Good evening, good afternoon, good morning, depends on where you are. Welcome. This is Yang Huang, China healthcare analyst at JP Morgan. It is my pleasure to host WuXi Biologics' 2026 interim results conference call. WuXi Bio just reported a very strong first half, with revenue up 18.4% year-over-year, with total backlog increase by 30% year-over-year. The gross margin also expanded to 46.2%. We are expecting company give us more colors on their strong first half. Joining us today are Dr. Chris Chen, Chief Executive Officer, Mr. Ming Tu, Chief Financial Officer, and Dr. Lina Fan, Head of IR. Following prepared remarks, we will move to question-and-answer session. For question-and-answer, please type your questions in the question-and-answer box and we will read out your questions. Now I'll turn the call over to WuXi Bio management team. Thank you, Yang. Good morning, good afternoon, good evening, global investors. The title of our talk is Innovation, Execution, and Global Scale: Driving Sustainable High Growth. I think I want to highlight all three aspect. Innovation, our innovation on multi-specifics, on ADCs. Our execution, our speed to deliver projects, our quality, and we can quickly scale from 200 projects to 300 projects for our D programs. And global scale. We see more and more manufacturing coming to our site, in global, in Ireland, in Germany, in U.S. So our dual site, built using China to launch the product and then have our global site as a backup, as a secondary supplier, now really works for our global clients. This is following the standard deck that I think I always want to open up the slide with this one page. So highlight all the business key metrics. We see a number of projects. One of the key metrics for our growth is growing 23%, it's an unbelievable number. Now we actually have more than 1,000 projects, 1,064 projects. When I start the company, I was dreaming, if we get 500 projects, 800 projects, it will be unbelievable. So now I have more than 1,000 projects. Look at the pace we're going right now. It took us 15 years to go from zero to 1,000 projects. It probably only take us the next five to six years. So next five to six years to achieve another 1,000 assets. The first 1,000 asset took us 15 years. The next 1,000 asset may only be five to six years. That's the pace of our growth. Look at organic projects growth, from 86 projects first half of last year to 123 projects. Again, a 43% growth. Among them, a majority of them are new modality, like ADCs and multi-specifics. I have always saying that commercial manufacturing will be key growth driver. We are seeing 17% growth on the number of project from 24 to 28. As we have more and more PPQs, phase III programs, and commercial manufacturing, our backlog also grow very nicely. Historically, I always said our backlog is so big, it's very hard to grow. But our backlog only move when we sign RMB 100 million, RMB 500 million deals, that can move the needle because it's so big already. As I mentioned earlier that we actually were increasing our capacity to 300 INDs a year. This is 5x- 10x the capacity of our peers. This show we really can scale our business. We can capture all the tailwind from the new modalities, from ADCs, from bispecifics, from the new AI-enabled molecules, and from mRNA modalities. On the manufacturing side, we can do 40 PPQs. That essentially means 20 BLAs a year. For the past three years, we have grown our revenue in the teens without a meaningful addition of headcount. That is why our per person productivity increased by about 10% a year. As our team are fully booked, both in D and M. In D, right now, we are already more than 120% booked. In manufacturing, next year we will probably be 100% booked. As a result of this tight labor usage already, we are increasing our headcount significantly. You see year-over-year, our headcount increased by about 17%. Certainly, a majority come from the XDC business, but WuXi Bio, the other business, also adding headcount seriously. That again, show our confidence for our accelerated growth. Our key talent retention rate is still very strong, at 98.7%. That is one of the key reasons we can scale our business, from 200 INDs- 300 INDs in about two years. Right now we can do 20 BLAs. If our industry need us to do 30 BLAs, give us a year or two, we can scale the business. As Yang mentioned, we have very strong revenue growth. Our revenue growth in RMB term, about 18.4%. As you know, U.S. dollar versus RMB has quite a change this year. Our impact is about 500 basis points. If you use U.S. dollar terms or constant currency terms, our growth is actually 23.4%. For the past four years, this is the first time we see a growth more than 20%. That really shows what I promised to global investors at the JP Morgan three years ago. I said WuXi Biologics is poised for accelerated growth. We grow from low teens to high teens, now hopefully to the 20s. Our revenue growth is significant. Our profit growth is even more phenomenal. Look at adjusted EBITDA growth, profit growth. What is most striking is actually our margin growth. Our adjust gross margin grow 280 basis points. As I mentioned already, RMB also appreciated 500 basis points. That translate into a 300 basis points downturn downward impact to our adjusted gross profit margin. Had the RMB did not appreciate, our margin growth would actually be almost 600 basis points. That is how impactful our first half of business is. As most of you know, second half of last year, we have a very strong R growth that actually make our margin significantly better. This time R was actually right on target. This margin expansion not come from R, but come from our execution, come from our business product mix, come from our WBS. Essentially, our more thorough, much better management. I think Ming will highlight all those margin growth drivers in his talk in the next 20 minutes or so. Looking at now, our profitability is already at a record high, near record high of the company history. It is comparable to five years ago when we had a very high utilization rate because of COVID. The difference is now we have a global site. We have a site in Ireland, we have a site in the U.S., that is actually much more higher cost base. Essentially, this can demonstrate even with carrying the U.S. site, Ireland site, and the future German site, Singapore site, our margin can still be as good as our peak time in the past couple of years. As the company continue to evolve, I also still promise investor our margin will continue to improve by about 100 basis points- 150 basis points last year. We promised 100 basis points last year, we delivered 500 basis points. This year we deliver another 280 basis points despite the 300 basis points negative pressure from the currency wind. I think the company is actually doing very well in terms of managing our growth. Our growth is actually, we continue to grow very fast with actually improving margin profile. All investors are familiar with this funnel. I call this funnel gold funnel, golden funnel, or gold funnel. Today, I am actually going to call it diamond funnel, b ecause our funnel already reached 1,000 molecules, it is unbelievable, right? You see, we added 123 projects organically, and then through acquisition, we added another 46 projects. Among the project added, actually 2/3 actually come from U.S. and Europe. We are a lot more selective in China