Hello everyone, and welcome to the ASUS 2026 Quarter Two Online Investor Conference. Today's meeting will be hosted by ASUS Co-CEOs, Mr. S.Y. Hsu and Mr. Samson Hu, alongside CFO Mr. Nick Wu. The conference will be divided into two parts. In the first part, the CFO will outline ASUS financial results for the second quarter of 2026, followed by the Co-CEOs, who will discuss our operational strategies and outlook. The second part will be a Q&A session. If you have any questions, please submit them via the webpage and we will address them after the presentation. Thank you. We will now begin with the presentation from the CFO. Hello, everyone. Thank you for joining the ASUS 2026 Quarter Two Online Investor Conference. Please turn your attention to page five of the PowerPoint. Page five provides a summary of ASUS brand consolidated income statement for quarter two 2026. We are pleased to report that the second quarter of 2026 saw outstanding operational results. We achieved all-time historical highs for the brand across consolidated revenue, operating profit, and net profit after tax. We see that revenue reached TWD 241 billion, representing a YoY growth of 39%. Operating profit was TWD 19.6 billion, an increase of 230% year over year. Net profit after tax stood at TWD 19 billion, up 94% YoY. This translates to quarterly earnings per share EPS of TWD 25.6. The revenue growth in the second quarter was primarily driven by momentum in AI servers and the PC business. Our growth and operating margins reflect the strength of the ASUS brand, our high-end competitive product mix, and the supply chain resilience and control that we have previously reported. We are very pleased to have fulfilled our commitment to outperform the industry. We are confident that this outperformance will continue into subsequent quarters, which will allow us to further expand ASUS growth potential and operational results going forward. Please move to the next page. This covers our non-operating income and expenses. In the second quarter of 2026, interest income was approximately TWD 460 million, investment income was TWD 1.47 billion, foreign exchange gains were TWD 1.22 billion, and dividend income was TWD 1.8 billion. Consequently, total non-operating income for quarter two was approximately TWD 5 billion, remaining roughly flat YoY. Looking at page seven, this presents the brand balance sheet. As of the second quarter, cash and cash equivalents were maintained at approximately TWD 70.9 billion. Accounts receivable increased to TWD 165.3 billion. We saw a significant increase in inventory, which rose to TWD 339.9 billion. This is largely due to strategic stockpiling of high unit price and critical components to support order visibility and operational growth as we anticipate demand for the third quarter and the second half of the year. Additionally, as our scale of operations expanded, accounts payable reached TWD 194.5 billion. Overall, by the end of quarter two, we expect that the accumulated shareholders' equity will stand at TWD 301.3 billion, with total assets totaling approximately TWD 803.3 billion. Please refer to these key figures for your insight. Over on to page eight, we outline our revenue composition. Breaking down by business group, the System Business Group contributed 45% of revenue. The Open Platform Business Group accounted for 19%, and the Infrastructure Solutions Business Group represented 36%. Breaking down by region, Asia Pacific accounted for 50%, Europe 35%, and the Americas 15%. That was an overview of our revenue breakdown by different metrics. Turning over to page nine, we report our targets and operational outlook for quarter three. First, we expect that we are going to experience healthy quarterly growth across our three main product lines. PC growth is projected at 15%-20%, components at 5%-10%, and servers at 10%-15%. From a year-over-year perspective, PC growth is expected to exceed 20%, while servers will continue to show exceptionally strong momentum with projected year-over-year growth of over 150%. Overall, we expect revenue and operational growth to continue to reach new heights as we enter the third quarter. Furthermore, as mentioned before, we are currently engaged in long-term operational planning and budgeting for the second half of this year, and in fact, the next one and two years potentially. Based on current order visibility and the momentum of our planned new products, that of course includes edge AI deployments, AI PCs, HPCs, products like NVIDIA's RTX Spark. We anticipate that there are going to be larger innovation and product growth cycles in the coming years. To support that level of visibility and revenue momentum over the next two to three years, the board of directors today approved two capital market resolutions. The first being the issuance of TWD 1.5 billion in convertible bonds, and secondly, the issuance of TWD 1 billion in exchangeable bonds using ASUS long-term investment in Advantech. To put it simply, we are ensuring that our logistics are secured before the army moves. That is a strategy that we're hoping, given the visibility of the strong growth momentum ahead, will help us proactively prepare for future operational and financial resource allocation. That concludes the financial report. I will now hand it over to our two co-CEOs, S.Y. and Samson, to share the operational highlights and strategies. Thank you. Thank you, and good afternoon, everyone, investors and members of the press. I would