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

Hello, everyone. Welcome to our third quarter 2021 earnings call. Before we start, please note that this call will contain forward-looking statements within the meaning of Private Securities Litigation Form Act of 1995 that are based on our current expectations and current market operating conditions and related that involve known and unknown risks, 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 document filed with U.S. SEC. Any forward-looking statements that we make on this call are based on assumptions as of today and are expressly qualified entirely by cautionary statements, risk factors and details of the company filing with the SEC. We do not undertake any obligation to update these statements expect as required on applicable law. With that, I will now turn it over to Shanglue Xiao, Chairman and CEO of Yunji.

[Interpreted] Hello, everyone, welcome to Yunji's third quarter 2021 earnings call. During the second quarter of this year, we successfully launched our highly curated product selection, Yunji 99 Special Sales Portal. The Yunji 99 portal's enablement to improve the focus on our service and help our members to save time when selecting megahit products. Following over 1 quarter's effect promoting Yunji 99, and we have seen a steady improvement in sales per display. In addition, our live streaming business on the Yunji platform, or on third-party live streaming platform, is gradually getting on track. We now streaming more than 100 live programs focused on food, beauty and cosmetics, apparel and other topics every week, effectively joining sales and members time spent on our platform. During this year's Double Eleven shopping festival, Yunji 99 curated many massive brands and products. It's worth mentioning that many of these brands and products come from ourselves and the co-development brands. Under our Yunji 99 strategy, during the inactive phase of our development, we will focus on the food category. We hope that Yunji [indiscernible]. Our users will become aware that on Yunji's platform, they are able to try food from all over China. During this year, I visited agriculture product places of our regions across the country, tasted a famous local cuisine, started culinary innovation and gained a greater understanding of the most cutting-edge nutrition, assertion and preservation techniques. These experiences have made me even more determined that food will be Yunji's top category. Our drink is for our members to be able to eat delicious food from all over the world without leaving home as in time eat healthily to become more beautiful. Let me explain further on the food category. We have really pleasing tasting some of our own meat brands, including…

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 change are on a year-over-year basis, unless otherwise noted. Starting this year, we're committed to enhancing our supply chain depreciation strategy, upgrading our product selection with our new megahit product curation strategy and refining our membership management system. More specifically, we launched a series of private label products with our depreciated supply chain. Our branded product has received a great reception from the market, reflected by our high repeat repurchase rate, which reached 80.6% in the 12 months, ended September 30, 2021. In addition, we continue to further improve our efficiency and the employee structure, focusing on sustainable long-term growth. After several quarters of adjustments, our refined operations has resulted in significant improvements in profitability despite some fluctuations in our quarterly sales. During this quarter, we recorded an operating income of CNY 18 million compared with an operating loss of CNY 24 million a year ago. In addition, we are delighted to see that our strategy of cultivating ourselves and the codeveloped brands has achieved a certain level of progress as evidenced by the additional strategic investors. As a result, we recognized CNY 110 million other nonoperating income from investment in our fast-growing dairy brand campaign during this quarter. Our net income in the third quarter was CNY 61 million compared with a net loss of CNY 44 million a year ago. Now let's take a closer look at our financials. Total revenue were CNY 438 million compared to CNY 1,067 million a year ago. Revenues from sales and merchandise was CNY 366 million and revenue from our marketplace business was CNY 65 million. We fully optimized our selection…

[Operator Instructions] The first question comes from the line of Ethan Yu from First Trust Group.

[Foreign Language] Let me do a quick translation. Could you give us more details about our private label product incubations and featured actions to differentiate them from our -- from other competitors? I've also noticed that the company has made some achievements in investment. Could you please share more colors about the company's investment strategy and expectations?

[Interpreted] So thank you for your question. And we hope that we could make more efforts to promote the Yunji mindset to the customers. During the past several years, we have kept contact and a close conversion with our service suppliers. So we help them to make profit in their cooperation with us. And these are going to be our external communication strategies, and we will be pleased to -- this strategy in the future. And also, we have noticed that in such serious computing e-commerce industry, if you're going to keep a stable development, you have to have a good communication with the customers. And we have done the survey for the T1 e-commerce platform. We find that currently no first-choice food delicacy platforms for our customers. So we hope that we could make more efforts on this area. So when the customers will like to buy the food delicacy, they will choose Yunji as their first choice platform. And also, we have find out about the new food delicacy, the word of mouth is more important than the brands their selves. And also here in Yunji, we have a large number of the members we're going to promote our platform and the food to other customers. So for Yunji, we will try hard to be the first choice for the customers if you're going to buy the delicious food and also, we're going to corporate more with our sharing members and the service providers to make more and promote motivation food brands through our cooperation and R&D to our users. So that is our first priority. We are going to make Yunji the first choice for our customers for the selection of the delicious food and also the food going to be our first category. So in addition…

[Operator Instructions] As there are no further questions at this time, I will now like to transfer the call back to management for any closing remarks. Please go ahead. Thank you.

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. Bye.

Thank you. That concludes the conference for today. Thank you for your participation. You may all disconnect your lines now.