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. Ken Wong, President of Solutions and Services Group. 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. Let me turn it over to Yuanqing. Yuanqing, please. Hello, everyone, and thank you for joining our earnings call today. Our strategic foresight and firm execution enabled us to deliver the best year in Lenovo's history while navigating a complex and challenging external environment. Last quarter, despite the supply shortages and the rising component costs, we committed to sustaining growth and improving profitability, leveraging our operational excellence. We delivered and achieved a significant increase in global revenue and net income, both reaching the highest year-on-year growth in the last 20 quarters. We promised to maintain our PC revenue momentum despite a slowdown in PC shipment due to rising costs. We delivered. We shifted our mix towards premier to improve average unit revenue, and our PC shipment growth continued to outperform the market. Our PC revenue significantly increased by 28% year-on-year. Regarding our Infrastructure Solution growth, we promised to return it to sustainable, profitable growth. Once again, we delivered. Through business transformation, strategic restructuring, and by capturing the AI trend, we achieved not only revenue hypergrowth, but also record profit. Looking ahead, we are fully charged to lead in the era of AI democratization and create long-term value for our shareholders. Let me dive into our fourth quarter performance. On the Group level, we achieved a record fourth quarter revenue of $ 21.6 billion, up 27% year-on-year, the highest growth since the pandemic. Adjusted net income doubled year-on-year. Hong Kong FRS net income increased nearly sixfold. AI has become our leading growth engine. AI-related revenue grew 84% year-on-year to account for 38% of the Group total. IDG, or Intelligent Devices Group, delivered exceptional results with strong growth momentum. Revenue increased 24% year-on-year. For our PC and Smart Devices business, we achieved strong revenue growth, up 26% year-on-year, the highest in the past five years. Especially in PC, we maintained a significant profit lead against the competitors while continuously outpacing the market by nearly 6 percentage points. We are the only vendor among the global top five to deliver consecutive positive year-on-year shipment growth for the past 10 quarters. Our PC market share reached our fourth quarter record high, widening our lead over the number two player to a 15-years high. Our leadership was further solidified in AI PC, premier PC, and gaming PC. Taken together, this clearly proves the strength of our overall competitiveness from innovative product portfolio to excellent business model and operation. For our mobile business, Motorola smartphone achieved a record fourth quarter shipments with double-digit revenue growth. ISG, or Infrastructure Solutions Group, delivered the turnaround as we expected, with the highest ever operating profits and margins since we entered this business, as well as a record quarterly revenue of $5.6 billion, up 37% year-over-year. This is a significant inflection point for ISG. Our strategic transformation efforts are on track to turn our Infrastructure business into another engine of both growth and profitability for company. We are seeing robust momentum across the board. Our AI Server business has a strong pipeline of $21 billion, supporting continued growth momentum. Our new Lenovo Hybrid AI Advantage Solutions with NVIDIA are accelerating enterprise AI adoption in cloud scale deployments and enabling real-time inferencing. The Infinidat acquisition that was completed in early April strengthens our high-end enterprise storage capabilities. This unlocks additional long-term potential for margin expansion and broader market opportunity. SSG, or Solutions and Services Group, sustained its double-digit year-on-year revenue growth to $2.6 billion, with a higher operating margin above 20%. A record 62% of revenue came from Managed Services and P roject & Solutions, reinforcing the shift towards value-added offerings and recurring revenue services. Our subscription-based TruScale continued to gain momentum as enterprises increasingly demand more advanced, efficient, and cost-effective computing infrastructure in the AI era. Our Solutions business also continued to grow rapidly across key verticals, including manufacturing, retail, and sport. That wraps up our outstanding performance in the fourth quarter, which brought the fiscal year to a strong conclusion. Now, let me also briefly talk about our full-year performance. Group revenue surpassed the $80 billion mark for the first time at $83 billion, up 20% year-on-year. Adjusted net income grew 42% year-on-year, twice as fast as revenue growth. All business Groups achieved double-digit hypergrowth. Especially worth mentioning is ISG delivered a record revenue of $19.2 billion, successfully reaching full-year profitability with a significant $140 million year-on-year operating profit improvement. ISG is now on a clear path to sustainable, profitable growth. With R&D expenses up 9% year-on-year, we