Ladies and gentlemen, I'd like to welcome you to join us for the Xinjiang Goldwind Science & Technology 2022 interim results release. All of you are muted. Right after the presentation, we're gonna start the Q&A. Now let's welcome the company representatives to do the presentation. Distinguished investor analysts, good morning, good afternoon, and good evening. I'd like to welcome you to join us for the Goldwind 2022 interim results release. Today, we are very happy to have our executives to meet all of you. They are the President, Mr. Cao Zhigang. VP, Board Secretary and Company Secretary, Madam Ma Jinru. VP, Mr. Chen Qiuhua, and our CFO, Mr. Wang Hongyan. The release will be divided in two parts. First, we're going to have Madam Ma to walk you through the presentation regarding the industry review and the business review. Later, we're going to have Mr. Wang Hongyan to walk you through the financial results. Later, we're gonna get into the Q&A session. Now, let's welcome Madam Ma, please. Okay. Distinguished investors, good afternoon, good morning, and good evening. I'd like to welcome you to join us for the 2022 interim results release. Please allow me to walk you through the market and business development of the company. Please turn to page 3. On page 3, we show you the global wind power market, including the new installation. The new installation and the onshore wind data is being all presented here. On the left side, you know that, in 2020 and in 2021, the global and the new installations been kept at a very high level, especially for last year. The new installation accounted for 96 point... 93.6 gigawatts, with onshore wind accounted for 72.5 gigawatts. China accounted for 51% of the total new installation. On the right side, it was showing you the global weighted average LCOE. You can see from 2010 to 2021, the average cost of the global onshore wind power declined by 68%. From the left side to the right side, it shows the biomass, hydro and PV onshore and offshore. You can clearly say that the PV for the past few years, their LCOE is decreased by 88% the same as the onshore one. The onshore one decreased by 68% in terms of the LCOE. Onshore power is probably the one with the lowest LCOE. Especially by the end of this year, the LCOE for the onshore resources has already reached $0.03 per kWh. We're coming back to China. You can see in the first half of 2022, the world new installations been up by 20%. By the end of June, you can see that the total grid connected wind power capacity total to 342.2 GW, taking 40% of the power mix. The thermal power decreased to 53.5%. On the right side, it shows you the electricity production. For H1 of this year, the total power consumption was growing by 2.9%. The wind power generation accounted for 331 billion kWh, representing a penetration ratio of 9.1%. As you can see, the utilization rate is still around 90.6%. As you can see, the domestic power it was growing very fast. The average utilization was 1,156 hours in H1 of this year, decreasing by 56 hours year-over-year. The domestic public tender market totaled 51.1 GW in H1 of this year. You can see in 2019, due to the rush to build, the public tender market in 2019 represent 65.2 GW. The other years also the declining trend. This also shows that in the 14th Five-Year Plan, people are very positive to support the public tender market by having the wind power installation. The offshore public tender accounted for 42.0 GW. The offshore represent 9.14 GW. 67% are in the northern part of China. 33% are in the southeastern part of China. Majority of them are the large industrial base and the centralized sourcing. On the right side, it also shows you the average bidding price in domestic China. You can also see that there are some very preferential policies benefiting the wind power industry. For example, the Implementation Plan for Promoting the High-Quality Development of New Energy in the New Era, and also the 14th Five-Year Plan for Renewable Energy Development. Especially on June 1, NDRC and NEA, along with other seven ministries and commissions, jointly launched the 14th Five-Year Plan for Renewable Energy Development, which proposes the main goal for the renewable energy development in the 14th Five-Year Plan. From this year on, the distributed development of the wind power also presents a very good growth. You can see the power reform also being started in China. We are going to build a unified national electricity market to further promote the reform of the energy industry. On the left side, in that map, it also clearly shows us the geographies of China and the wind power development projects in different geographies of China. Including the big projects and the distributed power generation projects in different parts of China. Based upon such a backdrop, let me just walk you through our business review. Our business including four parts, WTG manufacturing sales, wind farm development, wind power service and other services. Regarding the turbine business and the sales was going up by 37.8%. I was just showing you the data, and you can also say that 3S and the sales is around 2,333 megawatts and representing 57.1% of the total sales, with an increase of 102.5% year-on-year basis. Talking about the backlog we have by the end of June, and our total order log backlog is around 24.1 gigawatts. The significant contracts are 15.5 gigawatts. On the right side, as you can see, PMDD turbine reached 40.7 gigawatts, with the highest proportion of the 60% in order mix. This is also another slide in showing the global business expansion. You can clearly see that from the backlogs being distributed in different parts of the world, along with our wind farms. According to the backlog, Asia, they have a decent backlog accounting for 1,157 MW. We have South America and also Australia that are also developing very fast. You can see we also have attributable under construction capacity total of 5,581 MW, which are mainly located in Australia. Let's also take a look at the wind farm. By the end of June, our companies attributable grid-connected wind power projects accounted for 6,135 MW, representing 29% in North China, 26% in East China, 25% in the northwestern part of China. The rest are very small. From January to June, we newly added 350 MW to the attributable grid-connected wind power. The total sales is around 283 MW. On the left side, it also shows you the grid-connected by region under construction. Northern part represents 30% of the under construction wind farm. Let's also take a look at the utilization rate. For H1 of this year, our sales from wind farm record 1,270 hour utilizations, 140 