Honorable investors, panelists, media friends, ladies and gentlemen, good afternoon. I am Wang Lingshen, Board Secretary of China Unicom. Welcome to China Unicom's 2025 Interim Results presentation. Thank you very much for your long-term interest and support for the company. In today's presentation, it is taking place both in Hong Kong and Beijing, with both online and offline connections. Together with our colleagues in Hong Kong and also Mr. Chen Shusheng from the Hong Kong office, we are moderating the event together in Hong Kong and the mainland. The management has attached great importance to the interaction and communication with investors and media. Today, all members of the management are in attendance. They are Chairman Mr. Chen Zhongyue, Executive Director and President Mr. Jian Qin, Executive Director Mr. Tang Yongbo, Mr. Dong Q un, Head of Discipline, and also Supervisors, Executive Director and CFO Mr. Li Yuzhuo, Senior Vice President Mr. Wang Limin, Senior Vice President Mr. Hao Liqian, Senior Vice President Mr. Miao Shouye, Senior Vice President, and Chief Legal Advisor Mr. Zhu Hanwu. According to the agenda, we will first invite Chairman Chen to present the 2025 Interim Results, and then there will be an interaction section with participants. This event will be conducted in Chinese with English simultaneous interpretation. Now, I will invite Chairman Chen to present the Interim Results. Honorable investors, panelists, media friends, ladies and gentlemen, welcome to China Unicom's 2025 Interim Results Presentation. In the first half of the year, the company seized strategic opportunities, effectively addressed challenges, and comprehensively advanced integrated innovation to cultivate and strengthen new quality productive forces. Business development maintained a positive momentum, with the foundation for high-quality development becoming more solid, momentum stronger, and quality improved. Operating results have shown steady growth. In the first half, revenue scale remained stable with a slight increase. Operating revenue exceeded RMB 200 billion, representing a year-on-year increase of 1.5%. Profitability continued to strengthen, with total profit reaching RMB 17.7 billion, up 5.2% year-on-year. Business structure continued to optimize. In the first half of the year, CC revenue reached RMB 131.9 billion, CDSA revenue reached RMB 45.4 billion, accounting for 26% of total revenue. International business revenue reached RMB 6.8 billion, up 11% year-on-year. Revenue from strategic emerging businesses accounted for 86% of total revenue, becoming a new driving force for the company's high-quality development. The achievement of the above results would not have been possible without the trust of our customers and shareholders, the support of media friends, and all sectors of society, and our sustained efforts in the following five areas. First, CC business made steady progress. Steady mainly refers to the steady improvement in operating efficiency and market status. Progress mainly refers to new breakthroughs in three areas, namely scale, value, and service. First, actively expanding subscriber base. The company is continuously driving network and product upgrades, striving to create new momentum and advantages through faster connectivity, better communication, and superior products. In the first half of the year, the number of connected subscribers exceeded 1.2 billion, with a net increase of over 11 million mobile and broadband subscribers, a new high for the same period in recent years, bringing the total to 480 million. The number of IoT connections increased by over 60 million net, reaching a total of 690 million, with 86 million from IoV, further solidifying its leading advantage. Second, effective enhancements of subscriber value. Customer value is the fundamental source of the company's operational value. The company is fully committed to stabilizing existing customers, expanding new customers, tapping potential, and enhancing value, deepening integrated developments, introducing new business elements, adding new service contents, and expanding new value spaces. China Unicom Smart Home has gained widespread recognition, and Unicom WO Pai has been well received. Over 50% of our users have chosen Dual-Gigabit services, with services such as Unicom Ultra HD, Unicom Home Surveillance, Cloud Intelligence Smartphones, and Smart Home Robot reaching 270 million users. Penetration rate of integrated services exceeds 77%, and average price per user exceeds RMB 100. Third, enhancing service quality, focusing on network craftsmanship, business reliability, channel convenience, and care and warmth. We have enhanced customer service quality. We have revamped over 10,000 stores, further expanding product categories, optimizing services, and improving efficiency. Upgrade the China Unicom APP to integrate the TongTong AI agent into all business scenarios, providing customers with smarter, high-quality services. The Uni AI large model empowers