Good morning, good afternoon, and good evening. Welcome to Lenovo's Earnings Investor Webcast. This is Lixi Yuan, Director of Investor Relations at Lenovo. Thanks, everyone, for joining us. Before we start, let me introduce our management team joining the call today: Yuanqing Yang, Lenovo's Chairman and CEO, Winston Cheng, Group CFO, Luca Rossi, President of Intelligent Devices Group, Ashley Gorakhpurwalla, President of Infrastructure Solutions Group, and Sergio Buniac, Senior VP of Mobile Business Group and President of Motorola. We will begin with earnings presentations, and after that, we'll open the call for questions. Now, let me turn it over to Yuanqing. Yuanqing, please. Hello, everyone, and thank you for joining us. Today, I'm pleased to report that Lenovo has started the 2025-2026 fiscal year strong, with record-breaking Q1 results. This is a remarkable achievement amid the challenges of tariff volatility and the geopolitical landscape. Our Group revenue grew by 22% year-on-year to $18.8 billion, an all-time high for our first fiscal quarter. Net income on a non-Hong Kong FRS basis also increased 22% year-on-year. On a Hong Kong FRS basis, our net income more than doubled year-on-year, reaching more than $500 million. The difference is mainly due to the non-cash fair value gain on warrants as a result of the share price movement. In the coming quarters, this factor may continue to have either a positive or negative impact, so we encourage the stakeholders to focus more on our actual operating performance and non-Hong Kong FRS measures. All of our main businesses achieved solid double-digit revenue growth year-on-year. Our PC business, in particular, delivered over 20% revenue growth, the fastest pace in 15 quarters. Our non-PC revenue mix now reached 47%, and all of our sales geographies delivered high or relatively high revenue growth. To capitalize on the unprecedented AI opportunities, we have been firmly executing our hybrid AI strategy towards the vision of "Smart AI for All. Last quarter, we continuously drove innovations in both personal AI and enterprise AI, with our R&D spending increased by double digits. By leveraging our ODM+-based end-to-end operation, as well as our unique global-local model, we have successfully overcome macro challenges, including tariff impacts. In the past two quarters, we have committed to preserving competitiveness, maintaining market share, and sustaining profitability against the challenging external environment. I'm proud to say that we have delivered on our promises. We are well positioned to continue navigating future uncertainties. Last quarter, our IDG, Intelligent Devices Group, delivered revenue of $13.5 billion, with 18% year-on-year growth. For PCs and related business, our revenue grew 19% year-on-year, and we maintained industry-leading profitability at more than 8%. All geographies achieved double-digit year-on-year revenue growth. Especially in China, our business returned to rapid double-digit growth. AI PC penetration continued to accelerate, now accounting for more than 30% of Lenovo's total PC shipments, strengthening our No position in the global Windows AI PC market. For smartphones, we also achieved relatively high revenue growth at 14% year-on-year, with sales volume outgrowing the market for eight consecutive quarters. In markets outside of China, our market share reached a record high, and we are No. 1 in foldables, with over 50% market share. Looking ahead, we will continue to build agent-native devices of various forms while enriching the application ecosystem for AI super agents to boost agent-user engagement. This will drive towards one AI, multiple devices, positioning agent-native devices as the entry point for personal AI. Our Infrastructure Solutions Group, or ISG, delivered a solid 36% year-on-year revenue growth through strong execution of our CSP and enterprise SMB dual strategy. We are firmly increasing investment on AI infrastructure, market, and R&D, as well as enhancing our enterprise SMB competitiveness, even as profitability was impacted in the short term. Our AI infrastructure business doubled its revenue year-on-year, with a strong pipeline. Revenue from our industry-leading liquid cooling solutions grew 30% year-on-year. In China, we achieved hypergrowth in revenue and a significant operating margin improvement. The enterprise IT infrastructure market is a rapidly evolving market, from traditional enterprise computing to cloud computing, and now to artificial intelligence computing. While each technology revolution has brought new demand and greatly expanded the market, it has also brought new requirements for corporate investment and commitment. For Lenovo, we have always been able to anticipate these major shifts and proactively adapt, increasing our investments to seize opportunities. This has been proven by our quadrupled ISG business in 10 years. Even though there is short-term pressure on profitability, we remain firmly committed to investing in the transformation of the traditional enterprise SMB