Hello everyone, welcome to Quhuo's second half and full year of 2023's 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, CFO Zhen Ba. Leslie will review business operations and the company highlights followed by Zhen, who will discuss financials and guidance. They will be available to answer your questions in the Q&A session that follows. Before we begin, I would like to remind you that this call may 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 operation conditions, and relating to the events that involve known or unknown risks which are beyond the company's control, which may cause the company's actual results, performance, or achievements to differ materially from these in the forward-looking statements. Further information regarding these and other risks, uncertainties, and facts 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 statements as a result of new information, future events, or otherwise except as required and allowed. With that, I will now turn the call over to our Chairman and CEO Mr. Leslie Yu. Please go ahead. Thank you, Qishu, and thank you all for joining our second half and full year of 2023 earnings conference call. In 2023, Quhuo achieved a total revenue of RMB 8.7 billion, with a gross profit of RMB 166.6 million. The adjusted net income reached RMB 5.5 million, representing a remarkable growth of 64.7% compared to the full year of 2022. The company achieved positive results in various key financial indicators such as net income and income per share of ordinary shares, marking a historical achievement. Thanks to the strategy of improved profitability after increasing revenues implemented by the company starting in 2021, we have achieved outstanding performance with positive EBITDA in four consecutive financial reporting periods. Additionally, in 2023, we successfully identified the dual engines driving the second growth curve of our company's business, namely the used vehicle export business and the SaaS+ services, leading to a significant improvement in the company's profitability. In terms of vehicle export solution in the full year of 2023, we successfully exported approximately 1,900 used vehicles from China to countries and regions like Jordan, generating a revenue of RMB 154 million for the company. Within a short span of seven months, with an investment of RMB 30 million in working capital, we achieved an average monthly revenue of RMB 22 million. The high cash turnover rate and the shortened payment cycle in the international trade arena confirmed the sustainability and replicability of this business. The used vehicle export business was initiated with the official launch of Quhuo International in February 2023, and it went live in May 2023. Since then, Quhuo has shared its insights on the international market, entering a new phase of global development. Looking back at the achievements of Quhuo International, several factors have contributed to its success. Firstly, the broad overseas market has a strong demand for new energy vehicles, providing favorable conditions for the export of such vehicles. Secondly, China's dominant position in the global market for new energy vehicles has led to rapid growth in the used vehicle export industry. Chinese customs data shows that there were 69,000 used vehicles exported from China in 2022, and the total exceeded 160,000 in 2023. Market projections indicate that the volume of Chinese used vehicle export is expected to reach 400,000 vehicles by 2025. Lastly, and most importantly, Quhuo possesses unique advantages that differentiate us from other used vehicle traders. On the technological and operational front, Quhuo's mobility solutions management team has deep expertise in the ride-hailing sector for over 5 years. They also have more than two decades of experience and resources in the vehicle trading industry, which has provided them with a profound understanding of the used vehicle export market and ecosystem. Additionally, Quhuo has accumulated over 10 years of professional capabilities in large-scale operations and technology. In terms of vehicle sourcing, Quhuo has partnered with multiple automobile brands and expanded our reach to medium and large-scale auto manufacturers, dealerships, and the used vehicle market through our existing ride-hailing business since the first half of 2023, establishing a nationwide vehicle sourcing network. In terms of vehicle refurbishment, Quhuo has accumulated a wealth of vehicle maintenance and repair resources through our previous ride-hailing operations. We have also established a unique network of vehicle refurbishment resources through self-construction and partnerships. Furthermore, at the sales channel level, Quhuo currently has close cooperation with 58 overseas distributors worldwide, providing stable sales channels and new opportunities for market expansion. All these factors together build Quhuo's competitive advantage in the global used vehicle trading market, signaling vast business prospects and tremendous development potential. Another important engine for the second growth curve is the empowerment of SaaS+ Service, primarily focused on housekeeping and accommodation solutions nowadays. Starting from the first half of 2023, the company began piloting the transition to the SaaS+ Service empowerment model in the housekeeping services after successfully validating our self-operated model. After six months of market validation, the company's housekeeping and accommodation solutions began a comprehensive transition towards