are committed to increasing our investment in AI-focused innovation. This January at our Tech World @ CES event, we showcased our hybrid AI vision, strategy, and innovation, reinforcing our global leadership beyond PCs as a full-stack AI leader. Looking ahead, while the external environment remains volatile, we view these challenges as opportunities for Lenovo to further strengthen our competitiveness and build on our advantages. That confidence starts with operational excellence. Our balanced global business and manufacturing footprint, combined with the global local model, has given us structural resilience. That same confidence is fueled by our forward-looking hybrid AI vision and strategy. This has put us at the forefront of AI inferencing and AI democratization. We are now ready to capture significant growth across both personal AI and enterprise AI. On the personal AI front, guided by our one personal AI, multiple devices strategy, our on-device AI delivers secure, personal, and cost-efficient intelligence. In the coming year, we expect to deploy our personal AI super agents, Tianxi and Lenovo Qira, to millions more devices across form factors and platforms. We are also exploring a wide range of next-generation AI-native devices. These include next-generation PCs and smartphones specifically for AI agent use, AI wearables, as well as personal computing hubs. On the enterprise AI front, we continue to enrich our AI Library and the Lenovo Hybrid AI Advantage framework. We are building repeatable AI solutions, both vertically across key industries and horizontally across areas like hybrid cloud and the digital workplace. We are also actively expanding our TruScale services to capture the surge in AI inferencing demand. Our vision is to bring AI to every individual and every enterprise, everywhere, anytime. In closing, let me reiterate, at Lenovo, we do what we say, and we own what we do. This past fiscal year speaks for itself as the strongest proof. We delivered record revenue, record market share, and record AI momentum. This is just the beginning of Lenovo's AI decade. Looking at the months ahead, Lenovo has a big role to play as the official technology partner for the FIFA World Cup and the 2022 Formula 1 Grand Prix races worldwide. These global stages will allow us to unleash our technology to support teams and bring fans the best viewing experience while lending our AI strategy and elevating our brand at scale. At our global employee kickoff event, we set a target to become a $100 billion company in two years. With operational excellence and innovation as our twin pillars, I'm fully confident in achieving this goal. We will continue to deliver strong shareholder returns and truly realize smarter AI for all. Thank you. Now, let me turn it over to our CFO, Winston. Winston, please. Thank you Yuanqing. I am pleased to walk you through Lenovo's fourth fiscal quarter and full year results of 2025/2026, a year that delivered record revenues with margin expansion and accelerating momentum in AI-driven growth across our entire product and services portfolio. We delivered record fourth quarter revenue of $21.6 billion, up 27% year-on-year, the highest year-on-year growth rate in the last five years. This exceptional performance with broad-based strength across all business Groups was driven by the strong AI-driven demand, underpinned by our resilience and operational excellence, despite rising component costs in the war in the Middle East. AI is at the heart of our multi-year growth trajectory. Our AI-related revenues grew 84% year-on-year, representing 38% of total Group revenues for the quarter. This acceleration reflects strong demand across AI-enabled devices, infrastructure solutions, and enterprise services, underpinned by our global reach, scale, broad product portfolio, and continuous innovation. Across our business Groups, IDG achieved record global PC market share for the fourth fiscal quarter, while maintaining stable operating margins with industry-leading profitability despite component cost pressures. Motorola smartphone delivered its highest quarterly shipment volume for the fourth fiscal quarter with operating margin expansion. ISG demonstrated solid transformation progress, achieving record quarterly revenue and operating profit of $202 million. The business delivered full year profitability while establishing a clear, sustainable roadmap to capture future AI infrastructure opportunities. SSG achieved revenues of $2.6 billion, with a record 62% of revenues from Managed Services and Project & Solutions, reflecting continued portfolio shift toward higher value recurring and solution-led offerings. These strong results and profitable growth across all business Groups clearly demonstrate our operational excellence, enabling us to turn macroeconomic challenges into opportunities while further reinforcing our core competitiveness in the AI era. This has been a record year in our 40 years of history, and we will continue to drive higher revenues with profitability improvement. In a year of macro headwinds with tariffs, higher component prices, and a war in the Middle East, we have delivered on what we