI Jingyi program in collaboration with partner doctors to further broaden the specific coverage of intelligent doctor agents to address the increasing demand for high-quality health resources. We will continue to advance our work in healthcare AI to deliver healthcare services that are more convenient, professional, and inclusive, reaching a wide population. Our G&A expense ratio was 0.8% in the first half of 2025, flat with the same period of last year. Our backend staff and operational management efficiency levels continue to lead the industry. Finance income decreased to RMB 1.4 billion in the first half of 2025, up 12.7% year- over- year, mainly due to a lower yield on wealth management products resulting from interest-based costs. Excluding share incentives, non-GAAP net profit in the first half of 2025 increased by 35% year- over- year to RMB 3.6 billion, with a margin of 10.1%, rising 18 basis points year- over- year, reaching a record high for the same period of the year. Our cash flow from operating activities reached RMB 6.2 billion in the first half of 2025. As of the end of June, total cash resources were RMB 66 billion, a net increase of RMB 6.6 billion compared with December 31st, 2024. To sum up, in the first half of 2025, JD Health maintained high-quality growth for its entire business, with a steady improvement in operating efficiency and profitability. At the same time, we consistently expanded new business, such as the omnichannel digital health, and accelerated the application of healthcare AI and other technologies across diverse service scenarios. Finally, I'd like to express my heartfelt thanks to our shareholders for the enduring support and trust in JD Health. Looking ahead, we'll continue and remain dedicated to our business philosophy for trust-based value creation centered on customer health and focus on cost efficiency and the experience, constantly leveraging our supply chain advantages to prepare the integrated development of the online and offline healthcare service ecosystem. Meanwhile, we will continue to advance our business on the offline, increasing our market share and industry influence to create greater value for the shareholders. That concludes my remarks. Please now go and open for questions. Thank you, Madam Deng. I'm ready to prepare remarks for the [JD Health] management. We are going to ensure the simultaneous interpretation. Please note we are going to have Q&A sessions. Thank you. As a reminder, please press one on your telephone touch-tone keypad. Due to time constraints, please limit yourself to two questions. If you have any follow-up questions, please re-enter the queue. Thank you. The first question is from Bank of America. [Miranda], please go ahead. Thank you for the prepared remarks of the management. Congratulations for the wonderful achievements. In the first half of 2025, we have seen great growth momentum. I want to invite our management to say more about your middle and long-term strategies. Thank you. Thank you, Miranda, for the questions. I n my prepared remarks, I mentioned that generally speaking, due to the healthcare consumption trends, as well as the policies on the AI demand in China, the market size is expanding and is having a lot of potential. It reflects that more and more consumers are having precise and personalized requirements to maintain health. This trend is very positive. Those trends are our basis for us to make long-term strategies. Over the last half year in the healthcare sector, we continue our role to expand and maximize our benefits on the supply chain. We want to make it as smooth and efficient following the requirements of the users. We are providing different strategies, such as a new product launch and personalized real-time services. We are having new targets and well-designed. As we are having detailed resource input, as well as different categories, we're improving our outcomes. We are also having the online doctor, online purchase of medications, and two-door delivery. This model is using where the online hospital and two-door services maximizing the beauties of the synergy, serving more patients. Doctors will join us online. The drugs will be delivered at home. The service will be delivered online. This is our one-stop services. It comes from a text-driven innovation. Our focus is on the deep integration of technology with passive applications. In the short term, AI has already been proven to be a valuable tool in the long term. The AI is to expand the supply and availability of the healthcare services. We are seeing it as a great progressive force. Our strategy is centered on our user needs, which started by deploying AI across our existing business, enabling more consumers to experience the convenience and personalization of the AI-powered services anywhere, anytime. Building this foundation, we continue to spend this upgrading our large model capacity to expand the frontiers of AI in healthcare services. Thank you. Thank you very much for your response. The next question comes from [Feng Shi Feng from CIBC]. Please go ahead. Thank you very much for having me here. I'm from [CIBC Investing]. I'm with the [Feng Shi Feng] for the wonderful achievements of the last half year. I've noticed that