Good afternoon, investors, and welcome to the AAC Technologies 2025 Interim Results Announcement Conference. I'm the host of this event, Joyce Wong, Director of Investor Relations at AAC Technologies. First, on behalf of the company, I would like to thank you for all your interest in AAC. Please allow me to introduce the company management team present today. Mr. Benjamin Pan, Executive Director and the CEO of AAC Technologies. Mr. Kelvin Pan, Executive Vice President of AAC Tech. Ms. Dan Guo, Chief Financial Officer of AAC Tech. Mr. Jack Duan, Chairman of AAC Optics. And Mr. Shiting Jia. Senior Vice President of Strategy of AAC Technologies and Asset Management Attendance. This meeting includes two parts, starting with my presentation on AAC 2025 Interim Results, Financial Performance, and Business Development. This will be followed by a Q&A session. You are welcome to ask your questions by pressing the raise hand button or leaving a message in the Tencent meeting room. You may remain in the hand-raising state to remind hosts. Please introduce your organization and name before questions. We also have English channel today, and please click the interpretation button if you need, and in addition, today's meeting has set up a bilingual channel for you to switch between Chinese and English through the button. Next, I would like to present the group's results for the first half of 2025. The group's revenue achieved RMB 13.32 billion, a rapid growth of 18.4% year on year, which was attributed to the continuous improvement in the market share of major products. Gross profits amounted to RMB 2.75 billion, an increase of 13.9% year on year, and the gross profit margin was 12.7%, down slightly by 0.8% points, primarily due to changes to products that make revenue from the precision mechanics, optics, and sensors and semiconductors grew at a faster pace. Revenue growth rate significantly outpaced growth of SG&A expenses. Net profit increased by 63.1% to RMB 876 million, primarily due to the continued profitability improvement in optics and a rapid growth in the high-margin precision mechanics. The group's revenue continued to grow, achieving both improved quality and efficiency. According to IDC data, the global smartphone shipment volume increased by 1.5% and 1% in Q1 and Q2 respectively. As shown in the last figure, the group's consumer electronic related business achieved revenue of RMB 11.58 billion, a growth rate several times global smartphone shipment volume. Revenue from the EMD, PM, and optics business increased to 27.4% and 19.7%. Automotive acoustics business achieved a total revenue of RMB 1.74 billion, accounting for about 13%-15% of the group's total revenue. In terms of gross profit margin, the optics saw a significant improvement, increasing by 5.5 percentage points year on year. The gross profit margin for plastic lenses surged by over 10 percentage points. In the automotive sector, the gross profit margin of the newly acquired company Xuguang also exceeded the industry average. The group's operating cash inflow amounted to RMB 2.89 billion, up 9.1%. While free cash flow was RMB 1.86 billion, CapEx was RMB 1.44 billion, an increase of 57.5%. Net gearing ratio stood at 4.7%, with the cash on book of RMB 7.75 billion. The group will continue to improve its operational efficiencies, and its operating cash flow will support the group's long-term healthy development and innovation. Next up, we'd like to share with you the performance by business segments. Acoustics. In the first half of the year, acoustics business revenue reached RMB 3.52 billion, an increase of 1.8%. Gross margin was 27.2%. SLS Master and Coaxial figures continue to lead the mid to high-end markets, with shipments exceeding 70 million units. 17 million units in the first half of the year and an increase of nearly 40%. The group also launched industry thinnest speakers with a unit thickness of only 1.4 millimeters. Accompanied by the second half of the more high-end products ramping up acoustic business, gross margin growth significantly increased. Also, in the automotive acoustic business, the revenue of RMB 1.74 billion, up 14.2% year on year. Gross margin was 23.9%, and we won an award for YoY growth for a domestic NEV encompassing 32 speakers. We also have the full stack in vehicle acoustic systems that was unveiled in the Shanghai Auto Show, showcasing the high-performance speakers and also the AI music splitting algorithm, creating a comprehensive acoustic experience for customers. The group has also announced the acquisition of Hebei Xuguang Auto Parts with a key product portfolio of the smart microphone, eco microphones, and RNC sensors. Its smart microphones are now covering all major vehicle models, further strengthening the group's presence in automotive acoustic system solutions. In terms of optics, the revenue was RMB 2.65 billion, up 19.7% year on year. Shipment volume of both plastic lenses and optic modules increased year on year, accompanied by the continued growth in AIP. The gross margin was 10.2%, year on year improvement of 5.5 percentage points. There are three main business lines. Firstly, for plastic lenses, shipment volume of 6P and above plastic lenses exceeded 18%, with stable shipments of high specification 7P projects and increased orders for mid to high-end plastic lenses. Secondly, regarding the camera modules, ASP further increased thanks to the rapid shipment of mid to high specification products, with module revenue increasing by over 20% year on year. Shipment volume of modules was 32 megapixels and above accounted for over 34%, an increase of over 3 percentage points year on year. Now 108 main camera modules for