Jeffrey Wang | Investor Relations Director |
Feng Zhou | Chief Executive Officer |
Lei Jin | Vice President of Operations |
Peng Su | Vice President of Strategies and Capital Markets |
Brian Gong | Citigroup |
Sheng Zhong | Morgan Stanley |
Alex Xie | Credit Suisse |
Jessie Xu | Nomura |
Binnie Wong | HSBC |
Good day and welcome to the Youdao 2020 Fourth Quarter and Full-Year Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Jeffrey Wang, Investor Relations Director of Youdao. Please go ahead.