We will start the presentation today. The PowerPoint has been published on the official website. Let's have Mr. Wang Wenjie, the Executive Director and President, start the presentation today. [Foreign language] 各位, 这个投资界的老朋友们。 Dear investors, this is my second time for results announcement, and we have a lot of communications recently. I can see a lot of familiar faces. First, I would like to thank you for coming to Sunny Optical 's interim results announcement amidst such busy times. [Foreign language] 我们这个会介绍四个方面的。 Today, I will present four parts. First, performance review. Second, business highlights. Third, future outlook, and ESG achievements. I know that you have high interest in our performance and the business highlights. First, we will start with the performance review. First, let's take a look at our performance. [Foreign language] 收入的情况呢, 其实 In terms of the revenue, as we have published last night, it's very clear to all of you. From the stock price this morning, I can see that the market recognized our achievements, and our share price kept growing. We have seen steady growth for our revenue, and we have seen drastic growth for our profits. It's all thanks to several factors. First, gross profit margin improvement. [Foreign language] 这个手机镜头和模组 for mobile lens sets and modules have grown significantly. For the vehicle modules, our revenue also grew at a very high speed. For the detailed contributions, we will share with you the details in the breakdown. [Foreign language] 所以我们这个这期的这个归属投资的进展 The profit attributable to the owners of the company reached 52.6%, reaching CNY 1.65 billion. [Foreign language] 这个财务数据, 我们展示一下, Here you can see the financial summaries of the details. Our total operating expenses increased by 6.8%. In terms of R&D expenditure, we have invested a lot, and we have decreased our S&D expenses. Our net cash from operating activities increased by 14%. We are very happy with the financial statements. [Foreign language] 那么我们下面还是重点来看一下我们的这个公司。 Next, let's take a look at our business highlights. We have published our PowerPoint on the website. First, let's take a look at the handset business. In the first half of the year, we have increased our revenue and profitability. In terms of handset lens sets, revenue from 6P's or higher lenses increased by more than 9% year-on-year. Revenue from hybrid lenses grew by over 100%. This trend will continue, which means high demand for hybrid lenses. We will also expand our capacity of the related modules. This high-end product significantly improved our gross profit margin year-on-year. For handset lens sets, around 20%- 30%. We expect that the gross profit margin for the whole year would fall into this range as well. For handset cameras, the high-end products' revenue increased by 20%. Gross profit margin is between 8%- 10%, as the guidance we have given. We believe that the gross profit margin for the whole year will also fall into that range. Next, I would like to share with you our technological capability in the mobile phone cameras. The gross profit margin improvement is not possible without our technological improvements. As you know, [Foreign language] 手机, 信号 Handset cameras are moving towards extreme miniaturization. With our optical technical reserve, we continue to build up our technical barrier. [Foreign language] 我们在前面有多少? We have mentioned several times, ultra-miniature molding packaging technology and ultra-high-precision optical assembly technologies are those that expand our industry leading advantage in mobile cameras. We expect [Foreign language] 手机 The mobile business would increase by 5%- 10% compared to that of last year. As I have mentioned, the revenue of the ultra-miniature molding packaging technology would increase by 500%. For molding technology, we have been listed in the pipeline for the high-end products of the top companies. This is a good sign, and this is also a proof of our improvement in our overall technology. Next, I would like to talk about our automotive business. The overall situation is quite well. We have seen the acceleration of our ADAS penetration, which has driven our global camera market size. We have seen continuous improvement in our camera specs, and our market share will also continue to improve thanks to that. Apart from cameras, for LiDAR and LV and above intelligent driving vehicles, we have gained a clearer picture of such application. [Foreign language] 那么, 国内的投资者是? The leading car manufacturers in China are accelerating the deployment of LiDAR. We have the total value of LiDAR projects exceeding CNY 1.5 billion. The car manufacturers would approach us for LiDAR projects. We thought that LiDAR was mainly manufactured by the car OEMs, but actually, the car manufacturers approach us proactively for LiDAR business. The technological structure and roadmap of LiDAR is very clear, and we have a very clear picture of the technological route for LiDAR. We believe that LiDAR will be one of our growth points in the future. [Foreign language] 那么, 你还是想投? In terms of vehicle lens sets, [Foreign language] 我们还是这个, 你? We continue to lead technological innovation, and we are industry-first in many technologies, which includes ultra-low evaporation coating technology, adaptive variable aperture technology, and super black spray process technology. These are the core technologies for camera performance upgrades. [Foreign language] 那么这个怎么说呢? 