Let's start. Good morning, good afternoon, and good evening, everyone. Thank you for joining us on Sisram's 2024 Annual Results Conference Call. This is Yu Bo from CICC Healthcare Research Team. My colleague, Chen Shiyu, and I will host this call together. Today, we are honored to have Sisram's whole management team online to share with us their views on 2024 financial results. They are Chairman Mr. Yi Liu, CEO Mr. Lior Dayan, CFO Mr. Jiahong Li, and Board Secretary Ms. Qianli Fang. Sisram has already released its 2024 financial results on the Hong Kong Stock Exchange last night. Despite the various uncertainties in the macro environment, we are pleased to see that the company's Energy-Based Medical Device business has stabilized. Moreover, 2025 marks the first year of commercialization for their two major injectable products, DAXXIFY and Profhilo, in China. I believe our investors are very interested in the latest developments. Without further ado, I will now hand over the floor to management team. Yi Liu, please. Okay, thank you, Yu. Thank you, everyone, for joining us. Today, we will share updates for the Sisram performance in 2024 and discuss our financial performance and outlook. As a global consumer wellness group, Sisram has always stuck to the global development logic driven by the two pillars, products and the market. In terms of business development, we continue to enrich our wellness ecosystem to create a comprehensive, professional, and diversified product portfolio. In the past year, both of our core business, Energy-Based Device, and our key developing business, for example, Injectables, have made some achievements, which we will share with all of you. For marketing expansion, Sisram keeps strengthening its global direct sales layout and successfully established direct sales offices in many countries around the world. In the future, we will accelerate our development strategy of global localization through the model of integration of production, research, and marketing. We know in the past year, with the not stable environment of the economic and macroeconomic, Sisram Management Team and Board try our best to keep our business stable and also make some preparation for our strategic business action plans. This time, I want to thank our credible team, partners, and investors. Let me invite our CEO, Lior Dayan, Sisram CEO, to share updates for the year of 2024, and then later we can make more communication. Thank you, everyone. Yeah, please. Yes. Thank you very much, Chairman Yi, and thank you, everyone, for joining our call today. As we are reviewing Sisram Medical achievements in 2024 and discuss our opportunities ahead, the last year demonstrated a unique resilience and strategic health of Sisram Medical, which strengthens our ambition with our growing strategy, building around five strategic pillars, which I will quickly describe. The number one is establishing an extensive portfolio of best-in-class EBD for medical aesthetics. Sisram Medical is a dominant leader across all major segments of medical aesthetics, utilizing our high-end Energy-Based Devices. During 2024, we continue to push boundaries even further with the launch of the next generation of our flagship devices. The first is the Alma Harmony. Following its record-breaking adoption in North America markets, we expanded its global launch with overwhelming success, making it the best product launch in Alma history. In addition, that launch has driven the performance of the entire Harmony family. The second launch was Soprano Titanium with its special edition. The fastest and most effective laser hair removal device in this industry was well received with strong market adoption, solidifying Sisram Medical's leadership in this category. Moreover, after the significant investment, Sisram Quality Management System and some of our flagship EBDs, Alma Harmony and Alma Hybrid, have been successfully audited and have been found compliant to the European MDR requirements. This important certification, ahead of most players in the medical aesthetics arena, solidifies our unique leadership position within this industry. Number two is expanding beyond Energy-Based Devices with a unique portfolio of injectables and complementary solutions. Injectables remain a strategic pillar in our ecosystem and long-term growth driver. This year, we further strengthen our offering in this segment with additional products to be launched exclusively in additional territories: DAXXIFY by Revance, long-lasting botulinum toxin to be available in mainland China, Hong Kong, and Macau. Second, Profhilo by IBSA Derma, high-end biostimulator including the new Profhilo Structura available in key Asia-Pacific markets. Number three, Revanesse by Prollenium, FDA-approved dermal fillers launched in the United Kingdom and other key markets. Then also number four, Hallura introducing an innovative hyaluronic acid-based biostimulator technology in selected strategic regions. These partnerships demonstrate Sisram Medical's unique capabilities in partnering with established and emerging innovators of injectables and building commercialization capabilities across various territories. Moreover, we've launched Alma IQ in North America, a revolutionary skin analysis and consultation solution that is going to transform patients' journeys, enabling personalized and data-driven treatment plans for patients. We've seen rapid adoption of Alma IQ and are optimistic for its planned expansion in the rest of the world. Number three in our strategy