Good morning, ladies and gentlemen, and thank you for standing by for Dada's fourth quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. After the management's prepared remarks, there will be a question and answer session. As a reminder, today's 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 Nexus. Please proceed, Caroline. Thank you, operator. Hello, everyone, and thank you for joining our fourth quarter 2022 earnings conference call. On the call today from Dada, we have Mr. Jeff Huijian He, President, and Mr. Beck Chen, CFO, and Mr. Jun Yang, Co-Founder and CTO. Mr. Hu will talk about our operations and company highlights. Mr. Chen will discuss the financials and guidance. 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. During this call, we will discuss certain non-GAAP financial measures. Please also refer to our earnings press release, which contains a consolidation of our non-GAAP measures to the comparable GAAP measures. 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. Hu. Jeff, please go ahead. Okay. Thank you, Caroline. Thank you all for joining us. During the first quarter of 2022, Dada Group once again achieved strong revenue growth with significantly improving our operating efficiency. Our total net revenues increased by 32%, and the adjusted net margin improved by 17 percentage points year-over-year. In addition, we achieved positive free cash flow in the second half of 2022. I will first provide an update on our deepened cooperation with JD.com, after which I will take you through the operational highlights from our two platforms. Beck will then discuss the financial results in detail. We continued to work closely with JD.com on multiple fronts. During the first quarter, CME of ShopNow or Xiao Shigo, the unified brand for all on-demand retail services within JD ecosystem, increased by more than 80% year-over-year. In particular, CME from the Nearby of Fuchin tab increased by more than 300% year-over-year. Thanks to the significant increased in exposure of its entry point. As always, they improved click-through rate, driven by the upgrade of its display lane to city lanes and the freeze tab function that keep the tab visible when users scroll down the homepage. On top of the search results exposure and the Nearby tab, we continued to roll out our big LBS features with more touchpoints within the JD app. During this quarter, we newly implemented LBS feature among recommendation feeds on JD homepage, which has led to incremental traffic for ShopNow. Turning now to the operation highlights for our two platforms. Starting with JDDJ, the leading local on-demand retail platform in China. In the first quarter, JDDJ maintained robust CME growth and significant outpace the industry. We remain committed to leading the development of the on-demand retail industry via retailer and brand empowerment and technology innovation in digital transformation. Let's start with our efforts in empowering retailers. In 2022, there were more than 220,000 active retailer stores on JDDJ, up more than 50% year-over-year. This merchant partner from the essential part of JDDJ's ecosystem. In turn, JDDJ provides them with dedicated support to grow online sales. In the first quarter, JDDJ continued to expand the depth and the different cooperation with retailers across multiple categories, including supermarkets, consumer electronics and home appliance, mom and baby, liquor and others. In the supermarket category, we recently partnered with more top supermarket chains such as HotMaxx, and now have established a partnership with 90 out of the top 100 supermarket chains in China. We also onboarded more regional chain-companies like Yichuan Xinhua Baiguo to further enrich our local offerings. From the end of December to the end of January, JDDJ launched the Chinese New Year shopping festival to boost the sales for supermarket chains. Thanks to our SKUs strategy of spotlighting holiday goods such as cherry liquor and gift box, CME of supermarkets increased by more than 50% year-on-year during the 3-week period leading to Chinese New Year event. In addition to large supermarket chains, we have also continued to enrich merchant variety and increase store density through cooperation with convenient store chains. Recently, we signed up Bianlifeng and other leading convenience stores. Moving to the fresh product category. We recently launched the dedicated entry point of JD Grocery to further improve consumers' mindshare for fresh products on JDDJ. In the first quarter, not only did the penetration rate of fresh products in supermarket orders increase remarkably, but CME of fresh product stores also saw significant growth. For example, CME of online operators for fruit and vegetable markets like Xianjia and