Ladies and gentlemen, good day, and welcome to the Yatsen First Quarter 2024 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Irene Lyu, Vice President, Head of Strategic Investment and Capital Markets. Please go ahead. Thank you, operator. Please note the discussion today will contain forward-looking statements relating to the company's future performance and are intended to qualify for the safe harbor from liability, as established by the US Private Securities Litigation Reform Act. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions, and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and this discussion. A general discussion of the risk factors that could affect Yatsen's business and financial results is included in certain filings of the company with the Securities and Exchange Commission. The company does not undertake any obligation to update this forward-looking information, except as required by law. During today's call, management will also discuss certain non-GAAP financial measures for comparison purposes only. Please see the earnings release issued earlier today for a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results. Joining us today on the call from Yatsen's Senior Management are Mr. Jinfeng Huang, our Founder, Chairman, and CEO, and Mr. Donghao Yang, our CFO and Director. Management will begin with prepared remarks, and the call will conclude with a Q&A session. As a reminder, this conference is being recorded. In addition, a webcast replay of this conference call will be available on Yatsen's Investor Relations website at ir.yatsenglobal.com. I will now turn the call over to Mr. Jinfeng Huang, please go ahead, sir. Thank you, Irene, and thank you everyone for participating in Yatsen's first quarter 2024 earnings conference call today. I will start by providing a macro overview before reviewing our strategy and the progress we have made across our segments and brands. China's beauty industry continues to grow moderately in the first quarter of 2024. According to the adjusted data published by the National Bureau of Statistics of China, total retail sales of consumer goods grew by 4.7% year-over-year in the first quarter of 2024, while total beauty retail sales increased by 3.3% year-over-year. Online sales trends remain mixed. Beauty sales on Douyin recorded another quarter of double-digit year-over-year growth, while sales on Tmall remained largely flat year-over-year in the first quarter. While the first quarter is traditionally a low season in the beauty industry, we still managed to maintain the growth trajectory that started last quarter. As our five-year strategy transformation plan progresses, we plan to strengthen our market position through superior products and strong brand equity across our brands, while gradually optimizing our long-term cost structure. For the first quarter, total net revenues were CNY 773.4 million, growing 1% year-over-year, in line with guidance. Net revenues from our color cosmetics brands increased 3.2% year-over-year, indicating progress in Perfect Diary's brand repositioning, as well as continued growth of Little Ondine and Pink Bear. Skincare brands revenues increased by 0.1% year-over-year. Combined revenues from our clinical and premium skincare brands, Galénic, DR.WU, and Eve Lom, rose 6.4% year-over-year. Gross margin improved to 77.7% from 74.3% for the prior year period. Thanks to an increased contribution from higher gross margin products, our net loss margin was 15.1%, compared with the net income margin of 6.6% for the prior year period. Primarily due to the exceptionally high base resulting from the reversal of recognized share-based compensation expenses of RMB 109.4 million, related to the forfeiture of unvested awards granted to a former executive officer. Our non-GAAP net loss margin was 10.8%, compared with 3.4% for the prior year period, attributable to increased investment in marketing activities and a shift in our channel mix with the growing contribution from Douyin. Next, a brand and product update. For our skincare segment, our first quarter initiatives include a brand building event and the product launches in preparation for the June 18 shopping festival in the second quarter. Galénic and Eve Lom presented their latest R&D results and products at the fourth China International Consumer Products Expo in April, where Galénic launched its Couture Secret Lipstick, the essence, and Eve Lom launched its Daily Rejuvenating Cream. Furthermore, DR.WU launched several new products, including its Tripeptinoid Anti-Wrinkle Firming Serum and the sun care UV Protect Whitening Lotion. In the color cosmetics segment, Perfect Diary continues to realize its Biolip Essence collection's potential. The brand ranked number 2 in the lipstick category among domestic brands in terms of retail sales value on Tmall