in term of adding new projects. As I mentioned earlier, our D team is already swamped. They are already 120% booked. As a result, we are actually very selective in China. We are only picking very profitable, very promising projects in China. Among the new project signed, 2/3 come from U.S. and Europe, 1/3 come from China. Among all the project we signed, actually more than 70%, more than 2/3 are actually new modalities, is that they are ADCs and multi-specifics, where we have higher margin, where they are a lot less competitive, where actually our technology can really help make a huge difference. Our market share on complex modalities are actually much higher than our traditional overall, our over traditional maps or overall portfolio. As more and more projects are newer modalities, looking at the overall portfolio with 1,000 assets, actually more than 50% are ADCs and multi-specifics. Again, that basically means our per project pricing is higher, our profit margin is higher, and we have a higher opportunity to capture this, to keep the programs in the portfolio because they are much tougher to work on. The D to M conversion ratio is also high. Our funnel, our diamond funnel is getting healthier and healthier, and stickier and stickier. That basically means the project, once they come into the funnel, they do not leave, right? Win the molecule has always been our strategy. We have seen almost an 80% growth of our win the molecule projects. We won 16 projects in first half, including four late phase and one commercial directly, right? Among the late stage, among them, two of them are actually biosimilars. I will talk about biosimilar later on. This will be a new driver for our manufacturing growth. Overall, with this funnel, now we have 78 late-stage program, 28 CMO project. It is already comparable to the global leaders in CMO. The other reason they call this a diamond funnel now, we have more than 500 program in preclinical, 300 program phase I, 130 program phase II. If you do a probability adjust, amazingly, almost every line give us about 60 commercial programs when their fate was determined. Essentially for the 525 preclinical program, after six, seven, eight years, when some of them failed, some of them become approved. That will give us about 60 commercial program - 70 commercial program. For the 300 phase I, give us the same 60. 130 give us 60. 78 with 80% success rate give us 60. Exactly amazing. Almost every line here give us about 60 commercial program. If you add this together, it become almost 280 commercial projects, right? That's why I call this a diamond funnel. Currently, we only have 28, but when all those fate of those molecules are determined, our commercial project will go by 10 next, right? That's a normal basis. Even you assume a worst case, industry failure rate is higher, and some project did not leave us for other manufacturing CMO, we still be at bottom 200 manufacturing projects. It's unbelievable, right? If you think this is a 200 manufacturing project, if you think every manufacturing project give us a RMB 500 million revenue, which is not very high, which is $70 million-$80 million US dollars, that means this will be RMB 100 billion revenue. RMB 100 billion revenue, $15 billion revenue, when all the manufacturing are realized. Again, as you know, biologics has a life cycle of 30 years, 40 years. The program we're manufacturing today, 10 years from now, when every program, when their fate was determined, all the program will still stay. Our manufacturing will go from 28 programs- 200 programs, and even 280 programs with the current portfolio. That's how powerful this funnel is. That's how powerful our CRDMO model is. I think that's why I have told investors, even back in 2017 when we IPO-ed, I said, "Everything you want to know about WuXi Biologics, you only need to look at the funnel." The funnel tells you everything. That's the beauty of the CRDMO model. Again, I want to highlight this. With this funnel and with our stickiness of the funnel, we actually can really see a strong, sustainable high growth that are inherent in the WuXi Bio business model. I already mentioned the project growth. Let's just give you a number, right? During COVID, our project additions is very strong, and post-COVID, it sort of dipped a little bit, but now it's actually going all-time high. The first half of this year, the overall project grew by 43%. Win-the-molecule grew by 78%. Why we are so successful win-the-molecule? Win-the-molecule is traditionally very difficult. Biologics manufacturing, biologic development is very hard. I use marriage as the example, almost as an analogy, right? It's almost like getting married. When someone work with us, it's almost like getting married because it's a long-term relationship, and we want to manufacture the drug. Development takes about eight years, manufacturing another 30 years. You're talking about 40-year relationship. That's why I use marriage as the example. The stickiness, that's basically, the marriage of stickiness. The reason why we are still able to win the molecule is where sometimes our peers actually stumble, and then our client need to divorce them and then remarry. The new choice they have is actually WuXi Biologics. That's how hard it is to win the molecule. But over the past eight years, we have won more than 128 programs. Win-the-molecule is also very difficult because it is not your cell line, it is not your format, it is not your process per se. You have to learn about them. Another analogy is almost like adopted child. You do not know about, they have their own character. You have to be very careful with them. So win-the-molecule is actually very difficult. So far, I am very pleased to share with the global investors, we have 128 projects. Every project come to WuXi, we delivered. As I mentioned, most of the project actually, those are global peers stumbled. They failed the program, and then they pick WuXi delivered. And some of the other programs are actually large pharma do them in-house, and then they want to find a best home for their program when they have limited in-house capacity, so they actually come to WuXi. So the 128 win-the-molecule program is a strong demonstration of our capabilities. Among the win-the-molecule program, we already contributed to 13 manufacturing projects. So we only have 28 so far. Almost half of them come from follow the molecule, half of them come from win the molecule. Last year, we announced our new cell line, which is truly a revolutionary change to our industry, right? We can do the cell line faster, make the productivity twice as good as our industry standard. So now our cell line is actually become a differentiator, help us win more programs. If my personal client has a program that only get 1 gram per liter or 2 gram per liter, or even 3 gram per liter at a competitor, we can tell them, "Then come to WuXi, we will give you 8 or 10." Your cost of goods of manufacturing will be 50% or less. And now your drug will be a lot more competitive in the market. Your margin will be significantly higher. I think that is how technology advantage now is translating into commercial advantage, because we want to use our technology to actually win more programs. So win-the-molecule is the same. Follow the molecule is definitely the same as well. So now every follow the molecule client started with the best technology in the