Ladies and gentlemen, good afternoon. Welcome to Wasion Holdings 2025 Interim Result Release Conference. First of all, I'm going to introduce to you the executives present in this meeting today. They are Executive Director and CEO, Mr. Kat Chit; Executive Director and Chairperson of Willfar Information, Ms. Li Hong; Executive Director and Chairman of Wasion International, Mr. Zeng Xin; Non-Executive Director and Chairperson of Wasion Energy, Ms. Cao Zhao Hui; and CEO of Wasion Group, Mr. Xu Hu; and CEO and Company Secretary, Mr. Edward Choi. Now, we'll hand over to Mr. Kat to present to you the interim results of the company. Good afternoon. Thank you very much for taking your time to attend Wasion Holdings 2025 Interim Result Release Virtual Conference. Today, I'm going to talk to you about five parts: company overview, financials, business overview, and market potential, development strategy, and outlook. Wasion is a China-leading energy metering and energy efficiency management expert product and service, including Power AMI, C&F AMI, and ADO, servicing domestic and international grid customers and non-grid customers with full-scale energy metering and efficiency management solutions. In the first half of 2025, the three major segments of the group have grown a lot. Power AMI has grown year-on-year by 30%, C&F AMI grew year-on-year by 13%, and ADO 6%. Reviewing the period, the share price of the company has achieved a nine-year high. In 2025, today, the growth has already been 25-23%, and CICC and multiple security firms have taken a buy position in us and are outperforming our peers. Next, I'm going to present to you the Wasion Holdings 2025 key financials. In the first half of 2025, we have achieved good performance. Our operating income was CNY 4.39 billion, growing by 17% year-on-year, and net profit attributable to parent by 33% to CNY 440 million. Price per share, CNY 0.445, 30% year-on-year growth, 33% year-on-year growth. Net profit attributable to parent was around 10%, 1.2 percentage points higher than last year. Net return on equity further optimized to about 15.9%, 3.1 percentage points over the last year. On gross profits, in the first half of 2025, the group has achieved gross profit of CNY 1.54 billion, year-on-year growth of 16%, gross profit rate about 35.1%. From the three major sectors, Power AMI, gross profit rate was 37.8%, C&F AMI 39.2% at a high place, ADO 26.7%, all pretty much the same as 2024. In the first half of 2025, the owners of the parent profits attributed to owners of the parent significantly grew, basically due to the sales revenue growth and also efficient cost controls. Our sales administration and R&D expenses accounted for less proportion in the total revenue. In this period, by business segments, Power AMI accounted for 43% of the total revenue, and C&F and AMI accounted for 30%, ADO 27%. By customer category, domestic grid customer and domestic non-grid customer and overseas customer accounted for CNY 1.8 billion, CNY 1.35 billion, and CNY 1.24 billion, growing by 22%, 11%, and 19% respectively, accounting for 41%, 31%, and 28% in the total gains. In this period, the group has further expanded our overseas business, and income from overseas markets grew by 19% to RMB 1.25 billion, ADO significantly grown by 854% as compared to the RMB 6 million last year to RMB 550 million, accounting for 4.2%, and Power AMI in the international market grew by 12% year-on-year, around RMB 910 million, accounting for 73% of the overseas market income. In this period, the financials of the group have been steady, with financial position healthy, and gross profit grew by 16% year-on-year, EBITDA by 18% to RMB 907 million, earnings per share grew by 33% to RMB 0.445. Now, I'm going to present to you our business overview and market potential. Wasion Power AMI is focused on the R&D production, sales, and solutions of intelligent meters. In this period, Power AMI grew by 30% in operating income to RMB 1.88 billion, gross profit around RMB 710 million, grown by 22% year-on-year, and gross profit dropped by 2.4 percentage points year-on-year to 37.8% due to product structural changes and also the centralized procurement price drop on customer structure. Domestic and international customers each accounted for 52% and 48% in the total AMI revenue. Looking back on the Power AMI, the State Grid only has one batch of centralized tenders. CSG, and winning about RMB 1.86 billion, ranking number one, and this is accounting for RMB 14.88 million in the first time of the metering transformer, ranking first one. Also, provincial grids and local power business accounted to contract value of RMB 145 million in green and renewables. We promoted the low voltage new products. In the first half of 2025, we have achieved batch orders, and we anticipated that in subsequent years, we will be producing 100 million batch order supply demands. On R&D, we cover production, transport distribution, transmission, and usage, providing customers with a full coverage data