Welcome, ladies and gentlemen, and thank you for your patience. You've joined Xunlei's fourth quarter and fiscal year 2023 earnings conference call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. I would now like to turn the call over to the host, Investor Relations Manager, Miss Luhan Tang. Thank you, and good morning, everyone, and thank you for joining Xunlei 2023 fourth quarter earnings conference call. On the call with me today are Eric Zhou, Chief Financial Officer, and Li Liu, Vice President of Finance. Now, our earnings press release is available on our website, which is intended to supplement our prepared remarks during today's call. For the agenda, I'll first read the prepared opening remarks on behalf of our Chairman and CEO, Mr. Jinbo Li, on highlight of our fourth quarter operations. Then Mr. Eric Zhou, our Chief Financial Officer, will walk you through the details on the financial results and a wrap-up with our revenue guidance for the first quarter of 2024. After the management's remarks, we'd like to welcome you any questions in the Q&A session. Today's call is recorded, and you can replay the call from our investor relations website at ir.xunlei.com. Before we get started, I would like to take this opportunity to remind you that discussion today will contain certain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations under current market conditions that are subject to risks and uncertainties that are difficult to predict, which may cause actual results to differ materially from those made in the forward-looking statements. Please refer to our SEC filings for a more detailed description of the risk factors that may affect our results. Xunlei assumes no obligations to update any forward-looking statements, except as required under applicable laws. On this call, we'll be using both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to comparable GAAP measures can be found in our earnings press release. Please note that all numbers are in U.S. dollars, unless otherwise stated. Now, the following is the prepared statement by Mr. Jinbo Li, Chairman and CEO of Xunlei Limited. Good morning, everyone. Thank you all for joining us today. We concluded 2023 with a solid fourth quarter result as our revenue exceeded the upper end of our guidance range, and we sustained profitability for the eighth consecutive quarter. Over the past year, we maintained a strong focus on enhancing our existing products and services, restructured our business operations, and explored new initiatives to seek potential breakthroughs in our business development. Despite more short-term impacts of our business adjustment, we're encouraged by what we have, we have done so far, and I believe that we're on the right track to pursue future growth. I look forward to sharing with you our progress in the near future. Let me provide you with some insight into our fourth quarter operations. As announced in our earnings press release earlier today, our flagship subscription business achieved a significant milestone with nearly 60 million subscribers at the end of 2023, and over 73% of them opted for a premium subscription, and our subscription revenue for the quarter reached $31.6 million, representing an impressive year-over-year growth of 26.8%. This can be attributed to comprehensive marketing initiatives implemented throughout the quarter of user acquisition and retention strategies aimed at incentivizing users to stay with us. With a robust subscriber base and the continuous efforts to acquire new users to optimize features and multifaceted marketing campaign, we expect that the positive momentum will continue in the coming days. Sound? Sound is not great. It's okay, it's fine. Okay. We'll continue. We're glad to see that despite the intense competition in the industry, our cloud computing business has managed to maintain its competitive edge. In the fourth quarter of 2023, our cloud computing business generated $30.5 million in revenue, reflecting a 4.4% year-over-year decline, primarily due to the reduced revenue from certain major clients. However, we have observed an increase in the sales of our hardware products, namely OES, OEC, and OEA, which may give users more cash rewards with sharing idle bandwidth resources. Meanwhile, Shenzhen OneThing, a wholly owned subsidiary of Xunlei and operator of our cloud computing business, was ranked number 3 with a market share of 11.8% in the public edge cloud service market during the first half of 2023, according to the study conducted by International Data Corporation. We remain optimistic about our market position in the edge cloud computing industry and remain fully committed to consistently delivering highly scalable, secure, and cost-effective services to our valued clients. Turning to our live streaming and internet value-added services, we generated $15 million in revenue, reflecting a significant decrease of 62.5%. This sharp year-over-year decline was mainly due to our strategic downsizing of our domestic audio live streaming business since June 2023. To make up the lost revenue in the domestic market, we are actively expanding our presence in overseas markets. Additionally, our gaming business is experiencing a rebound in terms of revenue, primarily attributable to the implementation of refined operational strategies that have resulted in a higher revenue sharing model. Furthermore, our advertising business is also benefiting from the growth of our subscription services, which incentivizes more users to engage with advertisements. Although gaming and advertising currently make up a relatively small portion of our product portfolio, we're anticipating future growth opportunity in these areas. Going forward, we will be facing both challenges and opportunities in the evolving industry. By leveraging our solid cash reserves and strong balance sheet, we will continue to execute a disciplined approach, optimize capital allocation efficiency, and prioritize investment in key business areas that may bring us best value. We remain committed to creating sustainable and long-term value for our shareholders. With that, I will turn this call over to Eric. Eric will cover our financial results in detail and provide a revenue guidance for the first quarter of 2024. Thank you, Luhan. Hello, everyone, and thank you again for joining Xunlei's 2023 fourth quarter and fiscal year earnings conference call. I will review the details of financial results and provide a revenue guidance for the