Good afternoon, everyone. Welcome to Realtek 2025 third quarter earnings call. This call is chaired by Realtek Spokesperson, Yee-Wei Huang. The presentation will be available on the company website before 6:00 P.M. today. At the beginning, our Spokesperson will report our third quarter financial results and give amendments remarks. After that, we will have a Q&A session. You are welcome to type your questions in the box at the lower right corner on the screen. We will answer the questions accordingly. During the call, you can browse through the pages of the presentation at any time. Note that portions of what is presented in this call contain forward-looking statements. Investors are cautioned that forward-looking statements involve risk and uncertainty. Actual results may differ materially from the results forecasted or implied in such statements. Investors should not place undue reliance on such statements. Now, I'll pass this call to our spokesperson, Yee-Wei. Okay. Yeah. Thank you. Good afternoon, ladies and gentlemen on the line. You are currently participating in the third quarter 2025 webcast earnings release hosted by Realtek Semiconductor Corporation. Now, let us go through the third quarter 2025 financial results. Q3 revenue was TWD 29.49 billion, representing a 7.6% decline from the previous quarter and a 4.1% decrease year- over -year in NT dollars. When excluding the impact of foreign exchange rate, Q2 revenue fell by 4.2% quarter-over-quarter, but rose 3.8% year-over-year in U.S. dollars. The absence of a typical seasonal peak in the third quarter was expected due to the unusually strong performance in the first half of the year. Q3 gross margin was 49.7%, a 0.5 percentage point decrease quarter-over-quarter due to product mix changes. Q3 operating expense totaled TWD 11.54 billion, accounting for 39.1% of revenue. The OpEx expenses declined by 4% in absolute dollars, while the OpEx ratio saw a 1.5 percentage point increase, mainly due to the 7.6% drop in revenue. Q3 operating profit was TWD 3.11 billion, representing an operating margin of 10.6%. The decrease in operating margin is a result of a drop in gross margin along with a higher OpEx ratio. Q3 non-op income was TWD 932 million, an increase from TWD 616 million in the previous quarter, mainly due to an increase in government subsidies and gain on valuation of financial assets. Q3 net profit was TWD 3.43 billion, or 11.6% of revenue. Q3 EPS as a result was TWD 6.69, compared to TWD 7.62 in Q2 2025 or TWD 8.53 in Q3 2024. Regarding inventory, Q3 inventory turnover has increased to 105 days, 92 days in Q2, a rise of 15 days. This uptick is attributable both to decreased business volume in Q3 and strategic manufacturing adjustments in response to market uncertainty. Even with the higher inventory turnover days, we consider our inventory levels to be very manageable, especially given the continued healthy inventory level within the channels. Additionally, third quarter 2025 balance sheet and cash flow statement are available online for your review at any time. This concludes Realtek's third quarter 2025 financial results. Looking ahead to the fourth quarter, Realtek stays cautiously conservative regarding its operations due to potential changes in U.S. tariff policies and anticipated customer adjustments to year-end inventory levels. The company is closely monitoring the external environment and developments across all end markets. Now, let's examine the key market segments Realtek serves. The global PC market experienced robust growth in the third quarter 2025, with shipments increasing by approximately 7%-9% year-over-year, depending on the source. This uptick was largely fueled by a wave of upgrades prompted by the end of Windows 10 support and the hardware requirements needed for Windows 11. According to the latest IDC report, over 75 million PCs were shipped in Q3, and full-year global PC shipments are projected to rise by 5.6%. This forecast implies that PC shipments are expected to decrease by a high single-digit percentage from the previous quarter in Q4. At Realtek, our PC-related products, including PC Ethernet, PC Codec, PC webcams, Type-C, and monitor solutions, performed below the company average in the third quarter, following exceptionally strong results in the first half of the year. As a result, Realtek Q3 revenue split between PC and non-PC segments stood roughly at 35%- 65%, respectively. Moving into the final quarter of the year, most PC customers are adopting a cautious approach to inventory management. As a result, semiconductor sales to the PC market may see further deceleration before a likely notable rebound in the first quarter of 2026. Now, on consumer electronics, despite ongoing supply chain pressures and geographical challenges in 2025, consumer demand for smarter, more connected, and efficient electronics continued to support respectable, though diminished, quarter-over-quarter sales in TVs, quiet goods, and home electronics during the third quarter. Realtek experienced stable demand in both the gaming and AIoT markets throughout this period. Like PC markets, we anticipate most customers are adopting a cautious approach to inventory management in the fourth quarter as well. On communication network, in the third quarter of 2025, regional growth in communications network markets was observed, fueled by infrastructure investments, technological advancements, and geopolitical developments, with a particular emphasis on the expansion of Telco