当然是要这个一个公司 As you know, [Foreign language] 能长期 For a company to continue to lead in a segment in a long period, especially for vehicle lens sets, is not random. It's because we have a lot of technological accumulation. We have proactively developed many technologies, which include our active cleaning technology, defogging, de-ice technologies. [Foreign language] 这个什么? You may think these technologies are not relevant, but when the intelligent driving is developing towards L3, L4, fogging, pouring rain, snowy weathers will affect the sensors on the vehicle, and the autonomous driving will be affected. That's when the defogging, de-icing, and dirt elimination technologies are very important because all the sensors and cameras are exposed outside the vehicles, and they could be subjected to the external situation and conditions. We should not limit ourselves in the megapixels of the cameras and the cost. We have been proactively developing the technologies that are needed for the future autonomous driving. This is the responsibility of a leading technological company in this industry. Because of this technological accumulation, we have gained the trust from our clients. All these are very difficult technologies. [Foreign language] 现在开的车上 For our vehicles today on the road do not have such technologies. In two to three years, these technologies will be applied on the future vehicles. This is the part that I would like to elaborate on. [Foreign language] 那么这张图我们是讲XR业务? This one is about our XR business. [Foreign language] 我们可以看到随着人工智能 As shown in this chart, with the empowerment of AI, the smart glass market has entered the fast lane of development. By 2025, the total volume is expected to exceed 10 million units. In the beginning, we have already given this number. It sounded like a forecast, but now it is already the reality. Our orders have already been the proof of such numbers. We will see rapid development in the next decade. Smart glasses would be a field with high potential. The goggles [Foreign language] 我一下有按一下 did not last in the past years. [Foreign language] 这个原因主要是人工智能 We have seen the definite future of XR glasses. It's mainly because of the support of AI. The empowerment of AI has stimulated the demand for XR business. [Foreign language] 这新线索好啊, 看一下。所以我觉得这个 This is very clear to us. This business segment achieved CNY 1.2 billion, and the smart goggles market share has been leading the world. This is a very, very high, this cannot be a very high percentage. Not many people are using them. The highest achievement will be for Meta, which is the largest manufacturer. All the Chinese companies combined are less than one-tenth of Meta. The battle on smart glasses is actually between Meta and others. We've seen some other trends, but actually, you haven't seen any real smart glasses. I believe there will be more products of this kind in the next year. [Foreign language] 这个是, 那么这一页我们讲的是我们对XR的这个业务啊 On this page, [Foreign language] 全年度的这个战略布局 You have seen our XR business. It has certainly covered the full chain from components, parts, and the whole devices, software, and algorithm. We have been present in every step of the development process. On devices, we have the capability of vertical integration and mass production. Let me talk about how we can produce the whole devices if we are regarded as a company producing parts. Look at the product. You may think that it's a simple product, but actually, it's very complex. There are a lot of other costs involved considering the optical technologies. There are other technologies. For example, we use optical technology to test the distances with the smart glasses, and other electronic companies are not equipped with such capability. For that reason, and under the guidance of our customers, we have developed relevant products of this kind. [Foreign language] 那么这个是讲这个我们讲整体的这个目前的这个情况 This page shows the current status. [Foreign language] 随着智能引擎的发展 With the development of smart glasses, AI glasses have seen accelerated development. S- class glasses are not equipped with a display. They are equipped with AI, smart camera, and voices. AR glasses are equipped with a display with waveguide technologies. In general, we believe that waveguide technology will be the mainstream technology, but there are other problems to fix. For example, micro-LED. [Foreign language] 这个micro LED If it's micro-LED, we