Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to the Dingdong (Cayman) Limited fourth quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. Please note that this event is being recorded. I will now turn the conference over to the first speaker today, Nicky Zheng, Director of Investor Relations. Please go ahead, sir. Thank you. Hello, everyone. Welcome to Dingdong's fourth quarter 2024 earnings call. With me today are Mr. Changlin Liang, our Founder and CEO, and Mr. Song Wang, our CFO. You can refer to our fourth quarter 2024 financial results on our IR website at ir100.me. You can also access a replay of this call on our IR website when it becomes available a few hours after its conclusion. For today's call, management will go through their prepared remarks, which will be followed by a question-and-answer session. Before we continue, I would like to refer you to our safe harbor statement in our earnings press release, which also applies to this call. As we will be making forward-looking statements, please note that all numbers stated in the following management prepared remarks are in RMB terms. We will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported in our earnings release and filings with the SEC. I will now turn the call to our first speaker today, the Founder and CEO of Dingdong, Mr. Liang. [Foreign language] Hello everyone. Thank you for joining the Dingdong earnings call for Q4 2024. We achieved non-GAAP profitability for the ninth consecutive quarter and GAAP profitability for the fourth consecutive quarter. Additionally, we have recorded positive year-over-year revenue growth for four straight quarters. This stable profitability has established a solid foundation for the company's future development. First, I'll present our Q4 2024 performance, followed by an analysis of our operating data, and conclude with a brief outlook on future development and performance. [Foreign language] In Q4 2024, Dingdong reported a GMV of RMB 6.55 billion, an 18.4% year-over-year increase. The company's revenue grew to RMB 5.91 billion, an 18.3% year-over-year increase. Under Non-GAAP standards, Dingdong achieved a net profit of RMB 120 million, more than six times the RMB 16 million reported in Q4 2023. This resulted in a net profit margin of 2%, an increase of 1.7 percentage points year-over-year. Under GAAP standards, the net profit was RMB 90 million, a turnaround from a loss of RMB 4.39 million in Q4 2023, leading to a net profit margin of 1.6%. [Foreign language] For the full year of 2024, Dingdong reported a GMV of RMB 25.56 billion, a year-over-year increase of 16.3%. Revenue reached RMB 23.07 billion, a 15.5% increase compared to the previous year. Under the Non-GAAP standard, Dingdong reported a net profit of RMB 420 million, marking an increase of more than eight times compared to RMB 45 million in the same period last year, representing a net profit margin of 1.8%, up by 1.6 percentage points year-over-year. According to GAAP standards, Dingdong reported a net profit of RMB 300 million, a significant turnaround from a loss of RMB 91 million in the same period last year, resulting in a net profit margin of 1.3%. [Foreign language] The rapid performance growth is mainly fueled by the rapidly increasing user penetration, improved user conversion rates, and higher user output in existing regions. Regarding user scale in Q4, the average number of monthly transacting users reached approximately 7.74 million, a year-over-year increase of 16.1%. The average monthly transaction conversion rate was 63.6%, up 4.7 percentage points year-over-year. Additionally, output saw a rise of 3.7% year-over-year. As user scale continued to grow rapidly, user engagement also rose. In Q4, users placed an average of 4.2 monthly orders, a 3% increase year-over-year. Among members, the average monthly order frequency rose to seven orders, a year-over-year increase of 4.5%. This continued strong performance built on Q3's results, showcasing high user retention and frequent repurchases. These outcomes were attributed to our comprehensive efforts across various dimensions, including product capability development, operational enhancement, improved user experience, and data-driven strategies. [Foreign language] Regarding regional performance, Jiangsu, Zhejiang, and Shanghai continued to show relatively rapid growth, serving as the primary drivers of our overall expansion. This quarter, GMV for the Shanghai region increased by 16.8% year-over-year, while in Jiangsu and Zhejiang, it grew more than 20% year-over-year. Notably, 13 cities within the Jiangsu, Zhejiang, and Shanghai regions achieved a year-over-year GMV growth of over 30%. This quarter's growth rate in these regions was the highest recorded for the year, excluding the peak season in Q3. We accelerated the development of our frontline fulfillment station network in these key regions. By the end of Q4, the company had opened a total of 130 new frontline fulfillment stations throughout the year, with 50 of those opening in Q4 alone. This achievement surpassed our annual target of 110 new frontline stations that we mentioned during the Q3 quarterly conference. We continue to enhance the density and efficiency of our frontline fulfillment station network in these