customer service. Customer satisfaction continues to improve, and brand influence is further enhanced. Second, CDSA business delivered enhanced quality. In the first half of the year, our CDSA business achieved both qualitative and quantitative growth. This is mainly reflected in the following three areas. First, strong momentum in computing power business. Unicom Cloud was upgraded and renewed, strengthening the integration of computing, intelligence, and cloud and networks, achieving millisecond-level intelligence scheduling and integrated intelligent operations, and creating the AI Smart Choice China Unicom Cloud brand image. In the first half of the year, Unicom Cloud generated revenue of RMB 37.6 billion. Intelligent transformation of data centers has yielded significant results, with more internet platform companies and financial institutions, such as banks, moving into China Unicom's data centers. Revenue reached RMB 14.4 billion, a year-on-year increase of 9.4%, while AIDC contract value signed grew by 60% year-on-year, further solidifying our company's market position. Second, accelerated growth of intelligence services, deepening the integration and innovation of data and intelligence, constructing high-quality data sets from multiple sources, developing multimodal coexistence of Uni AI large models, and opening the Uni AI Wanw u Intelligent Entity Development Platform. The scaled commercial application of AI in key areas such as industrial manufacturing, economic operations, urban governance, and healthcare has begun to show results. Over 30 trusted data spaces have been established, and over 100 AI agents have been developed. Third, empowering industry-wide upgrade, leverage the advantages of information networks and digital technology to serve the digital development of the economy, government affairs, culture, society, and ecology, and strive to become a digital service provider with a deeper understanding of the industry. Accelerate the large-scale application of 5G, with more than 50,000 5G application projects. In the first half, 5G private network revenue grew by 60% year-on-year. We promoted the deep integration of 5G, AI, and industrial network, industrial internet. We have established a total of 7,500 5G factories, supporting construction of smart factories in industries such as automotive, steel, electronics, and equipment manufacturing, and driving high-end intelligence and green development of the manufacturing sector. We have facilitated intelligent upgrade of the 12345 hotline operations, iterating digital management platforms for transport, environment, emergency response, public facilities, and cultural venues, and assisted over 400 cities in enhancing innovative development. Third, international business acceleration expansion, revitalized the international brand UniCom, collaborated with over 600 global operators and 1,000 industry partners, and integrated into the global innovation network and leveraged global innovation resources. We continuously enhanced our global development capabilities. We leveraged our global network and operational service advantages and provided intelligent network services to over 280 global cloud service providers, connected more than 400 data centers. We established five new overseas intelligent computing centers, further enhancing our international intelligent computing infrastructure. We have developed benchmark projects such as ASEAN smart manufacturing, Middle East smart warehousing, Africa smart mining, and Europe smart ports, and offered efficient and convenient digital and intelligence services to global customers. Fourth, network investment, precise and efficient CapEx. In the first half, our company achieved notable results in precise network construction and intelligence network management, with CapEx of RMB 20.2 billion, down 15% year-on-year. The simplified network initiative was implemented in an orderly manner, achieving annualized operational expense savings of nearly RMB 1 billion, with data center resource utilization exceeding 70%. By adhering to high-standard construction and high-efficiency operations and fully deepening collaboration and shared benefits, the company has achieved a more complete network layout, significantly enhanced network capabilities, and a more secure network architecture. First, new upgrades in network capabilities. We are advancing the upgrades of mobile network from 5G to 5G-A and broadband network from gigabit to terabit, achieving broader connectivity, faster speeds with wider uplink bandwidth, lower latency, and more precise sensing. Mobile network population coverage exceeded 99%, with 5G-A commercial deployment in over 330 cities. Broadband networks cover 570 million households, and 106 cities will pilot 10 Gb optical networks. Second, innovative supply of computing power network. We optimized the integrated layout of computing power infrastructure, built and operated 10,000- card intelligent computing centers in Shanghai