is growing globally and closer to our customers. In 2024, we've made significant progress in the expansion of our globally direct presence. We successfully launched Alma Thailand, our seventh subsidiary in Asia-Pacific, solidifying our leadership in fast-growing Southeast Asian markets. This follows continued expansion and maturity of our direct offices, which have contributed to the enhanced efficiency and profitability. Overall, the rapid expansion of our direct operation has increased the share of revenue from the direct sales to 87%, up from the 78% which we had a year before. Our geography, diversity, and double-digit growth in direct offices allow Sisram Medical to navigate the economic challenges that particularly impact the North America and Latin American markets in our industry. Number four in the strategy would be agile and innovative value creation system. In 2024, we continue to scale our production capabilities and operate normally despite geopolitical challenges. We have also implemented advanced IT platforms to enhance our efficiencies both in the backend and the interfaces with customers. Number five part of the strategy is the brand equity and engagement. Our partnership with global icon Kate Hudson has significantly elevated Alma's brand recognition, reaching over 300 million consumers worldwide and generating extensive engagement across digital platforms. Our flagship event, Alma Academy, delivered groundbreaking success, leading to all-time records of sales, enhancing our brand equity. Looking forward to 2025, as we enter this year, we are confident in the opportunities ahead. Market conditions are showing early signs of stabilization, with recent interest rate adjustments providing a positive outlook. Our key growth drivers include the highly anticipated Alma Harmony and the Alma IQ in the international markets and the commercialization of our portfolio of injectables. In addition, we're going to introduce to the market a new AI-based personalized skincare solution that will redefine post-treatment care, empowering practitioners and consumers with cutting-edge medical-grade skincare. Moreover, we will continue to scale our global presence and increase operational activity efficiency. I want to express my gratitude to the global team for their dedication and unwavering commitment to our vision. To our shareholders, thank you for your confidence and support. We remain focused on delivering sustainable growth and creating long-term value for all our stakeholders. With that, I'll now turn the call over to our CFO, Mr. Jiahong Li, for a detailed financial review. Thank you. Thank you, Lior, and thanks everyone for joining our call today. For the year ending December 31st, 2024, we reported a revenue of $349.1 million, representing a slight decline of 2.8% compared to the previous year. Despite this decrease, our global presence and a diverse market presence contributed nearly 20% of the revenue increase in our direct offices across APAC, Europe, and the Middle East and Africa. As a result, direct revenue increased to 87% compared to 78% in 2023, emphasizing the continued expansion of our business outside North America. Our gross profit margin also increased by 1%, reaching 62.1%. Net profit for the period decreased by 12.6% compared to 2023. The decrease in net profitability margin was mostly due to the growth in operating expenses driven by the scale-up of our new direct offices. This was partially offset by gross profit percentage increase. As we talked about earlier, we ended the period with a cash and a cash equivalent of $17.1 million, maintaining a strong financial position. Geographically, revenue from international markets, excluding North America, totaled $211.7 million, reflecting a 4.6% increase compared to 2023. This growth emphasized the importance of our expanded global footprint and the direct market strategy. If you look at the revenue breakdown by segment, our medical aesthetics products segment remained the largest contributor, generating $308.9 million in 2024 for 88.5% of the total revenue. One of the key highlights of the year was the successful launch of Alma Harmony. We also talked about our new multi-platform system, which became one of the most successful products launched in Sisram history. Beyond Alma Harmony, we also launched Alma IQ, an AI-powered skin analysis and consultation solution in North America. A special edition of Soprano Titanium introduced globally. These record-breaking launches saw immediate market adoption, demonstrating our strong brand equity and the high level of customer confidence in our product portfolio. To conclude, while we faced microeconomic headwinds throughout 2024 that impacted our industry, our strong brand, strategic investments, product innovation, global presence, and operational efficiency positioned us well for sustainable growth in the years to come. Yes, this is pretty much about the financials. Thank you. Thank you, Jiahong. Thank you. Thank you, Mr. Li, and Lior and Mr. Liu, for a very detailed presentation. Now, let's open up for questions. As a reminder, if you have any questions, you can either raise your hand or type your questions into the Q&A box. I think first question, please, Tran Chim Ma, please, you can go ahead. Hi, thanks for the opportunity. I am Tran Chim Ma from Sealand Securities. I have several questions here. Firstly, could you please answer why did the revenue in North America decrease and what we will do in North America as it is a big contributor