Good morning and good evening, everyone. Thank you for joining our earnings call. We are very happy to share that WuXi XDC has achieved another outstanding first half of 2026. I will start going over some highlights and then followed by business and operations update. Then Michael will share the financial results. Then I come back to do a quick sharing of the outlook and summary. Next slide. As usual, we start with sharing some of the key highlights on the projects as well as the financial part. On the project side, as you have seen, we have signed another record number of ICMC projects for the first half, as well as two new PPQ projects. Total number of ICMC continue to increase rapidly, indicating the gain of market share, but also, more importantly, the continued expansion of the XDC space. Our number of PPQ projects continue to increase. Now also with the acquisition of BioDlink, we also added the second commercial projects. On the financial side, we are happy to report that we achieve another very solid growth on the first half. Top line, in terms of CNY reporting, we increased the revenue to CNY 3.7 billion. That is 37% on the AER. On the constant exchange rate basis, that growth is 41.5%. As you can see also, the profit margins slightly expanded compared to 2025. Also, very importantly, the backlog continue to increase at a very strong growth rate. Service backlog increased to slightly below $2 billion, indicating over 50% increase. We also added the milestone backlog for the first time. If you add that number, that total goes to around $2.2 billion. Solid growth in terms of the backlog. Next slide. For other key achievements on the innovation and execution side, we continue to increase the global client number, as well as submitting the INDs for first-in-human. Our innovation monetization continue to make good progress. We mentioned that we signed a first licensing deal with Earendil Labs earlier this year. Also, we are happy to share that we have secured the second licensing deal with a European biotech, which will be announced very soon. Another important milestone is that Singapore site officially has now transitioned from construction to operation, with the GMP release of the mAb and BCM3, August 17. Then the next couple of days, we will be also releasing the DP4 facility. Our global talent continue to increase, with close to 1,000 new employee added. Total headcount now is around 3,600, including about 500 from BDK. Those are the quick highlights on the interim results. Next, I will go over a little bit more on the business and operations. Starting with the funnel, this obviously, you might be already familiar with, and also best represent WuXi XDC's CRDMO business model. We continue to help clients to develop the best-in-class and first-in-class ADCs and XDCs. Total number of assets moving from discovery to development now accumulated to 77. As mentioned, we signed a record number of ICMCs in the first half, 51 total, and we continue to help clients submit many INDs. That number was 27 in the first half, accumulating to over 160 from the last five to six years. We continue to expand on the PPQ and also now added the second commercial. The strong growth of this basically indicates the continued expansion of the market, the ADC and XDC market, but also our solid service and platform that continue to attract more and more clients. Next slide shows the XDC standalone, because this is the first time we consolidated BioDlink results, so we wanted to also share XDC standalone, which obviously is the most of the numbers coming from XDC side. Next slide. If we look at the details of the 51 ICMCs signed in the first half, we can see that about three-quarters of the newly signed ICMCs represent a newer type of modality, including new targets, novel payloads, bispecific ADCs, dual payload ADCs, and also some of the newer, what we call XDC modalities including, for example, antibody-oligomer conjugates, antibody-peptide conjugates, and other type of novel conjugates. Again, this shows that the field continued to evolve quickly from the more traditional ADCs to broader type of XDCs, and that the innovation continued to show strong momentum. Next slide shows the more details on the PPQ projects. You can see that around half of the PPQ projects are coming from overseas clients, and among them, nine are from MNCs. Also those represented 14 differentiated targets or MOAs. We also added, I mentioned earlier, asset two PPQs in the first half. In terms of execution, we now have completed a total of 27 PPQ components over the past few years. Again, those represents more and more opportunities flowing down, potentially into the BLAs and commercial manufacturing. We also look into the indications of those PPQ projects and are excited to see that about a third of those projects involve first-line therapy clinical trials. Obviously if those are successful, it could provide a broader market access, and therefore more commercial success, potentially for those assets. Next slide. In terms of our client base, we continue to grow our client base, and also continue to make a very solid engagement with the MNCs. 15 out of top 20 of our clients in terms of revenue contribute just about one third of the total XDC revenue. The bottom few numbers also show that XDC continued to enable our clients to be successful in terms of licensing, in terms of financing. A large proportion of those deals are from the XDC clients. Particularly interesting is that for the first half of 2026, every single M&A deals involve clients of XDC. I think the number is around five to six of those M&As occurred in the first half. All of those are actually acquired by major pharmas. Again, continue to show how XDC support and enable clients to be very successful. Next slide. Those obviously are based on the very solid and continue evolving technologies that we provide to the clients. The XDC's technology mainly focus on conjugation and also on the linker payload innovations. Our conjugation platform is the WuXiDARx™ platform, that initially supported and continued to support many assets to use the WuXiDAR4™ technology and moving to the clinics. 