Hello everyone, I'm your host, Jing, today, and this is a kind reminder. You may download the earnings release and presentation slides from our official website. If you require a Chinese presentation hosted by our management team, Jeff Ku and also Gina Lu, please visit our Zoomcast meeting link on the official website. Our meeting will start in five minutes. Thanks. Good afternoon, everyone. Welcome, welcome to Momo CQ earnings conference call. I'm Jing, your host for today's session. Our CEO would start our meeting today. The total retail market remained relatively soft during the first three quarters of 2025. Total retail sales amounted to $3.56 trillion, reflecting a year-over-year decline of 0.9%. However, excluding automotive and motorcycle sales, the market recorded a growth of 1.3%. Intensified competition in the e-commerce sector drove CQ industry growth to outperform the broader retail market, with e-commerce penetration rising to 14.1%. Due to concerns over tariffs and other related issues, consumer confidence turned more cautious this year. In addition, intensified pricing competition from new market entrants, the closure of our catalog sales operations, and the declining trend in TV shopping all contributed to a year-on-year decrease of around 3.9% in the company's total revenue for the CQ. From an overall GMV perspective, the combined performance of first-party and 3P continued to show positive growth during the January to September period. This indicates that overall transaction momentum remained solid, with the number of active purchasing members also continuing to grow. Across product categories, overall market sales momentum for home and appliances segments remained soft, with pressure on daily essentials and fast-moving consumer goods for pricing competition. Nevertheless, we continue to invest in new business, with encouraging performance from both our Momo Shop Plus and Retail Media Network advising business. Looking ahead, we will actively capitalize on the Double 11 and Double 12 promotional events through precise marketing execution, integrated platform resources, and close collaboration with suppliers. We aim to drive further GMV growth. At the same time, we are enhancing the user experience by improving logistics and service efficiency, aiming to provide customers with the best possible shopping experience. We will hand over to our Finance Department VP, Gina Lu. Today we are going to share our Momo's three key operational highlights as follows. First, we aim to reinforce our leading position in the existing first-party market by deepening partnerships with key brands and original manufacturers. We continue to develop exclusive and limited-edition products, strengthening the competitiveness of high-performing items. Our overall GMV growth stayed in positive territory during the first nine months of 2025. Secondly, we are deepening customer engagement. Despite the near-term pricing pressure in our FMCG category, the number of active users still grew by 1.7% year-on-year in Q3 2025. Lastly, our new business continued to expand steadily. As of September 13, our curated 3P merchants exceeded 3,800 and over 3 million SKUs. This expansion effectively supported GMV growth during the quarter. In this quarter, our advertising business not only depends on size and capabilities, but also expands our media network, further enhancing platform monetization to high return on investment. Additionally, we soft-launched our cross-border business in October, enabling customers to access a broader range of international products through Momo's one-stop platform. The steady expansion of new business initiatives continues to fuel both GMV growth momentum. A stippling member engagement to be our key focus. We plan to launch a new lightweight subscription plan in December, featuring more flexible pricing and usage scenarios. This offering will allow consumers to experience Momo's membership services at a more accessible price point. We expect that this new plan to broaden our reach to long-tail users, enhance customer loyalty, and engagement. For this slide, we are going to share our matrix. You can see that our active user base grew by 4.7% year-on-year from January to September. This indicates stable member loyalty and consistent engagement across the platform. In CQ, sales came in at TWD 24.6 billion. You can see that, despite intensified competition, the take rate remains stable at 13.8% in CQ, supported by optimized member engagement, dynamic pricing strategy, and advertising efforts. For this quarter, you can see that in CQ, our operating profit for the quarter was TWD 645 million. Net income attributable to the parent company amounted to TWD 560 million, with earnings per share of TWD 2.11. Revenue for the first three quarters totaled TWD 77 billion. Despite ongoing uncertainty in the overall retail consumption market, our GMV remained positive, supported by the development of new business initiatives. Operating profit reached TWD 2.2 billion in the first three quarters of 2025, mainly driven by increased marketing efforts in our first-party business in response to market competition, as well as continued investments in new ventures. Net income attributable to the parent company was TWD 2 billion, with earnings per