need to think about that. If it's one color or multiple colors, and if it cannot be mass produced, that will be impeding our mass production process. Our task is to improve the efficiency of waveguide so our process can be optimized and our products can be further compact. We have different solutions, for example, silicon carbide and other waveguide solutions. As you know, in order for consumer-level AR glasses to be really popular, we need to overcome a lot of difficulties in software hardware when it comes to LED and also in ecosystems. That is why we are keen to establish a more open ecosystem featuring win-win cooperation so we can integrate resources for the breakthrough in the technologies of AR glasses. [Foreign language] 下面的我们讲 Now, I will talk about pan-IoT business. [Foreign language] 我们这个技术会用像AR赋能这个驱动的晶体质量。 Technologies and AR as an enabler are driving economic growth. I'm sure this is a topic that you're very interested in. We are actually reusing the technologies that were used for phones on these new emerging areas. With artificial intelligence, these business segments have grown very fast. In 2025, we have seen the fast growth of sports cameras thanks to the boom in tourism and the influencer economy. Secondly, hardware and software upgrades are revolutionizing the user experience. [Foreign language] 赋能呢, 简化了创作门槛。 Enhanced imaging functions improve picture quality, and deep AI integration makes it possible for amateurs to make their videos. [Foreign language] 赚钱了大众 Without any professional skills, people can produce high-quality content. These devices are not any more specialized tools. My daughter bought one of them, and it works pretty well. When shooting a video, it's very stabilized, and to some extent, it makes up the capabilities that the phone doesn't have. Smartphones are not good in stabilization, at least not as good as these smart AI devices. [Foreign language] 很多我们以前刚才我们讲技术互用, 很多我们的大项目技术啊 As we said, we reused technologies. For example, motor and large field of sight technologies, this can be reused. We also work closely with some key clients, achieving revenue growth, and we have opened up new resources for profit. [Foreign language] 这个非常有意思。 This will be one of the potential growth points in the near term. Meanwhile, the robotics sector is also worth attention. We have seen accelerated growth in robotics. [Foreign language] 机器人的智能化升级已呈现出明确的 Intelligent upgrading of lawn mowing and pool cleaning robots have shown clear growth opportunities. The core upgrades of these robots focus on improving vision sensor accuracy and optimizing algorithms. These technological advancements will lead to a continuously better user experience. In the last results announcement press conference, we also said that we would [Foreign language] 再扩产 make an effort to increase production, and we expect some very good effect. [Foreign language] household use, right? The industry penetration rate is growing very fast. These are household devices. We believe there will be more new categories of products coming up in the future. Maybe we will not go so far as embodied intelligence, but in some professional areas, robots will play a bigger role. [Foreign language] 因为 We relied on machine vision technology and our vertical integration technology in manufacturing robots. To some extent, we have shifted and expanded our business from vision and sensing technology to integrated system solutions. I will be also talking about that in my next part of the presentation on future outlook. Next, I will share with you our strategic outlook for the future. [Foreign language] 总体来说，我们感觉呢，是在人工智能时代呢，所有的 We believe that in the era of AI, every industry will have to be linked with AI. If you don't give any thought to AI, your industry, your sector will fall behind the mainstream sectors. Here, we believe the application plus manufacturing will act as a very strong driver. Applications might change, but manufacturing doesn't. I will be talking about what AI means for manufacturing in a moment. [Foreign language] 人工智能 In the AI era, AI as an enabler is not only a multiplier. It will accelerate growth like a snowball effect. [Foreign language] 我们在应用和产品 Let me also talk about applications and products. On the product application side, we are focusing on development opportunities in smart hardware based on optical perception. We will continue to strengthen our advantage in optical perception technology while extending into the decision-making and control domains to create a more complete capability system and product portfolio. [Foreign language] 我们把 For example, lawn mowing and pool cleaning robots, we started producing some modules, but our customers couldn't use them. That's why we developed a control board for them. After that, we thought it would be good to optimize their performance. This is why sensing, decision-making, and control came into the picture. With the