See you, Junjie. Hello, everyone. Thank you for joining our earnings call. Before we dive into the detail, please note that all amounts are in RMB and all comparisons are on a year-over-year basis, unless otherwise stated. So, in the third quarter, our total net revenue was ¥3,208.3 million, a decrease of 9.4% year-over-year, and 3.7% sequentially. Total GMV for the quarter was ¥7,929.5 million. Despite the challenging macro environment and the intensified competition, we maintained our focus on profitable growth and disciplined execution. Non-GAAP net income was ¥502.8 million, with a non-GAAP net margin of 15.7%, reflecting underlying resilience of our business model. Let me highlight several key operational achievements. First, our global tea house network reached 7,338 stores, with a net addition of 300 tea houses in the third quarter. Overseas expansion accelerated, introducing 54 net new tea houses as we successfully enter new markets, including the Philippines and Vietnam. Second, product innovation continued to drive momentum. In the home market, we launched the low caffeine jasmine green tea latte, becoming a top three bestseller, driving strong user acquisition. 博雅 jasmine green milk tea earned the best nature or organic beverage title at the 2025 World Beverage Innovation Awards, underscoring our strong product quality and leadership in healthy beverage innovation. In Asia Pacific, the PG Ulo milk tea launch performed exceptionally well, validating our regional product strategy. Furthermore, our member ecosystem remains robust. Total registered members reached 222 million by the end of the third quarter, representing an increase of 15 million sequentially and 36.7% year-over-year. Our franchisee network also demonstrated remarkable stability. The store closure rate remained low at 0.3% for three consecutive quarters, underscoring the health and confidence of our franchisee partners. Now, let me provide a more detailed financial analysis. Starting with revenue, our total net revenue for the third quarter was ¥3,208.3 million, mainly driven by the continued expansion of our tea house network. Among them, net revenue from franchisee tea houses was ¥2,811.6 million, representing 87.6% of our total net revenue. Net revenue from company-owned tea houses increased by 63.8% to ¥396.7 million, accounting for 12.4% of total revenue. The increase was primarily driven by the expansion of our company-owned tea houses network in both Greater China and overseas markets. In Greater China, total GMV decreased by 6.2% year-over-year to ¥7,629.2 million. The average monthly GMV per tea house in Greater China was ¥378,506, a year-over-year decline, reflecting both high base in last year and a more severe competitive environment, including the impact of delivery platform subsidy competition. Even so, our commitment to maintain premium position and brand integrity remains central. Meanwhile, overseas markets continue to show substantial progress, with GMV increasing 75.3% year-over-year and 27.7% quarter-over-quarter to ¥300.3 million. This growth is mainly driven by strategic store expansion and growing brand awareness, positioning the overseas market as a key pillar of our future growth. In the third quarter, we expanded our overseas presence by adding a net 54 stores, bringing our total store number to 262 stores as of September 30, 2025. This growth was fueled by our successful entries into the Philippines and Vietnam, as well as continued steady expansion in Malaysia, Thailand, and Indonesia. During the quarter, we added 18 new stores in Malaysia and 9 each in both Thailand and Indonesia. Our commitment to being an exceptional employer has earned prestige awards in key markets, including HR Asia's best companies to work for in Asia 2025 in Malaysia and the certified OJT Center plus NS Mark Gold status in Singapore. These honors strengthen our brand and help us attract the top talent needed for growth. While our store expansion continues, we recognize pressure on GMV performance at existing stores, with domestic and overseas in-store sales GMV declining by 27.9% and 23.4%, respectively. This softness is attributed to a high base from the same period last year and intensified competitive pressure. However, our franchisee fundamentals remain solid, as evidenced by consistently low closure rate. We expect same store GMV growth to remain under pressure in the near term. Turning to margin, our gross profit, calculated by excluding cost of material storage and logistics from net revenue, reached ¥1,726.5 million this quarter, resulting in a strong gross margin of 53.8%. This marks a solid improvement both year-over-year, up from 50.1% in the third quarter of last year. The margin improvement results primarily from two factors. First is the benefit of expanding economic scale, and the second is decreased purchase costs driven by our persistent procurement optimization initiatives. On operating