core areas. Our goal was to further strengthen our order fulfillment capabilities, reduce distribution costs, improve operational efficiency, and establish a solid foundation for 2025. [Foreign language] I would like to update you on Dingdong's performance during the Lunar New Year. From New Year's Eve to the sixth day of the first lunar month, the national GMV increased by more than 15% year-over-year. It grew 10% in the core market of Shanghai, while regions such as Ningbo, Nanjing, and Changzhou saw a growth of over 30%. During this period, some high-quality products experienced significant increases, including salmon in the seafood sector, premixed alcoholic beverages, and traditional Lunar New Year's dishes, which saw a growth of 50% and even more than 120% year-over-year in some cases. These standout products are a key driving force behind Dingdong's continued growth. [Foreign language] We've been reflecting on our business model and the competitive landscape. Among the four key attributes of more, faster, better, and cheaper, our company, which focuses on fresh groceries, sees the greatest opportunity in better. This involves four key areas: better users, better products, better services, and better mindshare. Here are our ideas for developing high-quality products. One, we create great products by aligning with or discovering users' real needs and ultimately delivering value to our customers. Two, we ensure that our food products maintain high and consistent quality. While perfection may not be achievable in a single product development cycle, we focus on responding to user feedback and iterating our products, continuously working to improve our offerings. Three, we aim to create differentiated products or those available at structurally lower prices. Four, we believe in storytelling for our products. Our offerings feature visually appealing packaging, attractive designs, and engaging stories that resonate with customers. Five, our goal is to be captivating, soulful, and to provide distinct value propositions. To attract valuable users, we must first create compelling products and services, positioning ourselves as interesting entities that naturally captivate an audience. Over the past year, we have developed a variety of products, including our popular crafts and Dingdong's customized pumpkin raw milk. Looking ahead, we're committed to expanding our mission of creating high-quality products that are also reasonably priced. Better products, better service to the clients are our mission and original aspiration. [Foreign language] Lastly, let's turn to our outlook for Q1 of 2025. We expect to achieve year-over-year scale growth and maintain Non-GAAP profitability in the first quarter of 2025. However, in 2025, the competition we face will be more intense, and we're also in the process of transitioning from pursuing short-term scale and profitability to focusing on quality and long-term competitiveness, which may impact us. Nonetheless, we're confident in the long-term development of the company's business. [Foreign language] This concludes my prepared remarks. Thank you all for listening. I would like to turn the call over to our CFO, Song Wang, to go over our financials. [Foreign language] Thank you, Mr. Liang. Hello, everyone. Before I review our financial performance for the fourth quarter, please note that all of our figures are in RMB. [Foreign language] In 2024, Dingdong achieved significant growth and profitability. The annual GMV reached RMB 25.56 billion, while revenue amounted to RMB 23.07 billion, reflecting year-over-year increases of 16.3% and 15.5%, respectively. Notably, GMV in 22 cities experienced substantial double-digit growth. Additionally, our profits for the year reached an all-time high. Non-GAAP net profit margin was 1.8%, an increase of 1.6 percentage points year-over-year, with a net profit of RMB 420 million, an impressive 8.3-fold increase compared to the previous year. Under GAAP standards, we achieved profitability for the first time, recording a net profit margin of 1.3%, which is 1.8 percentage points higher than the previous year, with a net profit of RMB 300 million. Furthermore, our strong growth is evident in our cash flow. The full-year net operating cash inflow reached a historic high of RMB 930 million, a significant increase of RMB 1.16 billion year-over-year. For the first time in our history, the full-year free cash flow turned positive, amounting to RMB 830 million. [Foreign language] In Q4, Dingdong reported revenue of RMB 5.91 billion and an 18.3% year-over-year increase. This marks the fourth consecutive quarter of positive year-over-year growth. Non-GAAP net profit margin was 2%, indicating profitability for the ninth consecutive quarter, while GAAP net profit margin stood at 1.6%, maintaining four straight quarters of profitability. This operating net cash inflow was RMB 190 million, resulting in positive net cash inflow for six consecutive quarters. [Foreign language] Through high-quality growth and sustained profitability, we have validated our fresh grocery e-commerce business model, which is supported by a network of frontline fulfillment stations. This has demonstrated our efficiency and quick response capabilities. As the consumer industry