Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to Yunji's second half 2025 earnings conference call. With us today are Mr. Shanglue Xiao, Chairman and Chief Executive Officer, and Ms. Nan Song, Senior Financial Director. As a reminder, this conference call is being recorded. Before we start, please note that this call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based solely on the company's current expectations and current market 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 terminology 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 the entirety by cautionary statements, risk factors, and details of its filing 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. [Non-English content] Hello, everyone, and welcome to Yunji's earnings call. Thank you for your continued interest and support. [Non-English content] Yunji has remained committed to its strategic positioning of becoming a global leader in organic healthy living while making steady progress in the organic and healthy living market. In the second half of 2025, we continued to refine our premium product strategy, further strengthen customer loyalty, and actively explore and expand our sales channels. Now let me walk you through the company's financial performance and strategic execution. In the second half of 2025, the company achieved total revenue of around CNY 159 million, excluding the impact of the revenue recognized from long-aged incentive payables to inactive members. Merchandise sales revenue was CNY 128 million, up 0.16% compared to the second half of 2024. Meanwhile, the company's net loss significantly narrowed from CNY 115 million in the same period of 2024 to CNY 33 million, representing a 70% reduction. This was driven by the combined impact of our product strategy, operational efficiency improvements, and disciplined financial management. In terms of user operations, the company maintained a high repurchase rate of 69.7%, which not only reflects the users' high recognition of Yunji's products and services, but also serves as the core foundation for the company's steady development. These results reflect the growing effectiveness of and our disciplined product selection and operational execution, with the quality and efficiency of the company's development continuing to improve. [Non-English content] In the second half of 2025, we firmly continued to cultivate our core business segments and achieve the phased progress. [Non-English content] First, we continued to advance our health strategy, further integrating organic food within health sector, and building a distinctive portfolio of the food & medicine homology products. By closely aligning with China's national health strategy and precisely addressing consumers health focused needs. Our organic foods and health products have continued to earn the trust of consumers. In 2025, five of the company's organic food and health products each generated sales of over CNY 10 million, including the Yangcheng Lake hairy crabs, the probiotic bolus, Life Coffee, Yingjia organic milk, and the Baiyueshan freeze-dried sea buckthorn powder. [Non-English content] As consumer awareness of, and the demand for health and wellness continue to grow, we further expanded out our portfolio of food medicine homology products. One example is in the poly Pardon me, everyone. This is the conference operator. It looks like we've lost the main connection. Please stand by. Operator, we use this line or the main line? Uh, you're on the correct line now, ma'am. Please proceed. One example is in the Polygonatum tea, which we launched in the fourth quarter of 2025. With its natural and health-focused advantages, the Polygonatum tea quickly became one of our most popular products. Supported by premium ingredients and refined processing techniques, the Jiuhua Zun Polygonatum tea achieved rapid sales growth, making it a new highlight within our healthy living business. As of the end of December 2025, sales of this product had exceeded CNY 80 million. In the future, diversified health consumption needs. [Non-English content] We developed and tailored value for money strategy for SUYE, closely along with today's more rational consumer spending trends, and this has helped the brand steadily strengthen its market position. To meet consumers' core demands for quality products at attractive prices, we have introduced a range of flagship SUYE products and product bundles that have been well recognized in the market over the years. In 2025, sales of SUYE's polypeptide series increased by 20% year-over-year, while sales of the rice cleansing mousse increased by 32% year-over-year. Sales of the Pro-Xylane firming series also increased by 26% from CNY 20.7 million in 2024 to CNY 26.2 million in 2025. SUYE's strong performance confirms the forward-thinking nature of our value for money strategy and lays a solid foundation for further market expansion. [Non-English content] At the same time, we created and differentiated competitive advantages through the experience and show services, gradually transforming from a product sales platform into a product plus experience platform, further enhancing user engagement and loyalty. We have created a comprehensive supply chain traceability experience, allowing users to participate in the verification of product quality throughout the process. Reinforcing trust from the source through organic standards and building deep trust in brand. For example, in October 2025, we organized a Baiyueshan freeze-dried sea buckthorn powder traceability tour, where we organized the members to visit the Qinghai sea buckthorn production area, allowing members to directly witness the entire process from organic cultivation to scientific processing of a wild sea buckthorn. This transparent traceability model has continually strengthened members' trust in our products. Participation in these traceability programs has grown steadily, attracting an increased number of members. [Non-English content] In addition, we continue to enhance our tea therapy experience services, laying a solid foundation for broader consumer recognition of the food and medicine homology products, and supporting the expansion of our offerings in this category. Today, our experience services span the full product journey from front-end supply chain traceability that validates product quality to back-end interactive services such as the tea therapy. The end-to-end experience design not only enhances user participation and brand trust, but also builds emotional connections between users and the platform. We believe this will serve as a core competitive strength as we continue our transition toward a product plus experience platform. [Non-English content] As we continue to strengthen our core business, we remain keenly aware that growth is in a constant priority for any company. In the second half of 2025, while consolidating our existing user base, we actively explore diversified customer acquisition channels, seeking to balance growth with efficiency and support the company's sustainable development. [Non-English content] We efficiently activated existing users through a series of targeted operational initiatives. For example, in one campaign, we sent repurchase invitations to over 50,000 dormant users, and 44.87% of those users subsequently placed order on the platform. These