Distinguished investors, dear friends from the media, good afternoon. Today is the beginning of spring, and we could see the warm market of Hong Kong. Thank you very much for attending the Geely Automobile Holdings Limited 2024 annual results conference. Wish you complete success. My name is [Zhao Yang]. I would like to introduce you to the management team of Geely Automobile. They are the Geely Automobile Holdings Limited CEO and Executive Director, Mr. Gui Shengyue, President, Geely Holdings Group, and CEO of Zeekr Technology Group, Mr. An Conghui, and CEO of Geely Automobile Group and Executive Director of Geely Automobile Holdings Limited, Mr. Gan Jiayue and CFO of Geely Automobile Group, Mr. Donghui At the very same time, we also have our independent directors from Zeekr Group attending our conference. They are Mr. Steve Davis, Mr. Miguel Lopez, and Mr. Michael Ricks. Thank you for their attending. Thank you. There will be three sessions. First of all, the CFO, Mr. Donghui, will share with us our annual results and future expectations, and then Mr. Gui will give a speech. Finally, we will have a Q&A section, and the investors and also analysts who joined us online could also send your questions to us. Now I give the floor to Mr. Donghui. Dear investors and friends from the media, good afternoon. My name is Donghui. Now I will introduce you to the annual results of Geely Automobile in 2024. Last year was an important year for Geely Automobile to consolidate its leading position and make breakthroughs. We have entered into a new stage because we have the growth both in sales volume and profit. Last year, the sales volume actually reached up to 2.177 million with a growth of 32%, and the total revenue exceeded RMB 200 billion, up to RMB 240.2 billion, and RMB 240.2 billion with a 34% growth. In terms of profit, we could see here the profit achievable to the equity holders was RMB 16.6 billion, and that excluding extraordinary items was RMB 8.5 billion. In terms of sales volume, we could also make breakthroughs, especially in terms of the total sales volume and the new energy vehicles and also exports, all setting a record high. For the NEV, it was 888,000 vehicles sold, grew by 92%, nearly double growth. Here we could see we have three brands, Geely, Zeekr, and Lynk & Co, all reached new heights. In last December, our market penetration has reached 58.6%. In terms of the fuel vehicles, we sold 1.289 million, which actually we could see we have made growth against the headwind. We really consolidate our position. In terms of export, here we could see the export was 415,000 vehicles with a growth by 57%. In terms of the export source, accounting 90%. In terms of finance performance, we could see it has been driven by the scale effect and high-value products. We have sales growth and also product structure optimization. Therefore, the sales revenue actually set a record high up to RMB 240.2 million. Here we could see that the average unit price rose steadily up to RMB 107,000 in the fierce market. Along with our increasing competitiveness of our products and a prominent economy of scale, here we could see the gross profit that increased up to CNY 38.2 billion. Here we could see the profit margin and gross profit margin also grew by 0.6%, already up to 15.9%. In terms of operation and management, the sales and also administrative expense ratio has been reduced to 5.5% and 2%, respectively. In terms of R&D, we fully focus on the intelligent strategy of the new energy vehicle and continuously increase the intensity of the R&D investment. Last year, the total R&D investment up to CNY 15.9 billion. However, we've optimized the R&D through strict cost control, and therefore the R&D investment only accounted 60.6% of our sales revenue. Here we could see our company's technology accumulation and systemization ability in the new energy vehicles gradually reflected in our financial results. Here we could see that the net profit achievable, excluding extraordinary items, reached RMB 8.52 billion. That's up to 52% year-on-year. The new energy vehicles began to make profits in the fourth quarter, and the company's strategic transformation reached a harvest period. In terms of cash flow, here we could see that operating cash flow is up to RMB 26.5 billion, and the total cash level is RMB 40.9 billion at the end of 2024, and net cash flow is RMB 39.8 billion. On top of that, Geely Automobile rewards our shareholders year-on-year. Here we could see that the dividend per share increased year by year. Last year, the proposed dividend per share is HKD 33 that are up to 50% year-on-year. In terms of our brand product matrix, Geely Automobile achieved all-round and balanced development. Geely brand with annual sales of 1.67 million vehicles increased by 27%. Geely Galaxy has become the mainstream EV brand with annual sales up to 494,000, and that's the 80% of year-on-year growth. Therefore, the Galaxy products are selling very well, and they ranked quite top among different segments. Galaxy E5 ranked top one in the electric compact SUV in January 2025, and Geely Xingyue ranked top one among all categories of EV in January 2025. Galaxy Starship 7 EM-i ranked top one among all brand plug-in hybrid cars. China Star ranked first as the Chinese independent branded fuel vehicles in China for eight years consecutively. We sold 1.17 million vehicles and up to 14% of growth. We have other brands just like Xingyue L, Xingrui, Binyue, all actually won annual sales champion in different subcategories. Geely brand has already covered more than 80 countries and nearly 9,000 overseas and sales service outlets. In 2024, our localized factory has been built, and the Geely EX5 launched in overseas market. The Zeekr brand also sold 222,000 in 2024, an increase of 83%, double the growth. Since Q3, it also achieved the profit. The Zeekr 001, 009, and 7X has also topped the segmented market. It has also driven the total sale. In 2024, Zeekr has also pushed map-free City NZ P through OTA, which has also driven the smart driving function. Moreover, it has also continued to speed up the expansion in the overseas market, covering six continents and over 40 overseas markets. In 2024, we can see the sales volume 285,000, an increase of 30%, and the NEV penetration rate elevated to 59%. The Lynk & Co 07 EM-i, 08 EM-i continue to sell well, and the Z10 and Z20 have been launched within the year. Ten days after the launch of Z20, we can see that over 10,000 units have been produced. In 2024, the Lynk & Co EU has also transformed the business. Now the outlets in Europe reached 21. Under the strategic guidance of the title declaration, the group has also made the integrated transformation of the strategy of Zeekr and Lynk & Co in 2024. With the completion of the equity deal in February 2025, we have opened a new chapter. After the integration, Zeekr Tech Group will just improve the efficiency ranging from R&D, production, sales, and management. It is expected that by 2026, the sales volume will hit a million target, and over 3% of BOM cost saving will be ensured, and production, as well as manufacturing, will also improve efficiency. The R&D spends, sales, and administrative expense will also have the scale of 10-20%, among which the R&D expense ratio will be reduced to 6%, and sales and administrative fees ratio will also be lowered to 8%. Moreover, we will also have the diversified profits. In 2024, Renault Korea, as well as Proton, contributed to the steady profits. Proton sold 153,000 units in 2024, contributing RMB 95 million. In 2024, Proton in Malaysia also launched the first model of the pure EV, e.MAS 7, and two weeks after its launch, the orders surpassed 2,500. Moreover, in the two months of this year, this product continued to top the rank in the Malaysian EV market. Renault Korea in 2024 sold 110,000 units, contributing RMB 121 million. Moreover, we can see that the Grand Koleos, after its launch, has been a hit in September. So far, the terminal sales recorded 22,000 units by the end of 2024, and it continued to top the list in November, as well as December in the mid-class SUV South Korea market. In 2024, the joint venture H orse Powertrain has been established, introducing the strategic investors. It also contributed RMB 9.1 billion to the group, and also RMB 1.63 billion cash flow. In 2024, Horse Powertrain has sold 8 million units. By the end of last year, we can see that the net profit amounted to CNY 1.15 billion. As for the Genius AFC, its profit is very stable. The overall net profit is CNY 1.07 billion, and the loan scale is CNY 54.8 billion. Moreover, the newly added contract volume surpassed 600,000. We can also see the booming development of the business with a new order of 92,000. Despite the intense competition, Genius AFC continues to lead the sector. In terms of ESG, our company continues to focus on long-term sustainability. ESG has been integrated into the corporate strategy by the end of last year. The emission of the life cycle of per vehicle decreased by 18% from the 2020 level. We continue to build the global sustainable supply chain, and our performance in ESG continues to top the list of the mainstream ESG rating. In CCTV, as well as S&P rating, we continue to be the number one. Moreover, we also continue to top the list of the Hang Seng Composite Index in terms of sustainability index. We continue to focus on the overseas expansion, as well as side tech so that we can reach a new high. In 2025, our group sales target is 2.71 million units, among which NEV sales target is 1.5 million. 