Good afternoon, investors. Welcome to AAC Technologies' 2026 interim results announcement investor conference. I am Joyce Wang, Director of Investor Relations and your host. On behalf of the company, I thank you for your interest in AAC. Now allow me to introduce the management team present today. Mr. Benjamin Pan, Executive Director and CEO of AAC Technologies. Good afternoon. Mr. Kelvin Pan, Executive Vice President of AAC Technologies. Ms. Dan Guo, Chief Financial Officer of AAC Technologies. Mr. Jack Duan, Chairman of AAC Optics. Mr. Shi Tingjia, Senior Vice President of Strategy of AAC Technologies. Thank you for joining us. Today's meeting has two parts, starting with my presentation on AAC 2026 interim financials and business development, and then a Q&A session. Please note that certain statements may be forward-looking based on your assumptions and our assumptions and expectations, given current market conditions and the business circumstances. You are welcome to ask your questions by pressing the raise. Profit was RMB 901 million. Notably, net profit, excluding other gains and losses related to fair value changes, grew 37.4% year-over-year, demonstrating our ability to increase a share with major customers through innovation and AAC's resilience amid market disruptions in memories. In the first half of 2026, total revenue hit a new high with rapid breakthroughs in new lines. Heat dissipation revenue grew 400%. Gimbal modules and active cooling secure design wins. Optical communication, heat dissipation, and lens arrays progressed well. Importantly, our lens array technology for optical communication outperforms silicon lenses in coupling and is already in the factory order stage. In liquid cooling, high-end CDU and the UQD started global volume deliveries. Our robot joint motors and the dexterous hands have multiple projects underway, and high-end automotive branded audio system orders grew significantly. During the period, operating cash flow was RMB 1.91 billion, CapEx RMB 1.23 billion and the cash on book RMB 7.07 billion. The group continued to improve operational efficiency. The cash turnover circle significantly improved by 30 days to within 20 days. Now let's walk through each business segment. To capitalize on AI industry growth opportunities, the group will deepen integration within the acoustics and the EMD segment. We will deliver integrated solutions in emerging tracks such as AI terminals, humanoid robotics, and smart cabins, unlocking value and long-term growth. Hence, we have consolidated the former acoustics and electromagnetic drives business. Meanwhile, the precision mechanics segment has rapidly expanded its boundaries on incubating heat dissipation and other new business targeting multi-billion revenues. The consolidated segment generated revenue of RMB 6.01 billion, up 14.2% year-over-year. Gross margin was 28.6%, up 0.7 percentage points, of which the former acoustics revenue increased and gross margin improved by 0.9 percentage points. EMD revenue grew over 20%. Several new businesses achieved breakthroughs, and active cooling fans, leveraging high-precision electromagnetic design, achieved higher efficiency and passed customer certification. Expected to become standard in high-end models and expand to servers and robotics. In robotics, motors and modules secure design wins with multiple global top customers, with some entering mass production. Leveraging self-development core components and the system assembly, the group is positioning for complete robot system business targeting mass production by the end of 2026. Automotive acoustics revenue was RMB 2.23 billion, up 23.1% year-over-year. Gross margin was 20.1%, down 3.2 percentage points, mainly due to intensified competition, higher amplifier revenue share, and geopolitical-driven raw material price increases. For example, magnets, which are expected to ease in the second half with new product upgrades. Domestic business progressed well, with the Zeekr project performing strongly, leveraging high-spec hardware, customer software, and a systematic tuning to build a differentiated audio quality. Deep cooperation with top brands like Naim sets a high-value benchmark. Optics revenue was RMB 2.05 billion. The group adhered to the premiumization strategy, optimizing product mix with the ASP up double digits year-over-year, and the gross margin was 10.2%. In micro lenses, 6P and above accounted for mainly 20% of the shipping volume. 