CaiJiaYi increased by several times year-on-year. We also made further progress in the consumer electronics and home appliance category. In the first quarter, the smartphone subcategory maintained rapid growth, driven by Double Eleven shopping festival, while the home appliances subcategory also made further breakthroughs. As we further depend cooperation with partners such as Xiaomi Home Appliance, CME of home appliance in the first quarter increased by more than 400% year-on-year. In the mom and the baby category, we continued to work closely with top chain retailers and engage with stores to jointly serve their private domain users. CME of mom and baby stores saw accelerated growth of more than 300 year-on-year in the first quarter. In the liquor category, we deepened our partnerships with leading liquor distributors such as Jiuxianwang, and initiate new cooperation with leading distributors such as Gaozu Maoyi. We cooperated with merchants to further optimize the supply of key SKUs, such as Maotai products. As a result, CME in the first quarter more than tripled year-on-year. Turning to JDDJ's efforts to empower brands. In 2022, more than 280 brands partnered with JDDJ in online marketing. An increase of more than 30 year-on-year. Our leading position in on-demand retail and our pioneering capability in O2O digital market make us the most trusted auto platform for brands. In the first quarter, the year-on-year revenue growth of our online marketing services exceed 70%, driven by further broadened and deepened brand partnerships. We continue to work closely with leading FMCG brands, and we have recently signed our new partners with such as Fruit Cube by Jiangxiaobai brand and liquor brand Jiangxiaobai. Together with our brand partners, we keep innovating new market campaigns to attract and convert consumers. During the Double 11 Shopping Festival in 2022, JDDJ and JD.com co-launched the first in-city marketing scene on JD's drop down page that targets generation three, whose main share of intercity retail we intended to boost. 10 brands, including Unile ver and Procter & Gamble participated in the event. The total CME of participating brands on the campaigns increased by 170% year-over-year. I will touch on our technology innovation in driving the digital transformation for both retailers and the brands. On Haibo, our omni-channel online retail operating system for retailers. As the end of December, our Haibo system has been deployed in more than 9,200 retailer chain stores. We continue to penetrate the supermarkets and the convenience stores, we also have recently successfully expanded Haibo services to merchants in mom and the baby and pet categories. Driven by continuous expansion in merchant base, CME processed by Haibo system more than doubled on a year-on-year base in 2022. In the first quarter, we continued to upgrade Haibo's features to help merchants improve auto operating efficiency. For example, we newly introduced the intelligent order dispatching function in fulfillment module. This new function enables merchants to engage the multiple delivery services provides to reduce their delivery costs and enhance the timelines of order pick up by riders. Merchants who have tested this upgraded module saw a 75 improvement in operating efficiency, 6% enhancement in order taking time, and over 3% saving in delivery cost. Our digitized in-store picking services for retailers, Dada Picking. We continued to provide steady support to leading supermarkets, including Walmart, Yonghui, and Sun Fresh. The total number of orders fulfilled by Dada Picking more than doubled year-on-year in the first quarter. Meanwhile, we have been further improving our digital capabilities. We aim to provide the merchants with a comprehensive set of digital picking management tools spanning five functions, which include the picking staff recruitment, onboarding and management, picking process man-management, data aggregation and analysis, and services quality monitoring. We also made progress in providing digital insights and solutions to brand. Kunche, our S-grade system, enables brand to digitize channel inventories management, while Cloud Store project helps brands optimize customer value. Based on Kunche's grade level sales data and processing management tool, JDDJ launched the perfect store solution to help brands amplify online presence and optimize O2O supply. Following a pilot program in the third quarter, we partnered with several leading food brands in December to roll out the perfect store solution nationwide. Our partner brands adopting the solution saw a more than 5 percentage point increase in the online availability rate of their key SKUs, which translated into incremental sales of more than 10 percentage points. In