Good morning, and good evening, ladies and gentlemen. Thank you. And welcome to Yunji’s Second Quarter 2021 Earnings Conference Call. With us today are Mr. Shanglue Xiao, Chairman and Chief Executive Officer; 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 first speaker today, Ms. Kaye Liu, IRD of Yunji. Please go ahead, ma’am.

Hello, everyone. Welcome to our second quarter 2021 earnings call. Before we start, please note that this call will contain forward-looking statements within the meaning of the Private Security Litigation Reform Act of 1995 that are based on our current expectations and current market operating conditions and relate to events that involve known or unknown risk, uncertainties and other factors of Yunji and its 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 latest 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 expressly qualified in the entirety 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 on applicable law. With that, I will now turn over to Shanglue Xiao, Chairman and CEO of Yunji.

Hello everyone. Welcome to Yunji’s second quarter 2021 earnings call. Based on product selection and social sharing, Yunji’s marketing model has established a complete and healthy lifecycle. The cycle starts with the product selection promotion by our service managers and a precious facilitation. And while our service managers’ benefit from promotional incentives our members have a better understanding of the product through the service managers’ introductions. We see core effective product that satisfy their need, establish trust with Yunji’s platform and our sharing based model and come back to repeat purchases. Meanwhile our service managers will earn income by delivering services. Common prosperity has also been Yunji’s only meeting vision since its establishment. To create more user value and offer products with better quality, we remain focused on three core strategies, highly curated productive selection, differentiated supply chain and special lines of retail system. In May 2021, we launched Yunji 99 Special Sales Portal on our Yunji app as one of the core products for our curated product selection strategy, aiming to become the portal for megahit product across all of the Internet. Our Yunji 99 Portal funnels of our platforms core traffic to a refined introduction of the megahit products across all categories. The addition of this section reinforces our refining supply chain strategy, as well as the collaboration of the megahit product sales by connecting Yunji members to create ideas with viral appeal by focusing on highly cost effective products. We have millions of members assess quality products from all over the world. The Yunji 99 Special Sales Portal featuring a curated selection has been up to 99 products each day. These 99 products are vigorously screened and selected through strict criteria and a basic product poor selection process. Of the 99 products, the top 10 best retailers…

Thank you, Shanglue. Hello everyone. Before I go through our financial results, please note that all numbers stated in the following remarks are in renminbi terms and all comparisons and percentage changes are on a year-over-year basis unless otherwise noted. Starting this year, we are committed to enhancing our supply chain differentiation strategy, upgrading our product selection with our new massive product curation strategy and refining our membership management system. We have also shifted our mindset to focus on sustainable long-term growth as we further improve our efficiency as employee structure. After several quarters of adjustments, our final operations have resulted in significant improvements in our profitability despite sound fluctuations in our quarterly sales. During this quarter, we recorded our operations income of RMB16 million and our net income of RMB17 million, compared with our operating loss of RMB45 million and a net loss of RMB17 million in the year ago. Now let’s take a closer look at our financials. Total revenue were RMB571 million, compared to RMB1,487 million a year ago. Revenue from sales of merchandise were RMB472 million and revenue from our marketplace business were RMB88 million. In line with our reviewed long-term growth strategies, we further optimized our financing of suppliers and the merchants, which caused the revenue decrease in both our marketplace business and the merchandise sales during this quarter. As a result, gross margins improved to RMB75 million -- 75 percentage compared to 19 -- 29 percentage a year ago. During this quarter, we improved our operating efficiency by carefully selecting quarterly [ph] suppliers and products, removed certain products that were more included to base pricing and subsidy competition and the focus on our depreciation supply chain and make good product offerings, as a result, gross margins improved accordingly. Turning to our operating expense, fulfillment…

Thank you. [Operator Instructions] It seems we don’t have any questions from the line yet. Presenters, please continue. [Operator Instructions] I don’t see any questions from the line yet. Presenters or management, please continue. : :

Thank you for joining us today. Please do not hesitate to contact us if you have further questions and we look forward to talking with you next quarter. Thanks.

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