Good day, ladies and gentlemen. Thank you for standing by. Welcome to the JD Health International Inc. 2025 annual results conference call. At this time, participants are in listen only mode. After management's prepared 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's arranged statement or ask the question during the question and answer session, be dialed into the Chinese line, please listen to Jiang Ci, Head of Investor Relations. Thank you, operator. Good day, ladies and gentlemen. Welcome to JD Health 2025 annual results conference call. Joining us today are JD Health's Executive Director and CEO, Mr. Cao Dong, and Mr. CFO, Miss Deng 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. Actual results and outcomes may differ materially from those mentioned in today's announcement in this discussion. The company does not undertake any obligation to update this forward-looking information except as required by law. During today's call, management will also discuss certain non-IFRS financial measures for comparison purposes only. For definition of non-IFRS financial measures and the reconciliation of IFRS to non-IFRS financial results, please refer to the annual results announcement for the year ending December 31st of 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 reception 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 the original language will prevail. I'd like to turn the call over to Mr. Cao Dong. Please go ahead, sir. Hello, everyone. I'm Cao Dong, CEO for JD Health. It is a pleasure to share with you our 2025 full-year results. In 2025, China's economy maintained a steady and resilient momentum, laying the foundation for company's continued development. The government actively promoted development of new quality productive forces in the health consumption sector and encouraged the standard adoption of AI across the healthcare sector, charting a clear path for long-term significant growth. 2025 marked the return of JD Health's return and profit to a trajectory of rapid growth, further reinforcing our positioning as a market leader. As an industry-leading healthcare service provider, we continue to deepen our presence across key healthcare segments through our omnichannel, super pharmaceutical supply chain infrastructure, comprehensive AI-powered online healthcare service capacities, and the full lifecycle healthcare management ecosystem. We remain committed to delivering flexible, convenient, high-quality, and affordable healthcare products as well as our solutions. In 2025, we continued to capitalize our super pharmaceutical supply chain advantages and industry-leading direct sales capacities, building an AI-enabled full scenario healthcare service ecosystem that supported sustainable high-quality growth. In fourth quarter, revenue reached RMB 21 billion, representing year-over-year increase of 27.4%. Non-IFRS reached RMB 1.1 billion, up 13.5% year-over-year, with net margins of 5%. For 2025, our revenue reached RMB 73.4 billion, representing year-over-year of 26.3%. Non-IFRS profit totaled RMB 6.5 billion, up 36.3% year-over-year, with our non-IFRS profit margin 8.9%. Notably, we delivered revenue growth of more than 20% year-over-year for four consecutive quarters, while our full year non-IFRS profit margin reached its highest level ever since IPO in the pharmaceutical sector. Leveraging our supply chain strengths, we continue deepening from partnership with pharmaceutical companies as the first online marketplace for new and specialty drug launches. We introduced more than 100 new drugs during the year, a significant growth from 30 in 2024. Taking the Dayvigo as example, this flagship collaboration between Yi Fei and JD Health, we exceeded 20,000 orders in launch month alone. At the same time, by working closely with pharmaceutical companies to promote innovative, integrated consultation, pharmaceutical and service closing model, we are strengthening those partnerships and establishing a novel healthcare ecosystem that supports comprehensive collaborative relationship. We established strategic collaboration with Novo Nordisk, drawing on its central lung expertise in chronic disease management and treatment solutions together with JD Health, a full scenario healthcare service capacities. We're going to establish a dedicated public health hub on obesity. This initiative supports a one-stop diagnosis and treatment and medical solutions for diabetes and obesity transformation. We also formed a strategic function with Eli Lilly to promote the individual health solutions for patients in China who are overweight, living with obesity and type two diabetes or alopecia areata. Those solutions integrate patient education, live consultation, medical supply, and long-term disease management. In health supplements, we fully harness our direct sales capacities, actively engaging in product co-development, supply chain structuring, professional service enhancement, and industrial standard setting to reinforce our platform's central role across our value chain. By focusing on the senior nutrition, child development, beauty supplements, and ready-to-consume nutrition products, we have helped the brand partners to achieve steady, sustainable, and long-term growth. For instance, well we extended the deep sea fish oil market is very mature, we identified the growing customer demand for high purity, high absorption products. We believe there's