several key Android models have entered the mass production. OIS module sales exceeded 800 million, up close to 115% year on year. Thirdly, regarding glass plastic hybrid lenses, the WLG product line achieved a milestone in product development and has been widely recognized by customers. We will provide details later. Next, we will focus on the EMD and PM. In the first half of the year, revenue from this consolidated segment increased by 27.4% to RMB 4.63 billion, mainly due to the continued ramping up of the products such as active motors, innovative side buttons, and metal casing in customers' mid to high-end models, and the gross margin was 22.9%. The group rapidly expanded new business. For example, the innovative customized groundbreaking super slim engine adjusted 2.33 mm thick and weighing only 2.25 g continues to take lead in this mobile phone industry. In the field of PM, the group's three major sub-business segments have achieved breakthroughs. In terms of the metal casing, the group continues to maintain a high and stable supply in customers' mid to high-end folding models and benefit from the market penetration. Regarding laptop enclosure, revenue was RMB 713 million in the first half and 18.4% year-on-year increase. Finally, let's look at the sensors and semiconductor business. In the first half, the revenue was RMB 608 million, 15.62% year-on-year increase primarily driven by the large-scale shipments of the group's high SNR microphones to major overseas customers. Those are the financial performance of each business segment. We will start the Q&A session first. Let's welcome the first question. And this is from the Everbright [Fu Tianzi] Good afternoon, management. I'm Tianzi Fu from Everbright. And first of all, I'd like to congratulate the achievement for the first half. And this is very encouraging in terms of the revenue and the profits. And many investors also see that this is non-recurring income. And this also makes a contribution to the profits. So please explain this profit and the non-recurring income and what's the influence in the second half. Okay, thank you very much for the first question. In terms of this non-recurring income, and this is related to the acquisition and completion of the acquisition of a PSS. Actually, this is a fair value gain, and the actual price paid is lower than the previous inspection at a very reasonable price. And after we complete this transaction, and this will help us to create better synergy. And this is just a one-time adjustment. It will not affect the second half of the year. And next, I will also talk about the opportunity. As you mentioned, both in the revenue and the profitability, a very good growth trend has already been shown in the first year, first half of the year. And the revenue for this first half of the year, the growth rate was about 18.4%. And we have the confidence that the growth rate in the second half of the year will remain at this level, and it will not be lower than 18.4%. In addition, the GP margin is about 22.1%. And you see the last of the new products are ramping up. And the GP margin is also lower than the average. And with the development of this new product in the second half, we have the confidence to increase the GP margin. And yes, last year, the GP margin, overall GP margin was 30.2%. And last year, it's very clear. Thank you very much. The second question is about the optics business. Optics business improvement is one of the highlights in our performance. Last year, it has already achieved the positive profits. This year, this kind of situation has been consolidated. Many investors are interested in this continuous development. WLG, this year can be regarded as the first year for the large-scale mass production for WLG. What's the outlook of the scale-up profitability? I'd like to take this question. This year, at the large-scale mass production, and this will be more than 10 million. Next year, t he expectation is about 15% and the growth. You also talk about the WLG's great given and the positive profitability. I think this will happen next year. Yields of WLG is very stable, and above 80%. Realizing the single lens profitability. With this mass production in the second half, the G+P and hybrid lenses will exceed the plastic lenses, and they will reach about 33%. Okay, thank you. The last question is thank you. The last question is about the strategy. Our team has followed AAC for more than 10 years acoustics and to the full stack development and including the consumer electronics, as well as the robotics business. So I'd like to see the outlook, whether there will be new company growth engine or the new profit engine in the future. Let me answer this question. First of all, we have done a lot of effort in the technology and R&D in mobile and smartphone industry and consumer electronics industry. We will continue to optimize our plan in the smartphone industry in this regard. In addition, we will also capitalize the opportunity of AI development and the microphone sensors you see from the last year has already been about RMB 700 million, and it may double this year. And this will be scaled up. And this is the growth engine. And in addition, our dissipation solution for the overseas high-end customers. And in the second half of the year, this will enter the mass production as well. And last year, the scale was about RMB 300 million. This year, this will be tripled. So in the overall AI application scenario, dissipation will make a better contribution to our profitability. And with the stable smartphone and shipment volume. So you also see the smartphone folding trend. So it raised the demand of ultra-thin products. And