Dear investors and friends from the media, welcome to LITEON Technology's 2023 Q3 Fiscal Earnings Conference. In addition to explaining the operating results of Q3 and the first three quarters, we also hope that everyone will better understand LITEON's growth strategy after completing many operational adjustments and transformations in recent years. Our meeting will begin when everyone is seated. Today's agenda consists of three parts. I'll first explain the results and financial performance of Q3 and the first three quarters. Next, President Anson will explain the company's operating outlook and growth strategy. The Q&A session is open for questions and further explanations. For those who are here for the first time, this page provides you with an introduction to the three major business segments. They are optoelectronics, including optoelectronics, semiconductors, and auto electronics. Cloud and AIoT, used in data centers, servers, 5G networking products, AI, IoT, et cetera. ITC, used in notebooks, workstations, desktop computers, game consoles, et cetera. LITEON Technology's net sales in Q3 was NTD 40 billion. Gross profit, NTD 9.4 billion, with a GP rate of 23.6%. Operating expense, NTD 4.8 billion, with a rate of 12%. Operating profit, NTD 4.6 billion. Operating profit rate, 11.6%. In general, Q3's net sales increased 7% quarter-over-quarter. Excluding the imaging BU disposed of last year, the net sales fell by 9% YoY, mainly due to industrial restructuring. Gross profit increased by 9% QoQ and 5% YoY. Thanks to the growth of high-value businesses, supply chain resilience optimization, and the continuous improvement of operating efficiency through centralized production in recent years, GP went up by 0.3 percentage points QoQ and 4.1 percentage points YoY. Operating expense increased by 11% QoQ and 4% YoY. It's mainly due to the increase in R&D investment. In Q3, R&D expenses accounted for 5.1% of the net sales, with the amount up by nearly 10% YoY. Among R&D, cloud computing, optoelectronics, 5G, and new businesses accounted for a relatively high share. Operating profit up by 7% QoQ and 5% YoY. Operating profit ratio was the same as Q2 and up 2.1 percentage points YoY. Net other income was NTD 1.1 billion, up NTD 150 million QoQ, and up NTD 170 million YoY respectively. This mainly reflects the increase in market interest rates, which has led to an increase in net interest income. Profit before tax was TWD 5.7 billion. Profit attributable to parent was TWD 4.6 billion, and EPS was TWD 1.99, up 9% QoQ and up 7% YoY respectively. Net sales in the first three quarters was TWD 111.4 billion. Gross profit, TWD 24.5 billion, with a GP rate of 22%. Operating expense, TWD 13.4 billion, with a rate of 12.1%. Operating profit, TWD 11.1 billion, with a rate of 10%. Compared with the same period last year, if excluding the imaging BU that was disposed of, the net sales was down by 9% YoY. Despite the restructuring of the electronics industry, high-value businesses continue to grow. The operating GP was up by 2.9 percentage points YoY, and the rate was up by 1 percentage point YoY. This reflects the synergy from centralized and digital operation management and the high-quality growth of high-end businesses in recent years. Operating expense increased by 3% YoY. Among it, R&D expenses accounted for 5.2% of total net sales, with an annual increase of more than 10%, focusing on improving the value of core products and investing in new businesses. Net other income was TWD 2.9 billion, up TWD 1.7 billion YoY. The main difference is VIZIO's financial investment in valuation loss of about TWD 1 billion was recognized in the same period last year. However, VIZIO treatment was completed in Q3 this year, and there will be no further impact on us. In addition, net interest income increased this year in response to market interest rate going up. Profit attributable to parent in the first three quarters was TWD 11.1 billion, and EPS was NTD 4.86, up 8% year-over-year. In Q3 2023, the two major segments of optoelectronics, including automotive electronics and cloud and AIoT, accounted for 54% of the net sales. In it, cloud and AIoT net sales was TWD 13.7 billion, up 3% quarter-over-quarter, benefiting from the specs improvements of AI server high-end power supply and cloud computing products. Among them, the GP of high-end products exceeded 28%. Operating profit reached TWD 2 billion, up 25% quarter-over-quarter. ITC net sales was TWD 18.4 billion, up 14% quarter-over-quarter, reflecting the launch of new products by clients and product mix optimization in H2 this year. Among them, the GP of high-end products reached more than 20%, operating profit TWD 3.3 billion, up 19% QoQ. The net sales of the optoelectronic segment, including auto electronics, was TWD 7.9 billion, down 1% YoY. Despite poor demand for consumer electronics, optoelectronic semiconductors have made new progress in automotive lighting and invisible light sensing applications. Among them, the GP of high-end products exceeded 30%. Operating profit was TWD 640 million, down 15% QoQ. Each segment continues to optimize its product and client portfolio. In terms of current assets in Q3, accounts receivable were down by TWD 7.9 billion YoY, and inventory was down by TWD 5.4 billion