like to welcome everyone to the ASUS 2026 quarter two investor conference. I am co-CEO S.Y. Hsu, and I will now provide a detailed instruction to our strategies and future outlook. In the second quarter of this year, ASUS brand revenue reached TWD 241.1 billion, which is a YoY increase of 39%, which is once again setting a historical record. This marks the first time our single-quarter brand revenue has surpassed the TWD 200 billion threshold, which is a stellar achievement driven primarily by growth in server and PC businesses. With the accelerated explosion in global AI computing power and cloud infrastructure demand, ASUS server business saw revenue double in the second quarter, providing a significant growth momentum for us. Given our current order visibility and layout in the AI server field, we expect a prolonged period of growth this year, and we will continue to expand our core customer base by providing comprehensive solutions, consolidating our servers business pivotal role within the AI super cycle. Another highlight is our PC business. Despite headwinds from rising component prices across the industry, we achieved counter-cyclical growth with a 20% year-over-year increase in the second quarter. To my knowledge, ASUS is the only company among the top five PC brands to maintain positive growth in Q2. Among Windows PC manufacturers, ASUS continues to use AI innovation as the core driver across our gaming, consumer, and commercial sectors to optimize our product mix and expand market share. I think that our Q2 shipments really made us the only growing brand in the Windows camp, and that demonstrates our operational resilience, which is shown to exceed the industry average. I would like to also specially highlight our commercial PC business. While ASUS has historically had larger shipments in consumer PCs, we have worked hard in the commercial markets over the last few years. In Q2, our commercial PC YoY growth reached 58%, and more accurately, we have seen YoY growth exceeding 50% for six consecutive quarters. I think that proves our strategic transformation into the commercial PC market as having been highly successful. Moving on, ASUS revenue momentum is strong, extremely strong, primarily due to our forward-looking layout in AI. With our motif of ubiquitous AI and incredible possibilities, we are building a complete AI ecosystem across the cloud, edge computing, and physical AI. Now I would like to introduce the layouts of our four core business groups across AI industries and products. First is the ISBG, which provides complete solutions for cloud infrastructure and edge computing. We offer one-stop customized solutions for diverse requirements, significantly lowering the barrier to entry and upgrade costs for consumers and customers adopting new technologies. Next, the Open Platform BG continues to deepen its focus on edge AI in areas such as workstations, where we are seeing a positive growth trend. For example, we launched the compact AI supercomputer, the ASUS Ascent GX10, in Q4 of last year, and shipments in Q2 were 3x those of the first, indicating a rising trend in edge AI applications for workstations. Furthermore, we are preparing to launch a desktop product for the new RTX Spark platform, model number GR1X. In Q4 of this year, we expect that this will drive another wave of Windows-based AI development demand. In the System BG portion, we were among the first to market with AI PC products during the nascent stage of the industry. RTX Spark products will enter the fray in Q4 of this year. As one of the first manufacturers to launch RTX Spark-based systems, the market response to pre-orders for our ProArt notebook P16 and P14 has been intense. They are currently completely sold out. ASUS will also integrate the AI agent, ASUS Zenni Claw, across our entire product line to provide users with a comprehensive and automated AI assistant that enhances user experience, efficiency, and productivity. As AI enters the physical AI stage, ASUS was also one of the earliest companies to lay the groundwork for robotics. We launched the Zenbo back in 2016. Since then, we have accumulated foundations, technology, and talent to align with that physical AI trend. Moving forward, we established the autonomous platform BU in the second half of 2025, and they are currently developing products which we expect to release as early as the end of this year or early next year. If you are interested in physical AI products, please stay tuned for further updates. In the AIoT BG, we are implementing AI in the real world through smart factories and smart healthcare. This encompasses wearables, handheld ultrasound, medical monitors, and AI software solutions to accelerate the digitalization of health applications. We believe our overall AI layout will position ASUS as one of the most important solution providers in this AI super wave, creating revenue momentum and a significant competitive advantage. Next page. I will introduce the strategy for the rapidly growing IS BG. This is divided into three parts. First, the DCS unit focuses on the development of AI and general servers. Our customized service teams can flexibly respond to the needs of next-wave CSPs, enterprise IT, and other corporate clients. Second, edge computing. Edge computing focuses on industrial and vertically integrated edge computing scenarios, which helps achieve localized deployment of AI applications across diverse terminal environments. For the solution BU, it