this provides more opportunities for us. For example, we have this high-performance, high-energy, and high-density products. This will help us to improve our continuous development on AIP, and with the stable development, our acoustics and also the modules will record growth. And those are the opportunities brought by the smartphones. Moreover, we also have our global plan of the automotive industry. And last year, we acquired PSS, and this year, we acquired Hebei First Light. And from the high-end speakers to the complete amplifier system and the core algorithm. And we have the sensor modules and the specific sensors. And autonomous automotive sectors have already accounted for about 10% of our revenue. And we have already obtained a design win for a very high-end brand in the domestic market. And this system will redefine the ceiling of the domestic audio system. And this system has 13 parts requirements. And this design win still is also very large. And we will have more information for our customers. And we will also continue our expansion into the autonomous automotive industry and to the full stack system. And the brand expansion. And in the long run, we will also see the opportunity of AI, for example, the robotics and a lot of modules inside. And we are preparing our plan in this regard. In the next two years, AI and our devices will provide more opportunities. And apart from the wearables, there will be more demand and needs a nd we are proactively discussing with our customers overseas and domestically. And in the future, maybe there will be some independent AI devices directly connected to some large models of AI overseas or domestically. So we think those kinds of products will be launched next year, and that scale mass production will be carried out as well. Thank you very much, Mr. Pan, for your detailed answers a nd I'm looking forward to the company's continued breakthrough in performance in the second half and the future. Thank you. Thank you for your question. And next one, we'd like to invite Ms. Xia Xu from Guosheng Securities. Thank you. I have three questions. First of all, it's about the GP margin. I'd like to follow up the GP margin. The GP margin's improvement is significant in optics. So what about the acoustics and the automotive acoustics and the microphone and their volatility? What are the reasons, and what are the long-term trends? Okay. There are two parts. In the consumer electronics, we see this technical or this kind of seasonality. And in the first half, the sales of microphones have increased, but the GP margin is a little lower than last year because we are ramping up the new products in the first half. In the first half of the year, the revenue percentage will be about 40% and t he next second half of the year is 60%. So the GP margin for the first half is a little lower. After the ramping up of the new products and the GP margin, we will return to a more healthy level. We think with the collaboration pace with our customers, the GP margin will be improved in the second half of the year. In terms of the automotive, it's relatively stable. In the short term, the automotive market is a little fluctuated. But after the acquisition of PSS, we are helping to expand the business in the domestic market. So in terms of the speakers' GP margin, this is relatively balanced. New products will be further introduced. The automotive new products will be introduced in the second half. This will help our GP margin in the second half and next year. And PSS has a very solid collaboration with its customers. Especially in the new products and R&D and penetration. So we don't need to have much to worry about this. Okay. T hank you very much. And second question is about optics business. And we see this hybrid lens demand is very high and strong. And this is also our competitive edge. So I'd like to know the percentage of this hybrid lens in the overall lens and its penetration in the next three years a nd what's the percentage and the penetration? And this question has already been mentioned by Mr. Duan before. And this year, the main customers' size can reach about 10 million. And in the future, we think we can achieve 15 million. And this is a remarkable change. We are also the exclusive supplier to our customers. With the GPLC solution, this can help our customers to solve the pain points. With the development of the system and our customers, this will trigger profound changes of our customers. In the next year, we think the 15% growth is certain and even higher. The penetration speed is not very fast. Most of the applications are in the flagship models. Most of the suppliers from us is also 1.28 versus 1.9. The upgrade of lens will bring about changes in user experience. It will become the mainstream. We think GPLC for this year, the shipment volume is about 10-15 million. Next year, it's about 20 million. Whether it will be higher, we still have to look at the whole product in the market. At present, the main camera with the GPLC, the momentum has become more and more certain, and we also see the combination of periscope and also prism application, but those kinds of applications are slower than the GPLC solutions, but many models are applying the prisms and also two-in-one and three-in-one prisms, and this kind of momentum will be more apparent in the first half of next year. Okay, thank you very much, Mr. Pan, and last question is about dissipation. A nd Kelvin, talk about the big customers' dissipation products mass production. W hat about the outlook in the second half and next year or slowdown of this penetration, whether we will see the VC products and dissipation products on pad and