Dear investors and analysts, good afternoon. I am Christina from the IR team at Sunny Optical Technology, and I'll be hosting today's event. It's truly heartening to see the venue filled with capacity, and we're also thrilled to note the rapid growth in online participants joining us worldwide. I understand that among our global audience, there are long-standing supporters who have been with us through every step of our journey, as well as new friends who are just getting acquainted with Sunny Optical and eager to deepen their understanding. On behalf of the company, please allow me to extend our warmest welcome and a sincerest gratitude to all of you. Before we start, I'd like to highlight that today's event will focus on the NIGHT financial dialogue, focusing primarily on market opportunities of optical electronic markets, technological trends, and how Sunny Optical leverages its strengths, innovations, and strategic positioning across key sectors. First of all, please allow me to introduce the management present here today. They are Executive Director and Chairman, Mr. Ye Liaoning, Executive Director and CEO, Mr. Wang Wenjie, Vice President and Joint Company Secretary, Mr. Ma Jianfeng, General Manager of Ningbo Sunny Optical Tech, Madam Wang Mingzhu, General Manager of Ningbo Sunny Automotive Optical, Mr. Qiu Wenwei, General Manager of Zhejiang Sunny Optical Intelligence Technology, Mr. Wang Zhongwei, General Manager of Zhejiang Sunny Optics, Mr. Zhang Chaojun, General Manager of Zhejiang Sunny Smart Lead Technologies, Mr. Zhang Kouwen, Deputy General Manager of Zhejiang Sunny Optical Intelligence Technology, Mr. Xie Jian, Senior IR Director and Joint Company Secretary, Madam Huang Peilin. Next, I will briefly go through the agenda of this investor day. We have a two-day and a half session. Today, we have three parts. The first part is the opening remarks by Chairman Ye. The second part is the company and business updates. We will have CEO and the leaders of different companies to focus on VLS, HLS, XR, and robotics to share with you the latest trends of the industry and the updates of the company business. For presentation materials, please scan the QR code on the schedule, place the actual seats. The third session is the management Q&A. Please note that to optimize the communication, we not only have the on-site question and answer, but also have the online question and answers. I will read the questions on behalf of the investors. If you are joining online, please scan the QR codes on your agenda and type in the questions. If you are from online, then you can type in the questions in the textbook of the broadcasting platforms. After the session, we have prepared dinner for you. While enjoying the food, you can have more interactions with the management. Tomorrow morning, we will have the site visit, and there are two routes. The first route is a tour for the mobile phone or headset lens set production line. The second is the product showcase and experience. Both lines are arranged in the Chengxi production base. Please join based on what you have selected during registration. After the visit, you're welcome to have a brief exchange with Mr. Wang Wenjie and Vice President, Mr. Ma Jianfeng, and our IR team. Without further ado, let's welcome our Chairman, Ye Liaoning, to deliver the opening remarks. Dear investors, analysts, and peers, good afternoon. Today, we have seen friends from the investment field come to Sunny Optical. I would like to, on behalf of Sunny Optical Technology Group, extend a warm welcome to all of you and sincerest gratitude as well. Since the beginning of the year, we have seen the geopolitical tensions and the China-U.S. tensions, and we have been faced by multiple challenges, which have slowed down the economic recovery. There has been a severe challenge for the growth of the company. In 2025, the global economy is changing with a lot of uncertainty. The economic order of the world had been restructured, and there has been more ferocious market competition. We still face a big stress for future development. Therefore, at the same time, we can see the breakthroughs of the AI development have brought a lot of momentum to the mature businesses like the headsets, lens sets, and the vehicle lens sets, and have greatly facilitated the AR, VR, robotics, etc. It has created new opportunities and growth momentum for the optical electronics industry. Sunny has been really driving the changes and the upgrades. We wanted to seek the opportunities going forward. We will continue to reinforce our strategic positioning, stay focused on innovation, and enhance our awareness of preventing the risks and actively embrace the changes. We try our best to return to the investors and appreciate your trust a lot. Thank you very much for your care and support for the development of Sunny. We really cherish this opportunity for exchange. We hope that with this exchange, you can have a better understanding of Sunny. We also hope that you can sincerely share with us your suggestions, ideas, and advice so that we can have a better, high-quality development and we are able to create more value to the shareholders as well. Last but not least, again, I would like to extend my sincerest gratitude to all of you coming to Sunny. I wish the great success of today's event. Thank you. Thank you, Chairman Ye, for your opening remarks. I believe that this valuable exchange will bring meaningful takeaways for all investors and analysts. I also look forward to seeing you forge insightful dialogues with the management team, creating synergistic moments and fostering two-way value resonance. The second part, we'd like to share with you the industry trends and the business updates. First, let's welcome Mr. Wang Wenjie to share with us the general picture of the company. Dear investors, good afternoon. Welcome to our investor day. Again, it's in the season of the waxberry. Again, we meet here with you. You may be wondering why I'm wearing glasses, because previously I didn't. We have some captions on my glasses, and I can see the script. This is the future-proof technology. Do you see some reflections? Maybe in some directions, you will see some reflections, but I'm thinking about how to make it a secret. They tell me that there are still some reflections, and I cannot keep it a secret. I am not reciting all this. There is a reminder of the script, but I may not strictly follow the script. I may have some improvisation. It depends on your reaction based on your interest. If you are quite excited, maybe I will spend more time on that point. If you feel boring, maybe I will go very quickly. It means that you already know about it. You are very familiar with us. Let me start. I will paint a picture about our current status as well as some of our ideas for the future. Our team gave me a short duration of the presentation. The purpose is to give more time to the business introduction. The responsible persons later on will give you more thorough introductions of our business. We also have a Q&A session, and please ask more questions to them, not me. I feel that there are a lot of chances for me to meet with you and interact with you, but for the business, maybe it is a very rare opportunity. Have you seen, have you noticed that we have more management joining us today, and we have the biggest presentation team today? I believe that it will be a great event and will be beyond our expectations and beyond your expectations as well. There are two parts. The first is the company introduction, and the second is the future outlook. Still, I would like to start with the corporate introduction. In China, we say that if you do not know about the roles where you come from, how can you understand the role going forward? If you do not have a clear picture about the past, then how can you orient yourself towards the future? You do not know, right? Later on, I will have a brief review of the past, important milestones, for example, and I will then introduce the possibilities for the future. This is one thing. As you all know, Sunny was established in 1984, and last year was the 40th anniversary since our establishment. On our WeChat account, you may have seen some coverages, and we organized a lot of events to celebrate the 40th anniversary. This had laid a solid foundation for the next step of development. We already have the basic positioning and the directions. Right now, we are a global leader of the optical imaging and optical perception, as well as the large-scale production. This is a very important sentence, and we have made some changes to it. Previously, we called it the integrated comprehensive components and parts of the optoelectronic market. That means that we have slightly changed our positioning. We believe that this new positioning is aligning with the needs of the AI era. Going forward, we will focus on the optical perception, especially the intelligent hardwares, and we will use a systematic way to expand the market. Here, we still need to review our mission, vision, and values. As we all know, our mission is to explore a prosperous road for the development of the optoelectronic industry to create together a bright future for the intelligent vision world. Our vision is to be stronger, bigger, and go further to build a 100-year-old brand and foster a great enterprise. A great enterprise means that we are able to continuously drive the value and contribute to society. In order to make Sunny a great enterprise, we must strengthen ourselves and to achieve high-quality development, and we must scale up. The 100 billion sales is a current-stage goal, and we must have a long-term and a sustainable development. Only by such development, we are able to bring value to all of the staff, all of the shareholders, and all of the clients. This shows you the development history of Sunny. In the year around 2000, in the millennium, we had proposed the product directions, and we switched from the conventional optical to the parallel development of conventional ones and the modern optical electronics. Since then, we accessed the market of the headset lens sets and the vehicle lens sets. Right now, in these three areas, we had been ranking number one in terms of the market share. On this slide, you can see the curves of the share price and the PE ratio. I believe that you have invested in our stock, and you can see the trends of these curves are very much in line. Actually, we have another table including the average PE ratio. If we add the average PE ratio, then we cannot show the fluctuation that much because in the year and at the beginning of the year and the middle of the year, there were a lot of changes. It cannot very accurately reflect the situation of the exact year. The profit for the year attributable to owners and the annual average share price is a very good indicator of the development situation. These two curves are very much in line. We were listed in 2007, and from 2010- 2020, the headset and the vehicle lens sets business had experienced a booming development. We can see that after 2020, although we do face the impact of COVID and also the de-stocking of smartphones, now we're coming up again. We believe that this is just a temporary challenge we're going to face. All the statistics show that our core capability in some certain period of time can be demonstrated, although we do face some short period of market challenges, that's certain. Here, this slide demonstrates the evaluation, the evolution of our capability. We can see our tech capability is a constant and clear development trend. Our optic capability started from the optic cold pressing technology and coating technology. That is a very fundamental capability we need to have in order to create precise products. In order to cope with the large demand of smartphone and headset lens sets, now we started to have the MOD processing technology, including SI/PI simulation technology. The core of those technologies is based on high precision modes. We do have long-term and in-depth investments that give us the opportunity or capability of design and manufacturing of very precise optic products. After many rounds of technological evolution, now we're going into MOC, or the active core alignment technology, to cope with a new development trend. All these core technology and mass production capability has been enlightening our other businesses, such as our automotive business and other business areas. They are the key supporting pillars of those businesses. We are now constantly investing in our algorithms and other technologies. These not just support our development into more domains, but also it gives us the opportunity and very solid foundation for creating ODM and OEM. That capability chain is our full capability from end-to-end capability, which is the reason why we can know our customer demands in the system layer. That is what differentiates us from our competitors. Here, I would like to talk about our platform and technology capabilities. As we mentioned, technology and capabilities development evolution trend from our core platform technology. We are going to talk about our optical coating, testing, analysis, system design, development, molding, processing, precision packaging, assembly, design, simulation, equipment development. Now we are going to talk about mold pressing. In terms of mold processing, I will give you a few statistics. That is 0.2 μm non-spherical lens at 0.02. The yield rate can be controlled within 0.