10+ CMC programs, including a couple that are already in the pivotal trial and PPQ stage. Over the past couple of years, our WuXiDARx™ continued to evolve to serve the dual modalities, especially the WuXiDAR1 and WuXiDAR2™ conjugation technologies to enable development of AOCs and APCs or also importantly, the dual payload ADCs. So with our DaX conjugation, there's no need to engineer the protein. We basically tap into the wild-type cysteine conjugation site, but achieving the results of site-specific conjugation, which provides a great convenience and also CMC friendliness for our clients down the road. Our linker payload technology center around hydrophilic linkers, basically, that enable the WuXiTecan-2™, which we signed quite a few molecular licensing deals. But also we now continue to expand that linker payload technology to include MMAEs, ATIs, and also arabinogalactan. So those help to tap into the newer type of payloads. For example, the DDR immune agonist. Those payloads actually come in handy when we develop dual payload platforms and systems to support clients' needs for developing best-in-class dual payload ADCs. The next slide shows how we continue to stay at the forefront of the industry, and basically helping clients to explore all sort of different conjugate modalities. The total number of bioconjugate molecules made by the team increased to over 22,000 through the first half of the year. As you can see that at the discovery, earlier development stage, over 30% of those are what we call the XDC projects, and only ICMCs 42 out of the 328 are also the novel newer modalities. The next slide is one of the favorite slides to demonstrate how we see the industry moving forward. These are always early indicators in terms of what might be coming in the next six to 12 months or even further down the road. Basically, the picture continue to show that about 50% are the traditional ADCs, but higher proportion are what we call the X domain, new bioconjugates. So, those includes the AOCs, APCs, degrader conjugates, and others. Even on the ADC part, more and more are on the dual dual-payload and bispecific ADCs. Again, we stay at the forefront of helping clients to advance those novel modalities and also allow us to see great visibility in terms of what might be coming further down the road. To support the continued strong growth of the industry, next slide, we continue to invest on our capacity. We now, in China, we have the Wuxi site, largest center of excellence for ADC manufacturing. Shanghai site, we also continue to expand on the earlier discovery service and also development. Suzhou is the site we acquire, the BioDlink site, that offers also pretty much all in one service within that one campus as well. We acquire Hefei site late last year for peptide capability which now also added oligo capability. The Changying site is our very large scale commercial manufacturing for payload-linker, as well as newer modalities that includes peptides and oligos. As noted, we now officially also transition for Singapore site from construction to operation. So, I'll also update some of the major sites a little bit more in the next few slides. The first is the Wuxi site. Next slide. The Wuxi site basically remain as the largest manufacturing site for XDC, which we have established operational excellence across all four of the ADC components. The lower right show that on Wuxi site, we are adding more capacity. For example, the payload-linker manufacturing line two, but also two very large scale drug product facility, DP5 and DP6, which are scheduled to be released in early 2027 and also 2028, respectively. Next is the Singapore site. We mentioned earlier that Singapore has now achieved a major milestone from construction to operation. We continue to engage global clients to visit Singapore to actively start to also schedule audits, especially for pharmas. They have to conduct the audits before they actually can sign and secure any deals for manufacturing in Singapore. We continue to see a lot of interest, and we are very happy that Singapore is now ready for operation which provides flexibility as well as supply chain resilience for clients, especially at the later and commercial stage. The Jiangyin site, as mentioned, is our very large scale linker payload commercial site with total construction area plan at over 80 something square meters. It is not just for highly potent linker payloads, but we also manufacture peptides, as well as oligo components for APCs and AOCs. This is part of the effort to support the accelerating growth of the payload-linker part of the business, which is supported by our own innovation to bring new novel linker payload to clients, to the market. More and more projects also follow through the funnel to advance to PPQs. We also added a slide to basically update in terms of how we see the linker payload business momentum. Basically, starting in 2026, basically we are seeing that