hours higher than the national average. Generally speaking, to say that the number was somewhat lower than the same period of last year, so the same as what we pulled from the national capacity utilization hour. The wind power service also did grow decently, and you can see that our installed fleet and O&M experience, the wind power service business grow steadily and the operational capacity totaled 25.3 GW, representing 48% year-on-year basis growth. Let's welcome Mr. Wang to walk you through the financials. Ladies and gentlemen, dear investors. Coming next, please allow me to walk you through the financials of our interim results. Just now, Madam Ma has already walked you through the environmental development and also the public tendering price changes. You can see that the turbine market, the price was going down very much. The average price was being decreased from more than 3,000 CNY per kilowatt hours to around 1,800. The price decrease is more than 50%. Well, for Goldwind and we're in the stage of launching the new product. You know that we have a big work to do regarding the product delivery. We are talking about the first half of this year. You can see that compared with the same period of last year, you know, for H1 of this year, actually, our revenue for the first half of this year totaled around CNY 60.512 billion. Let's also take a look at the GP margin. Last year, the number was 28.35%. Well, for this year, in H1, it was 24.72%, reduced by around 3%. The net profit attributable to the owners of the company used to be around CNY 2,031 million. This year it's only CNY 920 million. We did average return on equity. Last year, the number was 8.03%. Well, for this year it's 5.63%. Generally speaking, you can see that for all these 4 profitability indicators, they are all on the downtrend. Please go to the next page. This page shows you the segmental results, and that is also regarding our business distribution. For the WTG manufacturing sales, and even if the total sales was on the uptrend, but the sales price was decreasing, and especially right after the rush to build last year. We also see great changes in the turbine manufacturing itself. The offshore business only accounted for 3% of the total WTG manufacturing sales. You can see that, the sales was increasing, but the revenue was not increasing accordingly. You see that the sales revenue was decreasing a lot. At the same time, the GP margin was decreased by 7.75%. In our interim results, we also emphasized the product, and it accounted for the 8.1% of the growth. Because you know that, the total pricing in the whole market was only decreasing for the turbine product. Generally speaking, the turbine business or the TB, WTG manufacturing sales performance was under expectation. Besides the WTG manufacturing results, wind power service, wind farm development and other business, they are all hitting our target. Wind farm development, even if we have the decrease in wind resources, has been mentioned by Madam Ma. You can see that generally speaking, the utilization rate hours being decreased. For H1 of this year, because the installations being increased by 20%. Generally speaking, we know that our wind farm being greatly improved. Generally speaking, you know, the wind farm development, the total revenue accounted for CNY 3,494 million and the GP margin being kept as 68.29%. That's for the wind farm development business. We are talking about the wind farm service. Wind power service is hitting our expectation and also further optimize the business. O&M, and you can see that it was growing very fast. Whereas for other business, you can see the EPC business in and outside China been shrinking. We also started to have the high value added, the wind farm development and wind farm O&M business. You can see the non-O&M business has been further optimized, which further contribute to our scorecard. That's the reason we can stabilize the revenue for the wind power service. Altogether, you can see that the revenue grow by 70.5%, reaching CNY 1,934 million. The GP margin was 90.81%. We are talking about other business. Other business was also hitting our expectation and the revenue is being further optimized. For example, the operations being greatly improved. The reason is because we have a value-added asset and also the water price and the water resource being done by our internal factory. You know that the total revenue is being greatly improved for the other business and the revenue mix being further optimized. Just now, I just share with you the segmental results of the financials. Talking about the assets and liabilities, there are two tables I'm going to share with you regarding the solvency position. For the asset and liability, generally speaking, the structure is being taken, hitting our expectations. For the asset and liability ratio, it was 69.22% for H1 of this year. By the end of last year, this number was 69.01%. You know that our company's asset and liability ratio maintained below 70%, lower than the industrial average. We still have the AAA credit rating. Whereas at the same time, our interest-bearing and the non-interest-bearing liability has a healthy mix. You can see current and quick ratio is being also stabilized. Generally speaking, for our asset and liability and our cost, indicators are hitting the expectation of the company. We're talking about the cash flows. On the left side, it shows you the net operating cash flow to revenue. It also shows our industrial features. Q1 and Q2 are actually in the backlog preparation and payment period. For turbines, fewer have been delivered in H1 of this year. Generally speaking, net operating cash flow would be a negative number in H1, and then it's gonna be leveled down in Q2. In Q3 and Q4, we're going to deliver more turbines and the net operating cash flow would then be a positive number in Q3 and Q4. Our net operating cash flow really works with the seasonality changes of the whole industry. On the right side, it also shows you the cash to total assets. Compared with the industrial average, we are also on the healthy optimization track. Because the chart will show the data in Q1, Q2 of 2021, and you can see the ratio of the cash to the total assets. Last year it was 0.01%. Whereas for this year and by the end of June, the ratio of the cash to total assets was 5.99%. Generally speaking for this year, we believe we have a stable performance and optimized performance regarding the cash to total assets. That's all for the financials. I'd like to thank all the investors. Thank you. Okay. Thanks to Madam Ma Jinru and Mr. Wang Hongyan for the presentation and financials.