Lijun Guo
CEO & Executive Director

[Interpreted] Good evening, analysts and investors. Welcome to WH Group's 2026 First Quarter Results Conference. This is Guo Lijun, Executive Director and Chief Executive Officer of WH Group.

Joining today's results call are members of the senior management from WH Group and our subsidiaries, Shuanghui Development, Smithfield Foods and Morliny Foods in Europe, including Mr. Wan Long, Chairman of the Board and Executive Director of WH Group; Mr. Wan Hongwei, Vice Chairman of the Board of WH Group and the Chairman of Shuanghui Development; Mr. Ma Xiangjie, Executive Director of WH Group and President of Shuanghui Development; Shane Smith, President and CEO of Smithfield; and Mark, Chief Financial Officer; Luis, CEO of Morliny Foods; Ms. Joanna Yan, Chief Financial Officer of the company; and Zhou Xiaoming, Vice President of the company.

Today's earnings call will be divided into two parts. I will first present the company's first quarter financial and operating performance and then we will take your questions.

Now I will walk you through the first quarter performance of 2026 of WH Group. In the first quarter, packaged meats sold total volume was 781,000 metric tons, 9.4% higher than last year. Pork sold is 1.037 million metric tons, 5.6% higher than last year. Total revenue, USD 6.994 billion, 6.7% higher than last year. EBITDA, $869 million, 10.6% higher than last