From Investing.com: 2024-05-17 11:41:59

we are well-positioned to meet the diverse demands of different markets. In terms of the impact of illicit products, it remains a significant challenge in the domestic market. As outlined in our press release, the market size of illegal products remains larger than that of legal products, which makes it difficult for us to track and monitor the situation effectively. The proliferation of illegal products poses a threat not only to us but to the entire industry. Moving forward, we will continue to work closely with Chinese and international authorities to crack down on illicit products and ensure a fair and healthy market environment for all players. Now, I will turn it over to our CFO, Chao Lu, for a deeper dive into our financial results.

Chao Lu: Thank you, Kate. Good day, everyone. I’m pleased to present our financial results for the first quarter of 2024. Revenue was strong with a total net revenue of RMB 552 million, marking our fifth consecutive quarter of revenue growth. We achieved a non-GAAP net income of RMB 208 million despite reporting an operating loss of RMB 52 million. Our results reflect the investments we are making in our growth initiatives, particularly international expansion and product diversification. These investments are critical to our long-term success and will continue to be a priority for us moving forward. We are optimistic about the opportunities ahead and remain committed to delivering value for our shareholders. Thank you for your attention, and we will now open the floor for questions.

Operator: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. If you have a question, please press *1 on your telephone keypad. Once again, that is *1 to ask a question. One moment please for the first question. Thank you.



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