industry. So I want to share with you the overall revenue growth. If you look at the revenue growth of a different segment on the R and early D, is actually amazing. It is a 27% growth year-over-year growth. In USD term, it is 32%. The phase I and phase II program in the past two years, because a few big program moved from D to M, we see a dip. I promise investors it will come back. So this time it already come back. And then the PPQ and commercial will grow 11% in RMB, and then 16% in USD term. The reason the growth is slower is because last year there were a significant inventory build. So last year basis was very high. And then we only added two programs early this year. So as we add more program, as the program move forward, our manufacturing growth will still accelerate. I still anticipate next three years, our manufacturing growth CAGR will be 30%. That basically means that next year will grow much faster than this year. The year after, in 2028, will be even faster. I think that's the growth dynamics of the company. If you look at the region, it's actually very exciting that we see China and the rest of the world now have the fastest growth. Traditionally, North America has been largest market, very strong growth. This year continue to be the same. North America, about almost 60% revenue, a 14% growth. Very decent. 14% because the base is so big, right? It's already 60% revenue. Europe, 17% revenue, as big as China, and with a flat growth this year, mostly because we divested our Ireland site. China, as I said, in the past years is like a flat or sometime even negative growth. But now we see a 51% growth. This is actually under the condition we are picking projects in China. We're very selective. We're only identifying high promising project in China. We work with them. Chinese market now contribution is as strong as Europe. As I mentioned earlier, rest of world, we see a significant growth in now getting close to 10% revenue. We have four engines all firing at a different rate, and that give us a very strong balanced growth. I already mentioned years under years, our backlog is so big, it's actually very hard to grow. But fortunately, as we sign more and more R&D projects, the milestone backlog will grow, and as we sign more and more manufacturing project, our service backlog will grow. For the first time, we see a significant growth of the service backlog and the backlog within three years, all because of manufacturing projects. Because we have 78 phase III program and 28 commercial programs. The backlog growth give us more assurance. Again, you look at the funnel, you know our manufacturing will grow. But backlog give you more assurance that near term, the growth is already there. Look at the distribution of the different projects. As you see, bispecific growing at very fast, 32% rate. But the ADC growing even faster at 46%. So now bispecific and ADCs are already more than half of the company portfolio. Again, because they are harder to do, they have less competition. That basically means our project is even stickier. Once they get into the funnel, they don't leave. I've been telling investor, for traditional mAb, maybe there are 10 companies that as good as us. But once you go to ADCs, maybe only four to five. But you go to multispecific, only two or three. So the multispecific and ADCs, globally, there are only two to five players as good as us. That's why it's less competition. That's why it's higher premium pricing. That's why it's also better margin. That's one of the main drivers for us to continue to improve our margin, because the margin profile for those newer modalities are significantly better than the traditional, quote-unquote, commodity mAbs or vanilla mAbs. So mentioning bispecifics. So now this is already 20% of the company's revenue. It grow from a few percent to 20% in about three years. Last year, we see more than doubling of this growth, more than 100% growth. That's why it grew to about 18% last year. Now, this year is almost 20% of revenue, and it's still growing to 30%. Multispecific really show the entire strength of WuXi's CRDMO model. I've been telling you over and over again, we have a very strong CD3 platform that give us upfront payment milestone royalties. On R part, our multispecific platform is strongest. On the D part, we have the largest portfolio. Even in manufacturing part, we have three projects already. That's already, globally, there are only 20 commercial program approved. We expect for all three program to be generating $100 million revenue for us next couple years. The earliest one may be even as early as next year. One of the bispecific will achieving $100 million of revenue for us starting in 2027, and hopefully the other one will be 2028 or 2029. Essentially, all the current three programs will be generating $100 million revenue for us at each. That, to us, is a very large volume manufacturing projects. We have three PPQs scheduled this year. I think I already mentioned that the multispecific is very hard to do. On the right side is all the technical details. I don't want to highlight because I already mentioned that to global investor last year. With that, I'll hand over to Ming for more detailed financial review. Thank you, Chris. Now I'm going to present our financial results for the first half of 2026. This slide here gives us the highlights of our financial performance in this reporting period. First, revenue, thanks to the strong biotech funding environment and also our share gains, our revenue continued to grow at an accelerated pace. As you can see that our revenue reached RMB 11.8 billion, 18.4% increase over the prior reporting period. The average U.S. dollar to RMB conversion rate declined from the RMB 7.18 in the first half of last year to about RMB 6.83 in the first half of this year. If we adjusted the 5 points of the FX impact, our revenue growth on constant currency basis reached 23.4%. Our revenue increase in the first half were driven by R, D & M, or the three cylinders. In R, our research and discovery services segment, we were able to sustain the momentum from last year, continue to reap the fruitions from our innovative platforms of bispecific, multispecific, and ADC. Milestone income from the past discovery projects almost reached $40 million in the first half. At the same time, our research protein production services delivered 40% of the growth year-over-year. We also have a full pipeline of the new discovery projects ongoing. The momentum of R will accelerate in the second half of this year and continue into the foreseeable future. On development side, thanks to the strong biotech funding environment and also our share gain, we achieved a revenue growth for about 32% year-over-year on constant currency basis, thanks to the 123 new projects we scored in the first half, among which 107 projects were the pre-R&D phase. This is a new record for any of the half-year reporting period, representing over 60% of the global presence in the space. Our process optimization and the productivity improvement also enabled us to shorten the DNA to IND conversion cycle to about six months. The early phase revenue also increased 15% year-over-year on U.S. dollar basis as more pre-R, D & M projects are moving through the diamond funnel at an accelerated pace. On manufacturing side, with the successful execution of our follow and win-the-molecule strategies, more