Good morning, ladies and gentlemen. Thank you for standing by for Dada's third quarter 2022 earnings conference call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. As a reminder, today's conference call is being recorded. I will now turn the meeting over to your host for today's call, Miss Caroline Dong, Head of Investor Relations for Dada. Please proceed, Caroline. Thank you, operator. Hello, everyone, and thank you for joining our third quarter 2022 earnings conference call. On the call today from Dada, we have Mr. Jeff Huijian He, President, Mr. Beck Chen, CFO, and Mr. Jun Yang, Co-founder and CTO. Mr. He will talk about our operations and the company highlights, then Mr. Chen will discuss the financials and guidance. They will all be available to answer your questions during the Q&A session that follows. Please kindly note that during the Q&A session, Jeff will answer questions in Chinese and the consecutive translation will be provided. In case of any discrepancy between the original remarks and the translated version, statements in the original remarks should prevail. Before we begin, I'd like to remind you that this conference call contains forward-looking statements. Please refer to our latest safe harbor statement in the earnings press release on our IR website, which applies to this call. Also, during this call, we will discuss certain non-GAAP financial measures, which also refer to our earnings press release, which contains a reconciliation of non-GAAP measures to the comparable GAAP measures. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB. It is now my pleasure to introduce our President, Mr. He. Jeff, please go ahead. Thank you, Caroline, and thank you all for joining us. This is my first earnings call as President of Dada Group, and I'm delighted to have the opportunity to announce the strong quarter after we have just delivered. Now, onto our results. During the quarter of 2022, Dada Group maintained successfully our rapid revenue growth and continuously improved operating efficiency. Our total net revenues increased by 41% and adjusted net loss margin narrowed by over 15 percentage points year-over-year. I will start with a brief discussion of the overall industrial environment before moving on to update on the two platforms. Beck then will walk you through our financial results in detail. CPC National Congress is that high-quality development is China's top priority in building a modern socialist country in all aspects. China will pursue high-quality development by increasing the expansion of domestic demand with intensified supply-side structural reform. As a leading digital platform, Dada Group will fully leverage the advantages of digital technology to serve the real economy in which we are deeply embedded and empower the retail industry. We believe our businesses are well-positioned to promote high-quality development and help strengthen the fastest-growing domestic economy. In September, we showcased some of our contributions to high-quality development at the 2022 China International Fair for Trade in Services, highlighting the progress we have made in promoting the transformation and upgrade of offline retail with our digital empowerment and fulfillment capabilities. Next, I'd like to provide some updates on our deepened collaboration with JD.com. During the quarter, GMV of Shop Now or Xiaoshigou, the unified brand for all on-demand retail services within the JD ecosystem, increased by more than 160% year-over-year, driven by the robust performance of conversion through both search result and Nearby tab. For search result optimization, we upgrade our supply-demand tool to accurately match incremental merchant and product supplies with city-specific user demands at JD.com. Leveraging the refined tool, Shop Now's exposure link among search results at JD.com in pilot categories more than doubled. In fourth quarter, we will continue to optimize the demand analysis down to grid level so as to further improve our search exposure rate. For the Nearby or Fujin tab, it's now available to users who are not depending on real-time locations, which bring incremental exposure. Furthermore, during the quarter, we have fully rolled out the display lane upgrade at the Nearby tab, replacing the original Nearby with relevant city lanes, which further improved the click-through rate. In addition, we continued to enhance our user operation capability within Nearby tab, resulting in higher conversion rate. These improvements will lead to the strong growth of GMV generated from Nearby tab. Before discussing our quarterly performance for our two platforms, I would like to provide some highlights of the recent Double Eleven shopping festival. With our 200,000 stores participating, GMV of JDDJ on peak day reached a historic high. For Dada Now, number of average daily orders during the promotion period exceed 10 million. Now, let me walk you through the operational highlights of our two platforms, JDDJ and Dada Now. I