mat, and what are the changes in materials? Thank you. All customers, we see the AI opportunities on smartphones and pads and PC applications momentum. Actually, it's in line with our heat dissipation products' development. So from the AI function and its development speed, as well as application speed, it's similar to the development pace of VC. So this is a very deterministic trend. Yes. From the mass production, it will start from the high-end models and in the overall application scenarios. And this will be rapidly expanded and penetrating from the high-end to other models. And the overall demand will be more demanding and higher manufacturing process. So as the investment is quite large and demanding. So we think in the future, the performance of our VC will continue to be more complex. And this will be iterated in the future. So we think it will become more complex in the future. I think the market potential echoing the AI development momentum mentioned, I think this year just is the beginning. We just see the market scale from last year's about 300 million to this year's three times. This is just a preliminary potential. In the future, we will see the very large potential for the evolution. Thank you very much. I'd like to show you the highlights of our financial performance and HPC segments. As you see, the group is actively capitalizing this upgrade in smartphones and also the AI glasses. Our group continues to make contributions as mentioned by our management. The group is actively capitalizing AI opportunities to fully empower dissipation solution upgrades. As shown in the last figure, the group believes the shipments are expected to achieve a CAGR of 90% between 2020 and 2025, with shipment volume continued double-digit growth. The group has both ample production resources and the future. Its products cover a wide range of VC materials, including copper, stainless steel, steel copper, composites, and aluminum copper, as well as FCCL and titanium aluminum materials. The group's WLG related products have rapidly expanded to the optics market feedback. The group supported domestic customers' high-end flagship model with the 1G6P main camera upgrade, leading to significant breakthroughs for WLG in high-end optics. The group also successfully mass produced and supplied the exclusive WLG-based super light prism solution. Looking ahead to the second half of the year, more flagship models with large plastic hybrid lens and micro-prisms produced by the group's exclusive WLG products will be shipped, marking a milestone for the group's WLG product line. In addition, the group has excellent product development and design capabilities and is an industry leader in optical, structural, and mold design. In the field of auto, with the intelligence leading sensory interaction and other configuration demands. This market size in 2030 is expected to exceed 400 million huge space. The group has a perfect vehicle ecosystem and high-end multi-brand matrix, building a full stack in vehicle business capabilities. The group's brand system landed luxury model design win of the flagship SUV of a domestic NEV brand. The system features 13 speakers, 14 channels, amplifiers, algorithm, and tuning services to deliver the ultra-luxury automotive acoustic experience. At the same time, we have completed the acquisition of First Light and automotive microphone manufacturer. The group targets a RMB 100 billion level market size, focusing on product deployment around high-value segments of the humanoid robots, prioritizing the development of a vertical integration capability, high-value component systems, level large modules, and a subtle algorithm. The industrial hand solutions for robots is about to enter mass production. The group has deep technology foundation and a co-product capability in coiled motors, acoustics, and sensors, optical sensing, and heat dissipation modules. We will continue to make efforts and focus on those fields in the future. The group is comprehensively building core capability in HR and AR devices, with key products gradually being implemented and continuing to achieve breakthroughs in acoustic and display systems. The group continues to supply speakers and microphones to several leading domestic and international AI glasses manufacturers in the first half of the year, and there are several products in the development and delivery. The group has a global plant, R&D center, and a production base in Asia, Europe, and the U.S., nearly 20 countries and regions, including Singapore, United States, Denmark, Japan, Finland, and other places, and manufacturing bases in Vietnam, Malaysia, Mexico, etc. They are strong support for the company's business diversification to build an operational closed loop capabilities. AAC will scale new heights for shareholders and customers to bring higher returns. The above is the introduction of the performance in the first half of 2025. Now we continue with Q&A session. Next question is from China Merchants Securities, Ms. Wang Tian. Please go ahead. Good afternoon, management. I'm Wang Tian from China Merchants Securities. I'm very pleased to have the opportunity to ask these questions. I have two questions. First question is about the robotic lens, including the current business development ideas and the customer's development. Let me talk about it, and we have a lot of foundation and technology reserves in the field of motors. So when the AI devices together with the robotics emerge, and this will provide the opportunities for us. As mentioned before, and we have collaborated with domestic and overseas customers on the robotic motors or some serial hands, and this is in the primary development