Ladies and gentlemen, thank you for standing by, and welcome to the PDD Holdings Q4 and Fiscal Year 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session, at which time, if you wish to ask a question, you will need to press star one on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your host today. Sir, please go ahead. Thank you, Operator. Hello everyone, and thank you for joining us today. PDD Holdings' earnings release was distributed earlier and is available on our website at investor.pddholdings.com, as well as through Globe Newswire services. Before we begin, I would like to refer you to our safe harbor statement in the earnings press release, which applies to this call, as we will make certain forward-looking statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to GAAP measures. Joining us today on the call are Mr. Chen Lei, our Chairman and Co-Chief Executive Officer; Mr. Zhao Jiazhen, our Co-Executive Director and Co-Chief Executive Officer; as well as Ms. Liu Jun, our VP of Finance. Lei and Jiazhen will make some general remarks on our performance for the past quarter and our strategic focus. Jun will then walk us through our financial results for the Q4 and fiscal year ended December 31, 2024. During the Q&A session, Lei and Jiazhen will answer questions in Chinese and will help translate. Please note that English translation is for reference only. In case of any discrepancy, statements in the original language should prevail. Now, it's my pleasure to introduce our Chairman and Co-Chief Executive Officer, Chen Lei. Lei, please go ahead. Hello everyone. Thank you for joining our earnings call for the Q4 and the fiscal year of 2024. 2024 is a pivotal year for advancing our high-quality development strategy. To drive the sustainable growth of our platform and supply chain ecosystem, we extended our high-quality development vision for the platform to a supply chain through a series of initiatives such as fee reductions, merchant support policies, and trust and safety updates. We systematically implemented proactive measures in platform operations, merchant services, supply chain, and logistic innovations, leading our platforms into a new phase of high-quality-driven growth. We delivered stable results over the past quarter. Our Q4 revenue reached RMB 110.6 billion, up 24% year-on-year, and full year 2024 revenue totaled RMB 393.8 billion, growing 59% year-on-year, which represents a moderation in revenue growth. As mentioned in previous quarters, our significant ecosystem investments have always fast-changed external environments and intensified the competition landscape with impact short-term financials. However, our commitment to ecosystem investments remains unwavering, and we are confident that these efforts will deliver sustainable long-term returns. In the second half of 2024, we accelerated our high-quality development strategy through several major initiatives, including a 10 billion fee reduction program, logistics support measures to promote e-commerce services in remote regions, and a high-quality merchant support program. We are pleased to see that these initiatives have started to bear fruit. Among these, the 10 billion fee reduction program has enabled over 10 million merchants to enhance operational efficiency and reduce costs, while the promotion service fee rebate program has begun to deliver significant savings to eligible merchants. Our logistics support measures tailored for remote regions drove double-digit order volume growth and extended free shipping to nearly 100 million consumers in these regions. The first phase of high-quality merchant support program supported a large number of high-quality merchants and brands across 1,000 agricultural regions and industrial zones in their transition towards high-quality development. At the same time, we also established the Merchant Rights Protection Committee to formalize communication channels with merchants. We have rolled out upgrades to the after-sale service system and introduced a range of improvements and governance measures to address issues such as order dispute resolutions. These initiatives aim to enhance the overall business environment for merchants and build a platform ecosystem that benefits all participants. The platform is rooted in agriculture. We remain committed to supporting the agriculture industry through sustained investments in agricultural technology, supply chain innovation, and training for next-generation farmers. Over the past year, our long-term initiatives such as Pinduoduo Smart Agriculture Competition, Global Agriculture Innovation Challenge, Pinduoduo Academy Growing Competition, and the Agriculture Research Fund have delivered encouraging results. For example, the six finalist teams in the fourth Pinduoduo Smart Agriculture Competition achieved breakthroughs in yield, efficiency, and energy consumption through digitally optimized new farmland, with the innovations now being applied in real-world settings. In terms of our global business, our mission to provide global consumers with high-quality products remains unchanged. Guided by this vision, we will continue to focus on supply chain efficiency, service innovation, and ecosystem development, while observing high compliance standards. Our goal is