YoY. Among current liabilities, bank borrowings were down by TWD 1.9 billion YoY, and accounts payable were down by TWD 4.9 billion YoY. Working capital management includes accounts receivable, accounts payable, and inventory levels. In YoY terms, the inventory days decreased by four days, and the CCC improved by 10 days, reflecting the improvement in the effectiveness of working capital management. The net cash position was NTD 59.8 billion, up about NTD 9.3 billion QoQ. This will prepare and help improve operating momentum in the future, as well as investment and growth in core businesses. The BVPS increased to 36, a YoY increase of 6%, indicating that the intrinsic value continues to increase. Now, a quick overview of Q3 and the first three quarters of 2023. Net sales in Q3 was nearly NTD 40 billion, thanks to the increased share of high-end products, centralized production, improved operational efficiency, and optimized supply chain resilience. GP increased by 4.1 percentage points YoY to 23.6%. Operating profit margin increased by 2.1 percentage points YOY to 11.6%. Among the operating expense in Q3, R&D investment accounted for 5.1% of net sales, up nearly 10% YOY, and continued to focus on cloud, optoelectronics, 5G, and new businesses. Net profit after tax in Q3 was NTD 4.6 billion, and EPS was NTD 1.99, up 7% YOY. Core businesses benefit from the improved specs of AI server, high-end power supply, and cloud computing products. Cloud power supply net sales grew by nearly 20% YOY. ITC clients also launched new products in H2 this year, driving net sales and profit growth from high-end products in the ITC segment. There are new developments in automotive lighting and invisible light sensing applications in optoelectronic semiconductors, but overall performance is still affected by poor consumer demand. Net sales in the first three quarters was TWD 111.4 billion, the GP was 22%, and the operating profit rate was 10%, with annual increases of 2.9 and 1 percentage point, respectively. EPS NTD 4.86, up 8% YOY. This concludes the financial report for the first three quarters of 2023. Next, President Anson will explain the company's operating outlook and growth strategy. Thank you. Dear investors and friends from the media, good afternoon. Thank you for coming today to pay attention to LITEON Technology's operation and development. This year, due to inflation and geopolitics, we've seen that consumption demand has slowed down. Due to the sluggish economy, the peak season of Q3 was not as prosperous, and the company's net sales performance is not as good as expected either. But fortunately, in terms of profit, thanks to our product strategy adjustment, in Q3, our GP was already higher than 20% and our OP was higher than 10%, which achieved our operation goals. In terms of our product strategies, I'd like to take this opportunity today to talk to you about some of our recent new products launched... including our American subsidiary, PII, which has launched Level 3 DC EV fast chargers ranging from 30 kW- 180 kW. This solution can be widely adopted in commercial or public fields, including public EV infrastructure, fleets, and service operators. Maybe you may want to ask, well, on the market, there are already many similar products. At this moment, LITEON launches such products. What are the differences? What kind of pain points can that solve for our clients, and what kind of value can that bring to our clients? Well, the answers are very affirmative, and to better answer these questions, today, we have arranged a physical exhibition to better answer your questions. So if you are interested, after our earnings call, you can take some time to go outside to our exhibition area. We have dedicated guides to provide you with introduction and explanation. In addition, for cloud computing power business, the new generation 5.5kW high-end power products have started shipping in small volume, and as high-power heat management is an inevitable issue, just back in October this year, at the 2023 OCP Summit, the latest ORV3 specification power management system and COOLITE liquid cooling solution have been exhibited concurrently. Today, outside the conference hall, we have also arranged relevant product introduction. If you are interested, you can have a look. We just finished this exhibition in October, so we made a short video clip to show you, so that you can understand the situation on site. This is our ORV3 platform, and in this platform, we have featured our ORV3 solution, including our power system, our backup unit, as well as our liquid cooling solution for ORV3 platform. Okay, very lively, isn't it? I hope that next time, if there is an opportunity, our media friends and investors can all go there to have a look on the spot. Now, let me conclude what I just talked about in terms of all these products. All of them are based on LITEON technologies, core advantages, and technologies. Within our IoE ten-year strategy, we gradually move towards energy saving, conversion, control, and saving in order to achieve the ESG net zero five-five-five objectives. In the future, we will continue to launch new products, and we hope that in addition to providing the market and the clients with more solutions and product applications, we also hope