Operator

Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to ATRenew Inc.'s First Quarter 2026 Earnings Conference Call. [Operator Instructions]

Please note, today's event is being recorded. I will now turn the call over to the first speaker today, Ms. Jessie Jin, Head of Investor Relations. Please go ahead, ma'am.

Xiaoyi Jin

[Interpreted] Thank you. Hello, everyone, and welcome to ATRenew's First Quarter 2026 Earnings Conference Call. Speaking first today is Kerry Chen, our Founder, Chairman and CEO; and he will be followed by Rex Chen, our CFO. After that, we will open the call to questions from the analysts. The first quarter 2026 financial results were released earlier today. The earnings press release and investor slides accompanying this call are now available at our IR website, ir.atrenew.com. There will also be a transcript following this call for your convenience. For today's agenda, Kerry will share his thoughts of our quarterly performance and business strategy, followed by Rex, who will address the financial highlights. Both Kerry and Rex will participate during the Q&A session.

Please note our safe harbor statement. Some of the information you will hear during our discussion today will consist of forward-looking statements, and I refer to you our safe harbor statement in the earnings press release. Any forward-looking statements that management makes on this call are based on assumptions as of today, and that ATRenew does not