-something μm or in nano scale. By having this type of high precise molding processing capability, it offers the ability to create very precise optical products. This kind of capability can be adopted into our high precise structural compartments or parts. In terms of precision manufacturing, that offers a great capability and competitiveness. For instance, in our periscope system design, the high precision mold can ensure that the light path is really precise so that we can have very strong power of focal length. That is what high precision mold can bring us in terms of our product capability. Later, these core capabilities support products from our optical parts, lenses, molds, and to multi-sensing and fusion and overall solutions and so on. Later, for automotive, smartphones, XR, robotic visions, and so on, our leaders of these business domains will introduce these to you. I'm not going to dive deep in this. In order to better support the realization of customer demands and also to enhance our product capabilities, we have a series of optimizations to our organizations. We have restructured the organization. Now we have this sky tree and ground system. You probably know this chart before. This is kind of like the Huawei system, as you've seen. Now we are putting more emphasis on the trees of the strategic grouping and central organizations. In terms of the group platform, that includes common technology platform, equipment platform, and mode platform. To put more resources into the important areas so we can utilize the system investments. From this chart, we can see that our customer structure is quite diverse, and it is quite evenly spreading around. Our customers, they are most likely the head players, the top players within the industry. This is our financial position. As you can see, basically, our financial position is remaining pretty solid. Now I'm going to talk about our future outlook. We all know that the AI is going to drive rapid development of all different industries, especially in the optoelectronic industry. The optical sensing is a key entrance for our AI sensing. Based on the optic sensing, these hardware is welcoming a new growth trend. We are proactively to use AI technology into our smart manufacturings. Not just investment in small models, but also we are deploying more vertical models in terms of the optical manufacturing. In terms of the market trend, we can see that the AI technology is breaking through all different types of barriers. Our customers, they are trying to break the barriers as well. For instance, for our smartphones, they are now expanding their cells into the reality or the AR/VR domain. Many of those AR/VR glasses are actually begun by these smartphone players. All these has boosted the development of AI and even other areas such as low altitude economies and so on. Actually, in terms of technology topology, there can be a trace into almost the same origin because it is all about sensing. For our optical sensing capability, it can be used, can empower different domains. Currently speaking, our industry has reached a common ground. Not all AI model needs to be deployed on cloud, especially for the edge devices. We need to have a synchronized structure in terms of the cloud deployed and edge deployed AI system. Therefore, as a key player or a vendor in terms of the optical manufacturing and parts player here in Sunny Tech, we can provide more integrated solutions to this domain. We will use these capabilities as our core to echo the demand of the market. Also, we will keep strengthening our technological capabilities and to expand into more areas to construct more comprehensive end-to-end capability and also our product portfolio to cut it into more rising markets and also to reach breakthroughs in new domains. Now we have already adopted AI into our product production. Currently speaking, we are fine-tuning our own model, and the result is already pretty fruitful. Now we will use our AI to better optimize our yield rate to create more value or higher value to our customers. Finally, here, I would like to put more emphasis on the values that we're trying to create here. With all of our investors, we want to create a better future for mankind, a smarter future for mankind. In the past, we are the single output. We're telling you how are we going to develop, what kind of product do we have, what trend are we catching. Now we want you to tell us more, to tell us more information in the market, more talents from the market to give them to us so that we can reach a win-win, and then we can improve our share price, right? This is a mutual win-win. Thank you. Thank you, Chairman Wang. Just like you mentioned, we are shouldering the mission of creating a better world and creating a better enterprise. The restructure of the optic technology is going to give us new opportunity. Now, for each business domain, we would like to invite them to give us the speech. First of all, we are going to invite Mr. Qiu from the automotive to tell us more about Sunny. Thank you. Welcome, distinguished investors, good afternoon. Here, on behalf of Sunny Automotive, I would like to tell you about our business. First of all, in 2025, our smart driving, we call them a leapfrog growth in the vehicle landmark in 2025. That is because of our EV in China, especially led by BYD, and they have been equipped with all these new lenses that have pulled the hardware of smart drivings in the world into a new leap. Based on the statistics, we can see that in 2024, our global number of lens set per car in 2024 and 2025 is going to surpass 4.3 per vehicle. From that curve, we can see this is being provided by TSR, a Japanese company. They estimated that in 2025, it is going to only be 3.1. Based on such a leapfrog growth in the Chinese market, we expect that the global market will have over 400 million pieces. In the vehicle lens sets, Sunny Automotive Optic has maintained a very high market share, and we have been pushing the limits of technology, cost-effectiveness, and fast response. In 2025, with such a quick growth and a quick changing of the market, we estimate that in 2025, our market share will continue to increase. In vehicle lens sets, we have been closely monitoring the market trends and accordingly make a lot of preparations in technology and professionalism, for example, smart driving ADAS. 8MP is the main form of the product. In 8MP, we have a very high market share, and it's about over 60%. In the higher pixel level, such as 17 mega, we had been collaborating with a very famous OEM in the field of ADAS, and we started developmental cooperation years ago. Right now, in the mass production field, we have been ready. That means we have done a lot of tests and certification. Our plan is that by 2026, next year, we will start the mass production and supply. We should say that this means we have the most advanced hardware solution for ADAS and also about the rapid response and the delivery. Right now, vehicles are more like a headset. Previously, every two to three years, there is an iteration product because the R&D cycle is about 2-3 years. Then we need to have the mass production, and then we can start the development of the next generation. Before, for vehicles, it is about iteration per year. In the key components and parts, we can have the very quick production of the samples, moldings, and we also have the standardized and automated production lines. We can also use AI technologies to optimize the process. We have a lot of simulations, such as the design simulations. This helps us to accelerate the process of design and production. In the second half of last year, domestic NEV has an 8-mega project, and they were really in urgent need. We proposed that we can do it, and it only took about 4-5 years to reach the mass production. This is the Chinese speed. This is the Sunny speed. With the price competition, we also provide a lot of cost-effective technologies. For example, the glass aspherical technology, we are still the leading providers in this, and we have the most cutting-edge processing. For example, the non-edge grinding, about two to three years ago, we had applied this technology to almost all of the products. Now our peers or competitors only have a small proportion of the products being able to use this technology. Also, it is about how to actually turn the materials of the glass into the injection molding. This can help us to greatly reduce the cost. Now we have made breakthroughs in that technology and applied it massively. Also, the hybrid glass plastic lenses, we have a lot of applications. Now we have massive supplies of the 8-mega lenses. Cumulatively, the ADAS hybrid lens has reached over 40 million pieces. Although there is ferocious price competition and the competitors, you can see that on the market, the competitor's operation is not so good, but for Sunny, we still maintain a good margin level. When we are facing the trend of high pixel and the upgrades of the technologies, the functionality and the trust of the product matters a lot. We believe that the stability and the quality of ADAS is extremely important. In this part, we also have a lot of preparation in technology, and we have been launching those technologies to the market step by step. For example, the ultra-low reflection technology has been well applied in the very famous domestic NEV. Not long ago, in their product launch, they had also mentioned this technology and in some active defrosting, de-mist, and cleaning technologies because, you know, defrosting, de-mist is a very important function for ADAS. For us, we had already applied for 22 patents in this specific technology and also in the specific production platforms of our customers. Part of the technologies had already been supplied in large scale, and some of the other technologies had been undergoing a test process. We will have the certificate soon. Also, the MET passive adjustment materials and the anti-dust, anti-storm functions, especially in the Middle East, the environment may contain a lot of dust. We need that function as well. We already had made it commercially successful. These are related with the vehicle lens sets. About LIDAR, several years ago, there had been some disputes whether LIDAR is a necessary part for ADAS, and we do not have a clear conclusion yet as to whether it is a must or not. We believe that LIDAR plays a great role in ADAS, and we believe that the importance will be more and more obvious. We are very confident that going forward, LIDAR will have a wider application in vehicles. At the same time, the LIDAR business is not only about the vehicles but also can be applied in robotics and the industry field because technology-wise, it's very similar. We had actively extended the applications. Right now, over 20 projects have been nominated for mass production. For the new projects, because in the total volumes of the LIDAR, we still need to follow the market trend going forward, and we need to follow the trend, right? Right now, we already gained a lot of nominations. I believe that the total volume had to be over 1.5 billion. In terms of the market trend of LIDAR, the first is the miniaturization, the second is the rapid delivery, and the third is the high cost-effectiveness. We have seen the quick cost down of LIDAR. Some of the customers already say that for the main camera, the LIDAR should cost by only $100. We have been evaluating whether it's possible or not, and we don't think there is a bigger gap. In terms of the miniaturization, we have the very precise optical folding technologies and some other special technologies, and we can deliver the very compact design with a significant size reduction under the same solution. We can see the demand from the customers, and they have a very diversified need for the formats and the sizes. Going forward, in order to meet such diversified demand from different customers, we had been actively enhancing the production capabilities and standardized the technology and modelized them so that we can put together different modules so that we can quickly meet the demands of the customers that vary a lot, and we can also reduce the R&D cost. In terms of the last feature, high