question during the session, you need to press star one on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the call over to your first speaker today, Mr. Shiniu Wei. Thank you. Please go ahead. Thank you, Desmond. Good morning, everyone. Welcome. I'm Shiniu Wei, CFO at GenScript. We also have the following management team members attending today's call. Mr. Robin Meng, Chairman of the Board. Dr. Patrick Liu, Rotating CEO of GenScript. Dr. Ying Huang, CEO and CFO. CEO of Legend Biotech. Dr. Brian Min, CEO of GenScript ProBio. Dr. Ray Chen, President of GenScript Life Science Group. Dr. Aixi Bai, General Manager of Bestzyme. Before we begin, I would still remind everybody to the obligatory forward-looking statements. Please take a second to read them. In today's conference call, Patrick will give an opening remark and present business update of 2022 H1. Then I will walk you through the company's financial performance. After that, Patrick will outline our company's future strategies and H2 focus. Our chairman, Robin, will give a summary followed by Q&A session at the end. Now I will invite Dr. Patrick Liu to highlight our business achievement in 2022 H1. Patrick. Hi. Good morning or good evening, everyone. I'm very excited to share with you about business update in the H1 of 2022. First of all, on behalf of the board, the management team, and all GenScript employees, I would like to thank all the shareholders, investors, and analysts for your long-time support. 2022 is an eventful year. We witnessed dramatic international geopolitical events, ongoing impact of COVID, and extreme heat this summer due to the climate change. This makes us more aware of our social responsibility and commitment embodied in our company's mission to make people and nature healthier through biotechnology. GenScript just celebrated 20th anniversary on August 16th. Going through numerous changes over the years, we now have well-established business portfolio in place, and our teams are working in a highly effective way. We are impressed and inspired by our dare to win spirit, as demonstrated by our employees in the H1 of this year. During the COVID surge in Shanghai, our team in Shanghai navigated difficulties to live and work on-site. Both our domestic and overseas logistics teams tried various shipping routes in a very short time to ensure our business continuity. Amid strict power restrictions lasting for almost half a month this summer, our manufacturer support team took swift action to meet the production schedule. I believe with the effort of our ambitious team, our company will continue this very strong growth momentum and become a top-tier biotech company in the world. On behalf of the management team, I would like to extend our thanks to everyone at GenScript, and I expect to achieve long-term success together with shareholders, investors, and analysts as well. Now I would like to walk you through our business highlights for the H1 of this year. Slide five. For our licensing segment. Since our inception, licensing business have grown very steadily. Thanks to our solid expertise in licensing, we have incubated three subsidiaries over the years, diversifying our presence across different business segments. The revenue from licensing business grew by 60.5% year-over-year, demonstrating 20 years of continuous growth. As of end of the H1, our licensing business has a global footprint spanning more than 100 countries and regions with over 200,000 customers. Our extensive sales network and well-established global business have built the foundation for future growth. As the COVID impact is starting to diminish in Europe, we saw faster sales recovery in European region. Our sales in China and U.S. are also growing very, very fast as well. In the emerging field of gene and cell therapy, we have launched a series of services, raw materials, and consumables to meet the market demand while setting the standard for the industry. We will continue to improve our business and upgrade our GMP capacity to ensure safety, efficacy, and performance required for those products. We are also commercializing PCT instrument and reagent business. We launched CytoSinc cell isolation platform, which was the first cell isolation solution in China. Also, we started to commercialize magnetic beads for cell isolation in the H1 of this year. Our cell selection instrument is also under testing. This June, we launched the AmMag total automated system, which is an automated plasmid preparation instrument that supports automation throughput, the plasmid preparation process, and meets the demand for the high-throughput needs. We further invest in capacity expansion of life sciences facilities in China, Singapore, and the US are operational successfully, including capacity expansion for our molecular biology, protein, GCT related raw materials, and a GMP grade instrument and related business lines. In addition, we also introduced our proprietary automated production process in those new facilities