and Douyin, combined for the first quarter of 2024. Its Biolip Essence matte lipstick, launched earlier this year, also delivered a good performance during the March 8th Shopping Festival. Our two other major color cosmetic brands, Little Ondine and Pink Bear, remained on a solid growth trend. Pink Bear launched its Sugar Glossy Lipstick during the quarter and was honored at the Beauty Inc. Awards as the newcomer of the year. Looking ahead, both Little Ondine and Pink Bear will continue to explore new color trends and hit IP to secure sustainable growth path. Next, R&D. Our R&D expenses as a percentage of revenues increased to 3.6% from 3.2% for the prior year period. We continued to push the boundaries of science, recently hosting the first Galénic Dermatology Research Fund annual research summit in France. Renowned dermatologists and experts from around the globe gathered to discuss the latest research in skincare and present projects for panel review. Also, DR.WU officially announced the launch of the second DR.WU Acne Research Fund project in March, and will begin soliciting new acne research topics in the first half of 2024. In conclusion, we were pleased to maintain our growth trend this quarter and will stay focused on sustainable growth and brand building as we move ahead. With that, I will now turn the call over to our CFO, Donghao Yang, to discuss our financial performance. Thank you, everyone. Thank you, David, and hello, everyone. Before I get started, I would like to clarify that all financial numbers presented today are in CNY amounts, and all percentage changes refer to year-over-year changes, unless otherwise noted. Total net revenues for the first quarter of 2024 increased by 1% to CNY 773.4 million, from CNY 765.4 million for the prior year period. The increase was primarily attributable to a 3.2% year-over-year increase in net revenues from color cosmetics brands, combined with a 0.1% year-over-year increase in net revenues from skincare brands. Gross profit for the first quarter of 2024 increased by 5.7% to CNY 600.9 million from CNY 568.7 million for the prior year period. Gross margin for the first quarter of 2024 increased to 77.7% from 74.3% for the prior year period. The increase was primarily driven by an increase in sales of higher gross margin products. Total operating expenses for the first quarter of 2024 increased by 31.7% to CNY 768.7 million, from CNY 575.9 million for the prior year period. As a percentage of total net revenues, total operating expenses for the first quarter of 2024 were 98.1%, as compared with 75.2% for the prior year period. Fulfillment expenses for the first quarter of 2024 were CNY 61.4 million, as compared with CNY 61.9 million for the prior year period. As a percentage of total net revenues, fulfillment expenses for the first quarter of 2024 decreased to 6.7% from 6.8% for the prior year period. Selling and marketing expenses for the first quarter of 2024 were CNY 539.2 million, as compared with CNY 459 million for the prior year period. As a percentage of total net revenues, selling and marketing expenses for the first quarter of 2024 increased to 69.7% from 60% for the prior year period. The increase was primarily due to increased investment in the Douyin platform, in line with the growing revenue contribution from Douyin, as well as our investment in new product launches and building brand equity across our portfolio. ...General and administrative expenses for the first quarter of 2024 were CNY 140.1 million, as compared with CNY 40.7 million for the prior year period. As a percentage of total net revenues, general and administrative expenses for the first quarter of 2024 increased to 18.1% from 5.3% for the prior year period. The increase was primarily attributable to the exceptionally low general and administrative expenses reported in the prior year period as a result of the reversal of recognized share-based compensation expenses of CNY 109.4 million due to the forfeiture of unvested awards granted to our former Chief Technology Officer upon his resignation. Research and development expenses for the first quarter of 2024 were CNY 27.9 million, as compared with CNY 24.2 million for the prior year period. As a percentage of total net revenues, research and development expenses for the first quarter of 2024 increased to 3.6% from 3.2% for the prior year period. The increase was primarily attributable to higher personnel costs, reflecting our commitment to enhancing our research and development capabilities. Loss from operations for the first quarter of 2024 was CNY 167.7 million, as compared with CNY 7.2 million for the prior year period. Operating loss margin was 20.4%, as compared with 0.9% for the prior year period. Non-GAAP loss from operations for the first quarter of 2024 was CNY 107 million, as compared with CNY 62.4 