and more projects were advancing into the later stages. Win-the-molecule strategy also added 16 projects to our portfolio, with about five in the late stage, including one CMO project from a global big pharma and also a couple of the biosimilar projects. Now we have 78 projects in phase III and 28 in commercial manufacturing stage. The volume of these late-stage projects are ramping up steadily with the growth of our clients' drug sales. Overall, late phase and the commercial manufacturing revenue grew over 16% in the reporting period and now representing over 40% of our total portfolio in the first half. From a modality perspective, bispecific, multispecific, and ADC continue to be the key growth pillar in our portfolio, contributed 55% of our overall revenue in the first half and over 70% of our new orders. Moving over to gross profit, which increased about RMB 1.2 billion to over RMB 5.4 billion in the first half. The whopping 28.1% growth in GP also gave us 350 basis points of the lift in the IFRS GP margin and also 280 basis points expansion in the adjusted GP margin. We have been talking about FX headwind since the second half of last year. U.S. dollar continues its precipitous fall in the first half of this year. For every percentage point of the U.S. dollar devaluation, we'll see roughly about 60 basis points of the gross margin impact. So we absorbed roughly 3 points of the FX headwind. So on a constant currency basis, our GP margin could have expanded over six points in the first half. The key drivers behind the GP margin expansion were from volume leverage. As we increased our top line by 23.4%, while we still keep our headcount increase at a slower pace, and we continued to tap into our existing capacities with much improved utilization in the first half. The four points of the volume leverage here more than offset the three points of the FX-induced margin compression. Secondly, the productivity improvement from WBS, our lean manufacturing implementation, also gave us about 150 basis points of the margin improvement. The margin rate from development sector also expanded one point, largely driven by the productivity improvement and also the higher margins delivered by the complex modalities, as a bispecific and ADC now represent more than half of the pre-R, D & M portfolio. At the same time, the profitability from late phase and manufacturing sector continued to meet or exceed our expectations as the overall plant utilization continued to improve throughout the first half of 2026. Excluding share-based compensation, our adjusted gross profit margin stood at 48.4%, 280 basis points improvement year-over-year, defying the 3 points of the FX headwind, retaining our leading positions in the global CDMO industry. Moving on to adjusted EBITDA, which is a proxy of our operating cash generation capabilities, increased about 24.9% to about RMB 5.4 billion during the reporting period. This, together with our working capital and CapEx management, enabled us to generate RMB 1.5 billion of the positive free cash flow. The adjusted EBITDA margin rate also expanded by 230 basis points to 45.6%, one of the highest in the global CDMO industry. Adjusted net profit is the IFRS-based net profit, excluding the impact of foreign exchange gain and losses, share-based compensation, fair value gain and losses from our investment portfolios. This is the proxy for our business profitability under continuous operations. As you can see from the chart, our adjusted net profit increased a whopping 38.6% year-over-year, exceeding RMB 3.9 billion, which also gave us a margin expansion of almost 5 points to 33.4%. The adjusted net profit margin expansion was largely driven by the RMB 1.2 billion of the adjusted GP increases, partially offset by the increase in SGA as we continue to expand our global coverage in business development and also invest in R&D and digitization. Chris, next page, please. This slide here shows our strong profitability growth over the past five years and also in the first half of this year. As you can see that all these financial metrics are improving year-over-year, despite the unprecedented FX headwind. Our IFRS-based net profit has grown at a CAGR of 13.1% during the past five years and now exceeded RMB 5.7 billion in 2025. In the first half of this year, IFRS net profit increased 5.8% to reach RMB 2.9 billion. There are several crosscurrents here. First, we recorded RMB 600 million of the gain from our investment in a biotech company of its IPO in April last year. This gave us a very difficult comparison year-over-year. Secondly, we also had about half a billion of unrealized FX loss in the first half due to the U.S. dollar devaluation, which negatively impacted the translation of our U.S. dollar cash and also U.S. dollar-denominated accounts receivable. On the flip side, our gross margin increased at RMB 1.2 billion year-over-year, more than offset the negative comparisons on the investment gains from last reporting period, and also the unrealized FX translation losses, and still enabled us to deliver 5.8% of the IFRS net profit growth. IFRS net profit attributable to the owners of the company grew by 4.3% in the first half, slightly lower than the IFRS net profit due to the minority interest pickup from XDC and also our 51% subsidiary, BestChrom. Basic EPS grew from $0.58- $0.60 per share, 340 basis points increase, largely in line with the IFRS net profit attributable to the owners of the company. The quantum leap here is in the adjusted EPS, which grew 37.3% year-over-year from $0.59 in the first half of last year to $0.81 in the first half of this year after we excluded share-based compensation, investment gain and losses, and also unrealized FX translation impacts. Here, the most important metric is the adjusted EPS, as it strips out the one-time non-cash impacts, and it is the best profitability indicator of our continuous operations. Next page, please, Chris. This slide here gives us more detail into our gross profit and the cost components. As we talked about in the first half of this year, our gross profit margin was 46.2%, a 350 basis points expansion from the same period last year, a multi-year high post-COVID. Excluding the RMB 300 million of the share-based compensation, our adjusted gross margin stood at 48.4%, 280 basis points improvement year-over-year. All these gross margin metrics were reported on RMB basis, with 3% of the FX headwind fully absorbed. In other words, our GP and also adjusted GP margin could have expanded by six points on constant currency basis. As we discussed earlier, the remarkable growth margin expansion in this reporting period was primarily driven by the operating leverage from the 23.4% top-line growth on U.S. dollar basis, improved capacity utilization, and also the ongoing productivity gains through WBS and digitization initiatives. You can see the composition of our cost components in the stack bars below. With roughly 16% in labor costs, 19% in material, and 18.8% in overhead, which includes maintenance, utilities, and also depreciation of the manufacturing facilities. Labor cost component continues downward trends as was a couple of the percentage point lower than our historical average as we focus on labor productivity improvement. Per capita revenue generation has been a crucial KPI for all our business units. As I mentioned earlier, the total number of the