5P lenses achieved a milestone. In modules, over 15% were 32 MP and above. OIS modules over 20%, and the main camera module deliveries were smooth. We will cover optical modules later. Now let's turn to precision mechanics and heat dissipation. Revenue was RMB 3.25 billion, up 12.5% year-over-year, driven by high-performance ultra-thin VCs with heat dissipation revenue up 400%. The group is among global leaders in consumer electronics thermal management and ranks top three in China's AI server liquid cooling market. In liquid cooling, its subsidiary Yuandi's 2.2 MW and 2.6 MW decentralized CDU started global mass deliveries. Quick connectors began mass production. Liquid cooling plates are progressing toward white paper certification with leading CPU companies. The on-robot structural parts protect secure major supply, and the delivery is smooth. We are also designing integrated structural parts and liquid cooling solutions with multiple EV makers. Finally, sensors and semiconductors revenue was RMB 858 million, up 41% year-over-year, driven by high-value products and increased share with major overseas customers. We also extended MEMS technology to thermal management, launching the CoolFan series and active cooling chips. The MEMS Cooling cooperation has begun with mobile phone and memory companies. After reviewing segment financials, let's look at the core highlights and strategies. Riding the AI wave, we are expanding business boundaries. Our progress in emerging areas in the first half is shown on our slides. The company will continue to push forward in new billion-yuan tracks such as smart vehicles, liquid cooling, XR, and robotics, creating new growth curves. Small size, perceptibility, and ease of interaction are common traits of future AI hardware. The group's high-value innovative AI hardware, co-developed with global top customers, will see volume shipments in the second half. Per-unit value for motors can range from tens to hundreds of USD. In mobile phone thermal management, the group has sufficient production resources with the stable delivery of key projects and steady share gains. Optical modules upgrade to higher speed, like 1.6 T and 3.2 T cooling has become a necessity. Advanced solutions like forged housings, high-performance VCs, and liquid cooling plates are being explored, and the group has promoted and sampled multiple innovative solutions to leading domestic and international optical communication manufacturers. In liquid cooling, the group's centralized CDUs have achieved mass production with monthly capacity over 600 units, ranking among top-tier customers. Expansion followed a dual-track approach, as well as close cooperation with leading North American CDU and ASEC companies. In automotive acoustics, the group is building branded system solutions, optimizing brand portfolio and structure to enhance competitiveness. On one hand, we support localization. On the other hand, domestic OEMs export models show growing demand for branded audio systems. We will seize this chance. I also want to highlight breakthroughs in optical communications, a key area of interest. CPO is a critical technology for next-generation high-speed optical interconnectors. It demands stringent optical alignment, which is a key application for our WLG technologies. WLG wafer level glass modeling offers high precision and mass production advantages. We have matched CPO requirements for thermal stability, and mode precision and wafer level processing enable array level alignment. Array modeling and passive alignment deliver a mass-producible solution, balancing precision and efficiency. These advantages enable micro lens arrays within 1 micron and a surface accuracy below 250 nm, as well as fiber FA groups. We are actively engaging with the leading overseas optical communication companies, including top high-speed interconnector chip suppliers for AI and the cloud. In AI, by integrating Dispelix, a global waveguide leader, with our light engine team, we provide a one-stop waveguide and light engine optical system design and simulation solution, transitioning from component supplier to end-to-end AR display module provider. Our light engines feature high brightness, low power, compact size, and high image quality. We are the first to achieve volume delivery of a full-color light engine to top customers for single-layer SRG waveguides. We are the first to mass-produce VR edge in our lenses with a large FOV single-layer full color, a slim profile, and clear image quality, passed performance, and reliability tests with multiple global customers, and secure design wins for mass production, laying a solid base for future growth. Finally, our robotic business. Leveraging years of micro motor experience and a robust patent portfolio, our product strength drives customers acquisition. Our linkage solution achieves 21 DOF with a core motor self-manufactured, plus unique sub-joint designs. Our integrated cooling fans and reliable mechatronic solutions offer no load life over 1.5 million cycles, addressing industry pain points. This ends my presentation, and we will start the Q&A session. To ask a question, please raise your hand in Zoom, and also introduce your firm and name before speaking. Let's take the first question. The first one is from Everbright, Ms. Fu. Thank you. Thank you, Joyce. Dear management, good afternoon, everyone. I am Fu Tianzi from Everbright. I have two questions. We see the ASP has recorded a double-digit growth and the WLG's development is non-smartphone areas. We also secured samples to overseas leading optical communication manufacturers. I would like to ask Mr. Pan, if we look forward to 2027 and then 2028, what is the main positioning of WLG in optical communication and what are our strengths? This is my first question. In terms of, for example, the CPO and optical communication models and some solutions, those are not only in the