addition, JDDJ launched the Cloud Store project to adjust brands' pain points in offline user operations. Leveraging WeChat and our on-demand tech platform, the project enables brands to improve the conversion efficiency of offline promoters and maximize customer value. Pilot brand in the Cloud Store project, so the average number of orders facilitated by each promoter increased by 230, and 7-day customer retention rate increased by 150. Moving on to Dada Now, the leading local on-demand delivery platform in China. In 2022, the new active riders on Dada Now platform reached 1 million, up more than 40 year-on-year. Thanks to increasing order volume and our flexible crowdsourcing network, we have provided meaningful, flexible employment opportunities for a wide range of workers. In the first quarter, Dada Now's order volume and revenue both maintained rapid growth, while operating efficiency continued to improve. In terms of our KA or chain merchants business, in the first quarter, the revenue of on-demand delivery services to KA merchants increased by more than 40% year-on-year. Meanwhile, we continued to improve delivery efficiency and customer experience through measures such as optimizing dispatching algorithm. In the supermarket category, we continued to consolidate our leading position with revenue increasing by more than 40% year-on-year. During the quarter, while we worked closely with partners such as Walmart, Sam's Club, Yonghui, and the Sun Fresh. We also continued to deepen cooperation with other supermarket K such as CR and Metro. In the restaurant and beverage KA category, our revenue increased by more than 50% year-on-year. We set up new partnerships with restaurant KAs such as Burger King. We also strengthened our cooperation with beverage brands such as Luckin Coffee and HEYTEA. With revenue from beverage chains increased by more than 150% year-on-year during the quarter. In addition, in early December, we officially became one of the first on-demand delivery partners for Douyin Local Life Services, offering the level of fulfillment services to food delivery merchants on Douyin platform. Currently, Douyin's food delivery services is being piloted in Beijing, Shanghai, and Chengdu. Leveraging Dada Now's strengths and nationwide coverage. Like dispatching flexibility and high fulfillment efficiency, we believe our KA business will serve Douyin well when its food delivery services scales up. In our SME and C2C business, we continued to expand our rider network to serve more SMEs, while our C2C business served searching and service needs of individual consumers during the pandemic. As a result, orders fulfilled by our SME and C2C business increased by more than 40 year-on-year in the first quarter. Meanwhile, driven by optimization of pricing and the incentive mechanism, we saw accelerated improvement in OEs. For last mile services, we continued to leverage our flexible crowdsourcing network to provide steady support to JD Logistics by complementing its in-house delivery fleets, especially during the Double Eleven shopping festival and the period when COVID case spiked. Lastly, an update on Dada Now's autonomous delivery services. At the end of January, our autonomous delivery open platform had fulfilled more than 80,000 on-demand delivery orders for supermarkets through cooperation with autonomous vehicle manufacturers. This has made Dada Now the largest autonomous delivery platform for supermarkets in China. Moving on to ESG. With continuously improving ESG practice and disclosures, our ratings by leading third-party agencies have been notably improved. In November, MSCI upgraded our ESG rating from BB to triple B on the strength of higher scores across all three dimensions: our environment, social, and governance. Also, in November, we improved our ESG score in S&P Corporate Sustainability Assessment, CSA to 32, placing us among the top 11% in the global retailing sector. This is still significant room for improvement, and we will further integrate ESG philosophy into our daily operations to enhance our ESG practice. That covers our operational updates for the two platforms. To wrap up, we continue to execute well amid the macro challenges in the past year. Looking ahead, as on-demand penetration steadily progress in every single local retail category, we believe our track record of enabling retailers and brands as well as synergy unleashed from our deepened collaboration with JD.com will position us well to capture opportunities in the coming years. I will now pass the call to Beck to go over our financials. 