Unknown Executive

Dear analysts and investors, good morning. Welcome all of you to come to this 2025 Annual Conference of Global Investors (sic) [ JS Global Lifestyle Company. ] I am [ Jiaohui Zhao ] from our investment department, and this is conducted in Chinese. If you require English interpreting, please switch to English channel. And because there are so many participants today [Operator Instructions]. Thank you so much for cooperation and understanding.

Before the meeting begins, I would like to make a few routine reminders. First, the conference will be recorded. The relevant meeting material will also be published on the company’s official website. You’re welcome to review them after the meeting.

Second, the management’s remarks may contain forward-looking statements regarding future operations. Such statements are subject to uncertainties and actual results may differ from those statements. We also may refer to some certain non-IFRS measures to better present business performance. Please refer to the definition and methodologies provided. So we will get it officially started. The agenda will be as follows: first, management will provide a brief overview of the annual results and the business progress, and then we will come to — there’s a Q&A session to communicate with investors and analysts.

Now first, please allow me to introduce the company’s management today. They are: Executive Director, Chief Executive Officer and Chief Financial Officer, Ms. Han Run; Chief Operating Officer and Head of Finance Office, Mr. Liu Ningqing; Head of Finance of this Joyoung Division, Mr. Kan Jiangang.