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Ruhnn Holding Ltd (NASDAQ:RUHN)
Q1 2020 Earnings Call
Aug 29, 2019, 8:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Hello, ladies and gentlemen, thank you for standing by for Ruhnn Holding Limited's Earnings Conference Call for the First Quarter of Fiscal Year 2020. At this time, all participants are in listen-only mode. Today's conference call is being recorded.

I will now turn the call over to your host, Mr. Sterling Song, Senior IR Director of Ruhnn. Please go ahead.

Sterling Song -- Senior Director of Investor Relations

Thank you, Annie. Good evening. Hello, everyone, and welcome to Ruhnn Holding Limited earnings conference call for the first quarter of fiscal year 2020. As a reminder, this conference is being recorded. The Company's financial and operating results were issued in a press release earlier today and are available online. You can download the earnings press release and sign up for the Company's email distribution list by visiting the IR section of the Company's website at ir.ruhnn.com.

Min Feng, our Founder and Chairman of the Board of Directors, and Mr. Zhenbo Chi, our Chief Financial Officer will begin with some prepared remarks. Following the prepared remarks, Mr. Lei Sun, our Founder, Director and CEO and Mr. Mac Zhou, our VP will also join us for the Q&A session.

Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the Company's actual results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in certain filings of the Company with the US Securities and Exchange Commission, including its Annual Report on Form 20-F. The Company doesn't assume any obligation to update any forward-looking statements except required by law.

I will now turn the call over to Ruhnn's Founder and Chairman of Board, Mr. Min Feng. Mr. Feng will deliver his remarks in Chinese, followed immediately by English translation. Mr. Feng, please go ahead.

Min Feng -- Founder and Chairman

[Foreign Speech]

Good evening, everyone. Thank you for joining our earnings conference call for the first quarter of fiscal year 2020. On April 3, 2019, we successfully completed our IPO on the Nasdaq Global Select Market, marking a significant milestone in the Company's history. We firmly believe our success listing on the US stock exchange, which requires the highest corporate governance standards globally, is creating a solid foundation for long-term sustainable business development in the years to come. We have already begun to see an impact from the IPO on Ruhnn's brand awareness and the industry influence in the Internet KOL e-commerce sector in China.

[Foreign Speech]

We are very pleased to see strong growth momentum in our first fiscal quarter with GMV increasing by 50.4% to RMB755 million and net revenues increasing by 34.3% to RMB312.8 million both on a year-over-year basis. Notably, revenues from the platform model tripled in the first fiscal quarter compared with the same year-ago period. We have also realized significant margin expansion resulting in gross margin of 35.7% compared with 24.8% in the year-ago period.

Benefiting from robust top-line growth and improving operating efficiency, we managed to significantly narrow our adjusted net loss by approximately 51.6% on a year-over-year basis. This outstanding performance clearly demonstrates that strength and the viability of our business model, as well as our strong management and execution capabilities.

By leveraging our effective KOL cultivating capabilities, creative product marketing, cutting-edge technology, big data analysis, and a synergistic supply chain, we were able to rapidly capitalize on the fluid monetization opportunities in the KOL economy market, further strengthening Ruhnn's leadership and the competitiveness in China's KOL e-commerce market.

[Foreign Speech]

Platform GMV as a percentage of total GMV continued to increase in the first fiscal quarter, recording 45.7% compared with 19.4% in the year ago period. Full-service model GMV as a percentage of total GMV decreased to 54.3% from 80.6% for the same fiscal quarter of last year. Looking ahead, we aim to operate in a more asset-light manner through the accelerated expansion of our business and as a platform model, while also maintaining healthy growth for the full-service business.

[Foreign Speech]

As of June 30, 2019, the total number of KOLs signed by Ruhnn reached 133. In addition to providing professional training to new KOLs, we provide highly personalized marketing and product selection solution to each KOL to help them create distinct personal style and enhance their recognition. This in turn, fuels our sales growth by meeting the diverse social content and product needs of customers. Our KOLs obtain increasing numbers of fans through our systematic training and marketing. In addition, the deep interactions on numerous social media and an e-commerce platforms between KOLs, fans and the customers provides us with enormous amounts of data. Our strong data platform analyzes and integrates this data and allows us to get market feedback and consumption preferences, helping us to adjust marketing models and the product selections.