employees increased at a slower pace in this reporting period than our top line growth year-over-year. The material cost as a percent of revenue also improved at 60 basis points due to the productivity gains, yield improvements, and also the mix impact from the higher growth from the development sector in our portfolio. The composition of our overhead component decreased about 240 basis points year-over-year, largely due to the impact of volume leverage as we grew our top line by 23% by tapping into our existing capacities with a much-improved utilization rate. Hence, the overhead composition within our revenue decreased year-over-year. Also, in 2025, as part of our ongoing initiatives to optimize our global manufacturing footprint to improve the return on assets, we divested our vaccine facility in Ireland and also our DP facilities in Germany. These divestitures also helped us to reduce the fixed overhead costs in the first half. Next page, please, Chris. Page 18 here is about liquidity. At WuXi Biologics, we have a strong balance sheet and a solid cash position. As of the end of first half, we had about $13.7 billion cash on hand, sufficient funds to support our accelerated growth globally. Compared to the beginning of the year, our overall cash balances decreased about $2 billion in this reporting period, largely due to the $1.3 billion of the share buyback program as a return to our investors. XDC's acquisition of BioDlink for $1.2 billion, and also XDC's retirement of $700 million of the onshore loans. All these cash outflows were partially covered by our $1.5 billion of the free cash inflow from the operation cycle. In the second half of this year, we are going to have more cash inflows from our balance sheet optimization, such as the divestiture of the BestChrom that Dr. Chen will present later. All these cash inflows here will also let us focus more on our core CRDMO business to support our global capacity expansion, share buybacks, and potentially M&A activities. At WuXi Biologics, we always have a conservative funding strategy. For our RMB 65 billion balance sheet, we only have about $700 million of the debt, most of which are working capital facilities. Our gearing ratio, which is defined as interest-bearing debt over equity, is merely 1.2%, 80 basis points lower than the end of last year. At the same time, we have close to $7 billion of the bank facilities to tap into if we need to. Our CapEx spending the first half was about RMB 2.8 billion, mainly for our capacity expansion in Singapore and in the U.S., and also XDC's new facility in China. Subtracting working capital occupation and also tax payments, our free cash inflow in the first half was RMB 1.5 billion, a new record in our history in the first half of any fiscal year. Overall, our capital projects in this year are still on track. With some optimization here, our CapEx spending for the fiscal year 2026 will be about RMB 7.1 billion. To meet the surge in demands, we will allocate more capital to capacity expansion next year. So our CapEx projection in 2027 will be approximately RMB 8 billion. With our operating cash generation capabilities from the business growth, our focus on working capital management and the CapEx prioritization, we're committed to delivering positive free cash flow in a meaningful way in 2026 and also in the foreseeable future. Now I'm going to pass the stage back to Chris to share more insight into our business operations and the technology innovations in the first half. Yep. Thank you, Ming. I want to give global investor an update on R, D, and M. On R, the most exciting part of business essentially is our licensing business, where we receive upfront payment, milestone payment, and royalties. I think this total payment already reached more than $100 million last year. It will still be more than $100 million this year. I also mentioned that this was one of the main reasons our margin improved significantly in second half of last year. The first half of this year, margin improve come from the product mix, come from the better utilization of asset, and come from our own management, WBS. Look at the potential exciting milestone payment and royalties down the road. All the key programs are listed here. I think in term of the milestones, quite a few CD3 bispecific program from GSK, the Merck CD3/CD19 programs, the BioNTech B7-H3 ADCs. Those are near-term catalyst for receiving payment, both on a milestone payment and eventually on royalties. I think we continue to work on more and more programs. I think every year we want to license additional programs to global large pharma, to biotech companies, so that we can receive them. So these 50 royalty-bearing programs will generate a significant amount of royalties, potentially in 2030, in the range of $100 million, and eventually maybe even more than $500 million. So this will be a significant profit booster for us down the road. As I mentioned, WuXi has a very exciting CRDMO model. Our funnel, our diamond funnel, tell you everything about WuXi. Our economics at WuXi is also very different because we have the R component, we have a royalty component. Our profit margin from the asset is significantly better than the traditional CMO. Even on the manufacturing alone, because we have a very high-producing cell lines, we carry cell line royalties. Our economics are also better than traditional CMO. The R part could bring us a significant royalty component. Even the D part give us a very meaningful cell line royalty. I think what I listed here are different scenarios that you can see the profitability of WuXi versus our peers. Again, I use a billion-RMB product as an example. If the royalty is 5%, then actually, this is for Merck, BioNTech, Vertex, Lilly, Gilead, GSK. For all the programs, when they receive a billion RMB of sales, they actually give me RMB 150 million next year right away. If they give us 100% manufacturing, my manufacturing revenue is also RMB 150 million. Basically, it means the profit come from the royalty is actually 3x or 4x higher than the profit from manufacturing, 100% manufacturing. Certainly, if give us less manufacturing, the profitability is even higher. This again, showcase the greatness of the WuXi CRDMO model. If we have R for a billion-RMB sales drug, our net profit is actually RMB 53 million. Versus traditional CMO, most of our industry peers are traditional CMO. Their profit is actually RMB 13.2 million. If you look at the bottom, the rightest column, the right column, the bottom, RMB 13.2 million for traditional CMO for a billion-RMB drug. But for WuXi, our profit could be as high as RMB 53.2 million. Maybe 4x higher in term of profitability. That is how exciting our business model is. Even if the program is 100% manufactured by someone else, my profit margin is still 3x higher than a traditional CMO. That is the beauty of a WuXi CRDMO model. Even if worst-case scenario where someone decide not to manufacture at WuXi, our cell line royalty still give us about 30% of profit of manufacturing alone. I think all those are the beauty of our business model. That is a very quick update on R. On the D part, I think the most significant message I want to share with you is actually we increase our capacity from 200- 300 in just two years. Again, last year, our capacity was only 150. Two years ago was only 150. Last year, we increased it to 200. Now we are going to increase it to 300. Because we see the pie is getting bigger and bigger. We also get a bigger slice of the pie. Also, with AI-enabled molecules, we probably see more and more molecules coming to our way. We are getting ready for a new wave of more and more projects. That is why we increase the capacity by 50% in two years. This again, show our strong execution. If you ask WuXi to do manufacturing for you almost like you got an insurance policy. Look at our success rate, 99% for the past eight years. For the past 10 years, it is almost the same number. That is why companies trust us despite all those noise about the geopolitics, about tariff, about trade issues, right? If you look at the number of PPQs, which is our leading indicator of manufacturing growth, we have our PPQ number grow significantly in the past couple years. 