promised, leveraging the strength of our experience, global supply chain, manufacturing, strong execution, and product innovation. We surpassed the $80 billion revenue against a challenging macro environment, and we have a clear ambition to become a $100 billion company in two years. In FY 2026, all business Groups delivered solid double-digit year-on-year revenue growth, and further expanded market share across PC, smartphones, infrastructure services, and solutions. AI-related revenues more than doubled, growing 105% year-on-year. In IDG, we strengthened our market leadership in all PC segments, while PC adjacencies continue to deliver double-digit year-on-year revenue growth with a clear uplift in margins. In smartphones, we achieved record shipments and activation for Motorola, with the highest premium shipment mix of 19%. ISG is well-positioned for future growth and accelerated profitability improvement. We are experiencing accelerating growth momentum from AI training to enterprise inferencing. This financial year, ISG achieved record revenues and profitability with a strong AI server pipeline for continued future expansion, supported by an expanding global customer base who increasingly value Lenovo's ability to deliver an optimized AI portfolio. We continue to see strong demand across CSP and EN&SMB, with AI infrastructure becoming a key growth engine for the year ahead. In SSG, we reached a revenue milestone of $10 billion, and more than doubled operating profits over five years. We enter the next year with strong momentum driven by growing demand for TruScale as customers increasingly look for financial flexibility and services in accelerating enterprise adoption of Hybrid AI Solutions. In the fourth quarter, our adjusted operating income delivered 73% year-over-year growth, and operating margins expanded to 3.9%. Our adjusted net income doubled during the quarter and grew to $559 million, growing at nearly 4 x the rate of top line. Adjusted net margins increased to 2.6%. For the full financial year, we delivered both operating and net margin expansion driven by operating efficiency gains, higher scale, and strategic revenue mix improvements across the Group. Adjusted net income grew 43% year-over-year, more than doubling revenue growth. For fiscal year 2025/2026, basic earnings per share reached $0.1563. The board declared a final dividend of HKD 0.337 per share. Combined with the interim dividend of HKD 0.085 per share, the total dividend for the fiscal year will be HKD 0.422 per share, our highest dividend ever. Let me turn to IDG. In the fourth quarter, IDG delivered 24% year-on-year revenue growth to $14.6 billion. Operating margin was 6.9%, supported by disciplined execution, operational excellence, and continued innovation. PC shipments deliver a record fourth quarter global market share of 24.4%, up 1.3 percentage points year-on-year. Premium PC shipment mix reached 50% in the fourth quarter, with shipments up 29% year-on-year, reflecting strong execution in the higher value segments. In smartphones, we delivered double-digit revenue growth year-on-year in the fourth quarter, expanding the year with record revenue. Looking ahead, smartphone profitability expansion will continue to be driven by scale economics, premiumization, AI and software ecosystem integration, and monetization opportunities. Our devices product roadmap continues to reflect focused innovation in areas where we see rising customer demand and market opportunities. In PCs, we launch our lightest ThinkPad T series, designed for longer productivity with a high-density battery. We also enhance the services offering to deliver greater life cycle value for enterprise deployments. On the gaming side, we introduced Lenovo's first Legion gaming laptop built on a unified memory architecture, bringing a matched battery life and performance featuring PureSight OLED display for better visual experience. To capture demand from agentic AI, we launched a ThinkCentre Neo 50q with OpenC law functionality designed for SMB customers seeking AI-driven productivity and enhanced performance for AI-assisted workloads. In PC adjacencies, our signature ultra-wide ThinkVision P40WD-20 monitor delivers 34% lower energy consumption. Its energy-efficient features enable a three-year payback and zero cost of ownership, demonstrating how innovation can drive both customer value and sustainability outcomes. In smartphones, the Razr family and signature FIFA World Cup edition is titanium-reinforced with exclusive tournament features, further strengthening our premium portfolio and brand appeal. In personal AI, Lenovo and Motorola officially announced the rollout of Qira in April 2026. Our personal ambient intelligent super agent that captured the industry's broadest cross-ecosystem footprint, spanning PCs, tablets, smartphones, and wearables. Built with privacy by design, its hybrid AI architecture prioritizes on-device processing to keep personal data local, preserving personalized context-aware assistance and connected user experiences across AI devices. Through a growing partner ecosystem, Qira also creates ongoing opportunities for premiumization and monetization