We will continue to improve our comprehensive Internet KOLs and its identification, cultivation and the supporting system to grow our top-tier and established KOL pool. Further, we plan to collaborate with a great number and a variety of KOLs, while simultaneously, further optimizing our cost structure to realize our financial targets.

[Foreign Speech]

During the past two years, with an eye toward the continuous development and seamless operation of our first-in-class platform, we've been building up precise SKU selecting capabilities, mature supply chain management capabilities and advanced big data IT technological capabilities. At the same time, we continue to upgrade our uniquely flexible supply chain [Indecipherable] by enhancing it's managerial efficiencies and overall operational performance. These efforts consistently enhanced our unique leading position in the KOL e-commerce market.

[Foreign Speech]

We have become a reliable partner for the increasing number of retail brands, providing them comprehensive services ranging from product design, marketing and supply chain management. As we move forward, we remain committed to becoming a cooperation platform for emerging fashion brands in China, empowered by advanced technologies and big data.

As of June 30, 2019, we partnered with 701 brands compared with 297 brands as of June 30, 2018. We are also working to create a smarter and more automated supply chain to better serve third party merchants and the KOLs. By empowering KOLs with, for example, lower KOL transaction costs to fully divert and enhance precise matching capabilities between KOLs and SKUs, we are aiming to become the largest KOL transactions platform in China.

[Foreign Speech] Turning to our strategic partner, we continue our stable and close working relationship with Alibaba, our significant strategic stakeholder and a long-term key business partner. Alibaba provides solid e-commerce infrastructure and complete technology tools to support the Internet KOL ecosystem initiated by Ruhnn.

We are continuously exploring new business cooperation opportunities with Alibaba, especially in live assets and in live supply chain platform model business, as well as the product marketing business of KOL live streaming on Taobao. We also work and partner with other important shareholders for example Weibo and Bilibili. With both of the partners, we are looking to further our business expansion in KOL live streaming while exploring ways to further our collaboration with such social media platforms as TikTok, Kuaishou, and Little Red Book. This will allow us to drive innovation in emerging e-commerce businesses to enhance our core competitiveness.

[Foreign Speech]

Further, as a pioneer and a leader in KOL cultivation and KOL e-commerce, we remain dedicated to further penetrating Internet KOL industry and further exploring strategic investment opportunities. In June 2019, we reached a strategic partnership with China's leading online marketing platform, Duomai. With Duomai's precise online traffic acquisition and the marketing services, we will enhance our online marketing precise e-commerce operation and the KOL marketing capabilities. This partnership is also in line with our strategic investment plan to diversify our monetization channels to bring about greater long-term value. Looking ahead, we will continue to explore high-quality investment opportunities and improve our operational efficiencies through resource integration.

[Foreign Speech]

Moving onto our strong cash position, as of June 30, 2019, cash, cash equivalents and short-term investments recorded approximately RMB733.6 million. In addition, our operating cash inflows have consistently improved in the last few years. Adequate cash reserves and healthy cash flow will guarantee our ongoing development.

Looking ahead to the rest of this fiscal year we remain solid on achieving stable and healthy top-line growth by enhancing our KOL operations capabilities, improving product designs, as well as strengthening our technology and supply chain support. Looking at China's huge addressable KOL economy market in front of us, we are well-prepared and feel confident in our ability to maintain our first mover advantage and a leading position in the KOL e-commerce industry.

[Foreign Speech]

Now, with that, I will turn the call over to Mr. Mac Zhou, Vice President of the Company who will read the prepared remarks on behalf of Chief Financial Officer Mr. Zhenbo Chi, which will provide updates on our financial performance for the first quarter of fiscal year 2020. Mac, please.

Mac Zhou -- Vice President

Thank you, Mr. Feng and Mr. Sterling, and hello, everyone. I will be begin with some key financial highlights for the first fiscal quarter. We are very pleased to see Ruhnn preserve its tremendous growth momentum in the first quarter of fiscal year 2020. In the first fiscal quarter, GMV increased by 50.4% to RMB758.0 million, primarily attributable to the increased GMV in the platform model. And net revenue, increased by 34.3% to RMB312.8 million.

