Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to BEST Inc. Q3 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. Following the management's prepared remarks, there will be a Q&A session. With us today are Johnny Chou, BEST Inc. Chairman and CEO, and Gloria Fan, Chief Financial Officer. For today's agenda, Johnny will be giving a brief overview of business and operational highlights. Then Gloria will explain the details of financial results. Following the prepared remarks, you may ask your questions. Please note, this call is also being webcast on BEST Inc.'s IR website at ir.best-inc.com. A replay of this call will be available after the call. An investor's presentation is also available on the IR website. Before it begins, I will read the safe harbor statement on behalf of BEST Inc. Today's discussion will contain forward-looking statements. These forward-looking statements are based on management's current expectations. They involve inherent risks, uncertainties, and other factors, all of which are difficult to predict and many of which are beyond the management's control. The company does not undertake any obligation to update any forward-looking statements as a result of new information, future events, or others, except as required under applicable law. Please also note that certain financial measures that the company uses on this call are expressed on a non-GAAP basis, such as EBITDA, adjusted EBITDA, and non-GAAP net loss. The GAAP results and reconciliations of GAAP to non-GAAP measures can be found in BEST Inc.'s earnings press release. Finally, please note that unless otherwise stated, all the figures mentioned during this conference call are in RMB. Now I would like to turn the call over to Johnny Chou, Chairman and CEO of BEST Inc. Johnny, please go ahead. Thank you, operator. Hello, everyone, and thank you for joining BEST's third quarter earnings call today. In the third quarter, we remained dedicated to realigning the company around our core competencies and unlocking value for our shareholders. Let's first talk about our recent transaction with J&T Express China. On October 29th, we announced it, the agreement to sell our express delivery business in China to J&T at a valuation of RMB 6.8 billion. We arrived at this decision after very thorough evaluation of various alternatives. As you must be all aware, the express market in China has been exceedingly competitive, with both leading players and the new entrants aggressive in their pricing strategies. The situation has been further compounded by the COVID-19 pandemic. Again, this against this backdrop, we strove to enhance our express network stability and our service quality, as well as optimize the product mix for customers. These efforts led to concrete improvements in our network and services, but it's not taking the business out of loss-making. This transaction enables us to focus on our core supply chain competencies and to execute on our strategic roadmap, allowing us to allocate resources more efficiently towards our integrated supply chain logistics, freight, and global supply chain and logistics services. Next, I will talk about key developments and our operational performance during the third quarter. With respect to Express, while we continue to improve operating efficiency and enhance customer experience with upgraded service quality, in the third quarter of 2021, parcel volume decreased by 10.9% year-over-year to 2.1 billion amidst a competitive landscape. Gross margin contracted by 7.6 percentage points due to a decline in ASP per parcel of 12% year-over-year, partially offset by a decrease in average cost per parcel of 5.5% year-over-year due to our cost re-reduction measure, despite the higher oil prices and rising labor costs. BEST Freight continued to grow its e-commerce-related transaction, reduce costs, and invest in network expansion and service quality improvement. However, due to a traditionally low season in the third quarter and macroeconomic growth affected by pandemic, BEST Freight's volume decreased by 1.5% year-over-year in the third quarter of 2021, with e-commerce volume accounting for 20.4% of total, up 4.5 percentage points year-over-year. The average cost per ton decreased by 1.3% year-over-year, despite higher oil prices and rising labor costs, thanks to our freight team's dedicated cost control. However, the gross margin was -5.4% in the quarter, 6.7 percentage points lower year-over-year, primarily due to the ASP decline of 7.5% year-over-year. Moving to BEST Supply Chain Management. In the third quarter of 2021, we remained focused on project with higher margins and the clients with strong credit profiles while expanding our franchisees Cloud OFC network and implementing cost reduction measures. Its gross margin was 3.6% in the quarter, 6.6 percentage points lower year-over-year as we realized one-off charges related to the closing of lower margin accounts. The total number of orders fulfilled by Cloud OFC increased by 1.4% year-over-year to RMB 103.6 million in the third quarter of 2021. Of which the total number of orders fulfilled by franchise Cloud OFC increased by 27.1% year-over-year to 68 million. The number of franchise OFCs increased by 1.7% year-over-year to 351. BEST Global maintained its robust growth in Southeast Asia with improved margins. Despite the continued impact from COVID-19, parcel