Thank you, operator. Hello, everyone, thank you for joining us today for 111's first quarter 2021 conference call. On the call today from 111 are Dr. Gang Yu, Co-founder and Executive Chairman; Mr. Junling Liu, Co-founder, Chairman, and CEO; Mr. Luke Chen, CFO of our major subsidiary; Mr. Haihui Wang, Co-COO; Mr. Barry Zhu, Co-COO; Ms. Tiffany Zhuge, SVP of Investor Relations and Business Development; Ms. Monica Mu, Investor Relations Director; Mr. Alex Liu, Finance Director. As a reminder, today's conference call is being broadcast live via webcast. A replay will be available on our website following the call. The company's earnings press release was distributed earlier today, together with our earnings presentation, are available on the company's IR website at ir.111.com.cn. Before we get started, let me 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 upon management's current expectations and current market and operating conditions, and they relate to events that involve known and unknown risks, uncertainties, and other factors, all of which would cause actual results to differ materially. For more information about this risk, please refer to the company's filings with the SEC. 111 does not undertake any obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required under applicable law. Please note that all numbers are in RMB and all comparisons refer to year-over-year comparisons, unless otherwise stated. Please also refer to our earnings press release for detailed information of our comparative financial performance on a year-over-year basis. With that, I will turn the call over to our CEO, Mr. Junling Liu. Good morning and good evening, everyone. Thank you for joining our 2021 first quarter earnings call. I'll begin with an overview of the company's business and operational performance before handing it over to Luke to take you through the financials in section two. We will then conclude our prepared remarks with guidance for Q2 2021 before opening the call for Q&A. We were pleased to report another quarter of strong growth. In the first quarter, net revenue rose 64.7% year-over-year to CNY 2.6 billion. This marks the 11th consecutive quarter of year-over-year revenue growth since our IPO. In China, Q1 is typically a soft quarter in the healthcare space, as well as for the general retail industry due to the Lunar New Year holiday. In addition, Q1 2020 was unusually strong due to the sudden surge in demand for pandemic-related products. We're pleased with the year-over-year growth, which excluding one-time pandemic-related sales, was 89% in Q1 2021. Non-GAAP net loss attributable to ordinary shareholders as a percentage of net revenue was also decreased from 6.9% in the first quarter of 2020 to 4.2% in this first quarter, which shows our continued momentum towards profitability. Our top-line growth is driven by our S2B2C model as we continue to take the lead in the modernization and advancement of China's healthcare system. Our growth is a testament of the tremendous progress in our mission to digitally connect patients with medicine and healthcare services. Given the transformative nature and leading-edge technology of our S2B2C model, I will briefly highlight its core fundamentals. First, the S in our S2B2C model represents our powerful supply chain platform that encompasses not only the technology behind the platform but also our network of suppliers, such as pharmaceutical companies, distributors, and other service providers. This S is digitally connected to the B, our rapidly growing network of pharmacies, doctors, clinics, and so on. To further strengthen our supply chain capabilities, the two new fulfillment centers in northwest and northeast China we announced in March, are now fully operational. We're also expanding and upgrading some of our existing fulfillment centers to meet the growing demand for our services. The expansion of our supply chain network has been key to supporting businesses and doctors and allowing them to serve their patients effectively and efficiently. These improvements will also expand our ability to help marketplace vendors sell their product via our online platform. There are currently over 900 marketplace vendors utilizing our platform. By leveraging our supply chain infrastructure and online presence, they are able to expand their geographical reach and attract new customers. With the regulatory policies in China trending towards lowering healthcare costs and increasing transparency and efficiency, pharmaceutical companies need new sales models to address the challenges presented by these regulatory changes, such as volume-based procurement, more intense local competition, and taking full advantage of accelerated NRDL approvals. In the past, one drug may be able to enjoy a decade plus of a high sales volume. In today's environment, both international and domestic pharmaceutical companies need to capitalize on the patent exclusivity period and reach peak sales volume for their product in the shortest time possible. To help them achieve this, we continue to broaden our partnerships with pharmaceutical companies in our omni-channel commercialization platform, offering them access to our large network of retail pharmacies, our network of both in-house and affiliated doctors, as well as our nationwide supply chain network. A good example of this is our strategic cooperation agreement with BeiGene announced in March. BeiGene currently markets two internally discovered oncology medicines in China and also markets or plans to market in China additional oncology products licensed from a number of well-known global pharma companies. 