cost-effectiveness, we also boast some industry-leading patching technologies to replace the conventional integrated revolting prisms. Also, some mature technologies such as the hybrid plastic and the hybrid technologies are applied in the LIDAR. The transceiver chips also require the high-precision COB bonding technologies. In some of the projects, we had made it possible, and we already have the small-scale supply. We also have some self-developed active alignment AA technologies. All of these are some of the latest development of LIDAR technologies. This part, it's about the smart headlight of the vehicles. For the headlight, the market is huge. The main function of the headlight is to provide illumination and the ADB regional control. For Sunny Automotive, we had been closely focusing on the digital and the pixel-based headlight. It's about thousands or tens of thousands level. Only with that, we can showcase the value of optical technologies. Although the automobile industry is quite competitive, for this kind of headlights, the development speed was a little bit hindered. However, speaking of the future development trends, we're very optimistic. The market share of Sunny Automotive in the pixel headlight, we expected to have further growth. Last year, it was about 18%. This is the projection headlamp market share. We believe that going forward, it can be further increased to about 30% or even more. With the higher penetration of the projection headlamp, we believe that it will definitely play a key role for the business growth of Sunny. We believe that the market size or the TAM may be even bigger than that of the vehicle lens sets, or at least the gap will not be big. Last but not least, let me talk about the development of HUD. Among the HUD, we focus on the AI HUD, and the mainstream is still TFT. AI HUD, although the scale is not big now, the development trend is very promising. Recently, we have again some extra nominated projects of the DLP and the PGU HUD projects. At the same time, years ago, we have made a lot of technology preparations. With the AI HUD and the reflectors, in terms of the stability and the quality, there are some challenges. Therefore, we use the glass curved mirror to replace the plastic ones. In terms of performance and cost, it is better. We have been well received by the market. In terms of the thermal curving glass mirrors, we have got a lot of projects. We believe that with this kind of glass-free form mirror, which is a very key part, we are able to get more PGU AR HUD projects so that we are able to enhance the growth of business in AR HUD and HUD as a whole. That is from my part. Thank you very much. Thank you, Mr. Qiu, for your excellent sharing. Whether in the continuous innovation of automotive lens or the technological breakthroughs in LIDAR or sustained efforts in automotive lighting and HUD markets, Sunny Optical's achievements demonstrate that the evolution of the automotive intelligence opportunities outweigh challenges. We are convinced that Sunny can navigate the competition with composure, maintain its leading position, and make a sustainable contribution to the industry's healthy growth. As another critical hardware component in intelligent driving systems or ADAS, vehicle lens sets are facing a multi-billion dollar R&D market. Leveraging Sunny's accumulated technological expertise in optical electronics, we are leading the innovation and have achieved rapid development. Next, let's welcome General Manager of Zhejiang Sunny Smart Lead Technologies, Mr. Zhang Kouwen, to share with us his presentation. Good afternoon, dear investors. Here, I'm going to make an introduction about our automotive cameras. Now, I'm going to talk about it from three perspectives. First of all, it's about our market insights. Now, I'm going to talk about a track of 100 billion jointly shaped by policies and consumption. On the left-hand side, as you can see in this bar chart, that is from 2023- 2030. The gray part and the green part, there's L2 and L3. The market share will increase significantly. On the right-hand side, that is L2, L3 cameras onboarded ratio. The 8-megapixel will have more vehicles be equipped with this type of camera module. In terms of the regulations, now, as you can see, European Union, CSR, and they require a mandatory request for regulations to have ADAS systems. These camera sensings are mandatory as well because of these regulations. In terms of standardization and qualification, that put us more explicit in strict standards. In terms of our customers' demand, now, the preference is actually changing because they want safety first, and they want experience to be put into priority. As all these car brands, they do need to have smart cockpit like DMS, OMS system, and gesture recognitions. All these innovations can improve our user experience in terms of visions, and you have a stricter request for the resolution and reliability. Second, I'm going to talk about the leading technical perspective. As you can see from different parts of the world, we have different requests from the markets. In terms of the European American market, they have ENCAP, right? They have higher requirements for law and regulations. Also, in terms of protocols, they have ASAR, MIPI, EFI. In terms of industrialized upgrade, they have automatic production lines, deal trade supply chain, global production base, and so on. In terms of the Chinese market, it's actually driven by technology innovation like 80-megapixel ultra-high pixel variable aperture OIS, image quality enhancements, and AOD coating, super black for flare mitigation, COD ultra-high conveniences, low-cost requests, and also for function innovations like chassis testings, smart feeding motor functions. In terms of the Japanese and South Korean market, they need all-weather operations, active heating, withstand ultra-high ambient temperature working conditions, night vision enhancements. In terms of supply chain risk-resistant capabilities, they need overseas factory supply, prompt response, localized support. In terms of solid points, as you can see, technology iteration is actually driven by solid points. The detection range can have improvement because of the 80-megapixel 1.4 mil ultra-high pixel wide angle, 12-megapixel 2.5 mil low focal length modules, and MEMS OIS consumption. In terms of the contrast ratio improvement under low-high illuminations, we have self-adoption variable apertures, low-flake HDR technology. Also, in terms of flare ghost interference avoidance with AOD coating, super black painting can reduce the optical system interference. In terms of camera fusion, as you can see, we have front view two-in-one, side view two-in-one, sense surroundings, and so on. Also, rain, snowfall penetrations, and also chassis testings. We have pod cameras of chassis testing. In terms of cost downs, we have the integration of our CIS chips to reduce the cost. In terms of material-wise, we have hybrid lenses using aluminum, magnesium alloy outside the structure. In terms of chip sealing, we do adopt COB CFT plus chip sealing to reduce the cost and improve the performance. Now, third, we are going to talk about hard technology plus strong ecology. As you can see, for these products, performance improvement for better all-sensing capability, self-adoption variable aperture to improve nighttime imaging, self-daytime overexposure. Also, we have active heating technology of defogging, de-icing, sales issue of vehicle body data to continuous optimization of FI and ASA. In terms of image quality sharpness improvement, we use MEMS and OIS autofocus friction to enhance the resolution. Also, we use ALD coating process to reduce wide-angle reflection. Also, we use image clear without flare. We have super black painting technology on the PCB to avoid internal flare. In terms of our scenarios, for summon demands, though the L3 functions that the camera module for chassis testing has now become a demand. We are doing the summons. We can avoid animals or obstacles. Also, we have risk-free sensing to penetrate winds and fogs with standing storms. We want to reduce the amount of the cameras installed. We do have side view cameras integration and front view camera integrations. Besides the hardware, our ecology system is something we're investing as well. We do cope with the main players in the market to cope with their portfolio to reduce their R&D time and challenge. As you can see, we do receive certificates from these main platforms. That will be all of my sharing. Thank you so much. Thank you so much, Mr. Kouwen. After hearing the sharings from these two general managers, I do believe that you have better understanding to our automotive industry and development for company. Now, we're coming into a next domain, an important domain in Sunny as well. That will be our smart handsets. In this area, some investors are worried about that because this is a very fierce competing market and pressure. Madam Mingzhu might think it that way. Now, we're going to invite Sunny Optical Tech General Manager Wang Mingzhu to make her introduction. Please. Dear investors, hello everyone. Now, I'm going to share with you here smartphone-related products. First of all, let's take a look at the overall market and imaging industry trends in 2025. Here, the global economy is recovering slowly. Sunny Optical focused that the global smartphone sales in 2025 will be approximately 1.17 billion units, slight increase while Y is 0.2%. Under that of circumstances, we can see the table down here. This is the imaging module market size trends in value. This benefited from high-end camera modules demand is growing. That's bringing us more value in that, more revenue in that. Although we only have 0.2% of increase in global smartphone market, the Chinese market is outperforming other markets. The growth of Chinese market reaches 2.2%. Why is that the value-wise is increasing? That has benefited from the demand of high-end products, including miniaturization, ultra-thin, and high-performance video capabilities requirements. Let's take a look in each of them. In terms of affordable models, ultra-thin models, and also small screen models, the demands of these are increasing. Also, the image quality is upgrading. There is a demand for extreme miniaturization, ultra-thin. With further increase of the image product difficulty, the demand for miniature camera is actually growing. That's first one. Second, as that for short video shooting and professional video shooting, that puts higher request for OIS performance. On one hand, we can see that the flagship main cameras have improved towards larger OIS angles, more precise, surveillance to that trend. On the other hand, OIS application is now coming into mid-end or low-end models, so that the OIS camera module demand is increasing. That's second. Third is that for telephoto imaging. In telephoto imaging, periscope has now become a key player for various brands to improve or differentiate themselves from their competitors. For more powerful telephoto, larger sensor apertures, and it's moving towards that way. Also, this is coupled with the periscope technology into broader mid-end and low-end modules, so the demand for telephoto camera modules continues to rise. This is about the opportunity of the preparation of our own products and portfolios. Next, we're going to talk about imaging development trends for smart mobile devices. As I mentioned, three main paths. One is extreme miniaturization. From the appearance of our smartphones, they want to become ultra-thin, like the S26 Edge version of Samsung. You only have 5.8 millimeter. Also, for the foldable phones, they want to improve their battery life. The image modules, XY miniaturizations have better demands as well. At the same time, we want to improve the image capability, larger aperture, larger sensor size, and so on. We want to integrate all these in. The miniaturization of modules designs, high integrations, actuator lens, and so on, they put higher requirements for these ones. In the video era, we have a clear path that is professional video experience. For professional video experience, what it requires is variable aperture, variable focal zooms, and so on. By improving dark imaging sensing, OIS requires more angles to improve OIS performance, speed, and precision. At the same time, it requires wide dynamic range of cinematic portrait video. They want high dynamic range, low power consumption, and also low noise. On the left-hand side, that is our full focal length experience. From portrait focal length to telephoto length, we want to cover all this perspective. Double telephoto, that is periscope, will double its volume. We do offer continuous power zooms, something we offer as well. In terms of professional macro photography, it needs to be done by telephoto macro. This can feature our main target