Good day, ladies and gentlemen. Welcome to Quhuo's second quarter 2021 earnings conference call. At this time, all participants in a listen-only mode. After management's prepared remarks, there will be a question -and-answer session. Today's conference call is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the conference over to your host for today's conference call, Mr. Eric Yuan. Please go ahead. Thank you, operator. Hello, everyone. Welcome to Quhuo's second quarter 2021 earnings conference call. The company's results were released earlier today and are available on our IR website. On the call today are Leslie Yu, Chairman and CEO, Co-founder; Zhen Ba; and CFO, Wenting Ji. Leslie will reveal business operations and company highlights, followed by Wenting Ji, who will discuss financials and guidance. They will be available to answer the questions in the Q&A session that follows. Before we begin, I would like to remind you that this call will contain forward-looking statements made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and current market and operating conditions and related to the events that involve known or unknown risks, uncertainties, and other factors. All of which are difficult to predict, and many of which are beyond the company's control, which may cause the company's actual results, performance, and achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties, and factors is included in the company's filings with the U.S. Securities and Exchange Commission. The company does not undertake any obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required under law. With that, I will now turn the call over to our Chairman and CEO, Mr. Leslie Yu. Please go ahead, sir. Thank you, Eric, and thank you for joining our second quarter 2021 earnings conference call. We are pleased to report another strong quarter as total revenue grew by 81% year-over-year and almost reached a milestone of RMB 1 billion. Thanks to strong demand for our services and our large network of workforces across the country. All three of our main business lines, on-demand deliveries, mobility services, and housekeeping solutions, cover the needs of people's daily necessities and saw robust growth momentum in the second quarter. In addition, our gross profit margin quickly rebounded from the prior quarter as labor costs normalized to a standard level. As a result, we achieved adjusted net income of RMB 10 million, a significant improvement from the first quarter. These results reflect the economy of scale of our business model and the strong execution of our multi-scenario deployment strategy. Now, let me walk you through our key business performance in Q2. First, let's look at our biggest revenue contributor, the on-demand delivery business. As the COVID-19 pandemic remained largely under control in Q2 nationwide, albeit with some small-scale resurgence in a few regions, people's lives were generally returning to normal. Taking advantage of the solid demand for on-demand delivery services, our revenues maintained healthy growth and reached RMB 942 million in Q2, up 74% year-over-year. The trend we see in the current market is that premium delivery providers like Quhuo are taking market share from crowdsourced providers. This has given us a window of opportunity to aggressively expand our presence in existing markets and penetrate new ones. In the second quarter of 2021, we provided services in 1,205 business circles across 139 cities nationwide. Compared with 950 business circles across 75 cities in the same period in 2020. For Q2, the overall number of average monthly delivery orders was 45 million, up 85% year-over-year. On the cost side, if you recall from our last earnings call, we observed that labor shortages were mitigated after more migrant workers returned to cities after the Chinese New Year holiday and helped to strike a balance in demand and supplier levels. Our growth margin significantly improved in Q2 on a sequential basis. Next, I would like to give you an update on our housekeeping solutions. In Q2, revenues sustained this rapid growth momentum, increasing 67% sequentially to RMB 22 million. We continued to expand our service capability to meet the growing demand. In June, the number of housekeeping orders from hotels increased by 120% from a quarter ago, and the number of rooms of BnBs that were served by us increased by 250% from a quarter ago. In addition to traditional housekeeping services, we began to provide more value-added services to strengthen our relationship with BnB operator clients. We launched our proprietary housekeeping SaaS solution, Qu Chengdian Property Management System, or PMS, to connect homestay operators with multi-marketing channels and room rental platforms. As a central hub, PMS gives both BnB operators and housekeeping managers an easier way to check orders and listings in addition to very user-friendly data visualization tools and real-time information. Upon receiving these new service orders from the system, PMS managers can send workers to serve our clients immediately. Our mobility business, which includes shared bike and ride-hailing solutions, also delivered solid performance. Revenues increased by 337% year-over-year and 50% quarter-over-quarter to RMB 26 million. In the second quarter, the number of orders for our mobility business grew approximately 60% from the prior quarter. Now I want to give you some updates about the progress of our multi-scenario deployment initiative. We aim to offer the workers on our platform better flexibility in terms of job selection by matching their skill sets better and increasing their income with more job opportunities. At the same time, offering multi-scenario services can enable us to achieve optimal use of resources and improve efficiency and save on costs. According to our statistics as of Q2 2021, the cumulative number of workers engaged in two or more job types on our platform reached 17,700, an additional 2,000 compared with the prior quarter. In the meantime, we continued to strengthen our mandatory occupational and safety training for riders, which has also led to increased income for our premium riders. In Q2 2021, riders with an average monthly income of at least RMB 5,000 accounted for 54% of the total group, compared with 45% a quarter ago. We are also constantly exploring new business models and potential revenue streams. In July, Quhuo reached a strategic cooperation agreement with Gome Tech Technology, a leading smart community IoT cloud platform. We have been working together