optical communication modules. They all require high precision lenses. The traditional method is they will use the modeling, including some companies in Japan and Taiwan. The efficiency and the manufacturing accuracy of WLG and the modeling are very advanced. We have deepened our cooperation with the leading optical communication companies, and we have this in-depth cooperation. From the customer's perspective, we may see next year a demand of over 100 million. Of course, by 2028, there will be billions of units of output in this field alone. We are very pleased to see that our WLG technology has been applied not only in the field of mobile phone cameras, but also in the non-smartphone sectors. We have been working with our customer in the U.S., and our qualification has been completed, and we will see the mass production and shipments in Q4 of this year. More importantly, we have observed significant progress in the optical communication industries as well as the CPO and also the connectors. In the optical communication applications, they all use these WLG lenses. So our investment on WLG will unleash its strengths and potentials in the coming years in these directions, and we will foresee a very good revenue level. Thank you. Thank you, Mr. Pan. It is very clear, and we also look forward to the good development in the field of optical communication. The second question is about the precision mechanics and also the heat dissipation business. We see the revenue was over RMB 3 billion in the first half and increased by 400%. [Non-English content] [Non-English content] We think in the next three years, this is a very prospect, this will reach over 30 million - 50 million, it depends on the mid and the high-end applications. The VCs, the application in the high-end mobile phones has already reached 100% penetration, this will also be applied in the laptops and other areas. If we see the scale doubled or tripled, this will be about RMB 4 billion -RMB 5 billion. Next year, this will be ramped up again. If you add laptops in three years, this will make breakthroughs in RMB 7 billion -RMB 8 billion. We have already acquired Yuandi, they entered the cooling service in a server. From the passive cooling solutions to the active cooling solutions, this will also secure our other electromagnetic growth. Thank you. Thank you, Mr. Pan's answers. We hope that group will have brighter results in 2027 and 2028. Thank you. Thank you for your questions and the management answers. Next question is from Kyna from Citi. Please go ahead. Thank you. Thank you for the opportunity. I'm Kyna from Citi. I have two questions. The first question is whether you have any upgrade on your annual guide. In addition, the future development on the gross profit margin or on the metal casing business, as well as optics on modules. What's the prospect of the growth? What's your solution towards the market volatility? We see the ASPs increase in the company, what's your future strategy? Thank you. Thank you, Kyna, for your question. I would like to talk about the guidance first. You also mentioned the market change that is by the market environment, our group has already reached 9% top line, the gross profit margin increased as well. We have the confidence to realize double- digits in revenue and the gross profit margin in the first half will continue to grow steadily. Year-on-year, the sales will reach about single-digit growth and the gross profit margin will be raised from 28.6% to a higher level. You can see that year-on-year, this was increased to 30%, and the first half, we have realized 23%, and in the second half, this will continue to increase. You also talk about optics. Optics will be impacted by the market and the customer allocation, and the sales and the revenue of the optics year-on-year was down a little. But the gross profit margin of the optics, you see the metrics in the first half or the whole year, it's very stable. In the plastic, and also the hybrid, we have a little drop in the global sales, but the GP margin have already been increased over 5%, representing the efficiency and yield and also technology improvement. In terms of modules, the year-on-year revenue declined over 20%, and GP margin is a little down from 4% - 3%. In our slides, we talk about the modules and its higher percentage of the higher margins, and we will actively deploy our overseas customers. ASP is increased 15%-20%, and the GP margin is also increased. Automotive is also increased 15%-20% year-on-year in revenue. And the gross margins due to the macro environment as well as the product structure, this will be a little down by 2%. You also talk about the heat dissipation opportunities. We also observed a big change in the second half. For example, your modules will be more on the high-end designs. So you will need more components, or whether this will impact gross profit margins. I just want to confirm whether this kind of impact is very limited. I would like to take this question. Yes. In the high-end products, our structure and the materials are more complicated and the bottom price is increasing. But with our automatic and efficiency improvement, because you know our