as well. GenScript ProBio continued to have very strong momentum in the H1 of this year. ProBio external revenue grew over 94%, backlog grew 57%. Overseas sales increased by 70% year-over-year. Revenue growth was attributed to rapid growth of downstream antibody CDMO business, and a new GCT-related CDMO project as well. By the end of the H1, we have served about 1,600 global biotech and biopharma customers. On new projects, our CMC orders are growing rapidly. In the H1, we added 21 CMC antibody projects and 39 GCT and CMC projects, almost equal to total project number of 2021. We are also welcoming the R&D projects and experiments. In the H1, we helped the customers obtain 11 domestic and international R&D approvals. Our rapid growth is also attributed to our talent base. As of now, we have nearly 1,000 employees with 40 of them holding a master's degree or above. We will continue to grow our talent base as our business grows and provide competitive incentives to our employees. We're also pushing ahead with our capacity plan. I'll cover some more detailed information very shortly. For Bestzyme, in the H1, Bestzyme revenue declined about 17% due to the negative impact of COVID and a downturn in the feed enzyme market. However, gross margin and net margin significantly improved, mainly due to the product mix change by actively pruning low-margin business. Despite external difficulties, Bestzyme business has been improving. Bestzyme gross margin grew to 43%. We launched a number of optimized enzyme products and a new enzyme product for home care detergent to address diversified needs and get into high-margin areas. In the H1, we also worked with a partner to develop and commercialize a chemical materials with our proprietary technology. This collaboration generated about RMB 8 million in revenue in the H1. In the synthetic biology field, our projects in the pipeline are well on track as expected. We are also exploring multiple new applications as well. Legend Biotech CAR-T cell with the brand name, Carvykti, received regulatory approval from the U.S. FDA and European Commission for the treatment of adults with relapsed or refractory multiple myeloma. Carvykti has been launched in the U.S. in the H1. As China's first CAR-T product commercialized overseas, Carvykti's success is very strong validation of China's innovative product. Legend Biotech's efforts from R&D to commercial approval provide a path to global commercialization for innovative drugs. On behalf of the management team, I want to thank Legend Biotech and GenScript team for this great achievement. As of the Q2 of this year, Carvykti generated about $24 million sales. We believe that with ramp up of capacity and expansion into early-line clinical trials, Carvykti will show greater promise in commercialization. Legend Biotech is also moving Carvykti into early-line clinical trials. We are conducting Phase III clinical trials for Carvykti for CARTITUDE-5 and CARTITUDE-6 programs. Carvykti could be potentially used to treat patients in the early lines of multiple myeloma. In addition, Legend is also pushing ahead with other pipelines. In early June, the U.S. FDA cleared IND application for our solid tumor, RTLB 28, having relapsed or refractory gastric adenocarcinoma and pancreatic cancer. In the H1, life sciences business continued to pursue innovation. On the platform side, we continue to automate our production lines. We have over 60% of genes synthesized from the automation platform, which have significantly improved our production efficiency. We also start implementing oligo and other automated production lines as well. To develop our business and shorten the turnaround time, we will launch a platinum maxi prep automation platform in the U.S. later this year. We believe this will support our local production in the U.S. and better meet the customer needs for gene synthesis services. In the H1, we launched a semiconductor chip platform with the world's highest throughput for gene synthesis, which features low cost and high throughput. Based on this platform, we launched this kind of auto pro product allowing synthesis of 18 million unique oligos on a small chip reaching 2.5 million per sq cm. This technology can also be applied in downstream gene genome editing, protein antibody engineering, molecular diagnostics, and synthetic biology. This platform may also be applied to other potential applications, including DNA data storage. Our capacity expansion for DCT business, we launched the first GMP nucleic acid production line in 2019 to provide GMP raw material such as sgRNA, ssDNA, and dsDNA. Capacity expansion in Xinjiang is also underway. To meet the demand on raw materials for the development of non-viral vectors, we leverage our R&D expertise to develop a safe raw material for non-viral gene and cell therapy, including T7 nucleases in mRNA or protein form, 160 sgRNAs, and different DNA payloads such as single-strand DNA and double-strand DNA, which can help our customers ensure precise