through value-added services on premium devices. Moving on to ISG. Our hybrid AI strategy is providing a clear and differentiated path to capture both AI training and enterprise inferencing opportunities. The strategy is now translating into the strongest performance in ISG history. ISG's position as a key player in the AI investment super cycle reflected in record fourth quarter and full-year results. With hybrid growth at a clear premium to the market, we continue to expand server market share, standing out as the only vendor ranked amongst the top three, both globally and in China. In the fourth quarter, ISG delivered a record revenues of $5.6 billion, up 37% year-on-year, while operating profit reached a record $202 million. We will continue to strive for further margin improvements benchmarking against the industry. Full-year revenue reached a record high of $19.2 billion, up 32% year-on-year, and operating profit rose to $73 million. This is the major milestone for the business, marking not only the best revenue performance, but also a clear proof that our transformation is driving sustainable profitability and long-term value creation for Lenovo shareholders. We're seeing strong demand across CSP and EN&SMB, and AI Infrastructure is rapidly becoming a material growth engine for ISG. Our AI Server revenue deliver high double-digit full-year, year-on-year growth, supported by a strong $21 billion pipeline and more than 5,800 AI customer deployments, with demand continuing to outpace available supply. We are turning AI momentum into real customer value through faster time to first token, scaled initial rack shipments, and continued innovation across our AI Infrastructure roadmap. Last quarter, we shipped our first GB300 NVL72 racks, and we are preparing Rubin-based platforms for targeted time to market in the second half of this year. We believe this is just the beginning of a multi-year growth cycle, and Lenovo is well-positioned to benefit. Our product innovation, customer focus, resilient supply chain, operational excellence, and expanding production capacity give us the ability to scale with customers and navigate a dynamic AI data center environment. In early April, we completed the acquisition of Infinidat, a strategic step that strengthens Lenovo's position in high-end enterprise storage. This allows us to capture the $38 billion addressable enterprise storage market with critical IPs to capture the full value across key verticals. Infinidat brings industry-leading innovation capability, while Lenovo brings global scale, competitive infrastructure portfolio, and a proven execution engine. Together, we are expanding our reach to deliver high-end storage solutions worldwide and create a stronger path to higher margin growth over time. Turning now to SSG. SSG has continued to deliver consistent double-digit year-on-year revenue growth, growing significantly faster than the broader IT services industry. In fiscal year 2025, 2026, SSG has reached a new revenue milestone of $10 billion and operating profit more than double in the last five years, reflecting the advantage of our tech-led labor light delivery model. In the fourth quarter, SSG grew 19% year-on-year to $2.6 billion, while operating margin reached 22.4%. Demand for consumption-based solutions remains increasingly strong as customers navigate inflationary pressures in a more complex macroeconomic environment, alongside a surge in AI-driven compute demand. TruScale is a key growth driver, enabling customers to move from infrastructure to AI in production through an end-to-end offering spanning design, build, and operate. We're seeing strong DaaS and infrastructure as a service demand as enterprises and cloud providers look for greater cost predictability, supply assurance, and more flexible ways to scale AI capabilities. As agentic AI drives exponential growth in inferencing demand, enterprises increasingly need validated Hybrid AI platforms that can deliver superior economics at scale. One of the biggest barriers to AI adoption globally remains uncertain ROI, and this is exactly where a Hybrid AI advantage is differentiated. Combining private-public environments to accelerate time to first token, improve token efficiency, and maximize value per token. Lenovo Hybrid AI helps enterprise customers shorten time to ROI to less than six months while delivering production-ready AI environments in as little as 90 days. The Rubin-based platforms deliver up to 10x lower cost per token versus previous generations, helping customers bring AI workloads on premises with greater efficiency and stronger control over data, and a clear repeatable business outcomes. With Lenovo Hybrid AI Advantage at its core, our AI Library now includes more than 60 enterprise-ready use cases across sectors such as manufacturing, retail, and sports with repeatable and measurable outcomes. Our AI-driven lights-out contact center improves customer experience and also enhances operational efficiency by 60%. Built on our expansive manufacturing footprint and partnership, we have deployed AI-powered RoboD ogs across more than 50 utility sites globally, improving detection accuracy, cost savings, and