111 and BeiGene will cooperate around an internet plus medicine plus healthcare model, leveraging our internet hospital, smart supply chain network, data-driven AI solutions, and online and offline DTP delivery of medicines to create a unique oncology management platform and expand the commercial reach of BeiGene's innovative drugs. As of March 31st, we have over 360 similar partnerships with pharmaceutical companies, and these partnerships allow for a win-win scenario for all parties involved. Patients benefit by being able to access a much wider variety of medication, along with newly approved medication, faster than ever before, without waiting for medicine to enter the hospital system. Doctors benefit from no longer being limited to prescribing drugs available within a certain hospital system, allowing them a wider range of treatment options. Pharmacies benefit by leveraging our models of scale to provide better pricing, wider selection, and the ability to fulfill single unit orders. Pharmaceutical companies benefit by gaining a wider access to doctors and patients nationwide, and the ability to sell product in multiple channels without relying exclusively on hospitals for sales. We benefit as well by being able to acquire product at lower costs and offer revenue-generating services to pharmaceutical companies. Let me break up the B in our S2B2C model in a little more detail. We continue to develop our S2P2C model, supply chain platform to pharmacy to consumer. Here, we provide pharmacies with a wide selection of products and services from our economies of scale, which includes over 340,000 pharmacies, accounting for more than 60% of China's overall retail pharmacy network. Pharmacies leveraging our supply chain platform can take advantage of our cloud CRM and cloud clinic, a wide variety of products and services like same-day home delivery and inventory and supply chain management. We also offer a suite of enterprise solutions, such as tools and support necessary to enable previously offline businesses to establish an online presence and reach more consumers. At the same time, we're expanding the reach of our B2C model, supply chain platform to doctors to consumer. By harnessing the power of our industry-leading technology, we are modernizing the traditional in-person medical care process by offering telehealth and patient management tools to provide convenient and timely medical care from diagnostics to treatment to follow-up and routine care. We're proud at the forefront of the healthcare industry's new era of Internet plus medical care plus medicine. The doctors can utilize our cloud pharmacy, cloud clinic, and doctor-patient platforms to provide online consultations, e-prescription services, and follow-up care to patients, which improves the quality of the doctor-patient experience and will result in more positive care outcomes. This platform removes the element of geography and the hurdle of physical distance between businesses and patients. Doctors can engage and interact with their patients who are at home, allowing for effective and efficient follow-up care or the mitigation of potential complications early in the diagnosing process. This foundation of our model is extended to the C, the consumer or the patient, who is digitally connected to doctors, medicines, and other healthcare providers and the services. Consumers can leverage a wide network of doctors and pharmacists that were previously out of reach or unknown. We believe that the benefits to having this integrated digital platform are clear: improved access to healthcare and better patient outcomes. As a result, our omnichannel digital platform fills many gaps in the traditional healthcare ecosystem, and we have seen an increase in demand for our innovative solutions. This is demonstrated by the fact that in the first quarter, our service revenue, while nascent and therefore not yet making a substantial contribution to our total revenues, grew to CNY 17 million, representing 161% increase over first quarter 2020. I would further like to highlight the potential for growth in these spaces and the increasing market opportunities we are seeing. According to a report from Frost & Sullivan, China's online consultation market is expected to radically increase from 6% in 2019 to 42% in 2024 and 68.5% in 2030, respectively. This increase is partially driven by China's enormous chronic disease management market, which is expected to triple from CNY 4.5 trillion in 2019 to CNY 14.9 trillion in 2030. Accordingly, China's online pharmaceutical market is expected to grow nearly tenfold to CNY 1 trillion by 2030. Given the industry tailwind and the leadership position 111 has established in our space, we continue to make significant investments in our team, technology, and supply chain platforms. This also shows our confidence in driving more business momentum. Technology expenses grew more than 100% over the past 12 