Good afternoon, investors, and welcome to the AAC Technologies 2025 annual results announcement investor conference. I'm the host of this event, Joyce Wong, IR Director at AAC Technologies. First, on behalf of the company, thank you all for your interest in AAC. Please allow me to introduce the company management present today. Mr. Benjamin Pan, Executive Director and the CEO of AAC Technologies. Mr. Kelvin Pan, Executive Vice President of AAC Technologies. Miss Guo Dan, Chief Financial Officer of AAC Tech. Mr. Jack Duan, Chairman of AAC Optics. Mr. Shi Tingjia, Senior Vice President of Strategy of AAC Tech. Thanks for management's attendance. Today's meeting includes two parts, starting with my presentation on AAC 2025 annual financial performance and business development. This will be followed by a QA session. The statements made at this meeting contain forward-looking information which are based on the company's assumptions and expectations regarding market conditions and the company's current development. You are welcome to ask questions by pressing the Raise Hand button or leave message in Zoom Chat box. Please introduce organization and name before questions. Today's meeting has set up a bilingual channel for you to switch between Chinese and English through the interpretation button. You can remain the hand raise button to remind our host. Next, I would like to present the group's results of 2025. In 2025, the group's revenue was RMB 30.82 billion, a rapid year-on-year increase of 16.4%. The Acoustics, EMD and Optics business maintained a strong performance and emerging business made huge leaps. Gross profit was RMB 7.02 billion, up 16% year-on-year. The group's GP margin was 22.1%, flat year-on-year. The group's revenue growth rate was significantly higher than its three expenses. Net profit increased by 39.8% to RMB 2.51 billion, mainly due to the continued improvement in the profitability of the Optics and the growth of high-margin business. By 2025, the group's revenue growth significantly outpaced the expansion of global smartphone shipments, achieving both quality and efficiency enhancements. SSE, EMD and PM optics business revenue growth 103.1% to 21.3% and 14.1% respectively. The group achieved rapid breakthroughs across multiple fields, more diversified mix. Heat dissipation business revenue surged by over 400%, while the shipments of hybrid lenses exceeded 10 million units and the co-development of core motors for high AI [inaudible] with the customers. During the reporting period, the group's operating cash inflow was RMB 7.18 billion, up 38.1% year-on-year, and its free cash flow was RMB 4.88 billion, up 65.1%. The CapEx was RMB 2.83 billion, increase of 21.5%. Cash and cash equivalents was RMB 8.61 billion, increase of 14.1%. Net gearing ratio was 2.1% and down 1.1 percentage points, and this will support the development and innovation of the group. Next, I would like to share with you the performance by business segments. Acoustics. In the second half of 2025, the group's acoustics business revenue was RMB 4.83 billion, increase of 1.6%. Full year revenue was RMB 8.35 billion, up 1.7%. Gross profit margin was 27.6%. The decline was mainly due to the changes in customers and the product mix with more module products. Market share among our key customers remained stable with increase. Industrial first co-axial speakers deliver distinct depth and fidelity and also enable a more immersive and a superior interactive experience. Automotive Acoustics. In the second half of 2025, the group achieved a revenue of RMB 2.3 billion, an increase of 14%. Full year revenue was RMB 4.11 billion, increase of 16%. Gross margin was 23.8%, a decrease of 1 percentage point due to the addition of new product forms. The positive impact of high-end brand automotive audio system on profitability will be materialized by 2026. Group has become one of the leading automotive audio system supplier, second only to Harman and Bose, and also acquired Hebei First Light, a leading digital microphone company, forming the vertical integrated business synergy. The group has supplied industry-leading 9.2.4.8 Naim-b randed acoustic system for SUV Zeekr 9X, constructing immersive auditory 4D experience. Optics. In the second half, revenue was RMB 3.08 billion, and full year revenue was RMB 5.73 billion. Looking at the subdivided business line, first, the micro- lenses, the group secured multiple 7P projects and continue to optimize its product mix. Shipments of 7-element lenses, including 7P plastic lenses and 1G6P hybrid lenses, reached around 15 million units, further strengthening the Group's positioning in the high-end optics segment. Secondly, modules with a resolution of 32 megapixels and above accounted for over 40% and OIS model shipments nearly doubled. While the periscope modules achieved mass shipments for the first time, securing a lot of customers. Let's focus on the combined EMD and PM segments. In the second half, revenue increased by 17% to RMB 7.14 billion. For the full year, revenue was RMB 11.77 billion. Mainly due to the continued volume growth of products such as X-axis linear