whole system, this smart device with the optical device system, I mean, other assemblers have to bring their devices back to our company to configure the physical spaces because they cannot make a sensing integrated smart hardware with schools and glues. Our customers said, "Okay, why don't you make whole devices so you can get ready with all the configuration and specifications?" It's not to say that we will produce devices on our own, but AI will definitely be one of the core technologies in the future. [Foreign language] future development direction. This is how we consider the future development direction. At the same time, we will develop technologies in embodied intelligence. As you know, this is a sure thing. We have these smart sensing systems. In embodied intelligence, we have four systems, whereas in low-altitude economy, we have technologies that can assist flying objects to land and take off. We have sensing technologies for long distance, and optical technologies will surely have a chance. When it comes to healthcare and medical devices, it's not only about digital medical records or imaging systems. We will develop surgical robots and other areas. For autonomous driving, I will not talk about the details, but in general, in these areas, [Foreign language] 你跟产品的这个 In these new and emerging scenarios, we will make sure that our technologies are present so they can contribute to the future development of a company that will be contributing to the momentum of our growth. I will be talking about manufacturing. [Foreign language] 你看人工智能是一个市场。 I'm always convinced that manufacturing is important. As a high-end manufacturer, when we are shifting from traditional to smart manufacturing, if we don't have good smart manufacturing technology, we don't have a footprint in the future markets, we will not have any core competitiveness. [Foreign language] 我们今天也在讲宁波。 We are located in Ningbo, Zhejiang. As we know, we have a very strong manufacturing industry here, but if we don't combine it with AI, when we compare to the companies that do, they will catch up with us very rapidly. Sometimes, some clients come to visit us after many years, would be very shocked of the upgrades of our factories and facilities. It's because we have mastered the trend of the industry. Sometimes, you might be oblivious of the trend, but in two to three years, if you don't pay attention, you will be lagging behind. For us, we are deeply engaged in the training of small models while deploying large models for vertical fields in the optoelectronics industries. The key is to utilize the simulation data for the optical system and the production data. Simulation data is very important. It is just like a digital twin. We need to combine the actual data with the simulation data. If we have similar simulation data and production data with the empowerment of AI, we can improve the overall performance of our products. That's why we develop and train small models, and at the same time, we also deploy large models for vertical fields. It improves our yield, efficiency, and agility. Yield should always come first before efficiency. On the basis of yield improvement, we improve efficiency. Otherwise, it would not be meaningful. We do not want too much error without a good yield. [Foreign language] smart devices, smart management. In this way, we can enhance our processes, our production, and our quality management, as well as the management of our smart equipments. If we can be more superior in yield and efficiency than our peers, we don't need to worry about our market share. We don't need to worry about our business. I believe this is what we need to sustain for the future. That is, we must keep ourselves unwavered to our goal as a manufacturing company. We have also done some organizational optimization. We have consolidated our organization and focused our resources for future development. What do I mean by that? Last time, we have talked about our tactics, and we have simplified the tactics since last time. We have talked about the Skytree ground improvement, but now we want to improve the capabilities that we share in the group. Without capabilities, it is not sustainable for our future development. We want to optimize the shared capabilities on the group platform. The main purpose is to consolidate our efforts for major projects in optical processing, quilting, testing and analysis, tooling, processing, design and simulation equipment, and encapsulations and developments. We have these common capabilities. For some specific capabilities, we might establish a task force for different technologies so that we can combine the empowerment of the platform together with the vertical scenario. We believe that our central institute, we established a 27th STO. As you know what CTO is, but one CTO cannot manage so many scenarios, and that's why we call it S. That means small CTO. [Foreign language] 那个NATO, 我给他弄的, 那个CTO的这个叫。 