to launch a brand that targets services catering to the direct home housekeeping market. Through deepened cooperation with property management companies, workers on Quhuo's platform can directly provide various housekeeping services for millions of households, thereby extending our service capabilities to individual families instead of only servicing enterprise clients. These strategic developments are in line with our multi-scenario deployment strategy. At present, this cooperation has been launched in Tianjin, Changsha, and Shenzhen. In conclusion, we are strongly motivated by the tremendous growth opportunities ahead of us. As we rapidly scale our platform to meet growing demand in various service areas, we remain fully committed to delivering long-term value and profitable growth for our shareholders. This concludes my prepared remarks. I will now turn the call over to our CFO, Sandy, who will discuss our financial results for the second quarter. Thanks, Leslie. Hello, everyone. Welcome to Quhuo's second quarter 2021 call. Please be reminded that all amounts quoted here will be in renminbi, unless stated otherwise. Our total revenues were CNY 991.8 million, representing increase of 81.1% year-over-year, primarily due to rapid growth of our major business lines. The revenues from on-demand delivery solutions were CNY 942.2 million, representing an increase of 74.1% from CNY 541.3 million in the second quarter of 2020, primarily due to the increase in delivery orders fulfilled as a result of the industry growth in the aftermath of COVID-19 and our continued penetration and expansion into new geographic markets. Revenues from mobility service solutions, consisting of shared bike maintenance and ride-hailing solutions, were CNY 25.7 million, representing an increase of 336.9% from CNY 5.9 million in the second quarter of 2020, primarily due to our enlarged customer base and the service scope in shared bike maintenance solutions and the increase in the numbers of ride-hailing drivers on our platform. Revenues from housekeeping and accommodation solutions were CNY 21.8 million, representing a significant increase from CNY 0.4 million in the second quarter of 2020. This was primarily due to our enlarged customer base for provision of housekeeping and accommodation solutions, including hotels and BnBs, as part of the network synergy we achieved following the acquisition of Lailai and Chengtu Home. The cost of revenues was CNY 920 million, representing an increase of 88.8% year-over-year, primarily attributable to increased labor costs in line with our continuing business expansion. The general and administrative expenses were CNY 84.7 million represents increase of 187.2% from CNY 29.5 million in the second quarter of 2020. The increase was primarily due to the increase in one share-based compensation from CNY 1.3 million in the second quarter of 2020 to CNY 44.4 million in the second quarter of 2021, and two, professional service expenses. If excluding share-based compensation, the general and administrative expenses increased by 42.9% year-over-year and, as a percentage of revenues, declined to 4.1% from 5.1% in the second quarter of 2020. As such, we maintained unit cost savings along with business growth. Research and development expenses were CNY 4.5 million, representing increase of 63.6% from CNY 2.7 million in the second quarter of 2020, primarily due to the increase in compensation for research and development personnel. The operating loss was CNY 14.7 million compared to operating profit of CNY 29.6 million in the second quarter of 2020. If excluding share-based compensation, the adjusted operating profit was CNY 29.7 million, relatively stable as compared to CNY 30.9 million in the second quarter of last year. We also recorded other loss net of CNY 7 million, which, compared to other income net of CNY 3.6 million in the second quarter of last year, primarily due to the decrease in fair value change of investment in the mutual funds. The income tax expense was CNY 11.2 million, which remains relatively stable as compared to CNY 11.5 million in the second quarter of 2020. The adjusted EBITDA was CNY 29.1 million, representing a significant improvement from adjusted EBITDA loss of CNY 78.5 million in the first quarter of 2021. The adjusted net income was CNY 9.9 million, also representing a significant improvement from adjusted net loss of CNY 29.3 million in the first quarter of 2021. We will endeavor to improve our profitability further going forward. Now on our guidance. For the third quarter of 2021, we expect total revenues to be in the range of CNY 1.1 billion-CNY 1.2 billion, representing an increase of 43%-56% year-over-year. The forecast reflects our current and preliminary views on the market and its operational conditions, which is subject to change. This concludes our prepared remarks. Thank you for your attention. We are now happy to take your questions. Operator, please go ahead. Thank you, ma'am. Ladies and gentlemen, we will now begin the question and answer session. If you would like to ask a question, please press star followed by the one on your telephone keypad and wait for your name to be announced. If you wish to cancel your request, please press the pound or the hash key. Once again, that's the star followed by the one on your telephone keypad, and wait for your name to be announced. We have the first question from the line of Dillon Heslin from Roth Capital. Please ask your question. G ood morning, good afternoon. Thanks for taking my question. First, on sort of the multi-scenario deployment. Pretty good numbers there with, like you said, increasing 2,000 workers quarter-over-quarter. Could you talk a little bit about, one, how many cities that's in now? I think on the last call you said it was 48. Where do they stand in terms of which services they're doing? I'd have to guess the main one's still food delivery. Is there any second one where the majority of that multi-scenario is being deployed? T hanks for the question. This is Leslie. Usually we have two types of multi-scenario deployment, which is mainly caused by the, we call it peak and low times for live consumer scenarios. For example, our riders for food delivery usually will be free in the lunchtime and evening time. In the morning and afternoon times, normally they can be sent to do the work for the share bike maintenance or for the share moto maintenance work. On the other side, for housekeeping and accommodation solutions, usually the workers are females; they can work for the hotel for