Good morning and good evening, ladies and gentlemen. Thank you for standing by for TuanChe Limited Third Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question-and-answer session. Today's conference call is being recorded. Now, I will turn the call over to your speaker host today, Ms. Cynthia Tan, IR Representative of the Company. Please go ahead, ma'am.

Hello, everyone, and welcome to TuanChe's third quarter 2021 earnings conference call. We released our earnings results earlier today and it is now available on our IR website as well as on Newswire services. Before we continue, please note that discussion today will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our future results may be materially different from the views expressed today. Further information regarding this and other risks and uncertainties is included in our earnings release and our Registration Statement filed with the SEC. TuanChe does not assume any obligation to update any forward-looking statements, except as required by law. Today, you'll hear from Mr. Wei Wen, the Company's Chief Executive Officer, who will provide an overview of our growth strategies and business developments, who will be followed by Mr. Chenxi Yu, Ronnie, the Company's Deputy Chief Financial Officer, who will provide additional details on the Company's financial results and discuss the financial outlook. Following management's prepared remarks, we'll open up the call to questions. With that said, I would now like to turn the call over to our CEO, Mr. Wei Wen. Please go ahead, sir.

Hello everyone. Thank you for joining us today on our third quarter 2021 earnings call. In this quarter, we've preserved against a challenging macro environment with COVID-19 flare-ups and a global chip supply shortage that constrained auto production. While our revenue contracted by 38.9% year-over-year to RMB61.1 million, primarily due to cancellations of a number of our offline auto shows in response to pandemic conditions, we forged ahead with our online initiatives, streamlined our cost base and narrowed our net loss attributable to the Company's shareholders by 10.7% year-over-year to RMB36.8 million. Before we discuss our third quarter results in more detail, let's first talk about our strategic plan to expand our business into EV manufacturing, catering to the rising consumer demand of electric vehicles, leveraging our existing platform we’re establishing a new EV business line including a design R&D and a manufacturing team. While holding open discussions with potential strategic partners, we will announce the progress of major business transactions if any, in a timely manner. China is the largest EV market in the world, with sales reaching over 1.3 million in 2020, representing close to 44% of all EVs sold globally. In 2021, an EV retail sales [penetration] (ph) in China rose to 14.8% throughout the year and 22.6% in December from 5.8% in the year 2020. According to the China Passenger Car Association in 2022, EV sales in China [Indiscernible] expected to reach 5.5 million growing at a CAGR of 106%, much faster than the overall passenger vehicle market supported by the expedite establishment of EV infrastructure and technological advancements that have lowered vehicle costs as well as improved interactive smart features. While government regulation and the industry standard on environmental protection and the emission continue to be favorable, many of the emerging EV OEM building a…

Thank you, Mr. Wen. Hello, everyone. Thank you for joining us. Our third quarter results were in line with our expectations given the weakening auto markets and the impact from the pandemic, with net revenues of RMB61.1 million. To navigate the challenges in the third quarter, we remained squarely focused on cost management, cutting out net loss attributable to the Company's shareholders to RMB36.8 million from RMB41.2 million in the same period last year. We are excited our decision to enter the EV manufacturing and are ready to chart a new path forward while continuing to pursue innovation and positioning the Company to capitalize on futures consumer demand. Next, I'd like to walk through our third quarter 2021 financial results. Before I start, please note that all numbers stated in my following remarks are in RMB unless otherwise noted. Our total revenues in the third quarter were RMB61.1 million decreasing by 38.9% from RMB100 million in the same period last year. This was a result of 59.3% year-over-year decrease in revenues generated from offline marketing services. As we progressively resume our offline auto shows, offline marketing services revenue generated from these auto shows decreased by 59.9% to RMB33.1 million from RMB83.6 million in the third quarter of 2020. Revenues from special promotional events in the third quarter of 2021 were RMB1.3 million compared with RMB2 million in the third quarter of 2020. Revenues from our virtual dealership services, online marketing services and others increased by 72.6% to RMB26.6 million during the quarter, compared with RMB15.4 million in the third quarter of 2020, primarily due to the continuous expansion of our collaboration with the Webank. Our gross profits in the third quarter decreased by 35.1% to RMB46.8 million from RMB72.1 million in the third quarter of 2020. Gross margin was 76.6%…

Thank you once again for joining us today. If you have any questions, please feel free to contact.

This concludes this conference call. You may now disconnect your line. Thank you.