to build a trusted global platform and shopping environment that serves consumers worldwide. Looking ahead, high-quality development will remain at the core of our strategy in 2025. We will continue to focus on the healthy and sustainable development of merchants and supply chain, and certainly advance the high-quality development strategy. One step at a time, we will work on strengthening merchant rights protection, stepping up support for high-quality merchants, and broadening quality supply on the platforms. In addition, through supply chain investments, we aim to accelerate the supply of high-quality products to remote regions, and in doing so, enhance the product offerings for consumers in less accessible areas and foster a win-win ecosystem for consumers, merchants, and the communities we serve. Together, we will drive the sustainable development of our platform and the broader e-commerce ecosystem. I will hand it over to our Co-CEO, Zhao Jiazhen, to share more about our development plans in 2025. [Foreign language] Thank you, Lei. Hello everyone. This is Zhao Jiazhen. Thank you for joining our Q4 and full year 2024 earnings call. [Foreign language] Over the past year, we remain focused on advancing our high-quality development strategy, driving ecosystem upgrades and supply chain transformation to foster a mutually beneficial environment for consumers, merchants, industries, and society. Supported by sustained progress of our high-quality development strategy and a steady macroeconomic recovery, we delivered stable performance in Q4 and throughout 2024. [Foreign language] Since last year, we have rolled out a series of initiatives under the 10 billion fee reduction program and cultivated a wave of quality supply through comprehensive end-to-end merchant support. Our initiatives have not only empowered merchants with innovative business models but also drove supply chain upgrades. In addition, our logistics support measures have significantly improved the efficiency and quality of new supplies to the western regions, providing consumers in these regions with a more diverse selection of high-quality products. [Foreign language] In Q4, our high-quality merchant support program expanded its reach across agricultural and industrial zones in China. This included areas known for specialties such as Lu'an bridal wear, Huidong women's footwear, Qingpu maternal infant products, and Foshan pistachios. By providing comprehensive support throughout the value chain, covering product development, marketing, operations, and supply chain management, we have nurtured a new generation of merchants and brands with strong innovation capabilities. These trailblazers are leading their industries beyond homogeneous competition towards sustained high-value growth. [Foreign language] For example, Huidong County in Guangdong Province, once a leading production hub for the Chinese women's footwear industry, was nearly brought to a standstill due to market shifts. Last winter, local merchants utilized our platform's data analytics to create free-lying sandals tailored for female consumers. Through the transformation of traditional supply chains, a mid-size factory managed to reach a daily output of 15,000 pairs. This not only saved tens of thousands of jobs but also charted a path for quality supply chain-driven transformation. [Foreign language] To amplify this momentum, we strategically allocated platform traffic resources. For example, the 10 billion program has rolled out new campaigns like 10 billion consumption vouchers and super double savings, accelerating branding building for quality merchants. During last year's Double Eleven Shopping Festival, we launched multiple rounds of super double savings, offering excessive support to quality supplies. In just the first two rounds, the order volume exceeded 61 million. [Foreign language] From the consumer side, our ecosystem investment has enriched their lives by delivering a broader range of affordable high-quality products. These products span across categories like fresh produce, snacks, beauty, and baby care, further boosting consumer satisfaction and trust, while also activating new consumer needs. These offerings have gained traction in both urban and rural markets, becoming daily essentials for diverse groups and catering to increasingly segmented demand. During the Chinese New Year, our logistics support measures for remote regions drove a surge in orders for seasonal specialties, with western regions witnessing remarkable growth in several trending categories. [Foreign language] Our long-term investments in high-quality development are now bearing fruit. The platform ecosystem continues to create value for both supply and demand sides. These tangible outcomes reinforce our resolve to deepen investments in ecosystem development. [Foreign language] In January 2025, we established the Merchant Rights Protection Committee, which I chair. The committee coordinates efforts across our platform. Our goal is to fully understand merchant needs, systematically collect feedback, optimize their experiences, and refine service frameworks. All critical steps towards fortifying our platform ecosystem. [Foreign language] Following its launch, we introduced the pro-merchant initiatives such as abnormal