safety. In sports, FIFA AI Pro demonstrates how our enterprise AI capabilities can scale across one of the world's most data-intensive environments. The solution analyzes more than 2,000 metrics to deliver real-time insights, supporting all 48 teams in the FIFA World Cup 2026 across three countries, delivering faster, more data-driven decision. The Group's longstanding commitment to strong governance, sustainability, and inclusion continues to earn global recognition. In 2025, Lenovo was named to CDP's Corporate A List for Climate Leadership, maintaining a A A+ rating in the Hang Seng Corporate Sustainability Index, and retains its EcoVadis platinum medal, placing the Group amongst the top 1% globally for ESG performance. Building on this recognition, Lenovo continues to deliver concrete progress across operations and products. We remain on track to reach net zero emissions by 2050, have converted 90% of electricity used across global operations to renewable sources in the past six years, and now include post-consumer recycled materials in 100% of our PC products. Smartphone packaging now uses 60% recycled materials and has reduced single-use plastics by 50%. Beyond environmental leadership, Lenovo's people-first culture continues to be recognized by Forbes as one of the world's top companies for women and one of the world's best employers. Sustainability and responsible growth remain foundational to our long-term success and shareholder value creation. Looking ahead, our strategy remains focused and highly disciplined. With our proven operational excellence and agile supply chain, we continue to execute to outperform even in volatile markets. As we enter the next fiscal year, we're confident in our ability to capture multi-year opportunities and to accelerate into an era of growth with profitability expansion, delivering greater value for our shareholders. Thank you. 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 are 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 the Intelligent Devices Group, Ashley Gorakhpurwalla, President of our Infrastructure Solutions Group, Ken Wong, President of our Solutions and Services Group, and Sergio Buniac, Senior VP of Mobile Business Group and President of Motorola. Now we'll begin our Q&A session. The first question is from Tony Jung from CLSA. Question is asking, what's your long-term revenue target and plan to drive sustainable margin expansion? I would like to invite our Chairman and CEO, Yuanqing, to answer this question and perhaps also our CFO, Winston Cheng, to address the margin question part. Yuanqing, please. Thank you, Tony, for the question. Definitely our strong Q4 and full-year results are the best testament to our commitment to Hybrid AI innovation and operational excellence. Based on this foundation, our long-term goal is to reach the $100 billion revenue target. Actually, it's not that long. We want to achieve that in two years. We will continue expanding our margins to even more decent level. We will achieve this goal through three clear strategic pillars. First, we will expand our leadership in devices, PCs, smartphone, tablet, wearables, while maintaining industry-leading profitability. Despite a challenging operating environment in short term, we continue to grow above the market, powered by innovative products, excellent business model, and operational excellence. I particularly want to mention our excellent supply chain. Give us a lot of advantage. We leverage our scale, our diversified sourcing strategy, strong vendors relationship to support our business. To overcome the supply shortage and the increasing material costs. We are very confident we can navigate through these challenges. It's becoming even stronger than before. Stronger means we can further gain market share, while we can further improve the profitability. Second, we will capture the multi-year AI infrastructure opportunity. Demand for both AI training and inference is accelerating. We are expanding our cloud service provider customer base, not just the in the hyperscaler, but also in the neocloud. We are also seeing enterprise AI adoption pick up a real momentum. Lenovo is a very unique company to address all these markets in the AI infrastructure area. We are top three vendors in both China and the rest of the world. We can leverage our ODM+ model to address hyperscaler and the neocloud. Meanwhile, we have been in enterprise and the SMB business for more than 10 years. That will give us very unique strengths to deliver the strong growth. To turn this demand into sustainable and profitable growth, we are focused on two priorities. Stronger go-to-market capabilities and optimize the AI portfolio that delivers clear value to our customers. Third, we will scale our Service business with a tech-led labor light model, building recurring revenue streams. There is a strong demand for AI-driven, consumption-based solutions. With our TruScale end-to-end offerings and our AI Library, we are well positioned to deliver value in production and at scale. Taken together, these three engines will give us the confidence and the roadmap to reach our long-term vision and the goal. Thank you, Yang