a SaaS+ empowered model, starting in the second half of 2023. This shift allows other small and medium-sized life service providers to utilize Quhuo's mature operations system and service products to better meet customer needs. This transformation of the business model drove rapid growth in the GMV of the housekeeping and accommodation solutions in 2023, reaching RMB 514 million, a 53% increase compared to 2022. Furthermore, thanks to the successful implementation of SaaS+ service empowerment, the profitability of the business segment significantly improved. The gross profit increased by 48.7% year-over-year, and the gross profit margin rose from 13.4% to 26.4% in housekeeping and accommodation solutions sector. What's even more pleasing is that the empowerment of SaaS+ service has also led to a significant cost decrease. The overall operating cost of housekeeping and accommodation solutions decreased by 35.5%, with a remarkable 53.4% decrease in the operating cost of the hotel services, showcasing significant cost reduction effects. Throughout the year 2023, through the innovative empowerment of SaaS+ Service, we not only significantly enhanced the capabilities of local service providers but also deeply integrated SaaS systems into our business operations, achieving significant transformation results. This strategy effectively reduced the cost of the entire supply chain, improved operation efficiency, and brought significant economic benefits to the company. Overall, Quhuo's revenue is primarily from three types: platform fulfillment service, SaaS+ Service, and international trade and technology service. Platform fulfillment service is the earliest business segment that Quhuo ventured into and serves as the cornerstone of the company. It mainly involves on-demand delivery and mobility service solutions and generates revenue through service fee for order fulfillment. This segment is an important component of the company's revenue as it's being steadily developing. In 2023, the revenue from fulfillment services reached RMB 3.5 billion. SaaS+ Service, as mentioned earlier, is one of the engines for the second growth curve, focusing primarily on housekeeping and accommodation services. It generates revenue through charging for flexible employment platform services. The great achievements made by SaaS+ Service in 2023 have given us the confidence to establish extensive cooperation with more new customers and expand SaaS+ Service into more business areas. Currently, we are in discussion with leading medical institutions, long-term rental platforms, and senior living apartments in China, intending to enter the medical and elderly care industries. International trade revenue is another engine for the second growth curve, derived from mobility solutions, especially in the used vehicle export business. Facing various pain points in the international trade of used vehicles, such as authentication of transactions, transparency of processes, guarantee of vehicle qualities, and inadequate after-sales services, Quhuo International will launch a unique used vehicle export training platform called Carnuxt. This platform aims to create a triple-win marketing environment for car manufacturers, dealers, and consumers while providing one-stop solutions to challenges related to the quality of used vehicle products, sales channels, and after-sales services. Recently, there has been a push in China for a new round of large-scale equipment renewal and consumer goods trading programs, which will result in more used vehicles entering the market. This aligns with the growing demand for used vehicles in the overseas market. Leveraging the advantages of Carnuxt's training platform and the high-quality services, Quhuo aims to seize this business opportunity, consolidate our leading position in the international trade of used vehicles, and explore a greater market potential for used vehicles in China. So far, Quhuo's three major service models have jointly constructed an integrated and diversified commercial landscape, with the cornerstone sector being the fulfillment services, which serve as a stabilizing force for the company's revenue and profits. Meanwhile, the SaaS+ Service and international trade serve as vital drivers for the company's proactive business expansion, leading to higher opportunities for overall business growth. They also seek to diversify the company's income streams and enhance its profitability, thereby opening up significant growth potential for the company. In conclusion, whether through the transformation of the SaaS+ business or Quhuo International expansion efforts, Quhuo has brought about new opportunities in the employment market. In the future, we will also extend our mature on-demand delivery service to overseas markets. Through partnerships with local on-demand service platforms, we aim to further develop global delivery services, providing more choices and opportunities for workers both domestically and abroad. This initiative will contribute to promoting employment growth, enhancing global market flexibility, and further driving sustainable social-economic development. I concluded my prepared remarks here, and now I will transfer the call to our CFO, Zhen Ba, to provide further insights into our financial strategy. Thanks, Leslie. Everyone, welcome to Quhuo's second half and the full year of 2023 conference call. Please be reminded that all amounts quoted here will be RMB unless stated otherwise. Before I go into our full year result, I would like to