Good evening, ladies and gentlemen. Thank you for standing by, and welcome to the third quarter of 2024 RoboSense Technology Co., Ltd earnings conference call. After today's presentation, there will be an opportunity to ask questions. Please note this conference is being recorded. I would now like to turn the conference over to Miss Joy Chen, the Investor Relations Director. Thank you. Please go ahead. Thank you, operator. [Non-English content] [Non-English content] Thank you, Mark. Now I would like to take you through the third quarter of 2024 financial highlights. Our total revenues was RMB 407.9 million for the third quarter of 2024, representing an increase of 54.7% from RMB 263.6 million for the same period of 2023. The year-on-year increase was mainly attributable to the increase in sales of product in the third quarter of 2024. Our revenue for the sales of products was RMB 384.8 million for the third quarter of 2024, representing an increase of 63.7% from RMB 235 million for the same period of 2023. The year-on-year increase was mainly attributable to the increase in sales of products for ADAS applications, such as our automotive-grade solid-state LiDAR. In the third quarter of 2024, our revenue generated from sales of our LiDAR products for ADAS applications increased to CNY 329.5 million from CNY 176.2 million in the same period of 2023, representing a significant year-on-year growth of 87.1%. The total number of our LiDAR products showed an increase to approximately 138,600 units in the third quarter of 2024, from approximately 59,000 units in the same period of 2023. The number of LiDAR products sold for ADAS application increased significantly to approximately 131,400 units in the third quarter of 2024 from approximately 53,200 units in the same period of 2023. The revenue growth of LiDAR products for ADAS applications driven by the increase in sales volume of products was partially offset by the decrease in the average unit price of products for ADAS applications to approximately CNY 2,500 per unit in the third quarter of 2024 from approximately CNY 3,300 per unit in the same period of 2023. The decrease in the average unit price of products for ADAS applications was mainly because we have lowered the average selling price of our products offered to our customers when the sales volume has increased, and the raw material procurement costs have been reduced. Our revenue generated from sales of products for robotics and others decreased from CNY 58.9 million in the third quarter of 2023 to CNY 55.3 million in the same period of 2024, representing a year-on-year decrease of 6.1%. The total numbers of LiDAR products shipped for robotics and others increased to approximately 7,200 units in the third quarter of 2024 from approximately 5,800 units in the same period of 2023. While the average unit price of product decreased to approximately CNY 7,700 per unit in the third quarter of 2024 from approximately RMB 10,100 per unit in the same period of 2023. Primarily because the sales of lower-priced Helios and P Pro series increased, while the sales of higher-priced Ruby series decreased in the third quarter of 2024. Our revenue from the sales of solutions was CNY 22.1 million for the third quarter of 2024, representing a decrease of 11.3% from CNY 24.9 million for the same period of 2023. Despite the number of delivered solution projects increased to 119 projects in the third quarter of 2024 from 82 projects in the same period of 2023. The average selling price per project decreased to approximately CNY 185,500 in the third quarter of 2024 from approximately CNY 303,400 in the same period of 2023. Primarily attributable to the decrease in our reference solution projects, which are normally charged at a higher average selling price, while the number of lower-priced standard RS-Fusion-P series solution projects, which are RoboSense solutions for robotic applications and early testing stage of our ADAS application that integrate our LiDAR hardware products and AI perception solution software to enable higher level autonomous driving, has increased. Our cost of sales was CNY 336.7 million for the third quarter of 2024, representing an increase of 39.9% from CNY 240.6 million for the same period of 2023. The year-on-year increase was mainly attributable to the increase in sales of products for ADAS applications. We recorded a gross profit of CNY 71.2 million for the third quarter of 2024, representing an increase of approximately 210.2% from CNY 23 million for the same period of 2023. Accordingly, the gross margin improved significantly to 17.5% for the third quarter of 2024 from 8.7% for the same period of 2023. Our overall gross margin was largely affected by the changes in the sales contribution from different product categories. The increase in overall gross margin was mainly attributable to the significant gross margin improvement of our lidar products for ADAS applications. In particular, for our LiDAR products for ADAS applications, we recorded a gross profit of CNY 46.5 million for the third quarter of 2024 as compared to a gross loss of CNY 13.5 million in the same period of 2023. The gross margin for this product category improved significantly to gross profit margin of 14.1% in the third quarter of 2024 from a gross loss margin of 7.7% in the