Yuanqing. Winston, would you like to add any additional points? I think just to the point of the $100 billion goal and margin expansion, we clearly have opportunities both in terms of our scaling effect on the gross margin front. As you can see from ISG this quarter, that scale and operational excellence has led to a significant dollar gain and margin expansion there. Clearly, as we continue to enter that area in terms of ISG profitability, I think that industry normal margins there is actually quite high in terms of the potential. I think that brings us a path that potentially could exceed someday our IDG business, which also continue to have opportunities there as well. I think from that perspective, alongside the opportunity of AI infrastructure spend, as Yuanqing mentioned, in terms of TruScale, which is in our SSG business, that continues to offer customers today an alternative to the CapEx and OpEx with respect to additional services that gives them the agility to plan their infrastructure spend. I think from that perspective, our path is towards an increasing margin expansion story as we capture the AI opportunity. Thank you. Thank you, Winston. Second question is from Kyna Wong from Citi. For PC business, did the company see major pull-in happened in the first quarter of calendar year 2026 to support a stronger result? Will there be any risk to the coming quarters on the demand side? Given the CPU and memory shortage, we see many peers lower their calendar year shipment target. Does Lenovo experience similar situation that the shortage is worse than originally expected? Yeah, I'd like to invite our IDG President, Luca, to address this question. Luca, please. Yeah. Thanks, Kyna, for the question. In calendar Q1, our last fiscal Q4, we definitely observed strong demand, which might partially be linked to some pull-in, but I don't think that will be a substantial number. Our sell-out, activation, both were and are still very strong, and we also maintain the right level of inventory when we enter into the new fiscal year in April. Definitely, we are seeing some tight supply on certain components, particularly, as you probably know, in the semiconductor area. However, we feel confident about our ability to procure the parts we need, and we did not adjust our full-year target based on supply constraint. Rather, we will align the shipment target based on the real market and demand, in order to maintain a healthy channel inventory and with the goal of maintaining a solid premium to market like we did now for the last 11 consecutive quarters. We anticipate that units will be down year-over-year in this fiscal year. At the same time, we expect to maintain or very likely grow our revenue, linked to the significant growth of the AUR. We are confident that we will also maintain our industry-leading profitability with our strong supply chain and definitely with our operational excellence and the global local business model. Thank you. Thank you, Luca. That's great. Third question is coming from Tommy Jung from CLSA. What is your IDG business margin outlook for the coming quarters? Why are PC and smartphone margin maintained so well, regardless of the cost increase? Which is more resilient between PC and Smartphone business amid the BOM cost increase? I would like to invite Luca and perhaps also Sergio to address this question. Luca will do. Yeah, sure. As our Chairman and CEO just mentioned, we definitely have a very strong supply chain, and I think we are uniquely positioned to navigate this inflationary cost environment, thanks to that supply chain capability, thanks to our procurement scale, and last but not least, I also say thanks to our design to cost capabilities. With this in mind, I believe we will navigate this cycle like we just did many times in the past, sustaining our margins, protecting our profitability, which includes the margin side, but also includes the tight discipline on expenses as we usually do. I think you can apply this logic and this kind of philosophy to all our devices business, so that includes PCs and smartphones as well. Thank you. Great. Thank you. Thank you, Luca. We're going to move on to the next question, which is from Albert Wang from JP Morgan. Could you share more colors on how Lenovo managed to improve the ISG business? Is it mainly driven by scale or product mix change? Ashley, would you like to answer this question, please? Sure. Thank you. First of all, I'll talk a little bit about the market. The AI infrastructure market, and the customers that we have are really at an inflection point. Many are transitioning well beyond pilot for AI and into implementation. Enterprise use of AI agents, coupled with the economics of more efficient tokens, but literally hundreds more token usage Is really poised to grow the addressable market in hybrid AI for our industry to $1 trillion by 2029. We have an awesome opportunity in front of us. In order to capture that opportunity, since I've joined Lenovo, we've been laser-focused on transformation into a world-class AI technology partner. We're quite confident in how these changes are going to position us and have positioned us to assist our customers with