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 way to judge our performance. All percentage changes I'm going to give will be on year-over-year basis, and all figures are in RMB, unless otherwise noted. I'll start with Q4 numbers first. The total net revenues in the fourth quarter increased by 32% to RMB 2.7 billion. Net revenues from Dada Now increased by 23% to RMB 883 million, mainly driven by the increases in order volume of intracity delivery service to chain merchants. Net revenues from JDDJ increased by 37% to RMB 1.8 billion, mainly due to the increase in CME, which was driven by increases in the number of active consumers and average order value. Increase in online marketing services revenue also contributed to the revenue growth of JDDJ. Moving over to the expenses side. Operations and supporting costs were RMB 1.6 billion. Increase was primarily due to an increase in rider costs as a result of increasing order volume for intra-city delivery services provided to various chain merchants on the Dada Now platform and the retailers on the JDDJ platform. Selling and marketing expenses were RMB 1.3 billion. Increase was primarily due to the growing of 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 back in February 2022. G&A expenses remained flat at RMB 101 million, mainly attributable to our expenses control measures. R&D expenses decreased to RMB 126 million, mainly due to lowered R&D personnel costs as we enhanced operating efficiencies. Non-GAAP net loss attributable to ordinary shareholders of Dada was RMB 179 million. Non-GAAP net loss margin was 6.7%, improving by more than 17 percentage points year-over-year and 5 percentage points quarter-over-quarter. In addition, as Jeff mentioned in the beginning, driven by the significantly narrowed loss and efficient working capital management, we are pleased to report a positive free cash flow in the second half of 2022. As of December 31, 2022, the company had RMB 4.4 billion in cash equivalents, restricted cash and short-term investments. Pursuant to our $70 million share repurchase program announced in March 2022, as of December 31, 2022, we had repurchased approximately $60 million of ADSs under this repurchase program. I will now quickly run through a few key full year 2022 financial results. Further details can be found in our earnings release. The total net revenues was $9.4 billion, lining the revenue recognition method of Dada Now last mile delivery services to a comparable net basis. Pro forma revenue growth rate was 49%. Operations and the supporting costs were $5.7 billion, compared with $5.1 billion in 2021. Selling and the marketing expenses were $4.7 billion compared with $3.4 billion in 2021. G&A expenses were RMB 409 million, compared with RMB 400 million in 2021. R&D expenses were RMB 631 million, compared with RMB 574 million in 2021. non-GAAP net loss attributable to ordinary shareholders of Dada was RMB 1.3 billion compared with RMB 2.1 billion in 2021. In terms of outlook for the first quarter of 2023, we expect total net revenues to be between RMB 2.57 billion-RMB 2.77 billion, representing a year-over-year growth rate of 27%-37%. Heading into 2023, we are confident in further improving profitability while sustaining revenue growth momentum. This concludes our prepared remarks. Operator, we are now ready to begin the Q&A session. Thank you. 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. Ronald on the line. Thank you for joining the call today. Me, Ronald, your line is now live. Please ask your question. Fourth quarter 2022. Thank you. Can you hear me? Yes, Ronald. Hey, Jack, Beck Chen, Jin Dong, Caroline. Thank you management team. I have two questions. First is wanna hear about the outlook for JDDJ and some of the strategies for this year. Given pretty healthy growth that you've guided, how should we think about the profit side on the unit economic side? Are we on track to for profit turnaround for the business this year? My second question would be on some of the food delivery and announcements on your cooperation with Douyin. Just, if this business grows, do we have sufficient rider capacity? How are we thinking about the cooperation there and the opportunities? Thank you. Okay. Please help me translate. In terms of business outlook for this year, we are cautiously optimistic barring extreme situation. We expect that the consumer confidence and economic activities to gradually recover in the first half of this year. In that case, we expect our JDDJ revenue to gradually accelerate quarter by quarter and reach about 40% in the second half of this year. 对 也 稍 微 分 享 一 下 关 于 疫 情 管 控 放 开 后 对 于 JDDJ 的 一 些 影 响 。 首 先 我 们 来 看 一 下 这 个 消 费 者 习 惯 的 变 化 就 是 在 疫 情 期 间 消 费 者 的 购 物 途 径 和 这 个 活 动 范 围 的 受 限 就 因 此 他 更 倾 向 于 使 用 JDDJ 这 样 的 平 台 来 去 购 物 。 当 然 放 开 后 这 个 消 费 者 的 消 费 的 选 择 会 更 多 线 下 购 物 和 服 务 性 的 这 个 消 费 因 此 有 一 定 的 复 苏 。