provides storage and infrastructure solutions by combining hardware and software, system integration, and industry-specific architectures. We provide customized plans that accelerate the customer's journey from AI data center planning to token generation, drastically reducing the cost of time and the barrier to adopting new technologies. These three units work in close synergy, giving the ISBG a complete capability to meet diverse market demands and drive company growth. Next page. Focusing on our consumer PCs, at this year's COMPUTEX, we unveiled two key consumer laptops for the second half of the year. The market response has been very enthusiastic, laying a strong foundation for H2 growth. First, the ProArt P16 and P14. ASUS will be among the first manufacturers to ship the NVIDIA RTX Spark platform. The ProArt P16 and P14 integrate workstation-grade AI performance into a slim 12.9-millimeter chassis and targets a high unit price market segment for creators and professional users. I think that this contributes directly to the premium ASP mix, because during COMPUTEX, ProArt was the most discussed RTX Spark device in the media. We expect sales to begin the fourth quarter, capturing the first wave of RTX Spark replacement demand. Moving on, the Zenbook 14 is also positioned in the fastest-growing premium engineering thin and light market. Media reviews describe it as a strong and accessible competitor to the MacBook Neo. We have also introduced Ceraluminum, a new proprietary material technology with new pink and blue colorways for this year, starting at $799. It combines specifications with price competitiveness. It is expected to launch in the third quarter and will be a primary driver of consumer laptop shipment growth for us in the second half of the year. The awards and media search volume from COMPUTEX, I think, validate the Zenbook 14's positioning, and we remain highly confident in the demand for these two product lines. Moving on to commercial PCs. The ExpertBook Ultra is a genuine technical moat beyond just being a thin and light laptop. It features the robust design our clients demand, utilizing a nano-ceramic coating paired with magnesium aluminum alloy, and a CNC-finished unibody process. The surface hardness reaches 9H, which is 5x the industry standard, meaning ordinary scratches leave almost no mark. It is also stain and fingerprint-resistant, allowing it to be wiped clean in business settings. Structurally, it passed 100,000 simulated pressure tests despite weighing less than 1 kg. The ultra-thin chassis will not deform over extended use. We believe that this results in lower repair rates and lower total cost of ownership for enterprises, demonstrating our ambition to penetrate into the high-end commercial market. In terms of market performance, since the ExpertBook Ultra began rolling out in June across Taiwan, Japan, Singapore, Australia, and Southeast Asia, it has received very positive feedback. In addition to winning multiple international product awards, it has garnered a lot of attention from local media and corporate clients, particularly for its extreme lightness, AI business applications, and flagship performance. At the same time, we launched pre-order programs in Taiwan and large-scale brand promotions in Japan, reflecting our confidence in regional channels and partners. That continues to drive the visibility of ASUS in the high-end commercial brand and overall market momentum. Moving on, let us discuss the highly anticipated agentic AI product. ASUS has its own agentic AI called ASUS Zenni Claw. This is a professional personal AI capable of understanding the user's way of thinking and proactively executing tasks in work, daily life, and other scenarios. Through ASUS internal design thinking, we believe that we have made it intuitive for users, and it employs a hybrid local and cloud infrastructure, combined with built-in security and data protection mechanisms to achieve an excellent balance between performance, privacy, and cost. I think diverse applications that it can handle include things like meeting notes summaries, generating presentations, providing personal schedule reminders, and travel planning for daily life. ASUS Zenni Claw has already been integrated into our commercial and consumer laptops. We believe that the application of agentic AI will bring greater convenience to users and create a new wave of AI growth momentum. I will now move the mic to my fellow co-CEO. Thank you, S.Y. Hsu. Before I further share the operational performance and strategic priorities of each business group, I would like to spend two pages sharing some important milestones and highlights of the ROG brand. This year marks the 20th anniversary of the ROG brand. As one of the earliest brands to cultivate the gaming industry, ROG has evolved over the past 20 years, leveraging its deep technical heritage from a leader in gaming PCs, motherboards, and displays into a comprehensive gaming lifestyle brand that includes accessories and handhelds. To share some figures, for the past 20 years, we have reached a total cumulative shipment volume of over 35 million units and a cumulative sales of graphics cards exceeding 130 million units. If you lined up these cards and laptops, they will wrap around the Earth more than once. This is not just a technical achievement, it symbolizes the innovation and trust ROG holds in the hearts of gamers worldwide. Next page. Beyond sales milestones, our ROG 20th anniversary activities