analytics, processing, and metering applications. Power Carbon Metering as a new function added to the State Grid new standard. The group has launched the first of its kind, power carbon metering, and has been recognized by industry experts through scientific achievement. Our C&F AMI business, which has been the Willfar Information through split listing in the Shanghai Stock Exchange, it has taken advantage of its leading energy data solution to promote the digital transformation and to build up the new type power system and smart applications to promote the green energy, low carbon transformation, and the global Internet of Things upgrade. In this period, the C&F AMI earns CNY 1.3 billion, grown by 13% year-on-year, gross profit 39.2%, customer structure, domestic customer and overseas customers each accounted for in terms of C&F AMI, 78% and 22%. In terms of the C&F AMI, the group has been based on the Internet of Things, chips, and artificial intelligence, and utilized the artificial intelligence deeply integrated with load forecasting, photovoltaic forecasting, and also intelligent deployment. We have transformed from an equipment supplier to an energy digital system solution provider, particularly in chips and communication modules. The new type of dual module communication chips has been recognized by the state CSG and Southern Grid, taking a leading share in the market and also realizing a leapfrog growth in the overseas business. Willfar Information has taken advantage of these advanced energy data and intelligence solutions, has achieved breakthroughs in the Belt and Road developing countries. In the first half of the year, our overseas income has been rising significantly, showing a great market prospect. On ADO, the subsidiary of the group, Wasion Energy, is focused on intelligent distribution products and solutions, as well as new energy, energy restoration, and green mobility. The business is focused around green energy, clean energy, smart technology, smart grid, and electric transportation, and also energy storage. In this period, the ADO operating income grew by CNY 1.21 billion year-on-year growth of 6%, gross profit 0.6 percentage points to 26.7% year-on-year. On customer, we continued our strong power in the domestic grid market with stronger market share during the transformation period. In terms of centralized procurement and also tendering, we performed outstandingly. In the Southern Grid integration product, we had a very high amount of tender winning. In the non-grid market, we are focused on data center. We are deeply infused with the Eastern Data, Western Computing project. We continue to work with GDS, and in the first half of the year, breakthrough in orders with the internet giant ByteDance. In communications, we have won core clients like China Mobile, China Telecom in their two headquarters, and also China Mobile in their 11 provincial companies with breakthroughs in the market. We have achieved a lot in the market share in water service, rail transportation, and petrochemicals. In the overseas market, we relied on data center solutions to enable global data infrastructure. Wasion Malaysian factory was put into operation with leading distribution management and heat management dual chain production comprehensive service, which is a strong competitive power, and relied on the long-term storage, direct control technology, signal technology, and also microchannel heat dissipation, continued to strengthen our ADO product series. Relied on the technology going overseas to work with Siemens and GDS. We integrated global resources to work to provide our overseas customers with a one-stop service from planning to maintenance and operation, and strengthen our position in smart distribution technology. During the period, the group has performed outstandingly in the overseas business. Overseas business income grew by CNY 1.24 billion year-on-year growth of 19 percentage points. ADO grew by 854% to CNY 50 million. Power AMI and C&F AMI respectively grew by 12% and 26% to CNY 910 million and CNY 280 million. In the Asian market, our factories in Indonesia and Malaysia were put into operation. The group continued to secure batch orders of deliveries with active efforts to expand market share and promoting regional business development. In Saudi Arabia and the UAE, we actively promoted our market development and localized deployment, successfully engaging with key clients and partners. In Africa, we successfully signed up with TANESCO in Tanzania for meters, and we also expanded our market around Tanzania. In Americas, the group has outperformed outstandingly in Mexico, Brazil, Ecuador, and Argentina with great project deliveries and business development. In the period, our Mexican subsidiary signed a contract with the CFE in Mexico, two contracts over CNY 790 million for large-scale meter supply, strengthening our leading brand position in the local market. In Europe, we continue to strengthen our factory in Hungary with a focus on high performance of