stage, and most of the products are in the upgrading and iteration phase, and there will be more opportunities, and for us, our focus for recent years is still the cooperation with the larger customers and for the product development. And secondly, with the AI development, there will be more empowerment from AI on various applications. For example, the humanoid robots, and there are large language models in action. I n the next one to three years, we will see more from new AI devices. And some startups are focusing on those kinds of products. And apart from the acoustics and optics products, we understand nowadays there will be more interaction products in the short run a nd this will benefit us to the introduction of our new products because in order to be AI and application must have kind of a carrier or hardware carrier and to interact with people. And we can have some of our devices and AI glasses in the future. Thank you. Thank you. That's all for me. And wish AAC a better development in the future. Thank you. Next question is from Guotai Junan Securities, Ms. Wen Cai. Please go ahead. Thank you very much. I have two questions. The first question is about the GP margin of the acoustics. It's related to the pressure of the new products or any other innovation pressure. In terms of the GP margin, Kevin has already mentioned part of it a nd I'd like to add a little. Acoustics is actually our starting point. In the first half of this year, we see a lot of changes in our acoustic products. In terms of the price, there are obvious changes from our perspective a nd we also see our operational efficiency improvement. And with the mass production and the ramping up of the mass production in the second half of the year, we are very confident to maintain the GP margin level with that of last year. And last year was 13.2%. We don't think this year's GP margin of acoustics will be below 30%. So you don't need to worry about this. And with the development of our brand and the promotion, and we think there is still potential for its improvement in the second half. In addition, our sales scale this year is increased by more than 50% a nd our GP margin is also changing. And we collaborate with Japan TDK. And we do the product design and packaging a nd the TDK provides this. So the GP margin in this regard is relatively lower. So this is also reviewed the profitability of our microphone. And last year, this GP margin was very stable. And compared with the year before last year, it was stable as well. And with the TDK's collaboration, the GP margin will be a little slowed down b ut the growth potential is still promising. In the future, we think last year, the growth is about RMB 800 million-RMB 600 million a nd this year, the growth rate will be about 15%-60% s o we still see the potential for the next microphone. Thank you very much. My second question is about optics. The optics revenue together with the GP margin for the first half of the year have significantly improved. So I'd like to know the breakdown of the GP margin for the lens and the modules. So what's the outlook and the guideline for the second half? And the GP margin for lenses m entioned last year was over 30%. And this year, and for the first half of this year, it has exceeded 30%. For the full year, and we think the GP margin of plastic lenses will exceed 30%. The GP margin growth. There are two drivers. And the first one is the upgrade in the plastic lenses in the market and causing the pricing hike a nd a stable increase. And in addition, we also improve our operational efficiency. So we are confident. And the full year's GP margin growth rate can reach above 30% and still have the potential for the growth. Okay. Thank you. Thank you, Mr. Pan. What about modules? In terms of modules for the full year, it's 4%-6%. Yes. This is for the GP margin growth. Mainly driven by the ASP. And the ASP growth is due to the OIS. And there are 108 megapixel and also 200 megapixel have begun to be shipped. And in the second half, our periscope as well as the premium products will enter mass production a nd we are confident to have the growth on the modules next year. Thank you. This is all for me. Thank you, management. Thank you, Wen Cai. Next question is from Andy Meng from Morgan Stanley. Please go ahead. Maybe the signal is a little delayed. Let's invite next one first. Ms. Wen Haixing from CICC. Thank you. Thank you, Joy. Thank you, management. I have two questions. In the introduction, the management has already provided the details for the business segment. So I'd like to know the guidelines for the second half for each business segment, including the revenue and the GP margin. This is the first question. Okay. Thank you. Thank you for your question. I'd like to take the question. As mentioned at the beginning, and we have the full year guidelines. And we will And we will take the guidelines. And the two questions before related to the acoustic GP margin. As we introduced, there are a lot of new products ramping up in the first half. In the second half, the GP margin of acoustics will be stabilized, and we'll maintain above 30%. In terms of the EM and the PM and our motor business, the growth was rapid. In terms of the dissipation mentioned by Kelvin, this is one of the highlights in the first half, and this GP margin is higher than the average GP margin of our group, and the shipments will be concentrated in the second half of the year. So we think this will be increased by about 18-20% in terms of the sales, and in terms of the GP margin, we think it's about 18-22%. In terms of motor, the EM business segment, the sales and the revenue will be increased by about 