Q2 2023 PDD Holdings Inc Earnings Call

Speaker 1: Ladies and gentlemen, thank you for standing by and welcome to PDD holding Zinc second quarter 2023 earnings conference call

Ladies and gentlemen, thank you for standing by and welcome to Pee Dee Dee Holdings, Inc. Second quarter 2020 earnings Conference call.

Speaker 1: At this time, all participants are in a listen-only mess.

At this time all participants are in a listen only mode.

Speaker 1: There will be a presentation followed by a question and answer session. At which time, if you wish to ask a question, you will need to press star one on your teleface.

There will be a presentation followed by a question and answer session at which time if you wish to ask a question you will need to press star one on your telephone.

Speaker 1: I must advise you that this conference was being recorded today.

I must advise you that this conference is being recorded today.

Speaker 1: I would now like to hand the conference over to your host today, Mr. Cheng Tang. So please go ahead.

I would now like to hand, the conference over to your host today, Mr. Chang Tang. So please go ahead.

Thank you operator, Hello, everyone and thank you for joining US today My name is Chen and that will help host our earnings call.

Speaker 2: Thank you, Alfredo. Hello, Error One, and thank you for joining us today. My name is Chen, and that will help host Darius Call.

Speaker 2: PD Holdings earnings release was distributed earlier and is available on our website at investor.pdholdings.com as well as through groupnews.com.

P D holding earnings relief with distributed earlier and is available on our website at Investor <unk> P. D Holdings Dot com, that's valves through newswire services before.

Speaker 2: Before we begin, I'd like to refer you to our safe harbor statement in Ernie's past release, which applies to this call. As we all make certain forward-looking statements.

Before we begin I would like to refer you to our safe Harbor statement in the earnings press release, which applies to this call.

We will make certain forward looking statements.

Speaker 2: Also, this course includes discussions of certain non- GAAP financial measures.

Also this call includes discussions of certain non-GAAP financial measure.

Speaker 2: Please refer to our earnings release, which contains a reconciliation of the now- GAAP measures to GAAP measures .

Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to GAAP measures.

Speaker 2: Joining us today on the call are Chen Lei, our Chairman and Co-Chief Executive Officer. Zhao Jiaozheng, our Executive Director and Co-Chief Executive Officer. Liu Jing, our VP of Finance. Lei and Zhao Jing will make some general remarks on our performance for the past quarter and our strategic focus..

Joining us today on the call, our chairman and co Chief Executive Officer, Charlie Gotcha, I've already talked to the Doctor and co Chief Executive Officer.

Our VP of finance, Leon and Josh Chan, who will make some general remarks on our performance for the past quarter and our strategic focus doing well, there and walk us through our financial results for the second quarter ended June 32023.

Speaker 2: string well then, work us through our financial results for the 7 quarter ended June 30, 2023.

Speaker 2: During the Q&A session, Leon, Zhao, Zheng, will answer questions in Chinese, and we will help translate.

During the Q&A session Leon Johnson will answer questions in Chinese and we will help translate.

Speaker 2: Please kindly note that all translations provided are for reference purpose only. In case of any discrepancy between the original remarks and the translated version, statements in the original language should prevail. Now it's my pleasure to introduce our chairman and co-chief executive officer, Chen Lei. Lei, please go ahead. Please kindly note that all translations provided are for reference purpose only.

Please note that all translations provided for reference purposes, only in case of any discrepancy between the original remarks and to translate to version.

Maintained our regional language should prevail.

Now, it's my pleasure to introduce our chairman and co Chief Executive Officer, Chen Lei Lei. Please go ahead.

Hello, everyone.

Speaker 3: Thank you for joining our earliest call for the second quarter of 2023.

Paul joined our earnings call for the second quarter of 2023.

I will start by giving a brief overview of our second quarter results.

Speaker 3: I will start by giving a brief overview of our second quarter results.

We achieved a total of RMB 20 to $52 3 billion in revenue this quarter.

Speaker 3: We achieved a total of RMB 22.3 billion in gravity or risk order representing a 66% year-only year increase.

Representing a 66% year on year increase.

Speaker 3: This reflects the growing trust that consumers placing our products in service.

This is a SaaS clothing.

Seamless, placing our products and services.

Speaker 3: unit passcode with observed a continued improvement in consumer

During the past quarter.

Observed continued improvement in consumer sentiment.

Speaker 3: resulting in increasing consumer demand across multiple product categories.

Resulting in increasing consumer demand across multiple product categories.

We also can be long too badly emotional initiatives that boost to consumer demand.

Speaker 3: We also actively launched various promotional initiatives that boosted

Speaker 3: For instance, we supported a June 18 shopping festival with attractive promotions and discount coupons to being part spending. A response from consumers was...

For instance, we supported June 18th shopping festival with attractive promotions and discount coupons.

In cloud spending.

The response from numerous was positive.

Definitely the highest in this trade.

Speaker 3: We rementebode it to connecting products directly with consumers so that they can enjoy a wide range of quality products at a transfer value with great service satisfaction.

We remain devoted to connecting quite as direct.

Directly with consumers.

They can enjoy a wide range of quality products.

You value with Great service satisfaction.

Speaker 3: Since the start of 2020 series, our man's focus has been high-quality development.

Thank you for the start of 2020, our main focus is high.

High quality development.

Speaker 3: The results from this quarter are for concrete evidence that our strategy is starting to bear

Our results this quarter offer a concrete.

Our strategy is starting to bear fruit.

Speaker 3: This gives us more confidence that we are on the right path that our investments are laying the foundation for continued quality growth.

This gives us more confidence that we are on a glide path.

All investments are laying the foundation for <unk>.

The quality growth.

Speaker 3: According stone for achieving high quality growth is our commitment to research and development, which is the life-brad of innovation.

Oh cornerstone for achieving high quality growth is our commitment to research and development, which is the lifeblood.

Sure.

Over the past 12 months.

Speaker 3: Our IND expenditure exceeded IND 10 billion with Q2's IND spending hitting a new high...

Our R&D expenditure exceeded RMB 10 billion with Q2s, R&D spending hitting a new high.

Operator: Ladies and gentlemen, thank you for standing by and welcome to PDD Holding Zinc, 2nd quarter 2023 earnings conference call. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session. At which time, if you wish to ask a question, you will need to press star one on your telephone. I must advise you that this conference is being recorded today.

Operator: Ladies and gentlemen, thank you for standing by and welcome to PDD Holding Zinc, 2nd quarter, 2023 earnings conference call. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session. At which time, if you wish to ask a question, you will need to press star one on your telephone. I must advise you that this conference is being recorded today.

Speaker 3: reflecting on dedication to investing in the field.

Lastly, our dedication to investing in the future.

Speaker 3: We will continue to increase our investments in R&D as innovation represents the future engine of growth for the company.

We will continue to increase.

I E.

<unk> says the future engine of growth one of the company.

The company, which is roos agriculture, we have been firsthand witness is how technology can transform and drive partnering activities.

Speaker 3: As a company with its roots in agriculture, we have been firsthand with Mrs. to how technology can transform and drive farming practices.

Cheng Peng: I would now like to hand the conference over to your host today, Mr. Cheng Peng. So please go ahead. Thank you, operator. Hello, everyone, and thank you for joining us today. My name is Chen, and I will help host earnings call. PD Holding's earnings release will distribute it earlier and it's available on our website at www.investor.pdholdings.com as well as through group news via services. Before we begin, I would like to refer you to our safe harbor statement in the earnings press release, which applies to this call as we will make certain forward-looking statements. Also, this call includes discussions of certain non-gap financial measures. Please refer to our earnings release, which contains our reconciliation of the non-gap measures to get measures.

Chen Tang: I would now like to hand the conference over to your host today, Mr. Chen Tang. So please go ahead. Thank you, operator. Hello, everyone, and thank you for joining us today. My name is Chen, and I will help host earnings call. PD Holding's earnings release will distribute it earlier and it's available on our website at www.investor.pdholdings.com as well as through group news while services. Before we begin, I would like to refer you to our safe harbor statement in earnings press release, which applies to this call as we will make certain forward-looking statements. Also, this call includes discussions of certain non-gap financial measures. Please refer to our earnings release, which contains our reconciliation of the non-gap measures to get measures.

Ooh technological advancement.

Speaker 3: We have optimized the batching of the market price, helping farmers to sell their products and consumers to get fleshier.

We have optimized the matching of the bucket.

Supply, helping farmers to sell their products and consumers to get flush produce.

Speaker 3: A key driving force behind our emphasis on agriculture is our belief in social impact of innovation.

A key driving force behind our FSC agriculture, it's our belief and social impact of innovation.

Speaker 3: This has motivated us to support talent accolidation, promoting adoption of practical and cost effective technology, and transform scientific research into tangible, commercial revivals.

This has motivated us to support pilot population.

The adoption of practical and cost effective economic.

And truthfully scientific research into tangible commercially viable solutions.

Speaker 3: For the past three years, our annual smart agriculture competition has been a platform to the one position family. We partner with you.

Well, it possibly yeah, I'll add you're smart agriculture competition.

Well the bond position pump.

Cheng Peng: Joining us today on call are Chen Lei, our chairman and co-chief executive officer, Zhao Jia Zhen, our executive director and co-chief executive officer, Liu Jing, our VP of finance. Lei and Jia Zhen will make some general remarks on our performance for the past quarter and our strategic focus. Dring well then will cast through our financial results for the second quarter ended June 30, 2023. During the Q&A session, Lei and Jia Zhen will answer questions in Chinese, and we will help translate. Please kindly note that all translations provided are for reference purposes only. In case of any discrepancy between the original remarks and the translate version, statements in the original language should prevail.

Chen Tang: Join us today on call, our Chen Lei, our Chairman and Co-Chief Executive Officer, Zhao Zhao Zhen, our Executive Director, and Co-Chief Executive Officer, Liu Jing, our VP of Finance. Lei and Zhao Zhen will make some general remarks on our performance for the past quarter and our strategic focus. Dream will then work through our financial results for the second quarter ended June 30, 2023.

We partnered with leading ethylene nominating schemes, including China Agriculture University.

Speaker 3: including China ?? country's democracy, sanjang's democracy

With U S. P S.

Speaker 3: S.A.O. China and the Shanghai Academy of Agriculture Science.

Oh, China, and Shanghai Academy of Agricultural Sciences.

Speaker 3: elated iteration in world use of compact spaces at shipping containers for vertical pumps.

Our latest iteration Walter use compact spaces ex shipping containers for breath couponing.

Speaker 3: Aspiring teams challenge themselves to come up with cost-effective ways to growing and marketing high-quality green.

Aspiring teams trying to themselves to come up with cost effective ways to growing and marketing high quality clean.

Chen Tang: During the Q&A session, Lei and Zhao Zhen will answer questions in Chinese, and we will help translate. Please kindly note that all translations provided are for reference purpose only. In case of any discrepancies between the original remarks and the translate version, statements in the original language should prevail.

Speaker 3: With our help, many teams have turned their innovations into real-time applications.

With our lending.

Lending team has tended to leisure into real time applications.

Speaker 3: For example, a pioneering team from our inaugural competition deployed 40 cutting-edge systems.

For example.

Pat <unk>, our alcohol competition deploy 40 cutting edge system.

Chen Lei: Now, it's my pleasure to introduce our Chairman and Co-Chief Executive Officer, Chen Lei. Lei, please go ahead. Hello, everyone. Thank you for joining our earnings call for the second quarter of 2023. I will start by giving a brief overview of our second quarter results. We achieved a total of RMB 22.3 billion in revenue risk quarter, representing a 66% year-on-year increase. This reflects the growing trust that consumers play in our products and services.

Chen Lei: Now, it's my pleasure to introduce our chairman and co-chief executive officer, Chen Lei. Lei, please go ahead. Hello everyone. Thank you for joining our earnings call for the second quarter of 2023. Our start by giving a brief overview of our second quarter results. We achieved a total of RMB 22.3 billion in revenue risk quarter, representing a 66% year-on-year increase. This reflects the growing trust that consumers play in our products and services.

Speaker 3: empowering farmers to boost their yield by setting up

Empowering farmers to boost the yield by 30%.

Speaker 3: They achieved this while at the same time reducing overhead costs related to labor, fertilizer, and prime practices.

They achieved this while at the same time, reducing overhead costs related to labor fertilizer and the prime protection.

A king phone. This is bad it's been a process of utilizing an operation at module rates used in combination with the N. Two makes it easy for more people to use.

Speaker 3: A thing from this year's event is in the process of utilizing it.

Speaker 3: and model raise new shank combination with the end to make it easy for more people to eat.

Speaker 3: I want my first project and to bridge the gap between research and real world at-

Our diverse projects and to bridge the gap between research and real real War application.

Chen Lei: In the past quarter, we observed a continued improvement in consumer sentiment, resulting in increasing consumer demand across multiple product categories. We also actively launched various promotional initiatives that boosted consumer demand. For instance, we supported a June 18 shopping festival with attractive promotions and discount A response from consumers was positive. Recognizing Li Chen, we remain devoted to connecting products directly with consumers so that they can enjoy a wide range of quality products at a transfer value with great service satisfaction.

Chen Lei: In the past quarter, we observed a continued improvement in consumer sentiment, resulting in increasing consumer demand across multiple product categories. We also actively launched various promotional initiatives that boosted consumer demand. For instance, we supported the June 18 shopping festival with attractive promotions and discount coupons to being passed by the... A response from consumers was positive. Recognizing Li Chen, we remain devoted to connecting products directly with consumers so that they can enjoy a wide range of quality products at a transfer value with great service satisfaction.

Speaker 3: We have supported ??bqreation of heard of male accret

We have supported it quickly creation of men equity test that most tricia.

Speaker 3: This center of excellence served as fertile grounds to combat academic learning with hands-on experience.

These centers of excellence served US first talk raws to combust Adamic learning with Hans Ole.

Yes.

By giving putting science.

Speaker 3: perform to validate their research and their real war condition.

The platform to validate that research and the real work condition.

Speaker 3: We envision submitting a digital transformation of agriculture to a collective benefit of life.

Ambitious debuted in the digital transformation of agriculture.

Collective benefit upsides.

Speaker 3: We also strive to help push the boundary of the aggregate to our support for fundamental risks.

We also strive helped push the boundary of actually pay to our support all fundamental research.

Speaker 3: It may to further accelerate the pace of innovation

You may to first assessment rate.

The pain space.

Our innovation team.

Speaker 3: He made a donation of 100 million RMB to China Agricultural University.

Made a donation of 100 million.

Chen Lei: Since the start of 2021, our main focus has been high quality development. The results from this quarter offer concrete evidence that our strategy is starting to bear fruit. This gives us more confidence that we are on the right path and that our investments are laying the foundation for continued quality growth. According stone for achieving high quality growth is our commitment to research and development, which is the lifeblood of innovation. Over the past 12 months, our IND expenditure exceeded IND 10 billion with Q2's IND spending hitting a new high, reflecting our dedication to investing in the future.

Chen Lei: Since the start of 2021, our main focus has been high quality development. The results from this quarter offer concrete evidence that our strategy is starting to bear fruit. This gives us more confidence that we are on the right path and that our investments are laying the foundation for continued quality growth. According stone for achieving high quality growth is our commitment to research and development, which is the lifeblood of innovation. Over the past 12 months, our IND expenditure exceeded IND 10 billion with Q2's IND spending hitting a new high, reflecting on dedication to investing in the future. We will continue to increase our investments in IND as innovation represents the future engine of growth for the company.

Two China Agriculture University.

That's a part of it.

Speaker 3: as a part of our 10 billion accurate culture initiative.

Agriculture initiative this contribution that raise a dedicated research fund.

Speaker 3: This contribution establishes a dedicated research fund aimed at addressing critical needs in agriculture.

Addressing critical needs.

Culture.

Additionally, we have partnered with ethane or China to start a sweet research program that focuses on four key themes.

Speaker 3: Additionally, we have partnered with FAAO China to start a three-year research program that focuses on four key things.

Speaker 3: namely, effort culture, modelization, precision farming, sustainability.

Yes, the ethylene cultural modernization.

<unk> fahmy.

Sustainability and health nutrition.

Speaker 3: Here I'm happy to announce the appointment of Professor Yvonne Ditchett as an independent director to PDD Sports.

Yeah, I'm happy to announce the appointment of.

Professor Yvonne.

He has direct it to PGD sport.

Speaker 3: Professor Buchen, with her long-dancing tenure in 2001 as a professor at Wahandiga University and currently at the Department Head of Prophecyology.

Professor Lou Chen with <unk>.

Chen Lei: We will continue to increase our investments in IND as innovation represents the future engine of growth for the company. As a company with its roots in agriculture, we have been first hand witnesses to how technology can transform and drive farming practices. To technological advancement, we have optimized the matching of demand and supply, helping farmers to sell their products and consumers to get flesh and produce. A key driving force behind our efforts in agriculture is our belief in social impact of innovation.

Tenuous since 2001 as a professor at La <unk> University and currently at the positive.

Toxicology.

Speaker 3: is a well respected expert in food techniques.

Chen Lei: As a company with its roots in agriculture, we have been first hand witnesses to how technology can transform and drive farming practices. To technological advancement, we have optimized the matching of demand and supply, helping farmers to sell their products and consumers to get flesh and produce. A key driving force behind our efforts in agriculture is our belief in social impact of innovation. This has motivated us to support talent and cultivation, promote adoption of practical and cost effective technology, and transform scientific research into tangible, commercial, viable solutions.

He is a well respected expert info Tech research.

Speaker 3: For three decades, expertise in food safety will no doubt be a huge support to our agri-tech innovation.

Well its three decade expertise in St. Pete will no doubt be huge support to our <unk> initiative.

With her onboard our board of Directors now has seven members and then majority be independent directors.

Speaker 3: With her own board, our board of directors now have seven members and a majority being independent director.

Speaker 3: The requirement not only English, our vote of extrovertis, but also adds to its diversity.

Oh pardon me not only English our board expertise, but also as to establish I D.

Chen Lei: This has motivated us to support talent and cultivation, promoting adoption of practical and cost effective technology, and transform scientific research into tangible commercial revival solutions. For the past three years, our annual smart agriculture competition has been a platform to the one position farming. We partnered with leading agronomically introduced, including China Agricultural University, Third General University, SAO China, and the Shanghai Academy of Agricultural Sciences. A latest iteration involves the use of compact spaces and shipping containers for vertical farming.

Yeah fishing tools.

Speaker 3: Two stones in our global footprint at operation.

To strengthen our global footprint and operations.

Speaker 3: We will set up a legal and compliance committee to build and oversee regional, legal and compliance centers given their complexity and different requirements of each region. I will try this committee.

We have set up legal and compliance committee to build an overseas, which has no legal and compliance matters.

Their complexity and different requirements.

Chen Lei: For the past three years, our annual smart agriculture competition has been a platform to the one-position farming. We partnered with leading agronomy introduced, including China agriculture university, third-generation university, SAO China, and the Shanghai Academy of Agriculture Sciences. A latest iteration involves the use of compact spaces and shipping containers for vertical farming, aspiring teams challenging themselves to come with cost effective ways to growing and marketing high-quality greens. With our help, many teams have turned the innovation into real-time applications.

Okay.

Idaho, Charlie's committee, which will replace the general counsel role and function.

Speaker 3: but we started studying in our IPO then.

So we started stated.

IPO Ed.

Speaker 3: PD is still a young organization that will continue to adapt.

T D.

Organization that will continue to adapt.

Speaker 3: is trying to be a mature global institute, institution. Surely, journey, our goal...

We strive to be a mature global inc's institution.

During this journey.

Our goals remain the same.

We will continue to trend and innovation.

Chen Lei: Aspiring teams challenge themselves to come up with cost effective ways to growing and marketing high quality green. With our help, many teams have turned their innovation into real-time applications. For example, a pioneering team from our inaugural competition deployed 40 cutting edge systems in powering farmers to boost their yield by 30%. They achieved this while at the same time reducing overhead costs related to labor, fertilizer, and prime protection. A thing from this year's event is in the process of utilizing an algorithm that modulates new sun combination with the end to make it easy for more people to use.

Speaker 3: nurture emergent talents and constantly seek to bring on the best people to guide us towards our goal of seeking quality development.

Emerging talents and are constantly seek to bring home the best people to guide us towards our goal of seeking quality development.

Speaker 3: And now I will head over to our co-CEO, Jiazhen. Who will go into multi-tales about our quality development.

And now I hand over to our co CEO, Jonathan who will go into more details about quality its about it.

Chen Lei: For example, a pioneering team from our inaugural competition deployed 40 cutting-edge systems in powering farmers to boost their yield by 30%. They achieved this while at the same time reducing overhead costs related to labor, fertilizer, and prime practices. A thing from this year's event is in the process of utilizing an algorithm that modulates new sun combination with the end to make it easy for more people to use. Our diverse projects aim to bridge the gap between research and real world applications.

Yes Helane.

What's the thought there.

Thank you Hello, everybody. This is Charles Gotcha.

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How do you rely on.

But I was hoping they sound sitting touchwood put onto loyalty well known partner at the time that you have you seen some regions in China.

Speaker 4: Shelf equ taxes Al allwhere a Julie shopping in a that a artudular lie our own gad ask for ru they shallv afal fle kind of a trave fin Al earlier you know looking at a trave F G but the.

Sounds like wafer passes alcohol.

Julie is obviously I mean, it's the top well nothing yet.

Someone's home catalogs will rule, ladies have either fleet.

Sleep well.

People are looking at how much how many St. Charles Jeep was about our survival.

Speaker 2: Q2 with various pro-consumption policies we observed a clear trend of consumption sediment in.

Q2, with various pro consumption policies, we observed a clear trend of consumption sentiment improvement to support consumption. This he is June 18 promotion, we increased our efforts we received positive responses and saw a further increase in consumer demand on the colonial platform.

Chen Lei: Our diverse projects aim to bridge a gap between research and real world applications. We have supported the creation of Man's Agri-Test Demonstration Hub. This center of excellence serves as fertile grounds to combat academic learning with hands-on experience. By giving bottom sciences, the platform to validate their research and the real world condition, we envision speeding up the digital transformation of agriculture to the collective benefit of science. We also strive to help push the boundary of Agri-Test to our support for fundamental research.

Speaker 2: To support consumption in this year's June 18 promotion, we increased our efforts. We received positive responses and saw further increase in consumer demand on the Pino Dough Plastic.

Chen Lei: We have supported the creation of Man's Agri-Test Demonstration Hub. This center of excellence served as fertile grounds to combat academic learning with hands-on experience. By giving bottom sciences, the platform to validate their research and the real world condition, we envision speeding up the digital transformation of agriculture to the collective benefit of society. We also strive to help push the boundary of Agri-Test to our support for fundamental research.

So I'll take that one.

Speaker 4: In theominate reflected, we loaded it all up. Our power consumption riseENT. Our power consumption rise Pandemic inter Meat undergrad maintenance Your

I'm not an opinion, China will then T D biology.

Got it on the other woman.

Woman, that's causing a pause and I'm talking to a drop off what you're trying to prevent.

Speaker 2: On the right hand, the encouraging industry trend will actively assist opportunities to fully embrace high quality development. Our strategy includes the following.

Riding on the encouraging trend, we proactively seize the opportunities to fully embrace high quality development. Our strategy include the following aspects.

Speaker 4: evenas gous and shoppingwell swing shelphate she's and did countryit Chong younangger who have the train about who them they do? G the man, the May house and or the Fitch Y?

Even as the Guardian on top of it.

Swinging shelf age she says Gee, that's why did you choose to Tom Chancellor foolish after the trip out here.

And then when you do go hard I'm not Jewish how much they may have done with this feature.

Chen Lei: In May, to further assimilate the pace of innovation, we made a donation of 100 million RMB to China Agri-Culture University. As part of our 10 billion Agri-Culture initiative, this contribution established a decade in research funds aimed at addressing critical needs in agriculture. Additionally, we have partnered with SAO China to start a three-year research program that focuses on four key things, namely Agri-Culture Modulation, Precision Funding, Sustainability and Health Nutrition.