even more clear. All these optical systems need to be a better refinement. We need lens edge trimming, straight light, ghosting control, and also the advance of prism technology applications. All these technologies need to be adopted into this. This is the overall imaging developing trend. Here in Sunny, we are capable with all the core technologies and demands. In terms of the ultra miniaturizations of these smart handsets, here in our technology, our own technological bonus will expand. This is a benefit to us. Just now, we talked about module actuators and the lens and each of the fields we are taking the lead in industry. We have this kind of integrated technological capability, and it will allow us to help us to provide more integrated solutions. The mode of Sunny, the profitability and the industry position will be further improved. Next, let's take a look at the products. The first one is still about the main camera. Just now, based on these main trends, you can see on the left-hand side and in the middle, we're talking about the ultra low shoulder heights and the XY miniature rice technology. In Sunny, we not only have the one layer ultra low shoulder actuator, and we have entered into the fourth generation of the packaging technology, which provides a smaller size. At the same time, it gives us higher reliability and the thermal dissipation capability has been improved as well. We are still the only company in the industry that has the mass production capability in this. On the right-hand side, it's about the solution for the shooting of the professional videos. We need higher stability, especially in the low light situation at night. The large angle stabilization is necessary. We have the PSO gimbal technology, and we're able to reduce the power consumption. This kind of PSO technology is very useful because we have the self-lock, auto-lock, and there is no magnetic interference as well. This is something we are very optimistic about. We believe that it will become the new form of the actuator. Next, let's talk about the telephoto. There are three forms, which are the most typical. On the left-hand side, it is more suitable for the large aperture and low load periscope, for example, one over 1.5 or above. This is the large aperture, large focus periscope. Because it's a large base, we really need to reduce the power consumption and reduce the weight. With our technology, we can make it more lightweight and thinner. Without compromising the performance and the function of the aperture, we are able to achieve that. I believe that very soon, we will have a good result. In the middle, this is a vertical stand-up lens set, and we have the multi-folding prism attached to it. It is more suitable for the high focal lens requirement, but at the same time, we need a very thin handset. For the multi-folding prism and the dynamic control of the actuator, there is a high requirement. On the right-hand side, if we wanted to cover all the focal lens, we not only need to have the two periscope as a solution, or we can have two periscope, then we can cover two different focal lens. We need to have the group moving of these lens. We need to have the low moving tilt actuator technology. We use the prism technology and the multi-group optical alignment and also the long range and low dynamics actuator technology. Just now, I showed you the products and the corresponding technologies. Next, let's talk about the core platform technologies to support such typical product trends. First, let's start with the modules and actuators. We need the high precision optical level assembly technology. Now, we have AOA. Right now, it is a very important technology. We had broken the bottlenecks of the conventional optical assembly. For the high sensitivity and the high precision optical assembly, this is very important. Also, we have the group alignment of the focus or the continuous optical change, multi-group assembly. This is also very important. We already have 406 + proprietary patents. That means that we are the most mature technology provider, and we have the most cutting-edge technology. The second one is about the actuator technology. I put a scope of the periscope actuator. It means that we need to have a smaller size and smaller number of the parts and higher performance. This is the only movable key parts. We also need the high precision insert molding technology, and we can build in a lot of the parts and components. It is not only about the conventional insert molding like the metal ones are built in, and the coils and some driver IC are all built in or embedded. That means that the insert molding has transferred from a plastic piece to a more complicated telecommunicative packaging test piece. We are one of the few that can provide mass productions of these kinds of technologies and products. On the right-hand side, you can see the self-developed driver IC technology. Just now, we talked about the videos, and we have the high frequency and wide bandwidth stabilization. We do not have a fixed frequency of stabilization. Sometimes we need the high frequency, sometimes low. We really need to have the mixed solution with the wide coverage of different frequencies. There is a bigger amount for debugging. When the time flows in the video shooting process, we need to reproduce the different forms of the videos and from different angles and different frequencies. We need to optimize the stabilization. Here, you can see that we have a very comprehensive actuator and OIS driving systems. We have the right algorithm and the debugging capabilities. All of the modules for Sunny actuator, we can have a very high stabilization performance. Next, I'd like to introduce the core platform technology about lens. For lens, what I must mention is the glass-plastic hybrid technology. Just as I had mentioned, for miniaturization, we must use glasses to enhance the reflection rate. Also, for the normal focal lens, we need to have a very complicated ultra-low reflection coating technology and a lot of the simulation technologies put in. For the hybrid technology, we can reduce the aperture and solve the thermal drift issues of the telephoto. We have a lot of different applications. Based on our own data, the growth of the hybrid technology is about 400% year-on-year growth. This is something we are really advantageous about. In hybrid technology, especially for the more premium ones, we have a big advantage and taking the lead a lot. There are some limitations for the processing of the glasses. With the conventional plastic forming, there are some differences. With the application of the glass, we must use the AA technology. This is a must. With the active alignment, we are able to showcase the strength of the glasses and to reduce some of the disadvantages in terms of processing compared with the plastic materials. Another key part about the platform technology is about the prism and the folded optics. On page one, I already mentioned that for the camera, the market size has been increased, and a lot of the share comes from the periscope. There is a higher focal lens, but the size is smaller. That means that in a very limited space, we need to have a very long focal lens. It means that we must have multiple types of the reflection and the diffraction or the combination of it. There is a high requirement for the periscope. It means that we not only need to have multiple types of the reflection and the deflection, we also need to reduce the streetlight and the ghosts. That means that the prism technology of Sunny is taking absolute leads, and the market share in Android systems is almost 50%. The periscope market share this year has been greatly increased compared with last year. I also need to mention about the multi-fold prism. That one in the previous slide, we launched this technology as a first. For the high deflection glass prism, we really need to have the high precision laser slotting technologies. For the low reflection technologies, we need to have the low reflection and the high precision testing inspection technologies. Lastly, I'd like to emphasize all the process capabilities, and this is extremely important for the handset businesses. First, let's start with the left-hand side. Now, we talked about the larger base of the chips and the higher pixels. Now, we even have a 200 million pixels for the periscope. For one pixel, it's about 0.5 to 0.6 mil visible light wavelength. That means that we need to have the better management of the particles. It is because of the higher requirements that the manufacturing quality needs to be enhanced, and the management principles need to be changed. At Sunny, we have the most advanced whole process automated plants because just now we had emphasized on the vertical technologies for these key components. From insert mode to actuator to lens and to the modules, for this whole process, we are able to make it completely automated. This is from my part. Thank you very much. Thank you, Madam Wang Mingzhu, for your thorough introduction. We believe that there is a clear understanding of the potential for the smartphone lens sets and looking to the future, we still have a lot of possibilities. I believe that the purpose of the visitors attending today's investor day is because you wanted to peek into our emerging business. In order to meet your demands, we have invited two executives to introduce you, the representatives of the two emerging fields, that is, the XR and the robotics. First of all, let's welcome Deputy General Manager of Zhejiang Sunny Optical Intelligence Technology, Xie Jian, to introduce you to the industry outlook and the company development of XR. Dear investors and analysts, good afternoon. I am Xie Tian. I will be on behalf of our group to introduce you to our development and plans for XR business. Before I start, I'd like to say thank you to Wang Wenjie, who has showcased the XR product in person. I believe that with his leadership, there are unlimited possibilities for the XR business of Sunny. This time, we believe that it's the first time that we have set aside the introduction of XR business. It's the first time that we have an independent session for it. Just now, I mentioned that it's the first time we have an intermittent presentation of XR business on the investor day. In today's era, just as the title had suggested, from the technological pivot to the business breakthrough, this is the golden era. Next, I will go through these different parts and introduce you to our development and plans for the XR business. These are the contents. The first is the market trends, technology, and then the future. These are the different parts of my presentation. I will introduce you to how Sunny can create higher value in the XR business from these perspectives. Before I officially start, because it's the first time for us to have the XR presentation, we need to take a look at the product definitions. We have AR, VR, MR, XR. We also have the smart glasses, the goggles, the headset, etc. Before we start, we can clarify the definition of MR. In this presentation, MR is defined as the headset in VR. The smart glass means that we had integrated the features of an audio camera display and AI-powered assistance. It can have the display or not. First of all, let's take a look at the XR market. The XR market now accelerates into the fast lane. As you can see, this is from IDC and Wilson SR Statistics. As you can see, in the future 10 years, XR is going to keep a fast-growing lane. Let's take a look at some certain key points. Now, it's 2025 to 2026. MR and smart glasses will surplus 10 million pieces. What does that mean? That means this market is now becoming into a big volume. Now, it can become a self-close loop ecosystem. In the future, a few years, as you can see, XR and MR's development is going to grow with the technology. The devices themselves will become smarter. This is not just for gaming, but this is for recreation plus productivity tool. The CAGR will be 30%-40%. Now, let's see 2030 that the smart glasses shipment will be higher than 50 million. In 2035, there will be 150 million. What does that mean? That means the market of glasses, overall glasses market, the global market share will be 1.5 billion globally. That will be 10% of penetration rate. In this smart developing market, XR will certainly bring us a multi-billion opportunity. What does optic mean? Optic means a knife that cuts through this cake in this domain. Now, let's take a look at technology as the driver, how optics defines the upper limit of XR experience. First of all, let's take a look at the optics components inside XR. Now, MR and smart glasses, they separate them. Within MR, we have two types of optics. One is interaction, and the second is about display. In terms of SLAM module, VST module, D12 module, these are for space sensing, gesture