center on community and innovation. At COMPUTEX, we launched a series of products and events. During this event, we also released the ROG Edition 20 series. It spans motherboards, graphics cards, and peripherals, contributing to the brand's aesthetic design while paying tribute to the past and of course, also exploring what the future holds. Among these, the market highly anticipates the ROG XBOX Ally X20 bundle made its debut. It has been upgraded to feature a 7.4-inch OLED screen with a new joystick design. Paired with the ROG R1 Edition 20 Gaming AR Glasses, the gaming experience itself is also extended to a 171-inch AR large screen. This product has been a major win in international media, indicating that our specifications and experience lead the industry. Our share of voice in the market is currently number one, which I believe will drive significant sales. Furthermore, millions of ROG fans gathered in Taipei through our homecoming event, which was held at the COMPUTEX venue and our headquarters. It featured a series of ROG-related activities and design showcases, and it has deepened the emotional connection between the brand and the community, providing a very strong foundation for our operational momentum in the second half of the year and the coming years. Turning to the next page. I will now introduce the operational performance and strategic priorities of each business group. First, in the System Business Group, despite the pressure of rising RAM component costs, PC revenue still achieved a 20% year-over-year growth. This fully demonstrates ASUS growth momentum and brand value. Notably, high-value products account for 65% of our product mix, including gaming, high-end Copilot+ PCs, and non-Chromebook convertibles. This high-value mix provides us with operational resilience. The revenue share of AI PCs within consumer laptops has also risen rapidly, reaching 30% in the second quarter, indicating that market demand for AI PCs remain strong. Regarding commercial PC shipments, as S.Y. Hsu shared, our layout over the last few years has yielded significant results since last year. In the second quarter of this year, we saw a year-over-year growth of over 50%, marking the sixth consecutive quarter of growth exceeding 50%. This clearly shows the continuous expansion of our commercial market share, driven by brand power, product strength, and supply chain resilience. Our PC shipments maintains a positive growth in quarter two, again, as S.Y. Hsu noted. Right now, we are the only brand in the Windows PC camp to achieve positive growth. Next page. Regarding the operational performance of the Open Platform Business Group. Facing industry headwinds from key component costs, our second quarter revenue declined approximately 10%-15% year-over-year. However, key products within the ROG gaming ecosystem, including monitors and accessories, saw year-over-year revenue growth of 20% and over 50%, respectively. This highlights the strong momentum of the ASUS gaming brand ecosystem, driving upgrades in the gaming market and consolidating our leadership position with ROG as a brand. Additionally, our NUC business has performed exceptionally well, driven by the growth of the NVIDIA-branded Ascent GX10. We saw revenue increase by 30%. This strong momentum shows us a rising trend in edge AI applications for workstations. As for our industry-leading motherboards and graphics cards, we are now facing significant price hikes in memory, which has impacted end-user demand. However, we still saw growth in the high-end segments, such as the workstation series for motherboards and an increased proportion of high-end graphics cards. Growth in these high-end areas translates to improved profitability and underscores ASUS' position as the industry leader in boards and cards. Looking ahead to the second half of the year, current market observations suggest that short-term headwinds caused a deferment of demand rather than a complete disappearance of demand. As we see the pace of memory price increases gradually slowing in that second half, though they are still trending upwards, the search is visibly less steep than in the first half. We believe the boards and cards business can gradually climb out of the trough and return to a growth trajectory. That was for the Open Platform Business Group. Next page. Moving on to ISBG, the Infrastructure Solutions Business Group. As previously mentioned, we saw an explosive doubling of revenue growth in the second quarter. Based on current visibility, we are very confident that this growth momentum will continue through the second half of the year. With the launch of new platforms and the steady expansion of core customers, we are confidently revising our four-year server growth target from the 100% we reported in the last quarterly conference to at least 150% YoY. I believe that this will be a powerful growth engine for the company. I would also like to share a few major highlights. At COMPUTEX 2026, together with our partner, NVIDIA, we demonstrated a complete end-to-end AI factory solution covering design, deployment, and actual operation. By using NVIDIA's DSX, we help customers use digital twin technology to simulate and evaluate power, cooling, networking, and storage assets before actual construction, thereby significantly reducing the risk of deployment. Furthermore, to support the next generation of trillion param models, we also launched the NVIDIA Vera Rubin NVL72 with a 100% liquid cooling design. We