Thank you, [Aashi], and good morning, everyone. It's a pleasure to have this presentation with you. At the beginning of this presentation, I will basically go through some of the overview of our company named ATRenew, which stands for All Things Renew, and that echoes with our long-term mission to give a second life to all idle goods. A brief overview of the company. We are the largest secondhand consumer electronics transactions and services platform in China. If we take a look back at the year 2025, we have supported the circulation of about 42 million secondhand consumer products, mainly including consumer electronics, say smartphones, tablets, PC, et cetera. We are trying to expand our service capabilities to include more product categories. For instance, we are trying to provide more services through our offline store network to offer consumers with luxury goods recycling, gold and accessories recycling, et cetera, to help them cash back with their unwanted goods. Basically, that's how we operate right now. To have an understanding of our evolution. Over the past 15 years, we've evolved with multiple business offerings. We started off in 2011 with our C2B recycling services to collect smartphones from consumers, and then we handle the products and then sell to business owners in the industry. That's our starting point. Basically in 2011, that's the year where consumers in China started to upgrade their smartphones. We see there are opportunities to leverage the pre-owned consumer electronics, especially smartphones, to have a tiered usage between different consumer groups in mainland China. As we developed this business, we realized there were some challenges on consumer side because secondhand consumer electronics are non-standard products and there are some privacy and personal data issues concerns. In 2014, we started off our offline physical stores to establish our face-to-face interaction capabilities. As of the end of March this year, we have set up over 2,100 physical stores across about 300 cities in China. That makes ours the largest in terms of physical offline network. As we evolve our business, we found it's crucial to establish strategic scenarios with new product distributors because people tend to upgrade their consumer electronics, especially the smartphones, every other year. We collaborate with new device distribution platforms, namely JD.com, who is the largest new consumer electronics distributor in China. We started off our collaboration in 2015, and over the past couple of years, we've further evolved our collaboration into a very strong strategic collaboration, which I will elaborate later. Since then, we are able to continuously capture sources of supply. Then as we accumulate our business scale, we launched our PJT Marketplace in 2017, which is the largest B2B consumer electronics transactions marketplace in China, and it serves about two million registered users in China. As we were able to support large number of the secondhand electronics circulation. We found it is quite crucial to further establish our scale economy. In 2017, in the same year, we started off adopting automation technologies in our operation centers. We have been focusing on automation inspection technologies to expedite the entire operation and handling processes and to qualify, to grade, and test these consumer electronics in a more efficient way. In 2019, we acquired Paipai Marketplace, the B2C offering from JD.com. At the same time, we issued 15% of our shares to JD, forming a very strong strategic collaboration. Since then, we became the exclusive secondhand consumer electronics recycling and services partner on JD.com. Every time a consumer wishes to trade in a used electronics or whether a consumer wish to cash back through JD's channel. The device will exclusive come to us for further handling. We set the price through this channel as we have the pricing capability and we have the say in this scenario. That helps us to form our C2B recycling, B2B industry handling, and the B2C retail capabilities since 2019. Since then, we are able to source directly from consumers and then sell secondhand electronics directly to end users. In 2020, we have been trying exporting our capabilities and our knowhow of the industry to the global markets. We set up our international headquarter in Hong Kong, facilitating the global circulation of secondhand consumer electronics, which we've all prioritized on smartphones for the moment. Because smartphones are small in size, and it's quite convenient to ship between countries. iPhones is the most popular brand and product in the industry, so we are able to leverage our knowhow of the industry. For instance, we leverage our knowhow between the different landscape among each economy, and then we are able to leverage our skill automation technology to facilitate the entire process to make it more efficient after acquiring a chunk of products and then distributing it to Southeast Asia, et cetera. Basically, as I was saying, we formed a closed loop between the sourcing side and then the distribution side. We have been devoted to provide solutions to the industry to evolve the traditional middleman model of transacting secondhand consumer electronics. As you can see, there are multiple solutions we have provided. For instance, on the consumer-facing recycling, we provide consumers with convenient access with over 2,100 