Full-service revenues increased by 17.1% year-over-year to RMB247.3 million and the platform revenues tripled to RMB65.5 million. We are also very pleased to report our continued margin expansion and the bottom line improvement. The gross profit almost doubled year-over-year in this quarter. Gross margin increased by approximately 11% year-over-year to 35.7%. We are also greatly narrowed adjusted net lost by approximately 51.6% year-over-year.

Our financial performance in the first fiscal quarter was driven primarily by the continuous progress from KOL cultivation, the enhancement of monetization capabilities in advertising services, brand cooperation and e-commerce, and finally, improved overall operating efficiency. As a clear leader in China's Internet KOL e-commerce industry, we have high confidence in our growth strategy and the promising opportunities that lay ahead of us. We are focused on growing market share as well as staying ahead of industry growth pace. We can do this by leveraging our capabilities to expand KOL pools and optimizing KOL structures in order to maximize value-added service for both brands and online stores.

Now, let's move on to detailed quarterly financial performance. Net revenues increased by 34.3% year-over-year to RMB312.8 million, primarily attributable to the increase of revenue from product sales of stores opened in the name top-tier KOL and increase of revenue from services through the platform model.

Revenues from product sales through the full-service model increased by 17.1% year-over-year to RMB247.3 million. The increase was primarily attributable to the sales growth of the stores opened in the name of Company's top-tier KOLs, and it was partially offset by the transformation of the business models of some online stores opened in the name of Company's emerging and the established KOL from full-service model to platform models. As a result of such a transformation, the number of the Company's online stores decreased to 40 as of June 30, 2019, from 75 as of June 30, 2018, and the number of the Company's KOL serving the full-service model decreased to 11 as of June 30, 2019.

On the other hand, GMV from the Company's online stores opened under top-tier KOLs that were in operation in the entire period increased by 49.6% in the first quarter of fiscal year 2020 compared with the same quarter of fiscal year 2019. Thanks to the rapid growth of GMV, the percentage of GMV facilitated by our top-tier KOLs decreased to 48.7% in the first quarter of fiscal year 2020 from 49% in the same quarter of fiscal year 2019. In particular, the percentage of GMV facilitated by one of our top-tier KOL, Zhang Dayi, decreased to 37% in the first quarter of fiscal year 2020 from 40% in the same quarter of fiscal year 2019.

Revenues from services through the platform model increased by 201.3% year-over-year to RMB65.5 million. The increase will primarily attributable to the increase in the number of KOLs under our platform model and an increase in the number of brands with which we cooperated in our advertising and marketing business.

Cost of revenues increased by 14.9% year-over-year to RMB201.3 million. The increase was inline with the business expansion. Gross profit increased by 93% year-over-year to RMB111.5 million as we continue to grow the business. Gross margin increased to 35.7% compared with 24.8% for the second quarter in the last fiscal year. The increase was primarily due to: firstly, the increased gross margin in product sales attributable to more crossover cooperation with third party brands and enhanced efficiency in supply chain management; and secondly, the increased proportion of the Company's net revenue attributable to services under the platform model, which exhibit higher gross margin than product sales.

Total operating expenses increased by 32.4% year-over-year to RMB138.8 million. Fulfillment expenses increased by 12.2% year-over-year to RMB35.0 million. Sales and marketing expenses increased by 71.7% year-over-year to RMB74.1 million. The increase was primarily due to: firstly, the increased promotion expenses in order to improve gross margin of product sales; secondly, the increased expenses of KOL incubation, cultivation, content production and the training to support increased activity for the Company's KOL sales and advertising business; and thirdly, non-cash amortization expenses of intangible assets, exclusive cooperation rights.

General and administrative expenses remained flat year-over-year to RMB30.5 million. Loss from operation decreased by 42% year-over-year to RMB27.3 million. Net loss attributable to Ruhnn decreased by 40.1% year-over-year to RMB26.7 million. Adjusted net loss attributable to Ruhnn decreased by 51.6% year-over-year to RMB21.6 million. Basic and diluted net loss per ADS was RMB0.32 compared with basic and diluted net loss per ADS of RMB0.70 for the same quarter of last fiscal year. Adjusted basic and diluted net loss per ADS was RMB0.26 compared with basic and diluted adjusted net loss per ADS of RMB0.70 for the same quarter of last fiscal year.