expenses, share-based compensation expenses this quarter were ¥104.9 million. This results in our commitment to long-term employee engagement and align their goals with shareholders to provide greater clarity on underlying operational performance. We will reference non-GAAP operating results with a full reconciliation available in our earnings release and Form 6-K. Operating income was ¥454.4 million, representing an operating margin of 14.2%. Excluding share-based compensation expenses, non-GAAP operating income was ¥559.3 million, representing a 17.4% margin. The above-mentioned margin differences reflect our step-up investment in talent recruitment for global expansion, including brand building to support new product launch R&D to enhance our offering and digital infrastructure to elevate customer experience. The operating costs for company-owned tea houses were ¥271.4 million, up 94.7% from a year ago and up 47.4% from the second quarter of 2025. As of September 30, 2025, we operated 367 company-owned tea houses, up from 239 in the second quarter of 2025. On a per-store basis, operating costs have decreased compared to the second quarter of 2025, showing continued improved efficiency at the store level. Other operating costs increased by 7.3% to ¥178.9 million, largely due to higher payroll supporting the expansion of our global store network. On a non-GAAP basis, other operating costs account for 5.4% of revenue compared to 4.7% a year ago. Sales and marketing expenses for the quarter were ¥304.5 million, down 13.4% from a year ago, achieved through disciplined branding promotion. On a non-GAAP basis, sales and marketing expenses representing 9.2% of revenue compared to 9.9% a year ago. General and administrative expenses reached ¥517.4 million, up 59.7% year-over-year, driven by an expanded workforce and additional office facilities supporting global operations. On a non-GAAP basis, G&A expenses represented 13.4% of revenue compared to 9.1% a year ago. Income tax expenses represented 21.4% of income before tax, slightly higher than 20% a year ago. This was primarily driven by the impact of share-based compensation expenses recognized during the quarter. We achieved our 11th consecutive quarter of profitability, with GAAP net income of ¥397.9 million. Non-GAAP net income, excluding share-based compensation expenses, was ¥502.8 million, with a non-GAAP net income margin of 15.7% compared to 18.3% last year. This demonstrates our ability to maintain healthy profitability and margins while continuing to invest for future growth. During the quarter, basic net income per ordinary share was ¥2.07, and diluted net income per ordinary share was ¥2.03. On a non-GAAP basis, basic net income per ordinary share was ¥2.63, and diluted was ¥2.57. Turning to liquidity, we ended the quarter with roughly ¥9,142 million in cash and cash equivalents, which is cash and time deposits. This robust balance sheet, coupled with our 11th consecutive quarter of profitability, provides a solid foundation. Our board has approved a special cash dividend of $0.92 per ordinary share or ADS, totaling approximately $177 million. Payable on or around December 15, 2025, to shareholders of record as of December 8, 2025. This distribution underscores our commitment to enhance shareholder value and reinforce investor confidence in our business model. Our strong cash generation ability enables us to return capital while continuing to invest in growth. This special dividend also demonstrates our conviction in the company trajectory and our dedication to reinforce market confidence in our long-term prospects. At this time, we will not be providing formal financial guidance. Our strategic focus is on key pillars that foster sustainable long-term shareholder value. We are dedicated to continuing product innovation and strategic brand investment to enhance market presence. At the same time, we are boosting operational efficiency to optimize resources and drive improved performance, positioning the company for agile and sustained growth. We are confident in delivering our long-term strategy and growth potential. We will be persistent with prudent management, strategic investment in future drivers, and a commitment to creating durable value for shareholders. We believe our solid financial foundation, clear strategic roadmap, and exceptional team will help us capitalize on long-term opportunities despite market dynamics. With that, I will turn the call back to the operator to begin the Q&A session. Operator, please go ahead. Thank you. We will now begin the question and answer session. To ask questions on the phone, please press star 11 and wait for your name to be announced. To cancel your request, you can press star 11 again. One moment for the first question. Our first question comes from the line of Xi Jie Lin from CICC. Please ask your question. 谢谢俊杰总和Aaron总。我是中金公司分析师林四姐。我的问题主要是，可否请您们阐释一下刚才CEO提到的这个高质量发展战略具体将如何执行。那我来翻译成英文。