We established small CTOs for our technological personnel so that they can be very targeted and raise their ideas and do innovations for some specific areas. In this way, we can concentrate our resources and improve the reusability of these resources to support the improvement of our core capabilities and expand our industry footprint. Thirdly, we will adopt diverse strategies to capture opportunities. The first precondition is that we should have those capabilities equipped, and we should expand our presence into different industries so that when the opportunities arise, we can grasp them. [Foreign language] 这个困难啊, 你们有没有看到我们第一页的前面的。 In the previous pages about the growth curves, handset lens sets is moderate, and then we have the AR/VR. For XR and smart hardware, the business growth curve continues to go up. This is our ideas for our business development. Another thing is about our overseas footprint. We have a very flexible overseas deployment strategies. The current international situations and our product strategies for international markets. [Foreign language] 这个我们认为主观来讲, 这个。 Not up to us. For example, our plans for Vietnam might be affected by the international situation. Apart from Vietnam, we might also consider other locations. We will follow the customer's demands, policies, and our market development strategies. All in all, we will adopt more flexible strategies to respond to our customers' needs. Lastly, I would like to share with you our latest achievements in ESG. [Foreign language] 今年呢, 就气候变化带来的。 Regarding the risks and opportunities posed by climate change, we have completed the identification and assessment work, and we have used scenario analysis models to predict our current and expected financial impacts on the company. Our climate-related disclosure report has shown that our ranking for ESG progress has been elevated. Here you can see that it has been upgraded from BB to AA level. That concludes my presentation. Thank you. [Foreign language] 感谢吉总的分享。 Thank you for the sharing. We will now start the Q&A session. If you have any questions, please raise your hand, state your name, and capacity. The lady from first row. Thank you, management. I'm from Citi Amtina. I have two questions. The first question is from the business structure. Handset lens sets 67%, non-cell phone 33%. In terms of the breakdown for revenue, it's like that. What about the profitability? For non-handset business, what is the contribution of the profitability of the non-cell phone business? Also, several trees that you mentioned in the strategy, which trees, which fruits are more attractive in the future? The second question is about the guidance for this year. Is there any update? [Foreign language] 今年是这样, 第一呢。 Tina, for the first half of the year, compared to the same period of last year, the profitability grew rapidly. As mentioned in the presentation, it's mainly driven by the gross profit margin of the handset lens sets and modules. Net profit grew by 52% from the profitability breakdown. If you split into handset and non-handset, the contribution from handset is over 50%. [Foreign language] 那么整个经营的。 The guidance for this year, let me repeat. For handset business, for handset lens sets, gross profit margin grew compared to that of last year. We believe that for the second half of the year, it will continue to improve. For gross profit margin for handset, it's around 20%- 25% last year. This year, it has already exceeded 25%. For the second half of the year, it will continue to grow. For the whole year, it will be between 25%- 30%. Please give us some time. Next time, let's see if we can exceed 30% for our handset lens set business. For handset module business, we have seen gross profit margin improvement for the first half of the year. For the second half of the year, we believe that it will maintain stable. The range will be around 8%- 10%. For the handset lens set and handset module business, for the second half of the year, I believe that the revenue would grow compared to the first half of the year. From our PowerPoint, as you can see, the revenue for handset grew by 1.7%. For the whole year, I believe the revenue would grow by 5%- 10%. That's about the handset business. For vehicle business, for the first half of the year, it's quite ideal. Revenue grew by 18%. Among these 18%, the handset modules and handset lens sets have performed very well in terms of the high-end products. For the modules, we have a lot of internally used products. It did not exceed 20%, but from the business unit, the revenue grew by 20% for sure. For the second half of the year, the vehicle, including handset lens set and the modules, the revenue is expected to grow. For the whole year, for the vehicle business, we believe that the revenue would grow by 20%. I'm talking about the revenue growth rate. The third one is XR. For the first half of the year, we have seen 21% of a growth rate very fast. Last year, revenue was around CNY 1 billion. For the whole year, CNY 2.5 billion. That is CNY 1.5 billion for the second half of last year. In March, we have talked to you about this. Our North American clients did not launch a new VR product. Second half of last year, there was a VR product launch. That's why this year we do not have this one. The reason the first half of this year we have a 21% growth is because we have the smart glasses projects. For the whole year, although VR-related revenue might decrease, the XR machine would increase. For the whole year, the revenue should grow moderately. Thank you. Any more questions? [Foreign language] 大家好, 我想。 