the room cleaning in the noontime. In the evening time, they can work for KFC or other restaurants for the restaurant cleaning. Normally, that is the two major types of the multi-scenario deployment. Now we also have been working with Gome Tech Technology, and we started to build the services for the family units. That's what majorly happened for our multi-scenario in Quhuo's platform. Thank you. Got it. Also on the food delivery side, what was average order value in the quarter? Sorry, we can't hear you very clearly. Can you repeat it? Sure. Average order value or average revenue per order, I guess, is the way that you've defined it in the past on the food delivery side. I think in Q1 it was roughly RMB 7 or RMB 7.50. For Q2, the average value per order is CNY 7. Got it. Saw a good lift in gross profit margin this quarter compared to Q1. How confident are you that you can continue to grow that 7.2 figure back to where you were this time last year in the 10%-11% range? As we mentioned before, the first quarter of this year was a special quarter due to the stay home policy in China and the spring festival. From this quarter, yeah, as far as we are concerned, we can see that the growth margin is back into normal track. For the next one or two quarters, I'm afraid I can't give accurate or specific guidance for the growth margin, but it won't be much different from this quarter. It may not be that much compared to the same period of last year, especially the third quarter last year. Got it. Last one from me. On the housekeeping side, have you looked into adding any more partners that can help you really ramp up your scale, both geographically but just in different penetrations in the cities you're already in? Yes. Actually, the current trade for housekeeping side, we are doing in two ways. One way is that we work with the existing housekeeping, and we use our system and use our management team and use our large network of facilities to help them to get the work and get the business and also help them to manage the services. On the other side, we together work with the property companies. For example, we work with several property management companies together to deliver the service directly to home housekeeping. For this property management company, they already manage a large suburban area, and there are a lot of households they can reach, but there are demands they cannot meet. Building this kind of cooperation, and they can provide our services to their existing householders in the suburban area. That's the two major ways for currently how we expand our business in a fast way. We're using the way of cooperation with existing property management companies, and also we together work with the existing hotel service providers. On the other side, for B2B side, we use our PMS system to connect to the property owners and help them to better get the orders from different platforms and provide services to them. In conclusion, our expansion is together with we connect different resources and based on our core competence in the management and in the technology development. Yeah. Thank you. Great. That's it for me. Thank you. Once again, ladies and gentlemen, if you wish to ask a question, please press star one on your telephone keypad and wait for your name to be announced. We have the next question from the line of Georgios Ketsaris from Exclusive Capital. Please ask your question. Hi. Even though your Mobility Service Solutions, Housekeeping, and Accommodation, they're growing very fast, they're still very tiny or very small, I would say, part of your overall revenue mix. My question is, can you give us some color if these two segments will continue to grow as you have seen over the past year or so? Insofar as housekeeping, it was partially answered by the previous caller. Insofar as the overall growth picture, do you see these two segments growing in the same way over the next year or so? I think from our side, these two segments of housekeeping and mobility, we are growing very fast. As we can see the past few quarters. We can expect that even faster growing speed in the next quarter. Comparing with the market for housekeeping and mobility currently in China, actually, they are more like, we call this existing business volume. When we approach the whole market, we use corporate, and we use merge, and that's the fast way for us to consolidate these resources in short-term, and then we can empower with our technology core competence and our management competence. We expect that two sectors will have a much faster growing pace. The reason we're observing they are small, because at the same time, for our major business, like food delivery, it still keep faster growing speed. That's why if we put them together, we cannot see that maybe they are too small. For the growing speed, and we expect that they can contribute, especially for this year, and will have a certain significant percentage of our total revenue. Yeah, thank you. Thank you. Just a small follow-up. Do you have an estimated TAM, total addressable market, of these two segments in the markets you serve? Is there some sort of estimate you guys have come up with? I don't know. To whom else? Not know of China, just where you do business. If you have. Especially for housekeeping market, I think it's very large. In Chinese, we call this [Non-English content]. About RMB 1 trillion. Yeah. Trillion RMB. Yeah, it's RMB 1 trillion value. For this sector, it's not just for enterprise service needs, but it's largely demanded by household family units. Currently, this market is very fragmented, and especially for households, they prefer standard service for their housekeeping. Unfortunately, currently in this market, normally is individual, and they provide a service for this household. Their service standard varied from different people. We consider this is the large market and not requested by the enterprise clients, and also is very needed by households. They want a standard service, and they don't want to replace their housekeeping service people very frequently, because it will cost much for them. For mobility services, actually, that is included not only for the, we call "ride-hailing" and also includes shared bikes and also include shared moto. Growth for these three sectors, and they are growing very fast in China, especially, we can see that for the ride-hailing side and for the shared bike side. Maybe this side a little bit smaller than the housekeeping side, but we still consider that is the big market. Yeah, thank you. Thank you.