the current contracts and to strengthen other markets, provide them with supports. We have been working hard on the international market, shaping up our international image. We participated in the 2025 Africa Power and Energy Expo and the 2025 America Power Distribution and Utilities Expo. While enabling the African power transformation, we've been leading China's smart manufacturing to shine in North America, showing our resolve and determination in advanced R&D and to expand our overseas market. In this period, Willfar Information is put into operation our Indonesian factory. This is the first overseas factory of Willfar Information, which will continue to contribute to digital transformation and sustainable development in Indonesia and the broader Asian region. The factory will integrate the smart grid and also smart city with strong R&D and to work with the Indonesian market with tailored solutions to transfer technology and to train talents and to upgrade the local industry. And our Malaysian subsidiary is also put into operation, showing our strategy for overseas market. And we have been winning high recognition in terms of products and services in overseas markets. In the opening ceremony of the factories, the Group and the world-leading data center pioneer GDS, we signed a strategic partnership agreement. The parties will work around data center in depth to realize our commitment to building a long-term and green data ecosystem in Malaysia. On the 30th of June, our unfinished overseas orders amounted to CNY 3.605 billion with sufficient orders in hand. On development strategies, we continually were committed to research-driven and high-tech-driven development to work with the Double Carbon development strategy of the country in line with the market transformation of the grid to promote new development in smart city and new energy to meet international customer needs and to promote our own technology upgrade. In the first half of 2025, our R&D accounted for 7.2% in operating income. Our outlook on the three main business segments in the grid market, the CSG and the Southern Grid, and in centralized procurement, the demand from them is still the main source of income for Power AMI. In the second half, the group will continue to secure stable streams of orders to secure a stable growth for the whole year's business. We have also participated in Power Carbon R&D, looking to secure relevant orders in the grid market. In the non-grid market, we will be focused on infrastructure, new energy, and key industries, and continue to break through in businesses and our product deployment. We pay efforts in the communications industry to tap deeper into the market and find our customer pain points for business development and new product development. And we also continue to expand our electric appliance transformer market. And while continuing to reinforce our high-end transformer suites, we continue to expand power plant business to secure the number one position in the Chinese market. In the C&F AMI, as explosive development of the large models, AI is restructuring the power system. And with a wide application in the energy sector, the State Grid and the Southern Grid are also expanding their efforts in digital transformation. In the future, we will be working on the consumption side and supply side of the energy to build up multiple layer, multiple category energy IoT so that the ubiquitous sensing, reliable communication, and flexible information exchange and smart controls are to put into best play and to promote digital transformation and low carbon operation. And by relying on the Power IoT, with our extensive experience and technical expertise, we will be responding to the new type power system transformation goals and planning to benefit from this industrial upgrade cycle. With green and low carbon development, the world has growing demand for green energy, new energy, electrical development, and global AMI 2.0 development is going strong. We will take advantage of global opportunities to go overseas and to break through in this trend. On ADO, in addressing the domestic grid market, we will focus on the new type power systems to take advantage of the opportunities in the low pressure, low voltage digital group to improve our coverage and market share to build up a new power systems and to strengthen our branding efforts. In terms of the domestic non-grid market, we will continue to enhance our data centers, communication sector, water service sector, petrochemical sector, and electronic chip sectors to formulate key industry solutions to strengthen our industrial capability. In electric mobility, we're focused on core services and also on central government-related and control enterprises and SOEs and to work around our own capabilities to deepen our source opening. In addressing the overseas market, we will be further expanding Southeast Asia, North America, and South America in smart distribution and also Europe and Africa with technology transformation, innovation, and