Good morning. My first question is regarding vehicle revenue. You have seen an 18% growth in vehicle and your shipments. A 21% comes from lenses and modules. See a growth of 35% in its revenue. Can you please give us a breakdown of lens, CCM, and LiDAR? [Foreign language] 可以看一下, 因为刚才王总讲到LiDAR。 Mr. Wang said that you worked with a lot of OEM customers on LiDAR. Going forward, what will be the momentum and what will be the possible growth rate? [Foreign language] 你拆解一下这样, 这里面的产品呢比较多。 You mentioned a lot of products. The core product should be vehicle lens sets and vehicle modules. Other products, including what we are working on, LiDAR, HUD, these are all growing. We don't have the plan to give you a breakdown, but going forward, if we have a chance to talk with the investors, we will provide the breakdown. As I said, there was this part of internal supply which should be taken into account. The second question is regarding the expectation for LiDAR business. [Foreign language] 激光雷达我们目前没有单独这个啊做出指引。 We don't have a specific guideline for that. [Foreign language] 我刚才为什么讲激光雷达多讲。 The reason I gave a lot of updates on LiDAR was because the development of LiDAR has been more obvious than ever. If that's the case, that's good news to big companies. If it's not obvious, then it's good news for startups because startups will come up with a lot of new things which are probably out of our expectation. You know, you have different solutions around LiDAR. [Foreign language] 这个FRESH啊, 这个FMC。 Like FRESH, FMC. There are a lot of different solutions around LiDAR. Now things are much more clear. [Foreign language] 这样听起来很棒。 That's why we can focus our energy on this vertical with technological capability in the pipeline and mass production. We have received some figures, but we haven't allocated specific space for that in our specifications. In the past, you mentioned there was a number which was CNY 2 billion. Is there any update? No. On our slides, you can see pure LiDAR was CNY 1.5 billion, robotics CNY 2 billion. We didn't mention HUD. If you look at smart driving, level 2, level 3, and level 4, be it for lens or LiDAR, there's a very clear trend. If the trend is clear, then to such a big company like us, we have very good capabilities and technologies, then it would be more likely to seize this opportunity and make it a pillar for our revenue contribution because we've been making parts and components for LiDAR for many years. Good morning from Huatai Securities. Two questions. First of all, congratulations on your good results. In the first half, we have seen very good growth in ASP and margin. When it comes to shipment, things have become more sluggish. Could you please talk about your view on how you can balance size, margin, and profitability going forward? How do you look at the handset market in the second half of the year? [Foreign language] 这个所以你不是看的是数量。 As investors, you focus on numbers. As management, I focus on revenue. [Foreign language] 你算过来也是这样的啊。 We are interested in the same thing. I didn't focus on the specific numbers of volume. [Foreign language] 这个月下来, 一个月的营业额是多少。 I'm interested to know the monthly revenue. At the same time, I'm keen to know if these products are selling well, if they're equipped with our core capabilities. I'm interested to know how our vertical integration technology is doing. Namely, I'm more interested in these technology-enabled products. If they sell well, if they're popular, then there will be no problem. I don't care about the specific numbers. Of course, regarding the decrease and increase in numbers, we have another KPI in our internal control to control that. The other day I was wondering why the number decreased a lot. I didn't know. The public announcement said that our modules were down by 20% or something, but our capacity remained the same. It should be that if we have such a decrease, then our capacity will have, we will have more capacity left unused. This is not the case because our production process has become more difficult and the ASP is increasing. You should know that if we have a camera, if we have this front camera, and it's different from the periscope camera, the level of difficulty is totally different, and the price gap is huge, and the production process is totally different. The price will be a few times different because you need to work on motors, you need to work on the lens, and there will be this curve, and the periscope camera will increase a lot in its size. That leads to a big increase in its workload. We have less numbers, we have a very high utilization rate of the production lines, and we're even planning to increase production capacity. We may have to rent some production lines. [Foreign language] As you said, the number is decreasing, which frustrated us. This is something that we cannot wrap our head around, and I'm sure you do. [Foreign language] 你这个出货量下降了, 那。 