Chen Lei: In May, to further accelerate the pace of innovation, we made a donation of 100 million R&B to China Agri-Culture University.

Yes, I'm not sure he calls it oncology.

Speaker 4: Or mes ROEs are Ian and we had hand that Julie transt are driing J time tor trun.

Mercedes which is all you know, we Italians that Julien.

<unk> Jon.

Jon Yoder timing, so with Samsung one has it changed.

Chen Lei: As part of our 10 billion Agri-Culture initiative, this contribution established a decade in research funds aimed at addressing critical needs in agriculture. Additionally, we have partnered with SAO-China to start a three-year research program that focuses on four key things, namely agriculture modelization, precision farming, sustainability and health nutrition.

Speaker 4: The first part is higher stitch ?????

Yes, I'm not sure it goes without saying that well Mcgeechan nason retiring you'll hockey now seasonally Congo about you, sometimes try and jump off we also signed yeah. So shouldn't be nice another constant androgens.

Speaker 2: First, high quality consumption. To meet consumers' continued growing demand for quality, we strive to better serve consumers with more savings, better services, and upgraded consumer protection.

First high quality consumption to meet consumers' continuous growing demand for quality, we strive to better serve consumers with small savings that our services and upgraded consumer protection.

Speaker 2: Second, high quality supply. We go deep in the industrial and agricultural production areas, leverage our tech capabilities to support digital transformation, and bring more quality products to the national and global markets. Third.

Second high quality supply, we go deep in the industrial and agricultural production areas leverage our taxes abilities to support digital transformation and bring more car T product for the national and global market.

Chen Lei: Here, I'm happy to announce the appointment of Professor Yvonne Ditchin as an independent director to PDD Sport. Professor Ditchin, with her long-standing tenure in 2001 as a professor at Wahandiga University and currently at the Department Head of Prophecyology, is a well-respected expert in food tech research. For three decades, expertise in food safety will no doubt be a huge support to our Agri-Test initiative. With her own board, our board of directors now have seven members and the majority being independent directors.

Chen Lei: Here, I'm happy to announce the appointment of Professor Yvonne Ditchin, as an independent director to PDD Sport. Professor Ditchin, with her long-standing tenure in 2001 as a professor at Wahandiga University and currently at the Department Head of Technology, is a well-respected expert in food tech research. For three decades, expertise in food safety will no doubt be a huge support to our Agri-Test initiative. With her own board, our board of directors now have seven members and the majority being independent directors.

High quality ecosystem, we show those social responsibilities and further refine our platform governance capability plus.

Speaker 2: show their social responsibilities and further refine our platform governance capabilities.

Speaker 2: by supporting quality merchants with our 10 billion ecosystem initiatives with a multivirtual cycle which accelerates the upgrades of our platform vehicles.

By supporting quality merchants with our 10 billion ecosystem initiative promote our virtuous cycle, which accelerates the upgrade of our platform ecosystem.

Speaker 4: Man change Pan gaz vaza sh outks to the nsing parle. I thought you that you could do womans shoes on each up with the towards the user. anga pray Don ING national an idea. What can is a trou war over a year. We should.

Well not intangible sometimes it goes it off on us.

Oh, sorry.

You can see the womens shoes on each officer once the users handjob tradeoff peanuts, and I guess, what do you mean.

Yeah tool as well.

Over the year, we achieved almost one of the thins out.

Speaker 2: We are fully aware that high quality development requires patient inventory. Over the past quarter, we have seen some encouraging other results from our efforts in giving back to consumers supporting quality merchants and enhancing our platform ecosystem. Our business also delivered decent growth.

We are fully aware that high quality development requires patiently.

Over the past quarter, we have seen some encouraging early results from our efforts and giving back to consumers supporting quality merchant and enhancing our platform ecosystem. Our business also delivered decent growth.

Chen Lei: The appointment, not only in English, our board of expertise, but also adds to its diversity. In addition, two strengths in our global food trade and operations, we will set up a legal and compliance committee to build and oversee regional legal and compliance centers given their complexity and different requirements of each region. I will challenge committee, which will replace the general control role and function. As we started, stated in our IPO, PD is still a young organization that will continue to adapt, is strive to be a mature global institution. During this journey, our goals remain the same. We will continue to champion innovation, nurture emerging talents, and constantly seek to bring on the best people, to guide us towards our goal of seeking quality development.

Chen Lei: Third appointment, not only in English, our board of expertise, but also adds to its diversity. In addition, two strengths in our global food trade and operations, we will set up a legal and compliance committee to build and oversee regional legal and compliance centers given their complexity and different requirements of each region. I will challenge committee, which will replace the general control role and function. As we started, stated in our IPO, PD is still a young organization that will continue to adapt, is strive to be a mature global institution. During this journey, our goals remain the same. We will continue to champion innovation, nurture emerging talents and constantly seek to bring on the best people to guide us towards our goal of seeking quality development.

Speaker 4: I mean when I went out arjia well, Ho hundreds I girout our father and those fam my and these are chces, a creature that rO.

Yes, Hi, John.

So it's not causing a pause on until the time you know, there's not a chance that the Jean Coutu those control.

Speaker 2: Now let me walk you through some specific measures that my team and I actively implementing on the other high quality development strategies.

Now, let me walk us through some specific measures that's my team and I actively implementing under our high quality development strategy.

Speaker 4: So go and shopag ch Hu. She going to superate ja woen ite pinjyoung away travel and got show out the how. Yet I can travel dripping on a single. He would give up in high shoppy channel.

So as you answer the calls that I shall say well does that sound a lot you can do so plenty of jobs wouldn't elite.

John that's a holiday shopping season, and I'm not sure how to you Jonathan.

I haven't seen it.

<unk> will give occupy shelf agent and that's about it.

Speaker 2: First, for high-quality consumption, we are working hard to deepen more savings and better services, so that we can give good experience. This improves consumer trust in our platform, which in turn stimulates spending.

First for high quality consumption, we are working hard to keep them more savings and better services. So that we can keep could experience. This improved consumer trust in our platform, which in turn to stimulate spending.

Now of course, you know oddly do well, it's easier in <unk>, South Africa and Eagle.

Speaker 4: Of course you, the audyou or M is two sending B got, can sever M job has J end quite quick in a younghoo. L canpted on 13 L of our hold ong woman, T D F half for forgot a bun from Jalan may Drunk friendship was then talking later something. He father train sho at the ou. Thank twowe.

Does your mindset model, the jewell, but he hasn't changed.

<unk> quickly now Yahoo.

As you can see it on that so I didn't have my holdings on women English language.

Jiazhen Zhao: And now, I will head over to our co-CEO, Jiazhen, who will go into multi-tales about our quality development. Thank you, Chen Lei.

Jiazhen Zhao: And now, I will head over to our co-CEO, Jiazhen, who will go into multi-tails about our quality development. [inaudible] and thank you for your time, and thank you for your time,[inaudible] time, and thank you We are fully aware that high quality development requires patient inventory. Over the past quarter, we have seen some encouraging other results from our efforts in giving back to consumers supporting quality merchants and enhancing our platform ecosystem. Our business also delivered decent growth.

So kind of phone calls from anti drunk.

Thanks, Jim.

Then talking NATO Sandy.

I think they're not cheap.

In Q2, we continue to promote a wide range.

Jiazhen Zhao: Hello, everybody. This is Zhao Jiazhen. [inaudible] We are fully aware that high quality development requires patient limitations. Over the past quarter, we have seen some encouraging other results from our efforts in giving back to consumers supporting quality merchants and enhancing our platform ecosystem. Our business also delivered decent growth.

Speaker 2: merchandise of consumers preference. As mentioned, during these years, during 18th promotion, we increased our efforts to give back to...

Merchandise of consumer preference as mentioned during this year's June 18th promotion, we increased efforts to get back to consumers.

Speaker 2: The promotions cover four range of product categories, including electronics, cosmetics, fresh produce, as well as a perro. This stimulated four category consumption.

Promotions cover a full range of product categories, including electronics cosmetics fresh produce that's also apparel this stimulated foot category consumption demand.

Speaker 4: And thanks to the organizational colleagues on Billboard Hot

Uh huh.

Well I mean, I thought you said half wouldn't that mean.

Speaker 4: Then you TR getting another Sing. The woman tell you about what don't she send it a Woo also, hold 't go, is she? We TR to go back way. Be pay ja P, So what? I trave away the phone about that travel Y whole. She my fashing thing, or me easy you, but I' So you don't go anything about her, something things do't about yet. So therefore, about for the phentry, we TR to go quite. J think about that.

Can you tell me does it seem to be a woman.

Don't you again soon.

So what you see when you're shopping does he go Mac maybe pay down.

So one timer in there Jim how many that are all about that.

Oh I see.

Easy.

So you don't lose anything by doing some <unk> to the Darden Marsha.

Therefore, thereby denominator when you're telling me is that you won't quite yet I'm thinking about that.

Speaker 2: In addition to solidify more savings, we continue to provide better services, which increase the consumer's trust in our platform. For example, during June 18, we upgraded logistics and after-sale services such as price protection, 10 times compensation for counterfeit and to draw delivery. These measures make sure consumers can buy with confidence and return with...

In addition to solidifying <unk> savings will continue to provide better services, which increased consumer trust in our platform. For example June 18, we upgraded logistics and after sale services, such as price protection 10 times compensation for counterfeit and took our deliberate.

These measures make sure consumers can buy with confidence a return with ease.

Speaker 2: We also cooperate with established insurance companies and brands to offer quality guarantee insurance, which covers situations such as in-gatherage, product descriptions, or product quality.

Also cooperated with established insurance companies and brands to offer quality guarantee insurance, which cover situations such as some gatorade products prescription product quality issues.

Speaker 4: Came about. Ho the Hon woman Gen gensces from me the fict of A. they MO cheting it P So she. Can you also say about a P Don she Yo yoya coming off? Who what ING it sho.

Can you elaborate about it.

Well, then Tien Tsin says when we started with those retailers who huh.

I'm not sure if you can do it.

So she kinda Kenyan also thinking about it.

<unk> got no timing off.

Yes.

Hi, Tom So this evening English admittedly.

Speaker 4: This prevention is called ? kep

Oh, sorry, sorry, sorry.

If you can kind of seen in Ghana, and Uganda music Doosan will mean, ashish handle Pinot noir entirely towards looking may well named Rocky marathon doubtful that it sounds like we.

We are the lead.

Speaker 2: After the June 18 promotion, we remain focused on addressing fundamental consumer needs and continued with our air days during 18 approach. We provided multi-products and services at good prices, on-leash-insum-maned potential to explore new product categories.

After the June 18th promotion, we remain focused on addressing fundamental consumer needs and continued with our <unk> June 18 approach.

A lot of quality products and services at good prices and recent demand potential to explore new product categories. As our platform continues to gain trust and recognition.

Speaker 2: A thorough platform continues to gain trust and recognition. We have delighted to see that a growing number of friends across multiple categories have started to cooperate with Pingodoro as the primary channel to reach cost.

See that a growing number of brands across multiple categories.

Started to cooperate with pingo door, that's the primary channel to reach consumers.

Speaker 4: Because GA father and the knew why you don't want to fam. Situated Su the je IC don't have a J town sources. Also the uses having an ango as the tren's going.

Most of the garden I'll talk on anyway.

So take it all the time, yeah sure Jim.

John households is also then youll just timing so it sounds <unk>.

Suzanne goes in oncology.

Speaker 2: Another crucial aspect of high quality development is the co-development and integration of the digital economy and the traditional.

Another crucial aspect of high quality development with the co development and integration of the digital economy and the traditional industries. So that more car T products can reach the national and global market. This is what we call high quality supply.

Speaker 2: so that more quality products can reach the national and global market. This is what we call high quality supply.

Speaker 4: Thank you for watching. Please consider subscribing to our channel.

No no no not an easy job when we use the wellness the sham constant contact until we meet with you.

Speaker 4: In the process of promoting agricultural product innovation, we found that technology innovation is an important aspect of high-quality agricultural industry development.

So actually I don't know timing it sounds like no question Joan.

And then Jim could you trying things.

Yeah.

Yeah.

Speaker 4: The town. No, we could he try ING tenency on ATT that ions got the Ho them and ver. Do you go into the entry and can kind of am in a future.

Downtime, though yes could you try and seeing tenants Aegon as Andy mentioned, we've got to go.

Jiazhen Zhao: Now, let me walk you through some specific measures that my team and I are actively implementing on the other high quality development strategy. First, for high quality consumption, we are working hard to deepen more savings and better services so that we can give good experience. This improves consumer trust in our platform, which in turn stimulates spending. In today's six or eight activities, we have decided to provide a lot of support for the consumer.

Jiazhen Zhao: Now, let me walk you through some specific measures that my team and I are actively implementing on the other high quality development strategy. First, for high quality consumption, we are working hard to deepen more savings and better services so that we can give good experience. This improves consumer trust in our platform, which in turn stimulates spending. In today's six or eight activities, we are planning to provide a good source of energy for the consumer.

Andrew do you call, Kansas, and Jan again kind of coming in the future.

<unk> has deep roots in agriculture.

Speaker 2: which will continue to be a focal point in our pursuit of high quality development. As we bring more agri-produce to market, innovation is the key to enhancing quality and creating added value. So, it is crucial to meet consumers' growing demand for high quality, safe and healthy agriculture produce through innovation and the adoption of average.

Well continue to be a focal point in our pursuit of high quality development.

We bring more accurate parties to market.

<unk> is the key to enhancing quality and creating added value. So it is crucial to meet consumers' growing demand for high quality safe healthy agricultural produce through it.

Innovation and adoption of habitat.

Speaker 4: That idea. You Don know. Woman run amb though door trade. You know that he is idea. Don't know he got that yet you don't idea. Idea that you know. Could he that he did time you chend? No, we could. He trying to proit So round what he o of that? No, we sent day I show that he had to do. Could he know have mean the food? So he do. No, could he draw up? noknow that didn't.

Thank God you do not well then do you plan on climbing towards the World Trade Center.

Yes, Andy I don't normally and could you talk kind of transact.

So you don't have the idea that if you know the old Bay colony something about that.

<unk> could you talk to your point.

Ontologies are sometimes <unk>, sometimes they don't even shown posters that sometimes huh, John Donald <unk> with Citigroup, Joshua Nokia Cookie jar, she got hold times, sometimes seasonally.

Jiazhen Zhao: We will continue to promote a wide range of consumers' preference. As mentioned, during these years, June 18th, we increased our efforts to give back to consumers. The promotions cover four range of product categories including electronics, cosmetics, fresh produce, as well as a perro. This stimulated full category consumption demand. In addition to solidifying more savings, we continue to provide better services, which increase consumer trust in our platform. For example, during June 18th, we upgraded logistics and after sales services such as price protection, 10 times compensation for counterfeit and to draw delivery.

Speaker 2: Y2 – relaunch in approach to complicated compliment belt instead ofpatient suction almost E plushing is important, but not witnessing.

In Q2, we launched a third smart agriculture competition.

Jiazhen Zhao: In Q2, we continue to promote a wide range of consumers preference. As mentioned, during these years, during 18th promotion, we increased our efforts to give back to consumers. The promotions cover four range of product categories, including electronics, cosmetics, fresh produce, as well as a perro. This stimulated full category consumption demand. In addition, to solidify more savings, we continue to provide better services, which increase consumer trust in our platform. For example, during June 18th, we upgraded logistics and after sales services such as price protection, 10 times compensation for counterfeit and to draw delivery.

Second pillar to a cough growing competition through this initiative, we are actively engaged in.

Speaker 2: Through this initiative, we actively engage in agri-tech innovation and support technology adoption in agriculture. Our ambition is to further improve the quality and the efficiency of agriculture production through technology. At the same time, we're stepping out as support for products enabled by agri-tech or our platform to accelerate how research findings translate into products.

<unk> innovation and support technology adoption and agriculture or <unk>.

<unk> is to further improve the quality and the efficiency of agriculture production through technology at the same time, we're stepping up support for our products enabled by our attack on our platform to accelerate how research findings translate into product.

Speaker 4: than honest we're data essential to develop a small? version of weights,

This is also now well merchandised <unk> machinery issue seamless tradeoff.

And are those whose apologizing synergy.

Speaker 4: We can also train and study ear Onion We hope that in the nextSend We are soon going to learn more about ear onion Thank you for watching.

Well I'm not going to in some time. So it's usually also and I'll go back to Nokia Ginger until that time, whether it's regional.

Speaker 2: He sentens out on the presentending charary. You know that, not what you though, carch. The first, the boall se girls is all I, and here it was the borthering suit. No, I mean her. Some does the one did I then Trans?

So this is 100 attendees xiaomi.

Does that sound like they do well Mcclatchy.

And that's the ball so it will cause us to try and deal with some other things.

So no change on that time citizens long lead time in Kenya.

So I'm just wondering I guess, how many people do.

I was on the children.

But the more driving the digital transformation of manufacturing with new tools and new models, leveraging our consumer insights and Texas abilities will help manufacturers that understand evolving consumer demand and improved production efficiency last quarter. Our team went into industrial belts are launched.

Speaker 5: Furthermore, we are driving the digital transformation of manufacturing with new tools and new models.

Speaker 5: Navigating our consumer insights and tax capabilities will help manufacturers that understand evolving consumer demand and improve production efficiency. Last quarter, our team went into industrial belt and launched a theory of live streaming event to showcase a broad-flaxion of local products to consumers.

Jiazhen Zhao: These measures make sure consumers can buy with confidence and return with ease. We also cooperate with established insurance companies and brands to offer quality guarantee insurance, which covers situations such as inaccurate product descriptions or product quality issues. In today's six or eight activities, we continue to promote consumer demand from consumers. After the June 18 promotion, we remain focused on addressing fundamental consumer needs and continue with our everyday June 18 approach. We provided multi-products and services at good prices, unleashing demand potential to explore new product categories. As the raw platform continues to gain trust and recognition, we have delighted to see that a growing number of brands across multiple categories have started to cooperate with Pinduoduo as the primary channel to reach consumers.

Jiazhen Zhao: These measures make sure consumers can buy with confidence and return with ease. We also cooperate with established insurance companies and brands to offer quality guarantee insurance, which covers situations such as inaccurate product descriptions or product quality issues. [inaudible] After the June 18 promotion, we remained focused on addressing fundamental consumer needs and continued with our everyday June 18 approach. We provided multi-products and services at good prices. Alicia demand potential to explore new product categories. As the raw platform continues to gain trust and recognition, we have delighted to see that a growing number of brands across multiple categories have started to cooperate with Pinduoduo as the primary channel to reach co-sumers.

Theory of live streaming event to showcase our broad selection local products to consumers. This helps consumer learn about our products tangibly and they handset subtracting outlet shopping.

Speaker 5: This house consumer learn about the products tangibly and they hand this depth trusting all in short.

Speaker 2: Well about. You don't know the's ia about toy fatherish of a sw. all at that time, Sur in shall take what then? We determine the question, the ha djo. So there was another time.

Well, the bamboo till northern San Diego about doing a pilot shop in the future well me at that time, you said you don't take one Danny maybe you haven't done.

So without some kind of heightened.

Speaker 2: As for the development of our Smart Model Head, the sales skin is set up. The manufacturer announced a model Accumulate Mother's Award for the proper price in sports. The manufacturer announced that it will produce historic hospitality.

You can see what medium or large bahama about yogi Berra central corridor.

Constantly Shan Shan Shan.

She has 19 noncore mango Shan Shan Shan Shan Melissa.

So Julien I shouldn't have been.

Fishing T Jonathan.

Speaker 2: Og buy I pick up the key at the bar in the room get frightening

Jonathan in terms I don't know how that comes in yes. So I don't want to sound Yeah, I've talked to you guys on time challenge Cingal.

Speaker 5: We are also deep in collaborations with margins in areas such as product design and marketing so they can better meet diverse consumer needs. This is Welcome Buying Many Merchants.

We are also different collaborations with margin areas, such as product design and marketing. So they can better meet diverse consumer needs. This is welcomed by many margin. For example, we recently partnered with a well known liqueur brands together, we experimented with online plus offline approach, which has offline pop ups.

Speaker 5: For example, we simply partner with a well-known liquor brand. Together, we experimented with Online Plus Offline Approach, which has offline pop-up shots. This format led to the record-breaking sales of a platform. And at the same time, enabled the brand to reach young consumers effectively and obtain valuable consumer insights.

Shops, this fall and that led to the record breaking seller platform and at the same time enabled the brand to reach young consumers effectively and obtain valuable consumer insights.

Jiazhen Zhao: Luo Zi Gao Zedang發展的另外一個中央的方面是推動產業和數字的經濟系統發展,加強數字融合,讓優質產品走向全國難之全球市場,實現高子彈攻擊. Another crucial aspect of high quality development is the co-development and integration of the digital economy and the traditional industries, so that more quality products can reach the nationaleconomyandthetraditionalindustries,sothatmorequalityproductscanreachthenational growth and global market. This is what we call high quality supply. It will continue to be a focal point in our pursuit of high quality development.

Speaker 2: But I go Ed dudging the F am don't know goz in sometimes. So you you think tiire a good time. You F don't hasn't done to.

Especially in Gaza downsizing. The final question was on the garden, sometimes so you can give him time good time your phone calls on Hudson yards the Tula.

Jiazhen Zhao: Another crucial aspect of high quality development is the co-development and integration of the digital economy and the traditional industries, so that more quality products can reach the national and global market. This is what we call high quality supply. It will continue to be a focal point in our pursuit of high quality development. As we bring more aggregate produce to market, innovation is the key to enhancing quality and creating added value, so it is crucial to meet consumer's growing demand for high quality, safe and healthy agriculture produce through innovation and adoption of EverTack. Thank you too.

Speaker 5: A high quality ecosystem is the foundation that nurtures the sustainable and mutually beneficial growth of the platform and all its participants.

Our high quality ecosystem is the foundation that's matches the sustainable and mutually beneficial growth of the platform and all its participants.

It sounds like you do a woman's you need about eastern time, John Chang Tommy nicely Uhm.

Speaker 2: Some of you do AR the body and had raon ch juming H to you and a yocean child, ES Sou for something change.

So youll just how cool so Sammy TJ.

Speaker 2: So you join ING. The King had a Jun. Yes, So you sana pieces job. Think a guy don't had identy fo do P izason.

Can you tell me, how it's yes, youll, just hand pieces and shop.

I don't think <unk> wish I knew you can give it to you soon.

Speaker 5: Last quarter launched a 10 billion ecosystem initiative to support quality merchants and products. This initiative provides incentives for SME merchants and quality merchants to upgrade their service offerings. They are by creating a robust environment to drive up efficiency and service quality of the entire...

Last quarter, we launched a 10 billion ecosystem initiative to support quality merchants and products. This initiative provides incentives latam in muscle and Clark and license to upgrade their service offerings, thereby creating a robust environment to drive efficiency and service quality of the entire ecosystem.

Jiazhen Zhao: As we bring more accurate produce to market, innovation is the key to enhancing quality and creating added value, so it is crucial to meet consumer's growing demand for high quality, safe and healthy agriculture produce through innovation and adoption of EverTack. Thank you to the third smart agriculture competition, and the second Pinduoduo Cup growing competition, through this initiative, we hope to continue to work together to improve the quality of the At the same time, we hope to increase the value of high quality agriculture.

Speaker 2: We have also pushed smart graphics to protect the passenger and Samsung and share NFC applications election growth implication the systems actions related to drugs

Well, we have not only the trade Union city by city, and Yummy Amgen waits in N and M <unk>.

In central.

Central Europe, what do you see as.

And I think I'm quoting as you can see somebody not silly.

Speaker 5: through, we also made significant efforts in platform governance in areas such as food and drug safety, model protection, and live streaming compliance.

We also made significant efforts and platform governance areas, such as food and drug safety Mono protection and large training compliance.

Speaker 2: I hope you enjoyed this video. Please subscribe to my channel and like this video. Please subscribe to my channel and like this video.