significant unmet potential. Based on this insight, we worked with Chengxi to develop a premium fish oil product tailored to market needs, efficient the premium gap in the high-end segment, featuring 90% of high-quality EPA. The product garnered over 15 billion impressions on its launch day on JD Health's platform. In medical device, we fully integrate our supply chain strength to build a seamless online to offline service loop, driving industry-wide upgrades through the online technological innovation. For instance, in collaboration with Yuwell Medical, we launched the JD brand continuous glucose monitor on our platform, which can be connected directly to JD Health's app via Bluetooth to deliver integrated blood glucose management experience, covering monitoring, analysis, intervention, and data tracking. For users who require device setup or configuration assistance, we offer in-home support. With healthcare professionals providing hands-on guidance through the process. In response to the national initiative to foster new quality product forces in health, we provided the capacities and medical AI solutions to a wide range of ecosystems. We aim to enable high quality and sustained development, such as, the Daw ei, Dr. Daw ei, and the suite of multi-role intelligent service agents, AI digital twins, and AI health chatbot, Kangkang. At the end of 2025, Dr. Daw ei has completed just hundreds of millions of interactions. The JoyDoc 2.0 version comprehensive management solution spanning three key areas: clinical, nutrition, pharmaceutical services, and weight management. This product provides healthcare institutions with a standardized, traceable, and high-efficiency digital intelligence support. We work together with our first-place hospital, Wenzhou Medical University, and Union Hospital of Zhejiang College to cover 5 million patients in 2025. Our on-demand retail business also to break through. Through the year, we continue to expand the online medical insurance payment services as well. We're extending coverage to 29 key cities. By 2025, we have established more than 300 self-operated pharmaceutical pharmacies nationwide by integrating those stores with our on-demand retail business. We have further differentiated our product offerings and enhanced the overall user experience. Additionally, we continue to strengthen our integrated online/offline medical services. JDH's home rapid testing service maintains strong growth momentum, with full-year order volume increasing by 81.9%. Our add-on rapid testing service near the hospital-grade home testing service during the year, extending the professional practice to hospital laboratories into the home setting for 16 core cities, including Beijing and Shanghai. This service exemplifies the deep integration we have achieved across our supply chain and digital platform strengths and the professional medical expertise of the public hospitals during the peak respiratory seasons. It effectively eases hospital congestion, shortens patient visit time, and lowers the risk of cross-infection powered by JD Health service baskets and digital coordination system. The process from sample collection to report delivery takes an average of three hours and can be completed seamlessly with the app. Looking ahead, we will continue to strengthen our super pharmaceutical supply chain advantages and to enhance user experience, cost, and efficiency. By capitalizing our direct sales capacities and deepening collaborations with our brand and ecosystem partners, we'll further cement our leadership in the healthcare retail market and reinforce users' willingness of JD Health as go-to the platform for online health product services. At the same time, we will continue to advance technological innovation and AI applications, empowering our integrated consultation, examination, diagnosis, pharmaceutical service, closed loop student AI plus supply chain strategy, and supporting the high quality growth and sustained development of the broader healthcare sector by steadily expanding our healthcare consistent service scope and consistently enhancing our integrated online/offline medical services. We will share better experiences to the users. Please welcome CFO, Ms. Deng Hui, to provide details for financial performance. Good to see you. Thank you for attending and joining the JD Health Earnings conference call. This is Deng Hui. It is my pleasure to provide you update on our fourth quarter full year 2025 financial performance. In 2025, China's macroeconomy landscape continued to show a positive recovery trend, ushering new development opportunities. AI-driven health industry, JD Health actively responded to the policy directive of fostering new quality productive forces in the health consumption sector, achieving sustained and high-quality growth. In 2025, the revenue reached RMB 37.4 billion, representing a year-over-year increase of 26.3%. Net profit amounted to RMB 6.5 billion, up 36.3% year-over-year, with a profit margin of 8.9%. Worth noting that our revenue growth rate has maintained above 20% for the consecutive quarters, while our net profit margin reached its highest level since its listing. In the fourth quarter of 2025, revenue totaled RMB 21 billion, up 27.4% year-over-year. Net Net profit for the quarter reached RMB 1.1 billion, increased by 13.5% year-over-year, with a profit margin of 5% as of December 13 first, 2025. Our annual