will talk first about JDDJ, the leading local on-demand retail platform in China. JDDJ maintained rapid GMV growth that significantly outpaced the industry. In addition, mainly driven by improved subsidy efficiency, our direct margin continued to improve after turning positive during the second quarter, reached 1% in the third quarter. Let me take you through the three key focus of JDDJ. The retail empowerment, brand cooperation, and technology innovation. Let's start off with our efforts in empowering retailers. Beginning with supermarket category, we recently partnered with more top supermarket chains, such as Wumei, and now have established a partnership with 88 out of the top 100 supermarket chains in China. We also onboard more regional champions like Jiangxi Ganyiting. We also continued to make progress in the consumer electronics and home appliance category. In the smartphone sub-category, JDDJ became the only third-party platform where presale was available for newly launched Apple products in September. More than 2,600 Apple authorized stores on JDDJ offered the iPhone 14 series. On the first day of iPhone 14 series launch, the GMV of fulfilled orders more than tripled compared with the iPhone 13 debut. In the mom and baby category, JDDJ is capturing strong consumer share. The GMV of mom and baby chains on JDDJ in third quarter more than tripled year-over-year. In the apparel category, we expanded our offering from sportswear to daily wear. During the quarter, we worked more closely with existing partners, such as Kama, and also formed new partnerships with Heilan Home, HLA, and others. The GMV of apparel merchants on JDDJ increased by eight times year-over-year. Turning to JDDJ's efforts to empower brands. In the third quarter, the year-on-year revenue growth of our online market service exceed 70%, demonstrating that JDDJ continue to gain market budget share. Our brand partner base keeps expanding. We continue to penetrate the FMCG category. This quarter, we established partnerships with emerging tea beverage brands such as HEYTEA and Mixue Bingcheng. Meanwhile, we begin to penetrate the consumer electronics and the home appliance category, sign up brands such as Lenovo and Supor. Turning to our innovative brand marketing campaigns. In August, JDDJ teamed up with household products brand Aesop and food brand Tyson to launch a joint marketing campaign. That helping the brand reach cross-category users. GMV of the two brands on JDDJ during the event more than triple the year-over-year. In September, we worked together with nine major brands, including Yili, Yihai Kerry, and P&G to promote Mid-Autumn Festival gift sales. During the campaign, we had offline market testing events to help brands distribute free samples. Total GMV of participating brands grew more than 50% year-over-year. Next, I will touch on three of our initiatives for empowering retailers and brands with technology innovation, beginning with the Haibo system, our omni-channel operating system for retailers. At the end of September, Haibo had been deployed in our 8,300 retail chain stores. In addition, we expanded Haibo services to merchants in apparel category, such as Decathlon, further demonstrating the system's functional scalability. We continued to upgrade Haibo's features in the third quarter, including the introduction of product management function for non-standard items. By creating specific labels, Haibo enabled retailers to more efficiently manage the weight-based products. Merchants too have tested this upgraded product management feature. Our 20% efficiency gains in inbound and outbound warehouse operations. The inventory count on non-standard products. We also made progress in Qinchao, our SaaS system. For example, we introduced a new approach of working with brands which entails more automations, enabling brands to manage chain inventories down to the store level more efficiently. Since August, brands adopting the upgraded Qinchao system have significantly improved their product availability in local grids, leading to a 60% increase in exposure and incremental sales of 17 percentage points. Regarding our digitized in-store picking services, Dada Picking. Leveraging our flexible labor management model and digital picking process, we enable the stores to handle high level of O2O orders, while managing fulfillment costs and customer experience. In the third quarter, we worked together with merchants to further improve the pricing model of Dada Picking. With the pilot site price model, we reduced the unit picking costs by 12%, maintaining a stable fulfillment rate. We also continued to expand the store coverage and increase the penetration of Dada Picking in partner stores. As a result, the total number of orders fulfilled by Dada Picking increased by more than 160 year-over-year in the third quarter. Our number of monthly active pickers steadily grew to more than 10,000, majority of whom are female. In this way, we are not only help retailers