to contribute to the humanity and the next generations by building a better future. Last but not least, well, as usual, you all want to understand a little bit about the Q4 situation. I guess you may want to ask this question: For all the products that we just talked about, will they immediately contribute to LITEON's net sales? My answer is no, and the answer is quite simple, because when we become a solution provider, our products need to be examined by the clients and the market, which of course, takes time. But we firmly believe that as long as our products and solutions have value, we will continue to invest in R&D and optimization. I think it's just a question of time to see the fruitful results. Despite the fact that in Q4, the business, compared to the past, is relatively plain, according to the current situation, ITC and consumer electronics demand has bottomed out already. If we look at the economic situation in Q3, notebooks started to enjoy YoY growth already. As for desktops, in Q1 next year, the latest, there will also be YoY growth. If you look at the news, in terms of auto electronics, there are some strikes recently in the U.S., but in the short term, we believe that the situation will calm down and be resolved. As for cloud computing market demand, there is GPU shortage for now indeed, but after this problem is resolved, there can soon be a pickup. The current economic situation is relatively pessimistic and sluggish indeed, but the company remains optimistic about Q4's net sales and profit situations. This concludes my very brief presentation. I wish you a great day ahead. Thank you. Thank you, Anson. Now is the Q&A session. We open the floor for you to raise questions, and we will explain further. Anson and Julia, good afternoon. I want to ask you a little bit about the optoelectronic segment. The Q3 profit was relatively weaker. Could you, could you analyze the reasons for us? Because I remember that in the previous quarter, Anson mentioned that photocouplers were a leading indicator and that there was already some recovery. I also want to have some updates on EV chargers and DC-DC OBC progress. This is my first question. Okay. In terms of OPS, optoelectronics, just as I explained a while ago, if we look at the Q3 performance, it was not as good as expected, despite the fact that in QoQ terms, it went up quite a lot, but the recovery speed was not as fast as expected. But in terms of the OPS product mix, industrial automation, which is the good part, didn't pick up, so consumer had a larger share. Therefore, the GP went down slightly. So because of this factor, the GP went down. The OP amount went down in QoQ terms. In terms of EV chargers and onboard chargers, when it comes to EV, there are two parts. Level 2, this year, we are affected by the American market. The client demand is weak, so we don't really grow in that regard. As for Level 3, in Q3, we launched our DC fast charger. This is ongoing as planned for Q3. Of course, we have received some RFQs in our hands, and I believe that as this market continues to progress, we will be able to pick up this business gradually. As for onboard chargers, the update is that about two years ago, two car makers started to develop products for 11kW and 22 kW. The products are expected to be ready in Q4 this year for client certification. If everything goes smoothly, next year, you will see our new onboard chargers officially launched on the market. This is how I would like to answer your first question. Thank you, Anson. May I follow up? You talked about that consumer had a higher share in optoelectronics, so which part dropped? Well, no. I was saying that the product mix, compared to the previous quarter, was less advantageous to us. Consumer had a higher share, but industrial automation was not as high as expected, so the GP dropped slightly. Okay. As for Level 2, if it doesn't grow this year, does that mean that H2 declines a lot compared to H1? Well, no. The entire year this year will be at the same level, roughly, as last year. So no growth, but no significant decline either. Okay. As for cloud power supply in Q4, is there a significant growth acceleration? Because AI GPU supply becomes smoother, and some major clients of cloud have some big platforms launched in Q4, which will benefit cloud power supply. Yes, this is what we are seeing in Q4. We are more optimistic about Q4 in terms of cloud power supply. First of all, wattage goes up. 5.5 W has officially launched, and the volume is going to go up in Q4. And also, if GPU material shortage is resolved, shipments for clients will also go up. This is why we are more optimistic about Q4. Understood. Thank you. Anson and Julia, good afternoon. This is Hank from China Life. My first question is this: In this current situation, are you seeing that the next generation PC products will need to introduce more SoC or AI chips, which will drive more power supply ASP? Also, in Q3, in ITC, the OP went up almost to 15, so this OPM level can be maintained, can go up, or is this a one-time phenomenon? I want to understand your take on this profit rate. Thank you. If you pay attention to Q3, our ITC products, especially our PCs, went up quite a lot. There are two reasons. First of all, our market share. We have made some