Good morning, and good evening, ladies and gentlemen. Thank you for standing by, and welcome to Yunji's Fourth Quarter 2024 Earnings Conference Call. With us today are Mr. Shanglue Xiao, Chairman and Chief Executive Officer; along with Mr. Yeqing Cui, Senior Financial Director. As a reminder, this conference call is being recorded. 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 the company's current expectations and current market operating conditions and relate to events that involve known or unknown risks and uncertainties or other factors of Yunji and its industry. These forward-looking statements can be identified by the terminologies such as will, expect, anticipate, continue and other similar expressions. For a detailed discussion of these risks and uncertainties, please refer to the company's related documents filed with U.S. SEC. Any forward-looking statements that the company makes on this call are based on assumptions as of today and are expressly qualified in the entirety by the cautionary statements. Risk factors and details of the filings with the SEC. The company does not undertake any obligation to update these statements, except as required by applicable law. With that, I would now like to turn the call over to Mr. Shanglue Xiao. Chairman and Chief Executive Officer of Yunji. Please go ahead, sir.

Hello, everyone. Welcome to Yunji's Fourth Quarter 2024 Earnings Call. Looking back on to our operations over the past year, while focusing on the future, we continue to firmly position organic health as the key strategic objectives for our future development. In 2024, our overall gross margin improved to 49.4% while our user repurchase rate maintained a strong 71.9%. Behind these numbers lies the trust our consumers have place in us, they wrote for healthy living. But more important than numbers is our complete operational realignment. Over the past year, we have enhanced our organizational structure, improved operational efficiency and optimized our business layout. These changes will serve as the starting point for us to move forward with greater agility in 2025. This March, we completed the consolidation of our health business and business. This significant move enable us to better provide a trusted healthy living solutions for our users, strengthening our chain through true traceability, authentic experiences and general sharing, bringing organic house to millions of households. Under our commitment to our organic health strategy, our private label organic health products have gradually earned our user trust. For example, our probiotic achieved sales of nearly RMB 5 million in the fourth quarter of 2024 and over RMB 6 million in the first quarter of 2025. Additionally, our new life coffee launched at the end of March this year in high consumer recognition, generating sales of over RMB 5 million in just 1.5 months after its launch. We will continue to strengthen our private label brand SUYE. Through our efforts in 2024 and the first quarter of this year, we have completed a strategic upgrade from SUYE's messaging to its visual identity, upholding the brand mission of bringing advanced skincare technology into your daily routine. SUYE is dedicated to offering…

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 all comparisons and the percentage change on a year-over-year basis, unless otherwise noted. During the first quarter of 2024, we maintained our focus on optimizing our cost structure, while adapting to evolving market dynamics. We took the steps to refine our staffing structure and cost reductions in areas such as fulfillment and technology. However, these long-term strategic cost saving measures were partially offset by increase in near-term expense, including several costs which affect our bottom line. These change -- these actions represented critical progress towards building a more efficient operational framework for the future. Now let's take a close look at our financials. Total revenue was RMB 97.1 million compared to RMB 149.2 million a year ago. Revenues from sales of merchandise were 75.5 million, and the revenues from our marketplace business were 19.4 million. These changes were primarily driven by ongoing refinements to our product range across all categories. This, coupled with the optimization of our supplier and the merchant network result in a short-term impact on sales. Despite these changes, our gross margin remained relatively strong at 48.3 percentage, mainly due to continued customer loyalty towards our private labels and our effective product creation strategy. Now let's take a look at our operating expense. Fulfillment expense were $16.4 million compared to $28.8 million a year ago. The decrease was mainly due to reduced staff costs as a result of starting structural requirements, reduce the warehousing and logistics expense due to lower multisales and lower service fees charged by third-party payment settlement platforms. Sales and market expense were 30.2 million compared to 38.5 million. The increase was primarily due to an increase…

[Operator Instructions] And the first question will come from Megan Wang, Investor.

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Thank you for your question. Let me share more about our therapy product. And this projection is going to be launched in May, and then it aims to -- and our users to enjoy a space and where people can cast their mind on their body and so and in healthier lifestyle. And what make this unique is our production plus the virtualized service model, which creates a complete experience, not just the fee but a journey towards wellness.

[Foreign Language] for us and the Chinese people. For we carefully selected a world-winning organic tea Mountain. It is certified organic by multiple countries and across from the traditional production area of Mountain. The tea has a beautiful glossy black appearance and grows into a smooth, sweet infusion that embodies quality. But the real magic lies in the tea therapy ritual, which is an 80-minute experience divided into three parts. 20 minutes of traditional stretching, 40 minutes of tea testing and meditation tea and 20 minutes of sharing with fellow participants. This isn't just about drinking tea, it is about self-healing through classical culture and joy in daily moments. The program even integrates a professionally designed curriculum based on Chinese classic studies to help participants achieve self-awareness and inner harmony. So these ritual participants can improve blood circulation and gain insights into themselves, all while boosting physical strength, refreshing their minds and nourishing their hearts. The name itself reflects this philosophy. It means achieving innate knowledge of the good. In essence, it is about removing negativity and embracing positivity to lead a more fulfilling life. . Finally, this project isn't just about personal wellness, it also strengthened our community and drive sales of our organic health products. It is a holistic approach that can people to health, culture and happiness.

As there are no further questions, this will conclude our question-and-answer session as well as our conference call for today. Thank you for attending today's presentation. You may now disconnect.