15%-20%, and the GP margin is also about 30%. You talked about the optics lens, and the GP margin of lens is very encouraging which has 30%, and the PE lens will also continue to increase in the second half of the year. In terms of the overall sales, the year-on-year increase is about 20%, and including the lens and modules, and we also see this double digit GPM. The overall year-round should be between 10%-15%. Mr. Pan also talked about the MEMS and the sensors. As mentioned by Mr. Pan, we have our high-end products and the other products, and this kind of percentage will be further increased, and this will increase our top line. At the same time, increased improvement of the GP margin and this will create a positive influence on the GP margin. And we think the MEMS revenue this year is about 50%-60%. And its GP margin increase is about 15%-20%. So this is about the segment guidelines. In addition, some people concerned about the automotive business. And the acquisition of PSS has already been completed. And from its revenue and the GP margin a nd so the contribution were stable. And the revenue and the contribution is relatively comparable. T his will keep the growth rate in the second half. And the GP margin this year, for the full year of this year, will not be lower than that of last year. I hope this will give you a clearer guidance. Yes, very clear. Thank you very much, Ms. Guo. And we look forward to the steady growth in revenue and the GP margin in the future. My second question is about glasses and AI glasses, AI and AR. So what's the development and what's the collaboration with our customers and our strategy? Okay. And we have deeply discussed with our top-tier customers on AI glasses. On both acoustics and optics systems. And in terms of the optical waveguide, we have had in-depth discussions with some mainstream customers a nd hoping to realize mass production in the second half of the year or breakthroughs in the next year. In the future, as a component of a smartphone a nd this will have a very rapid growth like the electronic watch. Okay. Very clear. Thank you very much. Thank you, Mr. Shi. Thank you for your questions. Next question is from Tina Wong from Citi. Tina? Do you hear us? Yes. Please go ahead. Thank you, management. I have two questions. First question is about motors and its future opportunities. Whether there are dual motors. And on the high-end models, in smartphones, because we see some foldable smartphones, next year so w e upgrade of motors and also the acoustics system upgrade. So I'd like to know the opportunities. In addition, it's about the camera button. And some people say some camera button will be canceled in the future. So whether this will influence your future product plan. In addition, I also would like to know more about optics. For example, the vertical integration. What's the plan for the vertical integration? And including the lenses and the modules a nd the relative reserve. So what's the future plan a nd optic motors and the solution in the high-end optical modules. I'd like to answer the question of motor. And some people say next year there will be some high-end foldable smartphones. It's possible to be equipped with several motors, multiple motors. And this may be a momentum in the future in the high-end smartphone models. So from this scenario, we think there will indeed be opportunities in motors. And customers c ontinuing upgrading their products. If we see the opportunity, of course, we will seize it and support this development. So we have our plans in the ultra-thin motor, which is in line with this momentum. Lastly, t he camera button modules. We didn't h ear any or receive any news that this kind of functions or buttons will be canceled. And some information indicates there will be more potential opportunities in the iteration. And this will give us more opportunities to help our customers. And a lot of customers overseas and domestically are using the camera buttons and w e didn't receive any information that this will be canceled. Thank you very much. Thank you, Tina's questions. Next. We'd like to invite Cherry Ma from Macquarie. Please go ahead. Thank you. This is a PSS in acoustics business, and its growth is very good. M argin is a little slow down。 So whether this is related to price, price pressure, or cost structure, and they need more new products to be introduced and to improve its GP margin. Let me answer the question. And after? Sorry. And you have a little background noise on your side. Would you please mute for a while? Thank you very much. And we have some upgrade business in this product a nd this caused influence and change in the GP margin. But no matter what kind of changes it has this year, and we believe the revenue still and the profitability will catch up with that of last year in PSS. And we also see these collaborations, PSS collaboration with their European customers to obtain the design wins this year. So this will guarantee the revenue and the GP margin to stable growth. So that's the development and the market potential of PSS in the automotive acoustics. Okay. Another one is about acoustics. And the GP margin for the first half is slowed down. But this is because the R&D cost or other reasons? As explained before, the acoustics GP margin slowed down in the first half is related to the new product mass production. There are more new products mass production. And that's the reason we have the confidence to maintain the full year GP margin of 13%. This is not related to R&D cost. So the yield of the new product was not high, and this influenced the GP margin. The new product introduction, the new products introduction will affect