In terms of our balance sheet, as of June 30, 2019, we had a cash, cash equivalent and short investment of RMB733.6 million compared with RMB90 million as of March 31, 2019.

Turning to our outlook, for the full fiscal year 2020, we currently expect revenues from product sales through the full-service model to be between RMB980 million and RMB1,130 million, and net revenues from services through the platform model to be between RMB280 million and RMB380 million. This would represent a year-over-year growth between 4% and 20%, and between 86% and 152%, respectively. This forecast reflects the Company's current and preliminary view on the current business situation and market conditions, which are subject to change.

This concludes our prepared remarks. We will now open the call for Q&A. Operator, please go ahead.

Questions and Answers:

Operator

[Operator Instructions] The first question comes from the line of Alicia Yap of Citigroup. Please go ahead.

Alicia Yap -- Citigroup -- Analyst

Hi. Good evening, management.

[Foreign Speech]

My first question is related to this transitions from 1P to the full-service model to the platform model. Remember, there were some KOLs that were transitioning from the 1P to 3P last year. So can you remind us which quarter it actually started and which quarter that we should see this year should start it to see normalize?

Mac Zhou -- Vice President

Sure, I will take this questions. For the transformation of our emerging and established KOL from the full-service model to the platform model, this transformation took place in the quarter one last fiscal year. Currently, we are still proceeding such transformation and we will decide the balance between the full-service model and the platform model depending on the operating results of our full-service stores and also the progress of the implementation of the China e-commerce law.

Alicia Yap -- Citigroup -- Analyst

Okay. So it will still be ongoing. And then, so that leads me to my second question on the full year guidance. So if we add up the product and the service revenue, it imply on the full year basis, it's 15% to 38% year-over-year growth. Your first quarter, you already delivered 34% year-over-year growth. So can you help us understand why are you still giving this low end of the guidance range? Is that imply there could be some transitioning impact that would still be happening? And if you can give us some color in terms of how we should think about in the September quarter, which is the next quarter, will that be a seasonally slow quarter, that we should see a sequential decline?

Mac Zhou -- Vice President

[Foreign Speech]

I will quickly translate for Mr. Chi. Our revenue guidance is made based on the current operational results and the industry situation. This guidance will be driven by four following factors: first, the growth of our KOL pool and the speed of our KOL -- we enter into contract, as well as the speed for us to grow our fan base; second, the progress of the implementation of the China e-commerce law. Ruhnn has been compliant as a listing company starting from the year 2016. While along with the implementation of the China e-commerce law, those stores on the Taobao platform will be forced to increase the selling price of the products. Therefore, the full implementation of the China e-commerce law will help Ruhnn to increase the competitiveness of its full service model and enhance the revenue of the product sales.

The third, the performance of the double Singles' Day and also the double 12 Day sales. In the women's apparel industry, there is a seasonality driven by these two festivals and revenues from the Double Singles' Day took a significant proportion of the whole year revenue. So the performance of the Double Singles' Day will impact on the percentage of achievement of the whole year target. And the fourth and the last, the progress of the transformation for the emerging and established KOL from full-service model to platform model, because in full-service model, we are recognizing revenue based on the product sales, while in the platform model, we only recognize revenue based on a take rate of product sales. So the progress of the transformation will impact on the growth rate of our revenue. So these are the major factors where we make our revenue guidance.

Alicia Yap -- Citigroup -- Analyst

Sure. Thank you. Any color on the September quarter that you can share?

Mac Zhou -- Vice President

Currently, our September quarter performance is in line with our expectation, and we have taken full consideration of the July and August actual performance into our consideration when we make the full-year revenue guidance.

Alicia Yap -- Citigroup -- Analyst

Okay. Thank you.

Operator

Our next question comes from the line of Ji Jeng Liu of UBS. Please go ahead.

Ji Jeng Liu -- UBS -- Analyst

Thank you, management for taking my question. I have two questions.

[Foreign Speech]

Now, let me translate. My first question is, as we see the result, service revenue was up by almost on two folds. I am wondering which parts of the segment performed better? Is it third party e-commerce stores or advertising revenue? In the coming quarters will this segment face more headwinds of advertising weakness? My second question is, do we have more plans to penetrate the Kuaishou video platform as it seems to be a good traffic pool for e-commerce? Thank you very much.