active user accounts for the past 12 months stood approximately 200 million, with an addition of 34 million compared to December 13 first, 2024. Among other revenues, direct sales revenue reached RMB 16.9 billion in 2025, representing year-over-year increase of 24.8% and accounting for 82.9% of the total revenue. This growth was primarily driven by increased sales of chronic disease related drugs and expanded first launch partnership for innovative drugs as well as health supplements, where we focused on strengthening our direct sales capacities and cultivating growth in high quality segments and sales of new created medical devices. Meanwhile, service revenue reached RMB 12.6 billion for the full year of 2025, up 34.1% year-over-year and accounting for 17.1% of our total revenue, increase of one percentage point year-over-year, with our platform commissions and advertising services maintaining strong growth momentum. During the year, we prioritized the onboarding of emerging brands, significantly increased the resource allocation to merchant support, and expanded the merchants access to our omnichannel infrastructure and resources, fostering growth for both the platform and our merchant partners. We continue to advance our on-demand retail business in 2025 to bring more efficient and accessible on-demand services to our users by continuously strengthening synergies among supply, fulfillment, payment, and experiences. In healthcare services, we further deepened our Internet + healthcare service ecosystem through AI empowerment this year, achieving scale deployment of AI technologies across consultations, examinations, diagnosis, pharmaceutical scenarios. We launched a series of AI-based solutions tailored for users, doctors, hospitals, primary healthcare institutions, including AI Jingyi and Doc, and JoyDoc, establishing the industry's most comprehensive AI enhanced health service matrix. Our AI agent, Dr. Dawei has completed hundreds of millions of user interactions with a 98% satisfaction rate. Meanwhile, JoyDoc has accumulated and served over 5 million patients across several hospitals, including The First Affiliated Hospital of Wenzhou Medical University and Union Hospital of Tongji Medical College. From the profitability level, JD Health's growth margin was 24.8% in 2025, up 1.9 percentage points year-over-year. The improvement highlights the core strengths of our supply chain as well as the ongoing enhancement of our direct sales capacities. Our direct sales mode effectively drove growth margin expansion through economies of scale, while empowering our professional procurement and sales teams to identify industrial trends and capitalize high potential sub-segments, boosting overall operational efficiency. At the same time, we encourage greater resource investment from merchants, fulfilling growth in higher margin business such as advertising services on non-IFRS basis. Our fulfillment ex-expense ratio was 10.4% in 2025, up 0.2 percentage points. Our selling and marketing expense ratio maintained largely flat at 5.2% in 2025 compared with last year. Responses we early showed, dealers hit the road this year promoting awareness of our quality standards for nutrition products, while helped drive sales growth in the health supplement segment, although selling and marketing expenses rose by 22.9% year-over-year. Our R&D expense ratio was 2.2% in 2025, up slightly by 0.1 percentage point year-over-year as a result of our ongoing investment in AI technologies. As of the end of December, we had over 880 R&D personnel increase compared with the previous year. As revenue continued to grow, the proportion of fixed R&D expenses will decline accordingly, while the productivity of our R&D team will also improve. We remain committed to investing in health AI technologies and have launched a suite of AI empowered products serving users, docs, hospitals, and primary health institutions across multiple healthcare scenarios. Moving ahead, we will continue to plan our efforts in these areas. The G&A expense ratio was 0.8% for the full year of 2025, flat with 2024. Our backend staff and operational management efficiency levels continue to lead the industry. Finance income was RMB 1.5 billion in 2025, attributable to increased cash balance. Other income gains, net was approximately RMB 1.6 billion in 2025, net reflecting fair value changes in wealth management products, excluding share incentive. Now, our non-IFRS profit for 2025 increased by 36.3% year-over-year to RMB 6.5 billion, with a margin of 8.9%, up 0.7 percentage point from last year, reaching its highest level ever since our IPO. Our cash flow from operating activities reached the RMB 10.2 billion for the full year of 2025. As of the end of December, cash and cash equivalents restricted cash term deposits and wealth management products measured at a fair value through profit or loss at amortized cost totaled RMB 96.5 billion, a net increase of RMB 10.1 billion compared to December 31st of 2025. In summary, JD Health delivered high quality growth in 2025, underpinned by continuously optimized operational capacities and steady profitability growth. Our strong performance highlights our persistence, enhancing user experience while improving cost efficiency by developing and refining AI-powered health service scenarios. We have broadened our business scope, further validating the distinctive value propositions of