2022 was a peak because of COVID. We have many COVID projects. Half of them are COVID projects. If you remove the COVID project, 2022 was only about 10, 11. 2023, 16. 2024, 16. By 2025, become 28. This year, we are already doing 34. As of now, next year we are doing 30. As you know, we have another 14 months to sign new projects. Most likely next year, this number will be record high as well. The number of PPQs really give us, again, a strong evidence our manufacturing revenue will grow substantially, will become a bigger contribution to the company. The other amazing fact is that 100% of PPQs so far are successful. That is our execution, that is our track record, that is our quality. I think I mentioned to investors last time, every PPQ, if you look at the next 10 years, the total contract from that PPQ could be $100 million, could be even $200 million. If you look at the 34 PPQ done this year, that basically means about $3.4 billion backlog, or $3.4 billion- $6 billion backlog once those PPQ program become successful and once they then become a commercial product. That is why we are so confident about our manufacturing growth, because all the leading indicator tell us it is going to be a hockey stick growth for manufacturing. Last year, I mentioned earlier that our technology leadership now start to translate into commercial leadership, commercial success, higher winning rate of the projects. Our cell line technology now proven give us an even much stronger opportunity in biosimilars. Traditionally, biosimilars was not a big chunk of our business. Among the more than 1,000 projects, we have 17, essentially less than 2%. This 2% will probably become 5% in two or three years, and then maybe even become 6% or 7% in the portfolio in the next couple of years. That is because with our new cell line, we can develop a product that is 30%- 50% less costly compared to our peers, and then maybe half the scale. Previously, if you need to use a 12,000-liter reactor, stainless steel reactor, now you can use a 5,000-liter disposable bioreactor. This actually make our disposable bioreactor more and more competitive. I already mentioned that we have less than 20 programs right now, but we already have 20 program committed over the next three years. We are talking additional 10. We have additional opportunity of 30. Essentially, we have 20 program right now. Next five years, we may going for 60, and that is a 3x increase. The biosimilar segment, in a couple of years, can give us a U.S. billion-dollar revenue, and that is actually comparable to our total M size as of today. This new segment will give us almost double our manufacturing revenue in the next couple of years. I think that is how exciting our technology leadership translating into commercial success, and it is very meaningful. As you know, a novel product go from D to M to commercial is at eight years. For biosimilar, it is probably four years. It is cut in half. So that is why our manufacturing growth will be faster and faster. Since we are talking about manufacturing, we think we have four key pillars that can really give us a strong conviction that our manufacturing will grow. Follow the molecule. Starting next year, every year, we have more than five programs get approved. That is a program, novel molecules that will treat different disease, cancer, autoimmune, CNS. If you add next three years together, will be 20 approvals. We only have 28 programs so far. Next three years give us about 20 programs. That basically means by 2029, we actually have almost 50 commercial programs. By 2030, we may have 60 commercial programs. So number of program will double in the next four years. That give us evident revenue growth. Our window molecule, as I already mentioned, window molecule is stronger and stronger. With the new cell line, we can even accelerate the window molecule. Window molecule already contribute half of the commercial programs, almost half now, and will continue to play a big factor. Biosimilar. Each segment can give us $1 billion revenue growth in the next couple of years. That is why our manufacturing is so meaningful. Lastly, our drug product. Our DP currently account for about 10% of company revenue, but it is growing a CAGR of 40%. So it will become $1 billion franchise in the next couple of years. That, again, add to our biosimilar manufacturing growth. Just the last line on the drug product side, our DP capacity will increase by fourfold in the next three years, because we have so many programs, so many demand in there. So cell line is a good technology. DP is another technology that we have technology leadership. Now, it will be converted to a commercial success. We cannot talk about manufacturing without a very powerful quality track record. So far, every time FDA come to WuXi, every agency come to WuXi, every inspection we passed. As I mentioned to global investor, FDA actually waived 4 PAI inspection for us. EMA waived more than a dozen. So we have 20 scenarios when FDA and EMA actually trust our data, they actually do not even inspect us. Where, as you know, some of our peers are already getting into trouble with FDA on 483s, on warning letters. On inspection delays. So, so far, we are the best student in the class with 100% success on every regulatory inspection. We hope to keep it this way and then quality will become a competitive advantage. Will become a moat for the WuXi Biologics business. As over the past five years, we have built an incredible network of five research centers, 10 development centers, 18 manufacturing centers globally. We are very diversified. If you look at manufacturing, in the next couple of years, 50% of manufacturing capacity will be outside of China, versus development, 95% of development capabilities are in China. 