Good morning and good evening, everyone. Welcome to Concord Medical's fourth quarter, full-year 2015 earnings conference call. With us today are Dr. Jianyu Yang, Chairman and Chief Executive Officer of Concord Medical; Kong Yap, Chief Financial Officer of the Company; Adam Sun, Chief Investment Officer of the Company; and Miss Fang Liu, IR Manager of the Company. Mr. Chan [ph], please go ahead.

Hello, everyone. Welcome to Concord Medical's fourth quarter and full-year 2015 earnings conference call. Concord Medicals' earnings release was distributed earlier today and you can find a copy on our website as well as on newswire services. Today, you will hear from Dr. Jianyu Yang, Concord Medical's Chairman and the Chief Executive Officer; and Mr. Adam Sun, Chief Investment Officer. After their prepared remarks, Dr. Yang and Mr. Sun will be available to answer your questions. Before we continue, please note that the discussion today will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 21E of the Securities Exchange Act of 1934 as amended. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the SEC. Concord Medical does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Both our earnings release and remarks made during this call include a discussion of certain unaudited non-GAAP financial measures. Our earnings release contains a reconciliation of the unaudited non-GAAP measures to the most directly comparable unaudited GAAP measures. As a reminder, this conference is being recorded. In addition, a webcast of this conference call will also be available on Concord Medical's website. I will now turn the call over to Concord Medical's Chairman and CEO, Dr. Yang.

Hello, everyone. Welcome to the Concord Medical fourth quarter and full-year 2015 earnings conference call. We have released our financial performance earlier today which is available on the SEC website and Concord Medical Investor Relations website. Later, our Chief Investment Officer, Mr. Adam Sun, will interpret the report; and I would like to take the opportunity to present you the achievements we have made during the last year's strategic transformation and our strategic plan in 2016 and in the future. The year of 2015 was crucial for the Company's strategic transformation. During the last year, we have laid a solid foundation for continuous and stable development by acquiring Concord Cancer Hospital in Singapore, optimizing its operating segments and medical processes through working closely with our strategic partner, MD Anderson Cancer Center, MDACC for short, although the hospital experienced net loss during the year 2015. Facing the huge demand of Chinese patients, we're very confident with the future development of this hospital. In 2016, well prepared to receive a large number of high-end patients from Inland China, Concord Cancer Hospital will provide world-class integrated cancer treatment, including the utilization of the most advanced immunotherapy and targeted medicine based on the comprehensive cooperation between Concord Cancer Hospital and MDACC. We will make great efforts at our Singapore hospital to comply with MDACC alliance demand for quality standards. Under the guidance of the MDACC team, we have finished the pre-overall design work of Concord cancer hospitals in Shanghai and Guangzhou. The construction of the two hospitals will start this year. After the construction is finished, these two hospitals will function as MD Anderson's sister hospitals in China by providing the same treatment process with MD Anderson to the Chinese patients. Since 2012, Chinese Government has published a series of policies to facilitate medical…

Thank you, Fang. Welcome, everyone, to our call. First, I would like to review the highlights of our 2015 full-year financial results. Our total net revenues in 2015 were RMB616.5 million or $95.2 million, representing 1.6% increase from RMB606.9 million in 2014. Our total net revenue is composed of net revenue for network business of RMB597.7 million or $92.3 million, compared to RMB606.9 million in 2014. The decreased net revenues for network business were mainly due to closed centers in 2015. Net revenue for hospital business was RMB18.7 million or $2.9 million. Cost of revenue in 2015 was RMB353.3 million or $54.5 million, representing a 28.7% increase for RMB274.6 million in 2014. Total cost of revenue is composed of cost of revenue of network business of RMB321.3 million or $49.6 million, compared to RMB274.6 million in the fourth quarter of 2014. The increase was mainly due to the increased cost caused by cost-sharing split change according to the contracts signed between the Company and the public hospitals and increased medical consumable expenses and maintenance expenses for the network. Cost of revenue of hospital business was RMB32.1 million or $4.9 million. Gross profit in 2015 was RMB263.1 million or $40.6 million, representing a 20.8% decrease from RMB332.3 million in 2014. Gross profit margin in 2015 was 42.7% compared to 54.8% in 2014. Due to the net loss in the Q4, for the full year, we have net loss attributable to ordinary shareholders of RMB79.4 million or $12.3 million, compared to net income attributable to ordinary shareholders of RMB124.7 million in 2014. Basic and diluted loss per ADS in 2015 was RMB1.77 or $0.27, respectively. Income tax expense in 2015 was RMB74 million or $11.4 million, compared to RMB80.9 million in 2014. Adjusted EBITDA, non-GAAP, was RMB186 million or $28.7 million, in…

Okay. Thank you for joining us today. Please don't hesitate to contact us if you have further questions. Thank you for your continued support. Have a good day.

Ladies and gentlemen, that does conclude our conference for today. Thank you for participating. You may all disconnect. Thank you.