And what about you sometimes sometimes.

Sometimes she shops.

Well most of them on the low team will cool Khanaqin, sometimes Shawn Hall 500, little choosing the Hudson.

Speaker 3: We hope to accelerate the positive momentum in platform ecosystem, with both the 10 billion ecosystem initiatives and our platform governance.

We hope to accelerate the positive momentum and tactful ecosystem with both the timberland ecosystem initiative and our platform governance efforts.

Jiazhen Zhao: Thank you to the third smart agriculture competition and the second Pinduoduo Cup growing competition, through this initiative, we actively engage in EverTack innovation and support technology adoption in agriculture. Our ambition is to further improve the quality and efficiency of agriculture production through technology. At the same time, we are stepping out support for products enabled by EverTack, our platform, to accelerate how research findings translate into products. [inaudible] We hope to improve the quality and efficiency of our products.

Jiazhen Zhao: We launched the third smart agriculture competition as a second Pinduoduo car growing competition. Through this, this is what we call high quality initiatives that actively engage in EverTack's innovation and support technology adoption in agriculture. Our ambition is to further improve the quality and the efficiency of agriculture production through technology. At the same time, we are stepping out as support for products enabled by EverTack on our platform to accelerate how research findings translate into products.

Speaker 2: degreree that whe a Cho in Pink pinga turned about two socices and the cur's three father children TAL about who that they are. Did do women malill going the two o, two a, two children, nine payro would did the do those for those she we told you even did the those who eating 1, one care.

So you can either switching.

Switching king pin counts inbound tools with Honda So Honda.

So did you do Amelia hook, when endo to neutral so to speak.

By Central review with you the total dose.

Excuse me total even those who didn't do you think my money.

Speaker 2: took out the 600,000 including the orange

So what kind of legal battle I'm talking to somebody who doesn't have to shoot.

Speaker 2: can sell likely by putting a stock patch between the US$ Fry the use Daveingichi is Xaysia and has a maximum number of missionary allowing us more space to build A Huge Suppada?

Finally on the use of their own financial future.

China deal how all your unchanged.

Myself to almost 3000 people that if not all.

Speaker 3: For example, we collaborated with major publishing houses and book brands to launch the fifth door door reading models. We continued to invest hundreds of millions of R&B in coupons in an effort to promote a sustainable online authentic book market and to strengthen anti-protection. Our effort covered six million copies of best selling books connecting quality content directly with companies.

For example, we collaborated with major publishing houses and booked brands to launch the fifth total already malls continue to invest hundreds of millions of R&D and coupons.

To promote a sustainable like authentic book market and to strengthen Aki protection of effort covered 6 million copies of best selling books connecting quality content directly with consumers.

Jiazhen Zhao: [inaudible] For the more, we are driving the digital transformation of manufacturing with new tools and new models. The average in our consumer insights and technical abilities will help manufacturers that understand evolving consumer demand and improve production efficiency.

Speaker 3: As of today, over 2,700 publishing houses, book companies and distributors have joined the PrimaDuel platform.

As of today over to sell 700 publishing houses book companies and distributors have Joanne detrimental platform.

Jiazhen Zhao: So the more we are driving the digital transformation of manufacturing, its new tools and new models, the average in our consumer insights and technical abilities will help manufacturers that understand evolving consumer demand and improve production efficiency. Last quarter, our team went into industrial belt and launched a theory of live streaming events to showcase a broad selection of local products to consumers. This helps consumers learn about the products tangibly and they have the trust in online shopping.

Speaker 2: Like I thousand apart course dona a key deer, wishing so much Ren somuch TR do a chance.

And I found that it wasn't I don't know.

EMEA TD, they're losing so much.

So listen I've been doing the Townsend.

Speaker 2: But you are two chinking D D. 3, tell you J an time you can. cheome is the ent ch unong partes T tjam ine.

Here too <unk>, telling me I'm, telling you can cheat well not to use with you anytime drone parts of central venous and how are you man.

Jiazhen Zhao: Last quarter, our team went into industrial belt and launched a theory of live streaming events to showcase a broad selection of local products to consumers. This helps consumers learn about the products tangibly and they have the trust in online shopping. We are also deeply in collaboration with merchants in areas such as product design and marketing so they can better meet diverse consumer needs. This is welcomed by many merchants. For example, recently partnered with a well-known liquor brand.

Speaker 2: So you T indeed the the country Joe die comom will. That means about she maing her job. Come home, she don't not think bun for drant for don't B 2, social 3, some who changing's a transl restaurant through fuotball for time.

And indeed in the country and giordani coincident with movies that means a marvelous you maintain control.

How much you don't Wanna thinking John bamboo transact with them.

<unk> a town hall distances.

Oh sure for one full time so.

Speaker 2: sovana way Bo to also died to susania inaustancew, you know, do esus santiana transant town also for dont to you nine Chang. Here I mean being the baple T found susaniian oustions came up way for jeing journey.

Right now we're bouncing towards those those either to some signs out there now.

He knows what Jesus Santana, John times, which really starts off with them.

We're not changing ambulatory owning them up with a twist.

Suzanne.

Two questions for Dean.

Through our journey towards high quality development, we are always looking for opportunities to show them more social responsibilities and creates value for society earlier. This month. The <unk> region was hit by severe rainfall sprung to action and donated RMB 7 million to support the flood relief efforts at the same time and partnership.

Speaker 3: We are always looking for opportunities to show the more social responsibilities and create value for society. Earlier this month, the Ginghi region was hit by severe rainfall. We sprung to action and donated RMB 30 million to support the flood relief efforts. At the same time, in partnership with People's Daily, we launched a dedicated relief campaign to help businesses in the effective regions reduce losses from production disruption and inventory damage. And help them get back to normal operations.

Jiazhen Zhao: We are also deeply in collaboration with merchants in areas such as product design and marketing so they can better meet diverse consumer needs. This is welcome by many merchants. For example, recently partnered with a well-known liquor brand. Together, we experimented with online plus offline approach which has offline pop-up shots. This format led to the record breaking sales platform and at the same time, enabled the brand to reach young consumers effectively and obtain valuable consumer insights.

People's Daily launched a dedicated relief campaign to help businesses in the affected regions reduced losses from production disruption in inventory damaged and help them get back to normal operations quickly.

Jiazhen Zhao: Together, we experimented with online plus offline approach which has offline pop-up shots. This format led to the record-breaking sales of a platform and at the same time enabled the brand to reach young consumers effectively and obtain valuable consumer insights. [inaudible] In order to improve the quality of the production of the production industry, Cheng Peng has been protecting the production of the production of the production industry. For example, we collaborated with major publishing houses and book brands to launch the fifth door door waiting malls.

Speaker 3: Furthermore, to help book merchants in Georgia, we set up a dedicated book selling channel and provided relief matches, such as traffic support and zero commission policy, to help these merchants reduce losses and reduce normal operation.

Furthermore to help both merchants and Georgia, we set up a dedicated book selling channel and provided relief measures such as traffic support and Zero Commission policy to help these merchants reduced losses and resumed normal operations.

Speaker 2: Momentum ance all pain. High guard to the game. Put his LS father T tell joshu goard, her father, and D Ching you gate the sent ans. Put on time 't house thankan she, I her put that they have found qu over my's dra roduce.

Jiazhen Zhao: [inaudible][inaudible] We can forward, we will continue to support quality motion and ethnic need and to promote digital inclusion agriculture. We will keep doing the right things and keep up our investment in the P areas to speed up our progress toward high quality development.

Women. So I'm wondering if that's at all P&I Johnson, Jim Booties.

And I found out in terms of your salary.

Joshua and I found that I'm, John Sidney you, just tito, sometimes they're not hanse, putting sometimes you're not kind of house of vans.

<unk>, yes.

That's helpful.

When we went into the joint venture.

Speaker 2: Us ually a rule G move, So your and UN coun out. Are you don't town, So don't know where could you it? Where guarded vada can you don't?

Using that as a routine move what so youll just on Yahoo.

Yeah Gunther <unk>.

We called it out in Ghana, Kenya.

Speaker 3: We are well aware that our relocation is inseparable from our long-term strategy of high quality development. Focus on high quality development and ecosystem not only lays a solid foundation for the future, but also earns immediate positive feedback from consumer image.

We are well aware that our value creation is inseparable from our long term strategy of high quality development.

Focused on high quality development and ecosystem now I'll call. It lays a solid foundation for the future, but also apparent immediate positive feedback from consumers and merchants looking forward. We will continue to support policy merchant ethylene and to promote digital inclusion of agriculture, we will keep doing the right things and keep up our investment.

Speaker 3: And forward, we will continue to support quality margins and ethnic needs and to promote digital inclusion agriculture. We will keep doing the right things and keep up our investment in the key areas to speed up our progress toward high quality development.

And the key areas to speed up our progress towards high quality development.

Speaker 2: Now I'll hand it over to Jane. She will provide you with the update of our financial performance.

Comment on what Marc.

Jean Jean.

And that's how we got here now I'll hand, it over to James <unk> with updates on all of our financial performance.

Speaker 6: Thank you, Jevgen. How are everyone? Let me walk you through our financial performance for the second quarter and the June 30th, 2023.

Thank you Katherine and Hello, everyone. Let me walk you through our financial performance for the second quarter ended June circa 2023.

Speaker 6: The change of income statements. In a second quarter, our total revenues increased 56% year-to-year, due to R&B 52.3 billion.

In terms of income statement.

In the second quarter, our total revenues increased two 6%.

Sure RMB 62 important things at <unk>.

Speaker 6: Our talk-wide rose was mainly driven by consumption recovery and the early feedback from excluding now a high-quality development strategy.

Our top line growth was mainly driven by consumption recovery and early feedback from excluding our high current development strategy.

Revenues from online marketing services, and others, who RMB 57 9 billion this quarter.

Speaker 6: Rearlyage from online marketing services and others who are in the position 7.9 billion days colder. Up 50% from the same folder.

It puts us on some of the sensor which is 2022.

Speaker 6: Revolved from transaction services this quarter will aren't be 14.3 billion. Up 131 to 1,000 from the same quarter of 2022.

Revenues from transaction expenses this quarter were RMB 14 3 billion.

100, and a 31% from the same quarter of 2022.

Moving onto it holds in expenses.

Speaker 6: Although the course of revenues increased 135% from RMB8 billion in Q2 2022 to RMB18.7 billion this quarter,

Our total cost of revenues increased 135% from Q2.

<unk> 2022.

And the $18 7 billion this quarter.

Speaker 6: Many people can increase in fulfillment fees and payment processing fees.

And then thirdly increase and fulfillment and payment processing fees.

Jiazhen Zhao: We continue to invest hundreds of millions of R&B in coupons in an effort to promote a sustainable online authentic book market and to strengthen the architecture of action. Our efforts covered six million copies of that set of books, connecting quality content directly with consumers. As of today, over 2,700 publishing houses, book companies and distributors have joined the Pinduoduo platform. [inaudible] of the production of the production We can forward we will continue to support quality motion and ethnic need and to promote digital inclusion agriculture.

Speaker 6: On my gut thesis, total gradient expenses this culture increased 41% to IMB 2020.9.

On a GAAP basis total operating expenses this quarter increased to 41% to RMB 29 billion.

Speaker 6: From Army 14.8 billion in the same quarter of 2020.

And the $14 8 billion.

In the same quarter of 2022.

Speaker 6: On a non-gab basis, our total working expenses increased to RMB 19 billion quarter for RMB 12.9 billion in Q2 2020.

Our non-GAAP basis, our total operating expenses increased to RMB 19 billion.

This quarter I'm be Powerpoint, neither in Q2 2022.

And the first quarter with the opportunity to sell that they'll consumption trends.

Speaker 6: In the past quarter, it served to opportunity to serve a build consumption trend by investing family and the responsibility to support our long-term, high-quality development.

And suddenly it responsibly to support our long term high quality development.

Our total non-GAAP operating expenses as a percentage of total revenue this quarter was purchased 6%.

Speaker 6: Our total non-gab off-lead makes sense as the percentage of total revenues is 4036%.

Speaker 6: pelded to and 41% in some quarter last year.

Compared to the 41% in same quarter last year.

Looking at the specific expense items.

Speaker 6: Unknown gaps built in the Maxine expenses. This quarter will be 16.6 billion

Our non-GAAP sales and marketing expenses this quarter were RMB 16 6 billion.

Speaker 6: Höp skip 3% compound to their same hotelop scene.

53% compared to the same quarter last year.

Our non-GAAP basis, our sales and marketing expenses as a percentage of our revenue this quarter was such a super fans.

Speaker 6: On non-gap basis, our cells in the maximum expenses of the percentage of our revenues, this quarter was such a cheaper son.

Speaker 6: comppeout with 34% for centple ter 2020 two.

Come out with that two 4% for central China 2022.

Speaker 6: And QQ, we set up for efforts during the June 18th shopping festival and so I was the entire culture to provide more savings to customers.

And clearly that's a factor in the June 18th shopping Festival.

In parallel with that.

To provide more savings to come through that.

Speaker 6: We also improved our service quality to deliver better services and support consumption.

The only thing that's out of service quality to deliver better services and support consumption.

Speaker 6: Our non-Gabgeneral administrative expenses will arm the 300, 70.2 million. Those will arm the 164.7 million in the same quarter of 2022.

Our non-GAAP general and administrative expenses were RMB 300 tenants. According to me then.

This RMB $164 seven minute amis in quarter of 2022.

Speaker 6: Our research and the development sensors will arm the 2.1 billion in the scooter on a known gap basis and arm the 2.7 billion on a gap basis, starting on new highs.

Our research and development expenses were RMB, two 1 billion this quarter on a non-GAAP basis, and <unk> 7 billion, a GAAP basis, setting a new high.

Speaker 6: Our engaged fundamental to the high quality development of our platform ecosystem.

R&D is fundamental to the high quality development.

Watson ecosystem.

Speaker 6: We will continue to grow our arms because of the abilities so that we can understand, consume, and control the demands and serve their Miss Butter.

Will that continue to grow.

Is that kind of thing.

So we can understand consumers both in demand and stuff that is about that.

Speaker 6: Our breaking goal base for the proté was R&B Kale.7 billion on a gap basis.

Operating profit for the quarter was RMB <unk> 7 billion on a GAAP.

Yes.

Speaker 6: compared with R&B 8.7 in the same culture last year.

Paired with RMB eight 7 billion in the same quarter last year.

Speaker 6: The GN VO 4A was R B 14.6 billion.

non-GAAP operating profit was RMB 14 6 billion.

Speaker 6: Those are the 10.5 billion in the same culture last year.

Just on the $10 5 billion in the same quarter last year.

Speaker 6: Non-gap upgrading force in margin was 28% this quarter. Compound to the 34% for the same...

non-GAAP operating profit margin was 28% this quarter.

Compared to the 34% for the same quarter last year.

Jiazhen Zhao: We will keep doing the right things and keep up our investment in the P areas to speed up our progress toward high quality development.

Speaker 6: Nothing come a truth is what all the news shareholders was R&B 13.1 billion for the quarter.

Net income attributable to ordinary shareholders was RMB two one.

1 billion for the quarter.

Speaker 6: Compiled to R&B 8.9 billion in the same total of years.

Compared to RMB eight 9 billion in the same quarter last year.

Speaker 6: Space earnings per ADS was RMB 9.64 and the loot earnings per ADS was RMB 9 versus space earnings per ADS of RMB 7.06 and the loot earnings per ADS of RMB 6.32 in the same quarter of 2022.

Basic earnings per ads was RMB 964, and <unk> earnings.

Earnings per ads was RMB nine versus space.

Liu Jing: Let me walk you through our financial performance for the second quarter, ended June 30th, 2023. In terms of income statements, in the second quarter, our total revenues increased 56% year over year to RMB 52.3 billion. Our talk line growth was made into them by consumption recovery and the early feedback from excluding now a high quality development strategy. Revenue from online marketing services and others to RMB 37.9 billion this quarter. Up 50% from the same quarter of 2022. Revenue from transaction services to this quarter will RMB 4.3 billion. Up 131% from the same quarter of 2022.

Dream Liu: Let me walk you through our financial performance, the second quarter, ended June 30th, 2023. In terms of income statements, in the second quarter our total revenue is increased 56% year over year to RMB 52.3 billion. Our talk line growth was made into them by consumption recovery and early feedback from excluding now a high quality development strategy.

Yes, just RMB seven planes out thanks.

Diluted earnings per Avs shelf, RMB 6000 tons of <unk> in the same quarter of 2022.

Speaker 6: Don't get that income at Truba Vodge Audiner's Sheholders with RMB 15.3 billion. Compound with RMB 10.8 billion in the same culture last year.

non-GAAP net income attributable to ordinary shareholders was RMB 15 stupid and.

Compared with $10 seven.

Same quarter last year.

Speaker 6: Don't after LO. The for ID was: AR began for 47 versus aram seven point 54 in the secondd quarter of 2020 two.

non-GAAP diluted earnings per ads was RMB <unk> 47.

RMB 754 in the same quarter of 2022.

Just on that over the past quarter, but you lose that solely financial results and high claim department begins to show impact.

Speaker 6: To sum up, over the past quarter, we've delivered fully financial results and a high-quality development again to a short impact.

Speaker 6: Looking ahead, we will continue to investigate through the dissemination and stations. Do you ask us all the high-collections?

Looking ahead, we have a contingent that determination.

Patients.

So it actually with our high quality balance strategy.

Dream Liu: Moving on to the next census, our total cost of revenue is increased 135% from RMB 82 to RMB 18.7 billion this quarter, meaning that you can increase in fulfillment fees and payment processing fees. On the next census, total burden expenses this quarter increased 41% to RMB 20.9 billion, from RMB 14.8 billion in the same quarter of 2022. On a non-gab basis, our total burden expenses increased to RMB 15.9 billion this quarter, for our RMB 12.9 billion in Q2 2022.

Speaker 6: We also react to positively acute complications by keeping our most savings in the battle services capabilities. That completes the income statement.

Liu Jing: Moving on to calls to an expenses. Our total cost of revenue has increased 135% from RMB 8.2 to RMB 18.7 billion this quarter. Millions of you can increase in fulfillment fees and payment processing fees. On a gas basis total burden expenses this quarter increased 41% to RMB 20.9 billion. From RMB 14.8 billion in the same quarter of 2022. On a gas basis our total burden expenses increased to RMB 15.9 billion this quarter for RMB 12.9 billion in due to 2022.

We're also react positively to competition, but just any other more savings and about a sudden capabilities.

That completes the income statement.

Now, let me move onto cash flow.

Speaker 6: On that cash flow generate from operating activities with armed 20 3.4 billion.

Our net cash flow generated from operating activities was RMB 26 4 billion.

Speaker 6: Contiled with R&B 19.4 billion in the central to last year.

Compared with RMB nine 4 billion in the same quarter last year.

As a parent that is 2023.

Speaker 6: As of June 30th, 2023, we have RB179.5 billion cash, cash of coolance and shortening investment. Thank you.

We have RMB 109, 5 billion in cash cash equivalents and short term investments.

Thank you. This concludes my prepared remarks.

Speaker 3: Thank you, Dream. Thanks. We will move on to the Q&A session. Today's Q&A session, Lei, Jiajian, and Dream will take questions from Alice down the line. We could take a maximum of two questions panelists. Lei and Jiajian will answer questions in Chinese, and we will help translate their remarks for easier reference. Operator, we may now take...

Thank you Jean <unk>, who will move on to the Q&A session for today's Q&A session.

And Jane will take questions from analysts on the line, who could take a maximum of two crushers panelists.

Dream Liu: In the past quarter, we served the opportunity to serve our consumption trends by investing family and the responsibility to support our long term high quality development. Our total non-gab operating expenses for the percentage of total revenues this quarter was 36% compared to 41% in same quarter last year. Looking into specific expense items, our non-gab sales in the marketing census this quarter will RMB 15.6 billion, up 53% compared to the same quarter last year.

Liu Jing: In the past quarter we served the opportunity to serve our consumption trends by investing family and the responsibility to support our long term high quality development. Our total non-gab operating expenses as a percentage of total revenues this quarter was 36% compared to 41% in same quarter last year. Looking into specific expense items. Our non-gab sales in the marketing census this quarter will RMB 15.6 billion. Up 53% compared to the same quarter last year.

George I will answer questions in Chinese and will help translate every month for easier reference operator, and then they will take questions on the line.

Ladies and gentlemen, we will now begin the question and answer session.

Speaker 1: Ladies and gentlemen, we will now begin the question and answer session. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced.

If you wish to ask a question. Please press star one on your telephone and wait for your name to be announced.

Speaker 1: If you wish to cancel your request, please press star two.

If you wish to cancel your request please press star two participants.

Speaker 1: Participants are requested to restrict the two questions at each time. Your first question will come from Joyce Jew of Bank of America. Please go ahead.

Participants are requested to restrict to two questions at each time.

Dream Liu: On a non-gab basis, our sales in the marketing census as a percentage of our revenues this quarter was 32% compared to 34% for same quarter in 2022. In Q2, we set up our efforts during the June 18th shopping festival and throughout the entire quarter to provide more savings to consumers. We also improved our service quality to deliver better services and support consumption. Our non-gab general administrative expenses will RMB 307.2 million, those with RMB 164.7 million in the same quarter of 2022.

Liu Jing: On non-gab basis our sales in the marketing census as a percentage of our revenues this quarter was 32% compared to 34% for same quarter in 2022. In QQs we set up for efforts during the June 18th shopping festival and so I was the income quarter to provide more savings to consumers. We also improved our sales quality to deliver better services and support consumption. Our non-gab general of the administrative expenses will RMB 307.2 billion.

First question will come from Joyce Ju of Bank of America. Please go ahead.

Speaker 7: We will now take a short break. Thank you for joining us. We hope you have enjoyed the rest of the session. We hope you have enjoyed the rest of the session. We hope you have enjoyed the rest of the session. We hope you have enjoyed the rest of the session. We hope you have enjoyed the rest of the session.

Alright, Martin King Charles.

Okay.

Thank you Martha.

I think in Chicago.

Okay.

Sure.

Thank you we'll go to that project, Okay, Thats all I have it.

At the opening with Goldman.

Well this is Jack.

So Jamie Jon here.

No.

No one knows exactly.

Uh huh.

So I think with the Colo.

That's why you don't get to oncology.

Liu Jing: Those with RMB 164.7 billion in the same quarter of 2022. Our research in the development census will R&B 2.1 billion in the school to own a known gap basis and R&B 2.7 billion on a gap basis setting a new high. R&B is fundamental to the high quality development of our platform ecosystem. We will continue to grow our R&B capabilities so that we can understand consumer development demands and serve them as better.

Balco women.

Thanks, so much.

Sure.

T J.

Dream Liu: Our research in the development census will R&B 2.1 billion in the school to own a known gap basis and R&B 2.7 billion on a gap basis setting a new high. R&B is fundamental to the high-collar development of our platform ecosystem. We will continue to grow our arms because of disabilities so that we can understand consumer development demands and serve them as better. Our breaking forth base for the project was R&B 2.7 billion on a gap basis compared with R&B 8.7 billion in the same culture last year.

That's really cool.

Speaker 7: The inter louder is out while u roots at high peaks gained off of bad weather. The

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Please note that turns out guns.

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Speaker 7: The other ment ING that woman of easi no Sue woman goes. So I Don jgy that issue woman. She has self that some. Very finally J her ulture jud Don go, who I thing didn't have a cour country from lounder I some longer tre ating out, go through that your T. you told the good don't be the court. Just J may told the IM see B just within. I fam that would.

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Yes.

Sure.

So Friday, Jan and Judy that yes your womens.

Alright.

Okay got you more fragile.

Jonathan if Japan had to pull it real quick.

That's helpful.

Otherwise.