Yes please. Wang Yi translate. Now I'd like to share some color on the impact on JDDJ since the reopening. During the pandemic, due to mobility restrictions and limited choices, consumers preferred on-demand shopping. Since the reopening with more shopping options available to consumers, offline spending for goods and services have somewhat recovered. 过 去 3 年 中 呢 因 为 这 个 经 历 了 历 次 这 个 局 部 的 疫 情 反 复 的 经 验 在 疫 情 期 间 呢 形 成 的 这 个 用 户 的 购 物 习 惯 在 疫 情 冲 击 减 弱 后 呢 留 存 率 都 维 持 在 比 较 好 的 水 平 。 今 年 年 底 正 式 放 开 之 后 我 们 平 台 上 用 户 留 存 没 有 受 到 这 个 显 著 的 影 响 。Yes please. That said, based on our experience of several rounds of resurgence in the last three years, users who have formed shopping habits during the outbreaks have maintained a healthy retention rate even as the COVID situation abates. Since the reopening late last year, the retention of our users has not significantly changed. 这 里 面 主 要 原 因 是 消 费 者 已 经 体 会 到 了 这 个 即 时 零 售 的 便 利 性 而 且 对 于 各 个 商 品 品 类 的 时 效 要 求 日 益 在 提 升 。 因 此 呢 即 使 有 其 他 的 购 物 渠 道 也 愿 意 继 续 使 用 京 东 到 家 来 消 费 。 因 此 我 们 对 长 期 维 持 显 著 快 一 行 业 的 这 个 增 速 是 有 信 心 的 。 The reason behind that is consumers have become used to the shop, the convenience of on-demand shopping, and are increasingly demanding faster delivery of all product categories. They remained on our platform even as other shopping channels now become available. We feel confident about maintaining a long term growth rate that significantly outpaces the industry. Back 看 看 您 是 不 是 要 补 充 的 。 Jeff 你 先 把 那 个 Douyin 刚 才 Ronald 也 问 的 可 以 也 先 回 答 一 下. OK。 好 呃 分 享 一 下 这 个 跟 抖 音 的 合 作 啊 。 去 年 十 二 月 初 呢 达 达 快 送 已 经 成 为 了 这 个 抖 音 啊 生 活 服 务 的 第 一 批 的 配 送 服 务 商 那 为 抖 音 的 这 个 外 卖 商 家 提 供 这 个 同 城 的 即 时 配 送 服 务 。 首 批 合 作 也 体 现 了 这 个 抖 音 对 达 达 快 送 品 牌 价 值 和 服 务 品 质 的 这 个 认 可 。Yes please。 To address your second question on our cooperation with Douyin. In early December, we officially became one of the first on-demand delivery partners for Douyin Local Life Services, offering fulfillment services to food delivery merchants on Douyin's platform. The fact that we were among the first on-demand delivery partners of Douyin speaks of its recognition of our brand and service quality. 呃 我 们 的 合 作 方 式 是 抖 音 呢 作 为 达 达 快 送 的 KA 客 户 呃 集 合 平 台 上 ， 集 合 平 台 上 的 外 卖 订 单 发 给 达 达 快 送 呃 等 合 作 的 这 个 配 送 平 台 。 达 达 快 送 承 接 订 单 后 呢 调 度 骑 手 去 完 成 配 送 为 消 费 者 提 供 这 个 呃 优 质 的 便 捷 的 即 时 餐 饮 的 这 个 服 务 。 Specifically, as one of Dada Now's key accounts, Douyin will aggregate all of its food delivery orders on the platform and distribute them to the deli, delivery partners. Once we receive the orders, we'll dispatch riders to fulfill them, delivering a convenient, premium on-demand catering experience for consumers. OK. 从 单 量 贡 献 来 看 如 果 Douyin Local Life Services 呈 现 显 著 的 增 长 对 未 来 几 年 Dada Now 的 KA 的 收 入 将 会 有 比 较 大 的 增 长 贡 献. Please. In terms of contribution, if Douyin's food delivery service experiences significant growth, that will be meaningful incremental revenue for Dada Now in the coming years. 抖 音 的 外 卖 业 务 呢 目 前 仅 在 三 个 城 市 呃 上 海 、 北 京 、 成 都 小 范 围 测 试 所 以 目 前 单 量 还 比 较 小 。 Currently, Douyin's food delivery service is only being piloted in Beijing, Shanghai, and Chengdu with limited order volume. 呃 基 于 达 达 快 送 网 络 的 这 个 全 国 覆 盖 以 及 调 度 的 灵 活 、 履 约 高 效 的 这 个 优 势相 信 在 抖 音 外 卖 规 模 化 后 呢 ， 预 计 未 来 几 年 对 KA 的 单 量 和 收 入 贡 献 会 有 较 多 的 增 量 。 但 是 我 目 前 的 财 务 指 引 呢 ， 还 没 有 考 虑 到 这 一 部 分 的 贡 献 。 Leveraging Dada Now strength of national, nationwide coverage, rider dispatching flexibility, and high fulfillment efficiency, we believe our KA business will gain significant incremental revenue when Douyin food delivery service scales up. That said, we have not baked in any contribution from our cooperation with Douyin in our financial guidance. 对 ， 也 分 享 一 下 我 们 这 个 抖 音 业 务 的 优 益 的 情 况 。 随 着 单 量 的 提 升 呢 ， 预 计 来 自 抖 音 业 务 本 身 很 快 可 以 达 到 KA 整 体 的 单 均 的 毛 利 的 水 平 。Please。 In terms of unit economics, as order volume grows, we expect Douyin orders to be quickly on par with other KA orders. 呃 ， 大 家 也 比 较 关 心 这 个 我 们 在 抖 音 外 卖 的 市 场 份 额 。 呃 ， 抖 音 目 前 呢 ， 还 在 跟 这 个 顺 丰 同 城 闪 送 有 合 作 。 那 基 于 达 达 自 身 的 优 势 呢 ， 我 们 对 长 期 获 得 市 场 份 额 是 很 有 信 心 的 。Please。 In terms of our market share on the Douyin platform. Apart from us, Douyin food delivery is partnering with SF Intra-city and 闪 送. We are confident about our long term market share on Douyin food delivery platform, given our significant competitive advantages. 相 较 于 SF Intra-city ， Dada Now 的 订 单 类 型 呢 ， 我 们 是 更 多 样 的 ， 因 此 在 餐 饮 外 卖 的 峰 值 时 段 ， 运 力 更 有 保 障. Compared with SF Intra-city, we enjoy more stable rider supply and cost advantage. Since we serve a broad range of customers, including supermarkets, restaurants and pharmacies, our orders are spread more evenly throughout the day, whereas the majority of SF orders are food delivery. 