2025 will also be a hit year for Geely because we are going to launch 10 new NEV products and also have a diversified matrix of the products. To be specific, our sales target for Geely brand is 2 million, and we are also going to launch five new NEV models and also multiple modified models, among which Geely Galaxy will also be the hit of like the Geely Galaxy Xingyao 8. We are also going to launch another two new SUVs and two new sedans so that we will also have the diversified NEV matrix. In the second half of 2022, we will also update our products like the ICEs, which will also be equipped with the Flyme Auto, as well as G-Pilot intelligent driving. As for the Zeekr, the total sales target for the year is 710,000, including the Zeekr brand, 320,000 units, and Lynk & Co, 390,000 units. We are also going to launch five new NEV models and multiple modified models. In April this year, we are also going to launch 007 GT and also SUV Zeekr 9X, as well as the luxury EV SUV, which will be launched in Q3 and Q4. For Lynk & Co, in the second quarter, as well as in the second half of this year, we are also going to launch the Lynk & Co 900 EM-i, the first SPA flagship. Moreover, in April, Zeekr Technology Group will also launch the D2D function. In 2025, we continue to speed up the global expansion and also diversify the exports of ICE, as well as NEV models. In terms of the models for exports, in terms of ICE, we will also going to launch the new and modified products. In terms of NEV, we will continue to launch Geely Galaxy, Zeekr 7, and also Lynk & Co 08 EM-i, etc. Globally, we will also make breakthroughs. In terms of the Middle East markets, we would like to focus on the number one. As for the Pan-Europe and East-Europe and African markets, we try to be the top three. As for Asia-Pacific markets, our export target is over 100,000 with an increase of 100%. As for the Latin American market, we hope that the export sales volume will increase by 100%. We will also continue to have the localization in Egypt, Ghana, and Nigeria, etc. So far, Geely Automobile has already completed the strategy for 2025. We also target the AI application because we are committed to be the side tech company with strong capabilities and strength in smart manufacturing. In terms of AI, we just try to be the leading operator in terms of the computing power, the model, as well as the big data. For example, in terms of computing power, we would like to establish the Xingyue Computing Center and in terms of model, we also have the self-developed Xingyue model, as well as the self-developed all-drive model. You can see we have been the first automobile company that has the holistic and improved AI ecosystem. In terms of data, so far, 7.5 million L2 intelligent vehicles. We have also got the real driving data of over 10 billion sq km. We have accumulated the data of the accent in the past three decades. We have the all-domain scenario database. In terms of AI, we can also see Flyme Auto, as well as Zeekr AI OS, have also topped the chart. Moreover, the satellite navigation, the self-developed chips, and low altitude mobility, and human-machine interaction and intelligence, we have also topped the sector. In terms of AI, we also work together with Qianli Technology, StepFun, DreamSmart, as well as low-o rbit satellite for the ecosystem of AI in all domains. Through the all-domain AI technology deployment, we believe that we can have the application in all scenarios, in all domains. Despite the intense competition in 2025, our management still has full confidence, and we will continue to commit to the Taizhou Declaration and also stay committed to our core values and provide high-quality smart automobiles to our customers. We will also have the integration for AI technology and advanced manufacturing. This is my introduction. Thank you. Thank you very much for Mr. Dai's introduction of our annual results. Now I will give the floor to Mr. Gui. Thank you very much for joining our annual results conference. Join us online and on site. Thank you very much for your attention and your support to Geely Automobile. We have already reviewed the 2024 annual results conference. The sales volume, up to 2.177 million units, was a record high. Here we could see that the vehicle average price also increased nearly by 10%. These are the numbers. If we look at these numbers in the domestic Chinese vehicles market, we would not say it is very outstanding figures, but we would say it is a good figures. We really need to look into the actions of the final results. I would like to make three observations. The first one, that is the new energy vehicles has already accounted 50% of the market share. By the last quarter of 2024, actually, the new energy vehicles of Geely Automobile have already penetrated 60% of the market. That means the total sales volume of Geely Automobile already reached the second place in the Chinese market. Of course, there is still a gap between us and the top new energy vehicle brand in China. Worth mentioning is we already outperformed other new energy vehicle brands and also outperformed some of the vehicle brands and overseas brands. Such an achievement has already reflected that Geely Automobile's strategic transformation has already achieved an initial success. This is important, I think. The second observation, that is the profit. Since the second half of 2024, Geely's new energy vehicle segment has already made profit. We've already turned around. I think that's really important. Therefore, we do not need to burn money in terms of the new energy vehicle investment because the new energy vehicles in Geely will continue to contribute a lot of profits to our company. This is the second important observation. The third observation is you could see our product matrix through our annual report. We have the high-end luxury Zeekr, and we also have the Lynk & Co, which is the young consumer-oriented. We also have the Galaxy that covers the mass consumers. That means our product matrix is competitive. As we all know, in the Chinese mainland market, the automobile market has the most fierce competition. Even under such a harsh environment, our product matrix could enable us not only to have the competitiveness, but also have the profitability. I think this has been fully reflected by our financial results as well. Geely Automobile also has accumulated a lot of capability in terms of technology innovation and management. What I mentioned, the two figures in the financial reports, figures are figures. What I've shared with you, the three key points of observation, that's the essence of our progress. What does it mean? It means Geely Automobile has already kept up with the pace of the Chinese automotive industry. We have found our position in the amount all of those Chinese automobiles. From this perspective, 2024 is of great significance to Geely Automobile because I just shared with you my observations from three perspectives. The market has proven that we have been on the right track over the past few years and will be in the future. The results in 2024 also strengthened our confidence. We believe in ourselves, we are able to catch up and also to surpass and also to create a bigger achievement. I think that is what I would like to say, and that is my interpretation of our financial reports in 2024. Of course, Geely is still at the starting point of our new era. I think the product matrix in new energy vehicles still needs to be optimized. Just like my colleagues mentioned, we are going to launch 10 new energy models in 2025. I believe with the launch of those new products, we are able to shorten the gap in sales volume between Geely and the top-wined brand in China in terms of new energy vehicles. We are going to continue to strengthen our capabilities and competitiveness. 