Liu Jing: Our breaking focus for the culture was R&B 2.7 billion on a gap basis, compared with R&B 8.7 billion in the same culture last year. Non-gap of breaking focus was R&B 14.6 billion, though just R&B 10.5 billion in the same culture last year. Non-gap of breaking focus in margin was 28% of the culture, compared to the 34% for the same culture last year. Nothing compared to ordinary shareholders was R&B 13.1 billion for the culture, compared to R&B 8.9 billion in the same culture last year.

Thank you for your time.

How about yourself.

Thank God.

So everybody is at home.

Oh, yes, yes, yes.

Alright.

Dream Liu: The known gap of breaking forth base was R&B 14.6 billion, versus R&B 10.5 billion in the same culture last year. The known gap of breaking forth in margin was 28% of the culture, compared to the 34% for the same culture last year. Nothing compared to ordinary shareholders was R&B 13.1 billion for the culture, compared to R&B 8.9 billion in the same culture last year. R&B 8.9 billion was R&B 9.64, and the earnings per R&B 9, versus R&B 8.9 billion of R&B 7.0.6, and the low to R&B 8.9 billion of R&B 6.2 billion in the same culture of 2022.

Yes.

Speaker 7: My first question is, we know Pinggurdo has started a new long-term strategy of focusing on high quality growth since last quarter.

My first question is are we know what people are gonna have started a new long term.

The strategy of focusing on high quality growth.

Last quarter.

Speaker 7: could not necessarily elaborate a bit more on the implementation of this strategy. What business measurements and movement having been taken and how this strategy is going to affect companies' financial outlook in the near and longer term.

My name is elaborate a bit more on that.

Limitation of this strategy.

Imagine then on movement, having been taken.

And how this strategy is going to ask that company's financial outlook.

In the near and longer time.

Speaker 7: My second question is that we understand our culture has been considered as key strategies for a very long time.

My second question is that we understand all the culture Hudson Chief strategy <unk> is a very long time.

Liu Jing: 8.8 billion was R&B 9.64 billion and the space units of R&B 7.0.6 billion and the units of R&B 6.2 billion in the same culture of 2022. Non-gap mapping compared to ordinary shareholders was R&B 15.3 billion, compared to R&B 10.8 billion in the same culture last year. Non-gap the units of R&B 10.47 billion in the same culture last year. Non-gap the units of R&B 7.54 in the same culture of 2022.

Speaker 7: And it is also a core merchandise category for the platform. How does strategy and how are we culture fit under the company's new strategy of high quality development?

It is also a core merchandise categories for the platform how that strategy.

Sure.

And.

The company's new strategy of high quality.

Speaker 7: What impact will it have on the company's operations and financials will accompany adjust your investment budget and pace in the corresponding areas? Thanks.

What impact it has on the company operation and finally shows well company address your investment that you had in the correspondent area. Thank.

Dream Liu: The known gap mapping compared to ordinary shareholders was R&B 15.3 billion, compared to R&B 10.8 billion in the same culture last year. The known gap the low to R&B 8.9 billion was R&B 10.47, versus R&B 7.54 in the same culture of 2022.

Thank you all.

Speaker 2: Anyhow was it was out there, I way the I and went I goard father.

Anyhow so.

What's out there.

John you're gone without causing that Lindsay.

Speaker 3: Hi, this is Jia Zhen. I'll answer your question on our high-quality development site.

Hi, This is George and I'll answer your question on our high quality development strategy.

Liu Jing: To sum up, over the past quarter, we delivered solid financial results and the high-colleged development began to show impact. Looking ahead, we were continuing that through determination and patience to execute our high-colleged development strategy. We also react positively to competition by people in our most savings in the battle services capabilities.

Dream Liu: To sum up, over the past quarter, we delivered solid financial results, and the high-quality developments began to show impact. Looking ahead, we were continuing that through determination and patience to ask you to our high-quality development strategy. We also react positively to competition by keeping our most savings in the battle services capabilities.

Speaker 2: Thank you for your attention.

I know women between two Joe Montana.

Somewhat challenged we don't really shine popsicle in particular trenching.

Speaker 2: Next morning, as it just started today, it happened with the fast industrial plan that used to build the aircraft in front of every parts of the fuel boards there was one small copper here and in one base where the competitions had to be firstly the effects where the vehicles have also been able to get a by?y personally close to them of the reproduce who's special and really unpredictable

Dream Liu: That completes the income statement.

Liu Jing: That completes the income statement.

So when Julian and Simon and constant all women chime in or you've got enough on a salary yes.

We wanted to sit down to either because I don't know if you can give us a lot.

Speaker 3: So over the past few years, we are gradually transition from fast growth to solid development from marketing driven to R&D driven. And starting from the first half of this year, we fully embrace the high quality development strategy. And this helps in a new development phase for us, which prioritizes quality.

So over the past few years.

Gradually transition from past growth to a solid development from a marketing driven to R&D Julian and starting from the first half of this year, we fully embraced our high quality development strategy and is helping our new downward faithful us which prioritizes quality.

Dream Liu: Now, let me move on to cash flow. Our net cash flow generated from operating activities was R&B 23.4 billion, compared with R&B 9.44 billion in the same culture last year. As of June 30, 2020-3, we have R&B 179.5 billion in cash, cash recourse, and shortening investment.

Liu Jing: Now, let me move on to cash flow. Our net cash flow generated from operating activities was R&B 23.4 billion, compared to R&B 19.4 billion in the same culture last year. As of June 30, 2023, we have R&B 179.5 billion in cash, cash recourse and shortening investment.

Dream Liu: Thank you.

Speaker 2: I think it is Husband and Mrs Ka Sensei.

Julie.

And Oh, what's your the woman who wish I had.

You'll go Junior Hockey night to night time in Oh, you should go out create ease into default.

Speaker 2: Support for identified information Carved by PSU Support for identified information Carved by PSU

Instant Julian Nagel, so Ian Coughlan on par that she just switching high the Johnson, Jim what you send them to compete in Duluth.

Dream Liu: This concludes Max prepared remarks.

If you're talking about you know the odds are good so in garden I found an Italian tangibly answer president so I'm not quite sure.

Dream Liu: Thank you, Dream.

Chen Tang: Thanks for moving on to the Q&A session. For today's Q&A session, Lei, Jiajian, and Dream will take questions from Alice down the line. We could take a maximum of two questions panelists. Lei and Jiajian went answer questions in Chinese, and we will help translate their remarks for easier reference.

Liu Jing: Thank you. This concludes from Alice down the line.

Speaker 3: We are in the development stage and there are a few many areas to improve in terms of a certain consumer as well and building on thriving people.

We are in the development stage and there are still many areas to improve.

Cheng Peng: We could take a maximum of two questions panelists. Lay and judge and answer questions in Chinese, and we will help translate their remarks for easier reference.

In terms of a certain consumers well and building a thriving ecosystem.

Speaker 3: So strengthening our capability and embracing how I call the development is a necessary path to take, to further deep our value. As I have mentioned earlier, implementing the strategy mainly involves three key areas.

Operator: Operator, we may now take questions on the line.

Operator: Operator, we may now take questions on the line. Ladies and gentlemen, we will now begin the question in the answer session. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two participants are requested to restrict the two questions at each time.

Strengthening our capability and our embracing of high quality development is a natural path to take two D power value.

Joyce Zhu: Your first question will come from Joyce Zhu of Bank of America. Please go ahead.

Operator: Ladies and gentlemen, we will now begin the question in the answer session. If you wish to ask a question, please press star one on your telephone and wait for your name If you wish to cancel your request, please press star two. Participants are requested to restrict the two questions at each time.

I have mentioned earlier implementing this strategy mainly involves three key areas.

People, who can actually take a confidential thing.

Speaker 2: Please keep meeting other banks in full control. In the near future, you can see how positive the block is. Next. In the Tampa City Soror. No, there aren't. Feel free now.

Well the Genesis that myself into which is your time on the 13th the doses wage hour half wouldn't that lead.

Joyce Zhu: Your first question will come from Joyce Zhu of Bank of America. Please go ahead. Let's take a look at the results of our company's growth and performance.

Speaker 2: for principals to do their?? Mu Mu

Okay. So having said that I think the trends not only in <unk>.

The amount of time is that you're doing in the future.

Speaker 3: First, it's high quality consumption. We are always consumer centric. We work hard to strengthen our capabilities to give more savings and better services. So we can deliver a 360 degree, good experience to consumers, and meet their diversified demand. Thank you.

First is a high quality of consumption.

Always consumer centric, we work hard to strengthen our capability to get more service and better services. So we can deliver a 360 degree could experience to consumers and to meet their diversified demand.

Yeah, but I'm not sure that I'm only.

Speaker 2: the deep increases and lower levels of electron in the light practice cleaner, into the higher and lower light practice.

It doesn't have a pathway to send them because it's useful babies R us.

So you are going in place.

Oh, yeah, yeah, that's because it's useful.

Speaker 2: do you still have morereichener products that can control the whole market?

Shimon Johnson, who will use the time being and then go to the city and chunk on the Chinchillas.

Second is high quality supply, we leverage our tech expertise and we go deep in the supply chain.

Speaker 3: Second is high-quality supply. We leverage our tech expertise, and we go deep into the supply chains. We promote digital inclusion in manufacturing, and also agriculture sectors. And we hope to directly connect more quality products to the nationwide and also the global market. Please have a look.

They just inclusion in manufacturing and also agriculture sectors.

Joyce Zhu: The second question is that Joyce Zhu is a very important development strategy. It is also a very important survey.

And we hope to actually come back lower quality products.

Nationwide and also the global market.

So I'm not sure cause it on Santana.

Speaker 2: Therefore, we Fury 4 needs to look tier 3 on magnets. It's not.

Well the Twingo.

So I'm kind of trying to shop.

Users household somehow chia hung on Hulu.

Isn't that Houston's and keeping kind of ticked up pretty nicely.

Speaker 2: Third is high quality ecosystem. With our 10 billion ecosystem initiative, we actively support quality merchants, SME businesses, and farmer merchants. And we also enhance our overall capital governance.

Third is high quality ecosystem with our timberlands ecosystem initiative.

Actively support quality much of S M.

Chen Lei: [inaudible] Joyce Zhu of Bank of America is a new long-term strategy of focusing on high quality growth since last quarter. I want to elaborate a bit more on the implementation of this strategy. What business measurement and movement having been taken, and how this strategy is going to affect company's financial outlook in the near and longer term. My second question is that we understand our reculture has been going towards key strategies for a very long time, and it is also a core merchandised category for the platform.

Joyce Zhu: The first question is, we know Pinduoduo has started a new long-term strategy or focusing on high-quality growth since last quarter. Management elaborate a bit more on the implementation of this strategy. What business measurement and movement having been taken and how this strategy is going to affect company's financial outlook in the near and longer term.

Selling businesses and a final budget.

And we also enhanced our overall platform governance.

Speaker 3: D I ch time in a Su whole own way is died in under doing so she other, because I'm nashching that whole. You need the cheesf and chave that she and your one year. How is you going and shown J boomgom goo? He has ent have a time.

San Antonio is the only not suddenly hold in a way that in doing so she thought it doesn't cause harm is not seen as a whole.

She said your time with us.

Johan Yeah, let's just argue the galena and Sean.

<unk> can you have sometimes you have a passive.

Joyce Zhu: My second question is that we understand our culture has been Pinduoduo's key strategy for a very long time. It is also a core merchandise category for the platform, how this strategy and how our culture fit under the company's new strategy of high-quality development. What impact will it have on the company's operations and financials will company adjust your investment budget and pace in the corresponding areas? Thank you a lot.

Josh Joshi, causing a hard tissue.

Speaker 2: And for the foreseeable future, Leah and I will lead our team together to invest in these areas persistently and also patiently. We strive to enhance consumer experience, optimize efficiency of the agriculture and manufacturing supply chains, and also reinforce the positive trend of our platform ecosystem and execute our high quality development strategy in every single detail of our operations. Thank you.

And for the foreseeable future Lee and I will lead our team together to last day in these areas.

Chen Lei: How this strategy and how our reculture fit under the company's new strategy of high quality development, what impact will it have on the company's operations and financials will company adjust your investment budget and pace in the corresponding areas. Thank you.

Assistant and also patiently, we strive to enhance our consumer experience optimize efficiency of the agriculture and manufacturing.

A manufacturing supply chains and also reinforce the positive trend of our platform ecosystem.

And execute our high quality development strategy every single detail of our operations.

Speaker 8: And George muha would select. Our athletidics are quite we.

Thanks, Jonathan.

Oh absolutely.

Jiazhen Zhao: Hi, this is Jia Zhen. I will answer your question on our high-quality development strategy. In the near future, we have already completed the development strategy. From the beginning of the year, we will use the full-time high-quality development strategy to slow down the development of the new strategy. Over the past few years, we gradually transitioned from fast growth to solid development, from marketing driven to R&D driven. Starting from the first half of this year, we fully embraced the high-quality development strategy. This held a new development phase for us, which prioritizes our quality.

Yes.

Yes.

Speaker 8: i'my pin donor Jo year and the fact back now for those something faning this is J.

From a people do on Earth.

Oh, the Fontana Southern company decides this is somewhat.

Speaker 8: Easy llineinnow or may I give you the halfway listen? The issue changanging by choosing no near the critical.

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Parkway Houston Beijing <unk>. Thank you.

Speaker 9: This is Le. I'll take your question on agriculture strategy.

This is <unk>.

Chen Lei: So, over the past few years, we gradually transitioned from fast growth to solid development, from marketing driven to R&D driven, and starting from the first half of this year, we fully embraced the high quality development strategy. And this held a new development phase for us, which prioritizes our quality. [inaudible] and there are still a lot of people in the development stage, and there are still a lot of people in the development stage, Hello, I'm Chen Lei, and I'm going to answer the question of the second largest agricultural industry.

So question on agriculture strategy.

Speaker 9: Pindledo studied our agriculture and our development is deeply connected with this agriculture supply.

Single dose study logging agriculture.

Development is deeply connected with the agricultural supply chain.

Speaker 2: We are to actually leveraging our tech backgrounds to promote digital inclusion in every culture.

We are proactively leveraging our tech background to promote digital inclusion agriculture.

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Speaker 2: Alarm penetration of agricultural produce remains relatively low. There's a lot of room to streamline the agricultural supply chain. And we can create our unique value by using our tech capabilities to facilitate the development of agriculture.

Penetration of agricultural produce remains relatively low.

Chen Lei: [inaudible] Hello, I'm Chen Lei. I'm going to answer the question of the second Pinduoduo started out in agriculture and our development is deeply connected with this agriculture supply chain. We are proactively leveraging our tech background to promote digital inclusion in agriculture. The agricultural products are very low. The agricultural products are very effective and have a very large market space. In the development of high-quality agriculture, the technology has been developing for a long time.

There's a lot of room to streamline the agricultural supply chain.

We can create our unique value by using our tech capabilities to facilitate the development of agriculture.

Speaker 2: Going forward, agriculture will continue to be a major focus for us.

Going forward, our culture will continue to be a major focus for us.

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Speaker 2: Recently, we continued our efforts in bringing together industry and academia. We hosted several advertised competitions, such as the Smart Agriculture Competition, Findle Dworkup Growing Competition, and the Global Agriculture Innovative Competition.

Recently, we continued our efforts and bring them together industry and academia.

We hosted several advertise competition such as the Smart Agriculture competition Pandora Cup growing competition in the global agricultural innovative competition.

Speaker 2: We are happy to see our contribution to the commercialization of research findings.

We are happy to see our contribution to the commercialization of research funding.

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Speaker 2: As I mentioned, it is our pleasure to welcome Professor Evonan Regions to join our board as independent director. She has been a tenure professor at Buckingham University since 2001 and she currently served at the head of top psychology department.

As I mentioned it is a pleasure to welcome professor Ivano regions to join our board as an independent director. She has been a tenured professor at Boston University since 2001.

She currently serves as the head of toxicology.

Toxicology Department.

Speaker 2: The Netherlands is an agricultural powerhouse, and Buckingham University is a globally renowned institution in aeronomic research.

The Netherlands is that agricultural powerhouse and marketing between University is a globally renowned institution.

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Speaker 2: Ivana has decades of experience in food safety. She will bring to our board deep expertise in food technology and cutting edge agritac research.

<unk> has decades of experience in food safety, she will bring to our board deep expertise in food technology, and cutting edge Agri Tech research trend with.

Speaker 2: With the Evalner onboard, we look forward to depending our contribution in the modernization of aquifulture. Thank you. All right there, we can move to the

With Ivana on board, we look forward to deepening our contribution in the modernization of agriculture. Thank you.

Operator, we can move to the next town it's on the line.

Speaker 1: Thank you. Our next question today will come from Yang by of CICC. Please go ahead.

Thank you. Our next question today will come from young by C. ICC. Please go ahead.

Speaker 10: I something, or when you should going to do a highyoing onner kind, not you conid do on some show, you should only down on back, do low what down and you should should only down a back new should something in town money country, other down some's TR unition, not confly to own AR So that you how to be found. She don't think that I do ual going on. She should that that.

My name is Tom Mangas.

Thank you for your questions.

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In terms of any country, telling us so.

Chen Lei: Pinduoduo is the largest agricultural industry. Our development of agricultural products is related to the economy. In the meantime, we are also in the development of the economic and economic background, to get the agricultural science and technology cooperation. This is Lei. I'll take your question on agriculture strategy. Pinduoduo started out in agriculture, and our development is deeply connected with this agriculture supply chain. We are proactively leveraging our tech background to promote digital inclusion in agriculture.

Yes.

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Thank you Julien.

Okay.

Speaker 10: I have two questions on financials. You book total of around the girls of 66% and online marketing service girls of 60%. What do you think contribute to this? What highlights in the past quarter? And do you think this momentum will continue into the second half of the year?

They didn't need us.

I have two questions on financials.

You broke out total revenue growth.

Hey, thanks.

And the online market.

Chen Lei: The agricultural industry is looking at all kinds of trade routes, which are relatively low. The agricultural industry's flow rate is still very high. In the development of the high quality of the technology industry, the technology innovation and the help of the agriculture industry, is one of the tools of the technology industry to develop a kind of unique value. In the future, the agriculture industry has always been the core of our development.

6% to 8%.

I think contributing to date.

The highlight in the past the culture and do you think that momentum will continue into the second half of the year.

Speaker 10: My second question is we noticed your perfect margin decrease slightly around here. What are the sum of the key errors you are putting results into?

My second question is we noticed that your appropriate margin decreased slightly year on year.

Some of the key areas you are putting resources into.

Speaker 10: and how should we understand the fluctuation of your corporate margin as industry computation further intense.

How should we understand the fluctuation of the appropriate margin and industry computation further intensify. Thank you.

Chen Lei: Alan Plantation of agriculture produce remains relatively low. There is a lot of room to streamline the agriculture supply chain. We can create our unique value by using our tech capabilities to facilitate the development of agriculture. Going forward, agriculture will continue to be a major focus for us. Recently, we continued our efforts in bringing together industry and academia. We hosted several advertised competitions such as the Smart Agriculture Competition, Pinduoduo Cup Growing Competition, and the Global Agriculture Innovator Competition. We are happy to see our contribution to the commercialization of research funding.

Chen Lei: Alan's administration of agricultural produce remains relatively low. There is a lot of room to streamline the agricultural supply chain, and we can create our unique value by using our tech capabilities to facilitate the development of agriculture. Going forward, agriculture will continue to be a major focus for us.

Speaker 3: New haya was verygent what an asked. I GE ical Co that.

Yeah, Hi, John.

It sounds like a client development yet.

Speaker 2: Hi, this is Judge and I'll take the question on growth rate first.

Hi, This is Jeff and I'll take the question on growth rate for us.

Speaker 3: So then I want to take a to turn down what you listen, I do. Yeah, I'm maining if i'mean in a.

So and then excellent because you would've been down with you. This is John I agree with you.

Jiazhen Zhao: [inaudible][inaudible] for decades, and his family has been living here for decades, and his family has been living here for decades[inaudible] and his family has been living here for decades, and his family has been living here for decades, and his family has been living here for decades[inaudible] Our business is closely tied to the overall consumption market and we noticed continued improvement in the market trend and also consumers increasing awareness to shop. We think this is inseparable from the introduction and also implementation of various pro-conjunction support measures.

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Speaker 3: The method for this supply, we can much auger designing and

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Speaker 2: So in short, growth is quarter can be attributed to two factors.

So in short our growth this quarter can be attributed to two factors. The first is the positive industry trends and the second is the early positive feedback toward our high quality development strategy.

Speaker 2: The first is the positive industry trends, and the second is the early positive feedback toward our high quality development stress.

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Speaker 3: I think this rate of low consumers with

We won't do that until you're using a traditional theater Ghansham center, which was a three to use this as a need because.

Speaker 2: Our business is closely tied to the overall consumption.

Our business is closely tied to the overall consumption market and we noticed continued improvement in the macro trend and also how consumers increasing willingness to shop with.

Speaker 2: We noticed continued improvement in the macrochance and also consumers increasing awareness to shock.

Speaker 2: You think this is inseparable from the introduction and I feel implementation of various pro-consumption support methods.

We think this is inseparable from the introduction and also implementation of various pro consumption. So Paul measures.

Speaker 3: A relatively high quality image would be the quality that we'd actually use to protect theividade in our secondary technology. To ensure more bandwidth about dizzying our peak. We're sending count ait that we can't UVE layer. We've locked the Hahahahahahahahahoh to right.

Women about what are the tea leaves and it also creates a whole food and elite.

John do you John Counsel, Sandy forgot Donlin couldn't do on our foundations are.

Chen Lei: As I mentioned, it is a pleasure to welcome Professor Ivona Regions to join our board as independent director. She has been a tenure professor at Buckingham University since 2001, and she currently served at the head of the top psychology department. The Netherlands is an agricultural powerhouse, and Buckingham University is a globally renowned institution in agro-nomics research. Li Manan has been living in Xi Jinping's natural environment for over 20 years. His family has been living in Xi Jinping's natural environment for decades. We are looking forward to working together with Li Manan for the sake of the development of agriculture and agriculture. Thank you.

Jenny Lewis.

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Jim Don and I wish him with the chicken Jonathan.

Speaker 2: in Q2 with these opportunities to enhance our capability to give more savings and better services. We expanded our available money, product choices, and also we executed our high-quality development strategy with determination.

Oh in Q2, we see opportunities to enhance our capability to do more savings in their services, we expanded our value for money product choices and also we executed our high quality design and strategy with determination.

Speaker 2: For example, during the 2018 event, we increased the promotions and also invested of villains and coupons to get back.

For for example, during the June 18th event.

Increased promotions and also invested billions in coupons to get back to consumers and this helped stimulate demand for or merchandise categories and beyond this promotional event. We also follow through with our concept of Saturday's June 2018 and provided consumer.

Speaker 2: And this helps stimulate demand for all merchandise categories. And beyond this promotional event, we also fall through with our concept of Aridiz June 18 and other provided consumers with savings non-stop.

One is with savings nonstop.

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Yang Bai: Welcome from Yang Bai of CIC. Please go ahead. I have two questions on financials. You book total revenue growth of 66% and online marketing service growth of 60%. What do you think contribute to this? What has highlights in the past culture and do you think this momentum will continue into the second half of the year? My second question is, we notice your perfect margin decreases slightly in a year. What has the sum of the key areas you are putting results into? And how should we understand the fluctuation of your perfect margin as industry computation further intensifies? Thank you.

I wanted to know just hang on its system.

Speaker 3: they are offering YUI

John are you aiming towards evening, Hello, niche and uncle and punctual wash off either.

So, yes, you're done it before.

Speaker 2: And, and our efforts improved consumption sediment. And this in turn generated more cell substances for the most.

And and our efforts improved consumption sentiment and this inter generated more sales opportunities for the merchant.

Speaker 2: Also, our support for quality machines encouraged them to invest resources and collaborate with us in serving consumers well together. So as a result, we recorded the DECID revenue.

Also our support for coffee machines and cars to them to invest our resources.

Ah collaborate with us and serving customers well together so as a result, we recorded a decent revenue growth.