the linker payload business growth outpacing the overall XDC consolidated business. This is supported by more and more programs also getting into late stage. We have signed over 10 PPQs for the linker -payload component. Also the innovation to newer type of payloads or novel payloads, including, for example, linker oligo conjugates, LNPs, PROTACs, GalNAc, et cetera. Our innovation, our continued capability, in terms of the peptides, oligos, as well as our aggressive expansion on the commercial capacity, will ensure that the payload -linker business becomes a fast -growth engine for WuXi XDC Group in the next few years. We also happy to update that since the completion of an acquisition of BioDlink by end of March, we actually made great progress in terms of the integration of BioDlink. We continue to see a lot of strategic alignment, and also partnerships, continuation of the strong collaboration with the BioDlink customers. Also, the improvements on the operation, on utilization, as well as on quality alignments between WuXi XDC and BioDlink continue to benefit our global clients. As noted also, WuXi XDC signed a CCG relationship partnership with BioDlink and also WuXi Bio has signed a CT agreement with BioDlink as well. Those will provide also a solid and broad foundation for BioDlink itself in the next few years. That is basically a quick review of the business operations and also Singapore progress as well as BioDlink integration progress. Next I will hand it over to Michael to go over the financial results of the first half. Sure. Thanks, Jimmy. Next slide. I will just recap our financial performance for the first half 2026. As you can see that our revenue reached CNY 3.7 billion. Actual exchange rate basis, year-over-year period-over-period growth is 37%, but on a constant exchange rate basis, it is almost 42%. I think that I will emphasize that the investor should look at the constant exchange rate to take out the fluctuation in the exchange rate. From gross profit perspective, actually, our gross profit reached around CNY 1.4 billion and our gross profit margin on a consolidated basis reached 37%, which compared with the same period last year is only 36.1%. I think that bearing in mind, we consolidated BioDlink and which is loss-making at this moment. So, actually, we are very happy that we are still able to achieve a better gross profit margin compared with last year. Mainly because that we have a higher percentage of high value-added services in our overall revenue contribution, and also we continue to maintain a very high utilization ratio for our capacities, and be able to further explore the operation leverage. From adjusted net profit perspective, as you can see, that is the first time, for the six months, our adjusted net profit actually went beyond CNY 1 billion. Also our adjusted net profit margin also remained very stable, around 27.8%. Next slide. Because we consolidated BioDlink, starting from Q2 this year, so I want to explain to every investor on a standalone basis what does WuXi XDC financial profile look like. If you can look, our revenue on a standalone basis, still we achieved on a constant exchange rate basis, we achieved a year-over-year period-over-period growth of around 36%. Our WuXi XDC standalone revenue reached around CNY 3.6 billion. If you look from gross profit and adjusted net profit perspective, our gross profit margin increased from 36%- 37.6%. Gross profit itself reached around CNY 1.4 billion, and adjusted net profit reached more than CNY 1 billion as well. Next slide. If you look the revenue breakdown, based on the project status, our pre-IND and the post R&D revenue breakdown remain pretty much the same compared with 2025 and 2024. I think this is particular worth highlighting because, if you look, our scale continues to grow and a lot of programs in our portfolio actually move forward smoothly and reach a later stage. It is very important, right? We were able to continue to secure early-stage projects, which will help us to maintain the same growth momentum. This breakdown actually tells you that. Despite our size grows much bigger and the pre-IND programs stay the same, in terms of revenue contribution, which provide a very strong, solid foundation for continuous fast growth on going forward. If you look the breakdown by regions, still U.S. remains the main growth engine. In first half this year, it accounts for 46%. If you compare with 2025 or 2024, you may say that it is dropped a little bit, but I think that is mainly because of the depreciation of U.S. dollars. In term of our constant exchange basis, it does not change that much. One more thing about Europe, I think that the percentage contribution from Europe actually increased a little bit. I think that we cannot draw the conclusion that the Europe catching up very quickly. It is just because that the size is smaller, the volatility is higher compared with other regions. Indeed, in the first half, we signed up a couple of larger contracts from European companies. That's why the contribution from Europe increased a bit. Next slide. This slide once again highlights the margin trends. As I mentioned before, if you look from both the first half and the full year basis, our gross profit margin increased by 1% if you compare with a 2025 full year. Our adjusted net profit margin increased by 1.6%. Thanks for the continuous high utilization ratio and also high proportion from high value-added services and also risk engine control on the SG&A. On a standalone basis, it maintained the same trend, and