order alerts and low-price risk warnings, alongside upgraded services to boost net merchant transaction efficiency. These efforts are complemented by granular data analytics tools designed to optimize merchants' return on investment. [Foreign language] Recently, the committee has formalized a regular communication mechanism with merchants and held an inaugural merchant roundtable. Following extensive consultation with businesses across sectors, we unveiled four major upgrades, including a non-compliance alert system to intensify protections for merchants' rights. [Foreign language] As Chen Lei emphasized, 2025 will see us redouble efforts to advance our high-quality development strategy. We will leverage our digital capabilities and amplify investments across both supply and demand chains. At the same time, we will accelerate the delivery of high-quality products to the western regions. This will help revitalize economic vitality across regions and build an ecosystem where merchants, industries, consumers, and society thrive collectively. [Foreign language] I will now hand over to Jun. She will provide you with an update on our Q4 and full-year financial performance. Thank you, Jiazhen. Hello, everyone. Now, let me walk you through our financial performance and Q4 and fiscal year ended December 31, 2024. In terms of income statement, in Q4, our total revenues increased 24% year over year to RMB 110.6 billion and 59% year over year to RMB 393.8 billion for full-year 2024. This was mainly driven by an increase in revenues from both online marketing services and transaction services. Revenues from online marketing services and others were RMB 57 billion this quarter, up 17% compared to the same period of 2023. Our transaction services revenue this quarter were RMB 53.6 billion, up 33% after the same period of 2023. 我们继续看到支出和支出。 Our total cost of revenues increased 36% from RMB 35.1 billion in Q4 2023 to RMB 47.8 billion this quarter. For full-year, our total cost of revenues increased 68% to RMB 153.9 billion, mainly due to increased fulfillment fees and payment processing fees. On a GAAP basis, total operating expenses this quarter increased 19% to RMB 37.2 billion, from RMB 31.4 billion in the same quarter of 2023. On a non-GAAP basis, our total operating expenses increased to RMB 35.1 billion this quarter, from RMB 29.3 billion in Q4 2023. During the Q4, we continued to invest in the platform ecosystem through a range of initiatives, including fee reductions, merchant support policies, and trust and safety updates. Our total non-GAAP operating expenses as a percentage of total revenues was 32% in Q4, compared to 33% same quarter 2023. For full-year 2024, total non-GAAP operating expenses were RMB 122 billion, up from RMB 90.3 billion in 2023. Looking into specific expense items, our non-GAAP sales and marketing expenses this quarter were RMB 31.1 billion, up 19% versus the same quarter of 2023. During Q4, we continued to give back to consumers through promotional campaigns while keeping up our investment in marketing to strengthen our platform's visibility. On a non-GAAP basis, our sales and marketing expenses as a percentage of our revenues this quarter were 28% versus 30% for the same quarter in 2023. For the full year, non-GAAP sales and marketing expenses increased from RMB 79.8 billion to RMB 109.1 billion in 2024. Our non-GAAP general and administrative expenses were RMB 998 million in Q4 versus RMB 674 million in the same quarter of 2023. Our annual non-GAAP general and administrative expenses were RMB 2.8 billion in 2024 versus RMB 1.8 billion last year. Our research and development expenses were RMB 3 billion in the Q4 on a non-GAAP basis and RMB 3.8 billion on a GAAP basis. We are committed to advancing the core technology capabilities of our platforms, and we continue to increase our investment in R&D, laying a solid foundation for our high-quality development strategy and driving ecosystem upgrades and supply chain transformation. On a GAAP basis, operating profit for the quarter was RMB 25.6 billion versus RMB 22.4 billion in the same quarter of 2023. Non-GAAP operating profit was RMB 28 billion versus RMB 24.6 billion in the same quarter of 2023. Non-GAAP operating profit margin was 25% this quarter, compared with 28% for the same quarter of 2023. For the full year, non-GAAP operating profit increased from RMB 65.8 billion to RMB 118.3 billion in 2024. Net income attributable to ordinary shareholders was RMB 27.4 billion for the quarter and RMB 112.4 billion for the full year. In the Q4, basic earnings per ADS was RMB 19.76, and diluted earnings per ADS was RMB 18.53 versus basic earnings per ADS of RMB 17 and diluted earnings per ADS of RMB 15.83 in the same quarter of 2023. Non-GAAP net income attributable to ordinary shareholders was RMB 29.9 billion for the quarter and RMB 122.3 billion for the full year. In the Q4, non-GAAP diluted earnings per ADS was RMB 20.15 versus RMB 17.32 in the same quarter of 2023. This quarter, we delivered stable financial results supported by the resolute execution of our high-quality development strategy. Looking ahead, we will continue to prioritize investments in the platform ecosystem as the cornerstone of our long-term value creation strategy. That completes the