motors, innovative side buttons, and heat dissipation VC. The group actively expanded its market share in mobile phone motors with X-axis linear motor shipments achieving double-digit year-on-year. The group's market share in lenses for high-end Android phones continues to expand. In PM, the heat dissipation business has made rapid progress with revenue of RMB 1.67 billion, an increase of over 400% year-on-year. The group also break the upper limit of industry manufacturing efficiency and yield through its first fully automated production line. The revenue from metal mid-frames for the smartphones was RMB 3.82 billion, an increase of 4.2%. The group will continue to maintain leading market share in flagship and affordable phones. Finally, let's take a look at the sensors and the semiconductor business. In 2025, this business achieved a revenue of RMB 1.57 billion, significant increase of 103.1%, mainly benefited from the increased market share of the group's higher SNR microphones. We have already secured mass production and delivered our products to major customers in Shenzhen. After sharing this financial performance, let's focus on the core highlights and the development of the strategy. During the reporting period, we were committed to creating the ultimate experience and leading the upgrades of the smart devices, and also create the various interactive experiences for end consumers. In recent years, AI hardware has flourished. Small size and ease of interaction are common characteristics for future AI hardware with diverse forms. High-value AI innovative hardware jointly developed by the group and the leading global clients will be shipped in large quantities. In terms of the heat dissipation business, the group is empowering and upgrading consumer products. You see that the group's VC heat dissipation shipments have a compound annual growth rate of nearly 90% from 2020 to 2025. The group has sufficient production resources to meet high technical and process standards for its clients. In the future, it will continue to accelerate the introduction of heat dissipation opportunities for new product categories. In terms of the active cooling and leveraging some innovative EMS and ultra-precision, and it secures its first product for the cooling fans. We also have this different CDU and the liquid cooling plates and the manifold product capabilities. We also have different customers and make great tools. For example, customers like Baidu, Tencent, JD, Alibaba, and PDD, and the Chinese Insurance Pacific and Haitong, etc. Similarly, the group's WG related products ushered in breakthroughs, and the group helped the domestic customers upgrade 1G6P main camera and the micro prisms of high-end flagship models, leading WG's important progress in high-end optics. In terms of the plastic lens, the group will strive for more market share of 6P and 7P to expand the main camera and also the periscope lenses. In terms of modules, the group has made the main camera and the prisms breakthroughs, and a milestone development in high-end module and through vertical integration advantages. In 2025, the group's brand new system will be implemented. The luxury model, Zeekr, and they will be equipped with the group's full-stack solution. And one of our high-end speaker brand system. Also, we will achieve the full coverage and the car brand audio system of different grades, such as RMB 20,000-RMB 30,000, leading the way to a full-stack solution for Automotive A coustics. In terms of AR Optics group's end-to-end vertical integration and global delivery ability have won the favor of leading customers. Designated member of overseas leading customers optics energy modules and optical waveguides projects. We also have the ability to supply to our customers the optical and one-stop full display module solutions. For example, the optical waveguides, light engines, and the push/pull lenses, and eye tracking, and electrochromics. Last but not least, let's talk about the group's complete global layout. The centers and the production bases have spread to nearly 20 countries and regions around the world. AAC Technologies will also reach the new heights and bring higher returns to shareholders and the customers. The above is my introduction to the performance of the full year for 2025, and then we will enter the Q&A session. The first question is from Everbright Securities, Fu Tianzi. You can start asking questions. Hello, Mr. Fu, can you hear me? Dear management, good afternoon. Under the pressure of the industry, we see that your group has still achieved a stable progress. I have two questions. The first one is about the development about the mobile phones, and the second is the acquisition. In terms of the first question, we see that in 2026 and many institutions have a kind of flat description and prediction on the smartphones and its shipment. I'd like to know more about your views of the global intelligent mobile phone, and also its AI's influence. How do you see the disruption of business and its upgrade, and what's your advantages? Okay, let me talk about briefly. I think there have been a lot of waves