you can see that our gross profit margin and adjusted net profit margin also increased quite a bit despite our size grows bigger. Here I want to emphasize that on a full -year basis, we expect that we will be able to maintain the guidance we gave previously from the revenue perspective. On a standalone basis, we think that WuXi XDC should be able to achieve at least 35% growth on a constant exchange rate basis. On a consolidated basis, we will be able to achieve around 30% on a constant exchange rate basis. In terms of margin profile, I think that in the second half, because we have the Singapore facilities ramping up, and also we have the negative impact from the BioDlink. I think that this will have a certain negative impact on our margin profile, but we hope that we can manage to maintain the same gross profit margin compared with last year. But it's still August right now, so I guess that we will have better picture by the end of the year. Nevertheless, I think that the margin, even it may have certain fluctuation, it shouldn't be beyond 1% more or less. Next slide. Next slide. I also want to talk about our backlog. As you can see that besides we achieved a very good financial performance, our backlog actually grows very significantly as well. If you look compare with the same period last year, our backlog without considering the potential milestone income. Our backlog actually reached more than $2 billion, which represent a 50.4% period-over-period growth compared with end of June last year. We also have around 150 million royalty incomes, milestone incomes. If we add that, we will be able to achieve 62% backlog growth period-over-period. Amongst those, I think particularly I want to highlight is that this is the first time we were able to have around $120 million in the contribution from commercial backlog. Like what we said, year-over-year, we believe that we will gradually transition into a company with M stage revenues, and just the beginning. As you can see that this year we started to record backlog from commercial stage. I think that with more programs moving to a later stage, we should be able to see larger and larger numbers from commercial stage backlog. Next slide. This slide just captured the status of our manufacturing facilities. As you can see that from the left-hand side, you can see that almost every year, we will have a new facility up and running. In particular, this year, of course, is the Singapore. As you can see from number eight, number nine, number 10. Number eight and number nine, by the end of this month, we will have BCM3 and BP4 operation ready and then released. Also, before the end of this year, we will have BCM4 up and running. The story we told you guys, we are actually executing all those stories gradually, solid pace. I think that we are very confident that the outlook and what we will achieve way ahead. Next slide. Those are the financials and the CapEx. Then I will transfer back to Jimmy to talk about the outlook. Thank you, Michael. I will close by sharing two more slides. One, in terms of the update on the overall commercial outlook, which obviously is an important part of our growth engine in the next few years. This is a similar slide that we shared earlier this year at the 2025 year-end earnings. We continue to see modality advance from ADCs to newer modalities, including XDCs, to come to commercial in the next few years. To support that growth, we continue to expand on capacity, including acquisition of the BioDlink, and also including the release of the Singapore site in August this year. We also continue to invest both in China as well as outside of China. We have mentioned and will continue to evaluate investment decision for the U.S., and also continue to look for potential opportunities in Europe. In terms of the PPQs and BLAs, we mentioned earlier that we now have completed 27 PPQ component execution. In 2026, we will actually anticipate to see four to six BLA submissions. That will continue in the next few years. By 2028, we are looking at over 60 PPQ component execution, and around 12- 15 BLA submissions. The continued advancement of the newer modalities, as well as also start of the commercial manufacturing and more and more programs getting to commercial stage, give us the confidence that by 2030, we will be able to achieve 20% revenue, each from the newer XDC modality as well as from the commercial manufacturer. That is on the commercial side in terms of the outlook. The next slide basically summarizes the message that we shared earlier this year. We continue to see our compounded growth rate staying between 30%-35% in the next few years, basically outpacing the industry growth. To enable and to achieve that, we need to have a four-cylinder growth for the R, the D, as well as the M commercial manufacturing. On the R, we continue to innovate, continue to help clients to develop the best-in-class ADCs and XDCs. On the D, obviously, help clients to move the assets into first-in-human at the fastest possible speed and in high quality. For M, we continue to capture opportunities down the funnel. We need to be right first time for every single molecule that goes into BLA and inspection. We will continue to expand our capacity to support the ADCs as well as the XDC modalities moving into commercial stage. So with that, I'd like to And the presentation in the next slide basically show some of the key take-home messages to share with investors. Next slide. Basically, we see the industry maintaining a very strong momentum. And we are glad that the