the GP margin at some stage. Okay. Thank you very much. Very clear. Okay. Last question is from Tony Zhang. Please go ahead. Thank you very much for the opportunity. The plastic lens GP margin has already reached 30%. And with our scale-up a nd what's the GP margin of the plastic lens? And what's the GP margin of our hybrid WLG plus P lenses? We're still ramping up this year and next year. And what's the specific GP margin in this regard? In addition, t he optics business a nd what's the net profit level, what's the overall net profit level a nd what's the outlook for its net profit level in the second half of the year? Okay. I'd like to answer the part of the GP margin and Ms. Guo, perhaps you can take the question of net profit. Okay. In the second half of the year, the plastic lens GP margin will be higher. And this is related to our technology upgrade. And improvement. So 40% will be our target of the plastic lens. In terms of G+P, the main product, t ogether with our WLG GP margin, we can see above 35% level. And this is the level we can see. In the long run, we think G+P will be similar or even higher than the plastic lens GP margin. And of course, it depends on the WLG scale and the GP margin application. So we think G+P can be similar to our P at GP margin. Okay. I'd like to talk about the net profit. The net profit optics but the first half has already become positive and it has continued the trend of Q4 last year. and with the modules shipment volume increase, and also with the P lens and WLG and the WLG this year, the volume is about 10 million. It's very impressive. So the overall net profit will be improved on this basis. Okay. Thank you very much. I'd like to ask a follow-up question. So the plastic lens and the WLG hybrid lens, apart from its application smartphone business, any new applications in the drones or action cameras or the autonomous cars, etc.? Yes. We are collaborating with the top-tier enterprises and the manufacturers in the action cameras and drones and to provide them with this lens. And this is our non-mobile phone business and the trend for us is to provide integrated solutions to our customers. Thank you very much. Thank you, Tony. I'd like to ask a question from the message board. This is from Andy Meng. He mentioned the company's business is growing very fast and looking forward to the second half of the year with the introduction of the projects from major customers. Can we achieve significant increase in revenue scale? And And with the development of the heat dissipation projects, can we continue to promote the growth of the heat dissipation business? In terms of the heat dissipation business, this year the growth is certain. Last year, if I remember correctly, it was about RMB 320 million. And this year, we think we can reach about RMB 1.2 billion, even higher a nd the growth in the future will be double digits. Our investment in R&D [audio distortion] From the passive dissipation to the active dissipation. And this is very much complying with the development of AI, and this will become a new driving force of our growth for both revenue and our profitability in the future. Thank you very much. In the interest of time, today's Q&A session concludes here. Next, we would like to invite Mr. Benjamin Pan, Executive Director and CEO of AAC Technologies, to give a summary. Mr. Pan, please. Thank you, investors, for your interest and support to AAC. And I'd like to reply to your questions. From this year's first half. I'd like to make a summary here. And the revenue i t's very stable. And in the second half of the year, and this kind of growth will not be slowed down, and this is about a three-digit growth. And this three-digit growth can be sustained in the next few years. And with this double-digit growth, with this double-digit growth, we don't mean to give up the pursuit of GP margins growth. And we will achieve this high growth on the basis of a stable or even higher GP margin. So this is the confidence from our management. And with the transformation led by Kelvin. For the past five years, we have already seen this achievement and efficiency improvement from this transformation. And secondly, our R&D and sales and management expenses is actually under control. With this kind of expenses control, and we also pursue the return of net profit margin. Of course, the strong cash position will provide us a more stable development. We are constantly looking for and managing such opportunities. Last but not least, the changing software business. First of all, the optical lenses. We want to achieve the 30% or even 40% in the G+P GP margin. Second, dissipation business will scale up from the RMB 300 million last year to this year's RMB 1.2 billion or even larger scale. This has become our important product line. Its GP margin is higher than the average of the group. Thirdly, acoustics margin is a little slowed down in the first half of the year, but we're still very confident because this was our starting product. And we will have the confidence to improve its GP margin on the basis of the original stable foundation and with the efficiency improvement. So this is the summary for this interim results. Thank you. Thank you, Mr. Pan, for your speech. And Mr. Pan just mentioned the continuous growth in revenue and the GP margin. And we will also provide the shareholders with the sustainable returns. In the interest of time, this concludes AAC Technologies 2025 interim results. Our performance roadshow material has been uploaded to our website. If you have any questions, please feel free to contact our investor relations team. Thank you for your interest in AAC Technologies. Thank you. See you.