Siting Li
Investor Relations Director & Joint Company Secretary

Hello, ladies and gentlemen. Thank you for standing by for KE Holdings First Quarter 2026 Earnings Conference Call. I am Siting Li, IR Director of KE Holdings. Please note that today's call, including management's prepared remarks and Q&A session will all be in Chinese. Simultaneous Interpretation in English will be available on a separate line. [Operator Instructions] Please note that conference call is being recorded.

The company's financial and operating results were published in the press release earlier today and are posted on the company's IR website. With us today, we have Mr. Stanley Peng, our Co-Founder, Chairman and Chief Executive Officer; and Mr. Xu Tao, our Executive Director and CFO. Mr. Xu will provide an overview of our business updates and our financial performance. Then Mr. Peng will share more on our strategic transformation and insight.

Before we continue, I refer you to our safe harbor statement in our earnings press release, which applies to this call as we will make forward-looking statements. Please also note that Beike's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Please refer to the company's press release, which contains a reconciliation of the unaudited non-GAAP measures to the comparable GAAP measures.

Unless otherwise stated, all figures mentioned in today's call are in RMB. Certain statistical and other information relating to the industry in which the