million for the prior year period. Non-GAAP operating loss margin was 13.8%, as compared with 8.1% for the prior year period. Net loss for the first quarter of 2024 was CNY 124.9 million, as compared with net income of CNY 50.7 million for the prior year period. Net loss margin was 16.1%, as compared with net income margin of 6.6% for the prior year period. Net loss attributable to Yatsen's ordinary shareholders for diluted ADS for the first quarter of 2024 was CNY 1.16, as compared with net income attributable to Yatsen's ordinary shareholders for diluted ADS of CNY 0.42 for the prior year period. Non-GAAP net loss for the first quarter of 2024 was CNY 83.8 million, as compared with CNY 25.8 million for the prior year period. Non-GAAP net loss margin was 10.8%, as compared with 3.4% for the prior year period. Non-GAAP net loss attributable to Yatsen's ordinary shareholders for diluted ADS for the first quarter of 2024 was CNY 0.78, as compared with CNY 0.24 for the prior year period. As of March 31, 2024, we had cash, restricted cash, and short-term investments of CNY 1.89 billion, as compared with CNY 2.08 billion as of December 31, 2023. Net cash used in operating activities for the first quarter of 2024 was CNY 121.8 million, as compared with CNY 20.2 million for the prior year period. Looking at our business outlook for the second quarter of 2024, we expect our total net revenues to be between CNY 858.6 million and CNY 901.5 million, representing a year-over-year increase of approximately 0%-5%. These forecasts reflect our current and preliminary views on the market and operational conditions, which are subject to change. With that, I would now like to open the call to Q&A. Operator? We will now begin the question-and-answer session. To ask a question, you may press star then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the key. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. At this time, we will pause momentarily to assemble our roster. The first question today comes from Maggie Huang with CICC. Please go ahead. Well, thanks for taking my question. This is Maggie Huang from CICC. I have two questions. My first question is about our strategy for the coming 618 Shopping Festival, and also, do we have a target growth rate, respectively, for our skincare and also color cosmetic brands? That's my first question. My second question is regarding our selling and marketing expenses ratio. The management have mentioned that we increased our investment in brand equity building in Q1. What is our plan to allocate our expenses, between such kind of branding and online traffic acquisition? And how should we expect the change of this expense ratio for the whole year? That's my two questions. Thank you. Thank you for your questions. Let me try to answer your first one. In the last one or two years, you know, the major shopping festivals, online shopping festivals in China, you know, their influence has gradually come down. You know, brand owners or manufacturers like us are relying less and less on those shopping festivals in terms of our sales growth. But that said, you know, we're still making our efforts to try to sell more of a product during those festivals. And this year, the 618 festival actually is a bit different from the previous years. So this year, the festival started on May 20, but it's going to last a lot longer than the previous years. So it's so hard for us to tell, you know, what the performance ourselves on that festival this year will be. It's gonna take us some more time to be able to tell that. And you also asked about our growth rate forecast for skincare and color cosmetics. Unfortunately, we're not providing that kind of growth forecast, except for our guidance for the sales for the second quarter. And your second question of selling marketing expenses, the split between branding and traffic. Well, it really depends on how our actually new product launch performs. So we're currently trying to control or make better use of our selling and marketing expenses. And as you can see in Q1, our selling and marketing expenses were a bit higher compared to, you know, the previous quarters. And we are actually taking measures to try to take it down and to make sure that, you know, we become profitable in the near to midterm. Okay, I got it. That's very helpful. Thank you very much, and I have no more questions. Thank you. This concludes our question and answer session. I would like to turn the conference back over to management for any closing remarks. Thank you once again for joining us today. If you have any further questions, please feel free to contact us at Yatsen directly or at CICC. Our contact information for IR in both China and the U.S. can be found in today's press release. Thank you. Have a great day. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.