Ladies and gentlemen, good afternoon. I am Terence from China Communications Services. On behalf of the company's management, welcome to our company's 2025 annual results announcement. This event will be conducted in Chinese with simultaneous interpretation. I will host the Q&A session later. Please put your phone on vibration mode or turn it off during the meeting. Let me introduce our management who are with us today. Executive Director and President, Mr. Cui Zhanwei. Executive Director, Executive Vice President and CFO, Mr. Shen Aqiang. Executive Vice President, Mr. Zhang Hao. Thank you for coming, and I hope you will find this presentation helpful. First of all, I would like to invite Mr. Cui to present the 2025 annual results overview. Good afternoon, ladies and gentlemen. As Mr. Luan Xiaowei, Chairman of the company, is unable to attend today's meeting in Hong Kong due to other important business commitments. We would like to express our apologies. Mr. Luan has entrusted me to host today's presentation on his behalf, and looks forward to engaging in-depth discussions with you at the next results presentation. Today's results presentation is divided into three parts. First, I will introduce the overview of our results, and next, Mr. Zhang Hao and Mr. Shen Aqiang will present the business review and financial results respectively. During the Q&A session, we will answer the questions that may concern you. In 2025, a new round of technological revolution and industrial transformation was accelerating, with artificial intelligence being widely integrated across various industries and sectors of the economy and society. The company kept close track of industry developments and customers' transformation needs, proactively integrating cutting-edge technologies, strived to expand into new areas and continuously advanced modernization of its corporate governance system and capabilities. The company's development is characterized by the following features: First, uniting efforts to navigate challenges, achieving steady yet improving operating results. Second, consistently implementing cost reduction and efficiency enhancement to firmly promote high-quality development. Third, deepening the connotation of 'One Positioning, Four Roles' to empower transformation and development needs. Fourth, fully leveraging its core competencies to convert AI dividend into new growth drivers. Fifth, focusing on new areas and new businesses to optimize diversified business models. Sixth, charting the course for the 15th Five-Year Plan to seize broad market opportunities. Now, let's review our financial performance. In 2025, the company focused on strengthening and optimizing its operations and proactively responded to the impacts of customers' cautious investment and intensifying market competition. Overall performance remained steady with improving trends. In terms of reasonable growth in quantity, revenue amounted to CNY 150.1 billion, and new contracts amounted to CNY 205.7 billion, of which new contracts from strategic emerging businesses reached CNY 94.9 billion, representing a year-on-year increase of 22% and accounting for over 46% of total new contracts. The proportion increased by nine percentage points compared to last year, and strategic emerging businesses became a strong driver for the company's high-quality development. In terms of effective improvement in quality, net profit amounted to CNY 3.61 billion, with net profit margin of 2.4%. Accounts receivable as a percentage of revenues remained largely stable. The company seized development opportunities such as AI to proactively promote business expansion in areas including the iterative upgrading of new infrastructure, computing power network construction, green infrastructure retrofit, industrial digital intelligence empowerment, and operation and maintenance. On the market side, in the domestic operator market, the company proactively overcame the impact of changes in customer investment mix, maintaining a stable foundation. In the domestic non-operator market, the company focused on key sectors such as digital infrastructure, achieving a year-on-year revenue growth of 5.5%, and the market remained as the primary driver of the company's development. In the overseas market, we continuously enhanced project development capabilities and platform operation capabilities, maintaining safe, compliant, and effective development. On the business side, the company solidly advanced business integration and upgrading, consistently improving customer service quality and project management standards. Development of telecommunications infrastructure services (TIS), business process outsourcing services (BPO), and application content and other services (ACO) businesses remained steady. Looking back at the 14th Five-Year Plan period, the company anchored in the goal of high-quality development, bringing operating performance to a new level. All of the compound annual growth rates of key indicators such as total new contracts, revenues, and gross profit exceeded 4%. While the gross profit margin remained stable with improvements, the company has always adhered to the principle that technological innovation being the primary productive force and continuously strengthened its core competitiveness. It actively advanced the due optimization of