transitions to a buyer-centric era, China's retail sector is experiencing significant structural changes. Highly efficient businesses are increasingly replacing inefficient ones, presenting both opportunities and challenges. Our past successes have built a strong infrastructure and provided us with valuable experience. With this foundation, we find ourselves at a new starting point. Dingdong will continue to tackle challenging tasks with a pragmatic approach, aiming to satisfy consumers with excellent products and services while establishing our own differentiated path through stable quality and supply capabilities. [Foreign language] Let's break down the results for Q4. Revenue reached RMB 5.91 billion, an increase of 18.3% compared to the previous year. Meanwhile, GMV totaled RMB 6.55 billion, an 18.4% year-over-year rise. We remained committed to producing high-quality products that attract consumers and improved order conversion rates and repeat purchases. Additionally, Q4 MAU experienced a year-over-year increase of 4.7%. The conversion rate of MAUs to monthly transacting users also hit a record high in recent years, averaging 63.6%, an increase of 4.7 percentage points year-over-year. Furthermore, the number of users placing orders more than eight times a month, essentially those who shop about twice a week, grew by 19.6% year-over-year. [Foreign language] Gross profit margin was 30.2%, a decrease of 0.4 percentage points year-over-year. We plan to enhance our investment in the supply chain to improve overall industry efficiency by shortening the supply chain. The proportion of direct sourcing of fresh groceries has consistently increased each year, stabilizing at around 85% in 2024. Leveraging our ability to build intelligent forecasting and operational scheduling systems, we can better match user needs and improve the efficiency and defect management of our products. In 2024, the average turnover days for short-term products with a saleable life of less than 28 days was 2.3 days, demonstrating our efficiency increase of 6.4% year-over-year. While the loss rate remained stable, the out-of-stock rate for our top products decreased by 1.3 percentage points from the previous year. [Foreign language] In Q4, the fulfillment cost rate was 21.7%, an improvement of 1.8 percentage points year-over-year. The fulfillment cost optimization in 2024 was primarily driven by a significant increase in the average number of orders per frontline station and improved operational efficiency. Throughout the year, we opened 130 new frontline fulfillment stations, with an average daily order volume of nearly 1,000 orders per station, which represented a 22.2% year-over-year increase. Additionally, we have continued to deliver excellent service to our users by leveraging our algorithms and supply chain capabilities. In Q4, we reduced the fulfillment time for instant orders by 2 minutes compared to the previous year, bringing it down to 34 minutes. [Foreign language] The marketing expense rate was 2.3%, an increase of 0.2 percentage points compared to the previous year. Looking ahead, we plan to boost our investment in promoting good products on this mind share, leveraging high-quality products to drive traffic, and we'll continue to enhance the efficiency of our advertising conversions. [Foreign language] The combined management and R&D expense accounted for 0.5 percentage points of revenue, reflecting the larger scale effect. We will continue to invest in food R&D, agricultural technology, and technical data algorithms. This ongoing investment will enhance our product development capabilities and full-chain digital capabilities, ultimately improving supply chain efficiency. [Foreign language] Non-GAAP net profit margin was 2%, resulting in a net profit of RMB 120 million. Additionally, GAAP net profit margin was 1.6%, which amounted to a net profit of RMB 90 million. [Foreign language] As of the end of Q4, the total balance of cash and cash equivalents, short-term restricted funds, and short-term investment stood at RMB 4.45 billion. We're continually optimizing the efficiency of our capital utilization and financing structure. After deducting the balance of short-term loans, our actual balance of self-owned funds was RMB 2.85 billion, reflecting an increase of RMB 840 million from the end of 2023. Furthermore, to strengthen long-term partnerships and maintain our services to upstream suppliers, we have shortened the accounts payable period for the entire year of 2024 by 8.6 days year-over-year, bringing it down to 35 days. [Foreign language] This concludes my prepared remarks. Operator, we can now start the question and answer session. We will now begin the question and answer session. To ask a question, you may press star then one on your touch-tone 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. When asking a question, please state it in Chinese first and then repeat it in English for the convenience of everyone on the call. At this time, we will pause momentarily to assemble our roster. The first question today comes from Thomas Zhong with Jefferies. Please go ahead. [Foreign language] I will address myself. Thanks, Management, for taking my question, and first, congratulations for the excellent results this quarter. I