Dear investors, good afternoon. Welcome all of you to join us for the Goldwind Science & Technology 2024 annual result announcement. Today, joining us are Mr. Wu Gang, Chairman; Ms. Ma Jinru, VP Board Secretary and Company Secretary; Mr. Wang Hongyan, CFO; and Mr. Chen Qiuhua, Group VP and GM of the Wind Power Industry Group. First of all, we're going to welcome Ms. Ma Jinru to work through the industrial development and operations of the company in 2024. Then we will have CFO Mr. Wang Hongyan to work through the financials of 2024. Then, according to the CSRC regulation guidelines, we're going to welcome Ms. Ma Jinru to work through the market cap management of the company. Now, Ms. Ma, please. Ladies and gentlemen, all the investors, I'd like to welcome you to join us for our annual results announcement. First of all, please allow me to walk you through the industry and our company first. Please go to slide 3. On slide 3, we do show the wind power industry worldwide. We can see global new installations in 2024 achieved 121.6 GW, growth by 3.9%, with onshore wind of 109.9 GW increased by 3.7%, while offshore totaled 11.7 GW, growth by 6%. On the right side, you can also see within the 121.6 GW new installation, around 70, close to 70 total, are coming from China, totaling 85.5 GW. You can also see that Brazil capped the third place in ranking with installation capacity of 4.2 GW in 2024. China recorded 79.8 GW of new grid connections, which include 75.8 GW from the onshore wind power and 4.0 GW from the offshore wind power. In 2024, the accumulated grid- connected wind power capacity totaled 520.7 GW, taking 50.5%. In the power mix, the thermal power declined to 43.1%. In terms of the total power consumption, it was 9,852.1 billion kilowatt-hours, increased by 6.8%. 991.6 billion kilowatt-hours of the wind power production represent an increase of 60% and the penetration rate of 10.1%. Twenty-seven member states of the European Union and the U.K. has an average wind energy share reached 20% in 2024. Especially for Denmark, you can see that the highest share of the wind at 56%. Where let's also take a look at utilization rate and the LCOE. The national average wind power utilization rate was 95.9%. Utilization rate was in six provinces and cities, even kept at a very low level, but still relatively lower compared with other cities and countries, but still in certain provinces. For example, like in Anhui and Fujian, and so forth, as well as Shanghai, Jiangsu, and Zhejiang, the utilization rate can reach 100%. The LCOE of the onshore wind has been dropped to a more competitive $0.019 per kilowatt-hour in 2023, reducing 59.6% in the past five years. We can also see that China's average construction cost of the onshore also continued to grow. Coming next, let's see that domestic public tender market totaled 164.1 GW in 2024, representing a 90% growth. The onshore public tender totaled 152.8 GW, and the offshore totaled 11.3 GW. A region, 80.5% of the tenders originated from the northern part of China, while 90.5% were in south. On the right side, in December 2024, the overall average building price for WTG supply in the market recorded RMB 1,527 per kilowatt. We also show you the policy support. The government actually released many supportive policies to continue to support a new mechanism for energy development and utilization and build a green and low-carbon economic system. First of all, the government is supporting a green and low-carbon economic system. For example, on January 11th, the Central Committee of the government has already proposed that in 2035, we're going to build a Beautiful China target, and China is going to hit the carbon neutrality in 2030 and a carbon peak in 2030 and a carbon neutrality in 2060. It also proposed that energy consumption and the carbon dioxide emission per unit of GDP were reduced by approximately 2.5% and 3.9%, respectively, and the proportion of non-fossil energy consumption will reach approximately 80.9%. On July 31st, the Central Commission of the Communist Party of China and the State Council issued the transformation of the economic and social development, and exclusively speaking, in 2030, the proportion of the non-fossil energy consumption in the whole society would increase to about 25%. Where at the same time, China also passed the energy laws, which has already started, and you see that the renewable energy substitution action, which aims to promote the construction of a green, low-carbon and recycling development economic system, and promote the formation of the green, low-carbon mode of production and lifestyles. Whereas we are accommodating new carbon control policies, you can see that by 2025, the new energy market consumption will account for more than 50%. By 2029, new energy will be fully participated in the market. We are going to build a dual control policy and management mechanism for carbon emissions and create a green environment for electricity consumption. On July 30, the government has already proposed the work plan to accelerate the establishment of the dual control system for carbon emission, proposing to improve the management system for energy conservation and the carbon reduction of the enterprises, and the corresponding regulations also be proposed. The government also promotes the development of decentralized wind power and opens up space for the development of the deep sea wind power. Especially, the State Council has already issued an action plan in promoting large-scale equipment renewal and consumer goods trade-in, and also promoting multiple measures of supporting industrial development. With all the support being available, the wind power industry in China is going to maintain a very stable growth and continue to hit the dual carbon goals in China. With such a backdrop, let's also take a look at our business. We have four points to share with you our business. First of all, you see that in the WTG manufacturing sells wind farm investment, wind power service, and other businesses. The WTG manufacturing and sales accounted for 68.87% of the revenue, and then 90.20% from wind farm development, 9.74% from wind power services, other