improve picking efficiency and fulfillment rates, but also provide meaningful flexible employment opportunities for a wide range of workers. Now, let's move on to Dada Now, the leading local on-demand delivery platform in China. In the third quarter, Dada Now's order volume and revenue both maintained rapid growth, whilst operating efficiency continued to improve. Our steady growth and the improved efficiency were underpinned by our technology. In September, we participated in 2020 World Artificial Intelligence Conference, showcasing the progress we have made in using AI technology to improve order matching efficiency and the location accuracy, as well as to enable our autonomous delivery. As a technology-driven company, we will continue to promote the robust and efficiency development of our business through investment and innovations in technology. Now, let's turn to the performance highlights of Dada Now's three major business lines. In terms of KA or chain merchants business, in the third quarter, annual on-demand delivery services to KA merchants increased by more than 40% year-over-year, while gross profit per order continued to improve sequentially. In the supermarket KA category, we continued to consolidate our leading position with annual increase by more than 40% year-on-year. In addition, annual from key beverage KA continued to grow significantly, increased by more than 140% year-over-year. In our SME and C2C business, orders fulfilled increased by more than 50% year-over-year, while we continued to greatly optimize unit economics. In particular, driven by our continued penetration into low-tier city and expansion of rider network, our SME orders increased by more than 60% year-over-year. For last-mile services, orders fulfilled increased by more than 60% year-over-year. We steadily increased our penetration rate in JD Logistics for last-mile delivery. Meanwhile, we maintained rapid growth in picking business with number of orders grew more than 200% year-over-year. Finally, Dada Now's autonomous delivery open platform expanded collaboration with more autonomous vehicle manufacturers and continued to explore more flexible ways to provide autonomous delivery services to retailers. As of the end of September, our platform had fulfilled dozens of thousands customer orders through autonomous delivery. To wrap up, we are pleased with the performance of the business this quarter in what continued to be challenging macro environment. Our new leadership team is committed to build on these results and executing our strategy to deliver sustainable returns for our shareholders. With that, I will now pass the call to Beck to go over our financial results for this quarter. Thank you. Thanks, Jeff. Before we go over the numbers, just a few housekeeping items in advance. We believe year-over-year comparisons are the most useful ways to judge our performance. Therefore, all percentage changes I'm going to give will be on that basis. All figures are in renminbi unless otherwise noted. Total net revenues in the third quarter increased by 41% to CNY 2.4 billion. Net revenues from Dada Now increased by 36% to CNY 836 million, mainly driven by the increase in order volume of intracity delivery service to chain merchants. Net revenues from JDDJ increased by 44% to CNY 1.5 billion, mainly due to the increase in GMV, which was driven by increases in the number of active consumers and average order size. The increase in online marketing services revenue as a result of the increasing promotional activities also contributed to the revenue growth of JDDJ. Moving over to the expenses side, operating and supporting costs were RMB 1.5 billion. The increase was primarily due to an increase in rider costs as a result of increasing order volume for intracity delivery services provided to various chain merchants on the Dada Now platform and the retailers on the JDDJ platform. The selling and marketing expenses were RMB 1.1 billion. The increase was primarily due to the growing absolute dollar amount of incentives to JDDJ consumers, an increase in advertising and marketing expenses to attract new consumers to JDDJ platform, and the amortization of the business cooperation agreement arising from share subscription transaction with JD.com in February this year. DNA expenses slightly rose to RMB 170 million, mainly attributable to increases in professional services fees. R&D expenses rose to RMB 181 million, mainly at-attributable to the increase in, uh, research and development personal costs as the company continues to strengthen its technology capabilities. Non-GAAP net loss attributable to ordinary shareholders of Dada was RMB 217 million. Non-GAAP net loss margin was 11.4%, improving by more than 15 percentage points year-over-year, and 6 percentage points quarter- over- quarter. As of September 30th, 2022, the company had five point two billion in cash equivalents, restricted cash and short-term investments. Let's went to our $70 million share repurchase pr-program announced in March 2022. As of September 30th, 2022, we had repurchased approximately, uh, $50 million of ADSs under this repurchase program. In terms of outlook, for the fourth quarter of 2022, we expect the total revenue to be between RMB 2.65 billion and RMB 2.75 billion, representing a year-over-year growth rate of 30%-35%. In addition, we expect net loss margin in the fourth quarter of 2022 to continue to significantly narrow year-over-year and achieve sequential improvement for the seventh consecutive quarter. This concludes our prepared remarks. Thank you. Operator, we are now ready to begin the Q&A session. Thanks. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Ronald Keung with Goldman Sachs. Please go ahead. [Foreign Language] First we want to hear about the COVID impact to your business. Recently across Guangzhou, Shijiazhuang, and Zhengzhou, a few cities have significant cases. Has that impacted our business or has it actually boosted demand? How should we think about the outlook for next year assuming a further reopening trend? Second is about the JDDJ side with the revenue guidance. How are we thinking on the GMV growth in the December quarter and any timing expectations for unit economics or EBIT turnaround for the business? Thank you. [Foreign Language] [Foreign Language] [Foreign Language]。 Thank you for your question. I will answer the question about the pandemic and then Beck will take the question about Q4 guidance. In most cities where pandemic control measures are imposed, though mobility is restricted, most retailers can still do business online and riders are available for delivery. Therefore, the direct impact on our business is limited. That said, over the past year or so, some consumers have to cope with pay cuts or have a more conservative outlook due to the pandemic. The overall consumer confidence has weakened, which poses challenges to our business. However, the impact on our platform is not as significant as on other platforms, since our largest category is supermarkets, which sells consumer staples, so we can maintain faster growth than other platforms. Okay. Yeah, Ronald, let me address your second question about the Q4 and the next year's guidance or the forecast. Basically, in Q4, based on the revenue guidance we have given, we expect our JDDJ GMV could be grow by 30%-40% on a year-over-year basis, in which we will continue to improve our subsidy efficiency and operation efficiency. In Q4, we will continue to see the overall operation efficiency enhancements. For the bottom line, as we have guided in the prepared remarks that it will continue to improve as percentage points improve, both on year-over-year basis or Q-on-Q basis. For next year, generally we will still like aim at breakeven for the first half of next year. Based on that, we will just would like to grow still very fast and healthier on a year-over-year basis for both platforms. Everything is still on track and we keep up with the rhythm, and we have previously set up. Thank you. That's very useful. Thank you. Thank you. Your next question comes from Lei Zhang with Bank of America Securities. Please go ahead. Oh, hi. Thanks, Management for taking my question. My first question is regarding our cooperation with JD. Can you give us some updates and how should we see the trend in the future? Secondly, can you give us some updates on the JDDJ's GMV category mix and the growth trend? Thank you. [Foreign Language] Thank you for your question. With Mr. Xin joining us as our Chairman, our collaboration with JD.com has become even closer, and I'll go over that in more details. In terms of the business result, during the quarter we further deepened our collaboration with JD.com and GMV of ShopNow increased by more than 160% year-over-year. [Foreign Language] Yes, please. In terms of progress of the two major entry points of ShopNow, on the search front, we upgraded our supply development tool to accurately match the incremental merchant and product supplies with city-specific user demand at JD.com. With the refined tool, ShopNow's exposure rate among search results at JD.com in pilot categories more than doubled. In the fourth quarter, we will continue to optimize the granularity of demand analysis down to the grid level so as to further improve our search exposure rate. [Foreign Language] In terms of the Nearby or Fujin tab, we also made a significant progress. First, on the technology front, we made an upgrade to make it available to users who are not turning on the real-time locations, which brings incremental exposure. Second, we have fully rolled out the display name upgrade of the Nearby tab, replacing the original Nearby with relevant city names, which further improved the click-through rates. In addition, we continued to enhance our user operation capability within the Nearby tab, resulting in a sequential improvement in conversion rate of more than one percentage point. Now, these three measures all led to the strong