Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to Yunji's first-half 2026 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 on the company's current expectations and current market operating conditions and relate to events that invoke 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 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 the call over to Mr. Shanglue Xiao, Chairman and CEO of Yunji. Please go ahead, sir. [Non-English content] Hello everyone, welcome to Thank you for your patience. You may restart the presentation. Okay. Hello everyone. Welcome to Yunji's earnings call. Thank you for your continued interest and support. The market environment remained challenging in the first half of 2026. We stayed firmly committed to our strategic positioning as a leader in organic living, advancing our products and experience through engine strategy as we continue to deepen our presence in the organic health living market. I will now walk you through the company's financial performance and strategic execution. [Non-English content] Let me begin by sharing some financial highlights, which result our proactive approach to optimizing our structure and improving quality and efficiency. [Non-English content] Total revenue for the first half was RMB 96.3 million, compared with RMB 158.3 million in the first period last year. This reflects the structural adjustment from our proactive efforts to optimize the merchandise mix, including discontinuing relationships with certain third-party merchants whose offerings did not meet our enhanced product standards. While this affected our near-term revenue, we believe it has strengthened our merchandise mix in support of our long-term strategy. Self-operating merchandise now accounts for approximately 70% of the total sales, of which private label products accounted for 56%. Private label products with higher margins are increasingly becoming the core support for our revenue. Our experiential initiatives such as the supply chain traceability continue to strengthen customer engagement and maintain stable customer retention, supporting improved profitability and long-term development. [Non-English content] At the same time, our gross margin remained resilient and our losses narrowed significantly. Gross margin for the period held steady at approximately 41% and the net loss for the first half narrowed to RMB 72.4 million, a substantial improvement compared with the same period last year. This reflects our continued discipline in cost management and operational efficiency as we directed resources toward high retention, high margin private label products and toward enhancing the user experience. We remain confident in our path to improved profitability. [Non-English content] Next, let me walk you through our business progress in the first half. [Non-English content] Our strategy rests on two engines: product and experience. On the product side, we continue to build out our organic health, organic food, and beauty and skincare matrix, with food medicine homology products as a growing focus within organic health. Together, our products and experience dual-engine approach powers Yunji's organic health ecosystem. [Non-English content] In our organic health segment, we continue to deepen our presence in the broader health and wellness market, with a particular focus on food medicine homology products that address the health needs of the modern families in China. Our first flagship product in this category is Polygonum tea, which launched in the fourth quarter of 2025. Supported by premium origin sourcing, genuine quality, and refined processing techniques, the product received market feedback that exceeded our expectations. It quickly became a key growth driver of our food medicine homology product line. In the first half of 2026, Polygonum tea delivered rapid sales growth and has successfully validated our complete growth model. This demonstrates that our product strategy for entering the Chinese wellness and health market has a long-term market potential. [Non-English content] In our organic food segment, we have integrated our organic philosophy into consumers' daily meal occasions, particularly breakfast, the most important meal of the day. By capturing a high-frequency daily consumption occasion, we have established an effective customer acquisition channel. Together with our organic health product, this forms a complimentary product portfolio that balances high and low frequency consumption patterns and short and long term consumption cycles. [Non-English content] In our beauty segment, we remain focused on offering customers high quality, high value skincare and beauty products. In the current market environment, increasingly rational consumers favor products that deliver high value with affordable price. SUYE's long-standing brand positioning aligns closely with this trend. As a result, this brand has continued to earn consumer recognition and maintain a stable market position, with segment sales broadly stable compared with the same period last year. At the same time, certain products have stood out. SUYE Skincare Condensing Essence Oil, launched in the second half of 2025, has continued to receive positive feedback from consumers and achieved 29% sequential sales growth in the first half of this year. [Non-English content] End-to-end supply chain traceability experience is a core competitive advantage that sets Yunji apart from traditional e-commerce platforms. This is also a key method in building our customer loyalty. Our traceability experience turns product quality from an abstract concept into something users can see and verify for themselves. In the first half of 2026, we continued to increase our investment in supply chain traceability experience. With all of our initiatives focused on strengthening user trust, improving repurchase conversion. In total, we conducted approximately 30 traceability events during the period, and these events collectively delivered strong sales conversion. For example, a traceability event for our Baiyue Shan birch sap product held on April 13th drove the product first half sales up 128% year-over-year, and 146% compared with the second half of 2025. Similarly, a traceability event for Baiyue Shan wolfberry puree held on June 17th drove the product first half sales up 13% year-over-year, and 366% compared with the second half of 2025. These results confirm that our traceability experience strategy is effective in strengthening user engagement, reinforcing our confidence in pursuing this approach over the long term. [Non-English content] Looking ahead, we will continue to refine our