in the smartphone market from the second half of last year to the present, meaning the entire AI influence, which has indeed created some impact on the supply chain. It caused the memory and price increase. It's true that some of the recent turmoil in the industry has been relatively large from our point of view. The pressure capacity is still relatively good. The high-end models can actually foreseeable. We see this as a new opportunities for the high-end products. Because the memory price for this high-end proportion of the memory in this high-end is relatively not as high as that of the low-end. That's one aspect. Number two, because of the memory problems in the mid-end or low-end smartphones, and some market predictors say that the entire mobile phone market will fall by 10%. This 10% is about 100 million. It's a kind of very difficult to survive in this environment. This kind of an influence for us is very limited, because our products for the heat dissipation products and the mechanics products are in the mid to high-end. Their choice is especially in the mid- to high-end and upgrading. Our observation is that our customers are choosing products with better performance. In this way, their high-end models can be able to compete, and in this market have better pricing. I think the mid to high-end ASP smartphone will be increased, and this will become the main force. Of course, the competitive landscape will become more fierce. This is about the entire mobile phone market. In the next three years, we think this is a very important period, and we will have a more integrated and a vertical integration in our business. We will increase the ultra-thin products and as well as the coplanar access products for further development, continue to improve its penetration rate. In addition, we will also, for example, upgrade the wireless charging and even the magnetic suction to help our customers to do the vertical integration. Let them have a better, competitive, price and also have a higher cost of performance. We increase their function and with a more efficient, product upgrade. This is a very efficient, product upgrade route we can provide it to our customers. Through our motors and the, mechanical tools and optics. This is the mindset that we continue, to apply in, our own business. In terms of their specification and vertical integration, and we like to provide with our customers the best solution. If you look at three years, AI is still very important topic. We see that, AI, voice interaction and the heat dissipation demand and it's ramping up. Then this will bring us, sustained high rate growth of the, VC cooling sector. This is a very important to help our customers, solve computing power and battery life problems. In addition, we also see, other new categories and explorations in the industry. For example, the MWC, they launched a new products. Apart from the traditional, functions and whether there will be new functions. Another perspective is, from the brand new perspective. For example, the AR and AI glasses and the, you see, Meta have entered this market. Now based on our interaction with our top customers, and there will be more on Android customers, launch the products of AI and AR technologies. This is a very important development track. This optical waveguide and the unit price, will be very high because this is different concept with the traditional products. Number three, we see the smartphones and other company are doing an AI business and of course some AI companies. We are cooperating with several leading AI companies and customers. From the large language models and to the large scale or the new models, our microphones and our motors will be very important for technologies. Starting from next year, we believe our products and its value will be much higher than that of the original mobile phones in the next three years. Another important potential is in the Automotive Acoustics. After the acquisition of PSS and also PSG, we have been fully equipped with the full range of sound systems and capabilities. Last year the cooperation with the Zeekr's main system has already proved our capability. This system is still positive in the industry. In terms of its public opinion, it's still relatively flagship-level influence system. We think our autonomous layout has gone from a series of mergers and acquisitions to the current system-level capabilities. Recently, our focus was on China and in the next two to five years our automotive system will also be expanded to the overseas market, and the growth space is still very considerable. Thank you very much. We also believe that AI era continues to have a lot to offer. My second question is about the Yuandi. It's about Far East Technologies. How do you consider its valuation? I remember that it's in the supply chain of NVIDIA. Any synergy we can create. This is the second question. Thank you for your question. The acquisition of Far East and we see that the revenue for this year is estimated above RMB 200 million. Based on this, we have completed 51% on equity acquisition. This is a very reasonable pricing. This company