Speaker 3: That means there has been a great reduction in plastic storage funded in cinematic since 1997. By equiativo and company network, the number of oxat economist ladies park with free and healthy intelligence findingsantes and

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Speaker 3: you'll machines result means she's going to how the food theyRailThing field

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Speaker 2: serve the needs of more diverse consumers, and build a better ecosystem, the platform will naturally achieve sustainable and high-quality development.

Speaker 5: We believe that revenue is a natural result of our valor creation. And high-cost development is our long-term strategy.

We believe that our revenue is a natural result of our value creation and a high quality alignment is our long term strategy, we do not prioritize growth over a single quarter.

Speaker 2: we do not prioritize growth over a single quarter. We think that if we can better serve the diverse consumer need with enhanced services and better savings, and if we can build our robust ecosystem, I think our platform will naturally achieve a sustainable and high quality development. Thank you.

Think that if we can better serve the diverse consumer need.

Services and better savings and if we can beat our robust ecosystem I think our platform will naturally achieve a sustainable and a high quality development. Thank you.

Jiazhen Zhao: Hi, this is Jiazhen and I'll take the question on growth right first. In short, growth is quarter can be attributed to two factors. First is the positive industry trend and second is the early positive feedback toward our high quality development strategy. First of all, our business and sales environment are very similar. We have also received a lot of positive feedback. We have also received a lot of positive feedback toward our high quality development strategy.

Speaker 6: This is Jin. Thanks. Let me take your second question. Well, first, we are still in the development phase. Profibility itself is not our priority. As Jiaxin just mentioned, it's a natural result of the value we create.

This is gene let me take your second question.

All right.

We are doing.

Croaker directly south it's not all of it.

Okay.

And Jason just mentioned, it's a natural place out which of the value we create.

Speaker 6: So with that said, in Q2, we saw given financial results, showing the early results from our high-quality development strategy. And in this process of executing our high-quality development strategy, we are stepping up investment in many key investment areas.

So what's that back in Q2, which searches and financial results showing the early results from our high quality development strategy.

And this person is executing our high quality Department strategy.

Stepping up investment in many key investment areas.

Speaker 6: for example giving back to consumers, supporting as many merchants, unwasting as with cultural and manufacturing supply chains, and the PEMB in the ecosystem initiative can benefit. This aspect is luckily now our financial result.

For example, I'm thinking back to consumers.

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Jiazhen Zhao: We also have received a lot of positive feedback toward our high quality development strategy. Our business is closely tied to the overall consumption market and we noticed continued improvement in the market trends and also consumers increasing awareness to shop. We think this is inseparable from the introduction and also implementation of various pro-consumption support measures. [inaudible] and to improve the quality of the product and to improve the quality of the product[inaudible] and to improve the quality of the product Thank you.

Lastly, agriculture.

Manufacturing supply chains.

Understanding the ecosystem initiatives.

10 minutes here.

These offers are reflected in our financial results.

Speaker 6: Also, as competition further intensify, we will react positively by enhancing our more savings and battery service core capabilities and giving back to our customers.

So as competition has intensified we react positively by enhancing our more savings and Pakistan is a course of therapy.

And it isn't that killed or consumers and merchants.

Speaker 6: I want to build a high quality development.

I will never vote to high quality development.

Jiazhen Zhao: [inaudible] In Q2, we see opportunities to enhance our ability to give more savings and better services. We expanded our value for money, product choices, and also we executed our high-quality development strategy with determination. For example, during the June 18 event, we increased promotions and also invested feelings and coupons to give back to consumers. This helped stimulate demand for all merchandise categories. Beyond this promotional event, we also fall through with our concept of our days June 18 and our provided consumers with savings, now stop.

Speaker 6: We always see opportunities to create a long-term value. We continue to exercise financial prudence and invest with deepening nations.

When we see opportunities to create long term value will be.

Continuing to exercise our financial Prudence and lastly, given the nation. Thank you.

Right.

Hi, operator, I think we have time for one more analyst.

Speaker 2: How are we doing? I think we have time for one more analyst.

Thank you.

Speaker 1: Our next question will come from LA Giants of McQuarry. Please go ahead.

Our next question will come from Alice Yang of Macquarie. Please go ahead.

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I just want to talk to you all.

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No in fact Lenington chips.

Ladies and gentlemen.

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The team will chip in Wilmington.

Each of the chicken thoughts you might have thought John when he catches up with actual data.

Alright.

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Thank you Kishore.

Ladies and gentlemen.

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Sure.

Speaker 7: Let me quickly translate myself. My first question is on the competition. So we're seeing a lot of the competitors putting more emphasis towards the promotions and low pricing categories.

Now let me quickly translate myself. My first question is on the competition. So we're seeing a lot of the competitors putting more emphasis towards day promotions don't know pricing categories. Also we're seeing pretty strong active buyers and merchants data from the peers, how do management and evaluate the impact on our operations are we.

Speaker 7: My first question is on the competition. So we're seeing a lot of the competitors putting more emphasis towards the promotions and low pricing categories. Also we're seeing pretty strong actifiers and merchant data from the peers. How do management evaluate the impact on our operations? Are we feeling more pressure? And that would potentially impact our strategy going forward? And the second question is on Timo. We have seen Timo following Timo very closely in the recent periods. We understand that.

Jiazhen Zhao: So, yet you don't have a fuller than that. And our efforts improved consumption sediment and this in turn generated more sales opportunities for the merchants. Also, our support for quality merchants encouraged them to invest resources and collaborate with us in serving consumers well together. So, as a result, we recorded the[inaudible] We believe that revenue is a natural result of our value creation. And high-core development is our long-term strategy. We do not prioritize growth over a single quarter.

Speaker 7: Also we're seeing pretty strong active buyers and merchant data from the peers. How do management evaluate the impact on our operations? Are we feeling more pressure and that would potentially impact our strategy going forward?

Feeling more pressure and that would potentially impact our strategy going forward.

Speaker 7: And the second question is on Timo. We have seen Timo following Timo very closely in the recent periods. We understand that this is still a very early stage and might have limited financial contribution, but I wonder if management could share with us the latest progress of Timo and talk about the overall strategy. Any financial metrics the management could share. Thank you.

And the second question is on <unk>, we have seen chemo.

Following chemotherapy closely in the recent period, we understand that this is their early stage and May have limited financial contribution.

I Wonder if management could share with us the latest progress of chemo and talk about the overall strategy any financial metrics the management could share. Thank you.

Speaker 3: Your questions are in the air. Let me talk directly as I've done before. Let me sharene for

Anyhow what saga.

Yeah.

And I think you guys had a woman who is at the high end you know what is your comfort.

Speaker 2: a high-leveled judge and thanks for the questions and I'll share some thoughts on competition questions.

Hi, there. This is a charger yeah, thanks for the questions and Oh I'm.

Some thoughts on competition for us.

Well my pencil down I think she doesn't jump off season.

Speaker 3: Thank you.

Susan.

So originally I think on a go with feature.

Speaker 2: don't alsogrow our opponents will play for nothing

Women shoes, he had been with you why women official monopoly Donald here.

Jiazhen Zhao: We think that if we can better serve the diverse consumer needs with enhanced services and better savings, and if we can build our robust ecosystem, I think our platform will naturally achieve sustainable and high-quality development. Thank you.

Speaker 2: High didn't? Is I like other a that I kind Chong show the fut trro changing, then touches your leave. Then a higher than V, than ical. Go to each to think houseso.

Hanging in there that would be in that same type of T D.

I'm kind of in Changsha was a feature to bother me I've seen them, then <unk> I know that they need.

Well it really is you go to Asia.

It does.

So we noticed changes in the industry.

Speaker 5: And as consumption recovers and consumers show a strand of demand, it's not surprising the candles have Sandy Monica tonight that you have a Cath Copeland pair of charge breach to upgrade stock prices even more so her as we have all stocks

S construction recovers and consumers show Australia demand.

Chen Lei: This is Jean. I think, let me take you a second question. Well, we are doing the development phase. Profitability itself is not all the priority. As Judging just mentioned, it's a natural result of the value we create. So, with that fact, in Q2, we saw given financial results. Showing the early results of our high-quality development strategy. In this process of executing our high-quality development strategy, we are stepping up investment in many key investment areas, for example, giving back to consumers, supporting as many merchants.

Jiazhen Zhao: This is Jean. I think, let me take you a second question. Well, we are doing the development phase. Profitability itself is not all the priority. As Judging just mentioned, it's a natural result of the value we create. So, with that fact, in Q2, we saw given financial results. Showing the early results from our high-quality development strategy. In this process of executing our high-quality development strategy, we are stepping up investment in many key investment areas, for example, giving back to consumers, supporting as many merchants, unwasting as with cultural and manufacturing supply chains, and it can be an equal system initiative to benefit.

Not surprising for us to see appears stepping up on subsidies competitions.

Speaker 5: competition is indeed becoming more intense. And we believe that healthy competition, which is driven by consumer-centric goal, will benefit industry, which includes not only the consumers but also the industry.

Competition is indeed, becoming more intense.

We believe that healthy competition, which is driven by our consumer centric golf can benefit industry, which includes not only the consumers, but also other platforms as well.

Speaker 2: Here a is that face of hard ack now do you do you me ianna, in the high crross uropeian ifing, but she's Su posed quant to changes or to start the talia. Absolutely, je reish ever that the streict all she sent ERS Le.

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Why not do a million.

In the past whether it be on kind of fleshing that she said silicon too dangerous.

Some of them also the need to reach over the future.

Houston just in the knee.

Cementing them.

Speaker 2: You know of J chanali. trhuways and chanes are swatching the need, told me, but Gina, who found that were gaza.

So now we're long ways hamzah good teams on the Yodlee drum Holly's encounters are letting them either because it's on me.

Chen Lei: We are asking as with cultural and manufacturing supply chains, and it can be an equal system initiative to remove you. This average is luckily in our financial results. Also, as competition so that we intensify, we will react positively by enhancing our more savings and better high-quality development. We always see opportunities to create a long-term value. We will continue to exercise financial prudence and invest with deepening nations. Thank you.

What you need now we've found out of North Dakota.

Jiazhen Zhao: This aspect is luckily in our financial results. Also, as competition so that we intensify, we will react positively by enhancing our more savings and better set of support for the high-quality development. We will always see opportunities to create a long-term value. We will continue to exercise financial prudence and invest with deepening nations. Thank you. Hi, Brother. I think we have time for one more analyst.

Speaker 5: The camera industry is always a rapidly evolving and for us.

The e-commerce industry.

There is a rapidly evolving and for us the key to adapting to the rapid changes is not to focus on a lot of competitors are doing.

Speaker 5: The key to adapting to the rapid changes is not to focus on a lot of competitors.

Is that it has to stay laser focused on.

Speaker 5: If that is to stay laser focused on consumer demand and shop our own.

Consumer demand and sharpen our own skills and also to face competition directly and also briefly.

Speaker 5: also to face a competition directly and also bravely.

The channel competitive pressure.

Speaker 5: more motivation to strengthen our core company.

More motivation to strengthen our core competencies and our focus on it.

Speaker 5: Do not focus on imp Loki

Unknown Executive: Hi, Brother. I think we have time for one more analyst.

Unknown Executive: Thank you.

To maintain our high quality economic strategy.

Speaker 2: Right side

Oh, gosh, I really don't know assortment challenges.

Ellie Jiang: Thank you. Our next question will come from Ellie Jiang of McQuarry. Please go ahead. Thank you very much. I have a question. My first question is related to growth. In recent years, we have seen that a lot of merchants are more focused on the low-end aspects of the low-end. Also, there have been a lot of sales. At the same time, we also saw a lot of merchants working together with some of them. Whether it's a buyer, including the sales family, some of the data.

L.A. Giant: Our next question will come from L.A. Giant of McQuarry. Please go ahead. Thank you very much. I have a question. My first question is related to growth. In recent years, we have seen that a lot of merchants are more focused on the low-end aspects of the low-end. Also, there have been a lot of sales. At the same time, we also saw a lot of merchants working on some of them, whether it is a buyer or a commercial buyer's data.

Speaker 2: ???? package systems wicked cow our

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L.A. Giant: I would like to ask how do you go to the market to improve the growth of the low-end? I would like to ask you a question. The second question is related to the low-end. We have always been focused on the low-end development of the low-end. I understand that this low-end is still in a relatively early stage. I understand that in the past, the high-end management industry has also said that the low-end is not very big, but I would like to ask if the low-end management industry is more focused on the low-end management industry and the low-end management industry.

Speaker 2: Later on, the Unificationists must visit all the Tweets to meet and come.

Sadly I actually don't know womens was Hong Kong by Ive forgotten Shrimping and you'll have a chance.

Speaker 2: The Waiens De relaunching as much as possible is with better quality products for center side.

She might not sure Marc.

So I can do something about.

To answer the phone for the teach out houses and sandy.

Speaker 5: And our serving on the Conservatives' route is at the core of our education. We are deepening our capabilities of providing more savings as that's how you face it.

And our survey consumers for health is at the core of all of that equation.

Jiazhen Zhao: I would like to ask how do you[inaudible] Hi there, this is Jiazhen, thanks for the questions and I'll share some thoughts on competition first. We notice changes in industry and as the consultancy recovers and customers show a standard demand, it's not surprising for us to see peers stepping up on subsidies. Competition is indeed becoming more intense and we believe that healthy competition which is driven by consumer centric gold can benefit industry which includes not only the consumers but also the platforms as well.

Spending for our capabilities of providing a more serious services.

Speaker 5: more savings and remain slaring important to us. And last quarter, for example, we invested a balance in the adjoining promotion to

Savings are remains very important to us last.

L.A. Giant: I would like to ask you a question. Let me quickly translate myself. My first question is on the competition. We are seeing a lot of the competitors putting more emphasis towards the promotions and low pricing categories. We are seeing pretty strong active buyers and merchants data from the peers. How do management evaluate the impact on our operations? Are we feeling more pressure? That would potentially impact our strategy going forward. The second question is on Timo.

Last quarter for example, there'll be invested.

Generating promotion to cover or product categories, and make sure customers have access to quality products at affordable prices.

Speaker 5: and make sure consumer can access to quality products at a affordable price.

I also know how does it take a shower that she has shrunk and families in need.

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Speaker 2: And I putting ph? ical Char that you could BU either away the way now you should Li to me. And pala H, childpart the? I, her granies have ever the future how? But the them at the finding for me a tremendous cent. You will, you also hopefulto child sho the same hand, go over the?

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Speaker 2: Put done the tritch ason half more. That need GU cent of.

Well, Dan Houston half wouldn't that lead to essentially funding.

And positive consumer experience our clients a comprehensive effort.

Speaker 5: and positive consumer experience requires a comprehensive effort.

It is not just about price and we continue to focus on R&D and so on a stand and also adapt to consumers.

Speaker 5: continue to focus on R&D, John A Stand, and also Adapt to Consumers.

L.A. Giant: We have seen Timo following Timo very closely in the recent periods. We understand that this is still a very early stage and might have limited financial contribution, but I wonder if management could share with us the latest progress of Timo and talk about the overall strategy. Any financial metrics the management could share. Thank you.

Me too.

Speaker 5: to help consumers shop with peace of mind. We also work hard to provide better services, which includes, for example, upgrading logistics and also after sales support.

To help consumers shop with peace of mind, we also work hard to provide better services.

Include for example, upgrading logistics and also after sale support.

You also the converging onto the system did not have a sentiment to China.

Speaker 2: In nor the comlogy jus anda howside of a sentences.

Speaker 2: We are also anaesthetically migrating this brick work for wing

When we as a team we don't know yet so well.

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Many times, it's not.

Oh, sorry finish any time, you're talking about.

Jiazhen Zhao: Hi there, this is Jiazhen, thanks for the questions and I'll show some thoughts on competition first. We notice changes in industry and as the consultancy recovers and customers show a standard demand, it's not surprising for us to see peers stepping up on subsidies. Competition is indeed becoming more intense and we believe that healthy competition which is driven by consumer centric gold can benefit industry which includes not only the consumers but also the platforms as well.

Speaker 2: She an numberber down, know who has two child yet. So since I M Jun, I may third the higher woyou do ghter Ian. You look, got how of the old but got a child who go. I going in the meatk for me. A Trace holder by EAs had a UN child.

She ran on unloading Donald wholeheartedly, yeah, sometimes.

Sometimes the timing should be higher oil Douglas.

Don't know how long the Olson.

And I'll talk I'll sit down and I'm going to need.

Well, we have transferred onto the eastern kind of drawn Chiang.

Shanghai is it assigns values at the time being.

Speaker 2: In know I main him to her forward cham and the kies and shop pray donpiniz patack go and the jang haga and.

Knock on mainstream to hot foods, it actually I mean that she lives and shop. So.

So you don't mean Hudson pack, all the down the 10 times longer.

And a high quality supplier.

Speaker 5: for Mano to operate a value for money product. And we are promoting digital transformation in agriculture and also manufacturing.

Fundamental to offering value for money products until we are promoting.

This whole transformation.

Agriculture and also our manufacturing.

Speaker 5: Our team is active in the field and also in the facts.

Our team is active in the field and also in the factories to help farmers and also SME manufacturers standardizing proof design production as well as logistics.

Speaker 2: help farmers and also SME manufacturers, standardized and also improve design, production as well as logistics. With Albert, okay.

With over $10 billion ecosystem initiative.

Speaker 2: We also provide support to content merchants and products. And this incentivizes them to improve product and search quality. I think this in turn promotes the healthy and high-quality development of our platform.

It also provides support to call to Moshe and products.

And incentivize them to improve product and service quality.

I think the same term from both the healthy and high quality development of our platform ecosystem.

Jiazhen Zhao: In fact, this is a difficult and brave competition. Therefore, we are going to focus on the development of the competition and the development of the competition and the development of the competition. It is to stay and label the focus on consumer demand and sharpen our own skills and also to face a competition directly and also bravely. We channel competitive pressure into more motivation to strengthen our core competencies and focus on implementing our high quality development strategy.

Jiazhen Zhao: In fact, this is a difficult and brave competition. Therefore, we will increase the pressure of this competition and increase the energy of this competition and increase the speed of the competition. It is to stay and lay the focus on consumer demand and sharpen our own skills and also to face a competition directly and also bravely. We channel competitive pressure into more motivation to strengthen our core competencies and focus on implementing our high quality development strategy.

Speaker 3: A moment 2: you develollar is a girlam, for that would have qu, soyou know, gending woman and lost gods in our father finunishing.

Well my spiritual or did you try not to I don't know if there's a good samples for those who would've thought Clinton.

And I can see him being a woman Lewis caused enough out on them because you are using.

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Well I'm always at a gym zoom, but then your onshore.

Don't do a lot of children and I'm talking about cause out of Johnson.

Yeah.

Speaker 2: we see the positive feedback from this.

<unk> received positive feedback from this effort and this gives us confidence.

Speaker 2: and this gives us confidence to continue on this path for high quality development.

Continue on this path for a high quality development.

Speaker 2: Our strategy is very clear, but executing it well is not that easy. We actually require

Our strategies are very I'll ask here, but executing it well, it's not that easy.

It actually requires a long term commitment and we don't need to do the right things and also two things right.

Speaker 2: we all need to do the right things and also do things right.

We will continue to stick to our Uh huh.

Improve ourself in the face of competition.

It's a great value. Thank you.

Speaker 6: Thanks for the question. Allow me to address your second question.

Hum.

Great question.

Got you a second country on pool.

Speaker 6: Well, for our global initiative, Timo is currently in many states. Our key focus right now is how we can apply our expertise to create our unique value. Would you not focus on my position or other financial metrics at the current state?

Well for our global initiative to.

Zero rating or many states.

Jiazhen Zhao: And serving a consumer's realm is at the core of our own creation. We are deepening our capabilities of providing more savings and services. More savings remain very important to us and last quarter, for example, we invested a balance in the generating promotion to cover our product categories and make sure that consumers have access to quality products at a affordable price. At the same time, the role of Xiao Wei-zhen is not only the role of Jia Ge, but also the role of Zhong Yan-Fa, Li Jian, Xie Hao, Xie Hao,[inaudible] Xie Hao, Li Jian, Xie Hao, Li Jian[inaudible] Xie Hao, Li Jian, Xie Hao, Li Jian[inaudible] and we all need to do the right things and also do things right. We will continue to stick to our friends, improve ourselves in faith of our competition and create a greater value.

Jiazhen Zhao: And serving a consumer's realm is at the core of our own creation. We are deepening our capabilities of providing more savings and services. More savings remains very important to us and last quarter, for example, we invested a billion in the generating promotion to cover all product categories and make sure that consumers have access to quality products at a affordable price. At the same time, the role of Xiao Wei Zhe is not only the role of Jia Ge, but also the role of Wei Zhe.

Key focus right now is how we can apply our expertise to create a unique value with.

Unknown Executive: Thank you. Thanks for the question.

We do not focus on monetization or other financial metrics at the current stage.

Speaker 6: We hope to leverage our tax background and Subluxally know how to bring quality products at good prices to consumers in various markets globally

We hope to leverage our tech background, and so I'd like to know how to bring quality products at good prices to consumers in various markets globally.

Speaker 6: And this presents us with both challenges and learning opportunities. Partically, our team is delightful because they're on a standing and they're platform to different cultural preferences, social environments, and consumer demands in different markets with the aim of creating more unique values.

Good grief presents us Pittsburgh challenges and the learning opportunities.

Currently our team is laser focused on understanding and accepting two different karcher preferences.

Social environments, and consumer demands and different market with the aim of creating Morgan Stanley.

Jiazhen Zhao: We have continued to focus on the direction of the impact. The understanding and understanding of the new demand and the new preferences. In order to ensure that Xiao Wei Zhe is satisfied, we also have all the physical and physical benefits. Xiao Chu, Xiao Wei Zhe, some of the consequences of the past,[inaudible] In order to ensure that Xiao Wei Zhe is satisfied, we also have all the physical benefits. [inaudible] and Commitment. And we all need to do the right things and also do things right. We will continue to stick to our benefit, improve ourselves in face of competition and create a greater value. Thank you. Thanks for the question.

Speaker 6: It's a very continue to understand and explore the consumer demands from the different markets. We're carefully evaluating the RRI of every investment opportunity and to make responsible capital allocation decisions. Thank you.

It's really continuing to understand and explore the continued lack of miles from the different markets where were carefully evaluating.

Every investment opportunity and responsible capital allocation decision. Thank you.

Speaker 2: Thank you everybody for joining us on the conference call today. It's about time. Thank you. Have a great day

Thank you everybody for joining us on our conference call today, it's about time thank.

Thank you all have a great day.

Yeah.

The conference has now concluded we do thank you for attending the presentation today.

Speaker 1: The conference has now concluded. We do thank you for attending the presentation today.

You may now disconnect.

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Jiazhen Zhao: Allow me to address your second question, Pino. Well, for our global initiative, Pino is currently in many states. Our key focus right now is how we can apply our expertise to create our unique value. Would you not focus on my position or other financial metrics at the current stage? We hope to leverage our tech backgrounds and substantially know how to bring quality projects as good prices to consumers in various markets globally.

Unknown Executive: Allow me to address your second question, Penu. Well, for our global initiative, Penu is currently in many states. Our key focus right now is how we can apply our expertise to create our unique value. Would you not focus on my position or other financial metrics at the current stage? We hope to leverage our tech backgrounds and substantially know how to bring quality projects as good prices to consumers in various markets globally.

Unknown Executive: And this presents us with both challenges in the learning opportunities. Cardically, our team is delightful because they're on a standing and they're accepting to different cultural preferences, social environments and consumer demands in different markets with the aim of creating more unique value. As we continue to understand and explore the consumer demands from the different markets, will we carefully evaluate the RA of every investment opportunity and to make responsible capital allocation decisions. Thank you.

Jiazhen Zhao: And this presents us with both challenges in the learning opportunities. Cardically, our team is delightful because they're on a standing and they're accepting to different cultural preferences, social environments and consumer demands in different markets with the aim of creating more unique values. As we continue to understand and explore the consumer demands from the different markets, will we carefully evaluate the RA of every investment opportunity and to make responsible capital allocation decisions?