2024 is important because we gain confidence from the market. 2025 will be the year for Geely Automobile to turn around our situation. Geely will be back on the fast race track. We believe that in 2025, that will be a very important role in the history of Geely. That is what I would like to share with you, my interpretation of the financial reports last year. I also would like to touch on the strategy of our intelligence, especially the autonomous driving or the smart driving. I also would like to report to you in this regard. In the past few years, that autonomous driving actually has been embraced by many vehicle brands. Therefore, different vehicle companies actually took different directions. Some focus on their self-development, some focus on the cooperation with other parties. Some companies promote their own autonomous driving system to make their own cars. That is the different scenarios and different directions that are made by different vehicle brands. In terms of the attitude towards autonomous driving, I think in China it is full of diversity as well. For some vehicle companies, they truly respect the science. They work on autonomous driving in a scientific and cautious way. However, there are still some car companies that just would like to make themselves to be number one. They just launched their brand, but they claim themselves as number one. There are many voices in the market. We could see even some brands actually criticized self-driving or autonomous driving as a scam. However, a year later, by cooking different recipes from the different brands, they've claimed themselves actually led the Chinese autonomous driving. Therefore, what I would like to say is that actually there are different types of the situations in different vehicle companies. Just what I said, there are some vehicle brands that actually claimed themselves to be the number one in terms of autonomous driving and claimed themselves actually have the mature technologies. I think this kind of voices actually sometimes will give some misinformation to consumers. Some consumers may be felt excited, but some confused. I think this kind of message or information actually already passed on to the investors. Many investors actually came to me to ask, "So how about your autonomous driving? Why do your cars still need to be driven by human hands and human feet?" Sometimes I felt I need to respond in this topic. Therefore, I would like to give you some updates in terms of the Geely Automobile strategy in terms of the smart vehicle, especially the concept of autonomous driving. Actually, when we recorded previous years, a few years ago, we made determination to make our transformation in terms of a new energy vehicle. We've already fully aware that that would be the reform of the new energy vehicle. The first half war could be the new energy, and the next half war would be the smart driving. We've left behind a little bit in the past few years, but we've reflected and we've reflected ourselves, and we've made in-depth research, and we are going to develop that. We could see that the market is fierce as we predicted. Actually, a few years ago, due to our sales numbers, were not very good. Therefore, our efforts in terms of the autonomous driving have not been attracted by many people. Actually, in 2021, we have already established one of our computing centers. I still remember back in October 2021, it is announced that the 2025 Geely Intelligence Strategy or the declaration has been launched. You can see years ago, back in 2021, we have already oriented towards intelligence. We have also made a deployment about this ecosystem, covering the chip to satellites to our cell phones, etc. You can see we have made a wide range of deployments focusing on intelligence. Of course, autonomous driving has been part of intelligence. Years ago, we have already started the journey towards intelligence. Just now, we have already elaborated the efforts that we have made for the intelligent ecosystem. As a matter of fact, last year, we have already successfully established the all-domain AI intelligence model. I believe that this model is unique in China, and it is the only one in China with its own characteristics. Also last year, we also had the integration of a DPC. You can see we also collaborated with Qianli Technology as well as StepFun for cooperation. Hereby, I would also like to point out that if you look at it carefully, you can see either Xingyue, Xingchen, or Qianli Technology. They have been part of the Geely ecosystem. Also, like Meitu cell phone, it also provided the smart cabin with the Flyme Auto system. You can see in some sense, they have been part of our sci-tech ecosystem. It is not separated. You can also study carefully like Qianli Technology as well as Xingyue, Xingchen. After the careful study, I believe you will agree with me for the conclusion that I have drawn just now. Simply put, we have been equipped with the strength in the AI area because we have established the all-domain AI model for different scenarios of automobile. Our model or system has been equipped with the massive computing power. Just now, my colleague has already mentioned that. What I want to highlight is that Geely has also developed the philosophy to develop intelligence, in particular, autonomous driving, because we believe that without the big data or computing power or models, the intelligence of vehicles, in particular, the autonomous driving will never be achieved. The rapid development of sci-tech has provided the automobile consumers diversified experiences. You can find a lot of conveniences. However, along with the developments, we should never forget, and rather we should remind ourselves that we should prioritize our safety. Safety should be the center of autonomous driving. As for the autonomous driving, how can we ensure the safety of it? Simply put, big model can play a part. So is the big data as well as computing power. That way, the safety can be achieved in this way with the incorporation of big data, computing power, as well as model. This triangle is very important to ensure the safety of our autonomous driving. Autonomous driving should never be a concept that can never be achieved without the support of the triangle that I have mentioned. This is the philosophy of Geely Group. We need to stay committed to the science and also use the three elements that I have mentioned to achieve the safety of autonomous driving. This is the philosophy developed by Geely. You may also ask, "At which stage of your intelligent driving?" Just now, I have also asked a question or raised a question mentioned by other investors. Like, "Why don't you just follow the journey towards autonomous driving?" I should say that this is a natural step. First, we need to build a solid foundation for autonomous driving. I should say that if we just mention the foundation for autonomous driving, we have the most solid foundation. In that sense, we can also have already been the leader in that field. So far, we have entered the application stage. On March 3, an event has been hosted. Zeekr executives for the autonomous driving, [Chen Qi], as well as other executives, have already elaborated the underlying logic as well as the plan in that field. On March 18th, Zeekr also organized an event. Mr. An chaired that event. He also worked together with a user to experience the end-to-end autonomous driving solution, which will also be launched in April in the new product of Zeekr. I am responsible to tell you that on March 18th, Mr. An demoed the autonomous driving, and I should say that the experience is the best. Simply put, it should be included in the Tier 1. However, I should also say that as for the autonomous driving solution demoed by Mr. An, I should say the experience is the best so far and also the safest so far. As for safest for the conclusion, I