Hello, ladies and gentlemen. Thank you for standing by for RLX Technology Inc's. third quarter 2021 earnings conference call. At this time, all participants are in listen-only mode. After management's remarks, there will be a question and answer session. Today's conference call is being recorded and is expected to last for about 45 minutes. I will now turn the call over to your host. Mr. Sam Tsang, Head of Investor Relations of the company. Please go ahead, Sam. Thank you very much. Hello, everyone, and welcome to RLX Technology's third quarter 2021 earnings conference call. The company's financials and operational results were released through PR Newswire services earlier today and have been made available online. You can also view the earnings press release by visiting the IR section of our website at ir.relxtech.com. Participants on today's call will include our Co-Founder, Chairperson of the Board of Directors, and Chief Executive Officer, Ms. Kate Wang; Chief Financial Officer, Mr. Chao Lu; and myself, Sam Tsang, Head of Investor Relations. Before we continue, please note that today's discussions will contain forward-looking statements made under the Safe Harbor Provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements typically contain words such as may, will, expect, target, estimate, intend, belief, potential, continue, or other similar expressions. Forward-looking statements involve inherent risks and uncertainties. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, many of which factors are beyond our control. The company, its affiliates, advisors, representatives, and underwriters do not undertake any obligations to update this forward-looking information, except as required under the applicable law. Please note that RLX Technology's earnings press release and this conference call include discussions of unaudited GAAP financial measures, as well as unaudited non- GAAP financial measures. RLX's press release contains a reconciliation of the unaudited non- GAAP measures to the unaudited GAAP measures. I will now turn the call over to Ms. Kate Wang. Please go ahead. Thank you, Sam. And thanks, everyone, for making time to join our conference call today. Since the second half of the third quarter, there have been proactive regulatory developments through the global e-vapor space, including in China. Last Friday, November 26th, 2021, the State Council announced its decision to amend the detailed invitation regulations of the Tobacco Monopoly Law of the People's Republic of China by adding rule 65, which states that implementation rules for next generation tobacco products, including e-cigarettes, shall be referred to as relevant tools with respect to cigarettes on Brazil's implementation regulation of the Tobacco Monopoly Law. On Tuesday, November 30th, 2021, the State Tobacco Monopoly Administration released a consultation paper entitled Electronic Cigarettes: A National Public Service inaudible For Standards Information under the state's administration for market regulation, seeking public comment regarding na- national electronic cigarette product standards. Yesterday, December 2nd, 2021, the State Tobacco Monopoly Administration released a consultation paper entitled Administrative Measures for Electronic Cigarettes, seeking public comment regarding administrative measures on electronic cigarettes, covering various aspects, including production, distribution, and retail sales, import and export, and inspections. Uh, we firmly support this amendment to the detailed implementation regulations and have begun making any required change to fully comply with the new regulations and administrative measures. We believe the amendment will pave the way for long-term and sustainable growth in this sector. We are also aware of meaningful worldwide regulatory developments, which reflect similar trends globally. In the United States, the FDA has made substantial progress reviewing PMTA applications and granted its first e-vapor product authorization in October, demonstrating its reclamation of certain e-vapor products' harm reduction effect. We closely follow global regulatory developments and view regulation of e-vapor products as a global trend, and view growth, as countries worldwide recognize e-vapor products' harm reduction benefits for adult smokers. With these regulatory developments, especially in China, we believe the sector will enter a new era of development, an era marked, marked, marked by enhanced productivity and qualities, augmented social responsibilities, and an improved electoral property protection. As some of you may be aware, the third quarter was challenging on the commercial front for the entire industry value chain, which had been reflected in our key value chain partners' financial results previously. Misinformation from inaudible e-vapor sector and the Walgreen COVID-19 restrictions, in response to outbreaks in China, which we discussed during last quarter's earnings call, has had a significant adverse impact on the retail sales and product procurement of our branded stores, since the latter half of the second quarter. As a result, we have record, uh, 34% quarter-over-quarter decline in our net revenue. But we believe this revenue decline to be temporary and have a clean plan, clear plan to achieve long-term healthy growth, which Chao will explain in detail later. Despite those industry impediments, we continue to focus on building a solid foundation for sustainable success. In the third quarter, we redoubled our scientific research efforts and continue to attract and recruit top talent to strengthen our sales, supply chain, and R&D capabilities. We are committed to providing adult smokers with innovative harm reduction products of the highest quality. Also, at RLX, we also plan and act for the long-term. Corporate social responsibilities have been an integral part of values since day one. In the third quarter, we unveiled our 2020 to 2021 corporate social responsibility report, wherein we shared our progress with respect to our CSR initiatives. Some highlights include our industry-leading age verification system, Sunflower System 3.0, with enhanced features to prevent under-18 use. Our RLEX Care community service program to promote role revitalization and common prosperity. These accomplishments are a testament to our dedication to fulfilling our social responsibilities. We strive to positively impact our users, employees, and communities in which we live. With that, I will now turn the call over- With that, I will now turn the call over to our CFO, Chau Lu. He will elaborate on some of our last quarter's initiatives and go over our operational and financial results in more detail. Chau, please go ahead. Thank-you, Kate. And hello everyone. I will start by sharing some of the quarter's major initiatives and developments, and then walk you through our key financial metrics. We believe that offering the right products to the right user segments through the optimal route to market will be the key to our sustainable, high quality growth. To this end, we continue to expand our product offerings to meet the needs of diverse user segments and optimize our distribution and retail networks to ensure quality growth. With respect to products, we are focused on offering better and more tailored vaping products for various user groups to help engage new users with the right products. This quarter we introduced Yixiyun, a new brand targeting adult smokers with a long history of smoking. Our goal is to recreate an authentic smoking experience for adult smokers by launching eight tobacco flavored cartridges in our initial stage. At the same time, we further upgraded Qinfeng, a more accessible product line catering to price sensitive users' needs. We also recently relaunched