PON, or passive optical network infrastructure. China remained a key influencer of market trends while continuing policies aimed at achieving semiconductor self-reliance and strengthening supply chain sovereignty. Beyond China, regions such as North America, the EU, India, and emerging markets saw marked increases in PON and fiber broadband infrastructure, supported by a variety of government-led initiatives. These efforts have generated new opportunities and heightened demand for Realtek MultiGig switches, managed switch, 10G and 25G xPON, as well as Wi-Fi 7 solutions. This momentum is expected to persist in 2026, following what may be a softer fourth quarter. Now, on automotive, while automotive Ethernet development does not completely depend on electric vehicles or EV adoption, the rapid growth of EV markets is driving innovation and increasing demand for advanced in-vehicle networking. Despite facing headwinds in the third quarter, such as changes in subsidies in China, regulatory delays in Europe, and reduced incentives in the United States, the global EV market is maintaining a robust expansion. Strong Q3 sales, a wider variety of models from different manufacturers, and deeper market penetration underscore this positive momentum. Although market corrections and evolving regional policies may temporarily slow EV growth, Realtek's automotive Ethernet business continues to outperform the corporate average. Additionally, in Q3, Realtek is readying to launch a standard-based automotive SerDes solution designed for ultra-high-speed image transmission. The automotive SerDes Alliance Motion Link, or ASA Motion Link technology, matches the performance of the leading proprietary SerDes chips, features integrated data security, and includes timestamp capabilities to meet the stringent requirements of modern automotive applications. Expect to hear more about ASA Motion Link in the future. Thank you, Yee-Wei. Now, we are entering the Q&A session. Please type your questions in the box at the lower right corner on the screen. We will reply accordingly. The first question is from Sunny Lin, UBS, related to visibility for fourth quarter 2025 and first quarter 2026. After the demand pool ends in the first half of 2025, what is the current visibility like for fourth quarter 2025 and first quarter 2026? Okay. The full-year forecast of 2025 has remained largely unchanged since the beginning of the year, according to feedback from most of our customers, despite a notable strong performance in the first half. As we saw in the third quarter after a strong first half, there was a noticeable slowdown in orders, even though this period traditionally marks a peak in demand for Realtek products. Looking ahead to the fourth quarter, Realtek anticipates that customers will adjust their year-end inventory levels, and the company continues to manage its operations with caution and prudence. Nevertheless, it is important to note that underlying market demand appears to persist. As detailed in the preceding sections regarding each major market segment Realtek serves, given these trends, it would be reasonable to expect a robust 2026, including a strong start in the first quarter. The next question is from Kevin Wang, Mizuho, regarding gross margin outlook. How should we expect gross margin range in fourth quarter 2025 and 2026? Do we expect better product mix in 2026? Which product line will be a major growth driver for gross margin? Okay. Gross margin is shaped by both the average selling price, or ASP, and the average supply cost, or ASC. These metrics depend not only on the sales prices and costs of individual products but also on the overall product mix. Competitive pressures and customers' expectations consistently drive ASP downward for the existing products, while Realtek, in turn, works hard to negotiate lower ASC with our vendors. This ongoing tug-of-war demands careful management, and Realtek has consistently managed to strike a reasonable balance between ASC and ASP for each product. When it comes to product mix, Realtek is leveraging the growing trend toward artificial intelligence. As consumers increasingly expect electronic products with smarter audio-video-oriented human-machine interfaces, these value-added features create opportunities for Realtek to deliver advanced solutions that often generate better ASP and gross margins. However, the surging demand for high-performance AI is, at the same time, putting pressure on the supply chain. Top-tier AI servers and data centers are consuming a disproportionate share of resources, which means others must compete for what's left. This resource constraint, already evident in memory and advanced packaging, is expected to keep ASC elevated for at least the next year. In response to these challenges, Realtek is committed to work closely with our suppliers and customers to stabilize supply continuity as well as maintain healthy gross margins. This commitment will guide our efforts as we move into the fourth quarter 2025 and beyond. Next question is from Daniel Yen at Morgan Stanley regarding OpEx. Could you update us on the OpEx spending behavior recently and also into 2026? Okay. Now, since the first quarter of 2024, our operating expense or OpEx ratio has varied between 37.4% and 40.1%. This aligns with our strategic decision to accelerate our entry into advanced process nodes, which are critical for delivering AI solutions that require top-tier performance and energy efficiency. Moving forward, we expect