physical stores. We have currently operate a team of about 2,200 staff who could conduct door-to-door service to collect used devices from consumers directly. Both scenarios helps us to further engage with our users in face-to-face scenarios. As we invest in our fulfillment capability, like I mentioned above, we are also trying to build our C2B recycling brand into a nationwide top-of-mind recycling brand. For instance, every time a consumer wishes to dispose of his or her idle smartphone, he can think of our AHS Recycle, which means I love recycling in Chinese, so it's very savvy brand name. As we have our own proprietary data wiping and data mitigation capability. We have the technology which is also certified by ADISA. So we have stringent data policy to ensure that there's no data leakage, and we provide user guarantee on that front. All the preparations and hard work we have done is to ensure it's a seamless process and people can trust us for conducting this kind of disposal. As for our B2B capabilities, the PJT Marketplace, as I mentioned, is the largest B2B marketplace in China. Basically, it supports about two million registered users in the industry, and it has a market share about 20% of the industry. PJT Marketplace defines the industry inspection standards and sets the specifications between each transactions, and it also provides warranties and after-sale services between the buyers and sellers. It improves the entire process in terms of transaction efficiency and trust. As for Paipai Marketplace, the B2C offering we have, if we sell our products through Paipai Marketplace, we will definitely provide our users with one-year quality assurance so that people can buy a value-for-money product at a better price and ensure the same after-sale services as similar to what they will get for buying a new product. This closed loop supply chain actually covers the end users from the recycling side to the demand side, and cuts off some of the middlemen to improve their transaction efficiency. Like I said, ATRenew is the largest secondhand consumer electronics transactions and services provider in China. This image is basically illustrating our ecosystem that we have built. To help you understand how we book our revenue if we want to have a clearer understanding of our business model as well as to understand the correlation between the business model and our revenue generation you need to take a look at the sources of supply. On the left-hand side, we have 1P business model and 3P business model. The key differentiator is whether we take inventory by ourselves. 1P business model and 3P business model is quite similar to JD's business model. In terms of 1P, we acquire secondhand consumer electronics from consumers directly or from our business partners in the industry. Well, we have four core scenarios that we operate in mainland China. We have our mobile application, our online portal, our WeChat Mini Program, and we have the over 2,000 physical stores nationwide. We also partner with Apple, Huawei, Xiaomi, the brand owners, et cetera, and also we have the strategic collaboration with JD.com. These channels, these scenarios are all consumer facing, and we collect from individual sellers, individual consumers, and then we take inventory and send the devices to our eight operation centers. We have eight of those regional operation centers in China, and two of them are equipped with the latest state-of-the-art technologies on the inspection capabilities. In Dongguan and Changzhou, these two cities are located in eastern China and southern China respectively. We have the processing capability of handling about 200,000 devices per day within these two centralized automated operation centers. It's quite efficient for us to handle, I would say, over 100,000 devices per day, and it's quite efficient for us to handle the entire process. Then as we are able to handle that in scale, we can further decide whether the devices could be sold to customers directly or whether we sell it as is to some business owners on our marketplaces. Within our operation centers, we also conduct some of what we call confined refurbishment businesses. We basically recondition some of the smartphones, laptops, et cetera, and then the devices can be sold to individual consumers at the distribution side, which helps us to gain a wider gross profit margin, a larger gross profit margin, a higher ASP. That's how it works. We book all the 1P product sales as our product revenue on our P&L. As we open up our marketplaces, including Paipai, including PJT, you can tell that on your left-hand side there is 3P business model. We open up these marketplaces to industry players, including mom-and-pop stores, including some retailers and some small business owners. These business owners, these small business owners, they can sell their products through our marketplaces, and they can also enjoy our inspection capabilities services, and we charge about 5% as commission fee from each transaction. Basically, there's service revenue generated from those kind of transactions as we facilitate the selling process. You can tell there's a service revenue booked in our P&L. That's how we generate our revenue. That's about our industry capability. To have a brief illustration or a demo of our operation centers, we have those robotic arms, shunting belts, and storage system, which helps us to operate an