targeted gene knocking with improved safety profile. On protein capability, we developed a proprietary CHO expression system last year and launched this system in the H1 of this year. This CHO system significantly increases the protein productivity and shortens the turnaround time. It also enables microgram scale to 100-gram production scales in a single batch. This system makes our protein expression level and timeline more competitive in the industry. On peptide business, we have become China's largest customized peptide service provider. Our PepHTS peptide synthesis platform features highest throughput and automation in the world. This platform can synthesize about 18,000 peptides in a month. On product innovation, considering increased demand for mRNA technology in drug development, we launched a one-stop iomRNA solution this June, including a proprietary codon-optimization platform for mRNA sequence design, platinum prep automation platform for a high-throughput screening, proprietary post-transcriptional 5' cap analogs, and a genetically modified E. coli strain for stable poly cloning. In this, we'll be able to provide the fastest and most reliable delivery of mRNA therapy materials with superior performance. On GCT-related instruments and consumables, we launched the CytoSinc cell isolation platform to address high cost of cell isolation process in the development of cell therapy. We launched the BEADs for cell activation and cell isolation, gaining encouraging testing results from our customers. We have completed three validation batches for GMP-grade BEADs manufacturing, and we also plan to start a GMP-grade BEADs manufacturing in Nanjing in the Q3 of this year. We are building a GMP-grade cGMP facility in Xinjiang to meet industry-grade manufacturing needs. Next slide. In 2022, we expanded our capacity expansion for life science business, supporting our revenue and business planning in the next three to five years. Our molecular building covering about 20,000 square meters in Xinjiang has been built. Our life science building covering also about up to 20,000 square meters in Nanjing has also been brought near to completion this year. Our life science building, covering about 35,000 square meters in the 250-acre Xinjiang site will also be completed for the first phase by the end of this year. In 2023 and 2024, we expect to see increasing capacity expansion to further drive our business growth in the life science business. Next slide. Turning to ProBio. We continue to invest heavily in biologics and GCT business, continue to build up an established customer track record. In antibody drug services, in the H1, ProBio added 242 antibody discovery projects, 27 development projects, and 21 pre-A and A stage projects. This helped our customer get two IND approvals. In GCT CDMO business, ProBio is a leading player. In the H1, ProBio added 61 pre-clinical, 39 CMC, and 38 clinical project, and also helped our customer get 9 R&D approvals. On antibody drug capability, thanks to our aggressive investment into ProBio and accumulation of experience in this area in the past several years, our capability have significantly improved. Biologics discovery turnaround has been shortened about 10%-25%. Our CMC turnaround from IND to first batch has been shortened to six months. Benefiting from upgrade of cell line and vector platform, our antibody yield, the average yield is higher than 6 g/L right now. On the plasmid platform, we have now become the number one GMP supplier in China. In the H1, we launched a strain with improved safety for stable plasmid deficiencies and upgraded our cell line process with a large-scale vector production. We also successfully delivered the first cell therapy CMC project with our proprietary suspension cell line, ProBio F013. Our planned 500 L plasmid GMP production capacity, which is the largest in China, is expected to be put into commercial production this year, which can meet the diverse factory needs of our customers. We believe that as we continuously build and upgrade our platform and technology, ProBio will have more competitive edge in CDMO field. Next slide. With strong growth in the past several years, ProBio has a very excellent track record. Our business is shifting focus to higher value-adding stable business. We are also building up our CMC batches experience in helping our customers get their R&D approvals. On GCT business, we have helped our GCT customers obtain 19 GCT-related R&D approvals in just 3 years. We have set a number of standards for the plasmid and viral vector field, expanding the global gene and cell therapy industry development. Next slide. Capacity expansion. Biologics CDMO will remain a top priority for ProBio. In the next 3 years, we are also focused on capacity expansion for biologics discovery business and process development to meet the increasing customer demand in this area. We also expect to commission our 16,000 L GMP facility in Xinjiang in 2023. On GCT, we are also focused on