have been cautious to say that because we should never be too humble, we should never be too exaggerated. Rather, we should be humble. We should always keep our pursuit of improving safety. So far, it's the best. However, we still need to do better in the future. This is my elaboration of Geely Automobile Company in terms of the efforts that we have made towards autonomous driving as well as the prospect for the future in this field. I would also like to summarize our philosophy towards autonomous driving. That is, for the autonomous driving, we can say that we may have different experiences. However, safety should always be the center. This is our slogan as well as our philosophy or idea towards autonomous driving. Today, with this chance, now we have shared our ideas with you because autonomous driving has been a buzzword or the focus of a lot of people. I would like to shift the gear to another area, which has also been covered by our presentation. In the past two years, in terms of the energy transition, we tried to keep in pace with the current market. Despite some challenges, we made steady progress, and we have seen the light at the end of the tunnel. No matter how the situation evolves, we still want to focus on ESG because we believe that if the company would like to sustain, ESG should be one of the important areas that we cast attention to. Hereby, I would also like to lead to another topic. That is, how we can ensure the steady development of an automobile company. We often have the reflection upon that question. As for Geely Automobile, when it is developing an EV, I should say the company is steadfast towards that field. However, we will not give up ICE, internal combustion engines. Rather, we'd also like to shift the gear to reduce the emission and also improve the efficiency of ICEs. We will also ramp up investment and input in that way so that we will also have a leading position in terms of ICE. We can see that we have maintained a solid or the leading position in this field. However, it is far from enough. We still need to ramp up efforts in that field. We believe that in the long term, or at least in the midterm, the ICE will continue to exist. Maybe in the future, the field will be just shifted to biomass or the fuel cells, etc. In these few years, Geely continues to develop other fields like the green methanol. ICE may continue to exist. This is one of the strategies for Geely's steady development. ICE will continue to be a pivotal part of our business. Years ago, the prospect for an EV is quite dim. It was dim years ago. However, the situation has been totally different. As for the share of an EV, it has contributed 50% to our total volume. You can see that we just keep pace with the current market in China. This is also the solid foundation for us to forge ahead. Maybe in the coming three years, China's vehicle market will continue to evolve. Also, the competition may also shift. For example, for the investors, they will never just give you the money just based on the presentation you have just made or the figures you have just sold. I believe that in the coming few years, all the companies which will not make any money, they will be phased out by the market. In the coming two to three years, we believe that that will be the trend where the Chinese market will have the equal distribution of the share of both ICE as well as an EVs. In the coming two to three years, and maybe the valuation methods from the capital markets will also be changed because ICE should you see the demand either in China or in overseas markets. At that time, if the company just has an EV product instead of the combination of an EV product as well as ICEs, then the company will have some deficiency or have some disadvantages. Therefore, I believe that a company with the portfolio of ICEs as well as EVs, they will have an upper hand. Just now, I have shared with you our long-term development strategy as well as a philosophy. Going forward, we are sure that we will stay committed to our company's philosophy as well as strategy. We will not just follow suit blindly. Rather, we will just keep pace with the trend and also be responsible to our consumers. Hereby, with this chance, I would also like to make some explanations towards the following topic. For some emerging companies, they may not cover this topic, but I would like to cover it, like what I have shared. Also, in 2024, you may have noticed that the Taizhou Declaration has been released, whose core is to focus on the 0175. With that declaration, we have launched or rolled out the specific measures. We believe that those measures will be seen and will be reflected. We could see the benefits of those measures to emphasize 175. Last but not least, I also would like to talk about the issues that concern our investors the most. As I remember last year, at this annual results conference for 2023, I have once said, "Fold in the near future, our sales volume will reco-hide year-on-year." That's what I said last year. Today, what I would like to tell you is that in the near future or the long-run future, our sales volume will continue to make record high, and our profits will rise and also make record high as well. That is all for what I would like to say. Thank you. Thank you very much for Mr. Gui's insight. Now let's begin the Q&A section. We also would like to remind our investors and media friends who join us online, you can also ask questions. First, right here, could you identify yourself? Could you please use the microphone? Thank you. I'm from Guangfa Securities. I'm a researcher. I have two questions. First one, that is the gross profit margin that actually in actually the fourth quarter, that one was increased by 1.7%. Could you explain why we are able to increase the gross profit margin? The fourth quarter, the Galaxy brand actually contributed a lot in terms of the gross profit margin. How do you see the gross profit margin in 2025? The second question is about the export because we could see that Geely has some cooperation in terms of Brazil and also work with Renault. Would you let us know, do you have any structure exchange or structure change in terms of export to other regions in the world? Is there any low-risk practice to collaborate with the other partners? Okay. I would like to take the first question. Thank you very much for your question. Actually, we could see that in 2024, the fourth quarter, we are able to make RMB 2.7 billion of the profit achievable to the equity holders. Here we could see that the gross profit margin actually reached 17.3%. Why was that? Because in the fourth quarter, we could see the sales rhythm was very good. Here we could see that the combustion vehicles, the Xingyue L in the fourth quarter, already sold out to 30,000 units. The profitability of the Xingyue vehicles was very good. That is the change of the distribution and also sales structure that helps us to improve the gross profit margin. In terms of the second reason, that is actually when it comes to the end of the third quarter and the fourth quarter in 2024. Now, because in last September, that we've launched a new energy vehicle, Xingyue, and also have other two new vehicle brands. They have all of these new energy vehicles models made profit. Here we could see that when the first three quarters, the gross profit margin was less than 10%. However, when it comes to the fourth quarter, because of the sales volume driven by those new models such as Xingyue, that helped us to boost the gross profit margin at the end. Thirdly, that is the export. As we could see, the fourth quarter's export was quite strong. Based on these three reasons, we are able to improve the gross profit margin in the fourth quarter, increased by 1.7% compared to that of the third quarter. In terms of the outlook for the gross profit margin this year, I think we can see our competitors, they are actually starting to claim themselves that to develop very high quality of the intelligence driving capabilities. They have also made some surprising adjustments as well. We believe that in 2025, the overall market competition is fierce. In the first and second and the third month, we could see in recent two weeks, actually our vehicles, be it the combustion or the new energy vehicles, actually have been selling very good. We still maintained our advantage in terms of the product matrix. We also have the very strong