unmanned system to improve the entire transaction efficiency and operation efficiency and reduce errors within the entire handling processes. As a result, our net fulfillment expenses as a percentage of total net revenues has been declining over the past five years. That's a delightful result of us. These are also in-house developed technologies, and the modules are connected and designed by ourselves. These are some of the stores that we have, very small in size, and they are cheap in rental. We place about two to three staff in the store to help the face-to-face interaction because Chinese people enjoy these kind of face-to-face services. They don't like DIY, and they like being served. We provide phone recycling, tablets recycling, electronics recycling services in the stores. As we have a tiered store strategy, we select about over 960 stores in China. These selected stores have the capability to help consumers to dispose of their unwanted Louis Vuitton bags, Rolex watches, or gold or accessories, necklace, wristwatch, et cetera. We charge a commission fee from every transaction as we have the capability to partner with some of the industry players to provide a better pricing at the storefront. Then we do not conduct any quality or authenticity inspection. We just provide a service location for those consumers to get high quality services from our stores. That's how we expand our capabilities leveraging the existing store assets. Those are basically the categories we offer. This kind of what we call new category fulfillment capability, or we also call it the Multi-Category Recycling Service, has been evolving rapidly over the past few quarters, scaling at about 70%-80% in terms of recycling volume. We are delighted to see that we have been able to help more consumers with the demand for cash back. Basically, that's how we operate our marketplaces. To add more color on our international business, we have been circulating devices coming from Japan, from the U.S., from those carriers in Japan, in U.S., and then circulate through our Hong Kong terminals to satisfy the needs from local partners, from local business owners or the small business owners in Southeast Asia, et cetera. Maybe in the future, we could tap into the Middle Eastern markets as well as the European markets. Since last year, we are trying to leverage our sources of supply in Mainland China to ship some of the high-quality secondhand iPhones to more global partners, global business owners. The pricing has been more competitive compared to other regions in the world, and the model of the devices are quite unique in the industry. We have the capability to leverage our scale of economy to provide the world with more supplies on that front. These are the partners that we work with globally. We provide some of our partners with AI-powered recycling kiosks, and we also ensure data privacy and data erasure guarantees. We are trying to expand our service offerings through our international portal. To add more color on the ESG achievements, last year we were a finalist for The Earthshot Prize, funded by His Royal Highness Prince William, and we have been rating as low ESG risk by Sustainalytics, as well as improving results on S&P Global ESG score. We are a UNGC signatory. We are trying to invest ourselves into more sustainability work. About the financial data. Last year, we had about CNY 21 billion in terms of total net revenue, which grew at 29% year-over-year and is quite impressive compared to the overall growth of the consumption market in China, as well as the internet sector in China. We have been outperforming our peers in the industry as we are able to leverage our trading capabilities co-established with JD and Apple, et cetera. We have been also successful by leveraging our store capabilities and our door-to-door service team to ensure quality user experience and to gain user trust in the long run. Well, in terms of profitability, last year our Non-GAAP operating profit margin has been relatively flattish because we invested in store expansion as well as invested in some brand marketing strategies. This year we are expecting solid growth in both top line and profit margin. At the same time, we have our dedicated shareholder return program. Currently, we have been repurchasing our shares in the open markets, and between 2025-2027, we plan to return about not less than 60% of our Non-GAAP net income to our shareholders, either in the format of share repurchase programs or in cash dividends. Last year, we returned about $36 million to our shareholders, and this year we expect our shareholder return to be more meaningful. That's how we have been improving in our revenues and our Non-GAAP operating income. Basically, we will further leverage our automation technologies to achieve a better UE in terms of our operation results. As you can see, I'm trying to give you a snapshot of our Non-GAAP operating expenses, which helps you to understand the gap between Non-GAAP and GAAP measures is basically the impact from share-based compensation expenses and some of the historical amortization of intangible assets. The differences between GAAP and Non-GAAP will be much smaller compared to last year because we are making more progresses in terms of controlling the expenses. We aim to further improve our fulfillment expenses cost ratio and the sales and marketing expenses cost ratio by being more