customer mix and business mix. With revenue proportion from the domestic non-operator market and ACO business continuing to increase, which effectively mitigated the impact of cyclical fluctuations in telecom operators' CapEx, this demonstrates the resilience of the company's high-quality development and lays a solid foundation for future high-quality development. The company is at a critical transformation juncture for high-quality development. We continue to deepen the connotation of One Positioning, Four Roles, and actively integrate new technologies such as AI. Based on our positioning as a New Generation Integrated Smart Service Provider, we are committed to: first, becoming a pioneer in digital intelligence consulting, accurately identifying customers' digital intelligence transformation needs, and providing high-quality solutions. Second, becoming a navigator of digital intelligence infrastructure, building general contracting and integrated service capabilities for new infrastructure. Third, becoming a leader of digital intelligence maintenance and operation, providing high-quality smart service, support services such as operations and maintenance, supply chain, property management and training. Fourth, becoming a provider of digital intelligence products, offering digital intelligence platforms and software development capabilities. The company accurately grasped market development demands, focusing on core areas such as AI and smart applications to deepen technological innovation with full-year R&D investment reaching CNY 5.47 billion. We strengthened AI technology integration, business empowerment and commercialization of achievements. Successfully developed the Smart Series product matrix for external market expansion and the WISE Series product system to support internal quality and efficiency improvement, while striving to cultivate high-level expert talent teams. The company ranked third in the 100 most competitive software and IT service enterprises and received 18 provincial and ministerial-level science and technology awards. With a solid technological strength and outstanding development achievements, the company has gained high recognition and extensive recognition from the government, the industry and customers. Currently, AI has become the core engine driving the development of digital economy. The intelligent transformation across industries continues to accelerate, placing high requirements on infrastructure, computing power enhancement, operation and maintenance services and data governance. In response to this trend, the company actively deploys in the AI sector, accelerating the enhancement of integrated planning, construction, maintenance and operation service capabilities, cultivating full stack maintenance capabilities and systems for AIDC, strengthening AI applications to form flagship products and solutions. Proactively applying AI technologies to redesign internal operations and governance processes to build a data service system encompassing planning, governance, warehousing and maintenance to convert AI dividend into tangible productivity and core competitiveness. In 2025, AI-driven new contracts amounted to over CNY 5 billion, representing a year-on-year increase of 25%. From a business composition perspective, AI infrastructure construction contracts accounted for 55%, demonstrating and reinforcing the company's leading position in new infrastructure markets such as intelligence computing centers. From an industry composition perspective, the domestic non-operator market accounted for 60%, with internet and IT and government customers as the main customers, indicating that the company's AI capabilities have deeply penetrated the main arena of the digital economy and gained recognition from customers in key sectors. The company has built an integrated AI architecture encompassing computing power, data, models and applications. We leverage full stack capabilities to solidify the computing power foundation, utilize industry models to create core competitiveness, activate value potential through data governance, and expand growth potential through scenario-based applications. We are fully committed to forging benchmark applications and projects both internally and externally, while establishing a 10,000 talent system to seize the great opportunities of the era and unleash significant development potential. In response to new market opportunities, the company focused on expanding into new areas and developing new businesses. First, in the area of digital infrastructure, we deeply participated in the construction of digital new infrastructure, with new contracts growing by over 40%. Second, in the area of smart city, we seized opportunities in urban renewal, with new contracts growing by over 24%. Third, in the areas of new energy and power distribution networks, we focused on opportunities in green power construction, electricity reform and computing network and electricity collaboration, achieving in-depth development in these business markets. Fourth, in the area of CCS Smart Maintenance, we expanded the boundaries of traditional maintenance services through EPCO, promoting the upgrade of business types towards recurring businesses. The company attaches great importance to shareholders' return and is committed to paying sustainable and