the AI products have been upgraded dramatically. Can you share with us more about the AI strategies from the company's perspective? Thank you very much for the question. Regarding the market position, JD Health is a leading company in China. We have our cutting-edge healthcare large language models and a signature AI-enhanced healthcare offering. One purpose is to make JD Health AI applications and access points everywhere to be seen. Everybody who is using JD Health is our user. We are going to improve the quality and efficiency of all the businesses and services. We're also going to create a new supply of the healthcare service, which will in turn create more traffic and visitors. We have fully deployed AI across existing business. By June 30, 2025, our AI Jingyi intelligent doctor agents have served over 15 million users. During the June 18 promotion of AI doctors, we achieved a user success rate of 97%. We helped the doctors to improve their working efficiency as well. We're also seeing that the doctor digital suite has helped experts improve their diagnostic efficiency by 15%. Our intelligent service agents like AI doctors and AI pharmacists have boosted our user purchase conversion rate. The conversion rate of AI healthcare consultations was 10% points higher than the human-operated consultations. This AI product has meaningfully improved our user experience. Thank you very much for the questions. Thank you very much for the answers to my questions. End of questions comes from [Ling Feng] from Goldman Sachs. Please go ahead. Thank you very much for having me here. Congratulations again for the wonderful achievements. My question is on the new business. How about new business for the second half of this year? We are working closely to the on-demand retail to share with us more funds. Thank you. Thank you, [Ling Feng]. It's great for us to see the career changes in on-demand retail. In the first half of this year, we further accelerated the rollout of our next-generation pharmacy, with over 100 offline stores now operational. We are paying close attention to synergies between existing businesses and the next-generation service offerings. On one hand, we integrate a rich variety of health consumption scenarios to further enhance user experience and elevate the brand recognition of JD Health for consultation and medication purchase. On the other hand, by harnessing our diverse e-commerce strengths, we are establishing a more advanced industry-leading omnichannel supply chain. Through this new demand retail model, it will further improve our operating efficiency and benefit all our partners from upstream industrial brands to downstream pharmacies. We will continue to explore next innovations, business models, and service scenarios to advance the penetration. It's best for exploring and starting new stores. We will also offer refined efficiencies to improve the efficiency to refine operations, optimizing the product service experience, and fully leveraging the synergies between the offline and online B2C and other channels. It will help us better meet users' on-demand healthcare needs. Our self-operating pharmacy stores use our in-house supply chain services, which gives them significant advantages in economic scale and supply chain efficiency compared to many stand-alone pharmacies. By integrating our online offline model, our average store production is higher than the industry average. Additionally, our whole year investment is fast. We remain flexible. We will focus on innovating offline offerings and improving our user experience, while paying attention to ROI and synergies with our existing business. Thank you very much for this question. That is our answer. Thank you very much. Next question comes from Henry of UBS. Please go ahead. Thank you very much for having me here. My question is on the medical insurance payment. The company, as well as our competitors, are speaking about the new breakthroughs. I want to listen to your comments on the new development. For the business models, except for [OJO], do you have the usage model to explore? Thank you. Thank you. For the medical insurance payment, our goal is to further enhance the online medicine purchase with medical insurance payment services in pilot cities under the [OJO] model and attract to the growth in this region. Meanwhile, in areas where policies are more advanced, we have been running pilots of the online medicine purchase with medical insurance payment service in our direct sales business. Our intent is to leverage medical insurance programs continuously and advance JD Health brand as the go-to platform for consultation and medication purchase, while continuing to explore more healthcare service scenarios and refine and iterate our business model. We believe that if the policies are relaxed further, building our first-mover advantage, innovative business models, and on-the-site systems will help repeating history in advancing payment services. If your time stands for any, that concludes today's question of the session. It's time of the nursing conference. Thank you for any additional closing remarks. Thank you once again for joining us today. If you have any further questions, please come to our R&D directory. Thank you.