volume is very large, we need to guarantee the yield and improve our yield, and to guarantee the GP margin. Based on the current development, this product can achieve higher gross margin than our average product. This is a quite promising business and the products in this segment, development is very rapid. This kind of investment is also very large. In terms of these high-end products, this will penetrate to more products and also the non-smartphone AR devices or laptops and the other products and business segments. This is also one of the drives for our continuous investment in this regard. Thank you. Very clear. Thank you, Kyna's question. Next question is from [Bingyi]. [Non-English content] Mass produced and the monthly delivery capacity, we have already reached a certain scale. I would like to ask the management to help us quantify this and looking forward to the second half of the year or next year, what is the growth expectation? Thank you for your question. Actually, the AAC liquid cooling business is divided into two parts. One is CDU business led by Yuandi, as you mentioned, and the other is related to connectors. I will first talk about the Yuandi CDU business. Yuandi CDU will achieve 3x - 4x growth this year. Its revenue should exceed RMB 200 million this year. Next year, in addition to the existing 2.2 MW and the 2.6 MW products, we will also launch a 3 MW CDU. So next year's revenue will still be based on 2026, achieving RMB 600 million -RMB 800 million revenue growth in 2027. In this way, the CDU led by Yuandi in terms of shipments should already be among the top three in China. Meanwhile, from other perspective, for the liquid cooling plate and their joint business, the estimated revenue is of RMB 200 million -RMB 300 million next year. And also AAC should reach RMB 1 billion in the liquid cooling sector in 2027. Okay, got it. Thank you. My second question is about robotics. The company mentioned that we have global leading customers for motors and modules. So I would like to ask the leaders to help us quantify this. What is the scale of this business? By 2027, we will see more meaningful revenue contribution. Yes. Thank you. I remember last year's investment conference, we mentioned the robotics sectors. From today's perspective, including some major events that have occurred in entire capital markets recently, robotics is still a very clear direction, and the progress is very good. I think, first of all, we see this humanoid robot development. This is a kind of a carrier of hardware innovation and AI innovation. We also see these dexterous hands and the hollow-cup, including the four arms and the frameless torque motor in the arm and leg. We are carrying out a series of a customer's product development and the delivery. These customers include domestic startups and domestic consumer electronics and automotive companies. Recently, we are also promoting the related motors and delivery of the motor modules. At present, this market is relatively fragmented. It is difficult to say this or one single client can form volume revenue. From the prediction and the delivery of mass production next year, the motors, including structural parts and a series of sensors, we think the robot sector can reach about RMB 300 million -RMB 500 million. If the shipments volume goes smoothly, we think it can reach RMB 500 million, and this is also a very good sector and a reserve and a breakthroughs for VCs in the humanoid robot sector. In addition to the humanoid robots, we also see some customers, they are interested in small robots or even desktop robots. In this regard, there may be RMB 100 million -RMB 200 million or even more next year. Our small robots at home and humanoid robots can reach a scale of RMB 400 million- RMB 700 million next year. If you still maintain relatively high growth by 2028, the customer still hope to have higher performance products, better cost, and lighter weight, so we think we can maintain double digits growth in 2028, then it will reach at least RMB 1 billion. This is the overall scale in 2028. Apart from this AI growth, we also see the potential and the growth in the AI-related devices. For example, the wearable devices in the markets, such as some round ones or some meta ones or some glasses. I think the growth in this area will also be very rapid. I think next year, AI wearable devices may have different types of motors and acoustics. We are capable of micro-precision components, and this is what our strengths and the value of a single machine in this regard may exceed $10, maybe $20, which is relatively high margins. We foresee this kind of market can have at least $1 billion in revenue next year. The wearable devices are also a very important track for us in our AI. Thank you, management, for your answers, and thank you, Bing yi, for your question. Next, I would like to invite Zhou Huangbo. Thank you for giving me this opportunity. I'd like to ask a question about financials. We also noticed that in the company's recent released financial report, the cash flow statement, cash inflow, and from the operating activities and the cash on book have decreased significantly. Net debt ratio, we're seeing a