5% are in the U.S. Talk about the U.S., we already have a full supply chain scenario in the U.S. We can do clinical manufacturing, commercial manufacturing, DS, and DP. I think our first PPQ is ongoing in the U.S. right now. As we finish the PPQ, we will have a first commercial facility in the U.S. Hopefully, the product will be approved. It is a bispecific as well. Hopefully, the product will be approved in the next year or two. Then we will have our first commercial product in the U.S. As you know, our focus has been in Singapore. XDC has already opened, XDC already turned the GMP facility into a GMP operation for both conjugation and drug product. This is our fastest global site readiness. From beginning to now, it is only about two years. We are doing the same for drug product. As I mentioned, drug product is going to be a big business for us. We invested about a couple of hundred million USD in Singapore to build a drug product facility with five lines that will eventually give us maybe around $500 million revenue from Singapore alone. As I mentioned, drug product could be a franchise of $1 billion, and Singapore alone could contribute to half of that. As the number of projects come in very quickly, we are also looking at buying additional facility in China, if we can. Because, as you know, buying a facility is actually cost only $0.50 for $1. If you build one, it costs $1, but it also takes three years. Buying a facility and retrofit typically take a year. You are saving two years of time and also saving 50% of CapEx. Whenever possible, we are buying additional capacity in China. If there is no high-quality facility in China, then we will build. We will both be building and buying in China. That is why we are going to be spending RMB 3 billion in the next two years in China to build and buy facilities. The Chengdu facility microbial is actually going to be ready end of this year. We already have a commercial program. This also set us up very well for GLP compound. If some company want to use fermentation to make GLP, we are ready for that as well. That is the GMP facility in Chengdu. I already mentioned that WuXi has invested in digital and AI in the past couple of years to make sure we leverage all those tools. All those are actually, we are building the industry most advanced digital platform to capture, to improve our efficiency, to capture all the data in one place. This including our client portal, our digital twin of the lab, and digital twin of the manufacturing process. Our PatroLab is our digital twin of manufacturing process. At one point, in the next couple of years, we may be able to ask AI to run the facility on our behalf instead of running the facility with a human. As Ming Tu mentioned, we want to focus on our capital. We are actually diversifying BestChrom. It is emergency backup supply chain we did eight years ago. We did the acquisition seven years ago. We now, with the global supply chain fully established, we do not really need this business anymore. That is why we are divesting it, and we get a very good return of investment. This investment can then be channeled to building our new facilities, buying facilities in China, or even buy back shares. I think every time I share with the investor, I am thrilled to give you an update on our technology. We are talking about a cell line, a formulation technology in the past. Today, I want to update you on the ADC technology. I think Ming Tu may have already updated you from the XDC teleconference. As ADC becoming more and more important, I think, the conjugation technology is very important. We have what we call WuXiDARx. We use elegant chemistry. This is actually very, very elegant. We use a simple chemistry. We do not need to use enzyme. We do not need to engineer the antibody. We can actually do a site-specific conjugation. It is called WuXiDAR. We can do WuXiDAR4, WuXiDAR2, WuXiDAR1. WuXiDAR4, WuXiDAR2 are mostly for ADC. WuXiDAR1 is for antibody oligo conjugate, and WuXiDAR8 can be for ADC as well. So this is our own platform technology. We already applied to more than 10 projects. Eight of them are already in clinical development. We also have developed our own payload linker. This is the WuXiTecan-2, the WuXi linker, a novel payload on the DDR, the immune agonist. I think all those payload. I think XDC traditionally has been mostly focused on D and M. Now that our platform XDC will also becoming essentially the royalty-bearing component of XDC business has already started last year. We are becoming hopefully very, very meaningful in the next years to come. On the cell line, I have already updated you a few times. What I really want to show you is really that this is really, really cool. Again, with this cell line, we can be another couple months faster on the process development, and we can make our partner cost of goods about half of the industry, right? That is why biosimilars turned out to be a perfect case study for the new cell line. This cell line is also a good case for us to win more projects, win projects. Again, if someone else developed a cell line a couple of years ago for a company, we can go in and tell them that I can help you do a new cell line, which will make your cost of manufacturing half. So essentially, they are investing RMB 10 million, they are going to get RMB 100 million back in the next couple of years. That is a very good return on investment. Ming already mentioned the WuXi Business System. Essentially, our way of lean manufacturing has already contributed 150 basis points. I think this is one of the main reasons we said we can do 100 basis points- 150 basis points improvement every year. Even though we are already very good in every aspect, but we can still improve. This is the powerful nature of the WBS, WuXi Business System. We look at the material saving, look at labor efficiency, look at the cost saving, look at how do we get higher revenue, how do we improve quality with the WBS. As a global company coming out of China, we are very proud that our ESG ratings continue to be very high. We rank always top 1% in almost best rating in almost all the rating agencies, right? Dow Jones, EcoVadis, we are all global 1%. MSCI is triple A, I think. Sustainalytics, also the best rating as well. So in summary, I think if you divide WuXi Bio business into three segments, bi and multispecific, where they are R, D & M, it is very, very clear. That is the best segment for us. ADC, you can see the ADCs growth. The traditional mAb, although it is vanilla antibody, but we have been doing this for 10 years. A lot of them are getting to manufacturing. FcRn programs, IGF1R, CD19, C1s, IL23, IL17, TL1A, TTR, IgAN. All those manufacturing programs, some of them are going to be blockbusters, even potentially mega blockbusters. This, again, all three segments will give us a very exciting growth in the years to come. To summarize, I think the first half, for the first time in USD term, we see actually 20%-plus growth, right? Our GP margin growth is actually 350 basis points. But if you look at the currency, give us a 300 basis points downturn. So our margin actually grew almost 650 basis points, and that is unbelievable. Again, that is with the normal R, right? R contribute is normal. It is mostly through our product mix, utilization, and WBS. I think this profitability is also sustainable. That is why not only our margin will maintain this next year, we actually wanted to improve by another 100 basis points or 150 basis points next year. Because R, D & M are all doing very well. Looking forward to latter part of this year, we actually raising the guidance in your constant dollar term, in constant currency term, we are raising revenue guidance to 20%-23% from 16%-20%. It is actually a very significant raise. In your RMB term, we are raising it also to 15%-18%. The reason we are so confident, because we see a profitable growth, we see a stronger demand, we see a technology differentiation becoming increasingly commercial. We really see visibility in manufacturing growth. Lastly, we are well-positioned to capture all the incremental demand from AI and from mRNA, the next generation therapeutic platforms, because we have been incubating