Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to Yunji's First Half 2025 Earnings Conference Call. With us today are Mr. Shanglue Xiao, Chairman and Chief Executive Officer, and Mr. Nan Song, Senior Financial Director. As a reminder, this conference call is being recorded. Before we start, please know that this call will contain forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995, that are based on the company's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties, and other factors of Yunji and its industry. These forward-looking statements can be identified by terminologies such as will, expect, anticipate, continue, or other similar expressions. For a detailed discussion of these risks and uncertainties, please refer to the company's related documents filed with the U.S. SEC. Any forward-looking statements that the company makes on this call are based on assumptions as of today and are expressly qualified in their entirety by cautionary statements, risk factors, and other details of its filings with the SEC. The company does not undertake any obligation to update these statements except as required under applicable law. With that, I will now turn it over to Mr. Shanglue Xiao, Chairman and CEO of Yunji. Please go ahead, sir. Apologies, ladies and gentlemen. We seem to have disconnected with our speakers. Please hold while we reconnect. Ladies and gentlemen, we've reconnected with our speaker line. Please proceed with the presentation. [Foreign language] Hello everyone, and welcome to Yunji's first half 2025 earnings board. Thank you for your continued interest and support. [Foreign language] Over the past six months, we have remained firmly anchored to our organic health strategy. While overall market conditions and a weakened consumer confidence have led to a slight decline in our total revenue, we believe that staying committed to organic health is the right strategy and represents an important opportunity for Yunji's future development. [Foreign language] We have centered our strategy on organic health, positioning Youjiang Organic Milk as our flagship product to shape our brand image in this space. The product achieved RMB 5 million in sales at launch, helping establish Yunji's health-focused brand awareness among consumers. Building on this success, we will gradually expand the concept from this foundation. Additionally, Youjiang Milk will serve as an important tool for Yunji's expansion, helping us better penetrate the retail market developed through community leaders. [Foreign language] Over the past six months, our other major products have also performed exceptionally well, Life Slimming Coffee achieved sales of over RMB 10 million, Probind Audis bolus, which nearly RMB 7 million, while freeze dried Seabulk Thorn Powder and Herbal Zhongyi Paste each generated more than RMB 5 million in sales. This success comes from our organic health strategy and our scientific weight management product selection, both aligned closely with the national health agenda outlined in Healthy China 2030, a government initiative that sets long-term goals to improve public health and healthcare by 2030. This marks our approach sustainable in the long term and holds tremendous development potential. Moving forward, we will continue to expand our brand influence through an integrated organic health concept and continually optimize our product mix. [Foreign language] Our beauty brand SUYE offers high-value products that align closely with consumer preferences in today's market. Its approach of combining major products with high-impact promotion has achieved positive market feedback. The SUYE Pro-Xylane Firming Essence Lotion generated over RMB 4 million in sales at launch, with more than 32 of the buyers being returning dormant users. The entire SUYE Pro-Xylane Firming Series, including creams, lotions, and essences, generated sales exceeding RMB 10 million. In terms of channels and brand development, we are actively expanding public domain channels, upgrading our Tmall infrastructure, establishing partnerships with top influencers for live streaming sales, and enhancing WeChat channel content. Currently, our WeChat channel transaction volume ranks higher than 92.8% of our peers. As we expand our public domain sales, we will continue monitoring market expenses and constantly improving cost efficiency. [Foreign language] Our Jianxin Tea Therapy business is currently in the incubation phase. Thanks to the strong growth potential and the customer loyalty of the Tea Therapy program, we successfully reached our goal of building a 100-person tea therapist team in the first half of the year, with frequent users maintaining a solid 60% participation rate. More notably, participants in the Tea Therapy program have gradually expanded from existing members to external and otherwise individuals. At present, external members in the program account for nearly 15% of all participants, creating significant opportunities for further business growth. Meanwhile, the Tea Therapy program will help Yunji further establish our organic health image and provide quality traffic for our organic health products. In the first half of 2025, over 90% of tea therapy users purchased our main