recognition, eye tracking, and so on. In terms of display modules, including our aspherical lens, forensal lens, now we have pancake and display system modules. Now, within MR, our optic components are around 40%-60%. In smart glasses, optic components will increase. In terms of interactions, we have all different types of camera modules, including all the cameras being used to shoot and recognize. One is our display optical engine, LCOS or micro LED. That includes other components in them, like prisms and so on. Also, we have other things like VLS lens, optical waveguide, electrochromics, and so on. These add up and take around 70% of the optical components in smart glasses. Optics in XR takes a lot of position in XR. Interaction and display are two of the key functions in user experience. In the development of XR, let's take a look at how optics can improve its own value in this market. Now, let's take a look at MR, PC-based, and all the way from Meta Quest 2. We have a lightweight all-in-one with built-in processing and Vision Pro, natural interactions. In the future, we're going to have diversified applications with further miniaturization equipment. Within this process, interaction and display will boost its own development from original 6 stop to 6 stop VST eye tracking D12. All these modules will add up. In viewing from our forensal lens to pancake plus LCD or micro OLED, in the future, we'll have a miniaturized pancake plus micro OLED technology. As you can see, the value of optics is improving. In smart glasses, the same as well as you can see from basic audio, voice assist, video shootings, and so on, the interaction components and viewing components are becoming more and more important in this. We have miniaturized demands. It's even higher than the smartphone demands of miniaturization. The players with the ability of miniaturizing these components will win the most market, like the waveguide of this one. Currently speaking, this is the ceiling of the optic industry in waveguide, light source, and all the experience that we've accumulated in the past can play a pivotal role in this. Now, let's take a look at how optics defines the upper limit of XR user experience. Now, 80% of the XR equipment is too heavy because of its optic solution. Those equipments have only become lab use. Optics see its opportunities in that. Who can play this part well? Who can win the customer? In terms of viewing, as an example, we have birdbath and waveguide. As you can see, we have two different types of experience. For birdbath, the thickness is 20 millimeters-30 millimeters. If we use waveguide, it can lower to 3 millimeters. We can have a totally different user experience. By using waveguide, we can have very different user experiences as well. That is because of the choosing of semiconductors and materials. Again, that emphasizes optics defines the user experience of XR. In optics, what has Sunny invested in? Also, what have we improved more in that? One is our optical XR strategy and strength, a full coverage of XR optic solutions with the full optical solution coverage, multidimensional vertical integrations, and scalable productions. Just like I mentioned, the XR modules, all these interactions, modules, space sensings, eye tracking, D12, and all the viewing or display modules. With all the optic components that play pivotal roles in these types of products. Besides that, we can make another step that is our overall ODM. By covering all these different types of products, does it mean that we can do this? We can make this product. That means we can be an important player in that. That is not necessarily 100% because we need a good synchronization between the technology and the product itself. We need to have the ability of vertical integration from optical components to our overall device integration, from lens to pancake to display, from waveguide to our LED optical engines. We need to have this multiple vertical integration capability. Then we can cover all these technical perspectives. By having all these, does that mean a closed loop of business operation? No, that's not enough. What's important also is scalable production. By having a commercial scalable production, we can have that business closed loop. Here in Sunny, based on our years of experience in scalable production, we can cover all these components and OEM, ODM. We can all achieve scalable production. Now let's take a look in the other niche, not just about totally covering, but we want to be a top player in different reach. One is the interaction modules and lenses. It's about miniaturization. Sunny has more than 10 years of experience in this. Through our high position, molding technology, miniaturized technology, we can now realize the XR module number one shipments in the world. Also, for our other technologies and lens and so on that bring us more value and competitiveness in this domain. In terms of our MR display modules and lenses, our goal is to achieve leading position across the entire XR optic industry through our coating, lens molding, lens coating, lens bonding. We can achieve this in terms of pancake within the industry. We are now the number one players in this because we bring more competitiveness in this domain. In terms of optical engine, comparing to the handsets optical engines, optical engines can play a more important role in these domains. Now in terms of LCOS optical engine, we already achieve ECC level, super miniaturized, colored LED and monochrome optical engine. Through moding technology, we can miniaturize our optical engine more than 30%. Through our AA technology, we can have three times more position than a normal technology. Next is the bottleneck of the industry. That is waveguide. This is achieving a leading position across the entire XR optic industry in smart glasses, display module, and waveguide. Now, we are using a high-performance enhancement in lightweight R&D using full-color optical waveguides. Now, it is just not the silicone-grade optical waveguide solution, but we have a fully laminated optical waveguide solution, including pool lens, AR waveguide, EC dimming, and push lens. In terms of the fundamental materials, we are covering all of them. In terms of the VID lens, we are achieving the thinnest in the industry and the lightest. The last one, through our overall R&D, this is our complete device ODM. In terms of hardware, software, algorithm R&D, and manufacturing and process control, we have this overall integration capability. All these can give us our own unique competitiveness in full device ODM. Talking about technology and manufacturing capabilities, we have another important thing that is our customers. Through our customer tech and skill production, that gives us a sustainable growth. In key technology areas like SRG, waveguide, semiconductors, materials, manufacturing, assemblies, we are going to make ourselves more competitive than our competitors. After our customers give the technological belief in our technological competitiveness, it can provide us a better market. In terms of our skill production growth, our cost can lower our cost. Quality, tech, and cost, we have these three dimensions. This will keep us the number one player in the market. Finally, within this fast-growing domain, Sunny is going to anchor on the core optical technologies for XR and to seize the optical divide and the window of opportunity through optical to through vertical integrations. We are going to reach the collectors and the volume into skill growth. If we say XR and VR is the boat and the engine will be the optic, we're not only building the engine, but also to lay down new rules for the new era to boost the golden era coming from the XR. Thank you, Mr. Xie, for your wonderful sharing. Five chapters, one topic surrounding in the XR domain. You give us the value of this future market and also the investment of the company in this domain gives us a solid foundation for the future growth. XR will definitely be another important engine of growth for this company. Besides XR, robotics is also a key player, key domain. In this domain, Sunny actually invested a lot of technology and experience as well. Also, we have already realized some key breakthroughs. Now, let's listen to the next sharing from Mr. Wang Zhongwei from Sunny Robotics. Now, let's welcome Mr. Wang Zhongwei. Dear investors, good afternoon. I'm going to share with you our latest development and the capacity building, as well as the business status of the robotics business of Sunny. What you're familiar with is this logo. You know that we have the handset lens sets and the handset camera modules. You also know about our vehicle lens sets, the modules, etc. Just now, Michael talked about the XR business as well. Actually, in robotics business, in the previous sharings, we had mentioned a little bit about it, but not much. In this field, in robotics at Sunny, we have a team at Zhejiang Sunny Optical Intelligence Technology, and we have made a long-term in-depth work in that. In terms of the richness of the product line, we do have many varieties from the modules to systematic solutions. We have all that. In terms of the niche market, we have become number one in multiple niche markets, such as the vacuum robot and the mowers and also the food delivery robot, as well as the cleaning robot. Another one, in terms of the scene coverage, we are also very versatile. For example, at home and at the commercial scenes and at the industrial scenes, from indoor to outdoor, we have all the solutions. You may know that for robotics, the system framework can be divided into five parts. The first one is the main control and the computing. The second is driving and the actuation. The third is perception and interaction. The fourth is power management. The fourth is structure and appearance. In terms of perception and interaction, it's more about vision. It accounts for about 80%. Vision is the most vital perception. While we are building our technological capabilities in robotics and having our cases, it's a very long period. It's not to say that we only started in recent years. We started actually back in 2014, and we started with the vacuum robot. Then the drones or the UAVs, and we have the light stream positioning module. We have been doing that in the early time. We have been constantly upgrading the vacuum robot, for example, the wide-angle RGB types. Later, we have the linear top modules. We have the outdoor application of the delivery robot covering the last mile of delivery and also the home company and the mid and long-range top modules, as well as the cleaning robot, food delivery robot, etc. Right now, in the next stage, in AMR, we have made substantive progress of the project with the customers. In mowers in Europe, we have gained the trust of the global leaders. All these projects have a long duration. We have a plan of the coming five years. We are the core solution provider for these key customers. With those projects, we had built up our capacity step by step. Here, you can take a look at our capability metrics from the perspective of product technologies. We have the interface technology, for example, the built-in actuation, driving operation, and the general loss interface and SDK architecture. In terms of the algorithms, we have the multi-sensor integration and the object avoidance, robotic arms, grasping and assorting, and also the AI environment perception. In terms of the solution, we not only have the modules, but also the mobile robot vision solutions and operation robot solutions. We also have the AI vision solution, as well as the embodied intelligence solution. If we wanted to implement those technologies, in the end, we need to construct the supply chain and manufacturing capability as well. Going forward, what can we do more? What else can we do? We know that when we talked about the functional robotics, we would emphasize SLAM, for example, the obstacle detection, navigation, and obstacle avoidance, etc. Now, more and more, we had been focusing on industry automation with the vision capabilities. In our company, we also have the technologies of robotic arms, mechanical arms, and vision-guided positioning or localization. We already have great progresses and the Wang Sun projects. We also have the remote control dexterous hand technology. I believe that for automation and precision operation, this will be very useful. It includes the location identification, multi-model perception, and the high precision recognition and positioning. Of course, at the edge, we have the brain, eye, and hand system of AI. In the end, if we can put them all together in the embodied robots, it will become a very important part. At Sunny Optical Intelligence Technology Company, we are a manufacturer-based robotic solution provider. That is to say, a lot of the products we produce