relatively stable dividends. In the past 10 years, dividend payout ratio has generally remained stable with enhancements, and dividend per share has continued to increase. In 2025, the Board of Directors has proposed a final dividend of CNY 0.2241 per share, representing a year-on-year increase of 2.5%. Dividend payout ratio increased to 43%. The company's dividend per share growth in 2025 and during the 14th Five-Year Plan period both exceeded the growth in earnings per share, effectively safeguarding the interests of all shareholders. The company strengthened its sense of responsibility and continued to deepen its ESG governance standards. First, we tapped into the green and low-carbon sector, strengthening technological breakthroughs and product iterations to help customers achieve energy savings, emission reduction, and low-carbon intelligent operations. Second, we fulfilled our social responsibilities by actively participating in emergency rescue and disaster reliefs, as well as emergency support while leveraging technology to empower rural revitalization. Third, we adhere to compliant operations and optimize corporate governance and risk management. The company's strong governance capabilities have been widely recognized across various sectors, earning us numerous honors. Looking ahead, the company will keep pace with the country's construction of a modern industrial system, which is intelligent, green and integrated, focusing on customers' comprehensive, integrated and diversified digital service needs. We'll continue to deepen the connotation of One Positioning, Four Roles and concentrate on advancing the AI Plus initiatives and the Five Major Projects, promoting the second growth curve as a new engine, and realizing steady growth in operating efficiency and corporate value. Going forward, the company will adopt measures such as optimizing strategic deployment, strengthening technological innovation, building robust core capabilities, seizing emerging tracks, and deepening corporate reforms to continuously solidify the corporate foundation, enhance resilience, highlight advantages, and accelerate the unlocking of potential. This will align the company's intrinsic value with its market value, creating long-term value for shareholders. The above is the first part of the presentation. Now I would like to invite Mr. Zhang to present the business review. Thank you. Thank you, President Cui. Good afternoon, ladies and gentlemen. Let me present the company's business performance in 2025. The above table of business revenue breakdown and the overall performance by business and market in the next slide show the overall performance of the company's three business segments and three markets. From the perspective of business and market structure, revenue sources have become more diversified, demonstrating stronger development resilience. On the business side, the revenue proportion of TIS business fell below 50%, indicating that the company's reliance on infrastructure investment-driven growth has gradually decreased. On the market side, the revenue proportion from the domestic non-operator market and overseas market continued to rise, mitigating the impact of changes in the domestic operator market on the company's overall development. In the domestic overall operator market, the company focused on customers' needs to accelerate construction of new digital information infrastructure and their transformation needs, providing integrated comprehensive solutions that are green, intelligent, integrated, and efficient. We promoted business expansion in sectors including the iterative upgrading of new infrastructure, computing power network construction, green infrastructure retrofit, industrial digital intelligence empowerment, and operation and maintenance. Revenue from domestic operator market amounted to CNY 80.2 billion, with new contracts reaching CNY 109.5 billion, maintaining overall stability in fundamentals. In the domestic non-operator market, the company sees opportunities arising from AI-driven intelligent computing and data center construction, as well as urban renewal on green transformation. We continue to focus on key sectors such as AI Plus, data centers, urban renewal, and new energy, and undertook multiple benchmark projects across industries. Revenue from the domestic non-operator market reached CNY 65.6 billion, up 5.5% year-over-year. New contracts amounted to CNY 89.7 billion. Of which new contracts from both internet and IT and energy sectors exceeded CNY 10 billion, while the internet and IT, government and financial sectors all achieved double-digit growth. In the overseas market, the company actively responded to the Belt and Road Initiative, focusing on key areas such as Asia-Pacific, Middle East, Africa, and Latin America. We continuously enhanced our overseas project development capabilities and overseas platform operating capabilities, promoting the transformation and upgrading of overseas businesses towards EPC general contracting, projects with financing support, industrial digitalization and new energy. We actively deepened collaboration with central SOEs and continue to build an overseas ecosystem. Revenue from overseas market reached CNY 4.27 billion, maintaining steady growth. In President Cui's introduction in the first part, he mentioned