call it the ASUS AI POD, which is a rack-level platform. From data to tokens, ASUS is not only optimizing token generation efficiency, but also leading factories toward large-scale intelligence to accelerate corporate profitability. At the same time, to ensure high-quality servers and accelerate the development and mass production validation of our products, we established the ASUS AI Lab. Through rigorous practical testing, we validate AI infrastructure and optimize thermal performance, power systems, and liquid cooling technology to ensure enterprise-grade reliability and brand trust. Moving on. Regarding the AIoT Business Group, for this one, I have two highlights. First, we have made a breakthrough in the healthcare industry. In January 2026, ASUS Blade AI blood smear analysis software received Singaporean Health Sciences Authority certification. We received Class II in vitro diagnostic medical device certification. This is ASUS' first certified in vitro diagnostic product, and the software was co-developed with the National Cheng Kung University Hospital and Khoo Teck Puat Hospital. Following clinical evaluations across five medical institutions in Singapore, it achieved nearly 100% accuracy. It supports white blood cell classification, red blood cell morphology interpretation, and remote hematological pathology reviews. Additionally, ASUS showcased smart healthcare solutions at Smart Health Asia 2026, which includes wearables, handheld ultrasound, medical monitors, and AI software. We are also deepening our strategic cooperation with the National Health Research Institutes by combining the ASUS VivoWatch and handheld wireless ultrasound, and HealthHub health stations, endoscopic AI solutions, the xHIS, [H-E-E-S], Medical Information System, medical displays, and smart robots. We are using these lineups to provide a comprehensive smart healthcare solution. We are integrating with NHRI's forward-looking research cohorts and national-level data integration capabilities to accelerate the transition of digital health applications from concept validation to commercialization. Next page. Finally, we received a number of awards this quarter that I would like to share. In terms of corporate governance, ASUS was ranked in the top 5% of the optimal category for listed companies in Taiwan's 12th Corporate Governance Evaluation, reflecting our commitment to strengthening governance and responsibility management. Regarding products, we won 10 Best Choice Awards at this year's COMPUTEX, with the ROG G1000 Edition 20 gaming desktop winning the Gold Award, and the ASUS ExpertBook Ultra business laptop receiving the Sustainable Tech Special Award. Finally, we also won 43 awards in the Red Dot Product Design Awards. In particular, the ROG Falchion Ace HFX magnetic [axile] keyboard and the ROG Zephyrus Duo both received the highest honor of Red Dot: Best of the Best. So this fully demonstrates ASUS excellence in design and innovation. That concludes my presentation. Thank you. Thank you to the CEOs and the CFO. We will now begin the Q&A session. If you have any questions, please submit them via the question mark icon on the left side of the webpage. We will consolidate all questions and answer them shortly. Thank you. Our first question comes from KGI Securities. First, congratulations to the company on the exceptional operational growth. Regarding quarter three guidance, you mentioned that PC revenue is expected to grow 15%-20% quarter-over-quarter. Could you break down this growth from the perspective of both ASP and shipment volume? Furthermore, could the company share its views on global PC shipments for 2026 as well as ASUS' own shipment target? Thank you. Thank you. Regarding the projected 15%-20% quarter-over-quarter growth for the third quarter, if we break it down by ASP and volume, it's essentially a 50/50 split. Both components are seeing positive growth, with each ranging between 5% and 10%, which combines for the total of 15%-20% quarterly increase. As for which types of PCs will perform most strongly in the third quarter, I think it's well known that memory prices are currently the most significant impactor on the PC market. We have observed that high-end products are relatively less affected. The reasoning is slightly simple as well, because for high-end products, the increase in memory cost represents a smaller proportion of the total cost, which minimizes the impact on the final selling price. As an aside, customers capable of purchasing high-end products tend to be less price sensitive. Consequently, high-end models have remained relatively resilient. Regarding our outlook for global PC shipments 2026, I think the most mainstream forecast will project a year-over-year decline of approximately 4%. If we split this into the first and second halves of the year, in the first half, there is typically an advanced stocking effect, meaning that shipment volumes in H1 were not significantly different from the last year. This shifts the traditional seasonal weight, where usually the second half of the year carries a higher proportion of shipments. However, due to that early stocking that happened this year, the split between H1 and H2 will likely be closer to 50/50. Since volumes did not drop in the first half, the entirety of the projected decline will fall on the second half. Therefore, the decline in volume for quarter three and quarter four will be more pronounced. While the full-year drop may be around 4%, the decline for the