our dual engine business model. That concludes our prepared remarks. We are now open for questions. Thank you, Madam Deng Hui. Those are the prepared remarks from JD Health. Let's get into the Q&A session. We are going to get into the Q&A session. If you have any questions, please press star one on your telephone's touch tone keypad during the time. Due to time constraint, please limit yourself to two questions. If you have follow-up questions, please re-enter the queue. Thank you. Now we are going to welcome Miranda from Bank of America. Please go ahead with your question. Good evening, dear management. Thank you very much for the prepared remarks, and thank you for accepting my questions. In 2025, you achieved a faster growth, and you had very good growing momentum with a better profit margin that are great news. I have a question to you. Can you share with us the near term and the three-year middle term prospects? What will be the main growing points and what will be your strategies? Thank you. Thank you for the question. You are my old friend, Miranda. I want to share with you the general directions about the tracks for the future growth. We know that pharmaceutical sector, health products and medical devices are belonging to one community. The market size is around RMB 3 trillion-4 trillion. This is the size of the total market share, and we have to check different proportions. You could fully understand, in the entire year, the revenue is RMB 3.017 billion. Compared to the potential of the market, we are still having a big room to grow, which means that we have a lot of opportunities to grab. Currently, we could achieve more than one digital growth potential. I believe that this is a huge market. Despite the fact that JD Health is a huge player, we could also go faster and we could go deeper. That is our inspiration, and that is our commitment to go deeper and go faster, build on our existing advancements and results. The next point is from the perspective of the users. Currently, around the 220 million users were out there. The total number is still growing. We have a lot of active users, but not as big as the total user base of the JD Group because we are JD Health. We could still having big room to grow. I'm just sharing with you the size of the sector as well as the users of JD Health. I believe that from both fronts, we could do a lot of things to grow our potential. To be more specific, for the next one to three years, what will be happening and what will be the key drivers? To start off, I want to go back to the product portfolio and what will be the growing momentums. I'm going to speak about the products, the pharmaceutical products. For the long run, we are in the leading position and we are growing very fast. We continue to improve our performance in 2025. The new drugs are taking 15%, and we are growing very fast compared to the velocity of 2024. You could feel the change and you could feel the transformation. Built on the mindset of a JD Health, more brands, more pharmaceutical companies and more manufacturers will come to us. They will finally realize JD Health is a huge platform. We could help them. We could empower them. We could bring to them additional value. The new products, the special drugs could have very good sales at our platform, driving us to embrace a large number of new drugs on their first sales. This is a very positive trend, and I could very happily share with you. I believe that in terms of the pharmaceutical companies, we will continue to grow. I believe that this market will grow, of course. We have the in-hospital and off-hospital markets, and on off-hospital markets will be moved to the online setting at even faster manner. Those are the trends we could observe on the market. That's why I'm so confident in sharing with you our growing potential and growing room. In terms of the health supplements, we follow, I know that you followed up for long term. When we are discussing the pharmaceutical companies and health supplements, you can know we are offering the best quality products. We could offer you very good user experiences as well. We go very fast. We are highly efficient in delivering our services and offerings. We are doing more than selling. We are also providing the evidence that base the solutions. It's like we are collaborating with GNC. We are jointly releasing the white paper, providing better service and educational resources to the users. We're also providing a premium fish oil, improving the user experiences in the overall manner. We want to add user experiences, and we want to add user value. We are not selling products in an efficient manner. We're also helping the users to select the best ever product. We're also an online platform having huge integrated logistics chain advantages, which means that we are having this pillar, and we will grow this as well. The next topic is about medical devices. I want to give you a case. We're collaborating with Yuwell to offer customized products. The monitoring of the glucose device, it is well set, and for the next step, we have more plans. In terms of the sales, we will provide software, hardware, as well as integrate the quality disease management plan. If you tried our product, you can know how well it is. It is very unique, and it's very special. If you try the Yuwell glucose monitoring device, you can know how good it is. You could know which food is good