expanding GMP plasmid and viral capacity. Our GCT GMP facility covering over 2,000 sq m in the US is also under construction, which will be used to meet the needs from international customers. Next slide. I'm turning to Bestzyme. In the Q2, Bestzyme launched a new proteinase product, Turbo Wise 1.0 L, which is used in detergent to break down the protein stains on clothes. Launch of this product breaks up the monopoly by international companies. On feed enzyme, we upgraded our product and launched new product and improved the product portfolio to respond to market demand. We also optimized low-margin product, improved our gross margin significantly. We also upgraded the existing strains and the processes to improve our production efficiency and reduce cost as well. Synthetic biology R&D, we now focus on functional proteins and enzymatic methods in the replacement of chemical methods. Next slide. I'm turning to Legend. In 2022, Legend and its partner, Janssen, received last-line commercial approval of the lead product, Carvykti, for the treatment of multiple myeloma from the U.S. FDA, and also received continued marketing authorization from EU on May 26. Carvykti has high potential to address the worldwide challenge of multiple myeloma. As potential best-in-class CAR-T cell therapy with FDA approval, Carvykti is solid encouragement for Chinese innovative drugs to seek global commercialization. Legend's course of success will also serve as an ideal reference for Chinese innovative drug industry. Currently, we are conducting global clinical studies along with our partner, J&J. J&J and Legend are conducting three global randomized, Phase III clinical trials, the first one being CARTITUDE-4. We have our first Phase III trial in the setting, and this is evaluating patients with 1-3 prior lines of therapy, and also who are refractory to Revlimid. We completed enrollment of more than 400 patients in October of 2021, and now we are in the follow-up. Well, we also started our first Phase III trial in early-line multiple myeloma called CARTITUDE-5, and this is a Phase III open-label study of cilta-cel. We plan to enroll 650 patients. Compared to active control arm, where the patients are being treated with standard care, VRd followed by RD maintenance. This is actually the first Phase III trial for any BCMA-targeting CAR-T in a setting of multiple myeloma. CARTITUDE-6 was initiated early this year. Another Phase III trial in frontline aiming to compare the efficacy of DVRd followed by cilta-cel versus DVRd followed by ASCT in newly diagnosed multiple myeloma patients who are transplant eligible. We plan to enroll up to 700 eligible patients. Based on the promising clinical data we have generated in the BCMA program and the clinical development plan, we are very confident that cilta-cel has tremendous potential in the future. Next slide. Following the commercial approval in the U.S. and Europe, capacity expansion will be one of Legend's key priorities. For clinical supply, we have GMP clinical supply sites for CAR-T products in Somerset, New Jersey, U.S., and Nanjing, China. In addition to the launch of our complex, our facility in Riverton, New Jersey, has been fully in operation, and it currently supports both clinical and commercial manufacture worldwide. Global business presence, we are also building commercial sites in Ghent, Belgium, and in Nanjing, China, to meet future commercial demand. J&J and Legend is building the Belgian facility, and upon completion, it will be able to supply globally together with Riverton site. In China, we have one GMP operational facility in Nanjing, which serves as our clinical and also first launch site for Chinese market. At the same time, we are building a larger-scale commercial manufacturing site in a new county in Nanjing. We believe that Legend is able to build commercial capacity as scheduled to meet the urgent needs for cilta-cel. I think I now will turn it back to Shiniu Wei again to cover the financial results. Shiniu Wei. Thank you, Patrick. We are on page 15 for those who are on the webcast. GenScript continues to grow steadily in the H1 of 2022. The Group adjusted external revenue grew 32.7% year-over-year to about $305 million. The Group adjusted gross profit reached about $188 million, 31.4% higher year-over-year. The adjusted gross margin was about 61.6%. The Group consolidated net loss was about $226 million, and adjusted net loss was about $130 million. Non-cell therapy business continued its growth in H1. External revenue grew 26.6% to about $248 million. Non-cell therapy revenue benefited from new product launch, stronger business development capabilities, and capacity expansion in all three business units. The adjusted non-cell therapy gross profit was about $135 million, 22.4% higher year-over-year. The adjusted net profits from non-cell therapy business was about $30.2 million, 14.2% higher year-over-year. Our cell therapy segment external revenue was about $57 million, 68% higher year-over-year. This