Hi. Good morning, everyone, for those who are based in China and Hong Kong, and good evening for those based in the U.S. This is the 2025 WuXi AppTec Results Call. My name is Laurence Tam. I'm a China Healthcare Analyst at Morgan Stanley. We're honored today to have the full team from WuXi AppTec to present the 2025 results in English. The format of the call will be two parts. First, I'll let management go through their prepared remarks. You can refer to the slides on the webcast. Then the second part will be a Q&A session. To ask questions, simply open the link that was sent to you during the registration, and you can type your questions into the Q&A box at the bottom of the window. You can also send me your questions at the following email, laurence.tam@morganstanley.com, and I'll repeat your questions to management. With that, let me now pass it on to the Head of IR at WuXi AppTec, Ms. Ruijia Tang, to introduce management and to start the prepared remarks. I'll pass it on to you, Ruijia. Thanks. Okay. Thank you, Laurence. Welcome, everyone, to WuXi AppTec's 2025 Annual Results Conference Call. We released our financial results last night and have posted the latest on our company website. During today's call, we will make forward-looking statements. Although we believe that our predictions are reasonable, future events are uncertain, and our forward-looking statements may turn out to be incorrect. Accordingly, you are strongly cautioned that the reliance on any forward-looking statements involves known and unknown risks and uncertainties. In addition, to supplement the company's consolidated financial statements presented in accordance with IFRS, we provide adjusted non-IFRS financial data. We believe the adjusted financial measures are useful for understanding and assessing our core business performance, and we believe that investors may benefit from referring to these adjusted financial measures by eliminating the impact of certain unusual and non-recurring items that are not indicative of the performance of our core business. However, these adjusted measures are not intended to be considered in isolation or as a substitute for the financial information under IFRS. All IP rights and other rights pertaining to the information and the materials presented are owned by WuXi AppTec. Audio recording, video recording, or disclosure of such materials by any means without the prior consent of WuXi AppTec is prohibited. This call does not intend to provide a complete statement of relevant matters. For relevant information, please refer to the company's disclosure documents and information on Shanghai Stock Exchange, Hong Kong Stock Exchange, and the company's website. As usual, in today's call, there will be Q&A session after our presentation. Please kindly share with us your name and institution before asking questions. With that, please allow me to introduce our Co-CEO, Dr. Minzhang Chen, to present our 2025 annual results. Minzhang, please. Thanks, Ruijia. Good morning, and good evening. Thank you for joining our 2025 annual earnings call. We will begin on slide five. In 2025, WuXi AppTec beat full year guidance and achieved a record performance in both revenue and the profit. Total revenue achieved RMB 45.46 billion. Notably, revenue from continuing operations grew 21.4% year-over-year to reach RMB 43.42 billion. Our adjusted non-IFRS net profit grew 41.3% year-over-year to RMB 14.96 billion, with non-IFRS net profit margin further improved 5.9 percentage points year-over-year to 32.9%. Next slide, please. The company remains focused on enhancing our core capabilities and the capacity to better meet customer demand. With continuous capacity expansion, by end of 2025, our backlog for continuing operations reached RMB 58 billion, growing 28.8% year-over-year. This does not include business operations we sold or discontinued, such as clinical research services. Next slide, please. Slide seven shows our diversified revenue streams of continuing operations. Based on customer headquarters, revenue generated from U.S. market grew 34.3% year-over-year. Japan, Korea, and the other regions grew 4.1%. Europe and China saw some decline, mainly due to fluctuations in project delivery timing. This diversified revenue structure reflects our global footprint and the capabilities to enable healthcare innovations. We believe it will continue to underpin the stability and the resilience of our performance. Slide eight, please. As an enabler of innovation and a trusted partner and a contributor to the global pharmaceutical and the life science industry, the company continues to drive sustainability, embrace initiatives with sustained recognition by leading global ratings. In 2025, we achieved our first MSCI AAA and CDP Climate Change A ratings, maintained CDP Water Security A and EcoVadis Gold Ratings, and were included in the S&P Global Sustainability Yearbook for the fourth consecutive year. Meanwhile, our near-term greenhouse gas emissions reduction targets have been successfully validated by SBTi. As a committed UNGC participant and a PSCI supplier partner, we actively embrace global initiatives and are dedicated to integrating sustainability into our business strategy and operations. Next slide, please. For