relatively large increase. So I'd like to ask the reasons behind them and any measures in future to improve. Okay, let me answer your question. In the first half, the major customers contribution, due to impact of those contribution of our major customers and also seasonal factors, our operating cash flow is impacted, and also some incremental effect. For example, the operational efficiency of the group and our important indicators such as DSO and DPO have improved significantly. Overall cash turnover cycle has improved by 30 days and has dropped to within 20 days. In the second half of operating cash flow, will be largely improved. This will maintain the same level with last year's. Our cash flow will also remain in a very healthy financial situation. Additionally, regarding our cash position, as you mentioned, there has been a decline. There has been decline. In fact, in the first half of the year, for example, our U.S. dollar bond and our overall debt scale has decreased compared to the same period last year. The overall debt scale has decreased by approximately RMB 650 million. The decline in our cash on hand and on book is basically in line with the decline in the same period last year. Estimated debt at the end of the year will also be lower. From Moody's perspective, the total debt to EBITDA ratio will decline from less than 1.8 x- 1.1 x by the end of this year, which is very sufficient and is very stable. In addition, in terms of CapEx was the RMB 1.5 billion in the first half, and we made a lot of arrangements on dissipation. The second half of the year will be much lower than this level. We will be improved in the second half of the year, including our free cash flow. Okay, understood. This is my question. Thank you. Thank you. Next, it's from Xia Jun, General Manager of Guosheng Securities. Thank you, Joyce. Thanks to all the management. First of all, congratulations to the company for achieving a 37% increase in profit, after deducting non-recurring items. This includes many new developments and new products. I'd like to have a follow-up question on what Mr. Pan just mentioned. On the wearable hardwares, we see the mass production progress. Next year, the revenue expectation is about RMB 1 billion. So, any breakdown of this RMB 1 billion, for example, large model manufacturers, what are the product form, and the quantity, the price, and how to break down? Our core overseas A client, the product is a home furnishing scene, whether the supplier is also included in how to break down the quality and price of these parts. Because of the confidentiality, we cannot break it down too much. But overall, we think the wearables and AI wearables at present were driven by the overseas market and overseas large model manufacturers. At present, it still gives relatively a neutral prediction. The shipment volume this year is around 5 million - 10 million units. We believe the value here is about tens of dollars, at least $30. They are very precise and complex, multiple motors and speakers, and some of the whole wireless charging modules products, and the coordinates and connectors with this structure. This is very precise and has a very high requirement on the precision. That's why this value is quite high, and we think this is the core competitiveness of our AAC. We think, this is mainly driven by these large model companies. We also know other international companies are also searching similar products. But according to our current forecast for next year, it is mainly this model company. It is more certain with a high degree of certainty. We mainly focus on this, and the figure can reach about RMB 1 billion. Based on the shipments mainly volume, I think the AI is currently expanding rapidly, and also the edging products, including some companies also making similar robots, phones, integrating micro motors, camera modules. For this type of module, we have also made a lot of progress. On the one hand, we have these gimbal motors in smartphones, and also, these can be used independently. Companies like DJI and also the SVs are developing many camera-related gimbal products. We are also working on relevant technologies and have corresponding mass production products. We have multiple mass production products, and this will enter this mass production in the second half. We believe next year it will contribute at least RMB 500 million. A gimbal module has three motors, plus some other structural components and cameras. We believe that in the AI category, besides this part, consumer electronics is also making contribution, continuous on updates. The wearable AI camera products will contribute over RMB 1.5 billion. Understood. Thank you. Thank you, Mr. Pan. My second question is about, you talk about the progress on the AI wearables and also the new progress on the gimbal progress and the products. What is your expectation on the R&D expenses in the future? You can see that our overall R&D expenses ratio is still quite high because there are several factors. One is that in the second half of this year, we have mass produced high-end DC heat dissipation, and this requires a lot of investment in our overall R&D resources. For example, this