Jiazhen Zhao: Thank you. Thank you everybody for joining us on the conference call today. It's about time. Thank you you all. Have a great day. The conference has now concluded. We do thank you for attending the presentation today. You may now disconnect. In this video, I will show you how to make the most of your favorite dishes in the world. [inaudible] I've never seen a movie like this before, I've never seen a movie like this before, I've never seen a movie like this before[inaudible]'ve never seen a movie like this before, I've never seen a movie like this before, I've never seen a movie like this before[inaudible] never seen a movie like this before, I've never seen a movie like this before[inaudible]'ve never seen a movie like this before, I've never seen a movie like this before, I've never seen a movie like this before[inaudible] At this time, all participants are in a listen and lean mode.

Unknown Executive: Thank you everybody for joining us on the conference called today. It's about time. Thank you.

Unknown Executive: I'll have a great day.

Operator: The conference has now concluded. We do thank you for attending the presentation today.

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Speaker 1: Ladies and gentlemen, thank you for standing by and welcome to

Ladies and gentlemen, thank you for standing by and welcome to TBD Holdings, Inc.

Speaker 1: In the second quarter, 2023 Arning's conference call.

Second quarter 2020 earnings conference call.

Speaker 1: At this time, all participants are in a listen-only mess.

At this time all participants are in a listen only mode.

Speaker 1: There will be a presentation followed by a question and answer session. At which time, if you wish to ask a question, you will need to press star one on your

There will be a presentation followed by a question and answer session at which time if you wish to ask a question you will need to press star one on your telephone.

Speaker 1: I must advise you that this conference was being recorded today.

I must advise you that this conference is being recorded today.

Speaker 1: I would now like to hand the conference over to your host today, Mr. Cheng Tang. So please go ahead.

I would now like to hand, the conference over to your host today, Mr. Cheng Cheng.

Go ahead.

Speaker 2: Thank you, Alfredo. Hello, everyone, and thank you for joining us today. My name is Chen, and that will help host our names call.

Thank you operator, Hello, everyone and thank you for joining US today My name is Chen and that will help host earnings call PD.

Speaker 2: PD Holdings earnings release would distribute earlier and is available on our website at www.investor.PD Holdings.com. As well as through Group News while service.

<unk> Holdings earnings release with distributed earlier and is available on our website at Investor <unk> PD Holdings Dot com as Ralph through Globe Newswire services.

Speaker 2: Before we begin, I'd like to refer you to our safe harbor statement in Ernitz Pass release, which applies to this call. As we all make certain forward-looking statements.

Before we begin I would like to refer you to our safe Harbor statement in the earnings press release, which applies to this call as we will make certain forward looking statements.

Speaker 2: Also, this course includes discussions of certain non-GAAP financial measures.

Also this call include discussions of certain non-GAAP financial measure.

Speaker 2: Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to GAAP measures.

Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to GAAP measures.

Speaker 2: Joining us today on call are Chen Lei, our chairman and co-chief executive officer. Zhao Jiajun, our executive director and co-chief executive officer. Liu Jun, our VP of finance. Lei and Jiajun will make some general remarks on our performance for the past quarter and our strategic focus.

Joining us today on the call, our chairman and co Chief Executive Officer, Charles Alger, Our executive Director and co Chief Executive Officer.

Our VP of finance, Leon and Josh and I will make some general remarks on our performance for the past quarter and our strategic focus doing well then walk us through our financial results for the second quarter ended June 32023.

Speaker 2: Dring well then, work us through our financial results for the 7th quarter and June 30th, 2023.

During the Q&A session Leon judging will answer questions in Chinese and we will help translate.

Speaker 2: During the Q&A session, Leon, Zhao, Zheng, will answer questions in Chinese, and we will help translate.

Speaker 2: Please kindly note that all translations provided are for reference purpose only. In case of any discrepancy between the original remarks and the translate version, statements in the original language should prevail. Now it's my pleasure to introduce our chairman and co-chief executive officer, Chen Lei. Lei, please go ahead.

Please note that all translations provided for reference purposes, only in case of any discrepancy between the original remarks and the translated version.

<unk> in the original language should prevail.

Now, it's my pleasure to introduce our chairman and co Chief Executive Officer, Chen Lei Lei. Please go ahead.

Hello, everyone.

Speaker 8: Thank you for joining our early call for the second quarter of 2023.

You all for joining our earnings call for our second quarter of 2023.

Speaker 8: I will start by giving a brief overview of our second quarter result.

Our staff.

Brief overview of our second quarter results.

Speaker 8: We achieved a total of IMD 22.3 billion in gravity or risk order representing a 66% year-only year increase.

We achieved a total of RMB 2000 to $52 3 billion in revenue this quarter.

Representing a 66% year on year increase.

Speaker 8: This reflects the growing trust that consumers placing our products and services.

This should be a faster growing trust that consumers, placing our products and services.

During the past quarter.

Speaker 8: We observed a continued improvement in consumer health.

Observed continued improvement in consumer sentiment.

Speaker 8: resulting in increasing consumer demand across multiple product categories.

Resulting in increasing consumer demand across multiple product categories.

Speaker 8: We also actively launched various promotional initiatives that boosted

We also can be launched bandwidth through emotional initiatives that postpaid consumer demand.

Speaker 8: For instance, we supported a June 18 shopping festival with attractive promotions and discount coupons to be part spending. A response from consumers was

For instance, we supported the June 18 shopping festival with attractive promotions and discount coupons in.

In park spending.

The response from consumers was part of the pit.

Good afternoon, and nice lift Chad.

Speaker 8: we remain devoted to connecting products directly with consumers so that they can enjoy a wide range of quality products at a trusted value with great service satisfaction.

We remain devoted to connecting directly.

Directly with consumers.

They can enjoy a wide range of quality products.

Asking value with great service satisfaction.

Speaker 8: Since the start of 2020 series, our man's focus has been high quality development.

Thank you for the start of 2016, our main focus as a high quality development.

Speaker 8: The results from this quarter offer concrete evidence that our strategy is starting to bear for-

The results from this quarter offer a concrete evidence that our strategy is starting to bear fruit.

Speaker 8: This gives us more confidence that we are on the right path that our investments are laying the foundation for continued quality growth.

This gives us more confidence that we are on the right path.

Our investments are laying the foundation will continue the quality growth.

Speaker 8: Appointment stone for achieving high quality growth is our commitment to research and development, which is the life-brad of innovation.

A cornerstone for achieving high quality growth is our commitment to research and development, which is the lifeblood of innovation.

Over the past 12 months.

Speaker 8: Our IND expenditure exceeded IND 10 billion with Q2's IND spending hitting a new high.

Our R&D expenditure exceeded RMB 10 billion with Q2.

Sandy hitting a new high.

Speaker 8: reflecting on dedication to investing in the future.

Reflecting our dedication to investing in the future.

Speaker 8: who will continue to increase our investments in R&D as innovation represents the future engine of growth for the company.

We will continue to increase our investments in R&D innovation different assays.

Operator: There will be a presentation followed by a question and answer session. At which time, if you wish to ask a question, you will need to press star one on your telephone. I must advise you that this conference is being recorded today.

The future engine of growth one of the company.

Speaker 8: As a company with its roots in agriculture, we have been first-hand witnesses to how technology can transform and drive farming practices.

As a company, which is growth in agriculture.

Bing firsthand witness is how technology can transform and drive partnering activities.

Operator: You may now disconnect.

Chen Tang: I would now like to hand the conference over to your host today, Mr. Chen Tang. So please go ahead. Thank you, Alfredo. Hello, everyone. And thank you for joining us today. My name is Chen and I will help host Ernie's call. PD Holdings' earliest release would distribute earlier and it's available on our website at investor.PD Holdings.com as well as through group news processes.

Technological advancement.

Speaker 8: We have optimized the batching of demand and supply, helping farmers to sell their products and consumers to get fleshier.

We have optimized the matching of the bump is supply.

Operator: In the next episode, we will talk about how to make the most out of the three of us. I'm sorry, I'm sorry, I'm sorry, I'm sorry[inaudible] I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry[inaudible] I'm sorry, I'm sorry, I'm sorry, I'm sorry, I'm sorry[inaudible] At this time, all participants are in a listen and lean mode. There will be a presentation followed by a question and answer session. At which time, if you wish to ask a question, you will need to press star one on your telephone. I must advise you that this conference is being recorded today.

Farmers to sell their products and consumers to get fresh produce.

Cheng Peng: I would now like to hand the conference over to your host today, Mr. Cheng Peng. Please go ahead. Thank you, Alfredo. Hello, everyone. And thank you for joining us today. My name is Chen, and I will help host Ernie's call. PD Holdings' earnings release would distribute it earlier and it's available on our website at investor. PD Holdings.com as well as through group news while services. Before we begin, I would like to refer you to our safe harbor statement in Ernie's press release, which applies to this call as we will make certain forward look in statements. Also, this call includes discussions of certain non-gap financial measures. Please refer to our earnings release, which contains a reconciliation of non-gap measures to get measures.

Speaker 8: A key driving force behind our efforts is an effort culture, as I believe, and social impact of innovation.

A key driving force behind our FSA agriculture, it's our belief and social impact of innovation.

Speaker 8: This has motivated us to support talent accolades and promote the adoption of practical and cost effective technology and transform scientific research into tangible, commercial revivals.

This has motivated us to support pilot population promote the adoption of practical and cost effective economically and transpose that research into tangible commercially viable solution.

Chen Tang: Before we begin, I would like to refer you to our safe harbor statement in Ernie's press release, which applies to this call, as we will make certain forward-looking statements. Also, this call includes discussions of certain non-gap financial measures. Please refer to our earnings release, which contains a reconciliation of non-gap measures to gap measures. Joining us today on the call are Chen Lei, our chairman and co-chief executive officer. Zhao Jiazhen, our executive director and co-chief executive officer.

Speaker 8: For the past three years, our annual smart agriculture competition has been a platform to the one position found. We partner with

For the past three years.

Agriculture competition.

The bond position bundle.

Cheng Peng: Joining us today on the call is Chen Lei, our chairman and co-chief executive officer. Zhao Jiazhen, our executive director and co-chief executive officer, Liu Jing, our VP of finance.

We partnered with leading ethylene not making schemes, including China Agriculture University.

Speaker 8: Including China agricultural University, So download University.

Tanya diversity.

Speaker 8: S.A.O. China and the Shanghai Academy of Agriculture Science.

Chen Tang: Liu Jun, our VP of finance. Lei and Jiazhen will make some general remarks, our performance for the past quarter and our strategic focus. Dream will then work through our financial results for the second quarter ended June 30, 2023. During the Q&A session, Lei and Jiazhen will answer questions in Chinese and we will help translate. Please kindly note that all translations provided are for reference purpose only. In case of any discrepancy between the original remarks and the translate version, statements in the original language should prevail.

Oh, China, and Shanghai Academy of Agricultural Sciences.

Cheng Peng: Lei and Jiazhen will make some general remarks on our performance for the past quarter and our strategic focus. Dream will then work us through our financial results for the second quarter and June 30, 2023. During the Q&A session, Lei and Jiazhen will answer questions in Chinese and we will have translates. Please kindly note that all translations provided are for reference purpose only. In case of any discrepancy between the original remarks and the translate version, statements in the original language should prevail.

Speaker 8: A latest iteration involves the use of compact spaces at shipping containers for vertical pumps.

Our latest evaluation royalty use compact spaces.

Shipping containers for breath couponing.

Aspiring teams challenge themselves to come up with cost effective ways to growing and marketing high quality going.

Speaker 8: Aspiring teams challenge themselves to come up with cost-effective ways to growing and marketing high-quality green.

Speaker 8: With our help, many teams have turned their innovations into real-time applications.

With our lending.

Lending team has turned the lesions into real time applications.

For example, a pad guarantee for our alcohol competition deploy 40 cutting edge system.

Chen Lei: Now it's my pleasure to introduce our chairman and co-chief executive officer, Chen Lei. Lei, please go ahead. Hello everyone.

Chen Lei: Now, it's my pleasure to introduce our chairman and co-chief executive officer, Chen Lei. Lei, please go ahead. Hello, everyone. Thank you for joining our earnings call for the second quarter of 2023. Our start by giving a brief overview of our second quarter results. We achieved a total of RMB 22.3 billion in revenue risk quarter, representing a 66% year-only year increase. This reflects the growing trust that consumers place in our products and services.

Speaker 8: empowering farmers to boost their yield by setting up

Empowering farmers to boost the yield by 30%.

Speaker 8: They achieved this while at the same time reducing overhead cost related to labor, fertilizer and prime predict.

The achieved this while at the same time, reducing overhead costs related to labor fertilizer and the prime protection.

Chen Lei: Thank you for joining our earnings call for the second quarter of 2023. I will start by giving a brief overview of our second quarter results. We achieved a total of RMB 22.3 billion in revenue risk quarter, representing a 66% year-only year increase. This reflects the growing trust that consumers play in our products and services. In the past quarter, we observed a continued improvement in consumer investment, resulting in increasing consumer demand across multiple product categories.

Speaker 8: A thing from this year's event is in the process of utilizing it.

I came from this yet.

In the process of utilizing.

Speaker 8: and model raise new sun combination with the end to make it easy for more people to eat.

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Speaker 8: I want my first project and to bridge a gap between research and real world

Our diverse projects and to bridge the gap between research and new real World applications.

Chen Lei: During the past quarter, we observed a continued improvement in consumer management, resulting in increasing consumer demand across multiple product categories. We also actively launched various promotional initiatives that boosted consumer demand. For instance, we supported a June 18 shopping festival with attractive promotions and discount coupons to be part spending. The response from consumers was positive. Recognizing this trend, we remained devoted to connecting products directly with consumers so that they can enjoy a wide range of quality products and attractive value with great service satisfaction.

Speaker 8: We have supported the creation of men's activity-tires and most sugar horse.

We have supported it quickly creation of mez equity Tech demonstrator.

Speaker 8: This center of excellence served as fertile grounds to combat academic learning with hands-on experience.

These centers of excellence served US first talk runs to combust adaptive learning with hence PFS.

Chen Lei: We also actively launched various promotional initiatives that boosted consumer demand for instance, we supported the June 18 shopping festival with attractive promotion and discount coupons to be part spending. The response from consumers was positive. Recognizing this trend, we remained devoted to connecting products directly with consumers so that they can enjoy a wide range of quality products, an attractive value with great service satisfaction. This gives us more confidence that we are on the right path and that our investments are laying the foundation for continued quality growth.

By giving putting fences.

Speaker 8: perform to validate their research and their real war conditions.

To validate the research and the real world conditions.

Speaker 8: We envision speeding up the digital transformation of agriculture to the collective benefit of life.

Ambitious debuted in the digital transformation of agriculture to our collective benefit.

Speaker 8: We also strive to help push the boundary of Africa to our support for fundamental research.

We also strive helped push the boundary of equity to our support all fundamental research.

Speaker 8: you may to further accelerate the pace of innovation.

In may to first assessment rate the pace.

Pace of innovation.

Speaker 8: He made a donation of 100 million RMB to China Agriculture Universe.

Made a donation of $100 million.

Two China Agriculture University.

Speaker 8: a surprise of all the ten billion Ever vase culture 230

As a part of almost 10 billion Agriculture initiative. This contribution that raise a dedicated research fob.

Speaker 8: This contribution establishes a dedicated research fund aimed at addressing put colleagues in agriculture.

And at addressing critical need equity.

Chen Lei: This gives us more confidence that we are on the right path and that our investments are laying the foundation for continued quality growth. According stone for achieving high quality growth is our commitment to research and development, which is the lifeblood of innovation. Over the past 12 months, our IND expedition exceeded IND 10 billion with Q2's IND spending hitting a new high, reflecting on its dedication to investing in the future. We will continue to increase our investments in IND as innovation represents the future engine of growth for the company.

Culture.

Speaker 8: Additionally, we have partnered with FAAO China to start a three-year research program that focuses on four key things.

Additionally, we have partnered with.

China to start research program that focuses on four key themes.

Chen Lei: According stone for achieving high quality growth is our commitment to research and development which is the life-brad of innovation. Over the past 12 months, our IND expenditure exceeded IND 10 billion with Q2's IND spending hitting a new high, reflecting our dedication to investing in the future. We will continue to increase our investments in IND as innovation represents the future engine of growth for the company. As a company with its roots in agriculture, we have been first hand witnesses to how technology can transform and drive farming practices through technological advancement.

Speaker 8: namely agriculture, mobilization, precision farming, sustainability.

The agricultural Modernisation press.

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Sustainability and health nutrition.

Yeah, I'm happy to announce the appointment of professor Richard.

Speaker 8: Here I'm happy to announce the appointment of Professor Yvonne Ditchett as the independent director to PDD Sports.

And does that play.

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Speaker 8: Professor Buchen, with her long-datin tenure in 2001 as a professor at Wahandiga University and currently at the Department Head of Prophecyology.

Professor Lou Chen with longstanding Tango two is also on one of the professor Hell.

Have you gotten any worse.

And currently at the positive effect of toxicology.

Speaker 8: is a well respected expert in photography.

He is a well respected expert info Tech research.

Chen Lei: As a company with its roots in agriculture, we have been first hand witnesses to how technology can transform and drive farming practices through technological advancement. We have optimized the matching of development by helping farmers to sell their products and consumers to get flesh and produce. A key driving force behind our efforts in agriculture is our belief in social impact of innovation. This has motivated us to support talented cultivation, promote the adoption of practical and cost-effective technology, and transform scientific research into tangible commercial revival solutions.

Speaker 8: For three decades, expertise in food safety will no doubt be a huge support to our agritational

Three decades expertise in St. Pete will no doubt he'll support to our equity tech initiatives.

Chen Lei: We have optimized the matching of demand and supply, helping farmers to sell their products and consumers to get flesh and produce. A key driving force behind our efforts in agriculture is our belief in social impact of innovation. This has motivated us to support talent and cultivation, promoting adoption of practical and cost-effective technology and transform scientific research into tangible, commercial revival solutions. For the past 3 years, our annual smart agriculture competition has been a platform to the one-position farming.

Speaker 8: With her own board, our board of directors now have seven members and a majority being independent director.

With her onboard our board of Directors now has seven members and then majority be independent directors.

Speaker 8: The requirement not only English are a vote of extrovertis but also adds to its diversity.

<unk> not only English our board expertise.

So as to establish city.

In addition.

Speaker 8: Two streams in our global footprint at operation.

To strengthen our global footprint and operations.

Speaker 8: We will set up a legal and compliance committee to build and oversee regional legal and compliance standards given their complexity and different requirements of each region. I will try this committee.

We have set up legal and compliance committee to build an overseas, we did no legal and compliance.

Given the complexity of different requirements of each region.

Chen Lei: For the past three years, our annual smart agriculture competition has been a platform to the one-position farming. We partnered with leading agronomical students, including China agriculture university, Zhejiang University, SAO China, and the Shanghai Academy of Agriculture Sciences. A latest iteration involves the use of compact spaces and shipping containers for vertical farming, aspiring teams challenging themselves to come up with cost-effective ways to growing and marketing high-quality greens. With our help, many teams have turned their innovation into real-time applications.

Idaho, Charlie's Committee, which will be praised the general counsel role and function.

Chen Lei: We partnered with leading agronomical industries, including China Agricultural University, Zhejiang University, SAO China, and the Shanghai Academy of Agricultural Sciences. A latest iteration involves the use of compact spaces and shipping containers for vertical farming, aspiring teams challenging themselves to come up with cost-effective ways to growing and marketing high-quality greens. With our help, many teams have turned their innovation into real-time applications. For example, a pioneering team from our inaugural competition deployed 40 cutting-edge systems in powering farmers to boost their yield by 30%.

Speaker 8: As we stated in our IPO net,

So we started stated.

IPO Ed.

Speaker 8: PD is still a young organization that will continue to adapt.

PD is still a young organization that we'll continue to attack.

Speaker 8: He strive to be a mature global initw institution. During's journey.

These trials to be mature global.

Institution.

During this journey.

Our goals remain the same.

We will continue to trend innovation.

Speaker 8: nurture emergent talents and constantly seek to bring on the best people to guide us towards our goal of seeking quality development.

Emerging talents and are constantly seek to bring the best people to guide us toward our goal of seeking quality development.

Speaker 8: And now I will head over to our co-CEO?? who will go into multi-tales about our quality development. Thank you Chen Lei. Hello, everyone. I am Zhang.

And now I will hand over to our co CEO, Jonathan who will go into more details about our quality development.

Chen Lei: For example, a pioneering team from our inaugural competition deployed 40 cutting-edge systems in powering farmers to boost their yield by 30%. They achieved this while at the same time reducing overhead costs related to labor, fertilizer, and prime predation. A team from this year's event is in the process of utilizing an algorithm that modulates new generation with the aim to make it easy for more people to eat. We have supported the creation of Manacretized Demonstration Heart.

Yes Helane.

What's the thought on that.

Thank you Hello, everybody. This is Chuck gotcha.

Speaker 3: adegre Lin soer wfor But I sawfe the Ant church was B and rodty 100 the ois under the shopping significant and.

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Chen Lei: They achieved this while at the same time reducing overhead costs related to labor, fertilizer, and prime protection. A team from this year's event is in the process of utilizing an algorithm that modulates new generation with the aim to make it easy for more people to eat. Our backwards project aims to bridge the gap between research and real-world applications. We have supported equally creation of man-acritized demonstration hearts. This center of excellence served as third-time grounds to combat academic learning with hands-on experience.

Thanks, Jonathan.

The royalty will jump.

$100 this holiday shopping season, medians and Chiang.

Speaker 3: Thank you for your attention. Please enjoy the video. Please like and subscribe to our channel. We hope you will enjoy it. Please subscribe to our channel. Please like and subscribe to our channel. Please like and subscribe to our channel.

It sounds like wafer passes alcohol whaler Judishe, obviously I mean this is Tom.

Nothing yet.

Got it Alex will rule, ladies have either fleet.

Colorado Tower.

People are looking at is how much how many St. Charles G Savannah.

Speaker 2: Q2 with various pro-consumption policies we have served a clear trend of consumption sentiment.

In Q2 with various pro consumption policies, we observed a clear trend of consumption sentiment improvement to support consumption and this year's June 18 promotion, we increased our efforts we received positive responses and saw further increase in customer demand on the colonial platform.

Speaker 2: To support consumption in this year's June 18th promotion, we increased our efforts. We received positive responses and saw a further increase in consumer demand on the Pino Dool Plastic.

Chen Lei: This center of excellence served as third-class to combat academic learning with hands-on experience. By giving button science, the platform to validate the research and the real world condition, we envision speeding up the digital transformation of agriculture to the collective benefit of society. We also strive to help push the boundary of equity to our support for fundamental research.

Speaker 3: I hope you enjoyed this video. Please subscribe to my channel. Thank you for watching. Please subscribe to my channel. Please subscribe to my channel.

Thank you all for your thoughtful Nanobaby, China will then TD biology, chairman Considine, either woman that doesn't answer that I'm talking to a drop off for each category.

Chen Lei: By giving button science, the platform to validate the research and the real-world condition, we envision speeding up the digital transformation of agriculture to the collective benefit of science. We also strive to help push the boundary of equity through our support for fundamental research. We may, to further assimilate the pace of innovation, we made a donation of 100 million R&B to China's agriculture university. As part of our 10 billion agriculture initiative, this contribution is that it's a decade in research funds aimed at addressing critical needs in agriculture. Additionally, we have partnered with FAAO China to start a three-year research program that focuses on four key things, namely agriculture mobilization, precision farming, sustainability, and health nutrition.

Speaker 2: On the right hand of the encouraging industry trend, we actively seek opportunities to fully embrace high quality development. Our strategy includes the following.

Riding on the encouraging industry trend, we proactively seize the opportunities to fully embrace high quality development. Our strategy include the following aspects.

