Hello, ladies and gentlemen. Thank you for standing by for LightInTheBox's First Quarter 2026 Earnings Conference Call. Operator instructions were provided. Today's conference call is being recorded. I will now turn the call over to your host, Ms. Serena Huang. Please go ahead, Serena.

Thank you, operator. Hello, everyone, and welcome to LightInTheBox First Quarter 2026 Earnings Conference Call. The company's earnings results were released via Newswire Services earlier today and are available on the company's IR website at ir.ador.com. On the call from LightInTheBox today are Mr. Jian He, CEO; and Mr. Suhai Ji, CFO. Mr. He will provide an overview of the company's Q1 highlights, followed by Mr. Ji, who will go over its financial results. Following our prepared remarks, we will open the call to questions. Before we proceed, please note that today's discussion may contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from the company's current expectations. To understand the factors that could cause results to materially differ from those in forward-looking statements, please refer to the company's Form 20-F filed with the SEC. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Please also note that LightInTheBox's earnings press release and this conference call include discussions of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. Please refer to the company's earnings press release, which contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures. Now I'd like to turn the call over to LightInTheBox's CEO, Mr. He. Please go ahead.

Good morning, and good evening, everyone. Thank you for joining LightInTheBox's First Quarter 2026 Earnings Call. We are pleased to report an exciting first quarter results. Continuing the turnaround from last year, we achieved our eighth consecutive profitable quarter and a record first quarter profit of $1.2 million since 2022. This compared with just a growth of $0.1 million in the first quarter of last year. Please note that Q1 is typically our weakest period due to the seasonality of our business. Q2 picks up significantly as the season goes into spring and summer. Q3 may come down a little and Q4 picks up again to be ahead of Christmas. We are also proud of the fact that Q1 marked our second consecutive quarter of year-over-year revenue growth with revenues returning to double-digit growth, increasing by 11% to $52 million. Our branded apparel business continued to gain strong momentum, growing over 81% year-over-year and already accounting for 24% of total revenue, up from 15% in the first quarter of 2025. These results reflect the continued successful execution of our strategy of evolving the LightInTheBox online platform into a consumer lifestyle company. By offering highly customized products that create the emotional resonance for festivals, holidays and special occasions, combined with our brand matrix strategy across women's fashion, golf apparel and light party dresses. We are driving stronger engagement and customer loyalty. In summary, we had a very good head start for 2026. With sustained profitability, disciplined cost control and our ongoing share repurchase program, we believe we are well positioned to pursue continued revenue and profit growth as well as greater shareholder value through the rest of 2026. With that, I will now hand the call over to Suhai to go through our financial results.

Thank you, Mr. He. Good morning, and good evening, everyone. Before we go over our financials, please note that unless otherwise stated, all figures are presented in U.S. dollars. As our CEO mentioned in his remarks, we delivered excellent first quarter results in 2026. In the first quarter, our total revenues were $52 million, up 11% year-over-year. Compared to the year-over-year decrease in the first 3 quarters of last year, this marked our second consecutive top line growth. We have successfully engineered a sustained business turnaround, not only on profit, but also on revenues. The first quarter gross profit was $34 million, up 10% year-over-year. Gross margin remained relatively stable at 65%. Total operating expenses in the first quarter increased 7% year-over-year to $33 million, of which fulfillment expenses increased by 5% to $4 million, reflecting the growth in top line revenues; selling and marketing expenses increased by 13% to $25 million; while general and administrative expenses decreased by 15% to $4 million. Total operating expenses as a percentage of revenue decreased from 65% to 63%. Our net income in the first quarter reached $1.2 million compared to just $0.1 million in the same quarter last year, marking a record first quarter profit since 2022. So overall, we had a remarkable turnaround year in 2025 and are continuing the progress and momentum going into 2026 as reflected in our Q1 results. We remain confident that 2026 will be another successful record-setting year. This concludes my remarks, and we are now open to your questions. So operator, please continue.

Operator instructions were provided. There are no questions at this time. I'll now hand back to Ms. Huang for closing remarks.

Thank you once again for joining us today. If you have further questions, please feel free to contact LightInTheBox's Investor Relations through the contact information provided on our website. Have a great day.