那 我 们 的 单 均 配 送 成 本 更 低, 那 得 益 我 们 这 个 灵 活 的 众 包 模 式 以 及 单 量 的 全 时 段 分布 带 来 的 更 高 履 约 效 率, 我 们 在 成 本 上 是 很 有 优 势 的. From a cost perspective, we are also more competitive thanks to our flexible crowdsourcing model and higher fulfillment efficiency as a result of more even order distribution. 那 相 较 于 闪 送 呢 ， 我 们 在 区 域 覆 盖 上 ， 这 个 和 单 件 配 送 成 本 上 也 都 有 优 势 。 那 在 区 域 覆 盖 上 呢 ， 闪 送 的 运 力 主 要 集 中 在 这 个 一 线 城 市 ， 呃 ， 我 们 配 送 覆 盖 了 两 千 八 百 多 个 这 个 市 区 县 ， 能 够 完 全 满 - 满 足 抖 音 地 域 拓 展 的 需 求 。 那 从 成 本 上 来 看 ， 闪 送 是 以 一 对 一 专 送 模 式 为 主 ， 成 本 较 高 ， 与 大 多 数 这 个 餐 饮 外 卖 商 家 的 需 求 这 个 适 配 度 是 有 限 的 。Please。 Compared with 闪送, we offer much broader city coverage and lower unit cost. 闪送 presence is mostly in Tier 1 cities, while our service is available in over 2,800 cities and counties across the country. We can fully support Douyin's delivery need as it rolls out food delivery services in more regions. 闪送 delivery model is a point-to-point delivery, where riders typically pick up and deliver only one order at a time due to the high cost of this service that does not cater to the needs of most food delivery merchants. OK，Jack 看 看 你 有 什 么 要 补 充 。 Ronald, about the first question. Let me just share like about the UE and the profit turnaround. Yes, we are still confident to maintain our look to break even in middle of the year for the company level and also for the Douyin cooperation. We think the rider supply is sufficient, as we can see right now back after, like the Chinese New Year in March, going into the March, our active daily riders still increased by 40%-50% on a year-over-year basis for the Intracity delivery benefits. We don't think, you know, the rider supply is a constraint for us this year. 好 ， 谢 谢 Jack。Back。 Thank you. Your next question comes from Thomas Chong with Jefferies. Please go ahead. 早 上 好 ， 谢 谢 管 理 层 接 受 我 的 提 问 。 呃 ， 我 有 两 个 问 题 ， 呃 ， 第 一 个 问 题 呢 是 想 问 一 下 ， 呃 ， 在 去 年 我 们 跟 JD 的 合 作 都 是 有 一 个 很 成 功 的 一 个 成 ， 呃 ， 一 个 结 果 。 呃 ， 我 想 问 一 下 呢 ， 就 是 今 年 的 话 呢 ， 我 们 跟 JD 的 合 作 可 以 分 享 一 下 这 个 KPI， 呃 -是 在 哪 一 个 方 面 。 然 后 第 二 个 问 题 呢 ， 呃 ， 也 是 想 问 ， 呃 ， 京 东 到 家 ， 呃 ， 那 边 ， 呃 ， CME， 呃 ， 不 同 品 类 的 占 比 ， 还 有 就 是 这 个 AOV， 呃 ， 在 今 年 的 是 是 。 Uh, thanks management for taking my questions. My first question is regarding the cooperation with JD. Given the success in 2022, how should we think about the KPI working with JD for this year? My second question is on JDDJ. Can you comment about the CME mix for supermarket and other categories? How should we think about the trend for the AOV going forward? Thank you. 谢 谢 你 的 提 问 。 就 是 我 们 的 核 心 的 KPI 还 是 CME 收 入 和 利 润 。 please Thank you for your question. 请. Thank you for your question. core KPI for this year remains CME, revenue growth, and net income. 从 拆 解 上 来 看 ， 我 觉 得 最 重 要 的 是 两 件 事 情 ， 一 件 事 情 是 我 们 在 帮 助 JD.com 从 线 下 获 取 JD.com 新 用 户 。Yes please. Our priorities are twofold. The first is helping JD acquire new customers in the offline channel. 同 时 另 外 就 是 我 们 在 这 个 持 续 地 在 京 东 ， 京 东 APP 获 取 更 多 的 曝 光 ， 来 去 提 升 京 东 现 有 用 户 的 渗 透 。 Meanwhile, we aim to boost our exposure on JDDJ app to penetrate more users in JD's ecosystem. Thomas, for the second question about some numbers. For the category mix, in Q4, our supermarket categories account for 53% of the total, while our consumer electronics and appliances account for 43% of the total CME, while the remaining categories account for like the 6% of the total CME. Supermarket and consumer electronics appliances will still be the major categories in our CME in Q4. In terms of the average order value. For the platform wise, the average order value is further increased to RMB 235, while the supermarket average order value is also increased to RMB 165. For the trend in 2023, we now forecasting that the AOV of the platform will still go up very robustly, which were driven by like the two reasons. One is, number 1 is of course the mix contribution from those large ticket size products. The second is, of course, you know, the average order value of supermarket categories is also going up on a year-over-year basis. Just let's for example, for the Chinese New Year event and the campaign in January and February. Basically our average order value for supermarket were also growing very much compared to the same event last year. That's for the second question. Thank you. Your next question comes from Alicia Yap with Citigroup. Please go ahead. Hi. Thank you. Guan Yichen, good morning. Thank you for taking my questions. I have 2 questions. One is to follow up on the overall competitive landscape of our JDDJ business. For example, the recent development trends of Meituan and our business. Also, will our cooperation with Douyin have any conflicts with our JDDJ business, or, for example, will there be any conflicts in terms of consumption? Also, I would like Guan Yichen to talk about the overall macro consumer spending sentiment