Speaker 3: evenwhen as God en and shoing when I swing shel ATE. She's you, the antitose song, Cango. Who shover the trade about? Who Don we do going to have the man the May house and mother the Fitch?

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Non Jewish they may have some of the future.

Chen Lei: You may, to further accelerate the pace, the pace of innovation, you made a donation of 100 million RMB to China Agriculture University. A support of our 10 billion agriculture initiative, this contribution is that it's a debt-paid research fund aimed at addressing critical needs in agriculture. Additionally, we have partnered with FAO China to start a three-year research program that focuses on four key things, namely agriculture modelization, precision farming, sustainability, and health nutrition.

Yes, Im not sure he calls it ongoing team.

Speaker 3: We are now 500 meters tall! The mansion is also small, The power as a transport is within 50 meters Now, we precision ourselves Finally, we can choose the distance from the vehicle up in Sanx São Paulo We are moving to SanPerfecto press center by coronavirus

Well Mercedes which is all you know, we Italians that Julia Johnson <unk> Johnson.

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Speaker 3: For those who want to see more videos, please subscribe to our channel.

Sure Gordon.

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So as champion hasn't had a constant androgens.

Speaker 2: First, high quality consumption. To meet consumers' continued growing demand for quality, we strive to better serve consumers with more savings, better services, and upgraded consumer protection.

First high quality consumption to meet consumers' continued growing demand for quality.

Drive to better serve consumers with small savings that our services and upgraded consumer protection.

Speaker 2: Second, high quality supply. We go deep in the industrial and agricultural production areas, leverage our tax capabilities to support digital transformation and bring more quality products to the national and global markets. Third,

High quality supply, we go deep in the industrial and agricultural production areas leverage our taxes abilities to support digital transformation and bring more quality product to the national and global market.

Chen Lei: Here, I'm happy to announce the appointment of Professor Yvonne Ditchin as an independent director to PDD Sport. Professor Ditchin, with her long-densing tenure in 2001 as a professor at Wahandiga University and currently a department head of toxicology, is a well-respected expert in food tech research. For three decades expertise in food safety will no doubt be a huge support to our agriculture initiative. With her own board, our board of directors now have seven members and the majority being independent directors.

Chen Lei: Here, I'm happy to announce the appointment of Professor Yvong Lixin, as an independent director to PDD sport. Professor Lixin, with her long-standing tenure since 2001 as a professor at Wahandiga University and currently a department head of toxicology, is a well-respected expert in food tech research. For three decades, expertise in food safety will no doubt be a huge support to our agriculture initiative. With her own board, our board of directors now have seven members and the majority being independent directors. The appointment, not only in English, our board of expertise, but also adds to its diversity.

High quality ecosystem, we showed our social responsibilities and further refine our platform governance capability.

Speaker 2: show their social responsibilities and further refine our platform governance capabilities.

Speaker 2: by supporting quality merchants with our 10 billion ecosystem initiatives we promote our virtual cycle which accelerates the upgrades of our platform vehicles.

By supporting quality merchants with our $10 billion ecosystem initiative, we promote our virtuous cycle, which accelerates the upgrade of our platform ecosystem.

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Speaker 3: We know Pablo the fellow like color You We also recently conquered a South African War You get all of these with no higher values And basically some joy on August morning Although we had one district out of mind for just a few months, we thought we were in a bad condition

In Peru.

You can see the womens issues on a chocolate the once the users on the App tradeoff Peanuts, and I guess, what do you mean.

Kind of leisure travelers have more than a year, we issued almost what has been done.

Speaker 2: We are fully aware that high quality development requires patient inventory. Over the past quarter, we have seen some encouraging other results from our efforts in giving back to consumers supporting quality merchants and enhancing our platform ecosystem. Our business also delivered decent growth.

We are fully aware that high quality development requires patiently map over.

Over the past quarter, we have seen some encouraging early results from our efforts and giving back to consumers supporting quality margins and enhancing our platform ecosystem. Our business also delivered decent growth.

Chen Lei: The appointment, not only English, our board of expertise, but also as to its diversity. In addition, two strengths in our global food print and operations, we will set up a legal and compliance committee to build and oversee regional legal and compliance centers, given their complexity and different requirements of each region. I will challenge committee, which will replace the general control role and function. As we started, stated in our IP online, PDD is still a young organization that will continue to adapt its time to be a mature global institute, using the adoption. Juli's journey, our goals remain the same. We will continue to champion innovation, nurture emerging talents and constantly seek to bring on the best people to guide us towards our goal of seeking quality development.

Chen Lei: In addition, two strengths in our global footprint and operations, we will set up a legal and compliance committee to build and oversee regional legal and compliance centers, given their complexity and different requirements of each region. I will challenge committee, which will replace the general control role and function. As we started, stated in our IPO letter, PDD is still a young organization that will continue to adapt its tribe to be a mature global institute, which gives its attention. Juli's journey, our goals reveal the same. We will continue to champion innovation, nurture emerging talents and constantly seek to bring on the best people to guide us towards our goal of seeking quality development.

Speaker 3: In my shop, I used to record and discuss about the anti-? ? the structure of the freestyle

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Speaker 2: Now let me walk you through some specific measures that my team and I actively implementing on the other high quality development strategies.

Now let me walk you through some specific measures. That's my team and I are actively implementing on the other high quality development strategy.

Speaker 3: First of all, this is an education phase. This period is the direction where the law of law has been led. This period changes as theicemails can effectively respond to OK opinions. Third up is the care of soapisart? This buss coses to school fairs before missing school.

So as you answer the calls that I shall say that.

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First for high quality consumption, we are working hard to deliver more savings and better services. So that we can keep could experience. This improved consumer trust in our platform, which in turn stimulus spending.

Speaker 2: First, for high-quality consumption, we are working hard to deepen more savings and better services, so that we can give good experience. This improves consumer trust in our platform, which in turn stimulates spending.

Speaker 3: I cord you the odudyou go or M is two changing. B got C, you go sevenver your hundred mes job. Yes ch, quite aick in yahoo L caned other thirin lay of our hold longong woman T D F, half for forgot a bun from jalian may Drunk friendship for then talking later something he father TR sho at the dud. Thank you two

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Jiazhen Zhao: And now, I will head over to our co-CEO Jiazhen, who will go into multi-tails about our quality development. Lei Xiaowei者, Fafang Fulie. We have also seen the Xiaowei者's reaction to heat. Pinduoduo平台上的蝎威需求進一步得到的撕放. We have served a clear trend of consumption settlement improvement. To support consumption, in this year's June 18th promotion, we increased our efforts. We received positive responses and saw further increase in consumer demand on the Pinduoduo platform. We have received positive responses and saw further increase in consumer demand on the Pinduoduo platform. Right now, we are encouraging the street trend. We are actively seeing opportunities to fully embrace high quality development.

Jiazhen Zhao: And now, I will head over to our co-CEO, Jiazhen, who will go into multi-tales about our quality development. In Q2, with various pro-consumption policies, we have served a clear trend of consumption sediment improvement. To support consumption, in this year's June 18th promotion, we increased our efforts. We received positive responses and saw further increase in consumer demand on the Pinduoduo platform. Right now, we are encouraging the students to actively seek opportunities to fully embrace high-quality development.

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In Q2, we continue to promote a wide range.

Speaker 2: merchandise of consumers' preference. As mentioned, during this year's June 18th promotion, we increased our efforts to give back to the consumer.

And dies of consumer preference as mentioned during this year's June 18th promotion, we increased efforts to give back to consumers. The promotions cover a full range of product categories, including electronics cosmetics.

Speaker 2: The promotions cover four range of product categories, including electronics, cosmetics, fresh produce, as well as a perro. This stimulated four category consumption.

Produce as well as apparel this stimulated foot category consumption demand.

Speaker 3: to push away on the

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In addition to solidify more savings will continue to provide better services, which increased consumer trust in our platform. For example June 18, we upgraded to logistics and after sale services, such as price protection 10 times compensation for condensate and two door delivery. These measures make sure consumers.

Speaker 2: In addition to solidify more savings, we continue to provide data services, which increase the consumer's trust in our platform. For example, during June 18, we upgraded logistics and after-sale services, such as price protection, 10 times compensation for counterfeit, and to draw delivery. These measures make sure consumers can buy with confidence and return with...

Jiazhen Zhao: Our strategy includes the following aspects. [inaudible] First, high-quality consumption. To meet consumers' continued growing demand for quality, we strive to better serve consumers with more savings, better services, and upgraded consumer protection. Second, high-quality supply. We go deep in the industrial and agricultural production areas, leverage our tech capabilities to support digital transformation, and bring more quality products to the national and global markets. Third, high-quality ecosystem. We show those social responsibilities and further refine our platform governance capability.

Jiazhen Zhao: Our strategy includes the following aspects. [inaudible] We are fully aware that high quality development requires patient inventory. Over the past quarter, we have seen some encouraging other results from our efforts in giving back to consumers supporting quality merchants and enhancing our platform ecosystem. Our business also delivered decent growth. Now, let me walk you through some specific measures that my team and I are actively implementing on the other high quality development strategy.

Combined with confidence a return which is we are also cooperating with established insurance companies and brands to offer quality guarantee insurance, which cover situations, such as and Gatorade product descriptions of product quality issues.

Speaker 2: We also cooperate with established insurance companies and brands to offer quality, guarantee insurance, which covers situations such as engagement, product descriptions, or product quality.

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Speaker 2: After the June 18 promotion, we remain focused on addressing fundamental consumer needs and continued with our air days during 18 approach. We provided multi-products and services at good prices, on-leash-in demand potential to explore new product categories.

After the June 18 promotion, we remain focused on addressing fundamental consumer needs and continued with our <unk> June 18 approach, we providing quality products and services at good prices and recent demand potential to support new product categories. As our platform continues to gain trust and recognition.

Speaker 2: A thorough platform continues to gain trust and recognition. We have delighted to see that a growing number of brands across multiple categories have started to cooperate with Pindodore as the primary channel to reach cost.

We are delighted to see that a growing number of brands across multiple categories have started to cooperate with pingo Tau as the primary channel to reach consumers.

Jiazhen Zhao: By supporting quality merchants with our 10 billion ecosystem initiatives, we promote our virtual cycle, which accelerates the upgrades of our platform ecosystem. We promote our virtual cycle, which accelerates the upgrades of our platform ecosystem, and bring more quality products to the national and global markets. We are fully aware that high quality development requires patient limitations. Over the past quarter, we have seen some encouraging other results from our efforts in giving back to consumers supporting quality merchants and enhancing our platform ecosystem. Our business also delivered decent growth.

Speaker 3: Because father and the- you knew why you don't want to fam- situated her Su the jmic. You don't have cantown sources, also the uses having to San an go as a tren sittown's going.

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Speaker 2: Another crucial aspect of high quality development is the co-development and integration of the digital economy and the traditional.

Another crucial aspect of high quality development with the co development and integration of the digital economy and the traditional industry. So that more quality products can reach the national and global market. This is what we call high quality supply.

Speaker 2: so that more quality products can reach the national and global market. This is what we call high quality supply.

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Jiazhen Zhao: Now, let me walk you through some specific measures that my team and I are actively implementing on the other high quality development strategy. First, for high quality consumption, we are working hard to deepen more savings and better services, so that we can give good experience. This improves consumer trust in our platform, which in turn stimulates spending. In today's 628 activity, we are planning to provide a good source of energy for the consumer.

Kind of hard demand, which number that you're talking to Jan Jan kind of coming in the future.

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Speaker 2: to our continued to be a focal point in our pursuit of high quality development. As we bring more agributives to markets, innovation is the key to enhancing quality and creating added value. So it is crucial to meet consumer's growing demand for high quality, safe and healthy agricultural produce through innovation and adoption of agributives.

It will continue to be a focal point in our pursuit of high quality development as we bring more accurate parties to market.

It's the key to enhancing quality and creating added value. So it is crucial to meet consumers' growing demand for high quality safe and healthy agricultural produce through innovation and adoption of our tech side.

Jiazhen Zhao: First, for high quality consumption, we are working hard to deepen more savings and better services so that we can give good experience. This improves consumer trust in our platform, which in turn stimulates spending. Thank you to the continuous promote a wide range of low quality consumption. As mentioned, during these years, during 18th promotion, we increased our efforts to give back to consumers. The promotions cover four range of product categories, including electronics, cosmetics, fresh produce as of the peril.

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Jiazhen Zhao: This stimulated full category consumption demand. In addition, we continue to provide our services, which increase consumer trust in our platform. For example, during June 18, we upgraded logistics and after sales services such as price protection, 10 times compensation for counterfeit and to draw delivery. These measures make sure consumers can buy with confidence and return with ease. We also cooperate with established insurance companies and brands to offer quality guarantee insurance, which covers situations such as inaccurate product descriptions or product quality issues.

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Jiazhen Zhao: We are also planning to promote a wide range of consumers' preference. As mentioned, during these years, during 18th promotion, we increased our efforts to give back to consumers. The promotions cover four range of product categories, including electronics, cosmetics, fresh produce, as well as a peril. This stimulated full category consumption demand. In addition, to solidify more savings, we continue to provide better services, which increase consumer trust in our platform. For example, during June 18th, we upgraded logistics and after sales services such as price protection, ten times compensation for counterfeit and to draw delivery.

Speaker 2: Q2, we launched the third SM agriculture competition and a second piladdoder cup growing.

In Q2, we launched a third smart agriculture competition.

Second pillar to a cap growing competition through this initiative, we are actively engaged in.

Speaker 2: Through this initiative, we actively engage in AgriTech Innovation and Support Technology Adoption in Agriculture. Our ambition is to further improve the quality and the efficiency of agriculture production through technology. At the same time, we're stepping out support for products enabled by AgriTech, our platform, to accelerate how research findings translate into product.

<unk> innovation support technology adoption and agriculture or <unk>.

<unk> is to further improve the quality and the efficiency of agriculture production through technology at the same time, we're stepping up support for our products enabled by our attack on our platform to accelerate our research findings translate into product.

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Speaker 5: For the more, we are driving the digital transformation of manufacturing. It's new tools and new models.

But the more driving the digital transformation of manufacturing with new tools, and new model, leveraging our consumer insights and taxes abilities will help manufacturers better understand evolving consumer demand and improved production efficiency last quarter. Our team went into industrial belts are launched.

Speaker 5: Navigating our consumer insights and tax capabilities will help manufacturers better understand evolving consumer demand and improve production efficiency. Last quarter our team went into industrial belt and launched a theory of live streaming events to showcase a broad selection of local products to consumers.

Jiazhen Zhao: These measures make sure consumers can buy with confidence and return with ease. We also cooperate with established insurance companies and brands to offer quality guarantee insurance, which covers situations such as inaccurate product descriptions or product quality issues. [inaudible] After the June 18 promotion, we remain focused on addressing fundamental consumer needs and continue with our everyday June 18 approach. We provided multi-products and services at good prices. Alicia demand potential to explore new product categories. As the raw platform continues to gain trust and recognition, we have delighted to see that a growing number of brands across multiple categories have started to cooperate with Pinduoduo as the primary channel to reach consumers.

Theory of live streaming event to showcase our broad selection local products to consumers. This helps consumer learn about our products tangibly and they handset trusting outlet shopping.

Speaker 5: This helps consumers learn about the products tangibly and they hence the subtracting online shop.

Jiazhen Zhao: [inaudible] We continue to develop consumer products in the year 1628. We continue to develop consumer products in the year 1628. After the June 18 promotion, we remain focused on addressing fundamental consumer needs and continue with our everyday June 18 approach. We provided all the products and services at good prices, unleashing demand potential to explore new product categories. As the raw platform continues to gain trust and recognition, we have delighted to see that a growing number of brands across multiple categories have started to cooperate with Pinduoduo as the primary channel to reach consumers.

Speaker 2: Through joint separation participation and loan, a lot of foreign investors and companies depressions rage and get the cooperationgenerations within them.

Well about northern San Diego about doing a pilot shop in the future will mean is that Tommy <unk> I'll take one Danny you haven't done so without some kind of heightened.

Speaker 2: As any way, we developed a function in operation of HuaweiWhateverU as well as the benchmark packaging. It provides a safe way of living in a port. Interestingly, this show personello would be counterproduced to one's market attitude. Supp??? worked to land their Soyuls Tenemos weakest, illegal and effective

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Speaker 5: We are also deep in collaborations with margins in areas such as product design and marketing so they can better meet diverse consumer needs. This is Welcome BOSS.

We are also deploying collaborations with margin areas, such as product design and marketing. So they can better meet diverse consumer needs. This is welcomed by many margin. For example, we recently partnered with a well known liqueur brands together, we experimented with online plus offline approach, which has offline potash.

Speaker 5: For example, recently partnered with a well-known liquor brand.

Speaker 5: Together we experimented with Online Plus Offline Approach, which has offline pop-up shots. This was all met to the record breaking sales of a platform. And at the same time, enabled the brand to reach young consumers effectively and obtain valuable consumer insights.

Shops, this fall and that led to the record breaking seller.

And at the same time enabled the brand to reach young consumers effectively and obtain valuable consumer insights.

Jiazhen Zhao: Loz's Gao Zedan发展, the另外一个中央的方面是推动产业和数字的经济系统发展,加强素食融合,让优质产品走向全国难之全球市场,实现 Gao Zedan攻击。 Another crucial aspect of high quality development is the co-development and integration of the digital economy and the traditional industries, so that more quality products can reach the national and global market. This is what we call high quality supply. Pinduoduo has deep roots in agriculture. It will continue to be a focal point in our pursuit of high quality development. As we bring more agri-produced to markets, innovation is the key to enhancing quality and creating added value. So it is crucial to meet consumer's growing demand for high quality, safe and healthy agriculture produce through innovation and adoption of agri-tech.

Speaker 2: But I go driing the, but I Don know God sometimes. So you, you think tyire, a good time, you fun, don't amhas't done to.

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Jiazhen Zhao: Another crucial aspect of high quality development is the co-development and integration of the digital economy and the traditional industries, so that more quality can reach the national and global market. This is what we call high quality supply. Pinduoduo has deep reach in agriculture. It will continue to be a focal point in our pursuit of high quality development. As we bring more aggregate produce to market, innovation is the key to enhancing quality and creating added value.

The yields of the Tula.

Speaker 5: The high quality ecosystem is the foundation that nurtures the sustainable and mutually beneficial growth of the platform and all its participants.

Our high quality ecosystem is the foundation.

Such as the sustainable and mutually beneficial growth of the platform and all its participants.

Speaker 2: close at the opening of this

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Speaker 2: So, if you want to see more videos like this, please subscribe to our channel.

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Speaker 5: Last quarter launched a 10 billion ecosystem initiative to support quality merchants and products. This initiative provides incentives for SME merchants and quality merchants to upgrade their service offerings. They are by creating a robust environment to drive up efficiency and service quality of the entire...

Last quarter, we launched the 10 billion ecosystem initiative to support quality merchants and products. This initiative provides incentives <unk> and coty lessons to upgrade their service offerings, thereby creating a robust environment to drive that efficiency and service quality of the entire ecosystem.

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Jiazhen Zhao: So it is crucial to meet consumer's growing demand for high quality, safe and healthy agriculture produce through innovation and adoption of EverTack. In the third year, we launched the third Smart Agriculture Competition, and the second Pinduoduo-based co-development competition, which will be held in front of the agriculture industry. We hope that through this project, we will be able to achieve high quality growth and efficiency in agriculture. In the same way, in the market, we will be able to increase the value of high quality agriculture and increase the value of high quality agriculture.

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Speaker 5: We also made significant efforts in platform governance areas such as food and drug safety, model protection and live streaming compliance.

We also made significant efforts and platform governance areas, such as food and drug safety Mono protection and large training compliance.

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Speaker 5: We hope to accelerate the positive momentum in platform ecosystem with both the 10 billion ecosystem initiative and our platform governance.

We hope to accelerate the positive momentum and tackled ecosystem with both the 10 billion ecosystem initiative and our platform governance efforts.

Jiazhen Zhao: We will be able to increase the value of growing competition. Through this initiative, we actively engage in EverTack innovation and support technology adoption in agriculture. Our ambition is to further improve the quality and the efficiency of agriculture production through technology. At the same time, we are stepping out support for products enabled by EverTack on our platform to accelerate how research findings translate into products.

Speaker 2: That means that he is constantly ejaculating cultural markets of the city to help in these challenges. For the same purpose, the autistic researchers on the Internet house and investment platforms are actively coordinating with the global platform. Menten Japan intensively grassroots revenue solutions take location of native? Inspecting Ad yüz I do not speak English.

Jiazhen Zhao: We launch the third smart agriculture competition and a second Pinduoduo car growing competition. Through this initiative, we actively engage in agri-tech innovation and support technology adoption in agriculture. Our vision is to further improve the quality and efficiency of agricultural production through technology. At the same time, we are stepping out as support for products enabled by agri-tech to accelerate how research funding translates into products. The growth of the growth of the industry is a key point in the market.

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Speaker 5: For example, we collaborated with major publishing houses and book brands to launch the fifth Dordog Readymouth. We continue to invest hundreds of millions of RMB in coupons in an effort to promote a sustainable online authentic book market and to strengthen artist protection. Our effort covered 6 million copies of best-selling books, connecting quality content directly with content.

For example, we collaborated with major publishing houses and book brands to launch the fifth total originals continues to invest hundreds of millions of R&D and coupons in an effort to promote a sustainable authentic book market.

Jiazhen Zhao: [inaudible] For the more, we are driving the digital transformation of manufacturing with new tools and new models. The average in our consumer insights and technical abilities will help manufacturers that understand evolving consumer demand and improve production efficiency. Last quarter, our team went into industrial belt and launched a theory of live streaming events to showcase a broad selection of local products to consumers. This helps consumers learn about the products tangibly and they have the trust in online shopping.

To extract an Aki protection.

Effort covered 6 million copies of best selling books connecting quality content directly with consumers.

Jiazhen Zhao: However, the consumer's knowledge and quality of the product is a key point in the market. So, the more we are driving the digital transformation of manufacturing, its new tools and new models, the average in our consumer insights and technical abilities will help manufacturers that understand evolving consumer demand and improve production efficiency. Last quarter, our team went into industrial belt and launched a theory of live streaming events to showcase a broad selection of local products to consumers.

Speaker 2: As of today, over 2,700 publishing houses, both companies and distributors have joined the PrimoDole platform.

Today over to sell 700 publishing houses book companies and distributors have July in the total platform.

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Speaker 2: So you indeed that the country Jo die omas may be. That means about estimating her do come she don't think B transant for don't bound also three the some who changing cent Trans L just through won't for time. So why, where bound also diie through chousan a ance? You know, jes chll drant also for don't to you Chang I owning them, bapper T bound an I our think up per ine Ra journey.

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Jiazhen Zhao: This helps consumers learn about the products tangibly and they have the trust in online shopping. [inaudible] Jiazhen, Jiazhen, Jiazhen, Jiazhen Jiazhen, Jiazhen, Jiazhen Jiazhen, Jiazhen Jiazhen, Jiazhen, Jiazhen, Jiazhen, Jiazhen We hope to accelerate the positive momentum in platform ecosystem with both the 10 billion ecosystem In order to improve the quality of the production industry, we need to protect the quality of the production industry. In the second place, we are planning to promote the production platform in the country, and promote the production platform, and promote the production of the 5G in the future.

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Suzanne.

Good evening.

Through our journey towards high quality development, we are always looking for opportunities to show them more social responsibilities and create value for society earlier. This month. The <unk> region was hit by severe rainfall respond to action and donated RMB 7 million to support the flood relief effort at the same time in partnership with.

Speaker 5: We are always looking for opportunities to show the more social responsibilities and create value for society. Earlier this month, the GDNG region was hit by severe rainfall. We sprung to action and donated RMB 30 million to support the flood relief efforts. At the same time, in partnership with People's Daily, we launched a dedicated relief campaign to help businesses in the effective regions reduce losses from production disruption and inventory damage. And help them get back to normal operations.