People say that our shipment is lower. [Foreign language] I can't decline. I cannot explain by saying that our actual sales is not decreasing. I can probably say that now. [Foreign language] 就是这么一个情况。好的，好的，谢谢马建峰，这是一个问题。 Thank you, management. If I may supplement some information, in the first half, the ASP of handset lens sets and vehicle lens sets, the ASP is down by 20%. I suggest that investors read page nine of our slide presentation. This is about future directions, compact and professional video making. These are the expectations for the future. Globally, smartphone as a market will not increase in size. The premium markets, for example, the main camera, periscope camera, and other technologies, these sectors will deliver good revenue growth, and the growth rate will be good. In the future, we need to rely on important platforms to gain more market share and higher revenue. Thank you, management. Very clear. Second question, Mr. Wang mentioned a lot of organizational structure changes. [Foreign language] 这个图其实。 The picture was impressive. Last time, during the investor day event, you said that you will have such a strategy where you will focus on big names like Apple and Meta. Going forward, what's your plan and what are the possible opportunities? [Foreign language] 其实刚才那个那个我们太阳能, 就是说这个天气数据里面。 I think a similar question was asked about our organizational structure. I believe the biggest tree comes from handsets, but going forward, I don't know if the tree will grow further because the nutritious content absorbs might change. [Foreign language] 这是都有关系，那你的意思是指我们的民调参与里面，所以这些啊。 I think you're asking about how we think of the future trends regarding the big names. We've been working very well with these big customers. [Foreign language] 跟某个客人。 As you know. [Foreign language] 这个在某些项目的合作过程。 Working with some customers on some projects. [Foreign language] 这个特别是这个国际间的大客户。 This is especially true with international customers. It's not the case that we reached a deal today and next month we'll go for mass production. Good things take time. I can explicitly say that the collaboration is going very well. [Foreign language] 那么也就是说我们通过这几年的, 我们换的很多。 Over the years, we've developed new technologies, we worked closely with our clients, and we became more confident, and our technologies were recognized and trusted by our customers. It's fair to say that we made a lot of effort in this regard. [Foreign language] 是的, 我们公司的业务技术也进行了调整。 As you know, we have changed our business and organizational structure. [Foreign language] 这个平台技术也进行了调整。 We have adjusted platform technologies. These efforts are all to respond to our customers' requirements. [Foreign language] 很不错的一个一个一个发展方。 Everything looks great in our development. I cannot make it overly clear. Thank you. Good morning, management from Bernstein. I have two questions. First, regarding vehicle module. I know most of your revenue comes from China and you have received orders from overseas like Europe and Japan. When will we expect some explosive growth from these overseas customers? If we have more overseas customers, is it possible that gross profit margin for vehicle module will grow? [Foreign language] 这个我们车子这块领域的话呢, 其实是现在海外特别是以及欧美。 Regarding vehicle business, there has been increasing business from overseas, Japan, and Korea as well. I'm talking about a general trend. It's not about any single customer or any single order because we see it as a long-term trend and it covers different types of cars. The trend started in 2020. We believe there has to be a general plan that covers three to five years. This year, there has been good progress in vehicle business, but we're not happy with that. Our goal is to surpass the growth rate of the industry in general. With more big customers coming from overseas, with more overseas projects and orders, with that trend continuing, we believe that the trend will continue and we expect higher revenue and accelerated growth. Will it be higher gross profit margin? If you're talking about better cars, premium cars, of course the gross profit margin will be higher. It comes down to product structure. It's not that the overseas market is not competitive. It's the other way around. The overseas markets are very competitive indeed. We're talking about Bosch, Continental, these companies. They're not like the domestic companies. [Foreign language] 这个不是说国外。 