over two decades, WuXi AppTec has remained steadfast in our commitment to safeguarding customers' IP and adhering to the highest standards for quality and compliance. In 2025, we completed 741 quality audits and inspections from global customers, regulatory authorities, and independent third parties, as well as 60 information security audits by global customers. This means on average, we welcome three quality audits per day and over one information security audit per week, all with no critical findings. Currently, 20 of our main sites are ISO/IEC 27001 certified, covering all main sites in China. IP is the lifeline for both our company and our customers. We uphold integrity as our foundation and enforce a zero-tolerance policy against any infringement. This is our core value and our highest responsibility and commitment to our customers. Now let's move on to the segment performance. Please turn to page nine. WuXi Chemistry's CRDMO business model drives continuous growth. In 2025, WuXi Chemistry revenue grew 25.5% year-over-year to RMB 36.47 billion. Benefiting from continued process optimization and enhanced capacity efficiency, driven by the growth of late-stage clinical and the commercial products, our adjusted non-IFRS gross profit margin steadily improved 5.9 percentage points year-over-year, reaching 52.3%. Our small molecule drug discovery, our business continues to generate the downstream opportunities. In 2025, we have successfully synthesized and delivered over 420,000 new compounds to our customers. Meanwhile, 310 molecules were converted from R&D phases in 2022. As we continue to strengthen the capabilities of our integrated CRDMO platform, we consistently enhance the internal conversion of molecules at the different stages. Our small molecule D&M business remains strong, and the small molecule CDMO pipeline continued to expand. In 2025, small molecule D&M business revenue grew 11.4% year-over-year to RMB 19.92 billion. Meanwhile, the company continued to build small molecule capacity. In 2025, our Changzhou, Taixing, and the Jinshan API sites all successfully passed FDA on-site inspections with no single observation. By year-end, total reactor volume of small molecule APIs reached over 4,000 m³. WuXi TIDES, our new modalities business sustains rapid growth. With a sequential ramp-up of new capacity released in 2024 and 2025, TIDES revenue almost doubled to reach RMB 11.37 billion in 2025. As of year-end, TIDES backlog grew 20.2% year-over-year. TIDES D&M customers increased 25% year-over-year, and its number of molecules increased 45% year-over-year. In September 2025, we completed Taixing peptide capacity construction ahead of schedule. The company's total reactor volume of solid-phase peptide synthesizers has reached over 100,000 L. Next page, please. Driven by following the molecule and the win-the-molecule strategies, WuXi Chemistry's small molecule CRDM pipeline efficiently converts and captures high-quality molecules and delivering sustained business growth. This reflects our customers' strong trust in our technical capabilities, our service efficiency, and our quality system. In R- stage, we delivered more than 420,000 new compounds in 2025, representing a significant scale. At the same time, the complexity of these molecules continue to increase, demonstrating the sustained demand from early-stage R&D customers for high-quality services. Building on this strong foundation, we continue to enhance the synergy between our R&D capabilities by strengthening the conversion of molecules from R to D. The new compound synthesized in R- stage serve as a continuous funnel, driving downstream demand for our D&M services. Moving to the D&M stage, we added 839 molecules to our pipeline in 2025, with 310 of them converted from R to D. As of year-end, our small molecule D&M pipeline reached 3,452 molecules, including 53 commercial projects, 91 in phase III, 377 in phase II, and 2,901 in phase I and the preclinical. Notably, commercial and the phase three projects increased by 22. As our late stage pipeline grows, the complexity and the quality of molecules continue to grow. This deepens our collaboration with customers and lays solid foundations for sustained long-term growth. The next page, please. Our TIDES business has maintained a rapid growth over the past few years. In 2025, TIDES revenue grew a strong 96% year-over-year to reach RMB 11.37 billion, nearly double. We have been continuously enhancing our capabilities and capacity to better meet customer demand. Now I will hand over to our Co-CEO, Dr. Steve Yang, to talk about WuXi Testing and WuXi Biology. Steve, please. Thanks, Minz hang. Please turn to slide 14. In 2025, WuXi Testing revenue returned to positive growth, increasing 4.7% year-over-year to RMB 4.04 billion, of which revenue from drug safety evaluation service grew 4.6% year-over-year, maintain its leadership position in Asia Pacific. Adjusted non-IFRS gross profit margin declined year-over-year as the impact of market pricing were gradually reflected in revenue through backlog conversion. However, with our differentiated capabilities and enhanced operation management, margins continue to improve sequentially quarter-over-quarter. We actively enable