business 2.19%. Last year, our WTG and the manufacturing sales being record a very good growth. We're consecutive years of the number one in China and consecutive 10 years of the top three in the world. By the end of last year, our accumulated WTG installation worldwide has already been 135 GW with 38 countries covered. Especially, we set up eight R&D centers with more than 800 patents and standards being made. Where if you take a look at our turbine sales, last year, our external sales reached 60 GW, a growth by 16.6%. Especially, we see 60% are above 6 GW, where 38% are for 4 GW runs, and we seldom have the capacity lower than 4 GW for sales. Let's also take a look at the backlog. By the end of last year, the company's total order backlog was 47.4 GW, the highest number in history. External order backlog was 45.1 GW, including 8.6 GW of successful bid and 36.4 GW of the side contract. An additiona, 2.3 GW were ordered for the company's own wind farm development projects. You can see that from the order mix, about 80% of those orders and backlog are above 6 MW. Where take a look at our North America, South America, Middle East, and Africa, Europe, Asia, and Australia markets. By the end of last year, our total installations worldwide has already been stood at a very good number. Especially, our total cumulative installation worldwide in overseas markets is already 8,780.6 MW, of which installations in North America, Australia, Asia, and South America exceed 1 GW. By the end of last year, our overseas external order backlog was 7,031.82 MW. Our overseas operating capacity was 433 MW. You can also see for grid connection, last year, the grid connection wind power project totaled 8,043 MW, of which 30% are in the northwestern region, 22% in North China. You can also see that altogether, we have under construction wind capacity at home and abroad totaled 3,764 MW. You can also take a look at the right side pie chart to know the distribution of those installations. At the same time, the company also well performed on wind power operation and service. Our self-run wind farm recorded 2,340 hours utilization, 230 hours higher than the national average in 2024. Because of our ever-improving technology and very good credit record and operational excellency, you can see that we also maintain a very good under operation capacity, reaching nearly 40 GW, an increase of 30% on one-one basis. The company also pay much attention to the sustainable growth of the company. We also with the great lead of the board to build a very strong structures for sustainable development. In 2018, we actually built our sustainable development plan. For the past few years, you can also see with such a great strategy to guide our work, we also continued with sustainable development. Sustainable development covering the following fields, including honest and compliant operations, green and environmental friendly operations, sustainable industry chain, fire and sound, work environment, harmonious community relations. We conducted furthering work by covering the fields mentioned above. For example, we do have some priority-wise work list every year for sustainable achievements. For example, last year, we have compiled and achieved the following goals. For example, we do have been awarded as Class A in 2024 information disclosure quality rating from SZSE. At the same time, closing rate of the compliance and reporting reached 100% for green and environmental friendly operation. We will always be maintaining carbon neutrality at operational level, including Scope 1, Scope 2. In 2024, 61.8% of our global production operation activities are being powered by green electricity. Last year, we had 10 plants pass ISO 50001 energy management system certification. Eight plants have obtained the national provincial certification for green factories. At the same time, you can see we also maintain the supplier of the wind turbine components responsibility audit rate reaching 100%. The major suppliers of Goldwind used 78% of green power for manufacturing wind power product, Goldwind product. No child labor, no forced labor, bonded labor, or human trafficking in Goldwind. We also have zero of the risks. At the same time, you can also see we established a science and practice base in four of our campuses located in Beijing, Xinjiang, Shandong, and Jiangsu. Last year, our cumulative volunteer work reached 47,346 hours. Last year, we engaged more than 1,000 teenage students to participate in Goldwind youth science popularization projects. Besides the sustainable development, we also have a more sustainable development in practice. For example, for low carbon wind turbine, last year, we have completed a life cycle assessment LCA for 12 turbine models. You can also see that the result of the emission per kilowatt hour throughout the entire life cycle of the Goldwind current available turbine units were down to 3.52 grams, less than 1% of the emission of a traditional thermal power source, demonstrating our commitment for sustainability and low carbon technology in these products. Where for green production operation, last year, we will be able to reduce electricity consumption by 6.55 million kWh per year and carbon emissions by around 3,949 tons per year. Regarding the wind turbine recycling, last year, we launched our development of the first GWBD-A recyclable blade. At the same time, it boasts over 97% of the recyclable materials in its composition. In 2024, our major supplier of Goldwind, used 78% of the green power in manufacturing the Goldwind product. Coming next, let me welcome my colleagues to introduce the financials. Ladies and gentlemen, I'm Wang Hongyan. Thanks for keeping an eye on the wind power industry. Thanks for being here for our annual result announcement. Let me just spend the following 10 minutes to walk you through our financials. I divided our financials into two parts. The first part is the profitability, then segment results, then operation index, and the solvency position. I will also share with you the cash flows, assets, so altogether five points for my financials presentation. From the color perspective, as Euro, gray represents 