months, and we have also made significant investments in our patient management portals and other technology offerings. In addition, we continue to add to the pharmaceutical and doctor support team that we began building last year, consisting of professionals with expertise in specific disease areas such as endocrinology, oncology, neurology, and others. Our established S2B2C model, or specifically S2P2C and S2B2C models, are a win-win for all, and our strong Q1 2021 results reflect that. Our dedication to improving and expanding the foundation of our industry-leading technology and omnichannel network, along with growing market opportunities in healthcare, telehealth, and pharmaceuticals, put us in an excellent position to continue to deliver outstanding value to our shareholders. With that, I'll hand the call to Luke to walk through our financial results. Thank you. Thank you, Junling. Moving to the financial section on slide 13, you can see the details of the first quarter 2021 results from slide 14 to 16 of our presentation. I would like to highlight a few key business and financial metrics. I will focus on year-over-year comparisons. All numbers are in RMB unless otherwise stated. Let's start with the first quarter results. Total net revenues for the quarter grew 63.4% to CNY 2.6 billion, which is at the high end of our guidance range. Our B2B segment revenue grew 77.6% to CNY 2.45 billion. Our B2C segment revenue was down 27% to CNY 142 million. The decrease is attributed to the first quarter being generally slower for the entire retail industry due to the Lunar New Year holiday, as well as first quarter 2020 being unusually strong for online purchases due to the mandated quarantine. Our B2B gross margin was 3.6%, up from 3.3%, while our B2C gross margin remained stable at around 20%. The improvement in gross margin of our B2B segment reflected our ability to continuously improve the margin while maintaining robust top-line growth. Overall, our gross profit grew by 32.2% to CNY 116 million. Total operating expenses for the quarter were up 43.6% to CNY 2.9 million. As a percentage of net revenue, total operating expenses for the quarter decreased to 11.1% compared to 12.8%. Fulfillment expenses as a percentage of net revenue for the quarter were 2.6%, down from 3.5% in the same quarter last year. Sales and marketing expenses as a percentage of net revenue for the quarter was 4.7%, down from 6.1% in the same quarter of last year. The G&A expenses as a percentage of net revenue for the quarter was 2%, up from 1.9% in the same quarter last year. Technology expenses accounted for 1.9% of net revenue, up from 1.3% in the same quarter last year. This is primarily driven by an increase in the number of personnel in the R&D and IT teams, reflected our continuous investment in our infrastructure. As a result, the net GAAP net loss attributable to ordinary shareholders for the quarter was CNY 109.3 million as compared to CNY 109.4 million in the same quarter last year, which accounted for 4.2% of net revenue, down from 6.9%. As to the guidance for the second quarter 2021 on slide 18, the company expects the total net revenue to be between CNY 2.92 billion and CNY 3.08 billion, representing a year-over-year growth of approximately 80%-90%. The above outlook is based on current market conditions and reflects the company's current and the preliminary estimates of the market and operating conditions as well as consumer demand, which are subject to change. Please refer to slides 20-22 of appendix section for selected financial statement. A quick note on our cash position as of March 31st, 2021. We had cash and cash equivalents, restricted cash, and short-term investments of CNY 1.16 billion compared to CNY 1.62 billion as of December 31st, 2020. This concludes our prepared remarks. Thank you. Operator, we are now ready to begin the Q&A session. Certainly. Ladies and gentlemen, if you wish to ask a question, please press star one on your telephone. To withdraw your question, press the pound key. Once again, if you wish to ask a question, you may press star and the number one on your telephone keypad. Your first question comes from the line of Xingjie Huang of HSBC. Please ask your question. Yeah, thank you very much, management, for taking my questions. This is Xingjie from HSBC. I hope to ask a few questions on behalf of Rachel Yang. My first question is on the fulfillment cost. We do see then the fulfillment cost can further decrease in Q1. Just wondering how we made it and how do we see further room for decrease. The second question is about the industry. We see multiple industry updates recently, such as the online sales of prescription drugs and the remote medical insurance payments. How do we expect those policies to impact our businesses? Yeah, that's my two questions. Thank you. Talking about fulfillment cost decrease. Yeah. We have continuously improved our whole supply chain, including the systems we built. Also we initiate various BPI programs to improve our operational efficiency and effectiveness. At the same time, we are optimizing our supply chain infrastructure. As you have seen that in Q1, we have launched two new fulfillment centers, one in northwest, one in northeast. We are restructuring the whole supply chain