first quarter of 2024. In the fourth quarter, the total revenues were $77.1 million, representing a decrease of 28.4% year-over-year. The decrease in total revenues was mainly attributable to decreased revenues generated from our live streaming business, as we've downsized some of the domestic live streaming operations since June 2023. Revenues from cloud computing were $30.5 million, representing a decrease of 4.4% year-over-year. The decrease in cloud computing revenues was mainly due to the decreased revenues from certain of our major customers of cloud computing services. Revenues from subscription were $31.6 million, representing an increase of 26.8% year-over-year. The increase in subscription revenues was mainly due to the increase in the number of subscribers and higher average revenue per subscriber for the quarter. The number of subscribers was 5.99 million as of December 31, 2023, compared with 4.99 million as of December 31, 2022. The average revenue per subscriber for the fourth quarter was RMB 36.5, compared with RMB 35.4 in the same period of 2022. The higher average revenue per subscriber was due to the continued increase in the proportion of the users opting for our premium membership. Revenues from live streaming and other IVAS were $15 million, representing a decrease of 62.5% year-over-year. The decrease of live streaming and other IVAS revenues was mainly due to the downsizing of our domestic live streaming operations during the year. Cost of revenues were $36.8 million, representing 47.7% of our total revenues, compared with $59 million, or 60.5 or 60.9% of the total revenues in the same period of 2022. The decrease in cost of revenues was mainly attributable to decreased revenue sharing costs for our live streaming business, which was consistent with the decrease in live streaming revenues. Bandwidth costs, as included in the cost of revenues, were $26.4 million, representing 34.2% of our total revenues, compared with $26.9 million or 27.7% of the total revenues in the same period of 2022. The remaining cost of revenues mainly consisted of costs related to the revenue sharing costs for our live streaming business, payment handling charges, cost of inventory sold, and depreciation of servers and other equipment. Gross profit for the fourth quarter of 2023 was $14.1 million, representing an increase of 6.5% year-over-year. Gross profit margin was 51.9% in the fourth quarter, compared with 38.8% in the same period of 2022. The increase in gross profit was mainly driven by the increase in gross profit of subscription business. The increase in gross profit margin was mainly attributable to the increased portion of subscription revenues to total revenues, which has a high profit margin, as well as decreased proportion of live streaming revenues to total revenues, which has a relatively lower gross profit margin. Research and development expenses for the fourth quarter were $19.5 million, representing 25.3% of our total revenues, compared with $19.2 million or 19.8% of our total revenues in the same period of 2022. The increase was primarily due to increased labor costs incurred during the quarter. Sales and marketing expenses for the fourth quarter were $9.3 million, representing 12.1% of our total revenues, compared with $8.7 million or 8.9% of our total revenues in the same period of 2022. The increase was primarily due to the increase in customer service costs and more marketing activities held for subscription business for our ongoing efforts on user acquisition, partially offset by the decreased employee bonuses accrued during the quarter. G&A expenses for the fourth quarter were $11.6 million, representing 13.1% of the total revenues, compared with $9.8 million or 10.1% of our total revenues in the same period of 2022. The increase was primarily due to the increase in labor costs and the depreciation of Xunlei headquarters building during the quarter, partially offset by the decrease in share-based compensation accrued during the quarter. Operating loss was $0.7 million, compared with an operating income of $0.4 million in the same period of 2022. The decrease in operating income was primarily attributable to the increase in operating expenses during the quarter. Other income was $3.5 million, compared with other income of $0.7 million in the same period of 2022. The increase was primarily due to the increase in foreign exchange gains and investment income for short-term investments during the quarter. Net income was $3.7 million, compared with $1.6 million in the same period of 2022. Non-GAAP net income was $4.5 million in the fourth quarter of 2023, compared with $3.5 million in the same period of 2022. The increase of net income and non-GAAP income was primarily attributable to the increase in other income, partially offset by the decrease in operating income, as discussed above. Diluted earnings per ADS in the fourth quarter of 2023 was approximately $0.06, as compared with $0.02 in the same period of 2022. As of December 31, 2023, the company had cash, cash equivalents, and short-term investments of $271.9 million, compared with $264.7 million as of September 30, 2023. The increase in cash, cash equivalents, and short-term investments was mainly due to net cash inflow from operating activities and the release of certain restricted cash, partially offset by repayment of bank loans and spending on share buybacks during the quarter. Now, let me share with you our fiscal year 2023 financial results. In 2023, we generated $364.9 million in total revenues, representing an increase of 6.5% on a year-over-year basis. The increase in total revenues was mainly attributable to increased revenues from our subscription and cloud computing businesses. Revenues from cloud computing were $123.4 million, representing an increase of 3.2% on a year-over-year basis. The increase in cloud computing was mainly attributable to increased sales of our cloud computing hardware devices. Revenues from subscription were $119.3 million, representing an increase of 18.7% on a year-over-year basis. The increase was mainly due to the growing number of subscribers, which increased from 4.99 million as of December 31, 2022, to 5.99 million as of December 31, 2023. Revenues from live streaming and other revenues were $122.2 million, representing a decrease of 0.2% on a year-over-year basis. The cost of revenues were $200.6 million, representing 55% of our total revenues, compared with $200.1 million, or 58.4% of the total