2023, and blue represents 2024. Slide 70, we show you our profitability index. In the upper right corner, we do show you our revenue. You can see that the full quarters in 2023 and the full- quarters in 2024, different color bands show different years. In other words, in 2024, we increased our revenue by RMB 6 billion. RMB 6 billion are coming from the WTG manufacturing industry. At the same time, for the profit margin, an altogether comprehensive profit margin was 30.8%, growth by 0.74%. At the same time, you can see that we also take our actions according to the requirement of the Ministry of Finance. The guarantee position has been classified into cost. That is the reason we made the further adjustment. On the right down corner, we also show the net profit attributable to the owners of the company. You can also see that at the same time, we further improved our key business and improved the GP margin greatly. At the same time, we also further improved the profitability by further optimizing the cost. The income tax being reduced by RMB 750 million. The profit structure has been further optimized. On the right down corner, we show you the weighted average return on equity. In other words, our ROE continued to be optimized. For 2024, the weighted average return on equity was 4.91%. Compared with the revenues, profit margin, and also net profit attributable to the owners of the company, and the weighted average return on equity shows robust performance. Let's now move to slide 90. Slide 90 shows you the segment result. Segment result was just following what has been practiced here with very detailed discussion. The first one is the turbine business, as has been introduced, the WTG manufacturing and the sales. Altogether, the revenue was growth by RMB 38.92 billion. The GP margin was also improving greatly. In 2024, for WTG manufacturing the sales, and we made a profit margin of 4.9%. This can demonstrate two things. The offshore and the overseas turbine revenue continue to expand its revenue. At the same time, you can also see that domestic onshore revenue slightly decreased. That is the reason the overall turbine GP margin has been improved altogether, increased by 5.43%. The second business, the second business is because of the energy development and energy storage development. That is the reason our revenue continued to be expanded. Our second business line was the wind power development. The installation capacity we have already mentioned. For the overall revenue of the wind farm development, it was RMB 10.85 billion. The profit margin decreased to 40%. It used to be 47.3% last year. You see that the electricity price continued to go down, that's the reason the profit margin has been pressured. Generally speaking, the wind farm development has always been a business contributor to most of the GP margins of the company. The third segment is the wind power service. Our wind power capacity continued to be improved. It was RMB 5.5 billion in 2024, used to be RMB 5.2 billion in 2023. GP margin was 21.5%, used to be 90.8% in 2023. Our wind power service business structure continued to be improved. We also made some strategic contractions of the business on the onshore and offshore, and also domestic and overseas EPC business, especially the overseas EPC business. We continue to concentrate on the after-sales service market. The last part is environmental protection business for water treatment solution. The reason is because some of the water facilities have been moved off the sheet. Some of them continue to improve the services. You can see revenue and profit of the other business maintaining a good growth. Now, coming next, let's go for slide 20, that is operation index. On the left side, we do show you the base of trade receivables. You can also see the company's trade receivables total around RMB 30.8 million, taking 20% of the total assets. The tenure of days was 181 days. In 2025, the company is going to shorten the days of the trade receivables to further improve the efficiency and production efficiency. On the right side, we show you the days of the inventories, including the inventories and the contracted assets and the total assets. We see a very nice improvement being made. Because for our company, in our inventories, many of them are the power plants. If you purely deduct the impact of the power plant products over the inventory, then the ratio was only 7%. Also, the turnover has been pretty impressive, reaching 82 days, which is a nice improvement. Let's now go for slide 20, that is the solvency position. On the left side, that is interest borrowing debt. You can see in Q1, Q2, interest borrowing debt to our total debt continued to go down. In other words, the debt structure has been further improved. The ever-improving debt structure also showcases our interest rate of the loans continue to be optimized. We also continue to see that the company's reserve for the interest borrowing liabilities, that is, the credit sales, will also be further improved. Especially last Friday, we got another credit. In other words, we will be able to sustain our future capital for the daily operations. On the right side, we show you the asset liability ratio. By the end of last year, the total asset liability ratio was 73.96%. Total asset was RMB 155.2 billion. The ratio has been slightly improved by phases because our business model is impacting the asset liability ratio. Asset liability ratio is a very important ratio to showcase the healthy business of the company. We are working very hard to improve the asset liability ratio. First of all, we optimize our business structures, trying to collect the receivables into payables into receivables. At the same time, to make sure we continue to improve the efficiencies of the liquid assets, including the receivable efficiencies, and further improving the reserve capital. For the non-current asset, we are controlling the interest borrowing liabilities, cost control, and fee control. The final slide is regarding the equity assets. We do have long-term strategies for our equities for the parent company. All in all, with effective measures and the risks being taken to