second half of the year will likely exceed 10%. That is our prediction. Thank you. The next question is from Morgan Stanley and several other institutional investors. They would like the company to explain the sources of the margin improvement in the second quarter and whether there are any plans to revise or increase future profitability targets. I am CFO Nick Wu. I will take this question. In the second quarter, both our gross margin and operating margin reached historical highs. This primarily reflects ASUS's established brand position, our product mix, and our supply chain resilience. These factors combined have created strong market competitiveness and high customer recognition even amidst these volatile market conditions. From a relative market perspective, ASUS achieved a significant increase in market share in the second quarter, maintaining a positive year-over-year growth in shipping volume. In terms of volume, the entire market's ASP will likely grow by over 20% due to rising memory prices, expanding the overall market value by a similar margin. As a brand that is outperforming the industry, ASUS has captured even greater value premiums from this growth and margin expansion process. Additionally, our server and businesses group continues to see rapid and massive growth. With the ramp-up of new products like the GB300 and the resulting economies of scale, profitability in the server segment has also seen a pleasing increase. Looking ahead, the company is focusing on two primary objectives. First, we will continue to strive for growth and operational result that outperform the industry. This was admittedly our previously stated goal, which we did successfully achieve in the first and second quarters, and we are confident we can maintain this trajectory. Secondly, as we have shared long term, we use an operating margin of 4%-5% as our baseline assumption for reasonable profitability. While our performance in recent quarters has significantly exceeded this range, we cannot provide a definitive forecast for the future. However, for the third quarter, we anticipate that our profitability will likely remain above the upper end of that 4%-5% range. Looking at the long term, however, we are managing a portfolio balance between our two major product lines, PC motherboards and gaming on one side versus servers on the other. In the foreseeable future, specifically the next one to two years, the growth in the server segment is expected to be substantially larger because servers and brand products have different margin profiles. Our goal is to achieve industry outperforming growth and superior capital returns, specifically, return on invested capital, ROIC, across both business units. That is really what we are aiming for in terms of the goal. To supplement one more point onto that, regarding servers, what we are seeing right now is incredibly strong momentum in orders and our order book. In fact, our current operational and financial resources are reaching a point where they cannot fully satisfy all the orders we have received. Consequently, we are planning to increase our investment in operational resources and financial preparations to support that demand. This applies not only to servers, but also to large product upgrade cycles that we anticipate in AI PCs and HPCs over the next two to three years. This is really the core of our strategic thinking. Thank you. The next question is from Morgan Stanley and KGI Securities. Could the company share the shipment and revenue proportions of rack level products within the server segment? Furthermore, is the revenue growth in servers for the third quarter primarily driven by racks or the other form factor? Finally, what are the shipment and profitability targets for servers in 2026? What is the status of the supply of key components for these new server products? Thank you. Okay, I will answer this one. I am Samson. First, regarding our AI server layout, we have a very comprehensive portfolio covering both HGX-type servers and full rack systems like the GB300 NVL72 systems. In terms of that lineup, it's very comprehensive. Going to a breakdown proportions, HGX accounts for approximately 60%, and the NVL72 GB300 line full rack systems, they account for approximately 30% in the second quarter. For the first half of the year overall, the split was roughly 65% to 35%. Together, these two account for about 90% of our total server revenue, with the remaining 10% consisting of general purpose servers and miscellaneous products. As I mentioned earlier, we have very high visibility and confidence going forward in the growth of our server business, and that's both for this year and beyond. For 2026, we have revised our year-over-year growth target upward to at least 150%, and we remain very confident in our outlook for the next year. As for specific growth targets for 2027, please give us a little bit more time because the picture will become clearer by the fourth quarter. In general, we expect our customer base to be even more diversified next year than it has been, or it will be this year. As we continue to scale, we think that server profitability from us has reached a very healthy industry level. The server segment will likely continue to be a critical growth pillar for ASUS not just this year, but also for several years to come in the future. That's definitely servers is a big focus that we're keeping track of. Splitting our attention to server components, we do see that memory supply