Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Burning Rock's 2023 Second Quarter Earnings Conference Call. [Operator Instructions] Please note that today's conference is being recorded. Before we begin, I'd like to remind you that this conference call contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as will, expects, anticipates, future, intends, plans, believes, estimates, target, confident and similar statements. Statements are not historical facts, including statements about Burning Rock's beliefs and expectations are forward-looking statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Burning Rock's control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Burning Rock does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. I will now hand the conference over to the company's CEO, Mr. Yusheng Han. Sir, you may begin.

Thanks. Welcome to the Burning Rock's 2023 Q2 conference call. I'm Yusheng Han, CEO and Founder of Burning Rock. And today, we also have our CTO, Joe Zhang; and CFO, Leo Li online So let's turn to Page 3. In case there are some investors who are not familiar with Burning Rock, I here illustrate what we do. So our business started from tissue-based therapy selection and then expanded to multi-directions of liquid biopsy, including liquid biopsy, therapy selection, MRD and multi-cancer early detection. So we have three business units, providing products and serving to doctors, pharmas and consumers. And let's turn to Page 4. So this is what we set up our goal of 2023 early this year and reported to investors twice in the last two conference call. So the number one goal is profitability. The goal we set is to breakeven, excluding R&D, during a quarter in 2023. And the second goal is continued revenue growth, a healthy increase with profitability is what we want to achieve. And our initial outlook for 2023, our revenue is mild increase over last year. And the third goal is to further our leading position in MCED as number one player in China and a top player globally. The main R&D spend will focus on MCED. And let's break down the growth in four parts. So for therapy selection, we'll continue to improve the sales and productivity by strengthening the in-hospital model. And for MRD, we launched an installed personalized MRD in top hospitals, and that start from the end of May this year. And usually, it will take like half year to one year to have one product installed in one hospital. So the earliest time we can see the impact is in Q4 this year. For biopharma, the goal…

Thank you, Yusheng. I will supplement Yusheng's remarks with our latest numbers and financials. So first on Page 7 is our operating metrics in terms of our test volumes. And you can see over the years, we have migrated from the central lab model to in-hospital model; an in-hospital model, increasingly make a dominant share in our channel composition starting 2023. We have achieved very good volume growth in the second half of 2023. On a year-over-year basis, our in-hospital grew 72% in volume terms year-over-year. And overall, our volume grew about 33%. As you can see here, we have managed down our volumes in central lab as that is a less profitable channel and more competitively intensive or irregular compared to the more institutionalized in-hospital model. So we're happy about the results and progress of our transition. As you can see in our Q2 numbers, 33% overall growth. I think that's a very strong number, reflecting, I think, two things, not only a good transition towards in-hospital, but also share gain from other incumbents in the market. You might say that Q2 last year was a low base because of the COVID lockdown in Shanghai. Look at the graph here on a sequential basis, we have also grown very strong. In-hospital grew 24% on a sequential basis and overall volumes grew 19% on a sequential basis. So we are very happy about our progress and results during second quarter. There is news reports of industry-wide disturbance in China's health care industry since the end of July. Then we can see that based on our latest numbers, the in-hospital testing volumes are still stable heading into Q3. So we are very happy about the resilience of that channel. Central lab channel is more vulnerable. So that channel has seen increased…

[Operator Instructions] And I see we have no phone questions at this time. Ladies and gentlemen, that does conclude our conference call for today. Thank you for your participation for today. You may now disconnect.