business model in cloud computing and in AI infrastructure innovation and product development. By persistently executing our hybrid infrastructure strategy, we are confident that the ISG business will not only sustain mid-to-long-term growth but also deliver stronger profitability returns. Last quarter, as our key profit engine, Solutions and Services Group, or SSG, delivered another record revenue quarter, growing 20% year-on-year with more than 22% operating margin. Support services business achieved double-digit growth. The managed services and projects and solutions businesses grew even faster, driving their combined mix to nearly 60% of SSG's total revenue, an increase of almost 3 points year-on-year. Our AI solutions have experienced strong momentum, especially in manufacturing and supply chain. Looking ahead, we will continue to build capabilities in the Lenovo Hybrid AI Advantage framework as our key differentiator. We will focus on developing horizontal building blocks, such as digital workplace solutions, hybrid cloud, sustainability solutions, while at the same time building simple and scalable vertical solutions powered by AI, so that we can help solve customers' biggest needs and unleash Lenovo Hybrid AI Advantage. On top of the business performance, let me also cover some of the major progress specific to landing our AI strategy across our businesses. In personal AI, we led the global AI-powered PCs market and launched the TianQi AI super agent in China in May. Now, we are building highly personalized user experience through agent-native devices and applications, so as to boost user engagement. We are encouraged by the steady growth momentum since TianQi went live, with our weekly active users rate averaging 40%. Ultimately, we will realize a highly personalized, user-centric experience operating seamlessly across devices, ecosystems, and orchestrated across the client edge cloud architecture. In enterprise AI, after launching Lexia, our first enterprise AI super agent in China, we are building AI model factory and developing AI agent platform to make Lenovo Hybrid AI Advantage real. We will showcase our latest innovations at the Lenovo Tech World at CES, held at the SFIL in Las Vegas on January 6, 2025. Stay tuned for more updates. Before I close, I'd like to reaffirm our commitment to delivering more breakthrough innovations for our customers, generating higher returns to our shareholders, and creating lasting value for our stakeholders and communities. Regardless of market cycles or geopolitical uncertainties, when we make a promise, we deliver. You can count on Lenovo's track record and join us in building a smarter future for all. Thank you. Now, let me turn it over to our CFO, Winston. Winston, please. Thank you, Yuanqing. I will now go through Lenovo's Fiscal Year 2025-2026 Q1 Financial and Operational Results. Our Group started the year with exceptional momentum, delivering strong growth across all our business groups. We achieved a record-high Q1 revenue of $18.8 billion, a robust 22% year-on-year increase, surpassing the previous record set during the pandemic. Net income attributable to equity holders on an HKFRS basis reached $505 million, up 108% from last year. On a non-HKFRS basis, net income grew by 22% to $389 million. Our robust Q1 results highlight the success of our ongoing transformation driven by diverse growth engines. Non-PC revenues account for 47% of Group revenues. AI revenues continue to grow significantly, increasing as a percentage of overall Group revenues. All key revenue streams—PC, smartphones, infrastructure, and services and solutions—achieved double-digit year-on-year growth. Notably, our PC business secured a record-high global market share of 24.6%, while our smartphone business sustained year-on-year double-digit revenue growth for seven consecutive quarters. Our AI infrastructure business, supported by industry-leading liquid cooling technology, saw its revenue more than double year-on-year. Solutions and Services Group, SSG, revenues grew 20% year-on-year, reaching an all-time quarterly high revenue with operating margin expansion. The strong performance highlights our transformation into a diversified global tech leader, well-positioned to benefit from AI industry trends underpinned by relentless innovation, agility, and the resilience of our global supply chain. All key regions delivered strong year-on-year growth in the first quarter, validating the strength of the Group's global footprint in over 180 markets, supported by a global-local strategy and ODM+ model. In the PRC, revenue surged by 36% year-on-year, fueled by robust momentum across all business groups, with higher contributions from AI PC shipments and our leadership in the commercial segment. In Asia-Pacific, excluding China, revenue grew by 39% year-on-year with strong growth. PC and smartphones saw market share gain in key markets such as Japan and India. In the Americas, we saw PC market share gains for the ninth consecutive quarter, and in EMEA, record bookings in