Thank you for standing by, and welcome to ATRenew Inc.'s Fourth Quarter and Full Year 2025 Earnings Conference Call. [Operator Instructions] Please note, today's event is being recorded. I will now ...

Earnings call ATRenew reported Q4 2025 revenue of RMB 6.25 billion (up 29% YoY) and non-GAAP operating profit of RMB 180 million (up 38.1% YoY), both exceeding internal expectations. Full-year revenue ...