progress in terms of market share. As for ASP, it also went up because of our product mix. In addition to PCs, our power supply also goes into 300W, 400W or even 1,000W workstations. So as a result, ASP is driven high due to this product mix. If you look at wattage, those that are higher, of course, enjoy better GP compared to the lower wattage counterparts. So in Q3, our ASP went up as a result, and our revenue also went up as a result. Your first question is about whether in the future, PCs will combine with AI. Right now, we are seeing such a trend in our clients. If AI chips can be bundled into PCs, then that can massively enhance the computing performance of notebooks. In order to be faster, of course, the demand for power supply is higher. This is correlated for sure, but so far, we haven't seen any client using AI chips inside laptops or desktops yet. But this is indeed a trend with our attention. Understood. I'd like to follow up. Right now, the revenue growth of photocouplers, do you have some opinions? Also, can you share with us the percentages of auto electronics, industrial automation, and consumer? If Toshiba is going to be delisted on the market, will that represent an opportunity for you? And also I'd like to ask you, Level 3 charging. For Level 3 charging, do you need to go through client or UL certification in order for NACS products in North America, and will that take a long time? For photocouplers, this is related to market applications indeed, because it's used mainly in auto electronics and industrial automation, and both of them this year have been affected by the economic volatilities, so they didn't pick up a lot this year. Right now, maybe consumer is the main part, including invisible light, wearable devices, invisible light. If we look at all of these three this year, all of them didn't perform well YoY. They all declined YoY. We believe that next year, the room for growth will not increase due to Toshiba. On the other hand, we may seek some M&A strategies for some major breakthroughs. Such strategies right now are ongoing. I can let you know about this a little bit. As for Level 3, indeed, in North America, UL certification is needed. This is why we only launched it in Q3. Our products were already ready, but we needed to have Level 3 UL certification. By the end of November, our UL certification can be obtained. This is why I said that we already have some RFQs and orders, but we haven't officially launched these things, because only after certification will we gradually launch these products for our clients. So for NACS, we have no problem with that. Later, if you go to our exhibition, you will see two things. I can explain briefly now. First of all, our design adopts our power supply core capabilities. This is the first thing. Second, the EV chargers, in terms of applications, are very convenient. They can be maintained very fast. As you know, when it comes to EV chargers, there will be a big problem, which is that maintenance is quite difficult. So I can tell you that these two are our bright spots. First of all, we adopt a power solution. Second, because of that, our maintenance can be done very rapidly. These are the two major bright spots which you can have a look at later. Anson and Julia, hello, this is Michelle from Fubon. Anson just mentioned that in Q4, cloud is relatively optimistic. So can we assume that in Q4, cloud and AIoT can achieve a QoQ growth, right? And could you further talk about the other two segments in terms of the Q4 outlook? Thank you. You mean, well, optoelectronics and ITC, your view on their Q4 outlook. You mean ITC? Yes. Okay. In general, I think these two segments in Q4 will grow slightly because we just saw that PCs are bottoming out, it seems. But unlike in the past, the rebound is not as fast this time. It seems that it's rebounding moderately. If there are more and more urgent orders from clients, this rebound will be more visible. So both in terms of optoelectronics and ITC, we are seeing a moderate rebound and growth for Q4. As for gross margin, can you give us some direction for Q4? If every segment grows in terms of net sales, well, it seems that cloud has a stronger growth momentum. Can we assume that in Q4, the gross margin can keep expanding? Well, as I told you previously, after a 20, after, gross margin is no longer our main pursuit, because in this profit and cost structure, what's more important is to grow our net sales rapidly. Of course, we continue to aim at 20%-23% of GP, but that increase will be invested into our OpEx to keep our OP at 10%, and our R&D percentage will be enhanced. For those who pay attention to us for a long time, three years ago, our R&D was 3.2%, and right now, in Q3, it's almost at 5.2%, meaning a 2 percentage points growth. Within three years, we invest a lot of resources in new applications and new products, hoping that they can bring to us rapid growth momentum in the future. One follow-up question. In terms of AI server power, are you seeing fiercer competition, or is demand still higher than supply with stable prices? We want to understand, does fiercer competition affect your market share? Thank you. Well, let me put it this way, competition always exists. Regardless of the environments and conditions, competition