draw your attention to something notable that occurred during the second half of 2023. For the six months ended December 31, 2023, revenue was RMB 1,966.1 million, a slight increase compared with 2022, the same period, which was RMB 1,956.6 million. Now, let's look at the segment result. Revenue from on-demand food delivery solutions was RMB 1,763.2 million, representing a decrease about 6% from RMB 1,874.9 million in the second half of 2022, primarily because we enjoyed more preferential policies and subsidies during the second half of 2022, primarily because we enjoyed subsidy and it made the COVID-19 pandemic, which was significantly reduced in the six months ended December 31, 2023, following the relief of the pandemic. Revenue from mobility service solutions consisting of shared bike maintenance, ride-hailing, vehicle export solutions, and flight service solutions was RMB 175.3 million, representing an increase of 239.6% from RMB 51 million in the second half year of 2022, primarily due to the success of vehicle export solutions, which generated revenue of RMB 142.5 million. Revenue from housekeeping and accommodation solutions and other services was RMB 27.5 million, representing a decrease about 8.3% from RMB 30 million in the second half of 2022, primarily due to the transition of business model in hotel services. The cost of revenue was RMB 1,866.3 million, representing a 3.8% year-over-year increase, primarily in line with the increase of total revenues. General and administrative expense RMB 102.7 million, representing a decrease of 9.9% from RMB 114.1 million in the second half of 2022, primarily due to the improvement in company management efficiency and the decrease in share-based compensation expense from RMB 7.3 million in the second half of 2022 to a net benefit of RMB 4.3 million in the second half of 2023. R&D expense was RMB 5.7 million, representing an increase of 6.6% from RMB 5.4 million in the second half of 2022, primarily due to increased investment in SaaS+ technology. Speaking of income, we recorded other income, net of RMB 10.7 million compared to other loss, net of RMB 17.8 million in the second half of 2022, primarily due to the fluctuation in the fair value of our investment in the mutual fund. Income tax expense was RMB 1.4 million compared to the income tax expense of RMB 14.3 million in the second half of 2022, primarily due to the lower estimated annual effective tax rate for the second half of 2023. Net income attributable to Quhuo Limited was RMB 13 million compared with net income attributable to Quhuo Limited of 11.8 million in the second half of 2022. Adjusted EBITDA was RMB 24.1 million compared with adjusted EBITDA of RMB 47.8 million in the second half of 2022. Adjusted net income was RMB 7.4 million compared to the adjusted net income of RMB 17.4 million in the second half of 2022. Now, let's move to the full year of 2023. During the fiscal year of 2023, total revenue was RMB 3,072.4 million compared with total revenue of RMB 3,820.4 million in 2022. Let's further break down. Revenue from on-demand food delivery solutions was RMB 3,412.8 million, representing a decrease of 6.2% from RMB 3,638.7 million in 2022, primarily due to we enjoyed more preferential policy and subsidy during 2022 amid the COVID-19 pandemic, which was significantly reduced in 2023 following the relief of the pandemic. Revenue from mobility service solutions was RMB 233.8 million, representing an increase of 116.4% from RMB 108.1 million in 2022, primarily due to the success of vehicle export solutions. We exported around 1,900 units of new energy vehicles and electric mopeds from China to the overseas market and generated the revenue of RMB 154.5 million. Revenue from housekeeping and accommodation solutions and other services was RMB 55.7 million, representing a decrease of 24.2% from RMB 73.6 million in 2022, primarily due to the transformation of the business model in hotel service. Regarding the cost of revenue, which was RMB 3,535.8 million, which remained relatively stable as compared to the cost of revenue in 2022. Now, let's move to expenses. G&A expense was RMB 184.3 million, representing a decrease of 13.7% from RMB 213.6 million, primarily due to the decrease in share-based compensation expense from RMB 19.8 million in 2022 to a net benefit of RMB 0.5 million in 2023. R&D expense remained relatively stable at RMB 12.4 million in 2023 compared with RMB 12.5 million in 2022. As our CEO, Leslie, said before, in 2021, we proposed a strategy of improving profitability after increasing revenue. The effectiveness of this strategy was proven in 2022 and 2023, as we have achieved a positive EBITDA for four consecutive half years, which is a remarkable accomplishment. It signified the company's consistent profitability over the past two years, demonstrating a stable and sound operational performance. Other income was RMB 16.7 million compared to other loss of RMB 26.1 million in 2022, primarily due to the fluctuation in the fair value of our investment in the mutual fund. Income tax benefit was RMB 0.9 million compared to the income tax expense of RMB 21 million in 2022, primarily due to the lower estimated annual effective tax rate for the year 2023 and the increase in deferred tax asset benefit. Net income attributed to Quhuo Limited was RMB 3.3 million compared with net loss attributed to Quhuo Limited of RMB 13.1 million in 2022. Adjusted EBITDA was RMB 35.2 million compared with adjusted EBITDA of RMB 58.6 million in 2022. Adjusted net income was RMB 5.5 million compared with adjusted net income of RMB 3.3 million in 2022. In terms of the balance sheet in 2023, as of December 31st, 2023, the company has cash, short-term investment, and restricted cash of RMB 114.8 million and short-term debt of RMB 92.7 million. This concludes my prepared remarks. Thank you for your attention. We are now pleased to take your questions. Operator, please go ahead. 