now are focused on the applicable and the high-function robotics. Of course, we had been actively engaged in the R&D of the embodied robots and for the six little dragons in Hangzhou. They have a mass shipment of only about 1,000. I believe that this small scale cannot fully support the development of a manufacturer. What we value more about is here. That is from vision sensing to the robot system solution co-creation. In this part, we had built a lot of capacities. On the one hand, it's about the complete robot calibration. The second part is about robot simulation testing and also about the software system design. Previously, in our understanding, Sunny Optical Intelligence Technology may focus more on the vision sensing. Actually, right now, we already have the whole robot solution. In this part, the orders we have and the projects we have, I should say projects, the total value had exceeded RMB 2 billion. I believe that in a very short time, you will be able to see more such products with high functions. With this kind of transformation, the purpose is that in the past, we focused more on the product itself. The value mainly comes from the product itself. We reduce the BOM cost and the manufacturing cost. Right now, we would value more about the customer application scenes. We wanted to create a value for those applications. It is about what kind of convenience can we bring to the customers? How much money can we help them to save? Previously, we called ourselves the robotics vision provider. Now, what we want to do is that based on the vision system, we can become the robotics systematic solution provider. So far, we have made substantive progress and a wider recognition of the customers. We also hope that Sunny Optical Intelligence Technology can bring more surprises to the investors in robotics. Thank you, Mr. Wang Zhongwei, for your excellent sharing. We also expect that Sunny Optical Intelligence Technology can continue to make progress and to achieve the larger scale commercial application together with the customers. This is all of the presentations we have. Next, we will have the Q&A. Before we start, please take a short break, and we will rearrange the stadium. Please move to the room next door and enjoy some refreshment. In about 10 minutes, that is 6:20 P.M., please come back. We will have a Q&A. Thank you. Okay, so before the Q&A session begins, I would like to reiterate again that our exchange today in this event does not involve financial data, but also mainly focuses on market developments, technology trends, and company business dynamics. First of all, now I would like to take questions from our investors on site. Please raise your hand if you have any question. Wait for the microphone to be passed on to you and tell us your institution, your representing, and your name. Thank you. Dear management, we're glad to have this opportunity. I'm from Dongfeng Qiche. First of all, my question is to Mr. Wang. You've mentioned in the past that you planned for the company that you'll have some change in the company. I would like to ask you, what kind of transformation have you already been applied to the company? In the future, what will be the direction of the transformation? That will be the first question. The second question is that each time investors were asking about some key clients or top players in North American markets, can you share with us some of the insights on that? Thank you. In terms of the transformations here, through our video account, [Foreign language], you can check on that because for each time we have already mentioned this. I would like to reiterate again. First of all, this is to satisfy our client's demands to create value for our clients and the changes for that. We need to put up the vitality of the organization. Also, when I was introducing the company, there is a slide, it shows you the sky tree and ground structure. This time, we will strengthen the core competitiveness and the core platform capability building. These are our basic thoughts. The goal is to keep our organizations thrive again and to put up the best competitiveness of the company. For the leaders of each of our business domains, they have demonstrated their own competitiveness in their own business and department. Second question, in terms of the big clients in North America, I cannot tell you, I cannot tell you something specifically, but I will say it is in good shape, it is in good trend, and in the future, we will have more business in the future with them. Okay. Now we will take the second question from our investors on site. Hello? I am Huang Leping from Huat ai. I've got two questions. First of all, there is also the slide of sky tree and ground, that PPT. There are two sentences in that PPT that is facing the future. We are going to focus our resource and strengths into doing good things and then to optimize our resources to improve our efficiency. How can I understand that? Are we looking on some good business opportunities already? What's that big event about? As you can see, in the past, Sunny Optical's development for each department is relatively independent when developing. In the future, how do they coordinate with each other? The next question is about our robotic business because, as you can see, the positioning of the robotic business actually changed slightly. The supplier of video solution, I think that quote actually changed the definition of the company. Does that change our development of the change the development of the company? What about our future revenue, future business opportunity? What does it change? Okay. Thank you. Okay. That is the expansion of the first question, the previous one, right? First of all, you need to be clear about our change. Our change is not based on our business, but our change is based on our clients. We are emphasizing it's all based on our clients. If we can provide value to our customers to better satisfy the demands of our customer, then that is one of the reasons why we need to concentrate our focus. More specifically, we probably will use our vertical integration capability. Why do we need to change our structure? That is, we need to change internally the way of operation. As you can see, the change of our main structure and departments is to change the way of coordinations within the organization. Mr. Shen, in charge of XR, made the introduction about XR and VR. That is also one of the reasons why we are concentrating our resources on certain domains and to reuse our resource. In terms of specific blueprint, we will provide different solutions to different clients. Next, I'll ask Mr. Wang from Sunny Optical Intelligence Technology to answer this question. Okay. Actually, what we deliver to the clients is in multiple forms. I'd like to explain a little bit here. The previous positioning of us is that we provide the vision system solution provider, and now it's the vision-based robotics system solution provider. That means the anchor of us is still vision, but we have made further extension. Why? In essence, it's still about the demand of the clients because as time goes by, a lot of the clients realized that if we have the boxes of obstacle avoidance and all these modules hand over to them, then they have problems in calibration of the whole system. Actually, the reason for us to provide the whole system solution is not because of the revenue, it's because of the demand. Now we provide multiple forms of deliveries. Now there are two types. The first is the box with certain functions, for example, navigation or avoidance of the obstacles. The other one is the whole robot. All right. The next question will be from the online investors. I have seen someone scan a QR code and ask the question. The question goes, what is the R&D plan for the coming five years and what are the key directions? In the coming five years, what are the R&D directions? Okay. Actually, during the presentation, I already mentioned about that, and maybe it's a bit too general. Going forward, we have a very clear direction of the R&D. That is from the optical perception to decision-making and to control. This is the whole process. Based on data, we can form a closed loop. This is our general plan. Part by part, we have the need to solve a lot of basic technology challenges. Generally speaking, in optical perception, we need to improve the optical technologies. Definitely, we need to enhance the transfer of the information after we have obtained them and also the decision-making based on the data as well as the control. At Sunny, our research institute will set up some technological platforms for the development. For more specifics, you can refer to the technology plan, which we will release in the future. Thank you very much, Mr. Wang, for your answers. Now we will have the on-site investors asking the questions. If you have any questions, please hands up. Dear management, good afternoon. I am from CALS. About the hybrid glass and plastic lens introduced by Madam Wang Mingzhu, we know that we have got a lot of projects from the main clients. Why is that? Why do we have an application of this hybrid lens this year? In order to have the wider adoption, what are the challenges? Is it about the yield, or is it about the price? Compared with the plastic lens, what are the barriers for the wider application of the hybrid lens? Maybe some of the details are a bit sensitive. All right. For the first part of your question, you asked about why this year we have a sudden expansion of the application of a hybrid lens. It is based on the trends I introduced just now. First, we have the high focal lens. Because it is a long range, we are very sensitive to the thermal drift. Because of the glass property, we can have a very stable usage for controlling the thermal drift. If you do not use glass, then it is impossible for you to have the accurate control. What does the high focal lens change mean? That means 6x or 8x. This is the first application. The second thing is about the thinning of the main camera, but the aperture should not be retracted. For example, from 1.1 over 3 to upgraded to 1.1 over 2, that means that the base had been enlarged, but the height cannot be increased. It means that we need the property from the glass. That is the higher diffraction, higher reflection. In brief, it means because of the properties of the glass, we are able to bring forward the better structure of the optics. We can compress the structure of the optics. We can make it thinner and not compromise in optical performance, especially with the larger aperture. We are able to do that. With the thinner and larger aperture to upgrade the images, we can use the hybrid lens. This is the trend we have observed this year. Miniaturization, thinner large base, a larger aperture upgrade, and the high zoom ratio, meaning the bigger change of the focal lens, we are able to have the better application of the hybrid lens, and we have a 400% year-on-year growth. This is the first part of the question. The second part, you talked about what are the technological preparations we have, or what are the barriers in the industry for the wider application of hybrid lens? As I mentioned, for glass, it is about 300 degrees-400 degrees of forming. We need a very high temperature for forming the glasses. For the mold, there is also a very high requirement, especially for molding glass. Because of this condition and requirement, the precision of the glass surface is a bit different from the plastics. The molding glass precision of Sunny is the best in the industry. What kind of technologies can we use to supplement the gap in the position? That is the optical component level active calibration. It means that we can do the automatic calibration. It means that in a single piece of the lens, the left to the over difference of the image is no longer a problem. We can use it to supplement the other part. This is about the re-aberation. The aberration is no longer a problem. Maybe we can have several parts, and we need to assemble these parts. This is about the stability of the assemble. There should be no deviations or changes after the assembly. We need to accumulate the know-how in that. About the molding glass in the premium hybrid lens, Sunny is taking the absolute lead in the industry, whether it is about spec or the number of shipment. Thank you very much for your questions. I have still seen some of the hands from the investors. Keep raising your hands. You can continue to ask the questions. My question is firstly about XR. We have interviewed some of the XR goggle manufacturers, and we tried the products, and the optical wave lens effect is very good. We wanted to try to use it, but they say that they do not have enough products. They mentioned that Sunny is the provider for them, and it is out of supply right now. For the wave lens, what is the