revenues in 2022. Bandwidth costs, as major component of cost of revenues, were $112.5 million, representing 13.8% of the total revenues, compared with $104.6 million, or 13.5% of the total revenues in the previous year. The increased bandwidth costs were mainly due to the increased demand for subscription and cloud computing services, which was consistent with the increase in subscription and cloud computing revenues. The remaining cost of revenues mainly consisted of the costs related to the revenue sharing costs for our live streaming business, payment handling charges, cost of inventory sold, and depreciation of servers and other equipment. Gross profit for the year was $163.1 million, representing an increase of 15.6% on a year-over-year basis. Gross profit margin was 44.7%, compared with 41.6% in the previous year. The increase in gross profit and gross profit margin was mainly driven by the increase in gross profit of subscription business and increased the portion of subscription revenue to total revenues, which had a high gross profit margin. Research and development expenses for the year were $74.2 million, representing 20.6% of our total revenues, compared with $67.7 million, or 19.8% of total revenues in the previous year. The decrease was primarily due to increased labor costs, as well as increased headcount as compared with the previous year. Sales and marketing expenses for the year were $43.5 million, representing 11.9% of our total revenues, compared with $34.8 million, or 11.3% of total revenues in the previous year. The decrease was primarily driven by the increase in marketing expenses for our subscription and live streaming businesses. G&A expenses for the year were $46.9 million, representing 12.8% of total revenues, compared with $39.7 million, or 11.6% of total revenues in the previous year. The increase was primarily due to the increase in share-based compensation expenses, depreciation of Xunlei headquarters building, and one-off impairment of servers and network equipment incurred during the year. Operating loss was $1.6 million, compared with an operating income of $10.1 million in the previous year. The decrease in operating income was primarily attributable to the increase in operating expenses during the year, partially offset by an increase in gross profit of subscription business, as mentioned above. Other income was $16.9 million, compared with $13.5 million in the previous year. The increase was primarily due to an increase in investment income and the reversal of certain payables related to a previously disposed business, with no probability of payment during the year. Net income was $14.3 million in 2023, compared with net income of $21.3 million in the previous year. Non-GAAP net income was $23.9 million in 2023, compared with $29.5 million in the previous year. The decrease in net income and the non-GAAP net income was primarily driven by the decrease in operating income, as discussed above. Diluted earnings per ADS in 2023 was approximately $0.32, as compared with $0.34 in the previous year. Now, turning to our share repurchase program. During 2023, we spent approximately $4.7 million on share buybacks. Let's talk about our earnings guidance. For the first quarter of 2024, Xunlei estimates total revenues to be between $79 million and $84 million, and at the midpoint of the range represents a quarter-over-quarter increase of approximately 5.7%. This estimate represents management's preliminary view as of the date of this press release, which is subject to change, and any change could be material. Now we conclude prepared remarks for the conference call. Operator, we are ready to take questions. Thank you. If you wish to ask a question, please press star one and one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star one and one again. Once again, if you wish to ask a question, please press star one and one on your telephone. There seems to be no questions at this time. We have a question in the queue. We have one. Please stand by. We will take our first question. Your first question comes from the line of Qing Wang from Hailu Asset Management. Please go ahead. Your line is open. Qing Wang, your line is open. Please ask your question. Okay, [Foreign Language] I translate her question to English. Thanks, Qing, and she said, congrats on for achieving record-breaking membership for the subscription business. She would like to know some details regarding the specific marketing strategies that were implemented... and she'd also like to know whether these strategies are sustainable. In the fourth quarter, our subscription business experienced significant growth, primarily due to our strategic partnership and collaborations with some popular online social networking platforms, as well as the thriving communities of our own users. We have provided attractive incentives to attract new users and effectively retain existing ones, thereby enhancing user engagement and fostering loyalty. We expect this positive momentum to continue in the coming days as a result of our continuing and exceptional marketing campaign efforts. Thank you. [Foreign Langauage] And the question is, I noticed from the CEO's speech that over 70% of the subscribers are premium members. Could you please clarify if this refers to the 70% of the total number of subscribers or just the paying subscribers? And additionally, do you anticipate a further increase in the proportion of premium members? Approximately 73% of our paying subscribers are premium members. We continuously enhance the structure of our membership by offering options for both premium and standard subscriptions, as well as different durations for this membership. Further, we are continuously improving our operations, iterating our existing features, and striving to convert more free users to paying customers, while encouraging standard subscribers to upgrade to our premium services. As a result, we anticipate there is still some room for further growth, but maybe at a decelerated pace. Thank you. [Foreign Language] Thank you. There are no further questions. I would like to hand back to management for closing remarks. Thank you again for your time and participation. If you have any questions, please visit our website at ir.xunlei.com or send us emails to our investor relations. Have a good day. Okay, we conclude today's conference call. Thank you very much. This concludes today's conference call. Thank you for participating. You may now disconnect.