income statement. Now, let me move on to cash flow. Our net cash flow generated from operating activities was RMB 29.5 billion in Q4 and RMB 121.9 billion for the full year of 2024, compared with RMB 36.9 billion in the same quarter of 2023 and RMB 94.2 billion in 2023. As of December 31, 2024, the company had RMB 331.6 billion in cash, cash equivalents, and short-term investments. Thank you. This concludes my prepared remarks. Thank you, Jun. Next, we'll move on to the Q&A session. Today's Q&A session, Lei, Jiazhen, and Jun will take questions from analysts on the line. We could take a maximum of two questions from each analyst. Lei and Jiazhen will answer questions in Chinese and will help translate. Operator will open for questions. Thank you. Ladies and gentlemen, we will now begin the question and answer session. 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. Participants are requested to restrict the number of questions to two at each time. Your first question comes from Joyce Ju from Bank of America. Please go ahead. [Foreign language] I will translate my question. First, we noticed that over the past two quarters, the company has taken several major initiatives in platform ecosystem development and merchant support. As management just mentioned, the company plans to further increase investment in these areas. How should we think about the long-term goals for platform ecosystem development and how this will drive the platform's further growth? My second question is, on top of supply side and merchant ecosystem investments, could management also share what has been done on the consumer side recently? For example, what new initiatives were launched during the past Q4 e-commerce peak season, and what will be the strategic priorities for consumer side in the future? Thank you. Joyce，[Foreign language] Hi Joyce, this is Chen Lei. Let me take your question regarding our platform ecosystem. [Foreign language] Since the Q2 of 2024, in line with the overall direction of high-quality development of our platform ecosystem, we have rolled out a series of initiatives, that's centered around the protection of merchants' rights. For example, measures such as the 10 billion fee reduction program and the high-quality merchant support program have been effective in lowering the operational cost for merchants. By leveraging our platform's digital technologies and resources, we are also enabling manufacturers to invest in their product innovation and also technology, while at the same time broadening their marketing access. [Foreign language] These initiatives are deepening our long-term efforts in building a stronger ecosystem, and also extend that into the supply side, driving meaningful supply chain upgrades, which is central to our strategy of pursuing high-quality development. [Foreign language] We are noticing that in certain industries, some merchants are facing homogeneous competition, which squeezes profits for businesses and also undermines innovation and investments. [Foreign language] We as the platform connecting manufacturers, merchants, and consumers, have launched a series of policies to support high-quality suppliers. By cutting fees and streamlining operations, we are encouraging merchants to invest more in their products and services. This is leading our platform onto a new stage of quality-driven growth. [Foreign language] As the supply chain evolves and modernizes, more high-quality merchants and products have been emerging. This gives consumers greater variety, higher quality, and a smoother shopping experience, bringing real benefits to consumers and creating a healthy ecosystem that benefits all stakeholders in the long run. This is our thoughts, on the platform ecosystem investments. [Foreign language] Hello, this is Zhao Jiazhen. Let me take a second question. [Foreign language] Our initiatives on the supply side and merchant ecosystem complement our consumer-centric strategy. We remain dedicated to serving consumers, providing more value and better services, which has been fundamental to us. [Foreign language] During the promotion campaigns in the Q4, we upgraded our super double savings initiative by layering additional savings on top of the discounted price from our 10 billion program. This not only provided substantial savings to consumers, but also served as a new growth engine for brands. Both the number of participating brands and products in the campaigns reached record highs, with total order volume achieving a significant milestone. For the Double 12 promotion, we further enhanced the program by launching 10 billion consumption vouchers, reinforcing our focus on consumer benefits. [Foreign language] At the same time, our RMB 10 billion supply chain investments have prioritized empowering quality merchants and driven our logistics for merchants in remote regions, sparking fresh trends. For example, during the Chinese New Year shopping festival this year, the platform accelerated the flow of Chinese New Year specialties into Western regions by offering both traffic support and promotion programs. [Foreign language] By investing in both support and demand, we have seen a surge of quality supplies, enriching consumer choices with premium options and fostering a virtuous cycle. Moving forward, we will continue to focus on a long-term high-quality investment on the consumer side to build a mutually beneficial platform ecosystem. Thank you. Thank you. Operator, let's move to the next analyst on the line. Your next question comes from Alicia Yap from Citigroup. Please go ahead. [Foreign Language]. I will translate myself. So I have two questions. The first one is, the competitions in the domestic e-commerce market has been intensifying for some time. Could management share some insights into any recent developments in the competitive landscape and whether there will be any adjustment to the company's development strategies in the future? The second question is regarding our global business. We noticed that recently the global business may face some changes in macro conditions and policy. Could management share more about these external changes that might impact the company's business and what measure the company plans to take in response? Thank you. [Foreign language] Hello, this is Zhao Jiazhen. Let me take this question regarding competition. [Foreign language] We have consistently emphasized that competition is not only inherent to the e-commerce industry but also a critical driver of its continuous advancement. Our major platforms are actively refining their strategies and services to better respond to shifting consumer preferences, a dynamic that underscores the sector's robust and healthy evolution. [Foreign language] As industry and technology continue to evolve, e-commerce platforms are actively exploring innovative business models and technological applications to elevate user experiences and operational efficiency. We're closely monitoring this development and continuously optimizing our platform ecosystem and services to better meet consumer demands under our quality-driven strategy. [Foreign language] Our strategic investments across the consumer side, supply side, and platform ecosystem have delivered tangible results, demonstrating the viability of high-quality development as a sustainable growth pathway. Over the years, we have cultivated a trusted brand reputation and deep consumer loyalty, which remains our core strength. [Foreign language] At the same time, we recognize the imperative for profound supply side transformation in the e-commerce industry. Our current investments in merchant welfare and industrial sustainability will over time improve consumer experience by safeguarding merchant rights, enhancing service quality and satisfaction, and diversifying quality supply. This, in turn, will drive the healthy growth of the platform ecosystem. [Foreign language] We will continue to strengthen our advantage by making meaningful long-term high-quality investments. By doing so, we aim to deliver an expanding range of premium products and a seamless trustworthy shopping experience for consumers. Thank you. Alicia [Foreign language]。 Hi Alicia, this is Chen Lei. Let me answer your question about the global business. [Foreign language] For our global business, as we discussed in recent quarters, changes in the external environment have been accelerating, and competition remains fierce. In addition, there may be changes in macro policies that are related to our operations. In response to this, first and foremost, we will strictly comply with the laws and regulations to ensure full compliance in our operations. On that basis, we are also proactively communicating with external parties across the markets to continuously refine our services and compliance standards. However, these external changes taken together will inevitably bring some challenges to our global business. [Foreign language] Despite the changes in the external environment, we remain very committed to delivering high-quality products to the global consumers. This will not change. We will stay focused on our business, investing in supply chain improvements, service quality, and platform ecosystems while ensuring high-quality growth and upholding compliance standards. By doing so, we strive to further deepen our core strength in supply chain efficiency and operations capabilities that we have accumulated over the years. [Foreign language] Furthermore, we will continue to explore new business models, experiment with innovative localized supply chain solutions, deepen our market presence, introduce new product categories and services, and to build a more robust and sustainable platform infrastructure for the long run. [Foreign language] Our commitment to high-quality sustainable development applies equally to our global business. Beyond offering high-quality products at affordable prices, we aim to meet global consumers' rising expectations of us. As highlighted in previous quarters, we implemented merchant support policies and trust and safety updates across the supply chain and platform ecosystem, empowering innovative high-quality merchants. At the same time, we firmly regulate merchants who violate platform rules and harm consumer interests. These efforts have started to yield positive results, and we are committed to executing them for the long term. [Foreign language] At the same time, as a growing e-commerce platform, we are aware of the rising attention our global consumers are paying to corporate responsibility, social responsibility. We