Device-as-a-Service and Software Solutions, driving services revenue. Our growth is supported by strong liquidity management. In Q1, our cash flow from operations reached $1.2 billion, marking the highest level in the past 11 quarters. Free cash flow rebounded strongly to $751 million despite a higher CapEx. This was driven by robust operational cash flow and ongoing finance cost reductions. Net finance costs reduced by 9% year-on-year through optimization initiatives. Excluding the notional interest on convertible bonds, our net finance costs on a non-HKFRS basis dropped by 23% year-on-year. As a result, our Q1 cash balance was $4.5 billion, up 15% year-on-year, reflecting operational excellence and our disciplined approach to optimizing finance costs. This strong liquidity gives us the flexibility to navigate dynamic market conditions while continuing to invest strategically in innovation and growth opportunities. Our R&D investment increased by 10% year-on-year to $524 million, reinforcing our long-term commitment to driving innovation to support our hybrid AI strategy. Our R&D technical workforce reached nearly 20,000 employees, representing 28% of our total headcount. Our continuous investment in R&D not only strengthened our technology leadership but also positioned us to capture structural growth opportunities across personal and enterprise AI. As part of our commitment to driving innovation, we continue to develop next-generation products that showcase Lenovo's engineering strength, as well as customer-centric design. Our concept devices leverage advanced solar technology to extend battery life, while our industry-first rollable display PC that enhances multitasking goes from concept to production. On the infrastructure side, our proprietary Neptune liquid cooling technology offers 100% heat removal to enable customers to operate high-performance server racks without specialized air conditioning. This is a critical differentiator for AI servers with rising cooling requirements. Each of these innovations reflects our strategy of combining performance, design, and real-world use cases to drive differentiation across Lenovo's diverse portfolios. Before we move on to our business group performance, I would like to bring your attention to our non-HKFRS reporting measures, which exclude the impact of non-cash items related to warrants and convertible bonds as part of our Middle East Allied Strategic Transaction. We encourage investors and analysts to focus more on the non-HKFRS measures, which offer a clearer view of our core operational performance, as the non-cash items related to warrants and the notional interest on the convertible bonds are expected to persist through the end of fiscal year 2027 and 2028. For the quarter, the adjustments to HKFRS figures primarily include non-cash fair value gain of $152 million from warrant revaluation and a notional interest of $28 million from convertible bonds. For further details on other non-cash items, please refer to the supplemental financial materials included at the end of this presentation. Now, let's turn to the performance of our business groups. The Intelligent Devices Group delivered another outstanding quarter. Revenue reached $13.5 billion, up 18% year-on-year, with PCs, tablets, and other smart devices delivering the fastest revenue increase in the past 15 quarters. The PC business achieved market share gains across all key sales geographies in the fiscal first quarter, despite the ongoing tariff volatility, demonstrating our product excellence, scale advantages, agility, and supply chain strength. Operating profit reached $950 million for the quarter, fueled by a strategic shift toward premium products. Our smartphone business continues to be one of the fastest-growing OEMs globally, with seven consecutive quarters of double-digit year-on-year revenue growth. Our premium smartphone segment also outperformed, with its revenue mix rising to 37% of total, a 7% point increase year-on-year. Our leadership in PC and smartphone, together with strong presence in tablets enabled by our cross-device AI ecosystem, gives us a strategic advantage as we drive a seamless one AI, multiple devices experience to enhance user AI interactions. Our strength in driving innovation through continuous R&D investment in AI capabilities is reflected in our leadership across commercial, consumer, and gaming PC segments, as well as the new Windows AI PC category. In the commercial PC segment, we lead the market with a 27.9% share, up 2.2 points year-on-year. Our workstation, including our flagship ThinkStation portfolio, drives strong demand with its superior reliability and processing power. On the consumer PC side, we also ranked No. 1 globally, with a 20.2% market share, up 1.1 points year-on-year. The premium segment of our consumer business is experiencing strong growth, led by our signature Yoga series with its innovative 2-in-1 convertible design. We also lead the gaming segment with 18.5% market share, and our focus on sustaining this leadership with innovative