strategic partnerships. We'll be building data centers, and we aim to become a leader in data center management. Based on what we have achieved in the first half of the year, we will deepen our deployment in Americas, Europe, Africa, and Asia-Pacific. We will work with local partners and operations to continue our regional position in the market and actively explore new energy and distribution sectors and to enable our global business and ongoing development. Lastly, let's look forward to the future together for the group. The green and low carbon transformation and digital power grid construction remains the important direction of the industry. Yet to date, China has released quite a few key policies. In February, the Energy Bureau of the country released the 2025 Energy Group Guiding Opinions with strong requirements for renewable development. In the same month, the NDRC and the Energy Bureau released the new energy power grid going into the power market policy. And in April, the VPP development goals released, clarifying that in 2027, the adjustable capacity should be higher than 2 million, 220 million kilowatts. In May, it is clarified that green power will be going into the metering requirements for calculation, bringing new opportunities. The group has worked around smart distribution, virtual power plants, and carbon management and to take advantage of policy opportunities to enhance our market position. We will take advantage of local power companies' growth and to secure our leading position in the grid industry under the dual carbon strategy of the country. We will continue to develop the electric metering and micro grid, strengthening our position in the grid market. In the future, the group will continue to digitalize our grid and make it intelligent with efforts to enhance our coverage in the energy IoT and also manage infrastructure for smart city to realize digital and low carbon operation. Through the Internet of Things, big data, and AI, and with virtual reality and augmented reality with smart water service and smart firefighting, we'll be providing industries with new solutions. At the same time, we will continue to enhance our AI, R&D, and the scenario application. For example, deepening our collaboration with the China Lab and to actively explore generative AI and its application in the energy sector. With all these efforts, we aim to become a global leading supplier of energy digital solutions. That concludes my presentation. Thank you. Thank you, Mr. Chit. Now, here comes the Q&A session. If you want to ask questions, you can hit the raise hand button and wait for your turn. If you're attending from a mobile, please press star nine. When I open your mic, you can start asking. You can also ask questions through the Q&A function in Zoom. Due to time constraints, please restrict your questions to two to three. Before you ask questions, please let us know your name and your organization. Thank you. Now, we have the first asker from Tianfeng. First question, please. You have been unmuted. You can start asking your question. Thank you. Mr. Chit, can you hear me? Yes, we can. Okay. Congrats on the company and such a great achievement, which is surprising. The first question is, in the first half of the year, the ADO maybe there's a big growth in year-on-year growth. So what do you see in the next half of the market? How do you interpret the growth and also in different markets and customers? That's question one. Okay. Thank you for your question. I will pass on this question to Ms. Cao. Okay. Thank you, for your attention to our ADO. Indeed, our overseas market this year grew a few fold. Basically, two things here. First, our distribution in overseas, as we understand, in North America and also our past developed markets, we have secured quite a few orders. And then we have also done a lot in the data centers overseas. So this year, in terms of orders, we've done quite well, over CNY 1 billion orders by their deliveries in the next half of the year. So in the first half, they're not at a high percentage. So we anticipated that the annualized overseas business growth will be quite significant. Thank you. Okay. Thank you for your answer. Next question. Okay. The second question for me. In the metering, in overseas market, how do you view the demand there? Are you concerned about any fluctuations in overseas demand? I mean the continuity in overseas markets. What is your focus of development? What's the update? Are you asking about the overseas meter trend and demand? Yes, yes, exactly. Okay. I gotcha. Mr. Tian, please. Okay. Thank you, Mr. Kat Chit. Thank you for your question. I talk about the overseas AMI and meter development. As you may be aware, we're now developing local plans in overseas, and in the future, a few years from now, we may be working hard on the North America, like USA, Canada, Mexico, and Europe. We have just launched a new plan, so in this regard, our forecast is still quite promising. Because, for example, in the