network. This enables us to have a more efficient supply chain. At the same time, we are engaging with more third-party logistics and Improving our cold chain coverage and improving our fulfillment center automation. All this together help us to lower the fulfillment cost. Yeah, let me address the industry question. That was a great question, by the way, Xingjie. Yeah, you mentioned a few policy changes in recent months, but also if you look over in the past couple years, from allowing online sales of drugs, the volume-based procurement, and also the hastened approval or the speedy approval of new drugs into China, there are lots and lots of changes in the regulatory side. I think if we look at all those policies, they all point towards two important directions. One is really transparency, the other is really efficiency. If you look at our business model, 111 is very different from our other competitors in the industry. We do not have a parent company with background or a lot of resources. Our business model is purely based on two principles, one being transparency, the other one being efficiency. This really plays right into our strength. The other great development are the push towards digital and the penetration towards lower Tier cities. Obviously, digital solutions can help us address both the needs from the pharmaceutical companies and also the doctors and patients and pharmacies alike. Once again, this plays right into our strength. I must say that the Chinese government is extremely competent. If you look at those policies, we actually wholeheartedly welcome those new policies. They actually will lay the foundation to make the Chinese healthcare system one of the most efficient ones in the world, I think within the next decade. We feel extremely lucky to be in the right market at the right time. Thank you, Xingjie. Yeah, thank you very much. I will see you. Your next question comes from the line of Zoe Bian of Citi. Please ask your question. Hi, this is Zoe Bian from Citi. Thank you [audio distorted] for taking my question. My first question is about the revenue growth drivers in first quarter. We know that you have covered a majority of pharmacies in China. Which customer group is your strategic focus in the next one or two years? The second question is about the partnerships with pharmaceutical companies. Can you please share why do they choose 111 to cooperate, and can you give us more examples of your partnerships? The third question is about your new investment on the supply chain. Any updates on upgrades of supply chain infrastructures and fulfillment centers? The fourth one is about your STAR Market listing status. Thank you. Thank you, Zoe. I think we can take them in your order. First question is about the drivers in revenue growth. That's a great question. I think I spoke about in my script about why we continue to grow at a pretty fast pace, even though our revenue base has gone beyond over CNY 1 billion last year. I think fundamentally, still our model is driving the growth. It's our S2B2C model. If you look the progress we made in Q1, obviously we announced the two new fulfillment centers are in full operation. Also we are expanding, upgrading some of the existing fulfillment centers. We increased the pharmaceutical partnerships to 360+. We also collaborated with a number of globally renowned pharmaceutical companies on their new drugs, like Eli Lilly, like BeiGene, like Sanofi, et cetera. We're also working with some of the CSO companies that I also referenced that we have over 900 marketplace vendors on our platform. This is all our S, that's our supply chain platform. Obviously, how do we really break up the S2B2C? Then I explained that was further broken down into S2-B2C and B2C, right? In the S2B side, that's the pharmacy side of the business. I referenced a number by March 31st. We actually covered more than 340,000 pharmacies, right? That is more than 60% of the overall market. On the S2B2C side, the number of doctors we have been working with has increased to more than 15,000 by the end of the quarter. Really, if you look into the growth of the business, this is the fundamental driver. We're pretty confident that we're going to continue to deliver pretty robust growth, even though our base has become a much bigger base now. The second part of your question one is about the focus on customer groups. Really on the pharmacy side, yes, indeed, we cover the majority of the pharmacies now. What we believe the value we could offer to the small and medium chains and the single stores. From the dimension of geographical coverage, instead of focusing on Tier 1 cities, I think our biggest opportunity is really in the Tier 3 to Tier 6 cities. The lower Tier cities, those pharmacies there need our services more than those Tier 1 city pharmacies. I'll stop at that and maybe Gang should be talking about the partnerships on question two. All right. Let me answer the second question to Zoe. You have seen that we are a perfect partner for pharmaceutical companies with complementary strength. As all you know that the pharmaceutical companies, they have their R&D capabilities, they have all their products. They like to have broad market coverage to penetrate to all the consumers. They have good branding and experts, medical