for the performance? Thanks. Yes, of course. I can address that. Basically, North America, the majority of the business today is the EBD, the Energy-Based Device. Capital equipment in America, most of the business is being based on leasing. Over here, because of the high level of interest rates, we see a trend that actually starts not in 2024. It actually started in 2023 with very high interest rates, created a burden on a few aspects. One, doctors find it more difficult to get a leasing approved. The cycle of closing the deal takes a little bit of time. The other thing is the fact that doctors are getting slow approvals. You will not be able to exercise deals in the pace that we had before from the speed perspective. Also, the cost of the product is more expensive. They have more dilemma there. That's where we have a pressure to give a discount, which normally we do not give discounts. You can see that the gross margin in general of the company actually sustained and even got even slightly better. The reason for that is because of the introduction of new technologies. That was one of the reasons that the company managed to see a drop in the business of the top line, not in the same pace as some of the peers in North America in the United States of the EBD, because we did introduce new technologies. When you introduce a new technology, there is incentive for those that can afford to acquire technology. Even during financial headwinds, we have an advantage there. Comparing to the competition, that's one of the reasons we did better, even just in North America. This is just to answer your question. We are a little bit, as I said in my statement, more optimistic because the interest rate in America over the last few months has started to go down. This is taking off some of the burden regarding closing deals in a faster pace. Maybe the last point I can add is that you can see that at the end of the year, the momentum after the launch of Alma IQ and Alma Harmony, the combination of the diagnostic tool together with the Alma Harmony laser, we see a higher demand of new orders, which became a backlog to be fulfilled in 2025. This is the most accurate picture of the situation in North America. Thank you, Lior. You're welcome. We hope everything will get better soon. The second question is, any expectation of sales of DAXXIFY in 2025 besides any structure of Inject ables in China? What's your background of the team? Thank you. Okay. DAXXIFY in China is something that we are getting ready while Revance is also on their end getting ready regarding supply. This is a process that takes time. The DAXXIFY product is a drug. It has very special conditions of how to handle and coming into China and sold in China. This is what we're doing right now in building that capability. The fact that Sisram is part of the Fosun family, it's a big advantage. Fosun Pharma capabilities is a big advantage that we plan to utilize regarding on how we're going to operate within China. Right now, the team that we have is mainly senior clinical high-level marketing teams that basically is going to have set the operation to be up and running towards the second half of 2025 once we have clear confirmation on availability of enough inventory to come to be available to customers. It's very important that we have inventory that we'll be able to deliver. Now, we have one of the advantages that Sisram is the one to sell DAXXIFY together with Alma Lasers. That's a big advantage because it has a benefit from a clinical aspect as well from the business aspect. That is one of the areas that the teams are now working on of a plan of how to address it properly into the market. Thank you, Lior. That's clear. Thank you very much. That's my question. Thanks. Okay. Next one, Jinp eng He, please. Thank you for taking my questions. I'm Jinp eng He from CITIC Securities. I also have two questions. The first is also regarding the profit margin. We are not seeing the major expansion in our sales channels in 2024, but our profit margin are still under a bit lesser. We are also seeing a one-time income from the Jus tar Investment. Can you maybe briefly explain what is about this Jus tar Investment, and can we expect the rebound of profit margin in 2025 or maybe in next year or near term? Yeah, that's my first question. Yes, thank you. Yes. Lior, I will take this question. Oh, okay. Sure, sure, sure. Yeah. Yeah. Actually, Jus tar is a company we have invested in China as a minority shareholder. Last year, this company actually got additional investment from a third party, which is also a very strong financial background. By investing in this Jus tar, this new investor, they also bought some shares from us. That's why we got some earning on our P&L. It's around $3.4 million on the impact of a P&L. I think if we leave this deal aside, like leave the impact aside, I think in general for our EBD products, we still maintain very stable profitability because we are doing a lot of new investment, let's say, for the injectables and also for the new skincare infrastructure. They did have some OpEx on the P&L, but just for the core business standalone, I think 2024 is still very stable in the EBD. Besides that, I think for 2025, we are expecting for the new subsidiaries that Lior mentioned, let's say, the U.K. and Dubai and also South Korea, sorry, and Japan. I think they are all in the materialized stage. In this way, we are expecting actually the profitability will be better also compared to the last year for those subsidiaries