products such as the award-winning Legion Pro 7. In the Windows AI PC category, we have a leading global market share of 30.6%. These results underscore the balance of our IDG business and our leadership position. The Infrastructure Solutions Group delivered strong revenue growth in the first quarter, with revenue rising 36% year-on-year to $4.3 billion. Propelled by a strong momentum in both CSP and ESMB segments, both achieved over 30% year-on-year revenue growth. Our PRC business achieved hypergrowth during this quarter in terms of revenues. Our full-stack AI-driven infrastructure product strategy successfully translates into a unique proposition despite regulatory challenges and continues to fulfill the rapidly rising local customer demand in the markets. ISG recorded an operating loss of $86 million in the first fiscal quarter. Profitability was temporarily affected by strategic investments to enhance our long-term AI capabilities and accelerate the transformation of our ESMB business. Continuous investments in AI infrastructure, R&D, and sales capabilities are crucial for ISG to capture these rapidly growing opportunities as global demand for AI server surges. We have seen our enterprise segment under the high-velocity programs, with channel enhancement delivering double-digit revenue growth. We are confident about the upcoming launch of our next-generation LLM-based AI training servers in the second half of the calendar year of 2025, which will further strengthen our competitiveness in this high-growth market. ISG continued to broaden its customer base across both the CSP and ESMB segments in the first quarter, with wins in cloud computing, security, content delivery, high-performance computing, and AI server offerings applied across a range of leading educational institutions, financial companies, and AI infrastructure providers. Our Solutions and Services Group continues its consistent growth trajectory in Q1 and achieved a record-high quarterly revenue of $2.3 billion. This marks the 17th consecutive quarter of year-on-year revenue growth. Operating profit climbed 26% year-on-year to $501 million, with our operating margin expanding by 1.2 percentage points to 22%. Strong growth momentum in high-demand sectors, namely hybrid cloud, AI, and digital workplace solutions, fueled SSG's revenue growth, more than doubling the IT services industry growth rate. Our as-a-service offerings gained significant traction, with managed services and project and solutions services contributing 58% to SSG revenue, up 3 percentage points year-on-year. Notably, bookings in TruScale Infrastructure-as-a-Service surged, with triple-digit year-on-year growth. We also saw deferred revenue on our balance sheet, a key indicator of future revenues for SSG's support services, reaching $3.5 billion. Looking forward, SSG's hybrid AI framework sets us apart by delivering a comprehensive suite of AI-driven solutions across the entire hybrid life cycle, extending into value-added services. In Q1, SSG secured significant customer wins across key verticals, including financial services, technology, logistics, construction, and other sectors. For example, we deployed comprehensive AI solutions, including our LLM-in-a-box, to enhance AI capabilities in the financial sector. In construction and logistics, we delivered advanced multi-cloud platform management services infused with AI technology. Additionally, our end-to-end digital workplace solutions, enriched with AI features, has been enthusiastically adopted by global technology leaders, further solidifying our ability to deliver impactful industry-specific outcomes. Amidst the world's current evolving macroeconomic challenges and shifting policy landscapes, the Group remains focused on executing our strategy to expand market share and profit. Our globally recognized supply chain and our manufacturing footprint continue to support sustainable growth, strengthen our competitive position, and enhance the Group's resilience in adapting to changing market conditions. Thank you, and we will now answer any questions you may have. Thank you, Winston. Now, we will open the floor for questions, and this session will be English only. Please be reminded to limit yourself to two questions at a time. To submit a question, please type your question in the Q&A box on the right and click "Submit." While we're waiting for the questions, allow me to introduce the management team again. Other than our Chairman Yuanqing Yang and CFO Winston Cheng, we also have the following business leaders with us today for Q&A: Luca Rossi, President of Intelligent Devices Group, Ashley Gorakhpurwalla, President of our Infrastructure Solutions Group, and Sergio Buniac, Senior Vice President of Mobile Business Group and President of Motorola. Okay, our first question is from Howard Kyle from Morgan Stanley. On PC, can you talk about the trends you're seeing for Q3 and Q4 in 2025 calendar year? Are you expecting a sub-seasonal Q4 because of the pull forward demand due to tariffs? How do you think about your