Operator

Good morning, ladies and gentlemen, and thank you for standing by for Baozun's first quarter 2026 earnings conference call. [Operator Instructions] As a reminder, today's conference call is being recorded. I would now like to turn the call over to your host for today's call, Ms. Wendy Sun, Senior Director of Corporate Development and Investor Relations of Baozun. Please proceed, Wendy.

Wendy Sun
Joint Company Secretary and Senior Director of Corporate Development & Investor Relations

Thank you, operator. Hello, everyone, and thank you for joining us today. Our first quarter 2026 earnings release was distributed earlier before this call and is available on our IR website at ir.baozun.com as well as on PR Newswire services. They have also posted a PowerPoint presentation that accompanies our comments to the same IR website, where they are available for download. On the call today from Baozun, we have Mr. Vincent Qiu, Chairman and Chief Executive Officer; Ms. Catherine Zhu, Chief Financial Officer; Mr. Junhua Wu, Director and Chief Strategy Officer of Baozun Group; and Mr. Ken Huang, Chief Financial Officer of Baozun Brand Management.

Mr. Qiu will share first about our business strategy and company highlights. Ms. Zhu will then discuss our financials, followed by Mr. Wu and Mr. Huang, who will share more regarding our e-commerce