|Wendy Zhao||Investor Relations Manager|
|Yan Li||Chief Executive Officer|
|Fion Zhou||Chief Financial Officer|
|Scarlett Ge||Credit Suisse|
Good day and thank you for standing by. Welcome to the Niu Technologies First Quarter 2023 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.