same period of 2023. The gross margin improvement was primarily attributable to the decrease in raw material procurement costs and the economy of scales as the scale of our production volume for LiDAR products for ADAS applications in the third quarter of 2024 was significantly higher than the production volume in the same period of 2023. For sales of LiDAR products for robotic and others, we recorded a gross profit of CNY 19.1 million and CNY 21.6 million in the third quarter of 2024 and 2023, respectively. The gross profit margin for this product category decreased to 34.6% in the third quarter of 2024 from 36.6% in the same period of 2023. The increase in sales of Helios and P Pro series, which have a gross margin lower than that of Ruby series, caused the overall gross margin of product for robotics and others to decrease in the third quarter of 2024. For our provision of LiDAR perception solution, we recorded a gross profit of CNY 13.2 million and CNY 17.6 million in the third quarter of 2024 and 2023, respectively. The gross profit margin for this product category decreased to 59.6% in the third quarter of 2024 from 70.8% in the same period of 2023. This was primarily attributable to the decrease in our reference solution projects, which are normally charged at higher gross margins, whilst the number of lower gross margins standard RS-Fusion-P series solution projects has increased in the third quarter of 2024. Our R&D expenses were CNY 151.7 million for the third quarter of 2024, representing an increase of 30.3% from CNY 116.4 million for the same period of 2023. The year-on-year increase was mainly attributable to number one, the high employee benefit expenses, which were mainly attributable to the increase in the number of R&D personnel to 635 in the third quarter of 2024, from 559 in the same period of 2023, and improved the remuneration package for our R&D personnel. Number two, the increased R&D equipment, resulting in higher depreciation and amortization expenses. We recruited additional R&D personnel specialized in AI algorithms and development of proprietary chips, which enjoyed better remuneration package. Our R&D expenses, excluding share-based compensation as a percentage of revenue, reduced to 24.9% in the third quarter of 2024 from 37.5% in the same period of 2023. Our sales and marketing expenses were CNY 26.4 million for the third quarter of 2024, representing an increase of 24% from CNY 21.3 million for the same period of 2023. The year-on-year increase was mainly attributable to number one, the higher employee benefit expenses, which were mainly attributable to the increase in share-based compensation of CNY 2.6 million. Number two, the increase in business development and promotional activities as the number of customers and relevant business activity have been increased. Our sales and marketing expenses, excluding share-based compensation as a percentage of revenue, reduced to 5.9% in the third quarter of 2024 from 8.1% in the same period of 2023. Our G&A expenses were CNY 36.4 million for the third quarter of 2024, representing a decrease of 53.5% from CNY 78.3 million for the same period of 2023. The year-on-year decrease was mainly attributable to number one, the decrease in share-based compensation of CNY 32.2 million. Number two, the decrease in listing expenses. Our G&A expenses excluding share-based compensation and listing expenses as a percentage of revenue, reduced to 8.5% in the third quarter of 2024 from 12.6% in the same period of 2023. Our net loss was CNY 83.2 million for the third quarter of 2024, representing a decrease of 77% from net loss of CNY 361.1 million for the same period of 2023. All right, this concludes my financial highlights section. Operator, we are ready for questions. Certainly, sir. Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. We have the first question from the line of Sherry Liu from JP Morgan. Please go ahead. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] Thank you. The next question is from the line of Yiming Wang with China Renaissance. Please go ahead. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] Thank you. The next question is from the line of Juncheng Li with CITIC. Please go ahead. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] Thank you. The next question comes from the line of Jack Liu with First Shanghai Securities. Please go ahead. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] Thank you. The next question is from the line of Shiwen Li with China International Capital Corporation. Please go ahead. [Non-English content] [Non-English content] [Non-English content] Thank you. The next question is from the line of Yang Kong with CICC. Please go ahead. [Non-English content] [Non-English content] [Non-English content] [Non-English content] Thank you. The next question is from the line of Sun Tianqi with China International Finance Securities. Please go ahead. [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] [Non-English content] Thank you. We don't have any further questions at this moment. Presenters, you may please continue. Thank you operator [Non-English content] [Non-English content] Operator, please continue. Thank you. Ladies and gentlemen, that does conclude our call for today. Thank you for participating. You may all disconnect.