Greetings, and welcome to the ATA Creativity Global Fourth Quarter and Year End 2023 Financial Results. [Operator Instructions]. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Carolyne Sohn, Vice President. Thank you, Carolyne, you may begin.

Thank you, operator, and hello, everyone. Thank you for joining us. The press release announcing ATA Creativity Global's or ACG's results for the fourth quarter and year ended December 31, 2023 is available at the IR section of the company's website at www.ata.net.cn. As part of this conference call, the company has an accompanying slide presentation available on its website. A replay of this broadcast will also be made available at ACG's website for the next 90 days. Before we get started, I would like to remind everyone that this conference call and any accompanying information discussed herein contain certain forward-looking statements within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terms such as anticipate, believe, could, estimate, expect, forecast, future, intend, look forward to, outlook, guidance, plans, should, will, and similar terms, and include, among other things, statements regarding ACG's future growth and results of operations, ACG's plans for mergers and acquisitions generally, ACG's growth strategy, anticipated growth prospects and subsequent business activities, ACG's 2024 guidance, market demand for and market acceptance and competitiveness of ACG's portfolio training programs and other education services. Although the company believes that the expectations reflected in forward-looking statements are reasonable as of today, those statements are subject to risks and uncertainties that could cause the actual results to differ dramatically from those projected. There can be no assurance that those expectations will prove to be correct. Information about the risks associated with investing in ACG is included in its filings with the Securities and Exchange Commission, which we encourage you to review before making an investment decision. The company does not assume any obligation to update any forward-looking statements as a result of new information, future events, changes…

Thank you, Carolyne, and welcome, everyone. Good evening to those in America yet, and we appreciate everyone's time. 2023 was an important year for ACG. It was a fourth year since the COVID-19 pandemic, where we were able to deliver our complete year of in-person class delivery. We are continuing to make the selected courses available via online delivery. I'm pleased to report that the company achieved RMB221.6 million in revenue for the full year 2023, a 7.2% increase year over year. This was a result of renewed student interest in our portfolio training, overseas study consulting, and research-based learning services, as COVID related travel restrictions and the local shutdowns was lifted at the start of 2023, enabling children to return all on the campus for the period and resume planning for overseas study. Over the course of 2023, we also continue to realign our operating cost, and we're able to marginally decrease our operating expenses. As a result of the increased revenues and decreased operating expenses, we significantly improved our bottom line, narrowing net loss by 29.7% for full year 2023. We were excited to hold overseas summer camp for the fourth time since the pandemic. And we're pleased that children continuing to find our offerings valuable to their overall experience at ACG, enriching their academic study while reinforcing we are key there to pursue a career in the arts. Total student enrollment for fourth quarter 2023 was 1,011 compared to 908 in the prior year period. Student enrollment increased 11.3% year over year, mainly as a result of more students who enroll in our portfolio training services and overseas study counseling services. During the period, portfolio training credit hours delivered increased 3.3% to 48,421. At the same time, we continue to deliver a variety of experiential programs to…

Thank you, Mr. Sima. 2023 was a fantastic year for our students, as we were pleased to be able to deliver a full year of stable operation, which we believe is important to our community's peace of mind and capacity for delivering outstanding work. I would like to take a moment to thank our teaching staff for their commitment to driving positive student outcomes and our students for their perseverance, and interesting ACG with their creative arts journey. We are proud to have served all types of themes with our quality offerings, which would not have been possible without the dedication of our entire staff and our strong network of institutional partnerships. Since the beginning of 2024, we have enrolled students into our regular research-based learning programs such as the March open hack Shanghai Fashion Week program. Participating students will have the opportunity in to interview designers and explore global fashion trends, while creating branding proposals and fashion look book designs. The program also provides internship opportunities and reference letters. The first Shanghai Fashion Week program takes place in late March, and the second will be in October. We also offered several Master Classes with professors and lecturers from prestigious art schools, such as the University of Arts, London, and Rhode Island School of Design, covering a wide range of arts topics, including architecture design, user interface design, animation and comics, and so on. We strive to introduce offerings that reflecting interest and demand by listening continued feedback from the student community, and ensuring that we understand new trends in arts academia and industry with the belief that such offerings are not only relevant and state of the art, but also bring value for students interested in various art forms. In addition, for the first time since the pandemic, we…

Thanks, Jun and Carolyne. And in closing, we excited by the positive outlook for 2024. As a leading player in the China creative art education space, we are committed to providing high quality, relevant, and valuable experience to our students. We also continue to explore opportunities to enhance our business and value proposition, which we believe will increase shareholder value and enthusiastic about some of these prospects. With operator, let's open it up for questions.

There are no further questions at this time, I'd like to turn floor back over to Mr. Sima for closing comments.

Thanks again to all of you all for joining us. If anyone has questions for us, please feel free to reach out directly to us or our Investor Relations firm, The Equity Group. We are always available to speak to investors and look forward to speaking with you all during our next earnings call. Thank you.

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.