Mac Zhou -- Vice President

Thanks Ji Jeng. In our platform business, we have seen significant growth rate in both e-commerce and advertising sector. And we have note a even faster growth rate in the advertising services. We have not seen any sign of the slowing factor which will slow our advertising services. We have note that in the market for a lot of Internet company there is a trend that the advertising services slow down. But if we look at the different segments within the advertising services, we have seen there is a clear trend that the advertising budget goes from the traditional media to the social media. So in our case, because in our advertising services, we have fully leveraged our KOL position and the loyalty between the KOL and her fan bases to influence our fans and the customers.

And it would be very easy in our case that we ensure that our fans are focused on our content from our KOL in a decentralized community. So it would be important to note that we can help the brand to deliver its value and we can help them to receive the real-time feedback from our fans. So as of the end of this quarter, the brands that we have cooperated have increased to more than 700 and we believe in the future, we will continue this trend and to serve even a larger number of the brands and maintain a fast growth trend.

For the second question, I will ask Mr. Feng Min to respond, and I will translate.

Min Feng -- Founder and Chairman

[Foreign Speech]

Yes. Ruhnn has cooperation with Kuaishou. Actually, Ruhnn is a major strategic operation partner with Kuaishou, especially in the Internet KOL e-commerce sector. Actually, as we mentioned earlier, 2018 Kuaishou together invested with Ruhnn in one of our subsidiary [Indecipherable] Technology Company, which is a AI SKU selecting company for women's apparel sector. And besides Kuaishou, Ruhnn at the same time also services other social media platforms such as Billy Billy, TikTok, Little Red Book, et cetera. For example, Ruhnn provides precise SKU selecting services between KOLs and SKUs for the Internet KOL in TikTok and we help those KOLs to realize their monetization channels and we help them to increase their efficiencies as well.

Ji Jeng Liu -- UBS -- Analyst

Okay. Thank you.

Mac Zhou -- Vice President

Thank you.

Operator

Our next question is from the line Ye Zheng of TH Capital [Phonetic]. Please go ahead.

Ye Zheng -- TH Capital -- Analyst

Hi. And thanks for taking my question, and congrats on the solid results. I have two questions. My first question is on the KOLs. I know that those KOLs who start with full-service model also operate online stores. Is it possible that those stores [Indecipherable], despite your same-store sales based on year-on-year basis remained stable in the first quarter 2020. Can you give us some color on this? My second question is on the platform service model. In terms of third-party merchants and pipeline of KOLs, can you just give us some color on this? What are the numbers that we can model for next quarters, specifically, what are the inclusive factors of those take rates, and what would be churn in the near future? Thanks.

Mac Zhou -- Vice President

Thanks, I will respond to the first question and Sterling will answer the second question. For the first question regarding the full-service model, the number of KOL working on the full-service model is 11 in this quarter. And if we compare the same period last year, last year it was 33. We had 33 KOL last year working on the full-service model. We could see that for those top-tier KOLs, who is opening the stores in the full-service model in both periods, this quarter and also last quarter, we have seen a significant growth in GMV, more than 49%. And we anticipate that despite the impact of the transformation from the full service model to the platform model for the emerging and established KOL, our revenue will still continue to grow at a faster rate, driven by the robust growth of our top-tier KOL.

We have realized that the China e-commerce law has came into effect since January 2019, and currently, it is still in the progress of implementation. And we will decide the balance between the full-service model and the platform model from a strategic point of view based on the progress of the implementation of this law. Regarding the confidence of a single KOL both in the full-service model and in the platform model, we do not see such a confidence. For those KOLs working on both models, normally that she will promote the private brand women's apparel in the full-service model, while to promote the third-party brand cosmetics, consumables, healthcare and the food in platform model. So this combination will fully utilize the loyal relationship between the KOL and her fan base and will complete her image as a person who is willing to share her beauty recommendation. So as a result, we do not see a comfort for any single KOL both working on two business model.

Sterling Song -- Senior Director of Investor Relations

Could you please repeat your second question?

Mac Zhou -- Vice President

Hello.

Sterling Song -- Senior Director of Investor Relations

Could you please repeat your second question?

Mac Zhou -- Vice President

Operator, could you ask her to repeat her second question?

Operator

Yes.