for you and what are the food bad for your health. I believe that is the best collaboration model. You could manage your food, you could manage your diet, and you could complete all those processes through our product. We are now promoting AI-empowered health management device. This will be the new ecosystem. AI is a keyword, very popular. In 2025, we launched the AI doctor, Dr. Daw ei completed hundreds of millions of interactions with online users with a high level of satisfaction ratio. The AI matrix includes the B2C and 2H fronts with a very good performance separately. Those performances are not yet fully matured. They are not translating directly into sales revenues. However, we can safely say that they will be the future drivers helping JD Health to garner potential profits. In the long run, they will be our long-term drivers. I'm just sharing with you those highlights for reference. Thank you, Miranda. Thank you for the rest of the investors. Now, please start your second question. The next question comes from UBS, Henry Liu. Please go ahead. Thank you for the prepared remarks, the management, and thank you for having my question. Can you say a few words about the competition landscape of the company? For instance, we have the e-commerce platforms. We have the brick-and-mortar physical stores. How you can stay competitive among all those competitors? For the long term, I'm confident in standing out of all those competitors and market players. If you are watching and following us for the long run, you know we are a company with a lot of pragmatic mindset and behaviors. You know how we check and observe this market landscape. You know how we view our competitors. From the perspective of JD and JD Health, we are good at managing the supply chains. We are good at managing our own brands, the products, because we want to manage the quality of the products. We want to ensure the best efficiency on this market. In terms of the health market, healthcare market, those elements are maturing. We want to manage the health of the users, and we have a strong mindset. That is why we are standing out compared to other competitors. That is in our DNA, that is in our blood vein, and we are maximizing our DNAs. In the company, the revenue is growing very fast, of course, but our market penetration rate is not as good as we expected. In the future, the market will be highly fierce, of course, but this market is not yet fully competitive. It's not receiving full competition. Every company could have their own proportion and share. You could manage your supply chain, you could play up your strengths, and you could do something with a lot of pragmatic behaviors, and you could improve the health. We could extend our strengths in the long run, and we could further extend our market scale. That is my general impression. That is my short answer for your question. Next question, please. The next question comes from Haitong International, Meng Kehan. Please go ahead with your question. Thank you for having me here. I'm from Haitong International. Congratulations. Thank you for sharing with us the great results in 2025. I have some questions to you. For the next few years, what will be your plan to start the brick-and-mortar stores? What will be the impact for the online practices? For the IFC, what will be your future plan? Will there be any change? Will there be any large M&A plans? Thank you. I want to take those questions with more elaboration. I believe a lot of investors are very interested in those points. First of all, we don't have the plan to have a large-scale M&A. It doesn't mean that we don't care about the offline practices and offline maneuvers. The efficiency, the cost of running the brick-and-mortar stores are one of our key strengths is, of course. I talked about the medical insurance policy. This is a very key in managing the brick-and-mortar store, the pharmacy. 35% of the gross margin will be the bench line. It's not that high, of course. We have a lot of good chances. We are not relying 100% on medical insurance. We could ensure the security of the business. Of course, the gross margin was not as high as we expected when we are running it online, but still very satisfactory. What we're still satisfied with all those results. When we are running the offline stores, we prioritize. We also care about their practices. They cost around the RMB 2 trillion. In terms of the market share, RMB 2 trillion belong to the offline practices. Some of them are belonging to the in-hospital market, around 8%. It matters. I don't think the online business can 100% replace the offline business. We have to watch closely to the development of the offline business. How we are going to maximize our strength. There are two sets of practices. The offline pharmacies are for one thing. We are running 300 of the offline pharmacies up to now. Those pharmacies are serving their neighbors. We are consistent in promoting the offline pharmacies. Those offline pharmacies are good at delivering immediate service requirements and demands. In terms of the data, they are accounting for 10% in terms of market share. Some patients want to have immediate medical products. The scale, the size of the pharmacy is not big. Our priority is on B2C, business to customer. This is a very important scenario for us to manage the customer relationship, and we will do a good calculation. How we're going to