Good morning, welcome to Tuniu First Quarter 2021 Earnings Conference Call. All participants will be in listen only mode. After today's presentation, there'll be an opportunity to ask questions. Please note that this event is being recorded. I would now like to turn the conference over to Mary Chen, Investor Relations Director. Please go ahead. Thank you, Kate, welcome to our 2021 First Quarter Earnings Conference Call. Joining me on the call today are Donald Yu, Tuniu's Founder, Chairman, and Chief Executive Officer, and Anqiang Chen, Tuniu's Financial Controller. For today's agenda, management will discuss business updates, operation highlights, and financial performance for the first quarter of 2021. Before we continue, I'll refer you to our safe harbor statement in the earnings press release, which applies to this call, as we will make forward-looking statements. 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 most directly comparable GAAP measures. Please note that, unless otherwise stated, all figures mentioned during this conference call are in RMB. I would now like to turn the call over to our Founder, Chairman, and Chief Executive Officer, Donald Yu. Thank you, Mary. Good day, everyone. Welcome to our first quarter 2021 earnings conference call. This spring, the domestic tourism industry has been experiencing a rapid recovery. We also experienced a strong recovery during the April and May holidays. The number of people traveling during the Qingming Festival was nearly three times that of the same period last year. Our total travel GMV during the Labor Day holiday was more than four times that of the same period last year. For the first quarter, our operating expenses decreased over 70% year-over-year, and the net loss was narrowed significantly. Based on these encouraging trends, for the second quarter, we anticipate net revenues will grow more than 300% year-over-year, delivering the first period of growth since the COVID-19 outbreak. We see great potential for growth in the travel industry with the release of pent-up travel demand. However, we continue to face new challenges under the ever-changing market environment. Despite the strong demand for travel after enduring the pandemic restrictions, customers have become more demanding when selecting products, with higher expectations for travel experiences and security, and increase in new destinations and activities. This drives us to constantly develop innovative new products and enhance our service quality. We always commit to develop high-quality products that satisfy customers' demands. Our focus is to maximize customer satisfaction so as to raise repeat rates for each product instead of creating the highest number of SKUs. Currently, all of Tuniu's new products are required to reach a 90% satisfaction rate for product launch, and we are expecting to increase this threshold in the future. We are fully leveraging advantages of our integrated business model to accelerate the development of our own products. By vertically integrating across the industry, we have been able to accumulate rich resources and experience on both the supply and demand side, which has benefited us in the development of our own products. Working under our Integrated Product Development or IPD model, our product committee includes now colleagues from procurement, product, marketing, and other departments have been responsible for accepting, developing, and launching our new product offerings. We continue to upgrade products at mature destinations by customizing itineraries based on customer preferences and upgrading features to optimize the travel experience. Moreover, we utilize the knowledge gained from mature products to develop products based in new destinations, such as high-potential niche destinations in central and western China. The proportion of new product offerings in our inventory is constantly increasing. Destination services are one of the key components of a good travel product. With the domestic travel market growing rapidly, our established network of more than 30 self-operated local tour operators in China are playing an increasingly important role. This year, our self-operated local tour operators also began to conduct customized tours, and we are seeing this business volume continue to increase. Many of our new products are served by our self-operated local tour operators. In the first quarter, the proportion of our local tour operator transaction volume as a percentage of total package tour GMV increased to nearly one-third compared to approximately one-fourth in the previous quarter. In the future, we will continue to expand the volume of our local tour operators to serve more tourists at their destinations. In terms of customer service, we will continue to leverage the expertise of our professional service team to continually optimize customer experience. We can connect with potential customers through our Tuniu classes and online wish lists to promote destinations and arouse customer interest before booking. Tuniu provides customers with assistance for product selection and travel planning during the reservation process, as well as timely post-trip follow-up to collect feedback and strengthen our customer relationships. Technology is the foundation of our products, customer service, and management. In today's tourism industry, the level of digital consumer interaction is relatively high. Digitalization is relatively low at the supply level when arranging transportation and tour guides, much of which is still done manually. In terms of our digitalization of the supply chain, Tuniu started to promote the digitalization of internal operations since last year and has automated our business working processes. Our existing systems are providing our suppliers with such functions as inventory and account management. We will further explore the digitalization of the supply chain in the future, such as resource allocation and supporting product development by leveraging our technology. After more than a decade in operations, Tuniu has become a comprehensive tourism service provider with closed-loop capabilities from R&D to production in destination services, operations, and reservations by vertically integrating across the supply chain. We have achieved lower costs, improved efficiency, and meaningful differentiation from our peers. Our integrated service capability and digitalized technology are among our core competencies and the foundation for further improving our revenue and profitability. Although there are still uncertainties in the overseas market due to the pandemic situation, the domestic travel market is growing rapidly. We will continue to develop the domestic travel market, fully tap into domestic tourism resources, and improve our product development model. The domestic travel market will remain our top priority, and we look forward to the eventual restoration of outbound travel. In the post-pandemic era, China's entire tourism industry, including Tuniu, is actively exploring how to meet the demands of customers in today's new environment. This will be our main focus for now and for the future. I will now turn the call to Anqiang Chen, our Financial Controller, for the financial highlights. Thank you, Donald. Hello, everyone. Now I'll walk you through our first quarter of 2021 financial results in greater detail. Please note that all the monetary amounts are in RMB unless otherwise stated. You can find the U.S. dollar equivalents of the numbers in our earnings release. For the first quarter of 2021, net revenues were CNY 77.4 million, representing a year-over-year decrease of 56% for the corresponding period in 2020. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19. Revenues from package tours were down 62% year-over-year to CNY 45.4 million and accounted for 59% of our total net revenues for the quarter. The decrease was primarily due to the decline in travel to international destinations impacted by the outbreak and spread of COVID-19. Other revenues were down 40% year-over-year to CNY 32 million and accounted for 41% of our total net revenues. The decrease was primarily due to the decline in revenues generated from financial services. Gross profits for the first quarter of 2021 was CNY 28.7 million, down 69% year-over-year. Operating expenses for the first quarter of 2021 were CNY 83.5 million, down 73% year-over-year. Excluding share-based compensation expenses, amortization of acquired intangible assets, and impairment of acquired intangible assets, non-GAAP operating expenses were CNY 79.5 million, representing a year-over-year decrease of 71%. Research and product development expenses for the first quarter of 2021 were CNY 11.8 million, down 77% year-over-year. The decrease was primarily due to the decrease in research and product development personnel-related expenses. Sales and marketing expenses for the first quarter of 2021 were CNY 35.4 million, down 72% year-over-year. The decrease was primarily due to the decrease in sales and marketing personnel-related expenses and amortization of acquired intangible assets. General and administrative expenses for the first quarter of 2021 were CNY 44.7 million, down 67% year-over-year. The decrease was primarily due to the decrease in general and administrative personnel-related expenses and allowance for doubtful accounts. Net loss attributable to ordinary shareholders was CNY 39.5 million in the first quarter of 2021. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets, and impairment of acquired intangible assets, was CNY 35.4 million in the first quarter of 2021. As of March 31st, 2021, the company had cash and cash equivalents, restricted cash, and short-term investments of CNY 1.3 billion. Capital expenditures for the first quarter of 2021 were CNY 7.7 million. For the second quarter of 2021, the company expects to generate CNY 142.9 million- CNY 149.7 million of net revenues, which represents 320%- 340% increase year-over-year. Please note that this forecast reflects only our current and preliminary view on the industry and its operations, which is subject to change, particularly as to the uncertainties brought about by the impact of COVID-19. Thank you for listening. We are now ready for your questions. Operator? We'll now begin the question-and-answer session. To ask a question you may press star then one on your touchtone phone, if you are using a speaker phone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two, at this time, we will pause momentarily to assemble our roster. Our first question is from Emily Zaz, a private investor. Go ahead. Thank you, operator. Hi, management. Congratulations on the strong recovery of the second quarter. Would you please give us more color on the performance in this quarter and the future quarters? What is the strategy for the coming peak season? Thank you. Thank you for the question. First, let me give some updates on our recent performance. Despite the outbreak of virus during the winter season, with the travel industry rebounds rapidly since the spring comes when the virus is very well controlled in China. Our booking transaction volume in March increased over 190% compared to February. The pent-up travel demand were released in April and the May holidays in particular. The total volume of our membership stays in April reached a new high since the outbreak of COVID-19, which also contributed to the GMV growth of over 400% year-over-year in the following Labor Day holiday. In general, we are positive about the domestic travel market in the second quarter as well as the coming summer. When high school graduates will be the first group of potential travelers in June, followed by the families with children in July and August. The summer holiday is always the peak season for travel industry, especially for leisure travel purpose. Since international travel is still very limited, the domestic travel market has more opportunities than before. However, this also brings new challenges. Customers are more demanding in the post-pandemic era. Apart from the quality and the safety issues, customized itineraries and new destinations are preferable to traditional products. The booking GMV of our customized tours in March increased over eight times quarter-over-quarter and was the highest one since last October. This week, we launched some products customized for summer holidays, such as travel to fun fairs and museums, as well as customized tours for one or two families. In terms of the destination services, as orders are increasing in peak season, our local tour operators are working on ensuring the supply of destination resources and our tour guides so as to keep the high satisfaction rate of our services. On one hand, we continue the zero-complaint trial at seven of our local tour operators, and we are trying to keep the record during the peak season. On the other hand, we are giving value-added services to our customers. For example, some of our tour guides have learned photography and took photos for customers during the trip. This was highly appreciated by our customers. In general, we are continuing to focus on product development and services, for these are our core competitive advantages and bring us the long-term trust from customers. As we integrate the supply chain, we could provide closed-loop services for our customers from product development, booking to destination services. During the process of integration, our customers will enjoy high-quality products and services, and Tuniu will have the chance to improve its revenue and profit. Moreover, there remains a lot more opportunities for us to cooperate with our partners throughout the supply chain. We will insist on our integrated model and try to bring more value to our customers, shareholders, and business partners. Thank you. If you have a question, please press star then one. At this time, we have no more questions. This concludes our question-and-answer session. I would like to turn the conference back over to Mary Chen for closing remarks. Once again, thank you for joining us today. Please don't hesitate to contact us if you have any further questions. Thank you for your continued support, and we look forward to speaking with you in the coming months. The conference has now concluded. Thank you for attending.