BioDlink acquisition has complete and integration has gone quite smoothly since the acquisition. We see more and more innovation and advancement of the newer type of bioconjugates, including bispecific dual payloader, but also AOCs, APCs. And as mentioned, we see the link of payloader business growth outpacing the overall XDC growth, starting in 2026. And, as also noted, backlog continue to be strong. And we will also make it a priority to increase backlog for Singapore facilities. And also the CMO commercial business, Ronpab, continue to maintain a very strong momentum. And we start to also see commercial orders come into our backlog, starting in 2026. So those are the key takeaways for the earnings call. So now that completes the management presentation, and we're open and more than happy to take questions if you have. Yeah. So, thank you, Jimmy and Michael. So let's move to the Q&A session. If you have any questions, please just raise your hand and we will unmute. Okay, so the next question is coming from, I'm going to say, Lawrence. Lawrence, please go ahead. Operator, please unmute him. Thank you. Is Lawrence unmuted already? Lawrence, can you hear us? Yes. Yes. Okay. Okay. Please go ahead. Great. Okay. Thank you. First, congrats to management for these great results. I just have two quick questions. You signed your first-ever licensing deal with Earendil Labs, which is an AI-empowered protein therapeutics company. Can you talk briefly about the potential for AI to help design biologics, in particular, for bioconjugates, and whether AI can broaden the project funnel for WuXi XDC? That is my first question, the potential for AI. My second question is, for the first time, you added a milestone backlog to your total backlogs. As Jimmy mentioned, there is one more deal coming with a European biotech company. Can we touch a bit on the timeframe for these milestone payments and when can we expect the gross margin to improve from these IP incomes? Thank you. Thank you, Lawrence, for the questions. On the milestone timing and the impact on margin, as you may be aware, the timing of the milestone payments are highly unpredictable, if you will, because it is always project specific and client specific in terms of when and how they might move the programs forward. We are not adding any of those into our current management guidance. If any of those happens, it will be basically a bonus, an upside, to any guidance we provide. On the AI enabling innovation, we do see that the industry is actively embracing AI to help improving the efficiency, but also to help speed up innovation for many of the different modalities, but also, for bioconjugates as well. In addition to some of the biotechs actively deploying AI, we also see some tech companies basically getting to the biotherapeutics field and actively, basically, introducing new potential assets, molecules into the bioconjugate space. To that end, we have actually engaged and also started some of the services with such companies that are actively exploring the use of AI for innovation. Okay. Thank you very much. Okay. Thank you, Lawrence. The next question is coming from Goldman Sachs. Chris Pan. Chris, please go ahead. Thank you, management, for taking my questions. My question is on the market share. I think we have a record high on ICMC projects at 51 at first half. What do we estimate the market share for in terms of these new projects? Also for the full year, do I have a sense roughly how many new project we could get for this year, and also for next year? Thank you. Yeah. Thank you, Chris. I think, in terms of the ICMCs, we made a big jump in 2025, right? Remember 2023, 2024, our ICMC sign was right around 50 for the two years, and then 2025, we jump to 70. This year, first half alone, we signed 51. We see the momentum actually continue to be quite strong. For the full year, I think we will sign, anticipating at least 80, another step up from 2025. But it's not easy to predict exactly how many more. But it will be more than 2027, for sure. Sorry, what was the first question again? Oh, how about the market share? Do we estimate? Oh. Okay. We are not calculating market share, in terms of the exact percentage. But in terms of the ICMCs, I think we continue to see probably ±40%. There are a few different metrics to look at. For example, we mentioned that we have helped clients submitted 160 INDs, cumulatively. Globally, I think there are around 300-4 00 assets in the clinics. So that give you some indication in terms of total market share, in terms of active clinical stage progress. But also, the number of first-in-human trials, we also continue some help in kind, submitting more and more each year. By last year, it was 30, close to 40. This year, first half alone, we helped submitted 27. So that's another indicator that we will closely monitor each year and each half year. Not in terms of exact number or market share, but I think we believe that we continue to expand on market share. Then probably we will be able to provide a more quantitative update at the year-end timing. Well, thank you, Jimmy. That is quite helpful. Okay. Thank you, Chris. Then the next question, invite please, Tony from Macquarie. Tony, please unmute, operator. Thank you. Yeah. Can you guys hear me? Yes, go ahead. Okay, perfect. Yeah. Congratulations on a very strong first half print. Just a couple from me. You guys have a site at Hefei, right, which you have mentioned a couple of times, for peptide and oligo synthesis. Just want to ask you, what is the consideration of building this in-house, versus subcontracting to your sister company, WuXi AppTec? They are obviously quite strong in this space, right? That is my first question. The second one is on slide 15. Jimmy has been talking about this slide for the last few presentations. I noticed the AOC and the APC grew very quickly compared to six months ago. DAC declined quite a bit from 32% to 24%. I just want to get some color about what is behind the dropping DAC. Yeah. Thank you. DAC dropping, Tony, you mean out of the only 100 bioconjugate, the team made in the first half, is that right? Correct. Yeah. The percentage. Okay. Yeah. Dropped quite a bit. Right. Yeah. DAC is actually interesting. It stays quite active, right? 