our OpEx ratio to fluctuate within this range as we remain committed to mass-enabling the widespread adoption of AI technologies, while AI continues to push the technology envelope. Next question is from Mike Young, Bank of America. Regarding the inventory, what's Realtek's view about the inventory level by itself and also on the customer's side? As previously mentioned, Realtek's inventory turnover for the third quarter increased to 105 days from the 92 days in Q2, marking a rise of 15 days. This change is primarily due to lower business volume in Q3 and our strategic adjustments in response to market volatility and uncertainty. Despite the high turnover days, we remain confident that our inventory levels are well under control, given the ongoing strength and stability of inventory throughout our channel, including both distributors and customers. Looking ahead, we are committed to reducing inventory turnover days to below 90, a goal we believe is attainable in 2026. The next question is from Sunny Lin, UBS. How's the initial outlook for consumer demand in 2026? How's the general feedback from clients in terms of sentiment around demand considering trade tariffs, geopolitical uncertainty, upgrade cycle, and spec upgrade, and so on? Would you expect to see another good round of restocking into early 2026? Now, based on current assessments, consumer demand in 2026 is expected to increase steadily, with markets reflecting a balance of cautious optimism and strategic inventory replenishment. Particularly in the early part of the year, this growth is anticipated to be fueled by upgrade cycles, ongoing technological progress, and consumers' focus on value. Although short-term volatility may rise from geopolitical and tariff-related challenges, the overall outlook suggests continued steady growth throughout 2026. The next question is from Rick, Daiwa. What impact does China's semiconductor localization have on Realtek? What strategies will we adopt to respond? China's drive for semiconductor localization is profoundly affecting global semiconductor companies fueled by geopolitical tensions, export controls, and the nation's pursuit of strategic self-sufficiency. These changes are resulting in restricted market assets, reduced revenue opportunities, fragmented supply chains, heightened competition from domestic Chinese chip manufacturers, and increased risks to the supply of critical materials. In response, Realtek's strategies focus on building regional ecosystems such as China for China, diversifying supply chains, investing in innovation and advanced nodes, and maintaining close collaboration with governments and industry organizations to manage tariffs, navigate export controls, influence policies, and secure essential technologies and market assets. The next is a question related to Wi-Fi from Astoria Chen, CLSA. Management previously expected Wi-Fi 7 penetration rate to be higher than 10% in 2025. What is the expectation for 2026, especially in PC and router applications? Now, according to our latest analysis, we anticipate that around 15% of PC models will be equipped with Wi-Fi 7 in 2025, while router adoption will be around the 10% mark. We expect the Wi-Fi 7 penetration rates for both PCs and routers to double by 2026, which aligns with our projections. A question on Wi-Fi 8 from William Young, JP Morgan. What is our view on initial adoption on Wi-Fi 8? What applications might use Wi-Fi 8 in early stage? From now to Wi-Fi 8, do we see more competition on Wi-Fi 7 and Wi-Fi 6 in 2026? Okay. Wi-Fi 7, or IEEE 802.11be, is approaching the final stages of its draft process, with draft 1.0 having been approved this past August. The official IEEE standard is anticipated to be finalized around September 2028. Unlike earlier Wi-Fi generations that prioritized maximum throughput, Wi-Fi 8 is designed with ultra-high reliability at its core, aiming to deliver consistent performance even in demanding conditions. Key new features include coordinated multi-access point support, dynamic spectral management, and hardware-accelerated telemetry optimized for AI workloads at the network edge. Initial deployments of Wi-Fi 8 are expected in environments that require ultra-low latency, high device density, and stable connectivity, such as smart homes fueled with IoT devices, immersive AR/VR setups, autonomous systems, digital twins, and AI-powered networks. Realtek plans to participate in the Wi-Fi 8 Plus Fest, tentatively scheduled to start in 2026. Meanwhile, Wi-Fi 7 will be marking its second year of market growth in 2025, with adoption rates projected to be more than double from its first year and expected to double again in 2026. Wi-Fi 6 will also maintain a strong presence in both PC and networking markets, with both Wi-Fi 6 and Wi-Fi 7 devices continuing to coexist. Through 2026, competition between these two standards is likely to persist, shaped by cost and performance considerations, until Wi-Fi 8 begins to see early adoption. Although Wi-Fi 8 chipsets and products may start to emerge, widespread consumer adoption is not anticipated until after the standard is finalized and the broader ecosystem matures. The next are questions from Sunny, UBS, both on Ethernet and switch. On Ethernet, what is Realtek's market position with 10G PHY situation like? Will Realtek continue to gain shares within the U.S. and Europe in 2026? As for Realtek's switch business, what is the latest progress of your share gain and managed switches? And current share split