is very important, and in its cooling- liquid cooling system and in the industry. And its package includes all the main domestic internet customers. This will help us to lay out this business in the markets and to gain a faster-growing domestic markets and obtain the overseas market share. Thank you very much. Next question is from Andy Meng from Morgan Stanley. Thank you, Joyce. Good afternoon, management. We see that the results exceeded expectation. I may pick the bones in the act and ask a question here. If you look at the sector of this Acoustics business, the gross margin feels slightly lower than the expectation. May I know the reason and any improvements in 2025? My second question is, what's the guidance for the business segments? Thank you very much for your question. You talked about the gross margin of Acoustics is lower than the expectations. As mentioned by Kelvin, in recent years, our group has expanded our product mix and the product layout. From the early years, maybe the focus is on the speakers of master classic levels. It's more focusing on the single box or on the product form. Up to now, we have actually integrated a whole concept of a large module, including some periscope VCM mechanism. The increment of this periscope is relatively fast. The overall gross profit margin has changed compared to before. In the second half, we see the gross margin is steadily going up and in the full 2026, we will see the stable growth. Your second question is about the guidance for 2026. Apart from Acoustics and in terms of the PM and the- in this year, the revenue growth will be about 5%-10%, and the gross margin will also maintained at a very stable level. In terms of the PM, and this will maintain a very high growth rate. In 2026, the revenue growth will be more than 30%. The gross margin will also rise steadily on the basis of 2% up to 2025. This another business is about the Optics and ASP has annual growth is about 10%. This year we will also see growth on the ASP, and we have the confidence to see the stable growth in Optics. With regard to the gross margins, you see that in terms of our yield and efficiency and our R&D have made a significant improvement. We will see this gross margin will be steadily growing on the basis of 11.5% of 2025. In terms of Sensors and Semiconductors, it's about double-digit growth. It's about 15%-20%. Kelvin also talk about the Automotive. It's an upgrading business. We have already acquired some brands, and the revenue will be maintained at double- digits. The gross margin is relatively stable as well. Despite the fluctuation of the industry, there are different growth drivers in the industry, and we have the confidence to realize the stable growth of our revenue not lower than our 2025's revenue. Of course, the gross margins will maintain steady rising. Thank you. I wish the company achieve better results in 2026. Thank you very much. Next question is from William Yang from J.P. Morgan. Please go ahead. Let's wait a moment. Yes, please go ahead. We can hear you. Thank you very much. Thank you, management. I'd like to know, for example, the international CSP or the new CSP. They seem to be interested in stepping into these kinds of hardware. I'd like to know more about the collaboration of the group with those big CSP and what is your expectations in the next one or three years? What's the revenue contribution they will make? Okay, I will take your question. From the perspective of AI, we see some big international AI companies, and they have different trials in the AI terminal devices. A typical case is Meta, right? It has its own model and again, it has collaborated with Ray-Ban glasses and have displayed their AI on them. Those are some simple AI features. We also collaborated with our end-user customers, and we help them to develop optical waveguide and also the light engine. This value is not just some simple functions. Because the light waveguides and the light engine may cost tens of dollars, right? If we started, we estimate it may at least $30-$50 for each. For a pair of glasses may be worth at least $100. We see when it reached to the larger scale and the value of this is very considerable. Some domestic AI companies in industry including for example, some overseas top companies, they are developing AI wearables like portable devices, like portable camera inside. There will be some motors embedded in the equipment. They will also make recommendations based on the customer's behavior and in those functions. Those kind of equipments and devices are without a screen, and many interactions are based on the voice and the actions. The most valuable parts in those products are maybe the motor and also sensory. We strengthened our collaboration with the customers for a long time. If they have mass production, this will boost our ramping up of the products. Of course the hardware, the pricing of its hardware is different from its mobile phones because the focus of the products is not only screen or battery, it will become a motor. This price will be much higher than the smartphone. It's a kind of considerable value. We think in the