volume in Southeast Asia increased by 78.7% to RMB 37.1 million in Q3 2021, with particular strength in Thailand, Malaysia and Cambodia, where parcel volume increased 123%, 933.2%, and 264.5% year-over-year, respectively. BEST Global's gross margin rose by 4.1 percentage points year-over-year, primarily driven by our growing economic scale, underpinned by our enriched cross-border service and solutions, as well as our expanded networks in the region. Going forward, with our strengthened balance sheets, we will be equipped to increase investment in automation and systems to enhance our services. As a pioneer of integrated smart supply chain and the largest service provider, we will be well positioned to serve companies that seek to further improve their operating efficiency and to accelerate their supply chain digital transformation. For supply chain management, with advantages and the higher reputation of our services for apparel and the fast-moving consumer goods industries, we continue to expand it in higher growth margin industry such as auto parts and pharmaceuticals. We also continue to invest in infrastructures such as the warehouses and the fulfillment centers network and delivery system to further improve customer experience. We are optimistic that the supply chain and logistics will achieve profitability in 2022. For freight, we'll continue to solidify our position as an industry leader by further enhancing freight business capabilities, serving customers in the e-commerce space where the pricing is more attractive and leveraging synergies with our supply chain management. We also expect the freight to be profitable for the full year of 2022. As e-commerce penetration deepens in Southeast Asia and China, Asian cross-border trades grow at a double-digit rate. Global will continue to be the growth driver for our company. We will promote further utilization of our strong supply chain management capabilities and provide smart logistics solutions for both local and cross-border operations in Southeast Asia. In conclusion, conditions around the world has brought to light the vital importance of smart supply chain solutions and logistics services for every business. Looking forward, we will continue to strategically develop and explore synergies among our business units to create value. We are confident that our streamlined realignment and the focuses on our core strengths will enable us to capture the enormous opportunities that lie before us. Now I would like to turn the call over to our CFO, Gloria, for further review of our third quarter financials. Thank you, Johnny Chou, and hello to everyone. Revenue for the third quarter was RMB 6.8 billion, a decrease of 14.6% year-over-year as macroeconomics and the market dynamics weighs on the volume and average selling price for express and freight. However, BEST Global excelled in the quarter, maintaining a strong growth despite the pandemic's lingering effect and the worldwide logistics and the shipping disruptions. The strategic transaction with J&T Express China will significantly improve our liquidity and provide us with financial flexibility to reduce leverage and increase investment, laying a solid foundation for us to return to profitability and establish our growth trajectory. Our balance of cash equivalents, restricted cash and short-term investments were RMB 3.4 billion at the end of the third quarter. Now, let me walk you through our financial results in the third quarter of 2021. Within the intense pricing environment, our gross loss for Q3 was RMB 505 million compared to RMB 58.5 million in the same quarter of 2020. Gross margin was -7.4% compared to -0.7%. Adjusted EBITDA for continuing operations for Q3 was -RMB 481 million, compared to -RMB 369.5 million in the same period of last year. Next, moving on to key financial highlights for our business units. On a year-over-year basis, BEST Express revenue decreased by 21.7% to RMB 4 billion in the third quarter of 2021, primarily due to a 12% year-over-year decrease in ASP per parcel and a 10.9% year-over-year decrease in parcel volume. Adjusted EBITDA for BEST Express was negative RMB 348.5 million compared to negative RMB 187.7 million for the same period of last year. For BEST Freight, we continue our effort to grow its e-commerce related business and invest in network expansion to improve service quality. Its Q3 revenue decreased by 9% year-over-year to RMB 1.4 billion, primarily due to a 1.5% year-over-year decrease in freight volume and a 7.5% decrease in ASP per ton. Adjusted EBITDA for BEST Freight was negative RMB 140.4 million, compared to negative RMB 37 million for the same period of last year. Q3 revenue for BEST Supply Chain Management decreased by 11.5% year-over-year to RMB 400.6 million. Adjusted EBITDA was negative RMB 16 million, compared to negative RMB 26.7 million for the same period of last year. Q3 revenue for BEST Global increased by 38.1% year-over-year to RMB 298.3 million, driven by the sustained growth momentum in parcel volumes in Southeast Asia. Adjusted EBITDA for BEST Global was negative RMB 61.8 million, compared to negative RMB 60.7 million for the same period of last year. Q3 revenue for UCargo and BEST Capital in other segments increased by 6% year-over-year to RMB 767 million. Adjusted EBITDA for others was negative RMB 78.5 million, compared to negative