24% still quite a bit. It stays quite active at the early discovery stage. We have not seen as many DACs moving into the clinics in the past few years. Basically, the development challenges for DAC remains somewhat higher than other novel type of modalities. I would say it is still very active at the early discovery stage. But in terms of moving to the CMC, we have not seen as many, compared to, for example, AOCs and APCs. That is a space that I think companies continue to invest, continue to show a lot of interest and passion. The other question is, sorry, Tony, can you- Okay. Yeah, it is about WuXi. All right. Okay. Yeah. We continue to work a lot with client's business of WuXi AppTec. Many of our clients continue to tap into the ties, capacity and capability for developing the APCs and AOCs. At the same time, we do see benefits of having some in-house capabilities and capacity. Obviously, some clients wanted to see that fully integrated solution offering. Some also wanted to start at the earlier stage, for example, at the discovery service stage, where the integrated capability can really help to speed up and made it easier for discovery stage efforts. I would say that we continue to leverage the ties, but at the same time, having some internal in-house capability and capacity does provide some solutions to clients who desire to have so. Very clear. Thank you very much. Okay. Thank you, Tony. The next question is coming from Nomura, Jialin. Jialin, please go ahead. Thank you, Grace. Thank you, Grace. Good evening, management. I have three questions. The first one is on the backlog growth. I did a calculation that the new backlog you signed in the first half of this year grew by over 40% year-on-year. Could you give us some colors on what part of the business, the pre-IND or post-IND, drive this new order growth in the first half? The second one is that we just noticed your parent company, WuXi Pharma, also released results and also left their full-year guidance a bit. Do we expect you to lift your full-year revenue guidance as well? Because we know you are the growing engines for the parent company during the past years. The last question is regarding the key ADC products the market has closely monitored. Can you give us some color on the progresses on that molecule? That's my three questions. Thank you. Yeah. Michael, if you can take on this, and I can add. Okay. For the backlog, the newly signed contract, I think that around 50%, or a little bit less than 50%, are actually coming from pre-IND. A lot of them still coming from post-IND. In particular, I think that without taking commercial and also the potential milestone coming into the consideration. If you are taking commercial backlog into consideration, then obviously the post-IND will carry much more weight compared with pre-IND. But like what I said, if you look at the revenue breakdown and also the newly signed contract numbers, you see that we maintain a very strong momentum in terms of securing the early-stage projects. That is one thing highlights our core competitive strengths, but also it is simply just a representation of the growth and momentum of this industry. Okay. That is for the answer to the first question. Second, in terms of guidance, I think that we already have a very high growth rate, 35%. I think that we will not further increase our guidance, bearing in mind, I think that all of our capacities are actually running a high utilization ratio. That is why it is actually not that easy for us to further increase the growth guidance. Hopefully, with the release of the new production facilities by the end of this year, and then around second quarter next year, we will be able to pick up the growth momentum again. Okay. That is the answer to the second question. In short, we are not going to increase the guidance. We will maintain a 35% top-line growth on a standalone basis, and 40% growth on a consolidated basis. The third question, sorry, what is the third question again? I forgot. The key ADC products the market has closely monitored. Oh, you are talking about the Merck project, right? I think that we already told the market, at this moment, we are the sole supplier for their clinical supply. But then for the commercial, I think that they actually choose another vendor just because that we haven't built our spec record in M stage yet. Like what I keep on telling everyone, don't focus on just one project. We don't count down a single project as well. What we should focus on is the fact that we already signed 21 PPQ projects. One third of those are actually for first-time indications, and also I think it's around nine projects are actually international projects. Also, we already have two commercial projects on hand. So I think along the time, we will be able to build our commercial-stage track record. It's just a matter of