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Operator Good morning, ladies and gentlemen and thank you for standing by for Baozun s first-quarter 2021 earnings conference call. [Operator instructions] I will now turn the meeting over to your host for today s call, Ms. Nicole Zhao, investor relations manager for Baozun. Please proceed, Nicole. Nicole Zhao Investor Relations Manager Thank you, operator. Hello, everyone and thank you for joining us today. Our first-quarter 2021 earnings release was distributed earlier today, and this is available on our IR website at ir.baozun.com as well as on global newswire services. On the call today from Baozun, we have Mr. Vincent Qiu, chairman and chief executive officer; Mr. Arthur Yu, chief financial officer; and Ms. Tracy Li, our vice president of strategic business development. Mr. ....