would like to ask about the importance of producing quality products for the company and also the strategy implemented for developing high-quality items. Could you provide examples of how you have collaborated with suppliers to create these quality products? Thanks. [Foreign language] Thank you for your question. In Q4, we continued to achieve strong results compared to the previous quarter, and the ongoing profitability has given us greater confidence to try and make changes. [Foreign language] In a vast and ever-evolving market with diverse consumer demands, we recognize that our own strengths are not enough to succeed. Therefore, we're eager to collaborate with like-minded partners to create greater value for consumers. We aim to move beyond the traditional supplier-retailer relationship and foster deeper, more cooperative partnerships where we can support one another effectively. In terms of our business model, we plan to open up key categories for collaboration with our partners. This approach will allow us to leverage the strengths of both parties, leading to mutually beneficial and successful outcomes. On the technical side, we're committed to investing in and sharing our IT capabilities with our partners. This will enhance our cooperative efficiency and facilitate the digital transformation of our business operations. Regarding financial support, we're dedicated to increasing our investment, innovating supply chain financing models, and providing our partners with stronger financial backing. [Foreign language] For example, a professional breeding cooperative in Jingjiang has been partnering with Dingdong since 2019 to supply fresh chickens. This collaboration has flourished through ongoing communication, feedback, strategic alignment, and professional cooperation between Dingdong's product center and its suppliers. Their efforts have spanned from product research and development to aligning sales strategies, ensuring quality feed sourcing, and introducing advanced production processes. This approach has led to shared success for both parties. In 2024, sales of the Dingdong customized Qijun Fresh Free-range Grass Chicken reached RMB 40 million, a 30% year-over-year increase. [Foreign language] We invest in and trust our upstream partners, working together in harmony to achieve mutual progress, creating value for consumers together. This is the foundation of our cooperative development strategy with the upstream supply chain. Thank you. The next question comes from Lu Hongwei with CICC. Please go ahead. [Foreign language] Thanks to Management for taking my question. Congratulations to the company for good quarterly results. I have a follow-up question. Does the company have examples of developing strong products using its own supply chain, given that it has its own factory for food research, development, production, and processing? Thanks. [Foreign language] Thank you for your question. Dingdong's core strategy has always centered around product development capabilities, which serve as the driving force behind our development. We're dedicated to continuously creating a unique and high-quality product system for our consumers. To achieve this goal, we have established a comprehensive independent production and R&D system. A crucial support for this is the supply chain development of our self-operated factories, which has led to an operating mechanism focused on continuous optimization and upgrading. Over the past year, our Gu Yu factory has been transitioning from a supply chain company to a product brand company. [Foreign language] For example, our private label Langxin Jiangren carefully develops and recreates regional specialties, travel flavors, and products that evoke traditional memories to give them emotional value. Moreover, our entire product development process begins with understanding consumer needs and concludes with the final consumption of the product. This process includes research and development, product design, formula replication, pilot production at our factory, and mass production. Our ability to maintain a close loop in the entire process and continuously iterate products enhances the dynamism of this brand's innovation. [Foreign language] Our products manufactured in our own factories are not only sold through our own channels but can also be exported. This allows us to compete more effectively in a wider and more direct market environment. Currently, our products are available in over 30 countries and regions worldwide. In China, we distribute them through KA channels such as Lianhua, JD.com 7 Fresh, and Hualian. We're committed to showcasing our high-quality products on a larger stage so that more consumers can experience our dedication and efforts. Our goal is for everyone to achieve their aspirations for a better life. [Foreign language] Thank you. This concludes our question and answer session. I would like to turn the call back over to management for closing remarks. Thank you again for joining our call today. If you have any further questions, please feel free to contact us or request us through our website. We look forward to speaking with everyone in our next earnings call. Have a good day and have a good night. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.