Debbie Ding | Senior IR Manager |
Joey Wat | CEO & Director |
Andy Yeung | CFO |
Xiaopo Wei | Citigroup |
Lina Yan | HSBC |
Michelle Cheng | Goldman Sachs Group |
Anne Ling | Jefferies |
Chen Luo | Bank of America Merrill Lynch |
Lillian Lou | Morgan Stanley |
Sijie Lin | CICC |
Terrance Liu | CLSA Limited |
Ladies and gentlemen, thank you for standing by, and welcome to Yum China Fourth Quarter and Fiscal Year 2020 Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Ms. Debbie Ding.