in order to show the good performance for the company in the EBD business. Of course, the company will still balance the EBD business and also the investment in our new initiatives like DAXXIFY and the Profhilo and later on the Integrative Solution. I think the management are confident in the future development for the company. Yeah. Thank you. Yes. Thank you, that's very clear. My second question is about the global EBD market. We are seeing the slowdown in revenue growth either in North America, also in our prepared companies, and also our performance in Japan and Korea. There may be also a slowdown in growth in 2024. Can we see the global EBD industry and the growth slowdown to like a single-digit growth, or can we still expect a high single or maybe still low double growth in the long term? That's my second question. Thank you. Thank you, Jinp eng. I think I still believe that it's important to show that in general, the whole aesthetic segment of this wellness industry has a strong potential growth. It is true that within the different segments, EBD, injectables, skincare, injectable is the part which has the strongest growth. It's true. EBD in general was always somewhere around the 6%-8%, but it's on a global level. In the past, China was a very, very strong leading player and will be also in the future once some of the financial local parameters will change. We are getting ready to that with our preparation, as we spoke before, with the readiness with DAXXIFY, the readiness with the approval of the Profhilo down the road, and all the portfolio of the lasers that we have. On the other side, in America, being a leader over there, adding the AI and the skincare, a unique tailor solution, we'll speak about that in the 2025 results, we believe we'll be able to control very well the global brand. The strategy that you can see we're talking about is about combination, taking the benefit of the clinical but also business aspect between the EBD, the skincare, the injectable, and also diagnostics, the Alma IQ. This will give a lot of value to the clinics. We know the number of clinics that came into this segment in the last few years, especially after COVID, is very high. In a very fast way, they try to grow inside this business. It is our responsibility as an industry to give them support and value and help them grow. With them, we will grow as well. This whole combination, driving patients into the clinics, Kate Hudson, brand ambassador, really, really helped in Western markets because of attention to the procedures of Alma. Okay. Next, Fan Casim, please. Hi, Management. Thanks for taking my question. Thank you for sharing. I've got two questions here. The first one is regarding Europe. I noticed there was a deceleration in Europe in the second half. Any headwinds in Europe? What's our outlook for Europe in 2025? My second question is regarding the adjusted net profit margin. Do we have any outlook for the net margin in 2025? Any initiatives or potentials for the margin expansion? Thanks. Let's start first with the Europe operation. I think the major impact in Europe, I think, would be the still tension that we see, the geopolitical tension that has an impact and pressure on not just Ukraine and Russia. We know there is an impact on Germany, for example. That creates a burden on clinics that would like to open. We could see this. I think also we should be aware of the fact that we signed a contract with an injectable, the North American injectable company named Prollenium, and we're going to distribute their injectables beside our lasers. That will be happening in Germany, Switzerland, Austria, and also the United Kingdom. It's going to be a very big advantage. There are no players that can combine these types of technologies into the clinics. That will be, I guess, one of the big advantages going forward specifically for Europe. Regarding the net margin, we won't be able to give right now a clear forecast, but I want to be more clear about the fact that we drive our profits from the EBD side of the business because of the technologies that we introduced, as I mentioned before. They allow us to keep a high growth margin, allow us to drive the profit into incubation, such as building the teams of injectables, such as launching the new tailor solution skincare with AI technology. This puts us in the ballpark of a profitable business. Normally, over the last three years, it was in the ballpark of a 10% net profit as a target because sometimes there are fluctuations in the business, and you need to have that profit. We see ourselves as a very realistic, in-control company that knows to utilize the profit that we generate from one part of the business and execute and spend the money where the strategy is. This is what we are doing over the last few years and reporting on that. That's very helpful. Thank you. Yeah, you're welcome, sir. Sorry. Next one is Warren Dai. Please go ahead. Thank you for taking my question. I have two questions here. First one is regarding revenues. How much revenue brought by the long-acting products in 2024? As we understand, the product was approved in the second half of the year. Just curious how much you will contribute to the performance in the future and what's your commercial plan? My second question is regarding our injectables portfolio. We have a really comprehensive injectable portfolio here, including DAXXIFY, Profhilo, the Revanesse, and Hallura, and so on. Just curious about when it comes to deploying our sales resources or other corporate resources, what's the cadence of deploying those resources, and what's the plan for the future in the injectable business? Thank you. Yeah, Warren, thank you for these questions. Specifically for revenues from Prollenium, the U.S.