is always there. When the pie is still small, one player, one person will be enough, but when the pie gets bigger and bigger, for both the market and the clients, they hope to have more supply. So if the market grows by 10 times, now, even though we only represent 50% of the market, we have grown five times still. I think this is the correct approach, and market competition is a good thing, and it's the norm. Only with virtuous competition do we progress and improve, and in order to facilitate the better development of the market, I don't think that's something important. The more important thing is that, can our business grow along with the growth of the pie? If that's the case, I think I think that's more important. Thank you. Let me add one point here. This morning, our BOD just approved the issuance of domestic unsecured convertible corporate bonds. The purpose is to enrich our medium and long-term working capital and optimize financial structure. The total issuance face value is capped at NTD 10 billion, five years, coupon rate 0%. As for the issuance conditions and content, after being submitted to the securities regulator for approval, they will be announced in accordance with relevant laws and regulations. I mentioned a while ago in my presentation that currently, 90% of our bank borrowings come from short-term borrowings. Through this issuance, the proportion of our long-term borrowings can be increased to cover our long-term expenditure planning and enrich medium and long-term working capital. At the same time, the Taiwan dollar is an important currency that the company needs. Through the issuance of domestic unsecured convertible corporate bonds, we can obtain Taiwan dollar funds, and we can also increase capital market liquidity through direct finance. This was just approved by the BOD this morning. Thank you. Hello, Anson and Julia. This is Sharon from Morgan Stanley. I have two questions. First of all, you just mentioned the issuance of the bonds. It sounds more like something that can increase the company's leverage rather than cash flow management. Because your net cash position is quite high, I'm not quite sure why, at this point, you want to issue such bonds. This is my first question. My second question is this: Could Anson share with us a bit more about COOLITE that you just mentioned, the liquid cooling solution? Why, at this moment, do you establish this brand? And in terms of its position, what are the differences or differentiators compared to your peers? And in your solution provision, how much will be so manufactured by yourselves and face-to-face with your clients? What will be the cooperation model, and when will it start to contribute to your revenue? I want to better understand COOLITE's strategies and future goals. Thank you. Let me first answer the question about the bonds. Well, if we look at our liabilities structure, more than 90% of our liabilities come from short-term borrowings. Long-term borrowings account for less than 10%. If in the future we are going to have some operation plans, we are still using short-term borrowings to cover that. So internally, we have an ideal goal, which is to reduce the share of short-term borrowings and increase that of long-term borrowings, so that we can have a financial leverage. And for our long-term capital costs, it will be a better way. This is the first reason. Second, the currency. Over the past few years, there have been many geopolitical uncertainties, and because of these uncertainties, we need to accelerate our overseas presence. We need to, in different places and different regions, have presence and increase our investment. In terms of our borrowing currencies, NTD is less relatively, but if we look at our daily operations, for example, dividend distribution once every six months, and also if we look at our Zhonghe and Kaohsiung expansion plans, NTD, the Taiwan dollar, is a gap that we want to bridge. We want to increase NTD capital supply, and we want to utilize direct finance, so this is why we issue this, such bonds to get NTD capital. Among our major currencies, NTD is relatively competitive in terms of capital costs. So compared to the other currencies, NTD is more competitive in this way. So simply put, first of all, we want to adjust the balance between short-term and long-term borrowings. We want to have more long-term borrowings. Second, the currency. Our HQ is in Taiwan, so when we pay for our operations, Taiwan dollar is still urgently needed. And third, more importantly, over the past few years, the geopolitical uncertainties have allowed us to know that we cannot put all the eggs in the same basket, so our overseas presence and preparations are also very important. So when we look at these few considerations, this is why today our BOD approved the issuance of such domestic convertible corporate bonds to satisfy these needs. Thank you. Okay, to answer your second question: Why does LITEON propose such a liquid cooling solution? Strategically speaking, cloud computing develops as AI develops, and so, power supply goes from 3.3kW to 5.5kW, and in the future, it will achieve 7000W-8000 W. And we think that if it achieves 7kW-8k W, air cooling will not enough to satisfy the needs. If it reaches 25 kW, power supply cannot satisfy