experts. They really like us to have the omni-channel commercialization capabilities, our supply chain coverage, our digital solutions. These are a perfect match. Plus our data service can help them to gain the customer insight. Our SaaS service can help them to improve their field reps efficiency. Another big plus is that we're a Nasdaq-listed company. They like our transparent corporate governance, they like our compliance. All these together, make us to be their choice. The third question you mentioned about why we continue to expand our supply chain. I think we're continuing that in fulfillment centers, both in capacity and in throughput. We are now also in the process of expanding our cold chain coverage for innovative drugs and for bio drugs. We also invest in warehouse automation to gain more operational efficiency. Through all these, we're deepening our regional penetration, broaden our market coverage, improve our timeliness of delivery, and optimize our systems and operations. Regarding the STAR Market domestic listing. In the second half of last year, we started the process of preparing an IPO on the Shanghai Stock Exchange, particularly STAR Market. That work is continuing. As many of you may be aware, the listing process on China's exchange require approval from various government entities. Because of that, we cannot control the timing, and thus we cannot give clear guidance on that. We remain committed to achieving our goal of building an investor base consisting of both domestic and global investors. We believe that a new listing in China, in addition to our current listing on Nasdaq, will allow interested investors a convenience and efficiently to invest in 111, no matter where they're based. Zoe, hope we answer all your questions. Thank you, Junling and Gang, for thoroughly answering my questions. Thank you. Your next question comes from the line of Forest Cheng of IDG Capital. Please ask your question. Hi, thank you for the presentation. This is Forest from IDG Capital. I just have two questions. The first one being related to the expenses. I see expenses have gone up, especially G&A and technology expenses have gone up significantly. Especially on technology, can you shed some light on the timing of the investment and sort of the nature of the increased expenses? My second question is on the gross margins. I see that gross margin continues to expand. Can you give us a little bit more insight onto the margin expansion and whether or not we should continue to expect such expansion? Thank you. Right. It's a great question. If you look into the details of our business, we actually feel extremely confident of the future of our business. What we wanted to do is take the opportunity to really strengthen our capabilities to better position ourselves in the marketplace. This is a tremendous demonstration of our own confidence over the future of our business. The expenses really are happening in the following areas, where we think we should be investing to better position the company. You mentioned about technology. Absolutely. We actually more than doubled our technology team from last year. That is a key area for us to really differentiate ourselves from our competition in the marketplace. The other part of the investment actually goes into the innovative new businesses. We have a number of new businesses that we are incubating, and we believe in the future. We believe especially in the S2D space, there is going to be tremendous prize there. Of course, our fundamental of the business is supply chain platform. Obviously, a lot of the investment goes into our supply chain network. Not only our fulfillment centers, but also the partnerships and the ecosystem, including the team that are covering some of the key accounts of the pharmaceutical companies, the team that are doing development in the marketplace vendors, in other CSO companies, distributors, et cetera. Of course, we also make investments. Our team and our G&A expenses are going up. We believe those investments are very necessary given the opportunity we have in the development of the healthcare industry in China. This is going to really nail us on the map for the future development of the company. I think about the gross margin side of the business, Luke, are you going to address that? Yes. We are very pleased to see we continue to improve the gross margin on the B2B business. This quarter, the B2B business revenue grew like 77%, but the gross profit growth more than 90%. The percentage margin from 3% to 3.6%. The driver behind it is, as we explained, we are increasing more direct sourcing from pharma companies, which we have better trading terms with them. Additionally, because we've been partnered with those pharmacies, we provide SaaS solutions to them, and we are able to achieve more sales revenue and service revenue as we highlight this time. As well as we are asking our team to focus on selling those high-margin products like co-brand with particular pharma companies. We think that with the scale we're building up, we will have more opportunity to leverage the network we built up to provide not only the distribution service to the pharma companies, but also the sales and marketing service, like digital marketing service we provide to them, and other