customers in global licensing deals, supporting nearly 40% of the successful out licensing project from Chinese customers since 2022. Our new modality business continue to expand, with revenue contributions exceeding 30% in 2025, maintaining a leading position in multiple areas. Meanwhile, we continue to advance automation. Our DMPK team launched a proprietary all-in-one compound identification software solution, improved efficiency by 80% in spectral interpretation and the metabolite identification for nucleic acid and the peptide test articles. Finally, in 2025, our Suzhou and Shanghai facilities successfully passed multiple regulatory inspections by FDA, by OECD, NMPA and the PMDA. This underscores the high quality of our GLP operations and our quality systems. Let's turn to slide number 15, please. WuXi Biology follows the science, strategically builds differentiated capabilities in emerging areas, and we actively expand our global customer outreach. This allows us to efficiently generate downstream opportunities for our CRDMO, continuously contributing more than 20% of our new customers. We efficiently enable global customers through our integrated in vitro and in vivo drug discovery capabilities for biology, the cross-regional collaboration, and end-to-end solutions in emerging areas. WuXi Biology revenue resumed the positive growth in 2025, growing 5.2% year-over-year to RMB 2.68 billion. The adjusted non-IFRS gross profit margin was 36.9%, down 1.9 percentage points, reflecting market pricing dynamics. We closely follow market conditions with a flexible pricing strategy, maximize our value in generating downstream opportunities. Our revenue growth was driven by advancement in our comprehensive, in vitro screening platform and enhanced in vivo pharmacology capabilities. Our non-oncology, in vivo business maintain a competitive edge, serving as a key growth contributor to WuXi Biology. Our new modality business continue the momentum with the revenue contribution exceeding 30% in 2025, supported by rapid new customer expansion in multiple areas. Now I would like to turn the call to our CFO, Florence, to discuss our financial performance. Florence, please. Thank you, Steve. Let's turn to slide 17. We would like to recap on the company's financials. In 2025, we beat our full year guidance and achieved a record high performance in revenue, profit and the cash flow, all aspects. Thanks to the visibility provided by our CRDMO business model, we proactively planned our capacity and the capabilities. As new capacity ramp up efficiently quarter- over- quarter, we timely supported the growing demand from late stage clinical and the commercial projects. Meanwhile, we continued to drive quality growth, strengthen our technological expertise, and improve operational efficiency. In 2025, our adjusted non-IFRS gross profit reached RMB 21.89 billion. Adjusted non-IFRS gross profit margin expanded to 48.2%, up 6.6 percentage points year-over-year. Adjusted non-IFRS net profit grew 41.3% to RMB 14.96 billion. Correspondingly, adjusted non-IFRS net profit margin improved by 5.9 percentage points to reach 32.9%. Net profit after deducting non-recurring items grew 32.6% to RMB 13.24 billion. Net profit attributable to the owners of the company surged 102.6% to RMB 19.15 billion. Building on our robust business growth, we sharpen our focus on the CRDMO core business and continue to enhance our investment management capabilities. This resulted in pre-tax investment gains exceeding RMB 8 billion in 2025, further boosting our net profit attributable to the owners of the company. Consequently, our diluted earnings per share reached RMB 6.61, more than doubling year-over-year. Please turn to slide 18. With sustainable business growth, particularly the rapid increase in late-stage clinical and commercial projects, combined with enhanced operational efficiency and financial management, our 2025 adjusted operating cash flow reached a record high of RMB 16.67 billion, growing 39.1% year-over-year. This fully demonstrates the sustainable momentum driven by our high-quality molecules and projects. We continue to actively advance our global capacity expansion as planned with CapEx payment of RMB 5.54 billion in 2025. Now, I'd like to hand over to Minz hang to share the company outlook. Minz hang, please. Okay, please turn to slide 20. Okay. We remain focused on our unique integrated CRDMO core business, accelerating the growth of our global capabilities and capacity. We provide highly efficient and exceptional services to our customers, benefiting patients worldwide and driving long-term growth. We will also drive the O in our CRDMO model, operations. By driving optimized management and operations, we aim to continuously improve efficiency and strengthening organizational resilience to navigate dynamic market conditions. With customers' ongoing demand for enabling services, our CRDMO business model and the management execution, the company is confident to sustain rapid business growth. We expect total revenue to reach RMB 51.3 billion-RMB 53 billion in 2026, with continuing operations revenue growing 18%-22% year-over-year. By continuously driving quality growth, realizing scale efficiency, and enhancing operational excellence while proactively managing new capacity ramp-up and exchange rate challenges, we are confident in maintaining a stable and a resilient adjusted non-IFRS net profit margin in 2026. Finally, our CapEx for 2026 is expected to reach RMB 6.5 billion-RMB 7.5 billion. Along with business growth and efficiency improvements, we expect adjusted free cash flow to reach RMB 10.5 billion-RMB 11.5 billion. Next page, please. While accelerating the growth of our global capacity and the capabilities, we remain committed to rewarding shareholders and actively upholding the company's value. The board proposes a cash dividend distribution plan totaling a record RMB 5.7 billion in 2026. Specifically, we plan to maintain the 30% annual cash dividend payout ratio, expecting to distribute 2025 dividend of RMB 4.71 billion, while continuing our interim dividend plan of RMB 1 billion in 2026. To continuously attract and retain top talents, we propose the 2026 H share incentive trust plan. Under this plan, no more than HKD 1.5 billion worth of H shares will be granted if 2026 revenue reaches RMB 51.3 billion. An additional HKD 1 billion worth of H shares will be granted if revenue reaches RMB 53.0 billion or above. This aims to strengthen management and resilience and align our team for long-term shared growth. Importantly, all underlying H shares will be purchased in the open market at prevailing market prices with no dilution to existing shareholders. Thanks for your attention, and we are now open for questions. Thanks a lot, Doctors Chen and Yang, Florence, and also Ruijia. We will now enter the Q&A session. Once again, I would like to remind investors that if you would like to ask a question, please type into the Q&A box on your screen within the window. You can also send me your questions at the following email, Laurence, L-A-U-R-E-N-C-E. T-A-M @morganstanley.com. We apologize if we couldn't get to all of your questions within this call 'cause we have a lot of questions in the queue. Let me start off with the first question. First of all, let me congratulate management on a fantastic 2025 and a very positive 2026 guidance. Obviously, this year there's a lot of uncertainty in the markets, and also we have experienced a lot of volatility. Despite that, the company delivered a very positive 2025, and a continuous operations revenue growth range expected for 2026 of 18%-22%. Which means that the midpoint is 20% growth in 2026 for continuous operations, which gives investors a lot of visibility. One of the key concerns this year from investors for the CXO industry is the exchange rate. Year- to- date, the U.S. dollar has depreciated against the RMB. So the first question is, in the context of this renewed guidance, how does management think about the impact of currency exchange? What is your outlook or guidance for each of the three business units? Thanks. Yeah, thanks. We do consider the FX movement and the challenges. I also would like to appreciate everyone recognize, even with not only the FX, but with all the complex and the volatility in the macro environment we are navigating, every company navigating today, we still provide a very clear and a narrow guidance range of our total revenue, which is only about, like, 3% of our top line at the beginning of the year, which is pretty consistent with our historical practice. Basically, that reflects the strong visibility in our CRMO business model and our confidence in our execution capabilities, same as our the management capabilities on the FX movement as well. Thanks a lot, Ruijia. The second question is a little bit on geopolitics. Obviously, the situation in the Middle East has escalated in recent weeks, and investors are worried about the rise in oil prices and the impact on raw material costs. Your margins improved significantly last year, and this year guidance is that margins would be stable. How would you think about the impact of geopolitics and oil prices on your margins going forward? I will comment on the cost fluctuations could be impacted. First of all, our global operations are running smoothly as usual. We acknowledge there are potential risk to certain upstream raw material cost, but it takes time to transmit through the broader supply chain. We haven't seen any direct or quantifiable impact on our operations or cost, but we will closely monitor the situation and the market dynamics as everyone did. We have a mature and diversified procurement network in place in the past 25 years. On top of that, we are constantly optimize our manufacturing process, driving operational efficiency, which help us focus on the certainty of meeting the customer demands and needs, and remain committed to deliver exceptional services. Thanks, Florence. We have Q&A and investor questions now. I will first start with two questions from Goldman Sachs, Ziyi Chen. His first question is, the company continued to be highly committed to TIDES' CapEx. He would like to understand a bit more on the pipeline behind the CapEx budget beyond injectable peptides, which has been a key driver in the past few years. What would be the next key modalities that could potentially be the new focus, for example, siRNA, antisense oligos, oral peptides or any new modalities that biopharma is thinking about at the early stages? Thanks. Well, so not right now, you know, the modalities, there are many modalities, you know, it's a combination. There is no single modality that says, "Okay, replace all." We have small molecules, you know, we have peptide, and then we have oligos, and then we have, you know, all kinds of conjugates. Currently, you know, the demand for peptide itself is so high, so we are continuing to build the capacity and to meet the market demand for the peptide. At the same time, we're also seeing oligo, you know, oligonucleotide, is growing. Although the market is still small, but we see that there are many molecules in the pipeline. Also, you know, it's going from a rare disease now to a very broad, general disease. The growth will be fast. Small molecule. You know, small molecule, now the molecule become more and more complex. To manufacture large scale, very complex molecule, need very technical capabilities as well as manufacturing capacities to meet the market demand. We are doing all this. Thanks, Dr. Chen. Ziyi's next question is there's been some debate on what will be the impact of pharma's announced big CapEx on building internal capacity, particularly in the U.S. What is WuXi AppTec's view on that? Have you sensed any change on client outsourcing strategy in the past six to 12 months? Well, you know, in the pharmaceutical industry, you know, historically, all the pharmaceutical, you know, all the APIs drug products are manufactured internally. Then, you know, some of the work is done by the CMO, CDMO. This has been, you know, a long history. It's nothing new that, you know, the large pharma is also manufacturing internally. Nothing new. You know, we just committed to continuously improve our capabilities and to invest in capacities and, you know, provide the best service and meet the customer needs. Thanks, Dr. Chen. The next few questions are coming from Michael Luo of CLSA. His first question is, can WuXi AppTec give us some color on the current utilization rate of the company's 4,000 m³ small molecule- We had opportunity to work with many leading companies in this space. While they may have models that has the potential to generate a new hypothesis, at this stage, most of those model requires high quality data, and we are uniquely positioned to provide those data. This is actually a driver to more business for our Biology and Testing business. Finally, we believe for our CRDMO model, with more advancement in ability to unlock either target space or come with new hypothesis to design molecules, it will only accelerate the flow of new ideas into project start. That will ultimately benefit the funnel, the CRDMO funnel, and in a world where research and discovery become even more globalized and decentralized. Thanks, Dr. Yang. So now we have two questions coming from Chen Chen of UBS. First, U.S. FDA has announced that it plans to drop the standard requirement of two phase III or pivotal trials. Instead, the FDA's default position will be for one phase III trial for drug approvals. Do you think that it would accelerate drug approvals and benefit your new orders growth? I will start and then invite Minz hang for additional comments. First of all, any regulatory streamline process will benefit patients. Secondly, any acceleration in clinical development potentially will drive more demand and more timely demand for drug substance and drug product to supply clinical trial. If that shortens the clinical development timeframe, it will help actually accelerate the commercialization drive. You know, we think all of those initiatives shorten the time to patients will be beneficial for our CDMO model. Minz hang, any additional comments? No, I think that's well said. Yeah. Thank you, Dr. Yang, Dr. Chen. Her next question is, one of your biggest clients announced a 10-year plan to invest $3 billion in expanding its oral dosage supply chain in China, focusing on oral GLP-1 manufacturing. One of your peers, a CDMO, has received part of this investment, actually $200 million initially. Do you think you can also benefit from this multinational's investment in China, and to what extent? Well, we all know that you know GLP-1 drugs, no matter it's peptide or small molecule, has a huge demand. This announcement, this investment just further proved that yes, you know, the demand is very high for the molecule. Because of the, you know, demand is very high, and you know, we are the major player in this field. We believe that we will benefit from the opportunities. I don't want to comment on the specific partnership or collaborations, but you know, the $3 billion investment right now is only $200 million accounted, so you know, when spend the rest? Yeah. Thanks, Dr. Chen. Yeah. Okay. Sorry. Anything else? Yeah. Yeah, that's it. Yeah. Thanks. The next question comes from Yang Huang of JPMorgan. What is WuXi AppTec's positioning in oral small molecule GLP-1 CDMO business? Well, we have very double-digit growth last year, and we are accelerating the growth for the small molecule this year. You know, part of the contribution of this growth is from the GLP-1 small molecule. Okay, his next question is, it seems that small molecule D&M business will have better growth in 2026 versus 2025. What would be the main drivers for that? Well, it's just demand, high demand, because the drug will be approved this year, I believe. Yeah. Okay. Next we have two questions coming from an investor from Franklin Templeton. Hi, this is Harry from Franklin Templeton. Congrats on the robust performance. So firstly, what is the revenue breakdown? What is the mix do you see, and how do you see the geographical mix changing? Growth obviously is very strong in the U.S., while Europe and China are showing some recovery. Let's first address this question. Florence, do you want to comment on the mix? Oh, okay. Yeah. I think because we follow the customer, follow the molecule and follow the science. The geographic revenue growth really demonstrate the where the innovation come from, where the customer need our capabilities and the capacities. We do see the strong growth from across all the regions. We believe that we can better deliver and execute in 2026. Thanks, Florence. We see the PO growth across all the regions for 2025. We believe that's growth for all the regions in 2026. Particularly, you know, the strong growth last year in U.S. That's why the percentage of the other regions relatively become smaller. We expect the growth for all regions this year. The small decline in China and Europe last year was mainly due to the delivery schedule of some large projects. The growth momentum is there. Yeah, I think that's basically proof we have very good position everywhere. We continue to see the strong growth in the U.S., in China and Europe and all the other regions. Okay, thanks. His next question is on the TIDES business. How do you see sustainability of its growth? Yeah. The largest product that we're making, you know, the forecast, the demand will continue to grow in the next many years by market forecast. The demand will continue to grow. Also, you know, we also are working on quite a few late phase very promising projects, which potentially could be, you know, a big product as well. Yeah, go one more step back, we are CRDMO, so we have a very big pipeline, not only in small molecules, but also in peptides and also in oligonucleotide. We have a pipeline, and that pipeline continue gonna funnel the product into the late phase and the commercial products, and that's where our sustained long-term growth come from. Okay. On oligonucleotides, what is WuXi AppTec's differentiation from the other oligo CDMOs or manufacturers? Yeah. Like all other modalities, like peptide small molecule, if you can find a place that has quality, speed, cost, technical capability and the capacity, you tell me. Yeah. Yeah. I think it's the same. We, you know, we put all this together, and I think that's our unique advantage. His last question is, can you give us some color on the general timeline that it takes for a new facility to be built and to contribute in a meaningful way to earnings? In China, we can do that in less than 12 months from start to fully operational. Thanks. We have two questions next coming from Nomura's Jialin Zhang Firstly, what is the range for the TIDES business gross margin? Do we calculate over 60%? Is this about the right range or and how should we think about the margin trend for TIDES? Well, I don't believe we disclose the margin for TIDES. Florence, can you answer that? Yeah. We don't disclose the specific margin. I think the margin naturally reflects our capabilities, capacities and the value creation to the customers. Okay, thanks. His next question is, how is the current Middle East situation or conflict impacting the company's investment view in Saudi Arabia in the midterm? As I already mentioned earlier, we don't see any near-term disturbance changing our long-term strategy. Our long-term strategy is strengthen CRDMO, DMO model, build global capacity wherever there is customer need. We continue to engaging with stakeholders in Saudi Arabia and proceed with evaluation of different localization options. Those continue to proceed based on our plan. Thanks, Dr. Yang. Next we'll go to Citi's John Yung. You initially guided continuing operations revenue to grow 10%-15% for 2025, and you delivered 21%+. Now, the same guidance for 2026 is a range of 18%-22%. Should we also expect this guidance to be prudent and that you are confident to beat it? Rather than calling our guidance prudent, I would view it as responsible to the market, right? I appreciate you track our records. We are navigating a lot of the complex and volatile macro environments today, but we do have the confidence to execute the guidance we provided to the market. Of course, we will closely monitor and give the update timeline to all investors if we see any different situation. Thank you, Florence. Next we'll go back to Ziyi Chen's question. 2026 guidance has been very clear and exciting. He would like to understand the growth sustainability a bit more. What is the reasonable growth expectation beyond 2026, when the TIDES business will be slowing down, given the large base and key projects, product cycles? What could be the key growth driver beyond 2026? I think we have the confidence to keep the sustainable growth. Basically we follow the molecule, and the CRDMO model really give us the confidence. We will continuously capture the high-quality molecule and follow the science. We do have the capabilities and the capacities to better serve our customers. Going back to Nomura's Jialin Zhang, he has a follow-up question. Can management help us understand the competitive landscape of siRNA CRO space and the growth outlook? How much will it contribute to the current TIDES segment? Minzhang, would you like to? Well, there are- No. Yeah, there are many players out there that has, you know, providing the CDMO service on the oligonucleotide pipeline, specifically, I think as siRNA. Also siRNA is a very, it has a very large percentage in our pipeline as well. Like I said, you know, we continue to focus on the service we provide, and we continue to focus on, you know, the quality of service, the capacity, the speed and the competitive cost. I think, with our unique advantage, we just focus on providing the best service, and you know, win the competition in the end, just like we do in every modality in our business. Next we have an investor question. WuXi AppTec has RMB 42+ billion of backlog expected to be converted in 2026, but you're guiding for RMB 51.3 billion-RMB 53 billion of total revenue. That means roughly an extra RMB 9 billion-RMB 11 billion will need to come from new orders signed and delivered within the year. In the current environment with trade policy uncertainty, how confident are you in that year booking assumption? Has Q1 2026 order activity remained consistent with that trajectory? Yeah, I think you're right. You notice actually in our total backlog, it is expected to convert like 70% of our total backlog into the revenue in 2026, which is within the next 12 months. I think our ability to convert orders into revenue with speed and efficiency actually reflects our strong execution capabilities across our whole organization. If you compare with the historical number, actually the percentage is significantly improved, which also demonstrates we have more and more late-stage clinical and commercial projects on hand. That really enhances the near-term visibilities and the certainty of our growth trajectory. As I mentioned, we do have the confidence with all the efforts we are making to deliver our guidance. Of course we always try to beat it, right? I don't see there is any big concern about the new orders coming in the commercial. Okay, great. Thanks, Florence. So, last question, let me wrap up by touching a bit on geopolitics. We haven't really talked about the 1260H list from the U.S. Department of Defense. Obviously it was released shortly in February and then withdrawn within like an hour. A lot of investors looked at that list and saw WuXi AppTec being on there together with a lot of big Chinese companies. Does the company have anything to say on that? Obviously, Sino-U.S. relations were moving in a positive direction in the months prior to that with, obviously, the BIOSECURE Act not naming the WuXi companies. What is the company's view on relations between the two? Yes, I'll take that question. Thank you. As you mentioned that we've seen that in February the list was put on and withdrawn. At this time, the final 1260H list for 2026 has not been officially published, and there's no definitive timetable at this time. You know, when this is gonna publish, no one actually knows and we won't make any prediction or speculations for the timing of the U.S. government's actions. At the same time, they are very, very confident that WuXi AppTec shall not be included in the 1260H list. You know, we are a publicly traded company, listed in Hong Kong and Shanghai, with a transparent corporate governance. The company is not owned or controlled by any government or affiliated with any government or military organization. At this moment, the company will continue to monitor the situation and take all necessary actions to correct any misinformation and clarify any misunderstandings. In terms of biosecurity, as you mentioned that, we all know that the bill was passed as part of the NDAA at the end of last year. Since then, there's no recent development on the implementation, so we'll continue to monitor. Thank you. Thank you very much. We're coming up to the time limit, so let me pass it back to management to do concluding remarks. All right. Thank you all for joining today's earnings call. 2025 is the 25th anniversary of WuXi AppTec. For the past 25 years, WuXi AppTec has been dedicated to lowering the barriers to R&D and advancing healthcare innovation worldwide. Entering 2026, with a sharpened focus on our core CRDMO strategy, we are accelerating the growth of our global capabilities and capacity, further improving production and operational efficiency, and delivering greater value for customers and shareholders. Staying true to our founding aspiration, we will remain committed to doing the right thing and to do it right, enabling our partners to deliver life-saving therapies to patients in need, and advancing our vision that every drug can be made and every disease can be treated. Thank you all. Thank you very much to WuXi AppTec's management and the IR team. This will conclude the presentation. Thank you all for joining. Thank you. Thank you. Thank you. Bye-bye. Bye. Bye-bye.