share of TWD 7.8. As of September 2025, total assets reached TWD 25.5 billion, thanks to increased investments in equipment upgrades at the Southern Logistics Center and the ongoing construction of the Central Logistics Center. As a result, as you can see from our cash flow, from January to September, net cash inflow from operating activities reached TWD 1.5 billion. This was offset by capital expenditure for the Logistics Center, warehouse, and IT infrastructure. As a result, the total cash balance as of the end of September stood at TWD 1.21 billion. Momo continues to leverage AI and big data technologies to drive intelligent logistics decision-making, enhancing operational efficiency and resource precision across inbound allocation, warehouse selection logics, and delivery routine. Through optimal warehouse dispatch and analysis, we can accurately predict order origins and product distribution, enabling approximately 60% of orders to be fulfilled directly from a single warehouse at the time of purchase. The implemented route optimization analysis, which plans delivery zones and routes based on order hotspots and real-time traffic conditions, combined with the deployment of lightweight electric tricycles, our delivery operations have become more agile, boosting load efficiency and operational safety. Momo's in-house logistics services, Fusen Uliu, now reaches 170 administrative districts across Taiwan. Together with our strategic partner, our network extends to 368 districts. Our average delivery success rate also exceeds 90%. We currently offer same-day delivery in six major metropolitan areas, including Taipei, New Taipei, Taoyuan, Taichung, Tainan, and Kaohsiung. Furthermore, Momo actively applies AI across various operational scenarios, including warehouse layout planning and order bundling optimization, sustainable packaging recommendations, search and recommendation systems, and compliance identification. These applications are expected to enhance both operational efficiency and sustainability value. Momo has made long-term investments in automated logistics infrastructure, significantly improving operational efficiency and reducing costs through equipment upgrades and process optimization. In our packaging operations, we've further adopted AI and 3D simulation technologies to calculate the optimal minimum box size for each order. This enables warehouse staff to select the right packaging quickly, accelerate fulfillment, and reduce the use of fillers and packaging materials. Additionally, we've implemented large language models to analyze product descriptions and proactively identify items suitable for eco-friendly packaging, such as non-fragile goods or those already boxed, allowing us to ship them in recyclable bags instead. This integrated process enables us to save nearly TWD 10 million per month in packaging and material costs while balancing efficiency with sustainability goals. By combining automation AI models and real-world logistics applications, Momo continues to optimize its warehousing and packaging systems, building a small logistics ecosystem that delivers both cost efficiency and environmental benefits. In the area of ESG and corporate action, Momo continues to drive sustainable transformation across its supply chain, moving from internal implementation toward industry-wide collaboration. In the third, in the CQ, we hosted the Momo Supplier ESG Academy aimed at helping our partner accelerate low-carbon product transactions. Minister Peng of the Ministry of Environment also personally attended the event to show support and recognition. Additionally, Momo was invited to speak at the Top 100 Future Forum, hosted by the Plastics Industry Development Center, where we shared practical insights on green logistics and sustainable packaging, further demonstrating our long-term commitment to ESG as a leading e-commerce platform. In the CQ, we published our 2024 Sustainability Report and TCFD Report. We remain committed to turning our sustainability vision into action. Now we will open the floor for questions. You may submit your questions by typing on our chat box on the Zoomcast page. Our management team will address your questions. The first question comes from the investor. What are the main considerations behind the company's move into cross-border business? Our CEO said that for Momo, first quarter is our main business. For cross-border business, we believe that the steady, we observe the steady growth of cross-border parcels in Taiwan reveals unmet demand in local product offerings, up around 10% year-on-year in CQ, prompting consumers to shop on overseas platforms. We believe that there is the unmet demand by our local customers. Therefore, the customer continues to choose the products on the overseas platform. Therefore, we see the unmet demand for the international platforms. Therefore, for Momo, we want to leverage our platform capabilities and operational efficiency to strategically fill category gaps left by 3P merchants. Also, our CEO would like to especially highlight that the cross-border strategies are not only limited to low-cost items. Because right now, Momo currently covers markets like China and Japan's markets. Therefore, for us, we will plan to continue to expand to more countries and