between managed and unmanaged switches? Realtek holds a significant position in the Ethernet/PHY market, particularly with our advanced 10G PHY and related solutions. In 2025, the company introduced a range of enhanced 10 Gbps Ethernet networking products featuring PCIe and/or USB interfaces. As a top global Ethernet provider alongside Broadcom and Marvell, Realtek plays a crucial role in shaping the overall market. The worldwide 10G Ethernet market is expected to see strong growth through the late 2020s, driven by robust demand from North America, Europe, and Asia-Pacific regions. Major growth factors include high-end workstations, motherboards, innovative network devices like 10G PON switches and AP routers, and the emergence of local AI personal computing. Realtek's energy-efficient, cost-effective 10G Ethernet offerings are poised to reinforce its competitive edge and are projected to increase its market share in the U.S. and Europe in 2026. Within the Ethernet switch market, Realtek continues to grow its share, especially in the cost-sensitive and consumer-focused segments, while also advancing in the managed switch space. The growing need for enterprise-level network management is accelerating managed switch adoption, although unmanaged switches still dominate in terms of volume due to their popularity among consumers and small businesses. As organizations modernize their networks, the balance between managed and unmanaged switches is shifting, but the ease and affordability of unmanaged switches remain attractive to many users. The next question is from Bruce Lu on automotive. Could you please share Realtek's outlook on the auto sector? Have you seen an overall recovery in the second half of 2025 post-tariff uncertainties? Do you continue to expect a slowdown in EV sales in the EU and U.S. as subsidies fade out in the second half of 2025? Now, during the third quarter of 2025, the global automotive market demonstrated mixed but generally positive momentum. Vehicle sales gained significant traction toward the end of the quarter, with the U.S. market showing especially robust results. Nevertheless, the expected reduction of subsidies in both the U.S. and the EU is likely to temper the pace of electric vehicle sales growth. In response, S&P Global Mobility and other industry analysts have lowered their EV sales projections for 2025, a sentiment echoed by our OEM customers. They note ongoing challenges, including subsidy removals, tariff uncertainties, inflationary trends, and shifting regulations under the current U.S. administration. Although China is expected to see a moderate rebound in EV sales, Western markets are predicted to experience slow adoption. Consequently, forecasts for EV sales in the U.S. and Europe remain cautious for the rest of 2025 and beyond. Another question related to auto is from Kevin Wang, Mizuho. What is the current sales contribution from the automotive segment? What are major growth drivers for 2026 and beyond? Now, as we have previously noted on several occasions, Realtek's automotive Ethernet business has achieved growth that significantly outpaces the company's overall average over the past six years since its mass production. This remarkable momentum is setting automotive Ethernet up to become one of our flagship product lines. Looking forward, two primary factors could shape its continued progress. On the positive side, the rapid adoption of ADAS in gasoline as well as EV, especially in China, is likely to drive further innovation and expand opportunities in in-vehicle networking. Conversely, irrational car price competition or involution, which often results in a focus on basic features to cut costs, may hinder innovation. We will need to keep a close watch on how the market develops over the coming quarters. Still, Realtek remains confident in the long-term prospects of its automotive segment, not only in Ethernet but also in Wi-Fi, audio codec, DSP, display solution, and other areas. Also, an auto question from Lucas, KGI. Beyond automotive Ethernet, are other product lines gradually moving to automotive grade? What revenue contribution do you expect from automotive products in 2026? Now, just as highlighted earlier, Realtek is pursuing automotive grade advancements across several product lines beyond automotive Ethernet. Progress is being seen in technology like Wi-Fi, Bluetooth, audio codec, DSP, and display solution, in addition to SR/ML we mentioned. Nevertheless, expanding their presence in the automotive industry is likely to be a gradual progress. The next question is from Bruce Lu regarding AI glasses. Could you please provide updates on Realtek's progress on AI smart glasses? Is there any significant project secured? What is the current revenue contribution, and when should we expect revenue to ramp up significantly? Okay, there are reports saying that the AI glasses market is experiencing rapid growth in 2025, with shipments expected to surpass 5 million units this year and projected to double to over 10 million units in 2026. This expansion is being driven by major companies such as Meta in collaboration with Ray-Ban, Google, Xiaomi, and Alibaba. However, despite strong sales momentum, high return rates remain a significant concern. Returns reportedly reach about 30% on major Chinese e-commerce sites like JD.com and Tmall, and can climb to 40%-50% on platforms such as Douyin. The primary reason cited for these returns is the limited practical functionality of current AI glasses, and