products, effectively supporting sales of our other health products. [Foreign language] The rapid growth of instant retail is posing new challenges for community retail group leaders. Under this trend, community group leaders are more inclined to embrace private domain e-commerce and connect with the sole supplier. Therefore, in the future, we will focus on expanding our community group leader channels, placing organic foods in community group leaders' stores. This will not only empower community group leaders but also allow more people to conveniently enjoy our organic products, ultimately achieving mutual benefits and win-win results. [Foreign language] With that, I will hand over to our representative, Nan Song, our Senior Financial Director, to go through the financial results. Thank you, Sally. Hello everyone. Before I go through our financial results, please note that all numbers detailed in the following remarks are in RMB terms and all comparisons and percentage changed on a year-over-year basis unless otherwise noted. During the first half of 2025, market uncertainties still posed challenges to our operations. Even so, our financial position allowed us to continue advancing our strategic initiatives. We continuously assess the profitability of both new and existing business lines and make timely adjustments to adapt to shifting market conditions, ensuring we maintain a low-lying financial foundation while driving ongoing improvements. Now, let's take a close look at our financials. Total revenue was RMB 158.3 million compared to RMB 233.8 million a year ago. Revenues from sales of merchandise were RMB 131.7 million, and revenues from our marketplace business were RMB 24.5 million. The changes were primarily due to softer consumer confidence and our ongoing strategy to refine product selection across all categories and optimization of our supply and merchant bases, which affected sales. Despite these challenges, our gross margin remained relatively solid at 47.3%. This was due to sustained customer loyalty towards our product levels and our effective product curation strategy that assessed high margins. High reputation characterized within our integrated portfolio. Now, let's take a look at our operating expenses. Fulfillment expenses decreased to RMB 20.6 million from RMB 42.6 million a year ago. This was primarily driven by lower warehousing and logistics costs from reduced merchandise sales, with lower personnel expenses for in-shopping structural refinement. Sales and marketing expenses were RMB 15.1 million compared to RMB 47.5 million a year ago. This was primarily due to higher member management space from growing the membership space and increased personnel costs to support expansion into markets, partially affected by lower advertising expenses. Technology and content expenses were RMB 15.3 million compared to RMB 25.5 million a year ago. The decrease was mainly due to a reduction in personnel costs resulting from staffing structure optimization. General and administrative expenses were RMB 93.4 million compared to RMB 33.5 million a year ago. The increase was mainly due to a high allowance for graduate law students, partly affected by higher professional service expenses and personnel costs. Including the one-time allowance, G&A expenses decreased by 35.6%, reflecting the loss of our expenses optimization effect. Total operating expenses in the first half of 2025 were RMB 179.4 million compared to RMB 149.1 million in the same period of 2024. Loss from operations was RMB 100.4 million compared to loss from operations of RMB 32.4 million a year ago. Net loss was RMB 101.7 million compared with net loss of RMB 8 million a year ago, while adjusted net loss was RMB 101.5 million compared with adjusted net loss of RMB 6.7 million a year ago. Basic and diluted net loss per share attributable to ordinary shareholders were both RMB 0.05 compared with basic and diluted net income per share of new in the same period of 2024. As of January 30, 2025, we had a total of RMB 217.1 million in cash and cash equivalents, projected cash, and short-term investment on our balance sheet compared to RMB 242.8 million as of December 31, 2024. Our liquid assets provided adequate coverage for our payable obligation. In addition, we are devoted to making the most of our working capital and maximizing our assets to best support our operations. To sum up, during the first half of 2025, we continue to optimize our cost structure while ensuring efficient capital allocation. We remain committed to maintaining financial discipline and driving improved profitability while supporting long-term sustainable growth. Our continued focus on integration, together with our commitment to efficient asset utilization, play a key role in achieving this improvement. Looking ahead, we will concentrate on continuously improving our gross margin, aiming to achieve break-even and strengthen our overall financial position with a strategic focus, where we are prepared to manage future hindrances and capture growth opportunities in our evolving market environment. This concludes our prepared remarks for today. Thank you. That brings us to the end of today's call. Thank you for attending. You may now disconnect.