cost control. Here we could see for 2024 that our gross profit margin made it 15.9%. On top of that, in 2025, we would like to make it to 16.5%. To take your questions in terms of the internationalization. By answering your question, I also would like to share with you our overall planning of our international business. Actually, in 2024, the overseas sales volume of Geely has already made it to 415,000 vehicles with a growth point up to 57.4%. That number had already outperformed our competitors because, averagely in this industry, that growth point was only 19.7%. Here we could see in 2024 that the total overseas sales has already accounted nearly 90% of our business, basically 20%. In this year, we believe that the global market will be affected by the macro environment in the globe, and the overseas competition will be fierce as well. At the same time, we believe that the sales volume in the overseas market probably will be narrowed or dropped. However, there is another positive side that is along with the rapid development of the new energy vehicles in China, we believe that the global market will give more opportunities for Chinese brands as well. This year, Geely, our export target has been set up to 467,000 units with a year-on-year growth of 12.5%. We have the Geely brand that will account for 400,000 units, and then Lynk & Co and Zeekr will be sold to 67,000 units. How about our strategy? We have our market layout, and we will focus on some key markets. For example, Mr. Dai mentioned the Middle East market, and Geely will make the number one Chinese brand in the Middle East. We will ensure there are at least 50,000 vehicles being sold in the Middle East. Then in Eastern Europe, we would like to ensure we are able to maintain the ranked number three or to fight for ranked number two in Eastern Europe. The sales volume needs to be around 100,000-150,000 units. In terms of the Asia-Pacific, we are going to make it into about a market of 100,000 vehicles. Also in Latin America and Africa, these are also the markets we've already paid attention to, and we are going to sell our combustion vehicles and new energy vehicles over the year. That is our overall global market plan. Here we could see for the Galaxy products, and that has been regarded as the global brand. All of those standards for the Galaxy series all are following the global and international standards. That basically means that we have covered all eight countries, and our products actually developed based on the standards in more than 100 countries. That means we are able to launch our Geely products in different countries one after another. In terms of the European market, we will accelerate our business of Lynk & Co and Zeekr. Because in Europe, we also will fully optimize the resources of Volvo to expand our European markets at a very fast speed. Actually, as of now, Lynk & Co and Volvo have been worked together. In Europe, we've already had 46 4S stores. By the end of this year, we are going to increase that number up to 150 4S stores. That's a very good channeling plan. This is our overall planning. We also make some very good deployment of the different segments because Geely Motor has been focused on internationalization and globalization for years. We have already localized our supply chain. We need to ensure our brands could go global. We need also to ensure our technologies and our branding could go global. At the very same time, we provide very good services to ensure our markets. We also launched differentiated policies in different countries and markets. At the same time, we also will focus on the intelligence driving for the international market. We will continue to focus on the localization. We will enlarge our KT factory. Many investors are concerned about Renault. You wonder, will we have sound cooperations? Actually, yes, because this is the advantage of Geely. Geely is a globalized company. We have resources all over the place. We will work with the Korean Renault company. Here we could see, and our cooperation has meant that brand increased from number eight to number three in the South Korean market. For the single vehicles, we really need to set a benchmarking product in different segments. We believe that our products and technologies actually are quite competitive. In Latin America and South America, Geely, we also work with Renault as well. Those cooperation details will be announced later on our official website. The major direction is the localized development and also consolidating our distribution channels and resources. That is the general information about our globalization. Thank you very much. Second question. The ladies over there, please. Good afternoon. I am from BOCI. I have two questions. The first one is intelligence strategy because last year, I think the market was skeptical about Geely's transformation to be intelligence and to be the new energy vehicles. Now we could see, and last year, Geely has already made announcement that Geely has already established a joint venture. Why do you name this joint venture as EHao Joint Venture? Why is that? Will it be their [EHao] number two joint venture since you have [EHao] number one joint venture? The second question is about the Qianli Technology. It's mentioned that Qianli is capable to provide the algorithms and to Geely. Geely also made some investment in the institute up to a billion. Could you let us know more about that so that we have more confidence in terms of Geely, in terms of intelligence driving? Another question, some of your competitors, just like BYD, and BYD also have financed a large amount of money up to CNY 40 billion. Actually, over the past years, apart from the IPO, Geely has not raised money for a long time. Why is that? Now I'd like to respond to the first question. Just now, Mr. Gui has already shared a lot of information with us and also shared the idea towards autonomous driving, which is very clear-cut. As a matter of fact, I've also been in charge of that part. As for autonomous driving, I should say our journey should date back to 2020 because at that year, we just rolled out two blue action plans, which is focusing on the high-end purely electric vehicles, and we just focus on energy saving. We also say that intelligence has been part of our deployment or strategy for the vehicles development. Intelligence is a highly important element of our product. All our products, we just showcase the intelligence element. In 2021, Geely just rolled out the 2025 strategy for intelligence. We have one web plus three systems, which means that we just have the [sci-tech] intelligent ecosystem, and we just center on the chips, the big data, and computing power to achieve that goal. You can see we just focus on these triangle elements to improve or advance the ecosystem of SciTech and intelligence. Moreover, in 2022, we also launched the new manufacturing center with the massive computing power. We also topped the Chinese automobile companies in terms of the computing power. Since the second half of last year until this year, we also tried to improve the ecosystem. We also established a computing power alliance, including Qianli Technology, StepFun, and DreamSmart, as well as low-orbit satellites to uplift, elevate our computing power. I should say that in terms of China's automobile sector, we can be number one. Globally, we may just only be second to Tesla. We have the guarantee and the notable strength in terms of computing power. Without the support of computing power, we can never achieve the autonomous driving in real sense. Safety focus or hinge on the computing power. Secondly, big models have also been very important. We started the deployment of AI models back in 2021. Years ago, I should say there was only a limited number of Chinese automobile companies focusing on the deployment of AI models, but we started the journey years ago. We focus on these areas. Moreover, we also emphasize the importance of efficiency as well as the improvement of customer experiences. That's why our whole team focuses on the improvement of the efficiency. We ramp up efforts for the development and the management with the support of the AI models. Going forward, I should say that our model can be applied in multiple scenarios. We have also made a lot of exploration in all the fields in different scenarios or all domains. Earlier this year, some may also argue that why after the