with the quality goods. The cross-border strategy is not only to expand our business, but to fulfill our customer demand. The second question is regarding the AI application, especially that the global competitors invest in logistics and AI. How can Momo differentiate itself in regard to the AI application? Our CEO said that this is a popular topic for the AI application. Firstly, for Momo, our AI strategy focuses on application rather than the R&D foundations, emphasizing real-world integration with our business operations. Secondly, we believe AI performance depends on the company's own operational data, as each business has its own unique model and data structure. We hope to leverage our database to be the application of our AI and to improve our operations. Not only do we have to invest a large amount of the investments in terms of the AI application, however, we believe that the development of the AI is to organize our data and to find the insight for the business. Therefore, for Momo, we will develop our own AI strategy. For example, we could develop the AI customer service system with Microsoft, integrating Microsoft's model capabilities with Momo's internal knowledge base, order and product data. To deliver a solution tailored to Momo's customers' needs and to improve our services. The next question was the competition landscape. Our CEO said that everyone noticed the intensified competition by the new entrants. However, for Momo, we focus on improving services, logistics, brand partnership, and consumer trust, rather than relying solely on subsidies or price costs. For us, we will respond appropriately, but maintain our value to customers. For Momo, we will continue to adhere to our value-driven strategy and also leverage our leading position, especially in the partnership with our brand value and to the original brands and also the manufacturers. Therefore, we believe our multi-engine growth strategy will continue to drive our long-term growth. We still see potential for our existing first-party business for its low penetration rates in Taiwan. Therefore, we will continue to enrich our 3P merchants, which is our new business. Also, we will continue to expand our product offerings, filling category gaps, and improve our GMV. For the next growth driver, we also expect that our new entrants into the cross-border sourcing can fulfill the unmet demand for the customers. Also, we have our retail media network. We hope that, leveraged by our platform, we can continue to introduce more traffic and continue to improve the business and the partnership with our brands. Therefore, we will continue to invest in new technologies and also automations to improve our efficiency through our tech-driven retail. Therefore, the GMV growth will be our main focus because we still see the potential for the e-commerce business. Especially, the competition, we have positive, positive breed over the competition because we will continue to strike balance between the price and also the value to the customers and continue to improve our capabilities. The next question goes to our Momo Shop Plus. After launching Momo Shop Plus, has it affected our first-party or triggered price comparison behavior among consumers? After the launch of our Momo Shop Plus, we observe that we still need to do some structural shifts in certain product categories. This will help our merchants to have the flexibility to continue to provide the best quality to the customers. Of course, there will be some negative impact to our first-party business. However, we believe that this will become normal for the transition of the first-party and third-party businesses. After the adjustments, we believe that we can focus on the high-frequency and brand-owned products that require tighter control. We believe that in the short term, the first-party and third-party makeup is in some categories, which we believe to be a natural transitional phase. However, in the long term, Momo aims to clearly define the roles of first-party and third-party, maximizing their respective strengths. The next question was the company strategy for the growth in 2026 and 2027. Our CEO said that we just touched base on the low penetration rates in the e-commerce market in Taiwan. We believe that Taiwan's e-commerce market still has relatively large potential to grow. Therefore, for Momo, growth remains our core target, and we will continue to use GMV growth as a key performance indicator while striving to maintain a good balance between growth and profitability. As we have already reached a large scale for the GMV, at TWD 100 billion already, we believe that direct pricing competition is not the main target for business. Therefore, we will strive to maintain a good balance between growth and profitability. Therefore, for Momo, we will drive our growth and services upgrades to, firstly, to strengthen our first-party product capability and to continue to enhance our partnership with brands, and also to continue to expand our 3P categories and drive traffic. Also, the long-term growth will be our main target. Now, there's no more question. Thank you all for your participation for our conference call today. We truly appreciate your continued interest and support for Momo. We conclude our meeting now. Thanks.