-approved hyaluronic acid product, we actually only started to have a functional team really at the end of 2024. It was about recruiting the sales rep in Germany and the DACH market. We also moved the Prollenium team, which was existing in the United Kingdom, to join our team. They are now employees of Alma. This also happened only in the last quarter of 2024. Not much of revenue yet we reported in 2024 on that specific product line. We are now in the process of building the same team in Australia for Prollenium. We have more potential with other markets, but we're trying to be very careful of that, mainly because of financial stretch. Building a team takes resources. Following the last question, for example, to be able to keep profitable results with a minimum net profit, we want to be careful with expansion there. Now, to your questions about regarding the different types of injectables that we have, at the moment, we are utilizing the channels that we have in front of the doctor. The most important part, the most expensive part the doctor has in his clinic is the laser. It costs more than $100,000 or sometimes $150,000. We have a very strong long-term relationship with them. Now, if we have unique products like bioremodeling with Profhilo or DAXXIFY with the neurotoxin or unique next-generation hyaluronic acid bioremodeling products like Hallura, which is still a startup, but we can see very good feedback from the studies they have done and physicians that we know them for many years from the laser business, this allows us to incubate small startups with unique patents on such products like Hallura. Right now, this is only the beginning. We hope to keep the gate open and see which technologies can fit to our offering to our doctors on the injectable side. Basically, the injectables is a product that can stand for itself for enough revenue, but also combine very, very well from the clinical aspect with our lasers. That's kind of a hint to where we're going to take things. This is the concept of combination therapy. Thank you. That's very clear. Thank you, Warren. Next, Nate Zhou, please. Thanks for your management. This is Nate from UBS. I have two questions. The first is, I guess, on your view on revenue and earnings outlook in the next two to three years. The revenue has not been growing in the past two years, and the margin has been declining. I just want to understand when do you see there would be an inflection point potentially for revenue to go back to, say, a double-digit growth trajectory, and what's going to be the growth outlook behind that? I know you commented a bit on margins already, but do you still see margin to improve, say, from 7-8% in 2024 back to, say, low teens that we used to enjoy in the next few years, especially where they have a 90% sales contribution from our direct sales model and also very promising injectable portfolio about to launch in China market? Thanks. Hi, Nate. Thank you so much. Yeah, I think when we are, of course, not giving a forecast for the coming years, but if I try to analyze and share kind of thoughts about the industry and specifically how we look at things, we work within the space. If there are headwinds from economical aspects and major reasons, and every region has its different aspects, I mean, you cannot compare the financial economical aspects in North America to China. It's different. Or Latin America, it's a different challenge. Within that frame, we maneuver. We maneuver with our technologies, and we maneuver with our channels. One of the things, and I think from our results and compared to the peers, just EBD peers, you can see that I would say we maneuver relatively okay compared to the others. You probably know the results of Allergan, which is also reflecting adjustment to what's happening in the markets. What is more important to share here, Nate, is the fact that over the last few years, we took a very important strategic decision to be direct in 12 markets. Being direct means not, of course, you are facing the customer. You're also in control of your operation. There are areas sometimes that you want to be taking more of an investment to take more control and market share. There are areas that you know you can cut down operation because the situation in a given market is not in a good shape, and we have to be careful. think it is very difficult to predict where the world economy would go and how consumers would have an impact, but it is very clear that the wellness industry is somewhere that people want to go and invest because all of us want to feel and take care of ourselves. Now our job is to introduce the best technologies possible and give the best service possible because at the end of the day, when we want to expand into further and larger audience, their knowledge about the technology is limited, of course, if we were talking about bigger and bigger numbers. They need to trust our brand. This is all that we are trying to do all together: advanced technologies, strong channel and support, and sustain a strong brand which you can trust. That is why it gives us that kind of a sense of control that we expect to overachieve any player in the market regarding growth, even if the market is going down because of the economy, still be a healthy, sustainable