remains tight and that the allocation priority is skewed clearly towards server demand. While there is still some shortage, the situation for server memory is better than it is for the PC product line. The same applies to CPUs, actually, because we're seeing that vendor allocation priority is higher for servers than for PCs. While we cannot say that supply is 100% sufficient, the severity is not as high as it is for the general PC market. For ASUS, this is within our controllable range, and has not caused significant operational disruption in spite of the fact there is definitely a shortage present. That managed level of shortage is our perspective right now. Thank you. Thank you. The next question is from Bank of America Merrill Lynch. The company has expressed strong confidence in PC growth for the second half of the year. What is the approximate contribution of commercial PCs to that growth? Furthermore, does ASUS have specific target markets or product lines it is focusing on within the commercial sector? What are the key reasons for ASUS success in this area? As reported previously, our commercial PC business has performed exceptionally well over the last six quarters. We have seen growth rates that exceed over 50% each quarter. This is primarily due to strategic adjustments we made in our commercial PC approach a few years back, including the introduction of a new operational team. I think it is fair that the drive for growth in commercial PCs differs slightly from consumer PCs, because if you approach commercial clients before you are fully ready for that market, it can actually be highly counterproductive. Commercial clients distinctly have different requirements and higher standards for product stability than consumer clients. Therefore, we adopt a specific strategy. For target markets, we initially focused on regions where ASUS has already established a strong presence in the consumer market. For example, in many Southeast Asian countries where we were already the number one brand in those local markets. That existing high local brand awareness makes it much easier to convince corporate clients to adopt our commercial products. That transfer of recognition tends to make it easier, at least in terms of the initial adoption. Beyond brand recognition, we adjusted product specifications to meet commercial needs because commercial clients really do require a more total solution rather than just the standalone hardware that consumer clients typically expect. Over the past two years, ASUS has invested heavily in hardware design, software enhancement, and the establishment of local service teams to each locale. These efforts together have yielded significant results across various segments, starting with small and medium businesses, education, and government markets. Starting there, we have also progressively secured larger corporate clients. For instance, we have won orders from several major banks in Southeast Asia. Since these banks have numerous branches nationwide, these wins contribute significantly to our shipment volume. That is a brief overview of our commercial PC business. Thank you. Moving on to the next question from Taishin International Bank. The CEO mentioned that ASUS is launching the Zenni Claw solution. Will the local model for Zenni Claw consider using models like Claude or ChatGPT? Let me address this question. Our goal for the Zenni Claw application is to be able to have it run smoothly across all ASUS notebooks. Not only run, but run smoothly. Given that the computing power of a standard PC is relatively limited, it is impossible to host a massive large language model locally. Therefore, the currently implemented local model is approximately 4 billion in parameter count in size. Regarding Claude or ChatGPT, these are closed source models, not open source. They are not something that we can use even if we wanted to. We are using a fine-tuned open source small language model that can give users a better experience. The fine-tune process is designed to figure out whether if the user's request can be handled locally. The local model basically acts as a judge to determine if the task is too complex for the local model to handle. In that case, the system offloads the query to a cloud-based model. This hybrid approach ensures that the agentic AI platform performs better and meets customer needs more effectively. You may also be wondering about the cost of cloud tokens. This is definitely a factor that we considered during the design of Zenni Claw. For our commercial PC products, we have implemented a variation of Zenni Claw to address this. To run larger models on a machine with limited amounts of memory, we do need some form of workaround, and we're basically hoping to use something called VRAM virtualization. We collaborated with a Taiwan-based flash controller vendor that provides AI adaptive technology and integrated that into our commercial PC models. By integrating that technology, we can run models larger than that 4 billion parameter count I mentioned. Of course, this is not going to match the massive parameter counts of Claude or ChatGPT models. Nonetheless, this sort of offloading approach can significantly reduce token costs. Our tests show that this sort of VRAM virtualization is a fairly effective way to save on token generation costs. Of course, the trade-off is that the token generation speed is slightly lower due to that memory offload. However, many agentic AI tasks do not require an