service. Also, we believe we'll be able to generate service revenue from all of those SaaS solutions we provided to the pharmacies, the clinics, private hospitals, et cetera. We've been able to improve the gross margin and gross profit on the 2B side quarter-over-quarter, and we are very pleased that we will continue to do that. Okay. Thank you. Once again, if you wish to ask a question, please press star and the number one on your telephone keypad. Your next question comes from the line of Charlene Liu of HSBC. Please ask your question. Hi, Dr. Yu and the management team. Thank you very much for taking my question. I think the management team mentioned earlier, and as we know, that [audio distortion] has already achieved great success in terms of covering the pharmacies, 60% of the market. Obviously the another area of growth is to start covering doctors/clinics. By the end of the quarter, you have already covered 30,000. Can you share a little more as to where you are on the expansion plan and how much of the landscape which you intended to cover has already been covered thus far? Can you talk about the percentage of your orders are now currently originate from clinics as opposed to the pharmacies? Thank you very much. Okay. Maybe Haihui, can you answer that question? Yes. Majority of our customers engage currently through our online operation, those pharmacies and clinics. As Junling Liu just mentioned, they are mainly from Tier 3 to 6 cities. We also have an on-site task force around the country to provide on-site services, especially for our new customers. Those on-site task force, their service includes O2O services and cloud clinics and cloud CRM and our SaaS services. We also developed an app called Hawkeye, which monitor all our activity of our salesforce and enable our salesforce to achieve a much higher productivity than competitors. I'm not sure. Yeah, I think I want to add another comment there, Charlene. I think the majority of the revenue still comes from the pharmacies instead of the clinics, although clinics will be a future growth area we want to invest in. Currently, more than 90% of the revenue to B business is still from the pharmacies. Is there a target as to how many clinics or doctors you intend to cover say in the next two to three years? Would it be one of your KPIs to sort of target a certain revenue breakdown at some point in time down the road coming from clinics? Yes, indeed. We're not ready to announce to the outside world yet. We have an internal plan. Okay. We have specific targets as well. We deployed whole team that's doing that. We will be plotting that due course. Okay, wonderful. Thank you so much. That was very clear. Thanks for the opportunity. Once again, if you wish to ask a question, please press star and the number one on your telephone keypad. Your next question comes from the line of Anthony Price of Oddity Investments. Please ask your question. Thank you so much. First of all, I want to congratulate you. I'm an old Greek that lives outside of Washington, D.C., and I've admired your company for well over a year. I think no one in the Communist Party would object and no one in America would object to the work you're doing, and I'm proud to be an owner of your shares. My question deals with the issuance of shares. Let me explain. I had a lot of China Unicom some years ago, and there was an issuance of 47% of the stock. The stock had gotten up in the 2020s, and it never recovered. Also, the American government is issuing dollars now and destroying the value of the United States currency. I know you gentlemen are well-intended, and you have a tremendous growth trajectory, but how are you going to protect us, the outside owners that support you regarding the price going forward and the issuance of shares? Thank you, sir. Thank you for taking my question. Anthony, first of all, we are most grateful for having you as our shareholder. I appreciate you attending the call and listening to our story and also expressing your views. Your view is very well taken. We understand what you're talking about. It's a rather complex issue. I would love to get the opportunity to speak to you further on this, and we will take your comment back and our team will do some further research on that and also do some analysis. Of course, there is always pluses and minuses on whatever structure of the shares we're going to have. Yeah, once again, your comments are very well taken, and we would love to have the opportunity to actually speak to you on this further. Thank you. Thank you. Thank you. I'm available to speak about it at any time, and I thank you so much for understanding my question. Indeed. As there are no further questions at this time, I'd like to hand the conference back to the presenters. Please continue. Okay. That sounds like we have completed all those Q&A sessions. Monica, are we ending the call now? Sure. Thank you all. That's how to put out call. Thank you. In closing, on behalf of the entire 111 management team, we'd like to thank you for your interest and participation in today's call. If you require any further information or have any interest in visiting us in China, please let us know. Thank you for joining us today. This concludes the call. Ladies and gentlemen, today's conference.