RMB 26.7 million for the same period of last year. Our operating expenses, excluding share-based compensation, totaled RMB 455.5 million or 6.7% of the revenue, compared with RMB 466.1 million or 5.8% of the revenue in the same period of last year. Now, let's take a look at some major operating expense items from the third quarter. Please note all of these expenses exclude share-based compensation. Selling, general, and administrative expenses for continued operations were RMB 396.4 million or 5.8% of the revenue in the third quarter, compared to RMB 423.3 million or 5.3% of the revenue in the same quarter of 2020. R&D expenses for continued operations were RMB 59.1 million or 0.9% of revenue, compared to RMB 42.8 million or 0.5% of the revenue in the same quarter of last year. CapEx in the third quarter was RMB 116.9 million or 1.7% of total revenue, compared to RMB 484.3 million or 6.1% of the revenue in the same period of last year. This concludes the third quarter financial overview. We believe our recent transaction with J&T will open a new chapter for our company. This allows us to become leaner and focus on leveraging our technology strengths to deliver sustainable and profitable long-term growth. We will continue to explore, innovate, and invent creative supply chain-based logistics solutions, helping our customers achieve success as the industry moves into the digital era. With that, we will now open the call to questions. Thank you. Operator? Thank you. We will now begin the question-and-answer session. To ask a question, you may press star then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question comes from Thomas Chong with Jefferies. Please go ahead. Hi. Good morning. Thanks management for taking my questions. I have a question regarding our 2022 outlook for different business segments with regard to supply chain and global. How should we think about the competitive landscape for different segments in the region and our competitive edge and how we stand out from competition and achieve the KPI that we just highlight. With regard to the proceeds from the deal, how should we think about the use of the cash? Thank you. Okay, Thomas. Your first question regarding to 2022 global and supply chains, some landscape and the competitive landscape and as well as our advantages. Now first of all, let's talk a little bit more about Global. Global basically has driven very fast growth in terms of the Southeast Asia's e-commerce penetration and also a fast growth in a cross-border between China and Southeast Asia in the trade. Both of these we have a significant advantage. First of all, in the local market in each countries, we have spent a few years already. We have been engaging in network development and build up all the infrastructure. In Thailand, I believe we do have about, you know, close to 29 sorting centers and hubs. In Vietnam is about 10. In Malaysia, we have done about seven or eight. Also Singapore and in Cambodia. These are the infrastructure we have been continuing to invest and build in the past couple years. Second of all, that we had built a fairly covered network both in all these countries. We have almost complete 100% of coverage into the this especially in Thailand, Vietnam, in the early entry markets. Third is that the cross-border, we leverage our supply chain business supply chain capability and also the network both freight and express in China. Recently, for example, we had helped one of the major manufacturers in China set up logistic services in multiple Asian countries for both direct trade with the last mile delivery, warehousing, cross-border, et cetera, door-to-door services. We continue to see many of the larger China-based companies want to enter the Southeast Asia needs end-to-end warehouse last mile delivery, both in bulky items as well as in parcel services into the market. I think that gives us a very large advantages in terms of developing these markets. Back to the supply chain. We have been pioneers in supply chain services in China more than 10 years ago. We're the first one we really rolled out a digital B2B, B2C services in China on the supply chain. In the past, we have done many successful clients based on the macro development. We have been more choosy or selective into our customer base in, you know, in terms of the industry as apparel and fast consumer goods, and this is the area we concentrate. Recently, we pick up some pharmaceutical, electric vehicle, manufacturing, the parts and services. On the supply chain side, we see quite a strong demand for a B2B, B2C, a full services, integrated services in the marketplace. We will focus on these markets, supply chain and the global, into 2022, along with the freight. They actually have quite a synergy, because a lot of the supply chain customers both requires freight services, door-to-door delivery to the stores, to their distributors, resellers. As well as some of these companies or customers who aspire to global expansion. That will be our 2022 look for the global supply chain. I think both are growing a very good future, as well as we have a very good competitive advantage on that. Regarding the second question about use of cash. After the exit from China's express market, the cash will be better used for the remaining business, especially in the freight and global supply chain. In the area of multiple areas, one