Good morning, and good evening, ladies and gentlemen. Thank you, and welcome to Yunji's Third Quarter 2020 Earnings Conference Call. With us today are Mr. Shanglue Xiao, Chairman and Chief Executive Officer; Mr. Chen Chen, Chief Financial Officer; Mr. Hui Ma, Chief Strategy Officer and Chief People Officer; Mr. Chengqi Zhang, Vice President of Finance; and Ms. Kaye Liu, Investor Relations Director of the Company. Now, I would like to hand the conference over to your first speaker for today, Ms. Kaye Liu, IRD of Yunji. Thank you. Please go ahead, ma'am.

Hello, everyone. Welcome to our third quarter 2020 earnings call. Before we start, please note that this call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our current expectations and current market operating conditions and relate to events that involve known and unknown risks, uncertainties and other factors affecting Yunji’s industry. These forward-looking statements can be identified by terminologies such as will, expect, anticipate, continue or other similar expressions. For a detailed discussion of these risks and uncertainties, please refer to our related documents filed with the U.S. SEC. Any forward-looking statements that we make on this call are based on assumptions as of today and are especially qualified entirely by cautionary statements, risk factors and details of the company filing with the SEC. Yunji does not undertake any obligation to update this statement, except as required under applicable law. With that, I will now turn over to Shanglue Xiao, Chairman and CEO of Yunji.

Hello, everyone, and welcome to Yunji’s third quarter 2020 earnings call. In the third quarter, we generated a total GMV of RMB9.4 billion and total revenues of RMB1.07 billion due to our promotion of fast-moving merchandise with high repeat purchase rates. And moreover, we also reduced our net loss by 14.9% year-over-year. And the timely upgrades we made to our membership enrollment system helped us continue increasing the number of transacting members on our platform, which reached 13 million for 12 months ended September 30, 2020. Yunji has been on the path to becoming a full-fledged membership-based social e-commerce platform for the past 5 years. Over the course of this period, we have made many changes and continued to explore new forms of the membership to further improve the value of our membership model. As a result, we have not only provided our members with more benefit and a better e-commerce experience, but also better cultivating our members’ growing passion for sharing. Meanwhile, we have also focused on helping our members to honing their sales potential by providing them with additional sales training. By providing our members with education and training, we have further engraved members’ knowledge also in different segments and enabled them to earn stable income as either streamers or group leaders in our community. Since our IPO, as we strive to create a win-win value proposition for all participants in our ecosystem, we have continued to invest in upgrading our supply chain and optimizing our community to become China's leading membership-based social e-commerce platform. More specifically, we have also continued to develop and introduce joint medicated products into our community by continuously optimizing our supply chain and discover more members with sales potential through introducing more products that better stimulate member-sharing activities. In terms of specific product…

Thank you, Shanglue. Hello, everyone. Before I go through our financial results, please note that all numbers stated in the following remarks are in RMB terms and our comparisons and the percentage changes are on a year-over-year basis unless otherwise noted. In light of the increasing competition in the industry, we decided to forgo the destruction of such short-term gains and instead focus our attention on refining our operational efficiency and bolster our operational revenues. In the quarter, we collaborated with regional agriculture providers to create innovative products and further promote the revitalization of our areas and made our live streaming show different. As a result, we continued to steadily advance towards healthy profitability during the third quarter of 2020 and reduced our net loss to RMB43.6 million from RMB51.3 million. Let's now take a closer look at our financials. Our total revenues in the third quarter of 2020 were RMB1.1 billion. Revenues from net sales of merchandise in the third quarter of 2020 was RMB0.92 billion compared to [RMB2.47 billion] and accounted for 85.2% of our total revenues in the period. This decrease was due to the transfer of business to our marketplace business model, which was in line with our continuous efforts to improve our operating efficiency and the operating efficiency of our merchants. Revenues from our marketplace in the third quarter of 2020 increased to RMB130.4 million from RMB86.3 million. This increase was driven by an increase in the number of quality brands and the merchants on our platform. It was also due to the higher take rates that we have incurred by both strengthening our existing partnerships with brands and leveraging our growing community influence to attract new brands to our platform. Revenues from our membership program in the third quarter of 2020 were RMB4.9 million…

There are no questions at this time. I would like to turn the call back to management for closing.

Thank you for joining us today. Please do not hesitate to contact us if you have any further questions, and we're looking forward to talking with you next quarter.

Ladies and gentlemen, that does conclude the conference for today. Thank you for your participation. You may now disconnect lines.