instantaneous response. For example, a user can issue a command at the end of the day and check the results the next morning. For those types of applications that are not time sensitive, this sort of architecture is a near perfect solution. It's cost effective, and it still gets the job done. We do support various architectural configurations depending on the customer's needs. That's really, I think, a very balanced approach that we have adopted. At the end of the day, it's down to the individual customer's needs. We do allow for that flexibility in the agentic AI itself. Thank you. The next question is from Taiwan Life Insurance. Regarding the ProArt P16 and P14, which are the NVIDIA RTX Spark platform products, what is the estimated global sales volume for the first year? Does ASUS have a target market share or a specific price range for these products? As I mentioned at the beginning, ASUS is part of the first wave of manufacturers launching NVIDIA RTX Spark products. Our launch timing is aligned with the schedule set by our key partner and is expected to fall in the fourth quarter. Regarding current demand, the market response has far exceeded our expectations. Essentially, the initial quantities we planned have already been fully pre-ordered by our channel partners. We're continuing to place additional orders with our partners. We're very optimistic about next year's sales, and we will reserve the specific volume figures for now, pending how the future plays out. We are generally highly confident in the product. Because of its high AI computing power relative to its compact size, we believe this is a highly suitable platform for agentic AI inferencing applications. It's perfect as an edge AI compute module. It aligns perfectly with that broader trend of edge AI development. In addition to these laptops, we are also very confident on the DGX Station products that we mentioned before. They are workstation-grade RTX Spark computing power units. We believe that these two product lines will create a new growth segment for the industry in the era of agentic AI. As a leader in this space, we have high expectations for the momentum that these products will bring to our operations in the fourth quarter and throughout next year. That is definitely something that we are looking forward to. Thank you. Thank you. I would like to once again thank everyone for participating in today's ASUS Online Investor Conference. We believe we have provided comprehensive answers to the main questions, and will now hand the time back to our two co-CEOs for their closing statements. Thank you. First, I would like to thank investors and members of the press for your continued support. Your questions were very insightful and gave us the opportunity to more deeply share ASUS vision, while also reminding us of the areas where we must continue to improve. Before we conclude, I will provide a brief summary. In the second quarter, ASUS brand revenue and profitability both reached historical heights. This result was driven by two simultaneous engines. First, our server business revenue grew twofold year-over-year. With the accelerating demand for AI computing and cloud infrastructure, we have high confidence in our order visibility for the second half of the year, and that allows us to revise our full year server growth target from 100% to 150%. Second, despite the headwinds we are facing because of rising component costs, our PC business achieved a still impressive 20% year-over-year growth, making us the only growing brand in the Windows camp in terms of shipments. Our commercial PC business has also maintained growth above 50% for six consecutive quarters, proving that our strategic transition into the commercial market has been highly successful and is now bearing fruit. We are very optimistic about our outlook for the second half of the year and believe that momentum is very sustainable. These numbers are the results of ASUS' comprehensive layout across four layers: the cloud, edge computing, terminal devices, and physical AI. We will continue to face the challenges of the industry environment with a pragmatic but aggressive attitude. We remain highly confident in our position within this AI wave by staying user-centric and leveraging superior products, services, and comprehensive AI ecosystem. We will continue to be a trusted technology partner for global enterprises and create long-term value for our customers, partners, and shareholders. Thank you. I am co-CEO Samson Hu. Finally, I would like to once again thank everyone, especially to the investors and the media, for your participation in today's conference and your long-term guidance and support. Because S.Y. has covered the main points, I am going to add a few closing remarks to supplement. In the face of headwinds from memory and CP components, we rely on our supply chain partnership and our high-value product mix. As shared today, high-value products account for over 65% of our revenue. Furthermore, our pricing power in the gaming brand market provides us with significant operational resilience. This is why we have clearly outperformed the industry in the first half of the year, and we are confident we can expand these results in the second half. Regarding AI servers, I will emphasize this once more. We are very confident in achieving at least 150% YoY growth this year, and we are equally confident in our outlook for the next year. This is all from my side. Thank you. Thank you, everyone. Goodbye.