represents continued revenue recognition of the upfront and milestone payments with J&J collaboration. Adjusted net loss for cell therapy business about $160 million, mainly due to increased clinical studies of cell and other R&D activities. Please also note that cell therapy profit loss figures reported at the group level may slightly be different from Legend's own numbers due to intercompany elimination. On slide 16, as we can see, we continue to invest into R&D in the H1. Excluding share-based compensation, our total R&D was $168 million, down about 2% year-over-year. In H1, due to our strategic investment across non-cell therapy business lines, R&D expenses of non-cell therapy business grew significantly, which is in line with our strategic expectation. We expect R&D spending to further rise as we increase investment in life science business, biologics CDMO, and synthetic biology. We expect R&D for non-cell therapy business overall accounts for over 10% of revenue in the long run. We also made significant capital expenditure in H1. CapEx was about $82.5 million. Major areas of CapEx included capacity expansion for life science business, CDMO business, and production to support commercialization of cilta-cel. The group has a very strong balance sheet. As of the end of H1 2022, total cash position, including cash and cash equivalent, time deposits, and wealth management products, stood at $1.26 billion. Cell therapy business has a cash position of $789 million, while non-cell therapy business cash position stood at about $474 million. Now let's turn to financial performance of each unit. On slide 17, we review the life science products and services financial performance. In H1, on top of our high achievement last year, our life science business continued to grow steadily. External revenue was about $171 million, up 16.5%. Life science business has also further diversified. Excluding the impact of COVID-related products, revenue of life science business would have grown to over 20%. Due to the impact of long-term projects and the growth in H1, for Life Science will be slower than what we expect in H2. Adjusted gross profit grew 8.6% year-over-year to about $101 million. Increased shipping costs due to COVID had a negative impact on our business, which cost about 1.5% of gross margin for Life Science business. We expect this impact to narrow in H2. In addition, we have been investing in overseas production capacity in Singapore and U.S. As we ramp capacity there, this will have a negative impact on our gross profit margin. In the H1, launch of the two new facilities had a negative impact of 3.3% on gross margin. COVID-related products such as cPass also declined in the H1, with lower gross margin as well. Overall had cost about 0.8% on gross margin in life science business. On the positive side, we have continued to gain our production efficiency. Therefore, overall gross margin had decreased about 3.5% in this business. We believe with further logistic optimization, overseas capacity ramp up, and a normalized COVID response environment, our gross profit margin in H2 will stabilize and be comparable to what we have achieved in H1. Also, I would like to note, as ProBio has been established as an independent legal entity in the H2 of last year, the group's back-office expense has been allocated to the life science and ProBio business segments this year. Now, due to the allocation of back-office expenses, R&D, selling and administration expenses and operating profits for segment cannot be compared to last year's number directly. As we can see, the adjusted operating profit of the life science business was about $33.2 million in H1, and the net profit margin was about 20%. Excluding the impact of COVID-related products, we expect the life science business for the full year to still grow 20%-25%. On slide 18, let's look at biologics CDMO performance. In H1, our biologics CDMO business, ProBio, continued its robust growth. ProBio's external revenue grew about 96% or 94% year-over-year to $6.4 million. Revenue growth was attributed to successful delivery of ongoing projects and fast growth of gene and cell therapy CDMO demand. Within ProBio, gene and cell therapy CDMO service revenue saw explosive growth, up 168% year-over-year. Revenue for antibody and protein drug CDMO grew 77.5%. As we focus on overseas business over the years, ProBio's domestic and international business are growing in parallel. Our China-based and international revenue split is nearly half and half. In the future, we will continue to pursue a global strategy to diversify our revenue footprint. Based on our existing backlog, we expect ProBio to continue robust growth and maintain a CAGR of 50%-60% in the next two to three years. As of H2, total backlog right now is about $228 million, up 57% year-over-year. This significant backlog buildup had resulted in rapid increase in project numbers. We expect to convert this backlog into revenue in the next 1-2 years. As ProBio grew