growth of GMV generated from the Nearby tab. [Foreign Language] In terms of the category performance, while we maintained U.E. improvement, the supermarket category maintained solid growth during the quarter. Boosted by the launch of new iPhones, the consumer electronics categories also performed well during the quarter. In addition, we made further progress in new categories such as apparel and recorded triple-digit growth in GMV. [Foreign Language] In terms of the category mix in the third quarter, supermarkets accounted for 55% of JDDJ's GMV, while non-supermarket categories contributed 45%. Specifically, GMV from the electronics or 3C category was about 35% of the total. [Foreign Language] Thank you. [Foreign Language] Thank you. Your next question comes from Thomas Chong with Jefferies. Please go ahead. [Foreign Language] [Foreign Language] Thank you Thomas. I will take the first and third question and Beck will help answer the second question. About the industry we think a big change next year will be on the pandemic front. In a long run we remain very confident and optimistic about the future of on-demand retail. The penetration rate is still low at only single digit now, and the pandemic will help educate our consumers and boost consumer demand for on-demand shopping. [Foreign Language] In terms of the competitive，uh，in terms of the competitive landscape。Uh，we have not observed aggressive investment in subsidies in the current macro environment。I think everyone is being cautious about subsidies，uh，whether it's uh on the part of new entrants in the business，for example，uh short-form video platforms or uh on the part of our existing peers such as uh， uh，Meituan。So the competitive uh environment is uh，not very uh intense on the consumer incentive side。 I answer the second question from Thomas. The advertising and marketing revenues is very important for us to further, you know, grow our direct margin. Just like Jeff mentioned in the prepared remarks, our overall direct margin of JDDJ platform is growing from 0.4% last quarter to 1% this quarter. Definitely the marketing dollars and the take rate increase contribute to the growth of the direct margin. We expect that for the fourth quarter and also for the next year. The overall marketing revenues still will be growing faster and will contribute to the direct margin and the bottom line improvement a lot. About the third question you mentioned, generally, right now actually our up to now, you know, the logistic arm of our platform is starting to cooperate with those leading short-form video platform, which is also good because we are not a food delivery platform and we are very happy to fulfill all those orders from those short-form video platforms orders. Thank you. Thank you. Thank you. Your next question comes from Alicia Yap with Citigroup. Please go ahead. [Foreign Language] [Foreign Language] My question is related to the new user profile purchasing behavior and also the retention rate. Specifically for those newly acquired user through the JD ShopNow, is it the supermarket category that attracted them to join, you know, our JDDJ or is the non-supermarket category to attract them for the first time? What are the purchase, you know, frequency that come from this user? Are they having a higher purchase frequency or is about the similar? On user retention and consumption pattern under this current, you know, challenging macro environment, have you noticed the retention rate is actually lower and consumer are more sensitive to price discount and rebate? When you scale back the subsidy, have you seen higher churn rate or the user purchasing frequency actually cut down? Thank you. [Foreign Language] Thank you for your question. About the first question on the user. The customers we acquired through the JD ShopNow channel, they are mainly the buyers of the same category that they are used to shopping on JD.com. For example, the users who buy supermarket categories in ShopNow are existing JD supermarket shoppers and consumers who buy consumer electronics products on ShopNow. They are existing shoppers of JD's consumer electronics products. That's because most of our traffic from JD ShopNow is from the search result entry point. As you all know that search is a highly intention-based shopping channel. We are seeing that users are continuing their preexisting shopping preference or in category in the JD ShopNow channel. [Foreign Language] About the second question. As we scale back our subsidies, there is naturally some customer churn. The good thing is, the customer that have left our platform are actually those very price sensitive, they are very subsidy driven shoppers, so it's not bad. In terms of the shopping frequency we have, we do have observed an increase in shopping frequency. [Foreign Language] For Shop Now consumers, their shopping frequency is a bit lower than those who shop on our JDDJ independent app, which is natural because there are other services on the JD app. The consumers of JD Shop Now can shop for other categories and services on the JD. The good thing we are observing now is that for the users who have tried the Shop Now service on JD, we're seeing an increase in their shopping frequency. Thank you. Thank you. Your next question comes from Ashley Xu with Credit Suisse. Please go ahead. [Foreign Language] Thanks management for taking my question. Just also want to check about the KA business under Dada Now, what's our current strategy and what's the expectation of future growth and also UE. Thank you. [Foreign Language] 。