It doesn't mean that the overseas business would have a higher margin, but we can talk about negotiating with the clients. In the domestic market, it would be very hard to talk to some clients. This is not a very good environment. Our strategy is very definite. Europe and Japan would be our main overseas markets, and soon we would receive orders from a key client from Europe. I will go to Europe next month. For XR, for AR glasses, mix would increase this year. For AR glasses and other machine assembly, would the gross profit margin be affected compared to the VR lines before? For VR, gross profit margin is actually not very high. For AR, the gross profit margin is also not ideal. That is the case. The machine would not be quite ideal either. For AR/VR, we have parts, we have modules, and we have machine. The gross profit margin is not the same for each segment. That would be simplifying the gross profit margin. The gross profit margin for different parts also varies, for different modules also different. The gross profit margin for parts, of course, would not be higher than the whole machine. Now, we have not broken it down for you. It is just starting. For different lines of business, the gross profit margin would be different, and by then, we will share the details with you. I will allow one last question in the interest of time. The gentleman from the first row, please be brief. For the handset modules, the gross profit margin is 8%- 10%. Our key product is around 10.6%. What is the reason for such a difference? For IoT and vehicle modules, what would be the outlook for the gross profit margin? For the optoelectronic products, what would be the forecast for the gross profit margin in the future? First, for the future direction, we will fade out from the optoelectronic business. We know that our breakdown has already started to shift. I would suggest that we look at the gross profit margins for different industries for our key products. The second question is quite simple. For the first half of the year, for the X3 related or vehicle module related, the revenue group, very ideally, the GP margin are higher than that of the handset camera. Another small question is in [Foreign language] Shanghai Linggang. There is a [Foreign language] Shangyi Wenna invested a facility that manufactures XR and etching machines. Do we have definite orders? Do we have any specific timeline? What is the scale of this factory? For the orders, definite orders, it's related to the pace of the international multinational companies. When we started the investment, they said they would give us the orders, but when we have made the investment, they said that they wanted to adjust the plan. Now they're adjusting their pace, but no matter what the adjustment would be, the waveguide for China would be a long-term product type, and that's why we made such an investment. Such an investment, as you understand, is an R&D investment. We have invested lots of funds in it. Now it's very hard for me to say the timing because it has a lot to do with the application and also other stuff. Micro-LED, for example, is something that's very important to the matching of our technology. What I can say is that this direction is a commonly recognized technological direction. As a leader in the technology, we have to make such an investment. [Foreign language] 你有什么看法? 这个。 It has a lot to do with our corporations upstream, downstream, vertically, and horizontally. Do you have concern for our business? No, I have confidence in your business. Actually, we have talked about this investment for a long time, and we have invested a lot in such projects. This is a very early project. The other projects were not that early, but the development for such projects was not developing as fast as expected. Now it's very hard to give a definite timeline for such business. If you ask Apple or Meta when you can manufacture your products in a large scale, it's very hard for them to say because it's in the cultivation stage. Everybody has high bets for such a direction. Technologically and market-wise, we are promoting such products, and we are part of it. We have to make such an investment. At the same time, we need to partner with some companies to promote the market development and the technological progress. There might be some changes and variations, but this direction is quite definite, and this is a fact. For example, AI goggles. I believe this might be a prelude to the AI goggles. I believe there are some definite change to it, but it is very hard for me to give a timeline when we can sell how much. Thank you very much for your participation. This marks the end of today's resounding announcement. Thank you.