time. Also, in addition to that, I want you guys to take away is that, we believe there will be a structural issue in terms of the supply, demand, and there's a gap in terms of supply capacity. So when more and more ADC drugs come online, which the commercialization stage, the situation in terms of supply shortage will be more severe. Like what I said, it's just a matter of time for us to get the associate stage project, whether it's the first one, second one, third one, it doesn't really matter. I mean, we all have a fair market share. Okay. Okay. Thank you, Michael, and congrats for our results again. Okay, I'll then take the last question of tonight's call. It's from HSBC, Linda's team, Andrew. Andrew, please go ahead. Thank you, management team, for taking my question. It is Andrew from HSBC. Just two questions from me. Firstly, regarding the commercial outlook of Singapore site. Can you give us some color on the order inflows and also the order in completion and as well as the impact to the commercial module in the coming few quarters or years? Second question is regarding the competitive landscape. We are seeing companies like Lonza and Samsung Biologics are building ADC capacities, which is set to be released in the coming few years. What do you think is the commercial outlook for the ADC area, CDMO area in the coming few years? Thank you. Yeah. The competitive landscape has not changed much over the past couple of years. Lonza continue to be one of the industry leaders. They have been in the space quite a bit longer than WuXi XDC. But as we have shown in the past few years, our market share actually continued to expand. Based on 2025 year-end result, we anticipated that we were already there with Lonza, had to have in terms of the overall revenue market share. That has not changed much. I think we continue to believe that we have the best business model, in terms of supporting innovation, but also helping clients to move the innovation to first-in-human, and also continue to build capacity to support the commercialization. Singapore order, we also explain in several occasions that the Singapore ramp-up will be slower than typical capacities in China, especially in Wuxi, because it is a brand-new site in a brand-new region. Also it is intended mainly for late stage and commercial. As such, clients will need to get familiar with the site. Clients wanted to see that we have execution track records for Singapore, even though it is designed to be a mirror copy of the Wuxi site. But clients tend to want to see some evidence of execution success. That is why we have been actively engaging clients to visit Singapore, to see how it is designed and how the past two years we have executed, from construction to commissioning and now to full release. Also we start to see MNC clients actually scheduling internal audits, quality audits. For MNC, that is typically a prerequisite before they actually start official orders. Basically, I think the take-home message is that Singapore ramp-up will take more time. What is important, I think it is the strategic value, the strategic sort of importance of the Singapore site coming into operation, because it give clients a lot of flexibility. But also more importantly, it give clients a lot of comfort to not having to go outside to find the second supplier or to find alternative supplier, because they know that our Singapore site is already coming into operation, and Singapore site is designed as a mirror copy. So that if there is ever a need to expand to Singapore or to move the asset to Singapore, that we are well-positioned to help realize that at a very faster speed. So, that strategic value, actually, I think it is also quite important. We don't have much pressure to try to ramp up as quickly as we typically do in WuXi. We wanted to start to build execution record, and then continue to engage clients, and then hopefully, more significant backlogs will start to build up by early next year. All right. Thanks, Jimmy and team. That's all from me. Thank you. Yeah, thank you. I still see many of the questions from online, but unfortunately, due to the time constraints, we cannot cover all of them for today's call. Hopefully, we can get more touch base on the next few days' deal roadshow as well. Maybe I just turn the micro to Jimmy, and then to close, to share the closing remark as well. Thank you. Yeah. Yeah. Thank you again, everyone, for participating in the call. I wanted to again, leave key messages as shown on the summary slide, that we see the industry maintaining a very strong momentum, especially with more and more innovations coming into the XDC space. We are very happy with the progress of the BioDlink integration. Very happy that Singapore has now come to operation, which again, provides great flexibility and supply chain resilience to our global clients. We are seeing acceleration of our payload-linker business, which will help to drive and maintain strong growth for WuXi XDC consolidated group. We start to basically have commercial backlogs come in, which again, is something that we wanted to see and we're happy to see, and we will demonstrate more and more commercial success starting in 2027 and further down the road. That is why we maintain our guidance and confidence that by 2030, we will achieve 20% of the XDC modality, as well as 20% on commercial M business. Again, thank you for participating, and we look forward to talking with many of you in the next few days. Okay. Thank you, all of you, and that concludes for today's earnings call. Thank you.