product metrics, expand our food medicine homology offerings, and channel more resources into high-margin, high-repurchase items to support continued margin improvement. At the same time, we will continue to strengthen our differentiated experiential offerings to build user trust and a durable brand moat. We will also maintain our discipline in cost management, carefully evaluating our asset and expense structure to ensure resources are allocated in support of our long-term strategic priorities. Ultimately, our goal is to provide better organic health living solutions for families across China and to create greater social value. [Non-English content] Thank you for your continued interest and support. Despite a complex market environment, we remain confident in our strategic direction and will continue to put user value at the center of our approach as we balance growth and profitability to drive the company's long-term sustainable development. [Non-English content] This concludes my prepared remarks for today. I will now hand it over to Ms. Nan Song, our Senior Financial Director, to walk you through the financial details. Thank you, Shanglue. Hello, everyone. Before I go through our financial results, please note that all numbers stated in the following remarks are in RMB terms and all comparisons and percentage changes are on a year-over otherwise noted. In the first half of 2026, the market environment remained a challenge. As Shanglue outlined, we stay firmly committed to our strategic position as a global leader in organic living, advancing our products and experience supported by our relevant financial position. We remained disciplined in cost management and made timely adjustments to adapt to these conditions. Now let's take a closer look at our financials. Total revenues were RMB 196.3 million compared to RMB 158.3 million in the same period a year ago. Revenues from sales of merchandise were RMB 82.4 million, and the revenues from our marketplace business were RMB 13.7 million. The change in our total revenues for the period was primarily driven by softer consumer spending amid a broader macro environment in China, together with our choice to stay aligned with the organic health philosophy guiding our business. As part of the effort, we also proactively exited certain with our standards and features, sharpening our merchandise mix in support of our private label and organic health priorities. Given this strategic direction, we had anticipated this impact on our revenues backdrop for the period and we continue to believe it presents the right long-term path for the business. On the cost side, total cost of revenues decreased by 31.9% to RMB 56.8 million, primarily due to the lower merchandise sales, which are recognized on a gross basis, excluding the impact of the [inaudible] of incentives payable to inactive members, which carries no associated cost of revenue. Our gross margin remained resilient at 41% during the period. This is supported by our continued focus on selecting premium, high-retention categories together with our private label products. Now let's take a look at our operating expenses. Fulfillment expense decreased to RMB 10.3 million from RMB 20.6 million in the same period a year ago. The decrease was primarily driven by lower warehousing and logistics expenses resulting from reduced merchandise sales, together with lower personal costs from staffing structure refinement. Sales and market expenses were RMB 39.5 million compared to RMB 50.1 million in the same period a year ago. The change is primarily due to lower member management fees and reduced business promotion expenses. Technology and content expenses were RMB 12.4 million compared to RMB 15.3 million in the same period a year ago. This was mainly due to the reduction in personal costs, a result of continued staffing structural refinements. General and administrative expenses decreased to RMB 47.5 million from RMB 93.4 million in the same period a year ago. The decrease was mainly driven by a reduction in allowance for credit loss on the third-party loan receivable and partially offset by an increase in impairment for property and equipment. Our expense discipline extended across nearly every category this period, with year-over-year reduction reflecting both a small merchandise base and our ongoing staffing and cost-efficient measures. As a result, total operating expenses in the first half of 2026 decreased to RMB 109.7 million from RMB 139.4 million in the same period of 2025, a 38.8% reduction. Consequently, loss from operation narrowed significantly to RMB 39.4 million from RMB 100.4 million in the same period a year ago. This expense discipline supports our continued progress towards profitability, even as revenue faces pressure from the softer environment described earlier. Net loss was RMB 72.4 million compared with RMB 100.7 million a year ago, while adjusted net loss was RMB 72.3 million compared with RMB 100.5 million a year ago. The year-over-year narrowing of both net loss and adjusted net loss reflects our expense discipline together with our continued focus on addressing customer engagement and maintaining stable customer retention. Basic and diluted net loss per share attributable to ordinary shareholders were both narrowed to RMB 0.04 from RMB 0.05 in the same period of 2025. Turning to liquidity, as of June 30, 2026, we have a total of RMB 242.1 million in cash and cash equivalents, with structural cash and short-term investments on our balance sheet compared to RMB 216.1 million as of December 31, 2025. We maintain sufficient liquidity to meet our payable obligations while continuing to optimize working capital and manage our assets efficiently in support of our operations. Looking at the first half as a whole, in a challenging market environment, we made future progress on cost discipline and narrowed our loss on a year-over-year basis. This reflects our continued execution of the strategies for all logistics strongly outlined, our discipline in cost management, and our focus on organic health and private label products. Our solid financial position continued to support these priorities, and we will remain disciplined in how we manage costs and allocate in support of our strategic position as a leader in organic health living. Looking forward, we will remain focused on improving our operating margin as we balance growth and profitability in support of the company's long-term sustainable development. This concludes our prepared remarks for today. Thank you. Operator, are you listening? That brings us to an end of today's call. Thank you for attending. You may now disconnect.