will develop from high-performance VCs to higher performance VCs, to the active heat dissipation modules with CoolFan. We have to invest. This will cause additional R&D costs. In addition, the robots and AI devices, including wearable AI devices, we have also invested a lot of resources for the R&D of the new technologies. This is very important for us. In the development of AI infrastructure will develop rapidly. You can see this from the development from Yuandi. Next step, how do we empower the end AI and the AI terminals? From the data center and to the AI terminals, for example, AI motors, acoustics, and microphones, we need to continue to invest. Thank you, Mr. Pan Kelvin. We hope to see more achievements in your new tracks. Regarding the R&D expenses, I think we need to add something. Compared to the first half of last year, we have increased by less than RMB 200 million, around RMB 200 million. I think Kelvin has already mentioned its need in the first half. But for the full year, the second half R&D expenses will be lower than the first half. You see whether we need to upgrade this EMD business and the acoustics. We make some consolidation. Based on the original acoustics and the haptics in the existing market conditions, we can improve technology and standardize our technology to save a certain cost and put those resources to the new tracks. From the second half perspective, in this area, the R&D expenses will be lower. Of course, the absolute figure will be increased, but the overall R&D expenses ratio will still be controlled at a reasonable level. Thank you, management, for the answers. Next one is from Morgan Stanley, Andy Meng. Please go ahead. Thank you, Joyce. My question is mainly to understand whether the company will consider through M&A to further accelerate business development. During the M&A, I would like to know, for example, in terms of valuation, revenue growth, and profit margins, those core indicators, which indicators will you pay more attention to? If you rank them, what will be your priorities? For new projects, will we evaluate its overall ROIC level? Let me introduce it with a case first. Our company's M&A of a new business and a new product has quite a lot of experience. Since we started doing BGN and Dongyang and PSS, and to our latest M&A, Dispelix, the most important thing for us is to build our core competitiveness and the core business segment. Take Dongyang as an example. We mainly focused on mobile phone structural components, and after our M&A of Dongyang, we entered the structural components of notebooks. We expect next year from the original RMB 500 million -RMB 600 million in notebook structure company next year, around RMB 700 million. To about RMB 700 million. We will grow to RMB 2 billion next year. This is mainly based on the business layout and the plan, and including our recent PSS M&A. After PSS M&A, and based on our overall section, will further grow this year. Another one is the growth on the automotive components, like the Zeekr this year, collaboration with Zeekr. The growth of the name system will empower the entire product and the business end. Also in the XR field, we acquired Dispelix. This year from last year to this year, the XR waveguide has continuously make breakthroughs. From the international customers and the pace of cooperation with us and the recognition of our technology and this kind of M&A are very smooth. I think in the future, especially in the XR field and the server field, we will continue to acquire and make business plans to expand our business and the product strengths. For example, in XR field, like the light waveguide. We currently see the value is tens of dollars, right? If it's a high-end silicon, it may be hundreds of dollars. Then we definitely need to acquire to supplement our strengths in this regard. Secondly, there are also XR displays. For example, light engine and the value is also very high and we are doing a series of layouts in this regard. Next is about AI. The most important thing is AI server, right? We have already acquired Yuandi, and we have also seen the domestic AI server market is growing rapidly. We will use M&A to supplement our core competitiveness in this server field and to secure our key accounts. Eventually, it comes down to the return on investment, I believe. These investments are not purely technological investments, but rather the balance of business. This mobile phone has low gross profit margins, but return on investment is much higher, and this is definitely our long-term capability and our important part of a product. This is another organic new product layout and additional growth channel, and they will definitely be our key considerations. Thank you. Very helpful. Next question is from Tony from CLSA. Thank you, Joyce. Thank you, management. I am Tony Zhang from CLSA. I would like to ask in the smartphone areas, the Android and non-Android layout, do you have any outlook for the entire development of this year? Is there an estimated that the industry will bottom out or recover or any plan on the profitability? The impact of memory on the entire mobile phone market, you see this impact. Our forecast for our