Hello, and thank you for standing by for Tuniu's 2021 Fourth Quarter and Full Year Earnings Conference Call. At this time, all participants are in a listen only mode. After management's prepared remarks, there will be a question-and-answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the meeting over to your host for today's conference call, Director of Investor Relations, Mary. Thank you, and welcome to our 2021 Fourth Quarter and Full Year 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, operational highlights, and financial performance for the fourth quarter and fiscal year 2021. Before we continue, I refer you to our safe harbor statement in the earnings press release, which applies to this call, as we will make 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 most directly comparable GAAP measures. Finally, 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 fourth quarter and full year 2021 earnings conference call. 2021 was a year full of challenges and opportunities. While Tuniu experienced a rapid business rebound since COVID-19 was brought under control in China, we've also been tested by its repeated recurrences. In 2021, our revenues from package tours for the full year of 2021 maintained the same level as in 2020. Despite the adverse external environment, with the transaction volume of our self-operated local tour operators achieving double-digit growth, our operating expenses have decreased year-on-year for four consecutive quarters, and the net loss for the year has also narrowed significantly compared with last year. COVID-19 has tested the ability of tourism enterprises to manage risks on a sustained basis. It has required enterprises to continue to innovate, meet key customer demands, and upgrade products and services. It also required highly efficient internal management systems to adapt to the changing business environment using limited resources. Tuniu's development path has been differentiated by our focus on the creation of a vertically integrated supply chain, allowing us to become the industry's sole integrated digital tourism service provider. By bringing together production, the supply, and the sales, and building our capabilities in direct procurement, as well as product design and packaging, self-operated local tour operators and multiple sales channels, Tuniu has realized significant advantages compared to our peers. Recognizing the market changes and upgraded customer expectations in the post COVID-19 era, Tuniu has focused on new directions for product development that leverage our advantages. In addition, we have upgraded our digitalization capabilities across the entire industry chain to improve our operational efficiency and customer experience. Our integration has shortened the industry chain and improved gross profit, while digitization has improved efficiency and reduced costs. With the synergies created by those two strategies, Tuniu is well-positioned to provide high quality products and services to drive our long-term development. In the post-COVID-19 era, tourists' demand for better products and services has driven the upgrading of the entire tourism industry. High quality, innovative products and overall service experience before, during, and after travel are the core concerns of tourists and represent the key to transforming the tourism industry. In terms of products, we work under our integrated product development or IPD model, brought together all of our departments as well as customers to participate in developing products based on market demand. With high customer satisfaction rates as the standard for launching new product offerings. Due to our strict development process, the satisfaction rate of our overall new product offerings has reached 90%, with new tour products reaching 97%. In terms of product types, due to increased customer focus on travel experience and safety, small and medium-sized group tours and customized tours have seen rapid development in the post-COVID-19 era. In 2021, growth in demand for customized tours during our Members' Day sales exceeded our expectations, with single-day booking volume for customized tours hitting a record of 30% of total booking volume, the same as for organized tours. In the second half of 2021, with the resurgence of COVID-19, we saw strong performance from local tour products as well as establishment of the mini vacation concept. According to Tuniu's data, bookings of luxury and theme park hotels increased by more than 50% year-over-year during this year's Spring Festival. Our Hotel Plus X product model has become increasingly popular by offering more flexible and diverse options across the six key aspects of tourism, including food, accommodation, transportation, shopping, and entertainment. In terms of service, we are committed to creating a full-cycle service network for travelers, which covers before, during, and after travel, as well as departure and destination cities. Prior to establishing our self-operated local tour operators, it was challenging for us to improve tourists' experience during trips and to enhance their itineraries. The development of our self-operated local tour operators completed the missing link in our service, forming a seamless service network with our customer service team. Today, Tuniu has over 30 self-operated local tour operators covering most of China's hot scenic spots, providing direct tour guide services for our guests and supervision of other tour products, as well as destination spots for all Tuniu product customers. In 2021, the transaction volume for our self-operated local tour operators achieved