second half of this year, next year, and then this will become very good and important opportunity for us. If you compare, for example, if they have a subscription and it's not only about several hundred hundreds of thousands or 1 million sets, and at least it will be over 10 million. No matter it is from the volume or the value, and this is also both of them are very considerable. This will be reflected in the second half and next year. This is good phenomenon in the industry. AI server and AI algorithm and AI models have been invested in a large amount with big funds. It has to return to the application scenarios, return to the terminals. We welcome this equipment and devices. We so very good layout for us. Thank you. Next question is from Guosheng Securities, Miss Xia Jun. Thank you, Joyce. Thank you, management. First of all, congratulations to the company's performance in 2025. I have two questions. The first question is about the Optics. I'd like to know about the shipment, the guidance of WLG, and also the revenue and estimation. This is about WLG. The second question is about modules and the plastic lenses. Joyce also mentioned about this main camera periscope supply. I'd like to know the shipment plan as well as the detail of the gross margins. Thank you, management. I'd like to answer the question. As mentioned by Ms. Guo Dan, in 2025, our Optics have achieved a certain good results. Our gross profit is also reached of more than 30%. In 2026, in the plastic lenses, this will maintain at this level to about 35%. Then in terms of the shipment volume, we will keep flat, but ASP will be increased by 5%-10%. In 2025, the shipment volume has exceeded 10 million units. This is a very important milestone to us. We also announced the use of periscopes as well as the three-in-one prism lens. This kind of application will be continued in 2026. Other applications, for example, the application of non-smartphones, like the drone applications, we also achieved some good projects. We win some projects in overseas markets, and we are very confident in the promotion of our business in this regard. You talked about the lenses. What about modules? I may add a little here. This year, as mentioned in PPT, the overall revenue of Optics is RMB 5.7 billion, and the overall gross profit margin level is 11.5%. The other is about the G+ P lens. In 2026, we think the ASP in lens will be maintained the same level as of last year on ASP or even 10% higher. The P lens. We realized, as mentioned by Mr. Duan, about the above 30% gross margin. In 2026, we are very confident to improve our use and efficiency to 35%. Regarding modules, in 2025, we see that the gross margin is 4%-5%. In 2025, based on this basis, we can achieve a stable growth. That's my supplements. Jack, please go ahead. Okay. It's very clear. Thank you very much. Thank you, Ms. Xia, for your question. I thank you, the management, for the answers. Next question is from Zheng Bingyi from HSBC. Good afternoon, management. I have two questions, and the first question is about the heat dissipation product. The growth of our shipment volume is quite amazing. I want to ask the heat dissipation product, on the side of our major customer in the U.S., what about the percentage in 2026 and 2027? And what's the upgrade trends of this product? And this kind of product and upgrade will be expanded to other categories. If we see the next three years development and what kind of revenue growth will this product bring to the company? This is my first question. Thank you. Please unmute yourself to answer the question. The management is unmuting, let me ask my second question. The second question is about the Automotive Acoustics business. After the M&A in the next three years, and what's the development strategy? Under this development strategy, what's the long-term strategy? For example, in 2027, 2028, what's the growth expectation? I'd like to answer the first question. The big clients in the U.S. is always sensitive. So in terms of the participation and the entire VC, I'd like to give a roughly comprehensive evaluation. The figures we see in upper 2025 is just our recent achievements, and it's just the beginning. In the future, in the next five years, we're seeking some high-end products with the AI function strengthening, and this penetration will be improved. On the [chip] side, for example, in data centers and in some storage, or the memories and VCs will gradually penetrate as well. At the beginning, the growth is about double- digits. We have the confidence to achieve RMB 10 billion product lines. This production line is continuously growing, and it's also ramping up faster in all aspects. In terms of Automotive business, Acoustics, the business. Kelvin? Yes. I'd like to mention that some I said earlier. We need to build up this fundamental capability and a PSG and also our launch on the Zeekr's premium SUV, and this proves the capability of our products. Also, the capability of our whole system. The application on the Zeekr's 9X model reflected the premium performance of our products. Many people say it could be benchmarked against a RMB 50,000 