entire mobile phone market, for the full year, will decline from 11.6% last year, right? Around 11% last year and to 10%. You also see this decline in the terminals. So from perspective of optics and acoustics, we have already seen the relevant impact. Our focus will be more on the high end of mobile phones and the modularization. So in mobile phones, we may use high-end phones and the old integration to expand and get more market share. We have already reached a relatively high and healthy level. Even there are some certain fluctuations in the market, it will not affect our cost too much. I believe the situation in this is the same for acoustics. Our utilization rate was quite high last year and may decline slightly this year. Through our breakthroughs in the new products and the new markets, our overall capacity utilization rate is still maintained at a relatively healthy level, and this will give us a certain ability to resist market fluctuations. Thank you. Due to time constraints, we will move on to the next question from Huatai Securities. Mr. Chen Xudong. Please go ahead. Thank you, Joyce. I have one question about the XR business. Just now Kelvin talked about the XR business line, especially the glasses. We also see after the M&A of Dispelix, it has since obtained the core components of AR and XR. For example, the light waveguide. The company's future clients in North America, what are the breakthroughs in their development and what are the value-added products in the future for your revenue growth? Thank you. Thank you for your question. As Kelvin just mentioned, after the acquisition of Dispelix, we quickly gained leading position in the field of optical waveguide and light waveguide, and we have just completed, what Kelvin said, completed acquisition of an overseas team in the field of optical engine based on the acquisition of these two teams. AAC has already been in the XR field, especially in the field of XR glasses display. It has already occupied a leading position and has really delivered the first mass production in the market. This showed our light engine capability. There are two advantages. The first advantage is we have the leading capability in the industry and the rapid direction development of the product. The second advantage is that we see some large customers in North America, and these are our customers to conduct some mergers and acquisitions. We have already won their recognition and have already secured the three to five years supply. Based on these two advantages, we have already covered XR customers domestically and internationally. If we see from their business figures, by 2028, there are about 1 billion - 1.5 billion in growth in terms of units, and this is only in the display modules. There are other aspects. We also excel, for example, our traditional AC and the speakers on haptics and the microphones. With the completion of M&A, those will all help us enter the XR glasses field. Understood. Thank you very much. Thank you. Due to time constraints, we will now end the Q&A session. Next, let's invite Mr. Benjamin Pan, Executive Director and CEO, to give closing remarks. Please, Mr. Pan. I think for the closing remarks, I'd like to highlight two points. I believe with the effort of the AAC management team and all staff, firstly, in the mobile phone industry, with the impact of memory, as Kelvin just mentioned, this market will decrease from 11.6% to around 10% margins. Based on this, we have made progress in traditional business, but we still managed to achieve a steady increase in gross profit margin. This is through our technology and our standards and our management performance. We bring about these results. This is about this memory impact and the reshuffle in the entire mobile phone industry. In the first half of our results, we have seen that our response was promising and appropriate, and this is the first point. The second point, we have several new product lines from VCs to the active coolings. We see the next year, the output value will be about RMB 5 billion or RMB 7 billion, or even higher in the sales. Also AI devices, as well as the serving modules. There's about RMB 1.5 billion in the CDU with the liquid cooling versions. We see a scale of RMB 1 billion in robots, and some desktop devices can achieve a scale of RMB 400 million -RMB 700 million with our core components. The WLG in the new communication modules, we can see a scale of at least RMB 100 million next year. We have made a good start. In total, we can probably see a new direction of RMB 8 billion -RMB 9 billion. It brings opportunity. I think in 2027, based on this, the scale of RMB 8 billion -RMB 9 billion is just a beginning. In the next three to five years, before 2030, I believe the growth rate in this direction will be much higher than that of our traditional business. I want to emphasize this to our investors. Thank you very much. Thank you, Mr. Pan. Due to time constraints, the AAC Technologies 2026 interim results conference ends here. Our presentation materials are uploaded to the company website. For any questions, please contact our investor relations team. Thank you for your attention to AAC. Thanks, everyone.