over 50% growth year-on-year, even as tourists encountered frequent bad weather conditions and pandemic disruptions. Our customer service department provides assistance services for guests on the 24/7 basis, especially in case of emergencies, and we have seen the number of customer service requests increased rapidly. Under continuously high pressure, Tuniu's customer service team has steadfastly adhered to our customer-first principle, providing around-the-clock refunds and exchange services, and communicating with multiple third parties in order to minimize the customer losses. During the pandemic era, with its restrictions on travel, our membership team has continued to keep in touch with customers through texting and content sharing to build strong relationships and keep up the travel enthusiasm. As part of this, on the sixteenth of every month, we hold a special Tuniu Members' Day promotion, which in 2021 generated a cumulative single-day sales exceeding RMB 150 million. In addition, live streaming shows have become one of the key sales channels due to the impact of the pandemic. Our Members' Day promotion has also leveraged online formats, including live streaming shows for product sales and to introduce destinations and analyze customer demands. Tuniu's live streaming show team uses every show as an opportunity to promote product upgrades. The interest, preferences, and suggestions from guests joining our shows are also valuable assets to help us improve our product offerings. COVID-19 has accelerated the digital upgrade of various industries. Tourism enterprises have leveraged digital tools to replace labor, reducing costs and improving efficiency, an area in which we made achievements during 2021. As digital products have become a necessary part of people's lives during the pandemic, improving customer experience through digitalization has become essential for the long-term development, and it's one of our main focuses in this year. As part of this, in January, we upgraded our official website to provide more elder-friendly features and content. In the future, we will continue to improve digitalization for travel confirmation, online seat selection, and tour guide systems to offer more convenient travel experiences for our customers. 2022, Tuniu will continue to focus on integration and digitalization, as well as improving our product and service quality to meet customer demands. We will also work to provide an easier booking process pre-travel, more options during trips, and enhance the after-travel guarantees. With the improvement of the external environment and the passing of the COVID-19 impact, Tuniu will be better prepared for the recovery of the industry as we continue to introduce more high-quality products and services. I will now turn the call over to Anqiang, our Financial Controller, for the financial highlights. Thank you, Donald. Hello, everyone. Now I'll walk you through our fourth quarter and fiscal year 2021 financial results in greater detail. Please note that all the monetary amounts are in RMB, unless otherwise stated. You can find the US dollar equivalents of the numbers in our earnings release. Starting from the fourth quarter of 2021, net revenues were RMB 73.4 million, representing a 38% year-over-year decrease from 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 49% year-over-year to RMB 42.8 million and accounted for 58% of our total net revenues for the quarter. The decrease was primarily due to the resurgence of COVID-19 in certain regions in China. Other revenues were down 14% year-over-year to RMB 30.6 million and accounted for 42% of our total net revenues. The decrease was primarily due to the decline in commissions received from other travel-related products impacted by the resurgence of COVID-19. Gross margin was 47% in the fourth quarter of 2021, compared to a gross margin of 40% in the fourth quarter of 2020. Operating expenses for the fourth quarter of 2021 were RMB 78 million, down 92% year-over-year. Excluding share-based compensation expenses, amortization of acquired intangible assets, and the impairment of acquired intangible assets, non-GAAP operating expenses were RMB 74.8 million, representing a year-over-year decrease of 22%. Research and product development expenses for the fourth quarter of 2021 were RMB 13.5 million, up 5% year-over-year. The increase was primarily due to the increase in research and product development personnel-related expenses. Sales and marketing expenses for the fourth quarter of 2021 were RMB 28.6 million, down 75% year-over-year. The decrease was primarily due to the decrease in promotion expenses and amortization of acquired intangible assets. General and administrative expenses for the fourth quarter of 2021 were RMB 46.5 million, down 94% year-over-year. The decrease was primarily due to the decrease in allowance for doubtful accounts. Net loss attributable to ordinary shareholders was RMB 33.9 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, were RMB 30.5 million in the fourth quarter of 2021. As of 31 December 2021, the company had cash and cash equivalents, restricted cash and short-term investments of RMB 1 billion. Capital expenditures for the first quarter of 2021 were RMB 1.2 million. Now, moving to full year 2021 results. In 2021, net revenues were RMB 426.3 million, representing 5% year-over-year decrease. The decrease was primarily due to the negative impact brought by the outbreak and spread of COVID-19. Revenues from package tours were up 1% year-over-year to RMB 305.3 million and accounted for 72% of our total net revenues in 2022. The