their digital and their AI transformation. Just some examples, we've completely revamped our internal delivery process to operate at AI speed now. Today, going from 0% to now over 40% of our engagements are now handled in minutes, sometimes hours, instead of weeks. We have had the biggest refresh of our product line in our entire history of the Think series portfolio around AI inferencing and how to optimize token economics. We've used AI internally to accelerate our go-to-market engagements with our partners. The workflow is now simpler, it's much faster. As we discussed last quarter, our sales and technical engineering teams have gone an extensive skills transformation into the AI expertise domain. We've added state-of-the-art rack-level manufacturing capacity into our network in order to meet the demand that is accumulating in our AI pipeline. We've introduced unique gigafactory partnership with NVIDIA as a partner to deliver data center-level capability to customers that require scale and speed to first token. We've combined what is really Lenovo's unmatched HPC and super compute IP expertise and legacy. For example, Neptune liquid cooling, which is now on its seventh iteration, with a commitment to day one availability of NVIDIA Vera Rubin and AMD Helios to give our customers the most robust AI portfolio from edge, to data center, to cloud. Transformation for me is an infinite game, but we're very confident that we are on track. Our AI focus, combined with our world-class supply chain, and as we mentioned before, our TruScale model and flexibility, is really what is driving our $20+ billion pipeline with literally thousands of customers that are new and long-term to Lenovo. Thank you, Ashley. Since you're talking about the AI server pipeline, we've got a question from Leping Huang from Huatai Securities. He's asking, the $21 billion AI server pipeline is impressive. Can management provide more color on the customer mix, specifically the split between CSP, enterprise, and SMB, and sovereign AI customers. On the product type mix, what is the mix between training and inference? Sure. Thanks for the question. Because Lenovo and the Lenovo Hybrid AI Advantage is able to actually address the entire marketplace from edge, to data center, to cloud, our customer mix actually follows the market dynamics. We've seen an incredible rise over the last, say, 18 months of training at scale, mostly delivered through our CSP unique delivery model and capability. Now we're seeing this inflection of enterprise AI capability that is mostly at the enterprise level, global account level, large enterprise level. Small, medium businesses are beginning now to move from pilot to production with AI, and maybe are in the later part of this shift. We also interestingly see a very balanced view across the globe in terms of our AI pipeline and mix, and I think we're uniquely, as Yuanqing mentioned, moving into third place across, and share across both China and rest of world. I think we're uniquely positioned across the industry to be able to help transform customers in all geographies. Today, I think we are probably going to see the mix shift heavily over the coming year towards inference and token economics, and that's why we're preparing both our product line for inference, our TruScale capability to help customers with flexibility, and our product set to be able to span from data center, to edge, to cloud. Thank you, Ashley. There's another question on ISG from Tina Wang from Citi. How will the Infinidat acquisition contribute to the ISG business? Could you share the revenue expectation synergy and timeline? Sure. Thank you, Ashley. Thanks for the question. First, let me say how excited and happy I am to have the Infinidat team join the Lenovo family. Especially if you're listening, to everyone, this is our first earnings announcement, and one of the few questions we have is about you, and so you should know the importance that you have within our family, as I've told you many times. I'd also like to welcome all the Infinidat customers to Lenovo family. Your reliance on Infinidat's incredible performance, mission-critical storage capability, incredible latency capability and cyber resilience, backup and recovery, is in good hands. We look to expand the capability that we have with Infinidat. What is important from an Infinidat standpoint is twofold. One, incredible IP and capability with InfiniBox and the Infinidat InfuzeOS. We are a scale company. We help customers across the spectrum with AI, now we have the capability to bring mission-critical storage into our Lenovo Hybrid AI Advantage layer. The data layer is incredibly important. We've addressed this with our mid-range storage product set, we understand that there is a set of customers that require the mission-critical capability that Infinidat brings to us. We'll be scaling that capability as we do, as Lenovo has a history of bringing technology forward and driving incredible scale to that. On the other hand, the Infinidat team brings incredible IP capability, but also customer engagements that now are within the Lenovo family. We look forward to being able to have addressable 85% of