areas and the plans for the capacity and the yield? For the devices and for the whole product, what is the mid and long-range plans? Thank you very much for your question. The first part is about the optical waveguide and what is the development status right now. For optical waveguide, the tier one and the tier two difference are big. In Sunny, I believe that we are taking the lead. For the implementation capabilities at the engineering level or at the project level, we are very good at it. Also, the 8-inch wafer is developing to the 12-inch wafer. Right now, we are still improving the technologies, and we collaborate with the top-tier clients. We had conducted several important projects already. I believe that our capabilities are indeed taking the lead in the industry, but I'm not going to disclose the specific data. What I can say is that we are still taking the lead. The second part of the question is that from the device or components to the whole product, what's our plan and status? It is not just about the waveguide. Actually, the components are the basis of our capability. Just as I had introduced in my presentation, we really wanted to be the single champions in each field. At the whole product level, we had already become the champion. At the lens and display and other fields, we also wanted to become the single champion. At the whole product level, we are still making development. Among the top-ranking companies in China, we are taking the absolute lead, ahead of the second followers. With the integration capabilities, we have won the favor of a lot of the top brands. We have the vertical integration capabilities and the strength of the components. I believe that it gives us a lot of edge. I believe that in the coming few years, we will have a better development. I have a follow-up question from online, which is about the silicon carbide and what is the application in AI of this material. Are there any challenges? Are you going to develop the material yourself? Still me to answer this question. About the silicon carbide, we believe that it represents the future of the industry. Actually, we do not see any real commercialization of this material. In Orion of Meta, which targets under developers, we have showcased this material for the first time. For the whole market, we have not seen any devices that have been entered into the mass production. This is a core part of our business. The biggest barrier for silicon carbide is still the cost. The technology is good because we are able to have the large FOV. We can have the big reflection rate. What we lack now is the capability of the mass production. We have communicated with the top clients, and there have been some progress. We believe that going forward, in silicon carbide, we can continue to take the lead. Thank you, Mr. Xie, for your reply. Now, I will give the next question opportunity to the on-site investors. Please raise your hands if you have the question. Hello management. I am Shendai from Puying International. There are two directions in my question. The first is General Manager Wang Wenjie. In your presentation, you introduced the AI capabilities, including the big model development and the debugging capabilities. I would like to learn about the application of these small models. What are the areas of operation that we can apply? Do you have any specific cases to share with us? When we are debugging the AI models, how much should be the investment? What kind of talents preparations should we make? Going forward, how would you plan to improve the efficiency of the corporate operations? This is the first question. The second question, I still wanted to know about the vehicle business because there are two directions. The first is the vehicle camera module because in handset camera module and lens sets, and in vehicle lens sets, we are number one. Are we number one in vehicle camera modules? When can we do that if we are not yet? How to do that? The second part is about the LIDAR. I heard from your presentation that we already have a $2 billion backlog of the orders. It is a big number. What is the duration of the orders? When will you be able to fulfill the delivery? Compared with Hesai Tech, are you competitors or are you partners? For LIDAR and the camera modules of the vehicles, are these businesses synergistic with each other? I am going to answer the first question. The rest of the question, we will give it to Mr. Kouwen and Mr. Qiu. For AI empowerment, overall speaking, we have got two directions. One is AI is empowering on our product, including from the design of the product to the formation of the product. We are going to do it closely with the client's demand. We are just starting to do it this way. In the overall planning, I mentioned that from sensing to decision-making and control, we are going to create value upon these important knot points. Second, it is about AI empowering manufacturing. For us, it means it does have some practical meanings. Within internally, we are always emphasizing that if AI can empower our manufacturing business, it is going to improve our manufacturing capability. It demonstrates yield efficiency and the improvement of the agility. The investors ask us about breakthroughs. Actually, we do have it. In some manufacturing technologies and the testing of the product, assembly of the products, we already have some clear breakthroughs. The improvement of the yield rate efficiency and so on is a certainty as well in terms of the investment. It is not really significant. What we do have is some fundamental computing capability. That is what we have. This is a long-term investment. It requires a certain development. But we all think that currently speaking, we still need better statistics, filter them out. Having those statistics, we use AI to optimize them. Overall speaking, we are doing some small models and then to link them by using big models. How can we connect our AI with our equipment and our manufacturing capabilities? All these are the domains that we are making our deployments right now. We have not come up with our specific path for that. It is an important investment, though. For other questions, okay. In terms of our vehicle lens sets, I will answer those questions. In terms of smartly, we have now 3% of global market share because we have a relatively later start. We are not number one in the world. Now, standing at 2025, now the top market share is 13%. In terms of rooms for improvement, smartly has a certain room of improvement. We are going to use three to five years. First step is to grow to top three player in vehicle vision players. In terms of the path, one is that our product portfolio now smartly is making our emphasis on the A-megapixel environment sensing. Now we do have higher than 40% of global market share. In terms of market trend, as L2, L3 is coming, no matter about the amount that's increasing or the megapixels increasing, we are improving ourselves as well in terms of portfolio in the cabinet. We already have some new European and Japanese clients project. In terms of environment sensing, expanding from environment sensing, we're going to expand to the cockpit. Second point, in terms of the regions, now in smart lead, our major clients are still mainly our Chinese customers because the Chinese EV is developing relatively fast train. It is taking around 90% of our overall project or clients. For our overseas clients, only 10%. Now, in the American and European market, they are growing very fast as well. We do believe that we will have extra 5% of growth. The client structure will be optimized as we go. Third is that smart lead is growing based on this technology or led by the technology. In certain user environments like summon or the chassis cameras and so on, we call that Pi camera, right? For the demand of high resolutions like the 18-megapixel one. We will be led by new technology to create the rare value of our product and technology. These are the path we're going to take. In terms of LIDAR, probably we're going to ask Mr. Qiu to answer that. In terms of LIDAR, you mentioned two questions. One is the project we already acquired and how can we hand over in a few years, right? Because LIDAR-wise, the mass productions is around three to five years of mass production lifespan. Some of them got longer lifespan. Now, within three to five years, we can make a full handover. In terms of Suteng and Hesai, because our own positioning is to empower LIDAR players. So Hesai and Suteng, all these players, they are our clients. We do have projects making cooperations with them as well. Thank you. Okay. Now, I do have another online question here. This investor is asking for the 8-megapixel ADAS vehicle lens set is taking off this year. What about 12-megapixel to 18-megapixels? What about its timeframe of taking off? Do you have that? For this one, no matter if it is 12 or 18-megapixel, we do have our own R&D progress. Looking at the market, we really need to take a look at our clients' own planning. Our internal pace is that within two years, 12-megapixel can pass all the certifications, can get all the certifications. For the mass production of 18-megapixel, that will be four years later. That is my own opinion. I think we do have other on-site questions. Please do keep your hands up, and we will hand the microphone to you. Okay. Thank you. I am from Morgan Stanley. I have got one question that is about the robotic. We all know that robotic is a hot concept this year. Mr. Wang mentioned some of the robotic business in Sunny. Within the robotic features, within Sunny's own vision solutions, in terms of the market share comparing to smartphones and other business domains, are we having more competitiveness in this robotic domains and coming to other clients? What's it like? Also, can you further share with us for one camera module, its value comparing to cleaning robots or smartphone products? What's it like? How many lens set has been installed into one unit can bring us more revenue for Sunny? Thank you. I'm going to answer this question. For the robotic, we have a shared concept that is when you enter the market, it's not really a fast market entering. We cannot make full analysis about market shares and so on, or the shipments. This is a relatively large concept. I've mentioned the shipment of a certain customer. I think they are relatively doing pretty well. It's around 1,000 per month, more than 1,000 per month. For other robotics, they are still in its growing stage or startup stage. In terms of the application of this kind of robotic, currently seeing, it's about our own national strategy that they need to develop this type of product. Now, if we really need to go into our consumers' domain or industrial domains, and it does not require very human-like robot. The key is to solve your problem. Do jobs for you. It will probably be hand-eye-brain system. You can imagine that if you have a very smart robot in your home, you'll feel unsafe, right? If it's too dumb and then you don't think it's valuable, what you need is a robot that can probably cook for you, do the laundry for you. Industrial-wise, it's going to help you to relieve workers from repetitive works. For this type of robotic you're mentioning, it's very hard for me to make analysis about what's the market volume or the market share. I don't think it's meaningful for doing that. In terms of hardware, you can see the drone market. If you're only doing hardware, you won't have a high price in the hardwares because in the smartphone industry, we already tell us the cost should be down. Within the robotic, the modules that have been adopted into them, I think the volume in terms of the modules stuck into them will have more volume, not just about in his hand or in his belly and also in his chassis and on hands, we'll have more modules. Also, in terms of the requirements to 3D of point cloud structuring, we'll have more high requirements for that. Here in Sunny, what we're looking for as far as those already mature functional robots, those like lawnmowers, you can check them out. For lawnmowers, I think we have around 200 million lawns need to be mown. You need to have machineries to deal with them. In the past, it's manuals, right? Some need to drive it. Some is that we need to push it to lawn them more. It is a hot demand. If it's about 120 million of lawns, we need to have more. We have more than 100 million of these lawns, lawnmowers, each year. For this equipment, they were taking gasoline, right? Now it's just like EV industry, they're all electrified right now. Now it is equipped and it is ready for turning them into smart devices. The amount of them will grow as well. The value is increasing. That will be my answer for you. Thank you. Next question. Now we will be taking questions on site. Management. I am from Guosheng, Huawei. My name is