launch of DeepSeek, why Geely has been among the first to use DeepSeek or integrate DeepSeek? Because previously, years ago, we have already started a journey to focus on AI model development so we can have the seamless connection with DeepSeek. Secondly, as a matter of fact, back in 2023, we just partnered with StepFun. As for Xinri Computing Center, it is a vertical model. The general model as well as the vertical model, they can be combined to be used in multiple scenarios. That is why my team partnered with the team of StepFun to co-develop the big models. As for DeepSeek, it just focuses on the test. As for our model, we can also connect with the audio or video, etc. All these models are multimodal. Therefore, with both the audio or the video, we can just use it to elevate our capabilities. We can also empower our vehicles in multiple scenarios. Of course, AI can also be used in other scenarios. Why Geely is a hybrid vehicle or PHEV can lower the consumption of the oil? Why we can become the benchmark of this sector? Why we can also top all the sedans in terms of the oil consumption? It is because of the application of the big models or LLM. Previously, we understand that for the parameters, we just focus on the temperature, all the relevant indicators shown on the vehicles. So far, we have a fixed scenario. We would also like to extend the application of the model in different scenarios, like we can understand the real-time temperature or other conditions. With the information from the sensor, we can just make the informed decisions. You can see we can just have the real-time data from the sensors. is why we can also well control the oil consumption. Moreover, we developed an AI plus five model. As for autonomous driving, we believe that data is the utmost important factor. We continue to train the model. However, as for data from different scenarios, it is not easy for us to collect the data. However, with the AI plus five model, we can also generate a lot of other derivatives or other relevant scenarios to collect the data. The data from massive scenarios will also be connected with the real-time data. Both the virtual data as well as the real-time data will also be combined to train the model. That is why we can have a higher efficiency. We can improve the efficiency by folds. Also, this type of data will also drive the intelligence development of Geely's products, Geely's vehicles in the future. In a very short time, you can just observe how we can make a progress in terms of the Geely pilot products. The other question is why we established the joint venture with Qianli. Because it just represents AI plus computing power. As for Geely, we also strive for the leading intelligent driving capabilities. Maybe one year ago, we have already made efforts to upgrade our hardware as well as software. For our products, you can also see we had a unified design in terms of software. Now, in the wave of AI, we would also like to have the integration of it to improve the efficiency greatly. We can just elevate the efficiency notably. You can see that's why we partner with the two companies to work together for the same goal. That is, we just want to combine AI to improve our advantages with the combination of better or massive computing power so that we can just extend the value throughout the chain. Thank you. Just now, we have already mentioned that on March 18, Mr. An has already launched the end-to-end autonomous driving function. You can just have experience of that so that you can have a better understanding of it. Good afternoon, investors, friends from the media. Good afternoon. As for the autonomous region or the intelligent driving, our leaders have shared a lot of information with us. We believe that safety is the utmost important parameter. As for Qianli Haohan company, I believe that the partnership with it is a very good decision by our company. As known to all, under our group, we have multiple solutions for intelligent driving, but now we have the integration of our plans or solutions. As for Qianli Haohan company, its combination with Geely is a targeted strategy for us to live up to the goal that we have set for the whole group. Thirdly, I would like to mention that for the intelligence, for the safety of autonomous driving, we just want to have the partnership with other parties in order to elevate our capabilities. We believe that we need to have long-term input into intelligence. You must be aware of this point. We must sustain our efforts in this field, like in computing power, algorithm, data. The integration with Qianli Haohan, we believe that in terms of computing power, we can have more advantages. In terms of data, the Geely Company has also made a lot of efforts, like we can collect close to 7.2 million vehicles' data. As for Geely Holding Company, under our company, we have also got the subsidiary company, the platform, [CAOCAO Chu Xing]. The data from the mobility sector can also feed into our model to well train the model. In terms of algorithm or the computing power, Qianli Haohan has also contributed to that. They can also share their strength with us. In terms of algorithm, we also continue the integration. This is the second point. Thirdly, two days ago, on March 18th, in Hangzhou, Zeekr launch conference has also rolled out Qianli Haohan H7 autonomous driving solution. The D2D solution has already unveiled its chapter, the public testing. Also in April, we will also push it. As for D2D, I should say that we are among the Tier 1 list. With our comparison and also the test, we believe that Qianli Haohan H7 and D2D solutions have been marching into the Tier 1 charts. Even though we've spent some time on that, now we have lived up to our goal. This is just a starting point, a new starting point. In the future, we will continue to iterate our smart driving OTA to optimize our user experience. Fourthly, that is the very good synergy of the Geely group. We've combined Lynk & Co and Zeekr. With the combination of Lynk & Co and Zeekr, it will fully be equipped with H7. That would be the first smart driving system using the Soar chip. Fifthly, on the 18th of March, we also launched Zeekr 9X, which will be able to put into the L3 mass production. The 9X model will be displayed at the Shanghai Auto Show in April. That is all I would like to add. Thank you. I also would like to supplement a little bit. In terms of the smart driving, that is a very good question. It is interesting. It is also the reality. Over the two years, people were concerned about the new energy vehicle transformation of Geely. Now people begin to worry about our smart driving. I would say do not worry because some brands do a lot of marketing. They do a lot of talking. However, we do a lot of walking. Just like Mr. Gan and Mr. An mentioned, we actually have our overall deploy of the smart driving. We also mentioned that there is a joint venture set up with Qianli and Haohan. I think this is not a very important thing. Why is that? Because the predecessor of Qianli Technology, that is Lifang. Lifang itself actually is one, itself is actually one of the subsidiaries of Geely. It is already part of our Geely group system. Just like our smart pilot cabinet, people ask us, then why do we have the OT system? Yeah, because we got the Flyme Auto system from the Meitu mobile phone. It is a part of our system already. We just put those resources together. Be it Qianli or Haohan, or be it a different type of the joint ventures we set up, it is just internal arrangement. I think the true function, that is to achieve the goal of smart driving capability, that would be the core. We have to admit that Huawei is doing great in terms of the smart and intelligence. Although Huawei does not make cars by itself, you can see Huawei really promotes its own smart driving system. Why is smart driving system able to develop its vehicle brands? Why Huawei's vehicle could make a very good hit in the market? Because Huawei has the advantage of the technology system. You will know that in the future, the automobile sector is just a moving or movable smart or intelligence agent. That would be our ultimate future. Now we are talking about electric vehicles. We talk about hybrid or electrify. All of those will be part of the movable intelligence agent. I think we really need to focus on our current target, that is AI. There are some companies really good at manufacturing