Jiazhen Zhao: We are also deep in collaborations with merchants in areas such as product design and marketing so they can better meet diverse consumer needs. This is welcomed by many merchants. For example, recently partnered with a well-known liquor brand. Together, we experimented with online plus offline approach which has offline pop-up shops. This format led to the record-breaking sales platform and at the same time enabled the brand to reach young consumers effectively and obtain valuable consumer insights. In addition, in the development process, in the development process, in the development process, products and products are based on digital technology.

People's Daily launched a dedicated relief campaign to help businesses in the affected regions reduced losses from production disruption in inventory damaged and help them get back to normal operations quickly. Furthermore to help both merchants and Georgia, we set up a dedicated booked selling channels and provided relief measures such as <unk>.

Speaker 5: Furthermore, to help book merchants in Georgia, we set up a dedicated book selling channel and provided relief matches, such as traffic support and zero commission policy, to help these merchants reduce losses and resume normal operation.

Traffic support and Zero Commission policy to have these margins reduced losses are resumed normal operations.

Speaker 2: Momentum arance at all pain. H guard to the game. But is gir father tenty tary joshu goard, father D? Ing you gentate the sent ans put on Tan I coun't house an she sho her put that they have found qu over my kens dra ROCE.

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Jiazhen Zhao: High quality ecosystem is the foundation that nurtures the sustainable and mutually beneficial growth of the platform and all its participants. Last quarter launched a 10 billion ecosystem initiative to support quality merchants and products. This initiative provides incentives for SME merchants and quality merchants to upgrade their service offerings, thereby creating a robust environment to drive up efficiency and service quality of the entire ecosystem. We also launched a 10 billion ecosystem initiative in the development process.

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Speaker 5: We are well aware that our value creation is inseparable from our long-term strategy of high quality development. Focus on high quality development and ecosystem not only lays a solid foundation for the future, but also earns immediate positive feedback from consumer image.

We are well aware that our value creation is inseparable from our long term strategy of high quality development.

Focused on high quality development and ecosystem now I'll call. It lays a solid foundation for the future, but also apparent immediate positive feedback from consumers and merchants looking forward. We will continue to support quality merchant ethylene and to promote digital inclusion agriculture, we will keep doing the right things and keep up our investment.

Speaker 5: Looking forward, we will continue to support quality merchants and SMEs and to promote digital inclusion agriculture. We will keep doing the right things and keep up our investments in the key areas to speed up our progress towards high quality development.

And the key areas to speed up our progress towards high quality development.

Speaker 2: Now I'll hand it over to Jane. She will provide you with an update on our financial performance.

Well, Michael I think Jonathan Jean Jean.

Gentlemen, I will now hand, it over to Jane She will provide you with update on our financial performance.

Jiazhen Zhao: We also made significant efforts in platform governance in areas such as food and drug safety, model protection and live streaming compliance. We hope to accelerate the positive momentum in platform ecosystem with both the 10 billion ecosystem initiative and our platform governance efforts. In order to improve the quality of the production of the production industry, we need to protect the production of the production industry. In the second place, the production platform, which has been launched, has been active for more than five years.

Speaker 6: Thank you, Jevgen. How are everyone? Let me walk you through our financial performance for the second quarter and the June 30th, 2023.

Thank you, Jeff and Hello, everyone. Let me walk you through our financial performance for the second quarter ended June 32023.

In terms of income statement in the second quarter, our total revenues increased six 6%.

Speaker 6: In terms of income statements, in the second quarter, our total revenues increased 66%my income with health insurance, and in thesh amounts increased, overOkay, for third quarter

Joanne This is city reporting thank you Dan.

Speaker 6: Our talk-wine growth was made into them by consumption recovery and the early feedback from excluding now a high-quality development strategy.

Our top line growth was mainly driven by consumption recovery and the early feedback from excluding our high current development strategy.

Speaker 6: Reignage from online marketing services and others who are in the 37.9 billion this quarter. Up 50% from the same

Revenues from online marketing services, and others, who RMB 57 9 billion this quarter.

Up 50% from the same quarter of 2022.

Speaker 6: Revolved from transaction services this quarter will earn this 14.3 billion up 131 to 1 from the same quarter of 2022

Revenues from transaction expenses this quarter were RMB 14 3 billion.

Jiazhen Zhao: It has continued to be a source of production technology that has become a part of the industry. It has increased the production of the production of the production of the production industry. [inaudible] We can forward, we will continue to support quality motion and SME and to promote digital inclusion agriculture. We will keep doing the right things and keep up our investment in the key areas to speed up our progress toward high quality development.

Jiazhen Zhao: We will continue to promote the performance of the production technology of the Yiyuan Group, and promote the production industry of the Yiyuan Group. For example, we collaborated with major publishing houses and book brands to launch the fifth door door waiting malls. We continue to invest hundreds of millions of R&B in coupons, in an effort to promote a sustainable online authentic book market, and to strengthen architecture. Our efforts covered six million copies of that set of books, connecting quality content directly with consumers. As of today, over 2,700 publishing houses, book companies and distributors have joined the Pinduoduo platform.

Up 100, and a 31% from the same quarter.

Quarter of 2022.

Moving onto it holds in expenses.

Speaker 6: Our total cost of revenue has been increased 135% from RMB 8,000 in Q Q2 022 to RMB 18.7 billion in Q Q2 021.

Our total cost of revenues increased 135% from <unk> two.

2020.

So RMB 18 7 billion this quarter.

Speaker 6: Many people can increase in fulfillment fees and payment processing fees.

Mainly due to increased fulfillment and payment processing fees.

Speaker 6: On my gut thesis, total gradient expenses this culture increased 41% to IMB 20.9 billion.

On a GAAP basis total operating expenses this quarter increased to 41% to RMB 29 billion.

Speaker 6: From Army 14.8 billion in the same quarter of 2020.

RMB 14 8 million in the same quarter of 2022.

Speaker 6: On a non-gab basis, our total breaking expenses increased to RMB billion in this quarter for RMB 12.9 billion in Q2 2020.

Our non-GAAP basis, our total operating expenses increased to RMB 19 billion.

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<unk> 9 billion in Q2 2022.

Speaker 6: In the past quarter, with so few other communities of available consumption trends, by investing family and the responsibility to support our long-term high-quality development.

And the first quarter with the opportunity to sell cigarettes consumption trends.

And Stanley responsibly to support our long term high quality development.

Speaker 6: Our total non-gab off-lead makes sense, so the percentage of total revenues is 40, with 36%.

Our total non-GAAP operating expenses as a percentage of total revenue this quarter with purchased 6%.

Speaker 6: a pack of paper to 141% in March 2021...

Compared to 41% in same quarter last year.

Looking into specific expense items.

Speaker 6: onknownon gap sales in the maxannew centensus this quarter will R? M be 15.6 students.

Our non-GAAP sales and marketing expenses this quarter were RMB 16 6 billion.

Speaker 6: Up C Krit 3%, Compound to their same coloring achieved in the last few games.

53% compared to the same quarter last year.

Speaker 6: On non-gap basis, our cells in the maximum expenses of the percentage of our revenues, this quarter was set to keep us on.

Our non-GAAP basis, our sales and marketing expenses as a percentage of our revenue this quarter was such a 2%.

Jiazhen Zhao: Through our journey into our high quality development, we are always looking for opportunities to show the more social responsibilities and create value for society. Earlier this month, the GJNG region was hit by severe rainfall, with sprung to action and donated R&B 30 million to support the flood relief efforts. At the same time, in partnership with People's Daily, we launched a dedicated relief campaign to help businesses in the effective regions reduce losses from production destruction and inventory damage, and help them get back to normal operations quickly.

Speaker 6: compared with 34% for Semifold J in 2022.

Compared with 34% for same quarter in 2022.

Thank you Cliff was setup efforts during the June 18th shopping Festival.

Speaker 6: And QQ, we set up for efforts during the June 18th shopping festival and so I would get in touch with her to provide more savings to customers.

In parallel with that.

Provide more savings to come sooner.

Speaker 6: It also includes our service quality to deliver better services and support consumption.

It also includes our service quality to deliver better services and support consumption.

Speaker 6: Our non-Gabb General of Administrative Exences will arm the $3007.2 million, those with R&B 164.7 million in the are

Our non-GAAP general and administrative expenses were RMB 372 million.

Jiazhen Zhao: Furthermore, to help book merchants in GJNG, we set up a dedicated book selling channel and provided relief measures such as traffic support and zero commission policy to help these merchants reduce losses and reduce normal operations. [inaudible] We can forward, we will continue to support quality motion and SME and to promote digital inclusion agriculture. We will keep doing the right things and keep up our investment in the P areas to speed up our progress toward high quality development.

This is RMB $164 7 million Amos <unk> quarter of 2022.

Speaker 6: Our research and the development sensors will arm the 2.1 billion in the school to own a known gap basis and arm the 2.7 billion on a gap basis, starting a new high.

Our research and development expenses were RMB, two 1 billion this quarter on a non-GAAP basis and on the $2 7 billion, a GAAP basis setting a new high.

Speaker 6: Our engaged fundamental to the high quality development of our platform ecosystem.

R&D is fundamental to the high quality development of our platform ecosystem.

Speaker 6: will continue to grow our R&D capabilities so that we can understand consumer's moving demand and self- 21

We're continuing to grow our R&D capabilities.

We can understand consumers both in demand and stuff that is better.

Speaker 6: Our breaking goal base for the proté was R&B 12.7 billion on a gap basis.

Operating profit for the quarter was RMB <unk> 7 billion on a GAAP basis.

Speaker 6: compared with R&B 8.7 being in the same culture last year.

Compared with RMB eight 7 billion in the same quarter last year.

Speaker 6: Nungapu breaking forfehr was earned 14.6 billion.

non-GAAP operating profit was RMB 14 6 billion.

Speaker 6: Those are the 10.5 billion in the same culture last year.

Just on the $10 5 billion in the same quarter last year.

Speaker 6: Don't gap upgrading for the margin worth 28% of the quota. Compound to the 34% for the sim...

non-GAAP operating profit margin was 28% this quarter.

Compared to the 34% for the same quarter last year.

Net income attributable to ordinary shareholders was RMB $13 1 billion for the quarter.

Speaker 6: Nothing can attribute what you already know shareholders with RMB 13.1 billion for the quarter.

Speaker 6: Compiled to R&B 8.9 billion in the same total of years.

Compared to RMB eight 9 billion in the same quarter last year.

Dream Liu: Now I'll hand it over to Jane, she will provide you with the update on our financial performance. Thank you, Jiazhen. How are everyone? Let me walk you through our financial performance for the second quarter ended during 30th, 2023. In terms of income statements, in the second quarter, our total revenue increased 66% year over year to RMB 52.3 million. Our talk line growth was mainly driven by consumption recovery and the early feedback from excluding now a high quality development strategy.

Speaker 6: The ACN is for ADS, which RMB 9.64, and the look-in and earnings per ADS was RMB 9, but the space-in is for ADS of RMB 7.06. And the look-in is for ADS of RMB 6.23 in the central field of 2022.

Liu Jing: Now I'll hand it over to Jane, she will provide you with the update on our financial performance. Thank you, Jiazhen. How are everyone?

Basic earnings per ads was RMB 964, and <unk> earnings.

Earnings per ads was RMB nine versus space.

Liu Jing: Let me walk you through our financial performance for the second quarter ended during 30th, 2023. In terms of income statements, in the second quarter, our total revenue increased 66% year of year to RMB 52.3 million. Our talk-wide growth was made into them by consumption recovery and the early feedback from excluding our high quality development strategy. Revenue from online marketing services and others who are in the 37.9 billion this quarter. Up 50% from the same quarter of 2022. Revenue from transaction services this quarter will RMB 4.3 billion. Up 131% from the same quarter of 2022.

Yes, just RMB seven linzess.

And diluted earnings per Avs shelf RMB six typically in the same quarter of 2022.

Speaker 6: Non-gap mapping come at Tribervoge Audenersia holders with R&B 15.0 Suzyland, compiled with R&B 10.8 Zyland NSM culture last year.

non-GAAP net income attributable to ordinary shareholders was RMB 15 Super then.

Compared with $10 8 billion in the.

Same quarter last year.

Speaker 6: Don't afterutely the any for ID was AR began point forty 7, versted AR 7, point 54 in the secondd quarter of 2022.

non-GAAP diluted earnings per ads was RMB <unk> 47.

Randy.

Dream Liu: Revenue from online marketing services and others who are in the 37.9 billion this quarter. Up 50% from the same quarter of 2022. Revenue from transaction services this quarter will RMB 14.3 billion. Up 131% from the same quarter of 2022. Moving on to the next census, our total cost of revenue has increased 135% from RMB 8.2 to RMB 18.7 billion this quarter. Many people can increase in fulfillment fees and payment processing fees.

<unk> 54 in the same quarter of 2022.

Speaker 6: To sum up, over the past quarter, we delivered fully financial results and a high-quality development begins to show impact.

Just on that over the past quarter liquidity, that's solely financial results and high quality development begin to show impact.

Speaker 6: Looking ahead, we will continue to investigate through the dissemination and patients to ask you to allow a high-quality

Looking ahead, we have a contingent that determination and patients.

Due to our high quality balance strategy.

Liu Jing: Moving on to the next census. Our total cost of revenue has increased 135% from RMB 8.2 to RMB 18.7 billion this quarter. Many people can increase in fulfillment fees and payment processing fees. On a gas basis, total revenue expenses this quarter increased 41% to RMB 20.9 billion from RMB 14.8 billion in the same quarter of 2022. On a non-gab basis, our total revenue expenses increased to RMB 19 billion this quarter from RMB 12.9 billion in Q2 2020.

Speaker 6: We also react positively to complications by keeping our most savings in the battle services capabilities. That completes the income statement.

We're also react positively to competition, but just any hour more statements than about a dozen <unk> capabilities.

That concludes the income statement.

Now, let me move onto cash flow.

Speaker 6: On that cash flow generated from operating activities with R&B 23.4 billion.

Our net cash flow generated from operating activities was RMB $23 4 billion.

Dream Liu: On a gas basis, total revenue expenses this quarter increased 41% to RMB 20.9 billion. From RMB 14.8 billion in the same quarter of 2022. On a non-gab basis, our total revenue expenses increased to RMB 19 billion this quarter for RMB 12.9 billion in Q2 2022. In the past quarter, we served the opportunity to serve our consumption trends by investing firmly and responsibly to support our long-term high quality development. Our total non-gab operating expenses, so the percentage of total revenue this quarter was 36%.

Speaker 6: compared with RMB 19.4 billion in the semi-quarter last year.

Compared with RMB nine 4 billion in the same quarter last year.

Speaker 6: As of June 30th, 2023, we have RB179.5 billion cash, cash of coolance and shortening investment. Thank you.

As a parent debt is 2023, we have RMB 109, 5 billion in cash cash equivalents and short term investments.

Thank you. This concludes my prepared remarks.

Speaker 5: Thank you, Dream. Thanks. We will move on to the Q&A session. Today's Q&A session, ladies, Jiajian and Dream will take questions from Alice down the line. We could take a maximum of two questions panelists. Lei and Jiajian will answer questions in Chinese, and we will help translate their remarks for easier reference. Operator, we may now take...

Thank you Jean <unk>, who will move on to the Q&A session for today's Q&A session.

Liu Jing: In the past quarter, we served the opportunity to serve variable consumption trends by investing firmly and responsibly to support our long-term high quality development. Our total non-gab operating expenses, so the percentage of total revenue this quarter was 36%. Compiled to 41% in same quarter last year. Looking into specific expense items. Our non-gab sales in the maximum expenses this quarter will RMB 15.6 billion. Up 53% compiled to their same quarter last year. Our non-gab basis, our sales in the maximum expenses of the percentage of our revenue this quarter was 32% compiled with 34% for the same quarter in 2022.

And Jane will take questions from analysts on the line, who could take a maximum of two questions panelists.

George I will answer your questions in Chinese and will help translate the remarks for easier reference operator, we will now take questions on the line.

Speaker 1: Ladies and gentlemen, we will now begin the question and answer session. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced.

Ladies and gentlemen, we will now begin the question and answer session. If you wish to ask a question. Please press star one on your telephone and wait for your name to be announced.

Dream Liu: Compiled to 41% in same quarter last year. Looking into specific expense items, our non-gab sales in the maximum expenses this quarter will RMB 15.6 billion. Up 53% compiled to the same quarter last year. On a non-gab basis, our sales in the maximum expenses of the percentage of our revenue this quarter was 32% compiled with 34% for the same quarter in 2022. In Q2, we set up our efforts during the June 18th shopping festival and throughout the entire quarter to provide more savings to consumers.

Speaker 1: If you wish to cancel your request, please press star two.

Thank you Paul.

Paul Your request please press star two.

Speaker 1: Participants are requested to restrict the two questions at each time. Your first question will come from Joyce Jew of Bank of America. Please go ahead.

Participants are requested to restrict to two questions at each time.

First question will come from Joyce Ju of Bank of America. Please go ahead.

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Welcome to Chunghwa telecom.

Liu Jing: In Q2, we set up our efforts during the June 18th shopping festival and throughout the entire quarter to provide more savings to consumers. We also include all the service quality to deliver better services and support consumption. Our non-gab general of the administrative expenses will RMB 300, 70.2 million. Those with RMB 164.7 million in the same quarter of 2022. Our research and development expenses were RMB 2.1 billion in the school to own a known gap basis, and RMB 2.7 billion on a gap basis, setting a new high.

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Dream Liu: We also include all the service quality to deliver better services and support consumption. Our non-gab general of the administrative expenses will RMB 300, 70.2 million. Those with RMB 164.7 million in the same quarter of 2022. Our research and development expenses will R&B 2.1 billion in the school to own a known gap basis and R&B 2.7 billion on a gap basis setting a new high. R&B is fundamental to the high college development of our platform ecosystem.

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Speaker 7: Another question. We also understand that arrest spread efficacy is very important, especially because of Independence. In cleaning and manufacturing of heating speakers, the shooting of recon?osta here is really important. And? Now and time files, are working in whatever level or differences we have. Do?? wykonate information or k? Guicle services for government funding against volatility Lin Yang

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Liu Jing: RMB's fundamental to the high-collar development of our platform ecosystem will continue to grow our RMB capabilities so that we can understand consumer development demands and serve their business better. Our breaking focus for the quota was RMB 2.7 billion on a gap basis, compounded with RMB 8.7 billion in the same culture last year. Non-gapal breaking forfe was RMB 14.6 billion, those with RMB 10.5 billion in the same culture last year. Non-gapal breaking forfe margin was 28% of the quota, compounded with 34% for the same culture last year.

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Dream Liu: We will continue to grow our arms because we can understand consumer development demands and serve them as better. Our breaking process for the project was R&B 2.7 billion on a gap basis, compared with R&B 8.7 billion in the same culture last year. The non-gapal breaking process was R&B 4.6 billion, those are the 10.5 billion in the same culture last year. The non-gapal breaking process margin was 28% this culture, compared to the 34% for the same culture last year.

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Speaker 7: My first question is, we know Pinggurdo has started in new long-term strategy of focusing on high quality growth since last quarter.

My first question is we know what people go ahead of target.

New long term strategy of focusing on high quality growth.

Last quarter.

Speaker 7: could one is to elaborate a bit more on the implementation of this strategy. What is this measurement and movement having been taken and how this strategy is going to affect companies' financial outlook in the near and longer term?

Kind of maybe elaborate a bit more on that.

Implementation of the strategy.

Imagine.

Liu Jing: Nothing compared to ordinary shareholders with RMB 13.1 billion for the quota, compounded to RMB 8.9 billion in the same culture last year. FACN is for ADS, RMB 9.64, and the earnings per ADS was RMB 9, those with FACN is for ADS of RMB 7.0.6, and FACN is for ADS of RMB 6.2 billion in the same culture of 2022. Non-gapal income attributed to ordinary shareholders with RMB 15.2 billion, compounded with RMB 10.8 billion in the same culture last year. Non-gapal, the earnings per ADS was RMB 10.4 billion, those with RMB 7.54 billion in the same culture of 2022.

Operator: Nothing compared to the ordinary shareholders was R&B 13.1 billion for the culture, compared to R&B 8.9 billion[inaudible] If you wish to cancel your request, please press star two. Participants are requested to restrict the two questions at each time.

Having been taken.

Now this strategy is going to affect the company's financial outlook.

And longer time.

Speaker 7: My second question is that we understand our reculture has been able to achieve strategy for a very long time.

My second question is that we understand all.

Agriculture has been can you go to a key strategy for us that we're a long time.

Speaker 7: And it is also a core merchandise category for the platform. How this strategy and how our hotel fit under the company's new strategy of high quality developments.

It is also a core merchandise categories for the platform.

The strategy on how agriculture offset.

The company's new strategy of high quality.

Speaker 7: What impact will it have on the company's operations and financials will accompany address your investment budget and pace in the corresponding areas?

Thanks.

What impact would have on the company's operations and financial company address your investment that you had in the correspondent area.

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Speaker 5: Hi, this is Jia Zhen. I'll answer your question on our high-code development site.

Hi, This is George and I'll answer your question on our high quality development strategy.

Speaker 2: Thank you very much.

Liu Jing: To sum up, over the past quarter, the delivered solid financial results and high quality development began to show impact. Looking ahead, we were continuing that through determination and patience to ask you to give us a high quality development strategy. We also react positively to competition by keeping our most savings in the battle services capabilities.

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Liu Jing: That completes the income statement.

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So over the past few years.

Speaker 5: So over the past few years, we gradually transitioned from fast growth to solid development, from marketing driven to R&D driven. And starting from the first half of this year, we fully embraced the high quality development strategy. And this hails in a new development phase for us, which prioritizes our quality.

Gradually transition from fast growth to a solid development from a marketing driven to R&D driven and starting from the first half of this year, we fully embraced our high quality development strategy and is helping our new downward phase for us, which prioritizes quality.

Liu Jing: Now, let me move on to cash flow. On that cash flow generated from operating activities with RMB 23.4 billion, compounded with RMB 19.4 billion in the same culture last year. As of June 30, 2023, we have RMB 179.5 billion in cash, cash recourse, and shortening investment. Thank you.

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Liu Jing: This concludes my prepared remarks. Thank you, Jean.

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Cheng Peng: Thanks for moving on to the Q&A session. For today's Q&A session, ladies and gentlemen, we'll take questions from Alice down the line. We could take a maximum of two questions panelists. Leia and Judging went answer questions in Chinese, and we will help translate their remarks for easier reference.

Speaker 5: We are in the development stage and there are a few many areas to improve in terms of a certain consumer as well and building on thriving.

We are in the development stage and there are still many areas to improve in terms of certain consumer as well and building up.

Having ecosystem, so strengthening our capability and embracing high quality development.

Speaker 5: So strengthening our capability and embracing how I call the development is a necessary path to take to further deep power value. As I have mentioned earlier, implementing this strategy mainly involves three key areas.

Operator: Operator, we may now take questions on the line.

Operator: Ladies and gentlemen, we will now begin the question in the answer session. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2. Participants are requested to restrict the two questions at each time.

Messenger is have to take to the power of value.

As I have mentioned earlier implementing this strategy many loss of three key areas.

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Speaker 2: Please try to open a discussion, enter my sense of legitimacy as fine as possible. Please try to open a discussion, enter my sense of legitimacy as possible.

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Joyce Zhu: Your first question will come from Joyce Zhu of Bank of America. Please go ahead.

Joyce Zhu: Your first question will come from Joyce Zhu of Bank of America. Please go ahead. [inaudible][inaudible]

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Speaker 5: First, it's high quality consumption. We are always consumer centric. We work hard to strengthen our accountability to give more savings and better services. So we can deliver

Firstly, it's a high quality of consumption.

I'll always consumer centric, we work hard to strengthen our capability to give more service and better services. So we can deliver.

Joyce Zhu: [inaudible][inaudible] the development stage and there are still a lot of people who are in the development stage and there are still a lot of people who are in the development stage