manage the stores, how we're going to manage the operator or the users. This is a platform with lot of openness, and we are collaborating with the chained pharmacies as well. Those solve our business patterns and business scenarios to better serve the users, bring them the premium experiences. I don't think we're going to have a large scale M&A to cover the offline pharmacies. I don't think so. We may maintain the structure, the size in offline pharmacies. Want to maximize the JD DNA, be pragmatic, we'll be patient. We'll be accepting the market changes. We will never go too fast. We are having a long-term vision of be the guardian of the people's health in China. We want to do a good job. That is our practices for the offline business. We will never do it overnight. We'll not complete all the business over a short term. We will be stable, and we'll be cautious. It's a step-by-step manner, or the business scale will be extended, and there will be no obvious shock to our core business. We believe that whatever we are doing, the AI-empowered practices, the offline pharmacists will go very steadily step by step, improving the users with experiences before each step we are marching on. We'll find out what will be the long-term missions, what will be our purposes before we are taking up this step. We are using a lot of AI technologies. We are improving the general efficiencies very positively. The AI nutritionist is also a good practice. The conversion rate is even higher than the real person nutritional practitioner. I believe that the offline pharmacist will also be greater scenario for us to use and to administer the AI practitioners. Don't worry about large CMA from JD Health. We will do everything step by step with very good reason. Thank you. Next question from Goldman Sachs, Lincoln. Please share with us your question. Thank you very much for having me here. Congratulations for you to have the 2025 outcome. I have a question on the progress of the AI plus. Please share with you your opinions about the supply chain, about your practices for future? Thank you. I want to give you our overall planning. There are several directions ahead of us. The first is the 2C to customer direction. You could check what happens in JD application. On JD Health application, we have the Dr. Kangkang. We have the JoyDoc. For the 2C side, you could have the Jingyi. They are doctors. The Dr. Daw ei. We have the pharmacist. We have the nurses. They are AI bots. They are AI twins. A lot of consultation services are out there. The shopping services, the before and after sales services are out there. The conversion rate, the satisfaction rate, the user experiences are very positive. The online consultation is booming, empowered by the AI technologies. Those are the good outcomes from the 2C front. It's not right time for us to commercialize all those practices and assets, but still we're in a good position. We're in a good tree direction to have the commercialization. Now we have the Jingyi. We have the 2H to hospital front. In the future, I hope that we could get collected to the hospitals. We are speaking about 70% of the resources of the RMB 2 trillion market size will be in different hospitals. We want to expand our market share, relying upon the partnership with different hospitals. The hospitals will help us to manage the patients. For instance, we could do the pre-consultation. We could do the pre-consultation, helping those patients to check in the right departments. Those are something we could done before the hospital entry. For the post-operation diet and nutrition, we could also have the AI to help those patients. We could have it with the hospitals. In the future, we could manage this business with incremental growing momentum. For the 2B side. The 2B side is operated for the doctors totally free of charge. How we are going to set up a good business model, how we are going to have the final commercialization, we are still in the process of pondering on. In China, it's very special for the doctors to pay. I believe that as long as the products and the services are excellent, we could have sort of some methods to charge. It's a very complicated value chain in the medical sector. Who will be the right payer? That is a question we have to keep thinking. We have to avoid the homogeneous competition. No matter what, those are the directions we are embarking on, and we are seeing a much more clear directions and light at the end of the tunnel. In the near future, I believe that we could see more frequent AI application with positive outcome. If there's any feedback, I will let you know immediately, and we will keep a close eye on this market. Please keep it in mind, JD Health has very good AI innovation practices, and we go very steady. We're collaborating with the stakeholders, and we will continue to promote the innovative drugs. When we are checking the market, it looks very dynamic, and it looks very popular, but we will be the one who dig deeper to this market, and we will give you the good solutions. All in all, we want to serve the patients, we want to serve the users with good experiences. We are more than observer, we are practitioner. Thank you. Time's sake, we are going to close the Q&A session. I'm going to welcome Binglin Du to give us the closing remarks. Thank you once again for joining us today. Further questions, please contact our IR team directly. Thank you.