economical company. Great. Yeah, thanks, Lior. Very clear. Definitely very exciting developments. My second question is on competition. I just want to understand in general for our EBD business, are we gaining or losing market share in key markets like the U.S. and China? I just want to get a sense of market share movements. In China, for instance, are we facing competition from local companies or brands which, say, compete against us through low prices? Thanks. Okay, Nate. Yeah, that one is also different, of course, in every market. I think I would argue that even if you just take revenue and the public companies, you would see that our market share is growing. I think this is for North America. Regarding mainland China, I think it's important to note and remember local competition in China exists from day one. When we sell in mainland China, and we are by far the leader player in China, but still, the potential in China is huge. The question is how well you manage your business and how deep you go inside into the market because selling technology, which is advanced technology, to an organization that doesn't have the right operation to sustain education to the staff, to deal with managing the complexity of the fast pace of demand, and so on, we have to be very careful in how we support accounts that we come inside. We are very careful on that level, taking consideration collection, taking consideration being able to have a solid, healthy accounts receivable, which we have over the last, I mean, the fact we are active in China more than 20, almost 25 years, gives us that experience, which, of course, being back with a solid name of Fosun as part of the Fosun family. We are a leader in this market, and there are smaller players, but the most important part, I believe, would be the brand. The brand in front of our customers, the B2B, and we're also testing our presence in front of the consumers. Actually, in China, we got the strongest results on a B2C level, which is important. Understood. Yep. Thanks, Lior. Thanks, Nate. Okay. Thank you. Our team also has two questions for the management team. First, I know Lior and the management team have already talked a lot about the potential product launch and interest rate decrease. Also, we know the very major launches of injectables in China. Also, the ramp-up in Japan and Thailand since we have a direct sales team there. My question is, how should we expect the sales growth in different regions this year? Maybe can you share some colors on the ballpark numbers or maybe just the trend, please? Yeah. As I mentioned, we're not giving a forecast right now because it's still uncertain exactly what will be the situation with the interest rate, whether they'll continue to come down. Rightfully, you said, and I agree, and we would agree that not only every region has a different expectation, every office would have a different expectation because we expect at this stage all of our new offices at this stage after year number three, for example, to be profitable. This is very, very important to say. I think markets, Western markets, are easier to predict, like North America or the United Kingdom. Markets which are more conservative, we need to be careful with them, like the DACH markets. Remember that we also expect the first year of business of injectables, like we've talked before, such as the Prollenium product, such as Hallura in some of the markets, and this should give us some extra potential. Of course, the fact that we launch new products, three major launches during 2024, more fruit would come in 2025. We have a lot of potential to play with. Always we talked about the upsides. Sometimes we're surprised by downsides, like a political thing that might happen in Latin America that every other year we might face. That's the benefit that we have at Sisram. We are active in 100 countries, and we can play with this. Very great. Thank you, Lior. The next question comes from my colleague, Shiy u. Shiy u, please go ahead. Thank you. This is Shiy u from CICC Healthcare Team. I just want to ask one quick question about the PhotonMed. I'm wondering if they meet the performance target, how much should we pay to them? Yes, Qianli, you say. Hi, Lior. Hi, Lior. I was just asking. Yeah, yeah. The acquisition was closed in 2023. In the first period, as we disclosed in the annual results business development section, we have paid for the first period consideration, which is around RMB 12.5 million. I think the second period will be starting 2024, July 1st till 2025, June 30. That is the second period. The third period, as we disclosed in the announcement, will be another following year. I think for the first period, they have also achieved the performance both in the top line and the bottom line, like EBITDA. We are aiming for the second period. That is the goal for the company also, for all the management. We will disclose once each period is finished, and we will disclose how much money we pay for the consideration. Yeah, there are still going to be two payments in the following years. Yeah. Okay. Very helpful. No more questions. Thank you. You're welcome. Very great. Yeah. It's almost an hour. Thanks, the management team, for your time. Thanks to the investors for taking the time to join our call. We are looking forward to hearing more good news from Sisram. That concludes our call today. Thank you. Thank you. Stay safe. Thank you. Thank you. Have a nice day. Thank you. Yeah. Have a nice evening. Bye. Yes, you too. Bye-bye.