ability to gain share going forward, and any thoughts on commercial refresh in terms of where we are in this cycle? For this question, I think I would like to invite Luca Rossi, our Head of IDG, to answer this question. Luca, please. Thank you. Hey, thank you. Thank you, everyone, and thanks, Howard. As we mentioned in our prepared remarks, our PC performance last quarter was very strong, with significant premium to market for Lenovo, and not only on the shipment front but also on the consumption, like the activations. We recorded positive premium to market in all geographies. I will say that our view remains optimistic for the financial year. We have good order visibility. We see growing PC end demand, accelerating activation data, and of course, this positive momentum of the market is augmented by the Lenovo share gain, which adds on top of that. We see this as a sustainable item going forward, positive premium to market, while at the same time we are investing for the AI PC leadership going forward, and at the same time delivering and continue to deliver industry-leading profitability. When I look at the market performance, definitely, and this is also combining your ask on the commercial part, the Windows 10 to Windows 11 transition, I would say at the moment is in full speed in most of the geographies and most of the countries. It's definitely not finished yet. We think this tail will continue for a couple of quarters. At the present time, I will say we are confident for the remainder of the year for the shipments to continue to grow at mid or maybe even high one-digit rate. Maybe to conclude on AI PC, I want to reaffirm that we have been leading the market. We have more than 30% share on the Windows AI PC, and we are working with our innovation R&D to build not only devices but also the one AI multiple devices ecosystem that we think will be a competitive advantage going forward in the second half of 2025 and particularly in 2026 and 2027. Thank you. Thank you, Luca. The second question we've got is from Lep ing Huang from Huatai Securities. Could you please provide an update on Lenovo's business progress in the Middle East since signing the cooperation agreement with Allied this year? What is the current revenue contribution from the Middle East region, and does Lenovo have a specific target for its future revenue share from this market? I would like to invite our CFO, Winston, to answer this question. Thank you, Lixi, and thank you, Le ing, for your question. Clearly, we are the only company that's producing locally and building a manufacturing. We're well ahead of schedule in terms of building out this manufacturing facility for PC servers and other devices, including potentially smartphones. On that basis, we're the only one who is strategically partnered, as you're aware, with Allied to align the Vision 2030 initiatives of KSA with the full capabilities of Lenovo. In terms of PCs, we are No. 1 in the market. We benchmark ourselves against where in other markets, such as China, where we have been able to achieve great market share without a strategic alliance, and in markets where we have built local strategic partnerships, such as in Japan, where we have partnerships with NEC and Fujitsu, where we have an outsized market share as a result of this type of partnership. In terms of KSA, and you will probably have seen in terms of the announcement, the appointment of Amit to our board. With this tightened partnership, we expect to capture additional share in the local market, particularly as we manufacture locally in the KSA for the KSA and also for the MENA region. I think you all have also seen that the great initiatives in terms of data center spend and build out locally, as well as other companies such as Humane and others in the local market. I think there's great opportunity for us in terms of our ISG business and other businesses as well, including the services business. Hopefully, that's helpful to respond to your question. Thank you. Thank you, Winston. Our third question is from Cherry Ma from Macquarie. The question is on SSG. We saw very robust revenue growth in Device-as-a-Service and Infrastructure-as-a-Service. Can you share with us what are the drivers behind this strong growth? Was there a stronger geographical region driving this growth than others? Will this underlying trend sustain the growth momentum in the coming quarters? Given that our Head of SSG, Ken, is unable to join the call, I would like to invite Winston on behalf of Ken to address this question. Thank you. In terms of this trend of spending the CapEx to an OpEx model, this is something that is a trend around the world. I think from the perspective of Lenovo having this flexibility, we are agnostic in terms of customer demand from a CapEx perspective or OpEx. We have the capability to provide both, and I think we're seeing very strong growth in terms of our Device-as-a-Service and our Infrastructure-as-a-Service, namely called TruScale. From that perspective, we have seen strong growth across all our geographies