targeted initiatives delivered strong activation and conversion results, fully unlocking the commercial value of and our existing user base. In the first half of 2026, we expanded the existing user activation strategy focusing on launching the Super Wednesday campaign. Through our dedicated entry point in our APP, we are featuring a curated selection of the products, and the campaign has already driven a 25% increase in daily active users compared with normal days. In addition, we put greater emphasis on expanding our offline channels. In 2025, we entered nine new cities through our local delivery model and added more than 4,000 new community leaders. These community leaders helped us attract a large number of high-loyalty, high-value quality users, accumulating valuable user assets for the company's long-term development. [Non-English content] As we look back on the second half of 2025, we made steady and solid progress. Looking ahead to the first half of 2026, our priorities are clear. In the year ahead, Yunji will remain committed to its strategic positioning as a global leader in organic living. With the products and experiences serving as our dual growth engines and with efficiency and growth as our core priorities, we will continue to contribute to the healthier and more organic lifestyles for families in China. [Non-English content] This concludes my prepared remarks for today. With that, I will hand it over to Ms. Nan Song, our Senior Financial Director, to go through the financial results. Thank you, ShanglNan Song. Hello, everyone. Before I go through our financial results, please note that all numbers stated in the following remarks are in yuan terms and all comparisons and percentage changes are on a year-over-year basis unless otherwise noted. Throughout 2025, we operate in a challenging and uncertain market environment. Nevertheless, supported by our resilient financial position, we continue to advance our strategic priorities to offer greater premium products targeted to our users, while remaining disciplined in cost management and making timely adjustments to adapt to dynamic market conditions. Now let's take a closer look at our second half 2025 financials. Total revenues were CNY 158.7 million, compared to CNY 183.8 million a year ago. Revenues from sales of merchandise were CNY 136.4 million. This figure includes the impact from the revenue recognition of long-term incentive sales to inactive members. Including this impact, our merchandise sales grew by 0.16% compared to the same period of 2024, reflecting the healthy growth of our core business and demonstrating the effectiveness of our strategic focus on organic health and products under private labels. Revenues from our marketplace business were CNY 22.1 million. The change in total revenues was primarily driven by our deliberate decision to scale back the marketplace business while refining our product offering across all categories and optimizing our selection of suppliers and merchants. These strategic moves dynamically position our marketplace for sustainable growth. On the cost side, total cost of revenues increased by 3% to CNY 92.7 million, primarily due to the high merchandise sales, which are recognized on our gross basis. Our gross margin remained resilient during the period. This was supported by strong customers' loyalty to our private label products, together with our effective product curation strategy, which focused on selecting and promoting premium, high-retaining categories across our integrated portfolio. Now let's take a look at our operating expenses in the second half of 2025. Fulfillment expenses decreased to CNY 13.3 million from CNY 33.6 million a year ago. The decrease was primarily due to lower personnel costs, driven by a more optimized allocation of staffing resources. Sales and marketing expenses were CNY 42.6 million, compared to CNY 49.5 million a year ago. The change is primarily due to our shift of promotional efforts from online to offline channel and provide normal initiatives reflecting our agile marketing approach that dynamically allocates resources based on market conditions and the customers' engagement effectiveness. Technology and content expenses were CNY 13 million, compared to CNY 20.1 million a year ago. This was mainly due to the reduction in personnel costs as a result of staffing structure limit refinement. General and administrative expenses decreased to CNY 33.5 million from CNY 96.9 million a year ago. The decrease was mainly driven by lower impairment charge on long-lived assets other than goodwill, a low allowance for credit losses, and reduced personnel costs resulting from a reduction in headcount. Our expenses structure optimization demonstrated the effectiveness of our refined management approach. Well, we strategically invested in sales and marketing for offline channel development, a key component of our customers. According to strategy, we achieved significant reduction across other expenses categories. As a result, total operating expenses in the second half of 2025 decreased to CNY 112.4 million from CNY 200.1 million in the prior year period. Our 44% reduction correspondingly, loss from operations narrowed significantly to CNY 43 million from CNY 103.9 million a year ago. This disciplined expense management reflects the continuous improvement in operating efficiency and our progress towards profitability. Net loss was CNY 32.6 million compared with CNY 115.1 million a year ago, while adjusted net loss was CNY 32.5 million compared with CNY 114 million in the prior year period. The continued narrowing of losses reflects the strength of our strategic focus on organic health and our effort of offering better experience to our users rather than simply operating as an e-commerce transaction platform. Basic and diluted net loss per share attributable to ordinary shareholders were both narrowed to CNY 0.02 from CNY 0.06 in the same period of 2024. Turning to liquidity, as of December 31st, 2025, we had a total of CNY 216.1 million in cash and cash equivalents. The adjusted cash and the short-term investment on our balance sheet compared to CNY 242.8 million as of December 31st, 2024. Our liquid assets remained sufficient to cover our payable obligations. At the same time, we continue to focus on optimizing working capital and managing our efforts efficiently to support our operations. To summarize, in 2025, despite slow overall market growth, cautious consumer sentiment and increasingly selective spending behavior, we continued to deliver steady improvement in our professional performance. This reflects the resilience of our business as well as the effectiveness of our disciplined product selection and operational execution. Our solid financial position continued to support our long-term strategic priorities, while our continued focus on resource integration and efficient asset utilization has played an important role in driving this improvement. Looking forward, we'll remain focused on progress toward breakeven and further strengthen our overall financial position while preserving the flexibility to navigate a dynamic market environment to support sustainable long-term growth. This concludes our prepared remarks for today. Thank you. Thank you. That brings us to the end of today's call. Thank you for attending. You may now disconnect.