audio system. We think this is not only a success in single case, but also a necessary way for the high-end of Chinese brands into this business and industry. This is a very good re-route for the value added integration for our customers. In the future, we will continue our collaboration with Naim and Zeekr. Secondly, we can help our customers to create more value for some brand systems. You can imagine that today, with the penetration of a different ASP, of different products in different brands, and our ASP can be still going up because our customers have higher requirement and demand on the speakers, and also amplifiers and sensors. This unleashes great potential in the next three to five years. Every year, we can achieve a very some double-digit growth. With the penetration, for example, this year, we have already achieved over 10%. In the future, there will be above 10% and higher. The upgrade of different systems will bring the ASP's growth in the Automotive business. In the next five to eight years, the scale will be increased from the RMB 5 billion to RMB 7 billion-RMB 8 billion or even tens of billions. Currently, we only see the domestic brands, and in the next three years, we will proactively expand our business in the overseas market. Because many overseas automotive brands are studying the Chinese supply chain and also the smart cockpit solutions, right? Our branding opportunities and also our brand system charge. Actually has a lot of room for growth. TJ, do you want to add a little more? Actually, I think I quite agree with what Kelvin said. We have a lot of brands. Apart from Naim, we also have the second categories. So through different companies and different brands, and we can achieve the revenue scale of RMB 10 billion. Thank you very much. Due to the time constraints, we'd like to invite the last speaker. Good afternoon. I'm from Huatai. My name is Chen Xiaodong. Yeah, congratulations to the companies for achieving very good results. I have two questions, mainly about the robotics and AR/ XR business. We visited the CES, an exhibition, and I also saw the company's exhibition of the robotics and XR products. My first question is, how do you evaluate the robotics business because it's already in the rapid development period? Do you have a detailed commercial plan? What's your plan in some testing or progress with the different companies? My second question is about the XR and its business layout. I'd like to know more about the light waveguide, and also know more about the direction of this technology and its contribution for the long-term revenue of the company. First, if we talk about the robotics. We actually regard robotics as an AI and a terminal device. We also see, for example, this is a kind of embodied robotics, as well as different products. For example, the speakers and the microphones and the aggregation equipment and AI devices can only interact with those devices and then communicate with people, and includes a lot of them on high precision devices, high performance devices, for example, motors and heat dissipation. Those are the important requirements and demand for the robotics. They also need, like, the optical and the sensor devices. Those are the interaction demands for the robotics. AAC has a great potential in this products. Last year, also this year, we have been following some leading customers in China, and the startup customers. In recent years, and also this is or even half and half even a year and a half cooperation. Many versions in the iteration. We use different devices, for example, motors or speakers or microphones, and to strengthen our collaborations with different customers. We have a relatively sufficient layout in this area. Number two. At present, there's no definite models or the development routes. How to meet the commercial scenarios or whether it can only be used in the industrial scenarios. Some standards are not fixed. Our effort and the work is to help customers in its upgrading. Apart from this, we also have the capability to help them in the mass production. We are experienced in the Automotive business and the Consumer Electronics. Your question is about the revenue and contribution or the fixed estimation. Actually, it depends on our customer's plan, and they haven't made a very specific plan. Therefore, we don't have those specific guideline. Apart from this, apart from some big robotics and some smaller size robotic. They also have the opportunities, and we have been laying out optics and the motors and the microphones, and then we also see there's a progress, and this is more visible than this employed robotics. This is about different. We are also preparing, for example, the high performance products like the coreless hub and some reducers. We are constantly interacting with our big customers, the top customers, and in some startup companies. We are reserving our capabilities. I believe in the future, when this market is further commercialized and we will have our core competitiveness and can deliver high value products. In terms of AI, you want to add something? After the acquisition of the light