its revenue, gross profit also grew significantly, up 125% to $24 million. ProBio's gross margin continued to grow fast, driven by higher capacity utilization, substitution with domestic raw materials and R&D process optimization, and a higher labor efficiency. In H1, adjusted operating profits for ProBio was about $3.2 million, and we expect ProBio's gross profit to further rise in the future. With gross profit increase and operation optimization, we believe ProBio's financial performance will continue to improve. For the full year of 2022, we expect ProBio's revenue to grow about 50%-70%. Turning to industrial synthetic biology products. Bestzyme's revenue declined 7% year-over-year to $16.6 million in the H1. This is mainly driven by product mix optimization. We actively pruned low and negative gross margin products, therefore, gross profit and gross margin significantly improved. Revenue decline was also contributed by negative impact from the seed industry in China, which is experiencing a downturn. Russia-Ukraine war had a negative impact on our overseas business for ProBio. However, we have noticed a recovery of customer demand in Q3. We do not think this one time decline in revenue in H1 will impact our long-term revenue growth outlook for Bestzyme. Excluding revenue from, also in the H1, we had licensed out a patent to our partners and received patent royalty in H1. Excluding this impact, our gross margin was over 40%. This represents an increase about 10 points year-over-year. Benefiting from improved gross profit, we also achieved operating profit in H1 for Bestzyme. For the full year of 2022, we expect Bestzyme's revenue to grow in high single digits, within 10%. On slide 20, cell therapy. Legend Biotech's external revenue was about $57 million. R&D expenses was slightly lower year over year. R&D expenses at Legend include cost for conducting clinical trials in the U.S. and China for CAR-T cell programs, which was $89.6 million. R&D expenses for other pipelines were $60.5 million. As Legend continues to invest in R&D, adjusted net loss was about $163 million. At the end of the H1, Legend has a cash position of $789 million. Also, we have just finished a follow-on offering in Q3 for Legend. Accounting for that, Legend raised another $402 million. Overall, we believe Legend has a very strong cash position to support CAR-T cell clinical trials and investment into other pipelines. Now I will hand back to Patrick and for him to share our major business and management focus in H2. Patrick. Thank you, Shiniu. Overall speaking, I think, our business growth in the H1 is in line with our business planning. We believe that momentum will continue in the H2 and the years to come as well. On life science business, we will continue to invest in GCT services and products to tap into the rapidly evolving market. We will also upgrade automation capabilities of the life science business and increase the throughput of gene synthesis, oligo, protein, peptide business lines, and focus on the global capacity expansion to support our global business growth. ProBio is also growing very fast. We will further strengthen our business development for large biopharm to seek high-quality business growth. Also, we will also stick to our global strategy, build a solid international business, and scale up our GMP capacity. In the GCT CDMO field, we will strive to maintain our CDMO leadership position in China while also expanding our presence in the international market. On Bestzyme, we will synergize R&D with downstream industry-grade production and leverage our large-scale industry fermentation capability accumulated over the years. We will continue to optimize our product portfolio, launch more competitive products, and accelerate R&D in the synthetic biology pipelines. For international business, we will strengthen our presence overseas to diversify our revenue stream. On Legend, with last line commercial approval for our first-class drug, Carvykti, we will also move Carvykti into early line clinical trials, expecting to make this innovative product available to more patients. On other pipeline, Legend will also focus the products for solid tumor, liquid tumor, and infectious disease, reaching the landscape of the cell therapy. Now I think I would turn it to our chairman, Mr. Robin Meng to give a summary. Thank you. Thanks, Patrick. Thanks to all shareholders, investors, and analysts for your continued support. This August marked GenScript's 30th anniversary. Over the past decades, the group has evolved from a team of three co-founders only to over 5,000 employees worldwide. I'd like to express my sincere gratitude to our founders, management teams, and all the employees. It's my privilege to work with them and share the constant success at GenScript. On the way forward into the future growth, we see quite strong headwinds. Climate change, global pandemic outbreak, and energy shortage pose immense challenges to the society. We are also facing challenges from