Chris。 Thank you for your question. Our KA business saw very impressive growth and continuous improvement in service quality over the past two years. We have gained market share and high customer satisfaction. In Q3, our KA revenue grew by over 40% year-over-year, and we expect growth to be around 50% in Q4. [Foreign Language] On the profitability front, unit gross profit for KA orders continued to improve in Q3 after turning profitable in Q2. We expect a sequentially stable unit gross profit for Q4 due to pandemic resurgence in multiple regions since early October, which led to a higher rider cost for Q4. Thank you. Thank you. Your next question comes from Andre Chang with JP Morgan. Please go ahead. [Foreign Language]. Now, let me quickly translate my question. My question is about the long-term, uh, profitability and the path toward that. Uh, with all these, you know, changes over the recent quarters, the cooperation with JD, you know, weakening macro environment, et cetera. Are we seeing our long-term profitability target changed, uh, you know, toward higher or lower unchanged? Also, the trajectory toward that, you know, is it going to be faster or slower considering that, uh, you know, uh, JD, you know, our parent g-group, you know, are talking about like more focus on the profitability, so the margin, uh, ramp up may be faster than the original expected. Thanks. Andre, this is Beck Chen. Let me address this question. The short answer is we will still, you know, balance the growth rate and the bottom line optimization or improvement. Because the, you know, the intracity on-demand retail market is still a lower penetrated market. We believe that for the next few years at least, the growth rate of this category is still very high potential encouraging compared to the other sector of the e-commerce area. There is a huge potential for the on-demand retail market. We will still target, you know, higher growth rate of top line compared to the other tier companies. And in the same time, um, for the bottom line, we will also keep to optimize, uh, on a year over year basis. So we still, like we have talked before, we still have, uh, great confidence to further, first of all, further to increase our, uh, marketingRevenue's cost. We have a few methods to, uh, to improve our marketing dollars, just like, uh, we talked in the previous quarters. For example, like, uh, we are further, um, monetized on the LBS like, um, Jingzhongtong system with-within the Jingdong, uh, system to provide a lot of, um, you know, um, exposures for our brands and the retailers to those, uh, to those consumers nearby. So for, for next year, we believe this marketing tool will be a major, uh, re-- uh, marketing revenue-driven to-tool for us. In the same time, for this year, we have dramatically increased our subsidy incentive efficiency. We believe that for the next two or three years, we still have great room to further improve our incentives given to the consumers. In the same time, while our overall on-demand delivery platform orders is growing very fast, for Q4 and also for the second half of this year, we expect the total on-demand delivery orders is growing very fast. We expect for next year, we will keep to grow at a faster growth rate compared to our peer company. Overall, rider cost and delivery cost could be further optimized and improved as well. This is a path that we grow our top line quickly while we continue to optimize either by, you know, some additional tools and methods provided or by further efficiency optimization way to improve our bottom line. Next year, it's not improved the bottom line, it's just like grow of the bottom line profit. On-demand retail platform is very typical, just like a localized JD Mall or localized Tmall. We believe the overall long-term profitability in terms of the revenues should be very encouraging, just like other traditional e-commerce platform as well. Thank you. Thank you. That's all the time we have for our question and answer session today. I'll now hand back to Caroline for closing remarks. Thank you, Operator. In closing, on behalf of Dada's management team, we'd like to thank you for your participation in today's call. If you require any further information, feel free to reach out to us directly. Thank you for joining us today. This concludes the call. That does conclude our conference for today. Thank you for participating. You may now disconnect.