that the company focused on expanding into four major new areas and new businesses. Here, I would like to elaborate on these. First, digital infrastructure business. The company fully integrated itself into the national East Data, West Computing strategic project, seized the strategic window of AI Plus and the wave of customers' AI upgrades, and leveraged full-cycle EPCO project capabilities to drive enterprise digital transformation. New contracts from digital infrastructure business reached CNY 29.5 billion, up 40% year-on-year, with notable contributions from the internet and IT and finance sectors. Second, in the smart city business. The company fully implemented the guiding principles of the Central Urban Work Conference, leveraging high-end consulting to tap into areas involving government bonds and special purpose bonds. We proactively served the construction of smart cities in small and medium-sized cities and counties, integrating AI applications into urban development. New contracts from the smart city business reached CNY 43.2 billion, up 24% year-on-year. Third, in the new energy and power distribution network business, the company kept close tracks of power market reforms, promoted digitalization of new power systems, deeply cultivated the source-grid-load-storage sectors, and advanced integrated infrastructure for computing and power collaboration. New contracts from the energy and distribution network business reached CNY 19.5 billion, maintaining steady growth. Fourth, CCS Smart Maintenance. Unlike traditional maintenance services, this business focuses on six major areas: CT, IT, DT, OT, AT, and QT. We are reforming the three systems of marketing, delivery, and products, expanding the boundaries of traditional maintenance services and driving transformation of business models from project-centric operations to customer-centric operations and from project base to recurring business model. New contracts from CCS Smart Maintenance reached CNY 25.6 billion, achieving solid growth. Pages 29 and 30 present the company's benchmark cases in new areas and AI Plus applications for your reference. Going forward, the company will deepen the connotation of one Positioning, 4 Roles, and ensure the effective implementation of its strategic plans. We'll systematically carry out the Five Major Projects and AI Plus initiatives, striving to achieve a solid start for the 15th Five-Year Plan. The above is business review session. Next, let's invite CFO, Mr. Shen Aqiang, to present the financial results. Thank you. Thank you, Mr. Zhang. Good afternoon, ladies and gentlemen. I will now present the company's financial performance in 2025. The above table shows the company's key financial indicators for your reference. In 2025, the company deepened quality and efficiency enhancement to drive improvement in profitability. In terms of direct personnel costs, the company rationally optimized resource allocation and enhanced operational efficiency, steadily increasing both per capita wages and labor productivity. In terms of SG&A expenses, the company strictly controlled administrative expenses, focusing on precise R&D investments in capability building for various areas, such as AI and digital infrastructure, to ensure R&D efforts deliver results. In terms of materials cost and subcontracting charges, the company further applies AI digital technologies, strengthens end-to-end project management, and enhances centralized supplier management and centralized procurement management to effectively manage costs while improving efficiency. Through various measures, the company achieved a positive trend in gross profit margin in the second half of 2025 to narrow the decline. The company will place greater emphasis on quality of development, focusing on project quality and cash collection; strengthen technological innovation-driven developments, enhance business value, and optimize business structure; enhance whole process project management; and strengthen the application of AI digital means, driving improvement in profitability, quality enhancement, and efficiency improvement. We insist and continue to strengthen working capital management and emphasize full process business control. Although proactive optimization of supply chain settlement methods led to periodic fluctuations in cash flow in the first half of the year, thanks to the continuous deepening of management and control measures, cash flow recovered and improved in the second half of the year. The proportion of accounts receivables to revenue remained largely stable, while the proportion of long-term accounts receivables remained at a relatively low level. Adhering to the operating philosophy of revenue with reasonable profit with matched cash flow, we will continue to enhance management of project delivery, long-term accounts receivables, and cash collection and payments, striving to ensure cash flow is maintained at a reasonable and healthy level. The above table lists out the key indicators of the company's balance sheet for your reference. As of 31st December 2025, the company's gearing ratio remained at a relatively low level, and the liabilities to assets ratio decreased for the first time in recent years. The overall financial position remained solid. Now, we are pleased to answer any questions you may have. Thank you.