is automation. I think that the freight is also being using more and more automation to reduce the labor cost as well as efficiency on the operation side. Global also will have invested some of this in capital expenditures as well as the expansion to our network. Supply chain, the same thing, we will need more automation on that. That's one side is more automation. Digitization of the network. Some of the R&D development will be further enhance our digital transformation, as well as some of the expansion to our network and the customer acquisition. Thomas? Got it. Very clear. Thank you. As a reminder, if you have a question, please press star then one to be joined into the queue. The next question comes from Ronald Keung with Goldman Sachs. Please go ahead. Thank you, Johnny and Gloria. Can I ask a few questions? Firstly, is the BEST Express RMB 6.8 billion of consideration. You mentioned earlier that it is RMB 3.9 billion in cash. Just wanna make sure, would the rest, which is the remaining kind of RMB 2.9 billion, is that kinda in debt? And would that kinda pass through in the BEST Express entity that will pass through the J&T, so we're still getting the whole benefit of the proceeds consideration of BEST Express at RMB 6.8 billion? And then second question, can we go through some of the freight volume trends? We see it's a slight decline in the third quarter. Is that something more due to the COVID situation? Are we seeing any improvement back to at least positive growth in recent one or two months? My last question is actually thinking about your global and cross-border. Are we thinking of any freight forwarding aspects or business that we could do alongside our global network that is building up? Okay. First of all, on the expected transaction. The total consideration RMB 6.8 enterprise value, when we said we will have a cash receipt of expected approximately about RMB 3.9. The remaining basically is paid on some of the debt, some of the express, the carryover, the working capital, the debts and everything else. That is the Basically, on the express company's book, they still have some, you know, unpaid working capital or some of the debts, including the other of the transportation payment and some of the other payments that we still need to settle. That would be deducted from that RMB 6.8. RMB 6.8 is basically the clean cash back to the group. Second is about the freight. The freight basically the third quarter is actually a little bit tough based on the three things, right? One is that the pandemic was flaring up somewhere. When they flaring up and basically will impact, you know, some of our hubs and will be closed and also in a lot of areas we cannot deliver or receiving the goods. That will impact our volumes. Second is as you probably heard in some of the electricity curbs and all the other stuff that have been happening, they'll also have some impact into our volume side. Third is traditionally third quarters is always light. Third quarter, especially during the summertime, June, July, August is always a light month in the past. Also macros, pandemic, electricity curbs and everything else compounded with some of this. We do see an improvement in the fourth quarter already. I think the electricity curbs has been eased. But lately, recently, also the pandemic, the COVID-19 has also flare up a little bit. In fact, in October, November so far, especially during the past Double 11, we see our freight volume has recovered significantly. I expect a gradual recovery on the freight side. On the third question you had on global side about freight forwarding, we are not actively looking into that right now because we just want to focus on one is that the local network development. Local network development, like in Thailand, in Vietnam, we start to combining a express with a freight type of a network. In other words, in China, if you look at the express, the parcel typically quite small, maybe less than 10 kilo. In Vietnam, Thailand, we can go up to 50 kilos-100 kilos. That will help us to be in a very competitive market and give us a more service product. That we'll be looking at more of coverage, and the second is the cross-border. We'll be looking at more of the cross-border with a major, you know, some of the large clients in China wanting to expand in Southeast Asia. Supply chain, last mile supply chain, warehouse services that we will be concentrated on in 2022, next year. Freight forwarding, we've been looking at it, we've been talking about it, but we don't have an active plan right now. Okay. Can I follow up with one more question is for the BEST Express disposal, how are we with the regulatory approval process and our expected completion? We have filed and we're still waiting for the result. I don't have any comments on the expected time. Thank you. Once again, if you have a question, please press star then one to be joined to the question queue. That's star then one. This concludes our question and answer session. I would like to turn the conference back over to Johnny Chou for any closing remarks. Yeah. Thank you, Operator. Thank you all for joining our call, and we appreciate your support of BEST. Please reach out to our investor relations team if you have any further questions. We look forward to speaking to you soon. Thank you very much. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.