increase was primarily due to the growth in revenues from self-operated products, offset by the negative impact brought by the resurgence of COVID-19. Other revenues were down 18% year-over-year to RMB 121 million and accounted for 28% of our total net revenues in 2021. The decrease was primarily due to the decline in revenues generated from financial services. Gross margin was 40% in 2021, compared to a gross margin of 47% in 2020. Operating expenses were RMB 353.1 million in 2021, down 77% year-over-year, excluding share-based compensation expenses, amortization of acquired intangible assets, and the impairment of acquired intangible assets. Non-GAAP operating expenses was RMB 334.7 million, representing a year-over-year decrease of 77%. Research and product development expenses were RMB 54.6 million in 2021, down 46% year-over-year. The decrease was primarily due to the decrease in research and product development, personnel related expenses. Sales and marketing expenses were RMB 150.5 million in 2021, down 60% 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 were RMB 174 million in 2021, down 84% 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 RMB 121.5 million in 2021. non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses, amortization of acquired intangible assets, and the impairment of acquired intangible assets, was RMB 102.8 million in 2021. Capital expenditures were RMB 13.9 million in 2021. Tuniu's business has been significantly and negatively impacted by the outbreak and spread of COVID-19 since January 2020. As a result of the continued influence by COVID-19 for the first quarter of 2022, the company expects to generate RMB 34.8 to 42.5 million of net revenues, which represents 45% to 55% decrease year-over-year. Please note that these forecasts reflect Tuniu's 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? The question-and-answer session of this conference call will start in a moment. In order to be fair to all callers who wish to ask questions, we will take one question at a time from each caller. If you have more than one question, please request to join the question queue again after your first question has been addressed. If you would like to queue for a question, please signal by pressing star one on your telephone keypad. That is the star or asterisk key, followed by the number one. Please ensure your mute function is turned off to allow your signal to reach our equipment. We will take our first question today from Grace Lu, a private investor. Please go ahead. Thank you, operator. Hi, manager. My name is Grace Lu. I have several questions for you. Firstly, what's your view on the recovery of the travel industry in 2022 compared with the previous year? Based on your perspectives, could you please share the company's strategies and priorities for this year and any guidance on the financial components of 2022? Thank you. Thank you for the question. The travel market experienced both rebound and recovery since last year. In general, our package tour revenues kept in line with 2020. On a quarterly basis, the second quarter was the best, which contributed over 40% of the annual package tour revenues. As the pandemic was under control, the pent-up demand was released. In the second quarter, our package tour revenues increased more than 9x year-over-year. The rest of three quarters were disrupted by the emergence of COVID-19. Travel restrictions in infected regions restrained demand for travel products, which adversely affected our revenues. Coming to 2022, the continuous resurgence of the epidemic since the beginning of the year has limited the recovery of the travel industry. Therefore, our net revenues for the first quarter will have a negative growth. However, based on past experience, the recovery of travel largely depends on the control of the pandemic. The ongoing vaccine rollouts and the enhancement of treatment methods will play a more effective role in pandemic control this year. Amid such dynamic external environment, we are continuing to insist on product innovation and service improvement this year. Under our integration model, we are producing more products of our own, such as new tour and Hotel+ X products. Also, we are increasing the use of our self-operated local tour operators in our own products. We are also developing more travel themes such as spring outing, wellness tour, and the night tour to attract various customers. In terms of services, we are enhancing user experience through our digitalization strategy. We are use technical means to facilitate the whole process from booking, traveling, to returning, to follow the new consumption and the entertainment habits of the mass market. We also encourage live streaming shows and short videos as one of our marketing methods. In terms of financials, it's hard to give specific top-line guidance due to the changing external environment at present. However, the adoption of an integration and a digitalization program will help us improve the profit margin and better control the cost. We continue to execute the strict cost control measures as we did last year. If the market returns better, we'll be on the right track to deliver better results. Thank you. Thank you. As a reminder, if you wish to ask a telephone question, please signal by pressing star one on your telephone keypad. We are now approaching the end of the conference call. I would now hand the call over to Tuniu's Director of Investor Relations, Mary, for closing remarks. Thank you. 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. Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect.