Good afternoon, everyone. On behalf of HKBN Ltd, thank you all for joining the Group 2025 Annual Results Investor Presentation. [Foreign language]. First of all, allow me to introduce the management team attending today. [Foreign language]. Board Chairman and Executive Director, Mr. Ling Hao. [Foreign language]. Executive Director and Group Chief Executive Officer, Mr. Li Xin. [Foreign language]. Executive Director and Chief Financial Officer, Mr. Lei Liqun. [Foreign language]. President and Group Chief Operating Officer, Dr. Denis Yip. [Foreign language]. Mr. Li, please. Investors, friends, friends from the banking sector, good afternoon. I'm very happy to represent HKBN today to present the annual results. The theme this year is "Empowering Lives, Reshaping Businesses, Inspiring Innovations." Just now, the management has been introduced to you. Now, let me go through our performance. First, for revenue this year, so HKD 11.129 billion, EBITDA HKD 2.45 billion, up 4% year-on-year. Net profit HKD 207 billion, up 20 times. Free cash flow up 9%, HKD 677 billion. CapEx was down 3% at HKD 1.592 billion, and our deleveraging in 2024 was 4.93 times, and this year 4.66 times, so dividend per share, HKD 34.43. So the results that we have achieved rely on your support and also our customers' trust and encouragement. At the same time, we have to thank the effort of our employees. Besides, we have put in place the growth strategy. In 2025, our growth strategy is that there are value and infinite possibilities, and our core is our GigaFast. And source of revenue is also our main driving force for profits. We have both enterprise solutions and residential solutions. First, for enterprise solutions, GigaFast had driven the digitalization for enterprises. At the same time, we have integrated system solutions combining telecommunications and technological expertise, injecting core momentum into business growth. We have cybersecurity, AI cloud solutions, IT infrastructure, and digitalization. We have also established an ecosystem alliance to help enterprises to develop overseas markets. For residential, we have GigaFast, home broadband, leading the entertainment business. So we are changing from a la carte to delivering integrated service to household. So with our Infinite-Play solution, with OTT Entertainment, Home Infinity, healthcare, and intelligence solutions, we are able to serve diversified needs of customers. And besides, we offer a unified effortless experience with seamless integration of fixed and mobile networks. Next, business highlights for our enterprise business. We have HKD 2.688 billion of revenue for enterprise core telecom revenue, up 3%. And then next, we have HKD 770 million for enterprise system integration. And then we have more than 12,000 customers for 2 Gb. And then for churn rate, we are down 0.2 percentage points at 1.2%. And we cover 8,220 commercial buildings and facilities, up 1% year-on-year. Our coverage is increasing, and our monthly churn rate is coming down. Our high-value users are increasing. Our overall revenue grew for our enterprise solutions. So this shows that our enterprise business has been stable. For residential business, core telecom revenue, HKD 2.027 billion, up 2%. So here you can see just now, we talked about residential ARPH, up 2% at HKD 18.6 billion. And then ARPH, HKD 217, up 5%. So for 2G and above customers, 95,000 broadband subscribers, 907,000 total homes passed, up 2% at 265,000 Hong Kong households. So here you can see our coverage is increasing. High-value customers are increasing. And then for revenue from smart solutions, that is also increasing as a result. Our residential business has grown. Next, let me go into detail about our enterprise solutions. GigaFast broadband. So it is an important solution behind our rapid growth. In August 2024, it was launched. At that time, penetration was only 0.8%. In August this year, 13.1% already. For our GigaFast customers, we have more than 12,000 customers. For 5G and 10G contract value, their share is more than 20%. Besides, for different enterprises, we have provided different solutions. For SMEs, where we have Biz in Motion and also SHOP-IN-A-BOX, all-in-one retail solutions. And then for products, we have One- Stop IT Service, Care+, and then H3C AI Insights and Cyber Safe as well, so for different types of customers, we offer different solutions. For retail and F&B, we offer SHOP-IN-A-BOX, so that for customers' whole life cycle, we offer solutions, and then we also offer electronic payment, omnichannel, and also the queuing-up system, and then we offer inventory management, online marketing solutions, and then for general business, we have the Biz in Motion. We have Microsoft and also the HR system, meeting system, e-claims, and so on, so we can offer to customers whatever they need. For property management, we offer PROPERTY-IN-A-BOX, so we can do Internet of Things. We offer digital operation platform, including surveillance and also a booking platform. So in 2025 FY, the total increase in number of customers is more than 13,500, and average monthly fee was up more than 20%. Then for large enterprises, we extended connectivity solutions and integrated telecom and technology expertise. We focus on cloud, customized private network, and also cybersecurity to expand our revenue. So we have our DWDM, ultra-low latency arrangement. So we are able to integrate the cloud and network. Besides, we support AI and also public cloud. And then we have dedicated cloud and network managed service with real-time connectivity monitoring. So we are able to offer integrated arrangement. And then for customized private network, we can serve customized Metro Ethernet. And then we offer corporate data security and comprehensive manageability. For critical infrastructure, we offer anti-DDoS protection. And then there is anti-DDoS CleanPipe, two-tier firewall protection, and managed security services, offering to customers very good security. There are more than 400 odd contracts being signed, contract value more than HKD 110 million. We cover technology, property, finance, logistics, and utilities sectors. At the same time here, you can see that our SI business performs very well. Revenue this year was up 14%, gross profit up 16%. So in Hong Kong this year, these figures are very stellar performance. So on sports and entertainment organization, we offer next-gen critical infrastructure upgrades and management. We offer very high-quality, low-latency network. For For financial institution, we provide future-proof global high-volume trading platform. Again, this is low-latency and high-usage network. For outdoor event venue, we use the LIDAR technology to do crowd tracking and venue management system in order to enhance venue management efficiency. And then, of course, we want to satisfy customers' needs. So at the beginning of the year, we established the iTEA. We unlocked new partnerships and business opportunities. With leading technology solution providers, we help enterprise customers overcome technology challenges and accelerate business growth. We capitalize on our 1,000-plus service delivery engineers. That's our strength. And together with our partners, we empower enterprises with AI and innovation. In second half 2025, total contract value exceeded HKD 50 million. And for all iTEA enterprises, we are in all industries. So we have leading database software and leading storage service and also big data operators. And then we have enterprise-based AI computing power provider, including end-to-end network management system and various service providers. And then for cybersecurity, we work with both Hong Kong and mainland service providers. On cloud infrastructure and backup solutions, we offer HRM and ERP. And then this year, for AI technology, we do not only work with AI software companies like Baidu Cloud of the mainland. We also work with AI GPU provider from the mainland. We offer integrated solutions from hardware to software. At the same time, we focus on future technology development, and we work with Jiangsu Future Networks Innovation Institute. We make good use of their first next-generation mega facility, and we are in more than 40 core cities. For Hong Kong users, we offer AI computing power and also data algorithm so that we can offer possibilities for the AI development. In this year's policy address, the CEA said that the government would advance the development of a competitive low-altitude economy ecosystem, positioning Hong Kong as an Asia-Pacific hub for innovative low-altitude applications. We work with Beijing Research Institute of Telemetry. By integrating telemetry technology with digital solutions, we aim to explore low-altitude economy applications and drive development of smart cities in the GBA. Of course, our foundation is about our network. We want to be able to help our customers to satisfy their customers' needs. First of all, we have the fiber network all over Hong Kong. That's the foundation. Besides, on this foundation, we have the DWDM technology. We have built the terabit-based terabit-level technology. We hope that we believe that DWDM, together with our MetroNet, then for our enterprise customers, we are able to offer convenient solutions so they can do AI and machine learning and also diversify synergy, IoT, video, and also digital twin, 8K video and IoT, and so on. We need to protect critical infrastructure. Protection of Critical Infrastructure (Computer Systems) Ordinance will take place from 1st January 2025. It will take effect that day. That will be cybersecurity management units to be established and regular conduct drills and risk assessments. For our customers, there will be new requirements. And then we can see that Hong Kong's cybersecurity market will continue to grow. In 2025, the scale is $850 million. By 2030, it will grow to $1.2 billion. In the coming three years, our related revenue will also steadily rise by three times. Here you can see our 2025 data. In FY 2025, contract value totaled HKD 188 million, up 3.3 times from 2024. We have diverse security partners. Together with Mainland working partners, we have actually achieved more than 12 times in growth in new project value. We have also more than 120-odd talents in our talent pool. Next, residential solutions. We are driving ARPU and ARPH with GigaFast upgrades and infinite- play bundles. Per customer, the growth is $186, up 20% for each family, $217 in revenue, up 5%. So you can see that our effectiveness is very fast. Our penetration rate last August was 7%. Total user number within a year grew 44%. Right now, for our GigaFast customers, there are 95,000 customers right now. And then 90% of the customers have chosen the router bundle package. So that would be additional income for us for HKD 86. So overall speaking, you can see that we have 90,700 total customers. 90,000 are 2G plus customers. And then we have the enhanced Infinite-Play solutions. So that is to enhance our family income. We offer three tiers of solutions. First, the telecom need, and second, the network need, and third layer, the daily living need. So we have voice communications, high-speed fiber broadband, Global SIM, and so on. So for network need, we offer to them home network solutions with home cybersecurity and Wi-Fi. For home entertainment and lifestyle, we offer OTT Music and Entertainment, e-commerce shopping, travel and home insurance, sharing technology, and healthcare services. Last year, our residential income was up 5% at HKD 21.7 billion. Just now, we talked about 11 residential service products. And then those subscribing for services, it was up 10%, five services and above, up 3%. This shows that our customers are more and more receptive of our solutions. And this shows the success of our infinite- play solution. Broadband, mobile telecommunication, OTT, Wi-Fi, and also network security. These have promoted our revenue growth. For OTT, our standalone OTT subscription is rising steadily. For global OTT working partners in Hong Kong, we have Netflix, Disney+, and myTV Gold. These are telecom working partners which are top sales achievers in Hong Kong. In first quarter next year, we will introduce WeTV and KKBOX. After subscribing to OTT, our ARPU every year will be up 11%. OTT subscriptions last year grew 11% as well. For subscriptions, we have a big increase in our revenue. When it comes to premium customers, we introduce Home Infinity, which is bespoke home services. We are building excellent customer experience. Based on different customer needs, we offer on-site maintenance. Products include network, storage, surveillance, and also smart home. Finally, we have to say that we have our ESG commitment. HKBN's inaugural syndicated Sustainability Linked Loan is such that interest rate adjustment mechanism is tied to sustainability performance targets. Our target is to reduce carbon emission and average failure rate of phishing assessments for HKBN's staff should be lowered. We achieved the SFAAA Sustainable Infrastructure Award 2025 Telecom Refinancing Deal of the Year. So we are within top 20% among telcos worldwide. We are also AA plus rated under Hang Seng Corporate Sustainability Index Series. So we are within top 10% of Hong Kong rated companies. I believe that we are able to, and we are working very hard to offer even better quality services to Hong Kong society and Hong Kong customers. Thank you all. Thank you, Mr. Li, for the sharing. Now we will set up the stage, and then we'll move on to Q&A session. [Foreign language]. We'll invite our management to the stage for the Q&A session, please. We have Mr. Ling, Mr. Li, Mr. Lei, and Dr. Yip, please. Those of you on site and online, you are most welcome to ask questions. We will first invite questions from those on site, and then we will read our questions that we have received online. Be here with us today, whether in person or joining through the webcast. Feel free to ask any questions you have. We'll start with a question from the floor, then we'll take a question from online participants. After that, we'll switch it up and go back and forth. [Foreign language]. If you're here in person, just raise your hand, and our team will bring you the microphone over to you. And for those joining via the webcast, simply type your question into the Q&A box, and I'll make sure to read them out loud for everyone to hear. We'll welcome your question in either Mandarin or English. [Foreign language]. First question from the floor, please. [Foreign language]. Greetings. I am Kanya. First of all, congratulations on the excellent results. I have two questions. First, looking at the results announcement, so the theme is about growth. So can you share with us future growth highlights? For example, regarding residential solutions and enterprise solutions, and regarding the parent company's support on HKBN, where can we see such support? My second question is about your dividend policy. So in the future, will there be any change to your dividend policy? Thank you. Let me take the first question first concerning growth in the coming year and our strategies. Actually, we focus on enterprise and residential growth. For enterprise business, if you take a look at 2025, core business growth is already 7%. So just now, Mr. Li mentioned the total, so the growth is even bigger than that. So in relation to growth from enterprise, there are two things. First, we launch new solutions like MetroNet 100G and also 2.5G plus 5G, 10G, and so on. So these two within our investments are such that we have already made a lot of plans and solutions. So this is going to be an important highlight. Next, there is 14% growth and 16% growth in GP margin in SI. So when it comes to SI, in the coming five years in Hong Kong, there will be a big change in the past. So perhaps we used products from Europe and the U.S. for SI in the coming five years in Hong Kong. Basically, there will be very good solutions at lower price. So they are Chinese solutions. So on this point, we have established iTEA. There are almost 30 different working partners in it already. So when it comes to growth from SI, we are highly confident. In terms of overall, no matter whether we talk about telecom or SI, so I think our direction is very good. Of course, after China Mobile has come in, well, they have developed some products. And in the future, we will also take a look at how to make use of solutions from the headquarters of China Mobile and also China Mobile in Hong Kong so as to accelerate our growth. I would defer to Mr. Li to talk about dividend. Yes, let me talk about dividend guidance. Thank you very much for your attention. All along, we have been striving to ensure that shareholders can share our results. So our policy is to have stable dividend, so adjusted net profit or it will be not less than 75% of that. And at appropriate times, we will review our dividend policy and dividend payouts. And then the board will look at our company's profitability and operation and future capital needs, future business needs. And then at the same time, in terms of deleveraging and dividend payment, we will try to strike a balance between these two so that we are able to create long-term value for shareholders. Thank you. Thank you for the detailed answer. Thank you for the questions. Next question is from online. Integrated asset management. Do you have any plan to help the company to lower financing cost? Thank you. So it seems that our liabilities are not low, but we are within a reasonable range in our industry. That's the first point. Secondly, regarding our company's development, we need reasonable capital to satisfy future investment needs. Of course, we will focus on enhancing management of our liabilities and financing cost. So after the entrance of China Mobile, there is good reputation, and also various banks have confidence and recognition of HKBN, so they have given us big support. Today, we have just completed the HKD 10.75 billion refinancing arrangement. This arrangement will bring to our company a rather big savings in terms of our interest expenses. I won't give the exact number. Why? Because, well, that would affect our next year's earnings forecast. So there are two factors that you need to consider. First, for financing contract, one-off borrowing cost, it will have to be included in the next FY around HKD 140 million. For financing, it is arranged based on floating interest rates. So the final arrangement will depend on market change of the floating interest rate. That's why I won't give a definite guidance. Thank you. Thank you, management, for the answer. Thank you for the online question. So next, we will take questions from the floor. The gentleman on the third row, please. Yes, I'm from BOC Hong Kong. So after China Mobile has acquired HKBN, so two strong players are working together. In terms of telecom, network, customer resources, R&D, and so on, there are a lot of complementary bases. So in the future, how are you going to integrate the strengths of both parties in order to achieve co-sharing of resources so as to reach the goal of cost reduction and efficiency improvement? Thank you for your question. All along, we have been looking into this matter. HKBN originally was in the process of M&A, and right now, there are two levels of network that need to be optimized and integrated. So basically, we have to maintain independence of each other. At the same time, we want to achieve synergy. The two companies will adopt market practice. So these are two independent legal entities working together. And then for future network development, we believe that there would be a lot of synergy in our strategies. So we will be able to enhance quality. And for both teams, we are able to complement each other, and then we can learn together to achieve enhancement. I think if one team can come up with a good solution, then it will be shared with another team, especially about technology. As a result, there will be a good synergy effect. Regarding concrete data, I cannot really give you some concrete numbers because both parties have to consider at the same time. We have to go through HKBN's board of directors. In the future, when we want to enhance the network, we need to see how much more money we need to invest and the market potential that can be generated and also possible cost increase. All these have to be considered to maintain the value of the enterprise in approving and vetting the plan. So at this stage, the plan is not being scrutinized yet. Thank you. Yes, thank you for the answer. Next question is an online question. China Mobile has become your majority shareholder. After that, in the future, how will your company benefit from that? Thank you. Let me take this question. China Mobile Hong Kong has become the majority shareholder of our company. So the two companies will work together. We will complement each other with our strengths. We will make good use of China Mobile's and HKBN's strengths to cooperate and integrate. Now, there are three areas of synergies. First, about market and service. We will make use of HKBN's foundation in the market and China Mobile Hong Kong's leading ecosystem to offer complete solutions to customers. That's the first point. Secondly, in terms of technology and resources, there will be synergy. As you all know, HKBN, in terms of fiber network, has strong advantages and strengths, and China Mobile Hong Kong, in terms of 5G and computing power and high-tech areas, also have strong strengths, so both parties can offer customers better services and more competitive product choices. Finally, there will be synergy in terms of strategies and also value, so we will look at markets with strong strategic value, and we will offer to Hong Kong government and Hong Kong residents products and services with better value. Thank you for the answer. Because of time, we'll take the last question from the floor. Microphone to the investor who has put up his hand. Thank you for your time. I am Jue from DBS Bank. My question is about the mainland market. So we noticed that this year, HKBN is working with more and more companies and organizations on the mainland. There is more and more integration with them. So I want to get some guidance from you in the future concerning revenue from the mainland market. How much help will be delivered to the overall business growth and revenue growth? I think there will be growth in a few areas. First, as we all know, going abroad, very often mainland solution providers, when they bid on the mainland, profit is relatively lower because it is highly competitive. So usually, they want to go abroad. And when they go abroad, they like to use Hong Kong as the international headquarters. So you can see that our SI revenue is growing. That is actually because of iTEA. We have brought in some solution providers. Some are exclusive. And in Hong Kong, we can sell their products and services. Besides, you mentioned the mainland just now. So in our results announcement, we have JOS China and JOS Macau. So JOS is Jardine Office System in the past, and later on, it was rebranded. So regarding JOS customers, they are mainly on the mainland. And they can see two things. First, going abroad. So going overseas, for us, relatively speaking, our growth is very fast. So if you look at our data service, our overseas development is fast. Besides, another point is related to the entrance of China Mobile Hong Kong, and that is about the layout in the GBA. So in the future, we can see that there is growth potential. So on many points, we are considering many areas. Today, we have China Mobile Hong Kong to help us. So we believe that in the future, our growth will be faster and better. Okay. Thank you, management, for the detailed answer. Thank you, investors, for the questions. So we will conclude the Q&A session here, and our results announcement is also concluded here. Thank you for your long-term interest and support, and see you next time.