and some companies really good at building the system. The thing is we could see there are some car companies already signed a cooperation contract with Huawei because they relied on Huawei to help them to solve about the smart driving system. However, for Geely Group, we have already built our vertical system. Here you can see what's the point of cooperating with Huawei, that is they will have a bigger database and therefore will help them to optimize their system. In terms of the smart driving, I would say Huawei is the one we should really pay respect to. Huawei is really the one that deserves the respect from the other competitors. For some other vehicle companies, I would say they may sell them very well. The thing is we really need to focus on the key technologies. Back to Geely, we have combined Qianli Technology and the Jianyue together, and it is part of our system. It has very strong computing power. We just hope that with Qianli Technology together, we are able to build another Huawei which is capable, has the strong power in terms of the smart driving. We need to see our internal arrangement from this perspective. This is full of strategy meaning. This is our long-term arrangement. Our ultimate goal, that is to make vehicles in the future to be a movable intelligence agent. I think you will feel it and you will see it in the market. One year later, I think your doubts about Geely's smart intelligence driving system will disappear. That is my answer. Do not pay much attention about the structural change of Qianli Technology. That's not very important. It's just a part of our internal structure. We will focus on our ultimate goal, that is to make our contribution into the movable intelligence agent. The second question that is we're asking, do we need financing? If you would say if you need financing, then we will not buy your shares, etc. Or when you start financing, then probably you could just sell us at discount, right? I think, I just would like to answer your question actually from the PowerPoints we just shown to you that in terms of the 175, we have abundant cash flow. Even in the market, you probably haven't heard any bad news about the pressures of our suppliers of distributors. It's not. Actually, the fact is many distributors would love to sell Geely's cars because the Geely are selling very well in the market, are selling very quickly in the market. They do not have any inventory pressure currently. I think if you really want to know the Chinese distribution market, you need to go to the 4S store. Currently, Geely has no financial pressure because we have RMB 40 billion cash in our pocket. That's fair enough. Of course, I will say if there is no special circumstances, we do not have financing plans. Probably you've already forgot that actually seven years ago that I actually issued a stock option to my employees at the time that the price was RMB 32.7. At the time, they were RMB 500 million. That's actually a very positive attitude. That would be a very good chance for our employees to buy the stock options from our company. We are able to bind our employees with Geely together. That is what we did years ago. In the future, I am very confident. I believe that based on my experience in the capital market, I would say capital market is fair. At different types of the stages, the capital market will give us the corresponding valuation. I believe that first of all, we have the sufficient cash flow. Second, we have confidence in the future. Therefore, I believe that our price per share will go up. As long as we work harder, we will see our increased share price probably will exceed RMB 32.7 or to a higher level. I think let's wait and see. I believe that our share price is actually underestimated by the capital market. There is a reason for the capital market to underestimate our price. I think this market evaluation or market valuation will be fixed. After that, our stock price will go up. If the price goes up more than 72.7, I believe that many of Geely's employees will exercise their stock options. At that time, that 500 million shares will be raised up to 20 billion. That's my answers. Next question. Good afternoon. I'm from Huatai Securities. I have two questions as well. The first question is about Zeekr and Lincoln because actually this year, these two companies or these two brands have been combined. Could you share with us some updates? Second question, I believe that the combustion vehicles is an independent part of the vehicles. However, in Chinese market, that in 2025, that combustion vehicles will be dropped by 10%. How about the export? How about the profitability of the export market in terms of combustion market? I will have Mr. An to answer the question of the combination of these two brands. Geely Holdings Group actually announced the D eclaratTaizhouion and the merge of the Lynk & Co and Zeekr is part of it. The Taizhou Declaration is very important. Since last November, we've already decided the merge and combination. By February, that merge has been delivered. These two companies actually involve several entities. Because Volvo is a listed company in Sweden and Geely is a listed company in Hong Kong and Zeekr is a listed company in the United States, that means they are three companies that are being listed in Europe, U.S., and Hong Kong, totally different markets. I think first of all, I would say we have very good speed and efficiency of exercising and implementing Taijo decoration. In terms of this merge, we also set up some goals. I think just now we have already shown you some of the important data. For example, the R&D investment. We could see the R&D expense rate will be dropped from 11% to 6%. In terms of the sales volume, after two years after the merge, we believe that we are able to make it a million-level high-end luxury vehicle brand. That means in the next two years, the compound annual growth rate should reach 40%. We believe that after the merge, we are able to control the cost. The cost will be lower by 3% further. Actually, we have already seen that the merge could be able to lower the 3% of the BOM cost. In terms of the sales and administrative expense ratio, we could see the sales expense ratio will be lower by 10%, around 8. After the merge, we have already presented a very clear integration and targets. I may also cite you some cases. For example, in Q1, we can also check the input of our R&D. We believe that we can have a reduction of over 20% of the R&D input because I am quite clear about the input of R&D of our products. After the merge, this is the situation. This is the result. As for the labor cost adjustment, maybe in the quarterly report in May, we may also see the result or the impact from the reduction of R&D input. Moreover, as for the brands, either from the technology or the models or the number of models or the information from the sales channel, we can also see that we have made a lot of improvement. Likewise, for our management. After the completion of the deal, we are successfully implementing our plan. I'm quite satisfactory with the result. This is a new starting point for us. As for the R&D input, just now I've already mentioned that the implication will be showed or reflected in the report in May. Thank you. Just now, you also mentioned the issue related to ICE. I'd like to share my personal view with you. Before that, I would like to talk about NEV. Just now, Mr. Gui has already mentioned that NEV has developed rapidly and the market share has surpassed 50%, which means that ICE still makes up 50% of the market total. When we talk about the development of NEV, usually we also need to understand that it is driven by the collective effort, which means that when a company is developing NEV, we have a lot of innovation. We made a lot of effort. We also believe that we have also gained the benefits from the support of the national policy. Either the NEV or ICE, Geely believes that the future trend will see the diversity. We have also conducted some marketing research either in the Chinese market or the European market. We believe that so far, the penetration rate of NEV is quite low. As for the overseas ICE, the share remains high. As for Geely, in terms of the development of ICE, we believe that we have our own advantages because we are capable to develop very good ICEs. I should say that we have accumulated a lot of technology in terms of ICE