after the Spring Festival. Could you share with us the overall consumer spending sentiment for big ticket items like home appliances and electronics, and the supermarket category that we see on JDDJ? I will translate myself. So my questions is, can management elaborate or share a little bit the competitive landscapes on JDDJ business compared to Meituan? Would there be any potential conflicts? With our partnership on Douyin on their local service versus our JDDJ business in terms of the consumer demands on the grocery category or the food category. Second question is, can management share with us what is the latest consumption trends that you are seeing in terms of, you know, the consumption willingness on the bigger ticket items, such as the electronics and appliances and also the supermarket category post the Chinese New Year. Thank you. Thank you for your question. To answer your first question, we remain convinced of the enormous market opportunity as O2O further penetrates the entire retail sector, given the low penetration rate we are seeing now. The industry is large enough to accommodate more than one player. We can all enjoy healthy development. Specifically regarding Meituan Instashopping, they and us have differentiated advantages. Both parties will leverage the distinctive strengths to cater to the diversified consumer needs. Now I will share with you my thoughts on our advantages on both the supply and demand side. On the supply front, our main edge lies in our positioning as a pure play platform and our digitalization capabilities, which has enabled us to work more extensively with leading chain merchants and brands, making us more competitive in the variety, quality, and pricing of what product supplies. Now, in contrast, our peer has direct sales business, which competes directly with retailers. Retailers have concerns and reservations about launching on their platform. In the rare case that leading retailers agree to work with the other platform, only a number of stores have actually launched. Unless the other company goes through a fundamental strategic shift, it cannot transform into a pure marketplace as we are. That's why we are confident in maintaining this advantage in the long run. Moving on to our capabilities in digitally empowering our retailers. After years of investments in technology and serving leading retailers, we've accumulated best-in-class know-how and built several well-recognized digital products and solutions such as Haibo and Dada Picking. These products were crucial in helping us maintaining a solid relation with our merchant partners. An O2O platform not only provides a delivery network to retailers, but also needs to digitally empower them to improve operating efficiency. 关 于 Douyin ， 我 目 前 看 到 的 Douyin 的 主 要 还 是 在 外 卖 ， 外 卖 上 的 这 个 ， 一 些 尝 试 ， 所 以 暂 时 没 有 对 我 们 即 时 零 售 业 务 这 个 有 太 多 的 冲 击. In terms of competition, potential conflict, as you put it with Douyin's main efforts right now are centered in the food delivery business, so there's not been much strategic conflict with our on-demand retail business. 第 2 个 问 题 是 关 于 这 个 宏 观 ， 宏 观 环 境 的 这 个 影 响 。 宏 观 经 济 周 期 和 这 个 消 费 者 信 心 的 变 化 对 整 个 零 售 行 业 都 会 有 影 响 ， 对 我 们 来 说 也 不 例 外 。 但 是 另 一 方 面 呢 ， 即 时 零 售 行 业 呢 ， 还 处 于 早 期 的 发 展 阶 段 ， 在 整 个 的 本 地 零 售 的 渗 透 仍 然 还 是 个位数 ， 所 以 我 们 对 于 长 期 的 行 业 空 间 是 保 持 有 信 心 的 。 please。 To answer your second question on macro, the economic cycle and the changes in consumer confidence affects the entire retail industry. Being in an on-demand retail platform, we are no exception. On the other hand, on-demand retail is still in the early stage with only single-digit penetration rate in the local retail sector. We remain confident in the long-term potential of the industry. 预 计 今 年 呢 ， 这 个 宏 观 经 济 和 消 费 都 会 比 去 年 好 ， 但 是 改 善 的 节 奏 呢 ， 目 前 看 起 来 还 有 一 些 不 太 确 定 性 。 我 们 对 于 下 半 年 的 ， 就 是 H2 的 期 待 呢 ， 会 比 H1 要 高 一 些 。 Please. In terms of outlook, we expect faster economic and consumption growth this year versus last year, but there is still some uncertainty in the pace of recovery. We have higher expectations for the second half than in the first half. 那 今 年 年 底 疫 情 管 控 放 开 呢 ， 十 二 月 和 一 月 各 地 出 现 了 这 个 病 例 的 高 峰 ， 影 响 了 供 应 链 的 畅 通 和 消 费 信 心 。 呃 ， 随 着 疫 情 的 影 响 逐 渐 消 退 啊 ， 我 们 观 察 到 居 民 的 生 活 出 行 ， 啊 ， 已 经 逐 渐 地 恢 复 正 常 ， 整 体 商 业 环 境 都 出 现 了 改 善 。 因 此 呢 ， 预 计 今 年 的 宏 观 经 济 增 长 和 消 费 呢 ， 会 好 于 去 年 。 Since the pandemic, since the pandemic control measures were lifted toward the end of 2022, there were massive infections in multiple regions in December and January, affecting the supply chain and the consumer confidence. Now that the shocks from the COVID outbreaks have gradually subsided, people's daily lives and mobility has normalized and the overall business environment is improving. We are expecting better economic and consumption growth this year. 