U.S. market, it's the second round of AMI rotation, so now we are at a good time to enter this market, and we are looking forward to some good development in Mexico as well. In Mexico, we are planning for a new round of AMI replacement, and we cut into the market at the right time. In Europe, France, the U.K., we'll be launching our businesses in these two countries, cutting into the replacement market. Our products and technologies are quite competitive in the local market. Sorry, we'll be facing new challenges in the first half of 2025 and in the full year of 2024. We've been doing some preparation. Our forecast for this is promising. Of course, we'll face some challenges like in Southeast Asia, in Africa, and South America. We're facing other Chinese companies' fierce competition from them. We might be fighting around market prices. This will be a bit challenging. We need to do more on how to achieve cost control and also how to do better in these markets. This is what we have been working on. So overall, we're positioned at medium to higher-end AMI market. And this remains our forecast, which is still positive. I mean, in the next half of the year, our AMI business will achieve significant growth in the regions that I just mentioned. Thank you. Okay. Thank you, and then I want to ask in the domestic meter. The tender prices this year have dropped. So how do you view in a few years from now, like GPS meter prices? Do you have any strategies to, in response to the pricing issue? Okay. Mr. Xu Hu, maybe you will be good to answer this question. Okay. Thank you. Thank you for your question. Thank you for your attention to Wasion's domestic meters business. From the first half of the year, this business in the State Grid procurement has dropped in the prices. I mean, viewing the future, the overall meter market in China will be a fully competitive market, and we have seen relevant new competitors coming into the market. In this situation, we have promoted a very effective cost control strategy so that our gross profit has remained stable. We have taken some effective measures, including further enhancing automation to increase efficiency, and we have been doing a lot on R&D, and we have optimized the supply chain, and by effective strategies, we have maintained stable gross profits. Going forward, we will further optimize our overall products so that we continue to remain strong in the domestic meter market. Okay. That concludes my answer. Thank you. By the way, for the Southern Grid, maybe the tender is a bit late this year, right, as compared to whatever the subsequent tenders? Okay. The southern grid, on the 11th of August, has just finished the first batch of centralized procurement tenders. From their development, the southern grid meter replacement, they will be replacing a large number of meters this year. So we anticipate that our business with them will remain stable as last year. And we anticipate that the group will achieve well this year. Okay. Thank you, Mr. Kat, for your answer. And look forward to better development of the company. Thank you for your answer. Next question comes from CICC. Ms. Liu Qianwen, you have been unmuted. You can start asking. Thank you. You need to unmute her, maybe. I can't hear you. Can you hear me now? Yes. Okay. Hi, CICC Liu Qianwen. I have a few questions. First, it's about data center. That's the market's concern because this year, what about the orders from China and also overseas this year? What's the expectation? And also, there was a meeting before. Some leaders have been mentioned that we'll be talking about the cold fluid products development. I would like to know about the progress there and also the future order securing. Your voice is a bit blurred. My understanding is you want to ask in terms of the data center, you want to ask our domestic and international orders, and also the cold fluid, right? Yeah, yeah, yeah. Water cooling, yeah. Ms. Cao, thank you. Data center business is fast growing, and we internally have treated it as a standalone business sector for strategic loan development in the first half. It is fair to say that with Mr. Kat's presentation, we have introduced to comprehensively our deployment overseas and also in China. We have secured good orders. And in liquid cooling, based on the current orders, we have secured orders for liquid cooling solutions. In CDU, we have started working on key customer demands to provide sample devices. And we have been communicating with core customers. And we anticipate that in eight, 12, or 18 months from now, we will be recognized by the market. Thank you. Thank you. So you mean you have secured liquid cooling orders for the data center, right? Yeah, it's for systems. Because the CDU for the orders is designated. Okay. Another question is, in the European market, order securing, because last year it was a new factor being put into place. It has been more than a year. And then what's the expectation for its performance this year overall? Mr. Tian, please. Our European