the needs either. So liquid cooling may be a better solution. Our current clients are mostly OCP clients in North America. Of course, there are also some AI clients. They mostly believe that from their perspectives, in terms of their needs, they want a company to provide them with a total solution, rather than having different companies to address and solve different problems, such as power supply, heat dissipation, and mechanism, etc. So our overall strategy is that we hope that these OCP clients, for our OCP clients, in terms of their power supply, heat dissipation, mechanism, and even in the future, heat generation, we can provide a better option for these clients.... Our power supply has a biggest advantage, which is that in the solution this time, there are two bright spots. Later, you can have a look outside. First, it's a digital power control, which is different from the past. It's digitized. Second, we provide an active management model. Our heat dissipation is triggered by our power. We can clearly monitor the loading situation. When it's about to get hot, we can, before it starts, we can initiate the heat dissipation function. In the past, it was different. In the past, it got hot, and we tried to reduce the heat, but now, before it gets hot, we can already do something to contain it, so it doesn't get hot that fast, and energy consumption can be reduced. So when we talk about long-term ESG strategies, we keep moving in the direction of energy saving so that power efficiency can be enhanced. So I think this is how I can answer your question. Thank you. We are seeing that some of your peers also use power supply to provide a so-called one-stop solution. So compared to these peers, what are your differences? Well, of course, there are differences because there's nothing to copy. It's not possible to make something completely the same as others, so everyone, based on their own core capabilities, provides the best possible solution. Ultimately, it's the market that decides. As I said, a lot of times, the market and the clients need to certify and validate and compare before deciding which solution to adopt. I can only tell you my perspective, what is the value that we give to our clients? If our value can be greater than that of our competitors, then it's more likely for our clients to adopt our solution and succeed at the end. My last question: When do you think there will be revenue contribution? We budgeted at 2025 for now, because... Well, later you can have a look, but they need to be certified by the clients still. Let me emphasize this once again. This is quite different from what LITEON did in the past. In the past, a big share focused on ODM and OEM. We received the specs, and we manufactured accordingly. But in the future, LITEON will be a system and solution provider. We will provide a solution, so we will actively approach the clients in the market and provide our best solution. And for it to become a real business, it will take a longer while. Thank you, Anson and Julia, for your explanations. Two questions very quickly. First of all, in cloud, do you have AI, high voltage, general purpose, and IoT revenue percentages? And p reviously, you said that you were optimistic about AIoT outlook in the long run. Could you also talk about edge computing for next year? Second, you talked about corporate bonds. Do you have the highest dilution extent? If it's NTD 10 billion, what is the percentage of equity dilution? Well, this was just approved today by the BOD, and we still need to submit it to the securities regulator for approval before we have the issuance, details, and content. With the approval, we will make announcements immediately. So today it just went through the BOD, and we need to submit it to the securities regulator. After the approval, we will make announcements immediately. Thank you. Let me use some figures to answer your question. If you look at AI in terms of high power, not the entire company, AI accounts this year for 5%-6% only. Next year, we may have a chance to achieve 10%-15%. Of course, this is just a rough range. The revenue CAGR, we think, is 18%, so by 2025, we will have a chance to exceed 15%. These are roughly the percentages. Hello, Anson and Julia. First of all, let me check a number. You just said 5%-6% of AI in high power. Previously, you talked about 5%-8%, so now you're being more accurate. Is it affected by GPU shortage, right? Well, now we can see things more accurately compared to the past. Okay. So the contribution, as you said, is mainly in Q4, right? Right now, in terms of volume, yes, Q4 is higher than Q3. Okay, let me confirm another number. You also said that in Q3, cloud computing power supply was nearly 20%, right? Well, if that's the case, the first three quarters also had 20% accumulative growth. So can you talk about the entire year in terms of YOY? Is it over 20%? Well, for Q3, we have the accurate number. It's over 30%.... If we look at the entire year, on average, it's above 20%. Okay, so for Q3 alone, high power, YOY, it's over 30%. Okay, my last question, you also talked about EV chargers. The revenue growth is not as good as expected. I want to ask you... Well, please correct me if my numbers are wrong. Last year, it was NTD 2 billion, so this is also the