Operator Hello, ladies and gentlemen. Thank you for standing by for NIO Incorporated's fourth-quarter 2020 earnings conference call. [Operator instructions] Today's conference call is being recorded. I will now turn the call over to your host, Ms. Eve Tang from capital markets and investor relations. Please go ahead, Eve. Eve Tang -- Capital Markets and Investor Relations Good morning and good evening, everyone. Welcome to NIO's fourth-quarter 2020 earnings conference call. The company's financial and operating results were published in the press release earlier today and are posted at the company's IR website. On today's call, we have Mr. William Li, founder, chairman of the board, and chief executive officer; Mr. Steven Feng, chief financial officer; Mr. Stanley Qu, VP of finance; and Ms. Jade Wei, AVP of capital markets and investor relations.