factory, since its founding last year, we have done a lot in the market development. Now we have secured some orders. The unfinished ones might be amounting to EUR 50 million. We have participated in a lot of tender bidding and direct engagement with the customers, and we anticipate that in 2036, our orders will go beyond 500,000 devices, more than EUR 30 million, maybe more than 100% growth in 2025. Our major markets are Germany, U.K., France, and developing countries because they are experiencing a second round of AMI replacement, so now our core work is in localized factories and also certification in the local market. Now things are going well, so we anticipate that our orders will keep coming in the first second half of the year. Okay. Thank you. The last question is about CSG, new standard. So do we have anything to share? How do we see what it's going to look like in the third or second batches for the year? So what about the anticipated prices and earnings, profit earning? Okay. Mr. Xu. Okay. Let me answer this question. The CSG new market meters for the year, as we can see. Now it is still in the tender process. The second batch was not big. We anticipate that for the third batch, it will not be quite optimistic. But a good trend is the southern grid tender, which is still in process. They are progressing faster in the new standard. So this tender is for more than 1 million new standard meters. So within China, the southern grid will go faster than the CSG in replacing for new standard meters. Thank you. Thank you. Thank you. Thank you for your response. Next question comes from Citigroup, Bella. You've been unmuted. You can start asking questions. Hi. Tian Xijia from Citic. First, congratulations on your super good performances. I have three questions. First, for the first half of the year, our domestic power AMI, what's the reason for AMI to be better than our peers? And then we can see that the non-grid income grew significantly year- on- year. So what's the reason behind it? Was that because of the new energy replacement and the second half of the year due to the official documents? Any expectations for the new energy installed capacity for the second half of the year? So what's your expectation for domestic grid and off-grid income? Thank you for your question. Mr. Xu, go to you. Okay. Thank you for your question. Okay. In 2025, in the first half, the domestic AMI income is better than our peers. From the current situation, we think that due to our centralized tender procurement with the CSG and the southern grid, we've been taking the leading position in all those tenders, and from this perspective, we anticipate that in China, particularly the CSG and the southern grid, in the centralized tenders, we maintain stable growth. On the other hand, in the off-grid world, in the non-grid world, our domestic market development in terms of the communication sector, in terms of the communication sector, we launched two important products. One is, like Mr. Kat just said, the photovoltaic controller. Now this product is being rolled out in China Mobile, China Telecom, and China Unicom in their base station, and we also have a subsidiary in [audio distortion] Power which launched a 5G communication power source with the communication carriers. Now we accounted for a major percentage in the secondary market in the domestic communication sector, so we anticipate that in this sector, we will grow faster. That's what we have done in the off-grid market. And that will become a strong contributor to the Wasion Group in our business growth aside from the grid services. We anticipate faster development in this regard. Thank you. Thank you. And in terms of the overseas market, are we going to maintain overseas power AMI income growth of 25% and C&F by 30% overseas gross margin 2-3 points? Is that still the guidance? And from the whole year of this year, what's the main source of income for overseas income? South America, Mexico, or any other regions, any changes in their percentage? Okay. Mr. Tian, this one goes to you. Thank you for your question. Okay. The whole year AMI income will be over 25%. This can be confirmed whether in terms of the order delivery or material preparation. That's what we can achieve, basically. Now the gross profit for the second half will be maybe 2-3 percentage points growth, which is even slightly higher than last year. This can be confirmed. Our main source of growth comes from our main factories, like for example, the president has just mentioned in Mexico, we signed a contract with CFE, which will be performed in the second half of the year, and also in Tanzania, we also announced a large project with a power company for power supply. These two contracts will contribute strongly to our growth, and also we have other regions, other contracts, which all of them contribute to our total source of growth, which is over 25%. Basically, we are now working hard on the delivery. Okay. Thank you. The last question is on ADO. Okay. Specifically, Wasion