waveguide, and this helps us to unleash our advantages. In terms of the light waveguide, and we have started our in-depth cooperation with key customers on Android. It is expected that by the end of this year and the beginning of next year, there will be mass production of the shipments. Apart from the Android customers, we also started our cooperation with some leading customers in the U.S. Apart from this light waveguide products, we also have the collaboration on the light engine. After two years or three years, the mass production will be realized. This is not only our plan in the domestic market. We also have our business plan in the overseas market. This will be realized in [A-one] and [X-three]. Thank you very much. Thank you m anagement answer. Next, I would like to welcome Benjamin Pan, Executive Director and CEO of AAC to give a summary. Thank you very much. Thank you all the investors for participating in today's meeting. I'd like to make a brief summary here. I think the transition of the group started from 2020, and we experienced five years. The results and effect is obvious. First of all, from the financial side, our current scale are gradually establishing and through a definite growth of multiple product lines. The whole group is not subjected to merely the original mobile phone. We also secure our growth of other products. You see, we have set our target up for 2026. It's about 16%. Of course, this is the effort made by the team led by Kelvin. In terms of gross profit margin, we want to maintain 22% with a stable growth. The average gross margin will steadily grow. In terms of net profit, it is due to the management and improvement structure, and also this granular and lean management. We will achieve higher net profits, and it will be higher than the gross margin. Our free operating cash flow was RMB 7.3 billion, and the CapEx is at RMB 2.8 billion. After deduction, we have almost RMB 4.5 billion positive cash flow. We have purchased the [PSS] in recent years as well as some other acquisition. The operating cash flow is still positive. This is a very good cash position. The positive cash flow of RMB 4.5 billion. We have never achieved this level since 2017. This is the peak of our profitability. As a CEO, I'm very happy to see this steady growth trends in this positive cash flow momentum. In addition, I want to remind you that our revenue and other service as a company is mainly on the mobile phone. 6t5 and the haptics that through the transformation of the past few years and the changes in the external technologies, AI is actually a foundation that truly brought about the growth of the multiple product lines. Consumer electronics is also another case. AI glasses will become the future demand as well. We also announced today that we've acquired Far East Yuandi company, and our equity share is about 55%. The purpose is on the data center. We want to have quicker entry in the data center and of CDU. Apart from this, we are also doing the liquid cooling plates. We are still seeking the M&A opportunities. We also secured some U.S. customers in the precision mechanics. This year, definitely, we can achieve RMB 100 million-RMB 200 million sales. With all the development from the consumer electronics to data centers to the liquid cooling, and we laid a very good foundation. In addition, robotics, as mentioned by Kelvin, we are developing the direction of a very positive trend. First of all, we have acoustics and optical sensors with a precise transmission and mechanics, and also heat dissipation and many products layout. We have both connections with domestic market as well as overseas. We want to have a comprehensive competitive advantage in these directions. In the five to six product lines, we want to at least one product line to be secured with the substantive customers. We also want to build a substantive connection with our customers. At the beginning, we were only doing speakers, and then extending to the wider range and to six products and to the robotics. With our specialties, we also want to explore and extend our competitiveness to other areas and build a substantive cooperative relationship with all our robot companies. With the customer's demand, and with our negotiation with the customers, we will gradually see the profitability from the robotics in the next five to eight years. I believe when the market is ramping up and our product line will be over RMB 10 billion. Of course, this is the outlook. As Kelvin said to the client, and the customers have not yet established these real demands, but we want to establish strategic layout and a plan. Once the demand arises, we can ensure our position. Okay? That's the summary. For me, I'm very happy to see the transformation of the company, no matter in the financial side, but also the new product lines, and also technology layout. Thank you very much. Due to time constraints, AAC Technologies 2025 annual result presentation is now concluded, and the related materials have been uploaded to the company's official website. If you have any questions, please feel free to contact us. Thank you for your support. See you.