context situation, in 2025, we're going to further downsize the asset liability ratio. Next slide, 22. On the left side, we show you the cash and the total assets. The cash-to-total-assets was 7.49%. Where you can see in Q2, Q3, and Q4, we do see a nice reduction due to two reasons. First of all, the company continued to further improve the use of the stock funds. For example, continued to leverage the tools to further improve its efficiency. From a safety perspective, we also increased the securities and the liquidity. At the same time, we have financing reserves that are ready for withdrawal on a quarterly basis. No less than RMB 40 billion has been ready for every quarter. On the right side, we also show you the net operating cash flow in millions. The net operating cash flow totaled a very nice number. At the same time, in Q3, we have a positive number, the same as Q4. The full- year operating cash flow is going in line with our expectation. Ladies and gentlemen, I show you the financials of the company in 2024. Thank you. Okay. Ladies and gentlemen, all the investors, please allow me to also walk you through the outlook of the company. You can see these are the data from IRENA, as well as the World Wind Energy Council. We can also see that according to IEA, according to the existing policy and condition, annual green renewable capacity will forecast to reach 935 GW in 2030, compared with 666 GW in 2024. The total global onshore wind power capacity additions is forecast to reach 846 GW. On the right side, GWEC expert of the global new expects that the global new offshore wind installation will remain promising. In the near future, a compound average growth rate would be 25% and 50 up to early 2030. New installation expected to exceed 40 GW in 2029 and 60 GW in 2032. Next slide. According to IEA, China's renewable energy capacity expand to be more than 3 GW, tripling growth of the last five years. Period. Solar PV and wind are forecasted to account for 97% of the renewable capacity additions in the next five years. On the right side, Wood Mackenzie's forecast that China's new grid- connected offshore wind power capacity will reach or exceed 72 GW annually. Just now, I already show you what's been done in 2024. Looking to the future, the company will also be committed for the sustainable development with five major practices and practice areas. For example, with honest and compliant operations, we're going to continue to improve our management to mitigate the risks. Where for the green and environmental-friendly operation, we're going to identify the climate change opportunities and risks, continue to decarbonize our business. On the right side, I show some key indicators. For example, by 2030, we have 100% of our global production and operations will be powered by green electricity. Where for this year, for the green power energy and carbon emissions, we're also going to show good improvement for further reductions. Starting from 2022, carbon neutrality at operation level would be maintained, including Scope 1 and Scope 2. For this year, we also established or disclosed our sustainable development report with Scope 3 being available. Where regarding the sustainable industrial chain, we not only develop ourselves, we also meet all the industrial peers for joint development. We're going to work with upstream and downstream for risk mitigations to support the overall industrial development. For this year, we're going to continue with the green supply chain social responsibility project. In 2025, our key suppliers are going to have 100% of the key products being produced by green power. I have already shared with you, and we have already started having the new material science engineering over the blade product. In 2040, all those products would be 100% recyclable and reusable. Regarding a fair and sound work environment, we are fostering a diverse, equitable, and inclusive work environment. House management programs will be provided for employees with the company. Regarding the harmonious community relations, we're going to work with the community we're operating in for the mutual and sustainable development. Ladies and gentlemen, here comes to the end of today's presentation and the prepared remarks. Now, according to the regulation of the Chinese regulator, we're going to share with you our market value or market cap management regulation. Let me just walk you through the background. By the end of last year, the China Securities Regulatory Committee has already released the number 10 document asking all the listed companies to well manage its market cap. I'm not going to take too much of your time. This market value management regulation has already been disclosed last Friday night, along with our performance report. We have followed the rules and regulations to further improve our market value and market cap, continue to improve our business operations, improving the value of investment, and return back to the shareholders, and also help to mitigate some non-compliant practice for the market value management. The fundamental principle is to be compliant, to be scientific, and also to be honest and trustworthy. Within our market value management, we are going to have the board chairperson and the senior managers and board of directors be a part of this management process. Our chairmen and senior management will participate in the investment activities to improve the company's capital market value. Our board secretaries will help to take care of the IR relationship, data disclosure, and media coverage management. For the market value management, we are focused on our key business, improving operational efficiency, profitabilities, and also considering all the possible ways. For example, the merchant acquisition, equities, cash incentives. We are also going to share with you some of the ways of further avoiding internal information leakage. The company will also keep an eye on the market shares, the PE ratios, as well as other ratios for the alerting system and the regiments. We fundamentally follow what has been proposed by the regulator in document 10 to well perform our market value management work.