in terms of this trend, and the SSG team led by Ken has been building out the full capabilities when we have also seen significant customer wins on this part of the business as well, especially customers in particular with a global presence where Lenovo has a global capability to match up as a global 500 company in terms of the footprint that's required by other global 500 companies. Great. Thank you, Winston. The next question is fro m Himani Mukka from Canalys. How have the tariff uncertainties impacted your supply chain diversification strategy? Any quantitative insights on what percentage of your supply has been moved to your overseas production plans from China, and any insight on your future strategic direction? That would be great. I would like to invite our Chairman and CEO Yuanqing to answer this question. Yuanqing, please. Thank you. I don't think a big impact on our performance as well as to our global manufacturing or supply chain footprint regarding the tariff uncertainty. You can see from our last quarter's performance. I don't think a substantial or meaningful impact. I think that's mainly because Lenovo, we have built a very unique, very competitive business model. We call it the ODM+ and the global local. ODM+ means we combine the in-house manufacturing with ODM together so that not only gives us the cost competitiveness, quick response to the customer requirement, as well as we can benchmark with the best practice in the industry. Global local means we leverage the global best resources and deliver locally. Actually, we think the China manufacturing probably is the best manufacturing resources in the world. It's hard to find another country that can match its competitiveness. It's not just the low-cost level, it's the aggregation of the supply chain and components. It's a manufacturing culture. You know Lenovo, we have the global manufacturing facility everywhere in the world. Regarding the manufacturing cost, for each of the PC, at least the $15 higher if you manufacture outside of China compared to manufacturing in China. We will continue to leverage China manufacturing as a global competitive resource. Meanwhile, we have built more than 30 factories in more than 10 countries to help us to keep the flexibility and resilience to effectively avoid the high tariff. Actually, the tariff is not new to Lenovo. Some countries like Brazil, like India, they have the high tariff as well. We have dealt very well with our unique business model. I think the most important thing is how much tariff you pay. The most important thing is whether you can keep the competitiveness in the market, no matter it's a high tariff country or it's a low tariff country. I'm confident with Lenovo's unique business model, we can deal with this situation better than our competition. I think this kind of China plus M model has been working very well for us to keep the competitiveness in the U.S. and other markets. Thank you. Thank you, Yuanqing. The next question is on margins from Albert Huang from JPMorgan. How do you reconcile the meaningful quarter-on-quarter GP margin decline versus decent segment operating profits? What has dragged down the gross margin in the first quarter, and what's the margin outlook in the coming quarters? I'd like to invite our CFO, Winston, to answer this question. Winston, please. Thank you, Albert, for your question. You probably will have noticed that the ISG business for us has been growing quite fast, and in particular, we have come and disclosed that our AI server revenue has more than doubled year-on-year. As you are very familiar with the dynamics of the current AI server industry, the margins in this segment, the deals are large but can be slightly lower in terms of the gross margin as it relates to other segments of the server business, such as the ESMB space, or in terms of our IDG business. Overall, our GP margin actually would have been much higher, actually north of 17% if we take out the CSP business. I think that's what I would really emphasize for you. As a result of business mix, we're seeing actually healthy margins in terms of PC despite the fact that we are gaining significant share in the market, as you would have seen, 24.6% share at a probably historical high in our PC business and continue to be growing double digits seven quarters in a row in our smartphone business. I think overall the margins are strong, considering that we're growing significantly above market in all our businesses. Got it. Thank you, Albert. Thank you, Winston. The next question is on R&D investment growth. It's from Cherry Ma from Macquarie. R&D investment growth had decelerated over the last two quarters to 10% growth. How should we think about R&D spending growth over the next few quarters? I think this question is also for Winston. Please, Winston. In terms of R&D, this is absolutely a priority for us as we drive towards our hybrid AI strategy. As you have seen from the results in the PC industry, we're leading in terms of energy saving efficiencies with concept devices such as