intensified competition, rising geopolitical complexity, and regulatory changes to the biotech industry. However, as the gene of innovation has been embedded in our group companies, I believe that we are able to convert the challenges into developing opportunities with the joint commitments of the group. All GenScript employees will stick to our mission to make people and nature healthier through biotechnology and shape GenScript as the most trustworthy biotech company in the world. Thanks again, and best wishes to all the participants of the conference. Xunyo. Thank you, Robin. Desmond, we can open up for Q&A. Thank you very much. As a reminder, to ask a question, you need to press star one one on your telephone. Please stand by while we compile the Q&A roster. Your first question comes from the line of Linda Shi from Haitong International. Please go ahead. Thank you very much for taking my question, and thank you very much for Patrick and Shiniu's very clear introduction on the business segment. Actually, I have two questions. One is that for the life science research services, we noticed that the margin actually had declined. Shiniu actually explained that one of the reason is that the shipping cost increased and also contributes about 1.5% of the given margins decline. I would like to understand, is it possible to adjust the price given the increased costs of labor and energy globally? What is the given margin outlook for the H2 of this year? This is my first question. My second question actually is also relates to the margin that is for the industrial synthetic biologics business. We noticed that actually this business has turned into profit this year and the margin increased significantly to 43%. I would like to understand what is key reasons and how do we expect the stabilized GP margin of this business and also the sales growth of this segment in the next two years. Thank you. Thank you, Linda. Good morning. For your first question in terms of gross profit margin impact for Life Science, I will first elaborate a bit on the numbers, and I will have Ray Chen, our President of Life Science Group to give you further color. As you had mentioned, shipping costs increase had a negative impact on our gross margin in this business, which was about 1.5 percentage points on GP margin. As you remember, we had started to increase our shipping charges from the H2 of last year, and we continued to optimize that this year. We believe in the H2 impact from this particular area should be normalized when you compare year-over-year. Impacting gross profit margin for Life Science was the capacity ramp up for overseas site, as well as, reduction in COVID-related products. Overseas site had a negative impact of about 3.3%. COVID related products had a negative impact, about 1.8 percentage points for gross margin. On the positive side, we have continued to optimize our product portfolio. Mix change and production efficiency gains had contributed a positive about 3% on gross margin in this business. Ray, perhaps you can comment more on the outlook. Sure. Thank you, Linda Shi, for your question. This is Ray Chen from GenScript Life Science. Just wanted to echo Shiniu Wei on the numbers. Yes, the cost of shipping logistics has increased significantly during the pandemic. We believe that we have optimized and built a very robust logistic routes and systems, and that will ensure a reliable delivery for our global customers. This is a lot of efforts we have made. Also that, as Shiniu Wei mentioned, we kept innovating and upgrading our platforms with automation to further reduce costs and improve reliability. For example, the automation coverage of our GMP and the platforms now reached 60% compared with 40% last year, which is quite remarkable as well. Most importantly, we're expanding aggressively and strategically, and not only in the global production capabilities and the capacities, but also in our portfolio and capabilities further to GMP in some selected areas that we are pioneering, which means more profitable versus the conventional GMP area. With all those efforts, we're confident that we will surely drive our revenue growth in a steady and profitable way. Thank you, Linda, for your question. Thank you, Ray. Linda, for your second question about Bestzyme's gross margin. First of all, as you can see on our presentation, we had, in this H1, significantly pruned our low margin business on purpose. As we have been growing in this business, we want to focus on profitable growth. Low or negative gross margin products in the H1 now represents a much smaller portion of the overall revenue from Bestzyme. That's the biggest driver of our margin improvement. On top of that, we have been optimizing our production and also with more and new and innovative products, we can command a better market premium for these products. Those all helped our margin in the H1. I will also ask Dr. Aixi Bai to give you more color in the outlook. Yes. Thank you, Shiniu Wei. Thank you, Linda