我 们 认 为 今 年 消 费 领 域 的 改 善 的 节 奏 依 然 存 在 着 一 定 的 不 确 定 性 ， 尤 其 在 H-H1. 扩 大 消 费 的 政 策 效 果 还 需 要 时 间 去 呈 现. 疫 情 放 开 对 居 民 收 入 和 消 费 信 心 的 促 进 作 用 也 不 是 一 蹴 而 就 的. 我 们 预 计 2023 年 的 H1 整 体 消 费 实 现 温 和 增 长 ， 2023 年 H2 将 在 消 费 信 心 逐 渐 恢 复 上 年 低 基 数 上 加 速 增 长. Please. That said, we are seeing some uncertainties in the pace of recovery, especially in the first half, given that the pro-consumption policies takes time to bear fruits, and the reopenings boost to consumer income and confidence may not manifest itself immediately. We are seeing, we're expecting modest growth in consumption in the first half and a re-acceleration in the second half as consumer confidence gradually recovers. 那 得 益 于 即 时 零 售 行 业 渗 透 率 的 快 速 增 长 ， 相 比 于 电 商 行 业 和 其 他 公 司 呢 ， 我 们 有 信 心 实 现 更 快 速 的 这 个 ， 更 快 的 增 速 。 谢 谢 。 In the long run, thanks to the rapid rise of O2O penetration in retail, we're confident in achieving growth that significantly outpaces the e-commerce sector and other players. Thank you. Thank you. Your next question comes from Andre Chang with JP Morgan. Please go ahead. 谢谢 Jeff 总 这个 Beck 总 还有 Caroline 接受我的提问。我的问题是关于这个 JD.com 跟我们合作以后，这个流量的这个分布跟这个状况。是不是能先请各位跟我们介绍一下，现在我们有在 JD.com 上面有这么多的不同的流量入口，包括这个搜索，这个小时达，还有这个附近 (Nearby)，现在大概哪些是贡献比较大？我们往前面看又看到哪一些可能是机会更多，它背后的这个驱动力是什么？是更多的这个商品跟我们结合，还是说有部分的这个流量倾斜。我另外一个问题就是因为从去年到今年，JD.com Group 这边有个比较明显的策略变化，就是开始强化了这个低价商品的这个重视，对不对？还有这个下沉市场，重新要考虑这个进入一些渗透。我不知道说这个方面会不会影响到我们在 JD.com Group 的流量的这个分布，或是我们这边其实也是有机会透过去把我们这个 O2O 的供应链做好，我们也是可以提供更有价格竞争力的产品。I will translate my question myself. My questions are related to the traffic allocation from JD.com. Can management give us an update about the traffic source from multiple entry points in JD.com, such as buy buy now, Nearby, etc. Which are the area that provides more growth driver in their view in the future? Second question is about the know recently how they debate the strategy change of JD.com Group know to give more support on the know lower price products and the penetration into the lower tier cities. Will that affect our traffic from JD.com Group or will actually be a know chance for opportunity if we can provide competitive prices from our O2O channel. Thank you. 谢 谢 Andrew， 这 个 我 来 回 答 一 下 这 个 问 题 啊 。 那 个 目 前 在 京 东 上 的 这 个 如 果 从 销 售 来 看 的 占 比 主 要 是 核 心 ， 核 心 是 两 个 渠 道 在 贡 献 ， 一 个 是 搜 索 和 推 荐 ， 就 是 App 的 搜 索 和 推 荐 ， 另 外 就 是 附 近 频 道 。 他 们 搜 索 和 推 荐 的 占 比 大 概 在 百 分 六 七 十 ， 但 是 附 近 频 道 入 口 的 增 速 是 更 快 的 。 在 Q4 附 近 频 道 的 增 速 同 比 是 超 过 了 百 分 之 三 百 。Please help me translate。 Thank you for your question. In terms of CME mix across the multiple entry points on JD, we have two main entry points. The first is search for recommendation feed on the JD homepage. That accounts for 60%-70% of our total CME on the JD channel on the JD platform. The second main entry point is the Nearby page. The Nearby page is a faster growing entry point in Q4 the CME from the Nearby grew more than 300% year-over-year. OK， 那 从 驱 动 驱 - 驱 动 力 来 来 说 呢 ， 会 有 几 个 。 第 一 个 还 是 我 们 供 给 的 持 续 的 丰 富 ， 这 里 面 有 商 品 的 丰 富 ， 品 类 的 扩 展 ， 也 会 有 地 域 的 这 个 丰 富 ， 就 是 网 格 覆 盖 的 丰 富 。 谢 谢 。 这 是 第 一 点 。Please help me translate。 In terms of the drivers for the CME growth, the first and most prominent growth driver is the expansion, continued expansion on the supply front. We are continuously expanding our SKU selection in more categories and in more regional groups. 呃 第 二 呢 是 这 个 来 自 于 产 品 的 持 续 的 产 品 能 力 的 持 续 的 迭 代 ， 就 包 括 这 个 搜 索 对 于 已 经 购 买 过 小 时 小 时 购 的 用 户 ， 在 识 别 了 这 个 用 户 这 个 对 于 小 时 购 商 品 的 意 图 之 后 ， 会 给 到 这 些 用 户 更 好 的 曝 光 之 类 的 这 样 的 一 些 产 品 的 这 个 改 进 。 The second driver is our continuous iteration or upgrade and our product capabilities. For example, we are adding increasing our exposure rate among the repeat customers of Shop Now in the search results. 呃 第 三 个 就 是 当 越 来 越 多 的 用 户 通 过 搜 索 尝 试 过 一 小 时 达 的 服 务 ， 我 们 将 它 留 存 再 附 近 ， 在 附 近 频 道 ， 使 得 这 些 用 户 长 期 的 复 购 提 升 。 The third driver is the retention of users who have experienced the convenience of on-demand shopping through search results. We will retain them with our Nearby shopping channel to increase their consumer stickiness and form their shopping habit. Uh, To answer your second question about daily strategic change towards more low price offerings. We are relatively optimistic about the impact on our platform. The main reason for that is in some categories, the offline channels is sufficient in terms of the supply chain. We will gain faster growth in these categories. In some categories, we've achieved double-digit penetration rates. Our long-term target remains to penetrate 50% of JD users. 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 Dong 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, please 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.