Unidentified Participant

My second question is on the platform service model. In terms of third party merchants and pipeline of KOLs, can you just give us some themes on this? I mean what are the numbers that we can model in the next quarters, specifically what are the influencing factors of the take rates and what is the trend in the near future?

Min Feng -- Founder and Chairman

[Foreign Speech]

Okay. I will do the translation. This quarter, the Company total signed 133 KOLs. So as we mentioned earlier, every month the Company will interview candidates of several hundred. Normally, it's between 800 to 1,000 candidates for KOL, but finally in the end, we will officially sign contracts with KOls between 5 to 10 people on average on a monthly basis. It is estimated that by the end of fiscal year 2020, the Company will sign about nearly 200 Internet KOLs. For this quarter, as of June 30, 2019, we served brands almost 701. We estimated the number of brands which we provide service will exceed 1,000 by the end of this fiscal year.

And talking about the take rate factors, there are three. Factor one is, demand from the branded merchant, second is the supply of the Internet KOLs in the e-commerce sector, lastly, is the percentage of advertisement business as a percentage in the platform model because the advertisement business doesn't contribute directly to our GMV. So as Mr. Feng just mentioned in the current business structure, we estimate the take rate will keep stable in the platform business. And at the same time, as we mentioned earlier, we have been exploring new businesses in the monetization channels with our strategic shareholder, Alibaba. So if we achieve any new breakthroughs in our new businesses, we expect the take rates will have some change in our income structure. Thank you. We hope that answers your questions.

Operator

Thank you. Our next question comes from the line of Bo Pei of Oppenheimer. Please go ahead.

Bo Pei -- Oppenheimer -- Analyst

Hi, management. Thanks for taking my question. I have two or three, if I may.

[Foreign Speech]

I would translate for myself. So my first question is regarding our guidance. We provided a revenue guidance for fiscal year this year. And then, how does that imply to GMV growth? And then my second question is on the short video industry in China, so we know that short video industry, especially on the e-commerce, is growing very fast in China, so how do we see that trend going in five years in China? And then, my third question is that e-commerce law, which we mentioned, implemented in January this year. So what is the progress so far? And then how does that impact the industry and especially on Ruhnn? Thank you very much.

Min Feng -- Founder and Chairman

[Foreign Speech]

Yeah. I will translate the response to the question number one and number two. Regarding the trend of the GMV growth, we expect that we will also achieve rapid growth in our GMV, but of course that we will focus more on the quality of our growth. So we will lay more emphasis on the growth of our revenue. And in the meantime, because we are continually exploring different monetization channels based on our cooperation with our shareholder, Alibaba, so we will see some diversified ways to achieve the growth of our revenue, and we will keep all the shareholders updated about the progress.

Regarding the question number two, on the short video. Of course, we have note that for those brands, short video has been a very important part to deliver the value from the brand to the customers. And the quality of our content will play an important role for the promotion of the brands.

[Foreign Speech]

For the question number two, regarding the progress of the implementation of the China e-commerce law, and we have got to see that the implementation of the China e-commerce law will ensure that the compliance for most stores, including those stores on the Taobao platform. So that we anticipate that this implementation will drill down to those stores as a major player in the ecosystem of the Taobao platform. And we anticipate that this full implementation will come into be in one or two years.

Sterling Song -- Senior Director of Investor Relations

We hope that answer your questions. Thank you, Bo. Operator?

Operator

Thank you. As there are no further questions, now, I'd like to turn the call back over to the Company for closing remarks.

Sterling Song -- Senior Director of Investor Relations

Thank you, Annie, thank you again for joining us today. Thank you, everyone. If you have any further questions, please feel free to contact Ruhnn Investor Relations department through the contact information on the website or the Company's IR firm TBG Investor Relations. Thank you, everyone. Thank you, again. Bye-bye.

Operator

Thank you. This concludes this conference call. You may now disconnect your line. Thank you.

Duration: 61 minutes

Call participants:

Sterling Song -- Senior Director of Investor Relations

Min Feng -- Founder and Chairman

Mac Zhou -- Vice President

Alicia Yap -- Citigroup -- Analyst

Ji Jeng Liu -- UBS -- Analyst

Ye Zheng -- TH Capital -- Analyst

Unidentified Participant

Bo Pei -- Oppenheimer -- Analyst

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