prudent into this kind of investing and leveraging our scale of economy as our transaction volume and the ASP are going up and the fixed costs are going to stabilize. There are some areas of improvements in these key cost factors. If you're looking at our key strategies, we aim to further leverage these kind of trading scenarios as well as increasing awareness from consumers, that more people become aware that secondhand consumer electronics has residual value, and they could leverage our services to cash back and to upgrade their devices in a more economic way. We will definitely leverage our store capabilities to provide more services to our consumers, then further optimize our cost structure by leveraging automation technologies as well as AI capabilities. Our progress and strategy is also embedded in expanding our 1P2C consumer retail businesses to create more value to our users as well as widen our margin. These four core strategies remain unchanged over the past couple of years, and we aim to further explore our capabilities in these core offerings. We have about five minutes left. I think we can take some questions. Thank you so much for the presentation, Jessie. I would like to remind everybody in the audience, if you have questions, please submit them by the Q&A section at the bottom of your screen. Jessie, can you talk a little bit about the average size of a store, and what is the typical sales volume for a store? Our store is basically very small in size. I know the square meter in size. I need to calculate that if I can tell you in footage. It's about 100 sq ft in average store size because we usually leverage a very small corner in the shopping mall to provide our services. The stores are usually located in a place close by Uniqlo or close by some food court or the entrance of the subway station. It's quite convenient for us to gain user traffic. Usually, our stores function as the touch point to consumers to collect used stuff instead of selling stuff to consumers. On a daily basis, every store staff could collect about 10- 15 used devices from consumer. If you're looking at the peak season, the volume could further expand to very significant. Sometimes people need to queue up in front of our stores for the services. Right. Can you talk to us a little bit about what trends you're seeing in the customer trade-in behavior? Are the upgrade cycles shortening or lengthening, and how does that impact your business? It's a very good question. The market has been evolving in China recently, especially from January last year, because the Chinese government has introduced a Nationwide Consumer Product Trade-in Subsidy Program. Because of this kind of backdrop, an increasing number of consumers became aware of the Trade-in Program. Historically in China, consumers tend to buy something new, then they tend to ignore the old phone in their drawer because they do not know a place or whether it's still worth trade-in. As Chinese government has been encouraging this kind of subsidy program, that people become more aware of trade-in programs. As there's a backdrop on that front, our partners, including JD.com, including Apple, Huawei, Xiaomi, these brand owners, they have been encouraging their users to trade in their old phones when the consumers try to upgrade their devices. As a result, we are seeing our users are experiencing a shortened upgrade cycle compared to the year in 2022. The upgrade cycle has been shortening since last year. We see the penetration rate of trade-in programs has been increasing since the beginning of last year. For instance, the penetration rate of Trade-in Program from our strategic partners scenario was about 7% in 2024, while the penetration rate improved to close to 10% in 2025. Basically, that's encouraged by both our partners as well as the Nationwide Program. Definitely, there's also positive impacts coming from our pricing strategy and service capabilities. Right. I'm just trying to understand the competitive landscape in China. Why can't larger platforms like JD.com or Alibaba do this on their own? It's quite unique fulfillment capabilities. For instance, collecting secondhand consumer electronics in China needs patience and it needs a kind of dedicated service spirit. That's what we have built over the past 15 years. Another reason for e-commerce players, they do not want to do it because they are very light in terms of operation. They focus on their algorithm, on their assets of internet strategy, on their AI strategy, on their cloud strategy services. While we are dedicated on the ground to provide 20 minutes of recycling services to consumers per device. Our service capability is quite unique, and we have evaluated that with our e-commerce player partner over the past years. We are quite assured that ATRenew is strong in this field and we have the strong expertise and know-how in the industry. The best way for this market in China or the industry in China to evolve is to collaborate. Someone like us to collaborate with JD.com or someone in the market who has the capability to collect used devices and is further circulated to work with a partner in the industry. With that, we're at time. I would like to thank you very much for sharing your story with us. I'd like to thank everybody in the audience for listening and spending your day and time with us. Thank you so much. Have a good day. Thank you, everyone. Bye.