are actively seeking opportunities to utilize our technological capabilities and platform resources to create greater value for the communities we serve. [Foreign language] We have launched several initiatives in global corporate social responsibility and have a few new ideas for the future. Our team is dedicated to exploring this area and taking concrete steps towards becoming a responsible corporate citizen on a global scale. There's much more we can do, and our team is very excited about the opportunities ahead. [Foreign language] Through the long-term investments and consistently doing the right things, we hope to strengthen our core competitive advantages and build long-lasting trustworthy relationships with merchants and global consumers. This is my thinking on the global business. [Foreign language] Operator, I think we have time for one more analyst. Thank you. Your next question comes from Kenneth Wong from UBS. Please go ahead. [Foreign Language]. T hank you management for taking my questions. We noticed that the company's revenue growth has slowed in the recent quarters and profit has been fluctuating. How should we think about the revenue and profit trend in the near term? My second question is, in the past two quarters, management has talked about taking on more social and platform responsibility, and this topic has also been mentioned by management today. Can management share more about what company hopes to achieve with platform responsibility in the long run and how to balance that with its duties to shareholders? Thank you. Hello Kenneth, this is Jun. Let me take your first question regarding growth and profits. Regarding this quarter's financial performance, as mentioned earlier in the prepared remarks, external uncertainties and intense competition have impacted our short-term revenue growth. At the same time, our increased investments in merchant support and platform ecosystem development may create fluctuations in profitability. We expected fluctuations in revenue growth and profits when we began this investment as part of building a high-quality platform ecosystem and achieving sustainable growth. Short-term ups and downs will not shake our confidence in long-term goals. We believe that through sustained investment and optimization we can recreate a healthy e-commerce ecosystem. Currently, our efforts have already received positive feedback from merchants, and supply-side optimizations are driving new consumption trends on the consumer side, which has started to foster a virtuous cycle. Going forward, we will keep focusing on our high-quality development strategy, investing regularly and patiently to ensure long-term sustainable development. Thank you. Kenneth，[Foreign language] Hello Kenneth, this is Zhao Jiazhen. Let me take your second question. [Foreign language] Over the past few quarters, we have noted that assessing the company's performance solely through the short-term financial performance or capital returns does not fit where we are at our development stage. [Foreign language] As a global company in the new era, we're embracing innovation, adapting to change, and taking on more social responsibility in the regions where we operate. This aligns with our long-term accountability to shareholders and reflects thoughtful leadership decisions. [Foreign language] For example, our recent focus on supporting quality merchants has provided comprehensive support across product development, marketing operations, and supply chain. We have fostered a group of quality merchants with product and tech capabilities, empowering independent entrepreneurs to streamline their operations while driving the transformation of the supply chain. [Foreign language] Additionally, our logistics support measures tailored for remote regions have spurred double-digit order growth in Western China and extended nationwide free shipping to nearly 100 million consumers in remote areas. This strategy unlocks new opportunities for merchants to grow their orders in Western China, not only expanding business opportunities for merchants but also benefiting consumers across different regions. [Foreign language] In agriculture, we remain committed to supporting the agricultural industry through sustained investments in agricultural technology, supply chain innovation, and training for next-generation farmers. This effort aligns with our current support for quality merchants, promoting agricultural modernization, improving supply chain efficiency while at the same time boosting farmer incomes and generating local employment. [Foreign language] Overall, the e-commerce industry is shifting towards quality, service, experience, and innovation, rising high standards for platforms. Our focus on merchant rights, support for quality merchants, and supply chain reforms are both cost-driven and tailored to the growing demands on e-commerce platforms. In the long run, building an inclusive ecosystem that creates value for all participants will set us up for sustainable growth and long-term returns. Thank you. Okay, thank you Zhao Jiazhen, and thank you all for joining us today. We look forward to speaking with you next quarter, and thank you and have a great day. Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation. You may now disconnect.