the entire market, which is a $38 billion TAM, and the highest value portion of the TAM in the AI industry. Again, early days, just closed last month, but already the teams are working as a family, and we're very excited about this going forward. Great. Thank you, Ashley. We've got questions on SSG from Randy Abrams from UBS and also Jim Mao from DBS. The question is about AI-related service. Are you scaling up the AI-related services the fastest today, and when can they start to drive service revenue? Also from Jim, what percentage of the SSG revenue is now recurring or contract-based, and what's the growth outlook of AI-related services compared to TruScale and Managed Services? Ken, please. Thank you, Randy and Jim, for the question. Let me address the AI question because this is the most interesting question to me. For sure, I think everyone is talking about AI, and especially in the services market, AI is resetting the whole landscape. When we talk to our customer, I think the challenges or the requirement is no longer about experimentation. It is about getting AI into production fast, efficiently, and at scale with real business outcomes. I think this is what SSG is built for. With our Lenovo Hybrid AI Advantage, we focus on three things. Number one, time to first token. Using our AI factory to integrate our global supply chain and also our infrastructure solution from Ashley's organization, and also access to accelerator to help our customer to achieve the shortest time to first token. The second thing that we focus on is actually value per token, using our AI Library and our set of AI lifecycle services to help our customer to deliver measurable outcomes. Last but not least, both are underpinned by our upgraded, our new TruScale offering, which making deployment and operation scalable, flexible, and predictable. I think the predictability as of now is super important, right? When we talk to our customer, because with all the fluctuation in commodity cost, uncertainty in terms of supply, this offering resonate really, really good with our customer because with TruScale offering across our devices, our edge, and also our infrastructure, of course, right? With TruScale, we give peace of mind about supply assurance, and also a predictable cost for the overall equation. Now, there's a question about the mix between recurring revenue and the other revenue. We don't disclose revenue in that way. I think to me, the most important thing and the good news is that how are we creating, generating the intimacy with our customer? How are we creating the stickiness with our customer so that we can continue to grow our business? This is exactly TruScale can offer that because TruScale offer the full hardware, software, and services in a consumable manner. With that, I think we can get to the customer to create outcomes. The better we understand the customer, then the more services and solution and hardware that we can provide to our customer. We continue to see a very good demand with our customer because the TruScale solution resonate with the customer, and we continue to see a very high renewal rate for our existing TruScale customer when they renew the contract. Also a very good momentum in terms of executing land and expand, meaning understanding more about customer and selling more of Lenovo technology to our customer. Thank you. Thank you, Ken. Next question is from Jordan Pong from Franklin Templeton. The question is on Middle East Alat. Is there any update on the partnership with Alat? For the Middle East conflict, do you see any impacts in production and development plans? What's the CapEx outlook for the coming financial year? Perhaps I would like to invite our Group CFO, Winston, to address this question. Thank you, Jordan. It's a long-term partnership for us, so it's a very long-term strategic vision, and we're making a strong investment in the region. In terms of the conflict, there are shipment delays there in the market. I think we are trying to get critical supplies now back to the region. Only a couple of weeks of delay, not really material from that standpoint. I think our local colleagues are making strong headway. Our strategic partner, Alat. One of the members, the Acting CEO, just visited us as part of the board member duties. Continue to be very much of a strategic partnership, an important partnership for Alat as well in terms of Lenovo. Overall, I think we're still keen in terms of AI initiatives for the Kingdom and for the region. We're well-positioned to capture that long-term opportunity there in the market. In terms of CapEx outlook, there are some additional CapEx given the strong growth of ISG. I think from that perspective, there will be investments as part of the potential capture of additional opportunities in the ISG business that we will be spending to support that business. Thank you. Thank you, Winston. Given the time that we have, we will not take further questions. There are still questions at the back end. If you would like to reach out to our company and its senior management, please contact IR team. Thank you very much for attending today's earnings webcast. Goodbye. Thank you. Thank you.