the solar PC. We have a rollable which has really been talked about and won awards, which we're going to production. Of course, we have industry-leading liquid cooling solutions. In terms of our services and solutions, growing very fast there in terms of other AI initiatives. R&D is absolutely imperative, especially as we drive our one AI to multiple devices strategy as well. In terms of the management of expenses, I think absolutely we track relative to the dynamics in terms of the market, especially, as Yuanqing said earlier, in terms of the environment and volatility due to the tariffs. We take a slightly more cautious stand from that perspective. Overall, this is a strategic priority spend for us, and we'll continue to spend on R&D to drive our business forward and also drive our transformation across our business, which you will have seen 47% of our business today is non-PC, and we continue to experience very strong growth across not only our non-PC businesses but also PC, but strong growth across all our businesses due to our investment in R&D. Absolutely an important area for us. Thank you. Thank you, Winston. Next question is from Jim Au from DBS. Lenovo delivers strong market share gains in both PCs and smartphones despite consumer sentiment being hampered by tariff concerns. Was there any boost from the front-loading shipments to avoid tariffs? Can the company's competitive edge in devices which will support these share gains be sustained in the coming years? I would like to invite Luca Rossi from Head of our IDG and also Sergio Buniac from MBG to answer this question. Over to you, Luca, please. Sure, and thanks for the question. I'll start with the PC, and then probably Sergio can help on the smartphone side. For the PC business, as I said, we are performing extremely well in all geographies we operate. Hence, the tariff topic, which might have driven some of the pull-in or order anticipation, that is happening or may be happening in the States, in the U.S., but obviously we operate in the other four geographies where this topic is not on the table, and we have good performance and also good order visibility going forward for all the geographies. I don't think we could or we should attribute the tariff order pull-in to a large explanation or to a large part of the performance of the market or the performance of Lenovo. To the second part of your question on whether our devices' share gain is sustainable or not, obviously this is, I would say, this is our job to continue to make us competitive with innovation, differentiation, our global local capabilities, our operational excellence. In a simple answer, my answer is yes. We think we are able to continue to share gain moderately. We always balance growth, profitability, channel inventory adjustments so that we have always a healthy operation. We have done this now for many, many quarters, and I'm confident we will be able to continue to do that going forward. Thank you. Sergio? Sergio, yeah. I want to comment. Yeah. Hello, Jim. To complement, I think very similar on the mobile side. I think with seven quarters of double-digit year-over-year growth, eight quarters of premium to market, making it very sustainable. Our growth in North America was around 16%. That's in line with our overall growth, but there is growth coming from multiple markets. India at 43%, Japan 40%, KSA at 33%, Italy 17%. We are seeing the growth across the globe coming from broader markets than the markets affected by tariffs. Also, we are seeing our premium segment, Razr and Edge franchises, growing faster. That's why we're seeing revenue growing faster than CA, and now represents close to 40% of our sales. That's almost a tenfold from two years ago. We see that trend continues for the full year. We're still forecasting premium to market and close to double-digit growth. Thank you, Luca. Thank you, Sergio. The next question is from Cherry Ma from Macquarie. Can you explain a bit more on the hiring investment we did to scale out ISG AI capabilities and the channel partnership programs during the quarter? We'll be keen to understand how that product roadmap is going to pan out to capture the revenue opportunities. I would like to invite Ashley, Head of our ISG, to answer this question. Ashley, please. Thank you. Thank you for the question, Cherry. I think we all recognize the enormous impact AI is having on the infrastructure market, and Lenovo remains focused on becoming the best AI technology partner to our customers now and as this exciting market evolves. We're investing to be differentiated in this AI marketplace. For example, we're growing Lenovo's global customer sales coverage, and we're aggressively acquiring new logos, new customers who need our technology, our servers to adopt AI into their infrastructure and their businesses. We are investing in our AI product portfolio with a roadmap today that spans the range from mainstream enterprise AI systems for inference and, for example, token serving to rack scale systems for large language model training. We