those platform for years. I think we incubated bispecific and ADC in 2017, 2018. Now it is paying off. We have incubating AI-enabled molecules and also mRNA platform for the past five years. I think this will be beneficial for us in next couple of years. Again, we continue to see a 20% revenue CAGR over the next three years. Our manufacturing revenue CAGR will be even as high as 30%, and we will see more and more programs that can generate RMB 100 million revenue for us, even including one biospecific next year. Thank you. Thank you. Thank you for Dr. Chen and our Chief Financial Officer's comprehensive introduction and remarks. Now we are going to start our question-and-answer session. I want to remind you, please type your questions in our question-and-answer box, and then I will read your questions. I will pause for 10 seconds- 20 seconds, and I see we already have a question in question-and-answer. Yeah, Yang, are you going to announce the question? Yes, I will read the question. Okay. Yeah. First question is all from Laurence Tam from Morgan Stanley. I would like to understand what is the difference between biosimilar contracts versus those branded drug or novel drugs biologic contracts. That is a great question. Lawrence, as I mentioned earlier, we won those product contracts by technology, not by discount. The terms are almost very similar to novel programs. In terms of D revenue, it is actually higher because for novel, you just develop your cell line, that is it. For biosimilar, you have to tune it to match the original program. For development revenue, it is actually 20%-50% higher than traditional manufacturing. For manufacturing, it is almost the same. That is why I was saying for 20 biosimilar programs we are signing in next couple of years, if each program gives us a RMB 50 million revenue, that is a RMB 1 billion manufacturing revenue. That also comes sooner, because it only takes four or five years to get approved instead of eight or 10 years. The 20 program we are signing this next three years will give us a RMB 1 billion revenue when those program become commercial. That is another four or five years down the road. I think that is how powerful this biosimilar become a really strong driver for our near-term manufacturing growth. Okay, understood. I also have a question from my side. It look like company is going to have more and more commercial projects, and it is also very likely we are going to see continued growth acceleration for the next few years. If another company just give us a guidance for the 2026, I know we are still away from next year and then 2028, but I would like to kind of understand how should we think about those kind of magnitude of potential growth acceleration in next few years? Well, that is why we said our growth CAGR on top line side will be at least 20%. On the margin side, we want to expand our margin by 100 basis points- 150 basis points a year, so at a minimum. Is that setting we are giving to the investors? That we are giving bottom number, right? This is the bottom. Yeah. This is a baseline case. I think, as you know, if you do a model, if you see our manufacturing growth will really accelerate. I think the growth will probably be in the mid-20s next couple years. So growth actually will accelerate. So truly, you will see growth acceleration. Basically, 2026 is better than 2025, 2027 is better than 2026, and then 2028 is better than 2027. So every year, we hope our growth pick up a couple points. Mm-hmm. Yes, understood. Here we have Chris Pan from Goldman Sachs team. He would like to ask about AIDD projects. For AIDD projects, what type of service the company is providing? Who are the clients for those AIDD projects? From biotech, or tech companies, or pharma companies? Yeah, for AIDD, we do three type of service. For AIDD, first, they need to generate data. We actually help them generate data. So they give us sequence, we give them protein. We give them antibody, we give them the data. Those businesses are growing 40% a year. These are very meaningful. This is to help them build the model. Once they have the model, they have the molecule, then they come to us for development. So that is the 30 programs that we are already in development. So that is already 3% of our portfolio. Lastly, we actually offer our AIDD service to clients as well. We have our own AIDD model. We have already discovered six asset. Without AI, those asset are not feasible. Certainly, without AI, without our lab, without our scientist experience, they can only overcome one issue and the other issue pop up. With AI, we are able to correct all those issue and develop six assets successfully. Those assets actually has been in discussion to license them to global peers, global clients, just like our traditional licensing model. Our client profile range from AI companies, from large pharma, from biotech companies, actually. AI is truly a tailwind for us. Okay, great. Another question. I also would like to understand for the management, what make you most excited about your current pipeline, about the future opportunities, and what also keep you up in the night when you think about this year and the next year? I think most exciting part is basically, again, is the funnel continuing. That is why I call it jokingly diamond funnel. Funnel getting bigger and bigger. Then once the product get into the funnel, it is sticky. So we are going to see many, many large-scale manufacturing projects, bispecific programs, ADC programs, traditional mAb. The traditional mAb, I mentioned FcRn, I mentioned IgAN disease, I mentioned C1s, so IL-23, integrin. So many exciting programs. On the ADC part, so BCMA, TROP2, folate receptor alpha. So I think that is all those exciting commercial programs. Okay, got it. I saw Charlie Zhang from Nomura want to ask, what is price offering difference between WuXi and some of your overseas peers? In terms of the R&D, it is almost on par. We are on par with the global leaders. In terms of manufacturing, in China, we are maybe 10%-20% lower, but globally, we are on par on the pricing side. Okay. Mostly on par. Okay. Maybe one last thing. Since we are almost eight minutes over our one-hour limit, I think I will close the question-and-answer session for now. For management team, do you have any closing remarks you want to offer to our audience? Yeah. Maybe just two minutes on the closing. Sorry, we took most of the time so that you do not have too much time to answer the question. I think what we are most thrilled is actually the CRDMO model, right? The R&D continue to accelerate, and the M, it always stays there. This nature of the business model is unbeatable. We can also scale the business, right? As the portfolio is becoming more and more ADC and bispecific, they are even stickier. They are more technically challenging. The probability for us to keep the entire development, keep the manufacturing, is even higher than traditional mAbs. Our portfolio is getting stickier, our funnel is getting bigger, and all those are bode well for the future growth. That is why I want to promise investors sustainable high growth. Every year, we will see a growth expansion. Okay. Thank you again, Dr. Chen. Also thank you very much, Mr. Tu, for your remarks and the question-and-answer. Thank you. If you have any further questions, please reach out to company investor relations or to us. Good night to everyone.