Xiaojun. I have got a question that is our handset optical upgrade sustainability for the upcoming three years because we mentioned that in Periscope, we have this multi-light folding path and continuous powering or zooms system. In the future, what will our breakthroughs and innovations be like? Besides miniaturization, OIS, in the future three years, what will be our upgrade driving force? All right. To answer that question, one is that we have mentioned the upgrade of our optic system. The substantiality of the upgrade of the optical performance system. We mentioned one, we're talking about telephoto zoom. What does that mean? That means full focal length coverage. Now we've got four camera modules in our handphones. We have got the Periscope. We have got the portrait. And we have got 0.5 x, 1 x, and 3x of zoom. Now, some cell phones, they're covering 1x and 5 x times zoom has been covered in the handphones. Some is 0.5x, 1 x, 6 x, 8x of the power zoom. For full focal length coverage, will certainly be a development in the future. If not covering them, we say that in the cell phone videography, we need to they're becoming more professional to film cinematic-like professional video, not just amateur short video, but a cinematic-like professional-grade video. From the camera lens equipped on our phones right now, they're just for stills or photos. For the still photos to the cinematic videos, actually still got a long way of development. It is a very in-depth track and from our mobility developing to professional. Just to talk about the whole coverage of the focal length, it requires the increase of the number of lens. In order to be able to cover more focal length ranges in a smaller space, the components' complexity will be increased exponentially. For example, the prism, we have one reflection to five reflections. It is just an example. People say that because of the enhancement of the complexity, there is a lot of increase of technological development. It is not a linear development. It is a much steeper line. It means that we do need to have the integration capabilities because we cannot expand the space anymore. The cinematic video shooting capability is something we all want. We will invest a lot in that. I only talked about the focal length coverage. We not only have that, but also have the continuous zoom of the apertures or variations of the aperture. Now for every handset, this is a fixed aperture. For example, previously, we have the large aperture such as the F1.6 and the F1.4. We need to cover from a 1.4 to 1.4.0 continuous variation of the aperture, then the complexity further increases. We not only have the higher hardware complexity, but also the software complexity that is the control. We need to do so many switches and the continuous variations. We also need to pay attention to the control of that. There is a lot of growth there. I am very optimistic about it. Apart from prism or Periscope, what are the other development potentials? When we talk about this topic, we will transfer from photo taking to video shooting. The growth of the video demand, we have seen the need for the change of components' forms. For example, the optical stabilization. Previously, we have the 1-degree stabilization. Now if we wanted to have a more stabilized video shooting process, we need to increase the degree to negative and positive 5 degrees. Let me give you an example. If you move horizontally, we need stabilization. We need to stabilize the lens and chips. We cannot reduce the performance in the same time. We will have to micro-gimble. It may be built inside of this handset. I believe that in total, the higher demand for video shooting is something we must pay attention to. We have already been making a lot of investment in the development. I have a question from online. We have more and more overseas clients. Do they have a new need for Sunny's overseas deployment? How to respond to such needs? We have more and more overseas clients. How to make a new overseas arrangement? Actually, these are two different things. We have the global business, but it does not mean it will affect our overseas deployment. Even if we only have the company or factory in China, we are able to cover the whole world's market. If you ask about the overseas marketing department, the office, I think this is very normal. We need to be customer-centric. I think wherever there are more customers, that is where we set up offices. This is all very normal. Now we have already set up in Japan, South Korea, the United States, and Europe. For Europe, we will continue to strengthen it. For production bases, we currently have those in Vietnam and India. From the current situation, we have those in Vietnam and India. Suppose there is a need to expand the overseas production base, we will consider that. We need to go through a very complicated review and discussion process. It involves the multilateral trade relations. The overall thinking is that we still need to build our core capabilities. Suppose that the digitalization and management capabilities of Sunny had been improved, then it will be easier for us to have the overseas development. Automation capability is also a key because the biggest problem now is the local team, local people. With automation, we do not need that many talents, right? For overseas development, we also want to collaborate with the local partners. It will support our overseas success. It will support our overseas development a lot. All right. Thank you, Mr. Wang. Any more questions from on site? We can continue asking. Hello, management. I would like to quickly follow up the ADAS business because from the PVD presentation, I have seen that you have moved it forward. I can see that the management really value this business. At the industry level, at the beginning of the year, from the launch of the product from BYD, there have been a lot of secondary market investment. We have seen some fluctuations of the shipment and the ramp-up. Based on my own market investigations led by BYD and also followed by Geely and Chery with the further intellectualization development, will you change the pace? For example, for overseas clients, will you change the pace? You already have the production capacity in Vietnam. I do not understand you. Can you keep it brief and clear? Can you make it short? You have such a long description. I do not know the key parts. What is the focus? Sorry. My question is for ADAS clients, what should be your plan for the second half of the year and the next year? For example, the orders from BYD or some other overseas clients. I can take this question. You talked about ADAS. BYD had launched the product of ADAS. Also, Geely's Haohan advanced the specs, upgraded the specs of ADAS cameras. In terms of the number of cameras we provide, we are not the largest supplier. We need to look at this issue from two perspectives. Apart from BYD, we also pay attention to the models of Chinese companies sold overseas. It means we need to improve the quality. This is my answer to your question. About the lens sets, maybe Mr. Qiu can answer your question as well. Because of the ADAS business of BYD, we've got a lot of orders for the lens. I think BYD not only drives the development of ADAS in China, but also that of the world. We had collaborated with so many Tier 1 OEMs. I believe that Geely is the most active one of following the trend. Some overseas clients also had paid more attention to the development of ADAS. I believe that with the new launch of BYD, it will definitely drive the higher demand for the sensors. In 2025, the demand for the vehicle lens sets had to be increased by 20% year-on-year at a global level. This is a big increase, much faster than the previous years. Personally speaking, I think it's a good business. Due to the interest of the time, we will have the last question from the on-site investors. I have a question. In the previous years, there have been some fluctuations in the handset market. The competitor from Taiwan, they still maintain a very high level. My question is that in the coming three to five years, do you think that we should try to reduce their market share or increase our market share? A lot of people are very curious why their net margin is still so high, especially with such ferocious competition, why their net margin is so high. Do we need to increase our net margin as well? What's the question again? Let me repeat my question. Keep it short. The Taiwan competitor has maintained a very high level of net margin. What's our countermeasures? Do we need to try to reduce their margin level or increase our own? Largan is a great company. We have been learning from them all the years. Technologically, we had been benchmarking against them. Every time they have a new product to launch, we do a lot of technological research and analysis. Largan had become the number one company for many years. We have been a follower. We are chasing them. Step one, in terms of the number of the shipments in the presentation, we already had shared with you our development right now. We had surpassed them. Because in terms of the revenues, we are still following them. In the coming few years, we will make plans. In terms of the sales numbers, we want to exceed them as well. In terms of the technologies, I should say we need to go deeper in technology development. In the underlying logics and the basic technologies, such as the mold technologies, we need to have a more in-depth development. The market share had increased because of that. This is one thing. Another thing, in terms of the number of products we sell, we had exceeded Largan, but the sales revenue is not. In the flagship main products, previously, the proportion is relatively low. In recent years, after we figured out the basic technologies and ideas, now we have a higher and higher percentage in the sales of the flagship hero products. In the end of flagship models, our share had been much higher than that of Largan. The only thing is that for the A company, their share is much larger than ours because we only started to collaborate with the A company in very recent times. They have made a very long-term development in collaborating with the A company. In terms of the gross margin, because Largan has the better say in the technology bargaining. In the future, we will have a more differentiated strategy in the competition. For example, we have the 1-inch product. Whether it is for the handset or non-handset product, we have a very high market share. For example, the periscope lens. In terms of the bargaining in these areas, we can compete with Largan as well. Going forward, in the handset and lens sets, we will also try to increase our gross margin. That is my answer. Thank you. I have something to add to this question. You talked about how to make the selections, whether we increase the margin or reduce their margin. Definitely, it's the first idea. We will increase our net margin. I can share with you my perspective. The first is the plastic lens. For the full plastic lens, we're going to have a very big breakthrough high-precision assembly technology and also modeling technology. For plastic lens, we are going to have a more optimized solution. Also, for the hybrid lens technology, no matter if it's in the spherical lens, we are leading our competitors in this perspective. Third is that in the future, we are going to have more lens assembly in different groups of lenses. It's going to need to have a very precise AOI technology. We have more than 400 patents in this perspective. We are the leading player in the industry that can achieve mass production. The next perspective is that to tackle with limited space, squeezing space. At the same time, we need to upgrade the sensor size, larger apertures, and focusing capabilities. It is going to give us some change. That is, lens plus actuator plus prism plus ceiling is going to have a lot of variations. We have a more comprehensive systematic accumulation, that is without doubt, because we have our optic solutions throughout the years, our history. In order to face the changes for the systematic challenge in the future, we are more prepared. To face the full digitalized factory investment in this perspective, we are doing our best as well. In terms of digital management, not just about factory, but starting from the optical design to R&D to full path of digitalization, our investments will demonstrate a further capability. From all these five perspectives, we'll be a more optimized solution provider. All right. Due to time limitation, we cannot take all the questions from our investors. Do not worry because we have our dinner gala. During that time, please do make exchange with our management. We'll stop the Q&A session here. Now, please move to the ballroom to have dinner and follow the instructions of our staff. Thank you.