plan to offer many of these systems, including the NVIDIA GB300 systems, this calendar year. Our momentum is strong here, as we talked about earlier, with revenue from AI servers more than doubling year- over- year. We plan even more research and development investment to further advance our world-class 45 degrees water-cooled systems using proprietary Lenovo Neptune technology. This really helps our customers optimize their power and cooling requirements, which leads to a better, more advantaged total cost of ownership for them. As an indicator of the adoption we're seeing, Neptune-related revenue grew 30% year- over- year in Q1. Further, we're investing in our AI innovator ecosystem and AI hybrid advantage with partners such as IBM, Cisco, NVIDIA to deliver AI solutions that are ready to be tailored to customer outcomes. This will include, as Winston mentioned before, continued investment in a services portfolio for specialized vertical AI solutions and to continue to build capacity in TruScale for AI infrastructure as a service. We are investing for growth in China as well as the rest of the world. In China, to accelerate the hypergrowth we're seeing, we're building a localized full-stack AI infrastructure portfolio that really meets the needs of the local marketplace. Finally, I'd note that we're remaining committed to building AI infrastructure manufacturing capacity in Lenovo's very unique ODM+ model. Here we get to leverage what Wai Ming Wong mentioned earlier, the global local capacity and capability that Lenovo has built. Thank you. Thank you, Ashley. The next question is from Robert Chung from Bank of America. Lenovo AI server sales doubled this quarter. What are the key growth drivers? Is the demand coming from China or global markets, or any color on the segment such as CSP or enterprise? What's the margin of your AI server business? I would like to invite Ashley again, our Head of ISG, to answer this question. Thank you. Sure. Thank you, Robert, for the question. As I mentioned, as we invest forward in portfolio and services and capability and sales coverage, we're seeing quite a bit of momentum in AI systems. They range, the drivers range, as I said before, from the beginnings of enterprises adopting AI for simple agent and agentic workloads up through large language model training at the frontier level. The products, the capabilities, the services that we offer are different across that spectrum and that range of drivers. In some cases, with ready-made solutions off the shelf, in a sense, ready-to-go AI solutions for inference and enterprise, all the way up to highly customized and highly engineered rack scale systems in our cloud service provider capability that leverages, as I said before, our ODM+ model. I think we see growth across the spectrum. Today, if you measured it in units, it would be quite balanced. If you measure it in revenue, the growth is driven largely by rack scale systems and the growth in training applications. We believe that will balance out over time as AI is adopted in a more meaningful way within the enterprises that we serve. In addition, you asked about China and the rest of the world. I will say that we're seeing growth across all segments and all geographies. In China, I think we're seeing what we would term as hypergrowth, especially related to AI, and again across both the CSP and the ESMB segments. We don't break out margins specifically within our roadmaps or our portfolios, so I'll defer to that question. Thank you. Thank you, Ashley. Due to time constraints, the next question will be our last question for this webcast. We've got Rob Chen from KGI Securities. W hat is the strategy to gain share in America/Europe AI PC market? I'd like to invite Luca Rossi, our Head of IDG, to answer this question. Please, Luca. Yeah, sure. Thanks for this question. I would say in general, our recipe for success and share gain will not change. R&D to drive innovation and to drive design to cost, operational excellence, global local capabilities. Now, for AI PC, as I mentioned, we are growing rapidly in every geography. I will say with a high note in China, where our super agent is leading the market, and we believe it will further help market share gains and margin expansion. Going forward in America, Europe, what I say is also valid for every other geography. We think that Lenovo has a unique opportunity for share gain and margin expansion by realizing our vision of one AI, multiple devices. If you think about that, we are one of the few, if not the only OEM that has the full offering from the pocket to the cloud, phone, PC, tablet, all the way to the infrastructure in the cloud and even wearables. That ecosystem will play a role for differentiation in the AI PC industry going forward. Thank you. Thank you very much, Luca. This was our last question. If you still have further questions, please contact our IR team directly. In the next few hours, the replay of this investor webcast will be uploaded to our IR website. Thank you again, everyone, for joining. Goodbye.