revenue scale this year. Okay, there is some slight decline this year. Okay, and you continue to invest in new product development, and when the revenue doesn't grow this year, does it erode some of the OP margin? Well, NTD 2 billion as opposed to NTD 100 billion is quite small. It's like 1%, so it's very minimum in our entire net sales. What about profit? Because more resources are involved, so maybe this year there may be some loss that. Well, from my perspective, it's not really loss because we need to invest in new businesses. If you don't improve your R&D, how can you optimize your products, and how can you create differentiation? This is why I said, in terms of EV charger Level 3, you can look at it later. You will see our differentiation with the market. It doesn't make sense to launch something that already exists on the market. We need to know where we should win and where our advantages are. That's more important. Thank you. Hello, this is Terry from KGI. One question. When we look at IT-related sectors, 2024 is not that visible yet, but I still want to understand a little bit. In addition to cloud and EV chargers, you also have many other businesses that are developing. So are there some new businesses that may have some new results in 2024? Thank you. Well, for 2024 and 2025, in terms of our strategic growth, we've talked to you about the idea of IoE. At the beginning, a while ago, we told you that every year we would continue to launch new products. Next year, you may have the chance to see our energy-saving products. Again, under this large IoE framework, we start to have energy... Oh, sorry, energy storage, not energy-saving products. So from storage, to saving, to control, to conversion, this series of strategic development is still ongoing. We will launch them step by step. Of course, there's an order because resources are limited. It's not possible to expand suddenly. Next year, the new products will probably be related to energy storage. And also in terms of onboard chargers, as we said, 11kW and 22 kW products will be launched next year, probably. Sorry, I want to ask you, because I didn't hear about this. You said that cloud and AIoT was originally 60%-40%, and what is the percentage of cloud in high power? Well, cloud power supply is mainly for servers. Oh, okay. So all of it is high power? Right. Well, maybe next year is still a bit far, but do you already have some thoughts about next year's growth and direction? Well, I think in terms of high power, as I have emphasized many times, if you look at AI and servers, servers have performed poorly. It's not just LITEON. The entire market has declined this year. So next year, the growth can return to a moderate growth next year. As for AI, there are now some external factors limiting its development. If the negative factors can be removed, we will start to see a rapid growth again. So back to our company internally, in terms of high power, the maintenance of growth next year for high power, we are quite optimistic. What about optoelectronics? Well, it's mainly due to consumer products being affected by inflation and geopolitical factors. So if the entire consumption cannot pick up, it will be difficult for optoelectronics to go up in the short term. Right now, in Q3 and Q4, we have QoQ growth, so it's a moderate growth trend, but for a massive increase, some new things need to be added. And in the future, we focus on two markets in terms of optoelectronics. First, auto electronics, we have prepared for two years, including LED lights.... And another one is photocoupler. So these two areas we hope can give us more room for growth in the future. Of course, as I said, in order to grow in the future, some M&A strategies need to be implemented as well. Could you also talk about the Dallas plant and future plan expansion plans? Well, our biggest expansion, just as we announced a while ago, is in Vietnam. So Vietnam, they become our biggest overseas manufacturing base. As for Dallas, we have prepared for more than one year and overcome all the problems, including electricity. If everything is fine, in November, we will have two lines starting their trial, and next year, this plant should contribute NTD 2 billion to our revenue, and we don't have any other expansion plans, at least not next year. You said that next year it will contribute NTD 2 billion? Okay. Yeah, the Dallas plant. Thank you. Pablo Anson, this is World Tree Capital. The company previously said that for high power, above 3,000, the SP per watt was $0.1-$0.15, and for above 5,500 W, such linear calculation doesn't work. Now with shipment, do you have a clear indicator about the unit price? Thank you. Well, we cannot disclose our cost to our competitors, so I can only tell you this: if you look at 3,000W and 5,500W, the latter's unit price, of course, is higher than the former, but it's not proportionate. Second, the design of 5,500W is also more difficult than that of 3,000W, meaning its GP is also better than that of 3,000W. Okay. If there are no further questions, this concludes our earnings call today. You are welcome to visit our exhibition hall. We have dedicated guides for you. All the content today will be put onto our official website. Thank you for your participation. Thank you so much.