Shi, for the question. For next two years, I think we are confident that our overall business will continue to maintain our growth of 25%-30%, because we will continue to improve our streams and processes, and we will also continue to launch new products to existing and new application areas. We are stressing our overseas market. This is another growth driver for our business. That's my answer. Thank you, Linda Shi. Okay. Thank you all for your answers, and that is very clear and covers the breakeven of Bestzyme. Thank you. Thank you for the questions. Our next question comes from the line of Jay Lee of Morningstar. Please proceed. Robin, Patrick, Xin, you know, and the other managers on the line, thank you for taking my question. Congratulations on these excellent results, despite the tough operating environment in the H1, and also the successful launch of Carvykti in the U.S. and approval in Europe. I have two questions today. To go a little bit further on the question on Bestzyme, on the industrial enzymes business. I think you talked a lot about the other topics I wanted to know about, but I just wanna get a better sense about the downturn in the domestic feed industry. Is this expected to turn around in the near future, or could this be prolonged? Also another question just about clarifying the gross profit margin. I think you mentioned that the adjusted gross profit margin after taking into account some licensing or patent was around 40%, mostly attributed to the pruning of your product offerings. Can we say that this will be the stabilized margin? I think you had also mentioned that you'll be launching products overseas, and I was wondering if that could potentially drag down the GPM going forward. My second question is regarding ProBio for the CDMO segment. I think CapEx for this segment was around $39 million and $35 million for 2020 and 2021. The H1 of this year it's been $23 million. I want to know, can CapEx be expected to accelerate going forward for this segment? And then also, given that the customer base is split 50/50 between China and international customers, are there any plans to expand capacity overseas, as we've seen with other CDMOs out there? Thank you. Those two questions. Thank you, Jay. For your first question on Bestzyme performance, I will first answer the gross margin part. Yes, if we take a very nuanced view of gross profit margin in the business, we do not think the licensing income will be a regular contributing part. If we took that away, that's impacting about 2-3 points on gross margin reported in the H1. Without that, we still achieved around 40% gross margin. Going forward, we will continue to launch higher margin products and also keep a very keen interest on growing profitably. Yes, we do think gross profit margin should stabilize around this level in the next year. For the feed industry outlook, I'll have Dr. Aixi Bai answer that. Yes. Thank you. For the first question, actually, the weakness of the feed market has a material impact on our business, resulting in depressing our feed enzyme income. Our customers' demand for enzyme is decreasing, and they only buy several products they think necessary, such as phytase and amylase. However, we see a slight improvement trend in the H2 of the year. We think our gross profit margin will continually improve, because I think this trend, the weakness of the feed market is temporary. And we can continue to increase our or improve our gross profit margin. Thank you. Jay Lee, for your second question related to ProBio. First of all, thank you for paying very keen attention to the CapEx numbers. Yes, from a cash outlay standpoint, CapEx was less for ProBio year-over-year. However, we do have actually a larger number of projects that are ongoing. We do expect an accelerated cash outlay as we pay for these projects in the H2 of this year. Overall, we think the ProBio's CapEx for the year will be around $150 million. With overseas expansion, I'd like Brian Ming to comment. Yes. Thank you for the question. I do think that our CapEx expansion is not slowing at all. We are, as Xin mentioned, expecting to invest $150 million this year, which would be the peak. We are continuing to work on gene and cell therapy facility in the United States. We are looking at other facilities in an opportunistic way, so that if there is a right you know facility, then we will have a chance to acquire depending on the market condition. We will always look at the market demand before we think about a facility. That is my answer. Thank you. Thank you, Brian. Thank you. There are no further questions at the time. I would like to hand it back to the management for closing. Okay. Thank you, Desmond. Thank you everyone for participating. As we have mentioned, we will continue to work hard for our shareholders and drive business performance in the H2 and the years to come. Thank you. Thank you. That does conclude today's conference call. Thank you for your participation. You may now disconnect.