Lingang, Hohhot, Ningxia Zhongwei, and Qinghai Sanjiangyuan, and promoted integrated development of advanced computing power and green electricity. Data center capacity reserves have reached 2,650 MW, with total intelligent computing capacity reaching 30 EFLOPS. We strengthened the computing power intelligent internet, AI Net, accelerated evolution towards 800G and 1.2T ultra-high bandwidth, and achieved high-speed, secure, and lossless interconnection among computing power hub nodes. Third, strong and well-connected network. We have 200,000 kilometers in the New Eight Vertical Eight Horizontal backbone optical cable network, further enhancing robustness and security of the global network. Capacity of international submarine cables has increased by 239, and construction of the Qingdao and Haikou international offices is progressing smoothly. Fifth, scientific and technological innovation capabilities continue to strengthen. We focus on key technologies such as next-generation Internet, Big Data, AI, and cybersecurity. We are strengthening our layout in cutting-edge fields such as 6G, low-altitude intelligent internet, satellite internet, embodied intelligence, and quantum technology. We further increased investment, with R&D expenses growing by 16% year-on-year, achieving more landmark results and being selected as an outstanding enterprise in scientific and technological innovation among central enterprises. We strengthened talent reserves with science and technology innovation talents accounting for over 40% of the workforce, reaching a scale of 47,000 people, and established a high-level science and technology talent team of over 100 people. We optimized innovation systems, fully leveraged the roles of research institutions such as the National Engineering Research Centre, Institute of Data Science and Artificial Intelligence, and Hong Kong Innovation Institute, and strived to build a high ground for science and technological innovation and industrial innovation. We actively fulfill our corporate ESG responsibilities. First, we adhered to green development, launching the China Unicom Carbon Neutral Green Action Plan or Carbon Search Green Action Plan. We deepened network energy conservation, operating 22 green data centers, strengthening computing power synergy, and building a green power intelligent computing integration demonstration park. Second, we fulfill our social responsibilities, deeply advancing universal telecommunication services, helping to bridge the digital divide, and providing warm hot products for the elderly and disabled, benefiting over 5 million users. We leveraged our nationwide network advantages, and we efficiently coordinated flood prevention and emergency response efforts. Third, we improved our corporate governance, with our Board of Directors receiving the highest rating for five consecutive years. The Central Enterprise Reform Three-Year Action Plan and the Reform Deepening and Enhancement Action Plan were rated A grade, and we were selected as a best practice company in investor relations by the China Listed Companies Association. We are the telecommunications company with the largest increase in annual ranking among the Fortune Global 500. We have always attached great importance to shareholder returns while achieving steady growth in operating performance. We're committed to sharing benefits of development with our shareholders. This year, we'll continue to distribute interim dividend, with a proposed dividend of RMB 1.112 per 10 shares, representing a year-on-year increase of 16%. In the future, we'll better balance current operations and long-term development to actively deliver better returns to our shareholders. 2025 marks a pivotal year for AI as it transitions from theory to practice and represents a critical juncture for the large-scale application of AI to deliver tangible results. On July 19th, we hosted the 2025 China Unicom Partner Conference under the theme of Moving Forward Together, co-creating a new ecosystem of integration. We'll work more closely with our partners to promote integration and innovation across different technological fields, production factors, industry sectors, and application scenarios, co-creating a new ecosystem of integration in AI infrastructure, technology, and AI industries. Looking ahead to the full year, we will continue to enhance management, operations, and service levels, with fixed asset investment expected to reach about RMB 55 billion. We are confident in achieving high-quality completion of annual targets and successfully concluding the 14th Five Year Plan. We would like to express our gratitude to all our friends for their support. We will continue to implement our integration and innovation strategy, deepen the three integrations of computing and networking and data intelligence and data reality, and continuously promote the three innovations of networking, technology, and services, striving to create greater value for shareholders, customers, and society. Thank you all.