Energy and also GDS, what's the progress of your partnership? What do we expect from GDS? How many orders? And how many can these orders be converted into income? What's the gross profit? Okay. Thank you for your question. Let me answer this question for you. And then we may, Ms. Cao may share with you some detailed data. GDS, just like you might be aware, now they have two components. One is GDS. The other one is Day One. And all of their overseas projects are upon Day One. So from last year, we started to work with GDS in an in-depth partnership. We were working with GDS with their domestic projects in Shanghai. That was our first collaboration. And then to date, in the beginning of the year, we were working with day one in Malaysia, and we signed the agreement with their Malaysian factory. So we're lucky. We are fortunate enough to have won the recognition of this customer. So this year, we'll be working with the broader GDS and DayOne, with orders accounting for less than 20% of our overall revenue. This may translate into 200 megawatts in the data center. So this magnitude now only accounts for the full year, accounts for less than one-tenth of GDS combined with D ayOne. Now their Finland installed capacity has achieved 1.5 gigawatts. And in the United States, it's one gigawatt. And in Thailand, one gigawatt. In Malaysia, 700 megawatts. But in Malaysia, we are working with them. We will be participating with them in tailoring the data center for Malaysia 10 years from now to produce a white paper. So this may translate into five gigawatts installed capacity from the previous 1.5. So these overseas projects are far more than what we have today. And then combined with what we have done this year with ByteDance, an internet giant, and also including the Zhongren Data Center and also other ChinData, I believe in this sector, on this front, by the end of the year, we might have been able to share with you some surprise. And then next year, we might be able to share with you a significant big surprise. Because like I said before, the business volume corresponds to 200 megawatts. And not all of the products we can do, but maybe just 50%. Because we talk about CDU cooling, the cooling products, if we translate all the cooling products, the total business volume may further double. So I believe this sector may be for the whole Wasion Group, is a whole new gene to us, a whole new part of our DNA. Because that's different from what we have reinforced before in power equipment. I think this kind of horizontal upgrade is quite smooth within our group. And we have won the recognition of many top clients. So in this regard, I believe in the three years from now, we will continue to grow and give the investors some surprises, great surprises, and also wonderful data. Okay. Ms. Cao, do you have anything to add? Okay. I'll just add something about the figures. Like the GDS market, now we have secured more than CNY 500 million worth of orders from GDS due to deliver this year. Then this year, we will be delivering more than CNY 500 million. We also secure some Q4 orders, maybe CNY 800 million this year. We might be totally securing more than CNY 1 billion. In the future, in those few countries from Southeast Asia to North America to Europe, we are working in depth in those regions on our business to achieve fast growth. Our partnership with GDS, is it just Malaysia or in some other countries like Finland or the United States? Yeah, they are securing orders. Okay. Thank you for your answer. Okay. I'll add something here. This year, we are harvesting in Malaysia and also some part of the United States. But as GDS becomes stronger and develops faster, the next in the rank may be the U.S. delivery and also Finland and also the local delivery in Malaysia. These three will be the first to deliver. And the growth may be the strongest in the United States market. Okay. So the meters, so our products do not have much barriers in regulation in the United States. Not meters, distribution. We supply to GDS. The U.S. orders will be delivered by our Mexican factory. Okay. I understand. Thank you for your sharing. Thank you. And we look forward to better growth of the company. Thank you. Thank you for your responses. Next, in the interest of time, it will be the last question from now on. From CITIC. Tian Xijia from CITIC. You've been unmuted. You can start asking. Thank you. Hello. Can you hear me? Yes. Okay. Mr. Keith, hello. First, congratulations on your wonderful financials. I think it's gone beyond many expectations of the investors. So I have three questions. First is what everyone pays attention to: the data center. So on the one hand, as you have mentioned, with GDS, we'll be securing more than CNY 1 billion orders. So including the first half of the year, what is the year-to-date orders now for data center and also the full-year orders including GDS? What kind of delivery will we be looking at? So on the other side of the data center, as I'm aware, in addition to the transformer in the