development in the past over one century. We believe that ICE still has very good prospects. Therefore, we will never flinch in terms of the ICE development. We will never slow the development of ICE. Rather, we will ramp up efforts for the ICE development supported with the launch of new products. We have also talked about the plan of ICE. That is, we would like to launch the heat product. We just concentrate our resources on the Xingyue, Xingrui, and the Dihao, and other series. We would like to ramp up inputs into the development of all these series and also launch the heat products. As for Xingyue L and Xingyue, we can see that it topped our selling chart always. Xingyue also maintained number one position among the homemade vehicles. As for Xingyue, last year, over 300,000 units were sold. As for Binyue, over 200,000 units were sold. Therefore, we need to center on the heat products development. This year, we will also steer the development of the products towards the intelligence as well as the internet-connected function. Therefore, we will also focus on the modification of the original model with the equipment of Flyme Auto system. Moreover, Qianli Haohan, the G-Pilot system, will also empower the ICE. We will speed up the efforts for the development of all these areas. Moreover, as for ICE, either through the online channel or the distribution at home and abroad, we will also continue the previous plans or print. This is my answer or response to that. Thank you. Just now, our investors have asked a lot of questions. We wonder whether we have the questions from the media friends from Hong Kong. If no more questions, we would like to give the floor to the investors. I'm from HSBC. I have two questions. The first one is related to autonomous driving. Just now, you have already talked about the ecosystem and the future prospects and outlook. In terms of the product portfolio, like the high-end products from Zeekr or other products, as for the autonomous driving, we wonder if it is integrated, what kind of impact will it have on our pricing as well as profit margin? Can we also have a higher pricing? Also, for different brands, we understand that the components may also be different, like the software or the chip, etc. We may also use the supply from different suppliers. All these, how will they impact the pricing? As for the smart driving, we can see that as for ICE, a lot of the Chinese companies have done well and also go global. They also achieve very good profit margin. As for 2025, if the NEV, they have become more intelligent. As for ICE, and how can it also compete with the NEV in terms of the function? As for the profit margin or the profit for the single vehicle, how can you rise up to that challenge? How can you boost our confidence in all these areas? Thank you. The first one is about smart driving, like G-Pilot. After the launch on March 13, like the Galaxy 18 and also Xingyou 8, these models will be equipped with autonomous driving function. Also at the end of Q2 or in early Q3, we may also see the launch of new models, which will also be equipped with H3. As for Galaxy, H7 function will also be embedded. As for Zeekr and Lincoln, H7 and H9 will also be equipped. This is the plan for the new products. Just now, you have also mentioned autonomous driving, whether it will just impact the pricing of the vehicles. As for Geely, we believe that all the pricing will be driven by the market. All the products will be priced based on the market competitiveness. If the product cannot generate the values to our customers, we believe that the pricing is kind of failure. Therefore, the logic to develop the product is to price based on the market. Secondly, last year, Geely has sold over 2.17 million units. As for the whole group, 3.3 million. In 2022, Geely, 2.71 million. You can see that the total scale will be about 4 million for the whole group. This is a large scale. It just fully showcased our advantages. With the effect of scale, also the deployment of the Taizhou strategy, you can see that with the synergy, we can make the adjustment of a lot of areas like the expense, the procurement, etc. We believe that we will have a notable reduction of our cost. Also, since last year, we have integrated our procurement system. We have the centralized procurement system. We believe that we will sustain our competitiveness in this way. We believe that the autonomous driving function, it needs to be competitive, and the value must be delivered to our products. Thirdly, you mentioned ICE, and you also raised one question. That is, it is autonomous driving function, whether it will be parallel or comparable with that of NEV. Going forward in the modified model, we will also use the new version 3.0 so that the ICE can also be connected to the internet and also use the autonomous driving function. With this approach, the integrated approach, we may also drive down the cost of the new models or modified models of ICEs. Let's see whether we have more questions. [Foreign language] 我们也穿插一下这个线上的一些问题。 We may also raise the question from the online platform. One question is related to autonomous driving. For some previously in the AI conference, and as for the Galaxy series, it has been adjusted in terms of the price ranging from CNY 4,000-CNY 6,000. As for the NEV, the effect of scale, how will it impact the cost or the implication? On March 3rd, Geely has already unveiled the plan for the autonomous driving, like G-Pilot H1, H9, etc. As for the vehicles without the function of autonomous driving, the price has been adjusted. Just now, Mr. Gan also mentioned the logic for the pricing. We stay committed to the vehicles priced based on the market. We can also see our competitors have also made relevant adjustments for the vehicles with autonomous driving. We also make some adjustments for some models. We believe that it is kind of structural adjustment. Moreover, we just now mentioned we just stay committed to the market-driven pricing. However, in order to be profitable, we also upgrade our technology to lower the cost. Moreover, through the effect of scale, we can also lower the cost. Eventually, we believe that either the market-driven pricing or the reduction of cost can just help us to offset the impact and also ensure the profitability. As for Galaxy, I think for the Galaxy, on the 23rd of February 2024, we could see that actually we are able to make it 490,000 units. This year, we made that target as 1 million. That means to upscale to such a market, we are able to see the benefits of the scale of economies, and we are also optimizing the technology to further drive our profitability. The thing is, we need to create values for consumers. Our consumers will buy Geely cars with a lower cost but enjoy higher performance. We are able to ensure our sustainable profitability by the scale of economy. We actually received a lot of the questions that are online. I just would like to read out the final question given the interest of time. One question that our management team has already rolled out is about the overall strategy of the smart driving. The question is, how do you rank Geely's smart driving among all of the smart driving systems in the world? Why is that really a big question? I think I would say in the world, the Chinese companies are leading in terms of the smart driving. It is common sense. It is actually due to the development stage and also due to the consumers' habits. Because for the European or the United States consumers, they believe that vehicles are only about the mobility. However, for Chinese consumers, they are really picky. They're really smart about those technologies. The Chinese consumers have really high standards in terms of the smart driving. They really focus on experience. I would say the Chinese companies are leading in terms of the smart driving system. Thank you very much for your answer. That would be the end of the annual results conference. Is there any supplement to our management team? Thank you again. Thank you very much for joining our annual results conference. We know that in the following days, there are a lot of road shows. You are welcome to contact our investor relations department. You are warmly welcome to contact us. We really look forward to your comments. You can let me know what we are doing great and what we are doing wrong. That would be also a very good gesture of support. Thank you again.