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. At this time, we will pause momentarily to assemble our roster. Once again, to ask a question, please press star, then one. It appears we have no questions at this time. I would like to turn the conference back over to management for closing remarks. I'm sorry. Will you want to wait if there is any investor wants to have a question? Maybe give us five more minutes. Okay. So if there's no more questions, we will finish our conference call here. Thank you, everyone, for listening. And if you have more questions, you can find us and contact us from our IR website. Okay. Thank you, everyone, and goodbye. Pardon me. It looks like we do have some questioners who have dialed in. The first one is from Bill Lee with Tiger Brokers. Please go ahead. Yeah. Thank you. This is Bill from Tiger. Thank you to the management for sharing. My question is, what is Quhuo's strategic plan for the next steps? Thank you. Okay. This is Leslie, CEO of Quhuo. Regarding the future plan, firstly, is that over the past decade, I know we concentrate on building our core competence is lean operation through our self-operated model. But we expected that after the exploration in 2023, from 2024 onwards, we would like to define our strategy from self-operation to collaborative empowerment, which means where we explore more opportunities in collaboration and more focusing on empowerment. So we consider three main areas to implement this collaborative empowerment strategy. And the first way is on the domestic side. We will focus on providing SaaS+ service empowerment, not just empowering local live service operators in housekeeping and accommodation. So we also will be extending our SaaS+ service to broader business areas, for example, elderly care because China is now an aging population and medical services. And also, we will empower long-term rental apartments. On the international trading side, we will be more focused on empowering our trading partners worldwide. So we plan to launch a trading platform we call this Carnuxt, which we are working closely with our 58 service dealers worldwide. We plan to transform them into our regional operational collaborative service partners. So we will work together with us to further explore opportunities worldwide to address the issues of transparency and securities for used vehicle export trade. With this initiative, I know we hope that we can, through issuing Carnuxt certificates, provide more quality assurance for our trading partners worldwide and expand more opportunities in the development of new energy vehicles and, obviously, further increasing Quhuo's market share and revenue in the international business market. Another part of collaborative empowerment we think about is on the on-demand delivery business. We did some investigation and feasibility studies, and we believe that overseas on-demand delivery market is characterized by significant consumer scale and high growth potential. As the projection data it is said that the market size of the overseas market for on-demand delivery is reached about more than $600 billion by 2032. But however, we see the problems, and the problems are poor service experience and high delivery cost and also insufficient capacity to handle large volumes of orders in the peak time. So what we think is a good opportunity for Quhuo. In 2024, we will focus on Southeast Asia and the Middle East as our pioneer stations for overseas expansion. We will cooperate with the local on-demand platform and some restaurants and also localized live service providers. We will mainly do of the poor service experience and high cost in the overseas delivery service market. We believe that the experience, expertise, and also the technology what we accumulated in the past 10 years in China, we will empower our working partners in overseas, and we expect to achieve more business growth in the overseas market. Our plan is, by 2025, we aim to achieve the business implementation in more than five new countries and explore other regional markets and furthermore. About our future plan, in summary, in 2024, we're considering that, firstly, we will be maintaining our domestic cornerstone business stable growth. At the same time, we will actively seek a growth opportunity in the overseas market so enhance the company's profitability and growth space through the international expansion of used vehicle and also on-demand delivery together with our domestic SaaS+ service. Thank you very much. Hope that can clarify what we are going to do in the future. Yeah. Thank you. Okay. Operator, please check if there's more questions? As a reminder, if you have a question, please press star, then one, to join the queue. There are no further questions at this time. I'd like to hand the call back over for closing remarks. Okay. If there's no more questions, we will finish our conference call here. Thank you, everyone, for listening tonight. If there's more questions, you can contact us from the IR website. Okay. That's all. Thank you. Goodbye. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.