past, and we also have liquid cooling. And then from the PBT, I also see the high-voltage direct current deployment. So down the track, with respect to the data center, any new products, any new series, any more developments, any new generation transformers that we're going to put in place? Any plans for that? Okay. Thank you. Ms. Cao, maybe this one goes to you. Okay. Let me answer the question of your concern. The contract. Now we have on hand. GDS contracts maybe just CNY 500 million. But in Q4, after Q3, I will be further secure CNY 800 million. So there will be maybe CNY 1.3 billion orders from GDS. Apart from GDS, we're working with three major carriers and also other sectors. We are also working on data centers for them. So on this front, we're now approximately CNY 600 million orders. But in the whole year, we're looking at CNY 1 billion. So it's fair to say that for the year, our data center orders will go beyond CNY 1 billion. In terms of delivery, we might be able to deliver just 500 million this year. And then Q4 and Q3, the 800 million from Q4 and Q3 may be able to, at best, 200 million. And then with the three major carriers and also other data centers from other sectors, we anticipate about more than 60% of the 10 billion orders we'll be able to deliver. So this year, we may be delivering over 1 billion data centers. Second, on the product. Indeed, according to HVDC, high-voltage direct current, we are also doing the CDU, and we're also doing the currently popular solid state transformer. So all of these are very popular ones, very technical ones. But on translation to orders, we need to wait and see how the market goes. Okay. Thank you. Thank you for your detailed explanation. I feel that down the track, we will be doing very well in the data center deployment with very strong growth potential. The second question is the Willfar Information. Because I'm concerned about Willfar Information and capacity release in overseas and also in order securing. The annual report and the Q1 report for this year may be orders of CNY 1.4 billion or CNY 5 billion, a very high level. But overseas income for the first half is CNY 1.28 billion. So does that mean in this year, after the launch of our business in Indonesia and the Middle East, so in the second half of the year, there will be a very strong, explosive delivery sector delivery stage in the second half of the year? So what's your expectation for the second half of the year and also next year? Okay. This question should go to the Willfar Information president, Mr. Miss Li Hong. Okay. Thank you for your question. So Willfar Information overseas in the first half of the year earned an income of CNY 280 million. So our orders at hand were more than CNY 1.6 billion. So the orders at hand mainly came from the Middle East, Southeast Asia, Africa, South Africa, and Western Africa. So among these orders, those facing MR2.0 and also smart distribution, these two components account for maybe around 80%, and then smart water services around 20%. So our capacity release is basically on product certification. So as the Indonesian factory goes into operation and the Saudi Arabian factory opening in the end of September, our factory certification and also delivery speed will also be greater. So within a year, we anticipate the overall overseas growth will be promising. Thank you. Okay. Thank you, Miss Li, for your detailed explanation. Then one further question is, in the past, the executives have been stressing the shareholder return, particularly in dividend payouts. You've been very generous. So I want to further ask, in terms of the subsequent CapEx, would there be any significant CapEx? Also, the dividend payout rates, what are the policies around that? Okay. Let me get to this question for you. You've asked about the CapEx. So on CapEx, in the end of March, we also shared something with you. The CapEx for the year, which is about CNY 500 million. In the first half, we maybe have paid more than CNY 240 million. So essentially, the CapEx plan remains unchanged. In regards to dividend payout policy, we essentially, in 2025, we basically maintain the same kind of payout, like the closing payout in 2024. In 2024, it was a 50% closing. So we may be, based on what we have in hand, we have a healthy cash flow. So based on what we have now, the payout rate may be maintained at a 2024 level. Okay. Thank you. Thank you, Mr. Choi, and Miss Li, and Mr. Kat Chit for your explanation. So I look forward to better growth of the company and also further prosperity in the data center business so that the market investors will hold very high confidence in that. Thank you. Thank you. Thank you for your questions and the responses. The Q&A session now is concluded. So if you have any other questions, please get in touch with the relevant staff member, Investor Relations staff. The Wasion Holdings 2025 Interim Release Conference now concludes. Thank you once again for your participation. We look forward to seeing you in the next conference.