many users feel the devices do not yet deliver meaningful real-world utility. Additionally, privacy issues and social acceptance continue to be hurdles for broader adoption beyond early enthusiasts. Meta Ray-Ban AI glasses has emerged as a market leader by blending style with technology and offering features like in-lens displays and gesture controls, helping them achieve over 70% global market share in the first half of 2025. Nevertheless, for AI glasses to become a true mainstream consumer product, advancements in affordability, weight, battery life, and practical use cases are still needed. Realtek remains committed to monitoring the ongoing evolution of the AI glasses market alongside our customers. The next question is related to PC from Daniel Yen, Morgan Stanley. How do we see the PC demand recently? Any preliminary shipment forecast for 2026? Now, the PC market is projected to finish 2025 with a year-over-year growth of 5%-6%, fueled by tariff-related shipment timing and ongoing OS migrations. According to our analysis, consistent with market research, after this period of solid growth, the outlook for 2026 is expected to remain relatively flat as Windows 11's adoption levels ease and economic challenges impact demand. All AI PCs are defined as devices equipped with NPU alongside a CPU and GPU for running AI applications locally, as well as PCs featuring NPU-enabled peripherals like AI camera, AI audio, and AI fingerprint ID are anticipated to become a significant segment in 2026. Another question on PC by Bruce Lu, Goldman Sachs. Given TSMC has shared during the second quarter 2025 meeting that it is expecting a significant ramp-up of on-device AI in the next 6 to 12 months, do you expect the same pace for AI PC? How much ASP increase does Realtek enjoy for AI PC versus ordinary PC for now? To the best we could recall as we review TSMC's earnings call, TSMC did not comment that it expects a significant ramp-up of on-device AI in the next 6 to 12 months. Specifically, we don't recall any comments in the transcripts of the company's second quarter 2025, in the transcripts of a company's second quarter or third quarter 2025 earnings call. Nevertheless, we do foresee notable growth for AI PCs within the next 6 months-12 months. To clarify, industry experts generally define an AI PC as a device featuring an NPU alongside a CPU and GPU, enabling local AI applications. Realtek expands on this definition of AI PC to include PCs with NPU-enabled peripherals such as AI cameras, AI audio, and AI fingerprint ID. We believe AI PCs will become a significant market segment in 2026. Furthermore, these advanced AI peripherals are expected to improve Realtek's av erage selling price. The next question is from Michelle Wang. Move on. On tender market, what portion of Realtek's networking project revenue comes from the China market for now? Can we expect this to drive growth despite the unfavorable trend of localization in China's tenders? The increasing focus on localization within China's telco sector has placed foreign solution providers at a disadvantage by limiting their access to the market, driving up compliance and operational costs, and boosting the competitiveness of local suppliers. Together, these challenges have constrained the growth and presence of international firms in China's telco industry. In return, many countries have introduced measures to block Chinese suppliers and mandate the use of non-Chinese components. Both the push for localization in China and the reciprocal restrictions from other countries have been ongoing for years and are likely to continue through 2026. Although this mutual exclusion can create complexity in the market, it also opens new avenues for Realtek. When access to one market diminished, new opportunities arise elsewhere. Consequently, Realtek has seen a steady shift in tender revenue sources from China to other countries and now generates more tender revenue from outside China than from China. The next question is on TV from Daniel, Morgan Stanley. How do we view our opportunities in the TV market in the future as the market now is quite mature? Do we see more competition coming from China from the V side? Now, the TV market, while mature in terms of traditional display and broadcast technologies, remains dynamic and innovative. Established segments such as LCD, OLED, and QLED are already highly optimized for both performance and pricing. Yet, the industry continues to evolve. Notable emerging trends include advancements in OLED technology, the rise of micro-LED and RGB mini-LED, the integration of AI-powered picture and sound processing, and the development of next-generation broadcasting and streaming models. Chinese manufacturers currently hold a strong position, owning at least half of the top 10 global TV brands and enjoying close relationships with domestic panel suppliers who dominate LCD and mini-LED production capacity, especially those for the very large-sized TV. At the component level, the major players remain the top three from Taiwan, plus a couple from China. The top three still set the pace for innovation and quality, guiding the market forward. Realtek actively collaborates with top TV brands and both OLED and LCD mini-LED panel makers, positioning ourselves to drive innovation and expand its market share in this evolving landscape. The next is a question on high-speed SerDes development status from Lukas, KGI. Please provide some colors on the development progress and status of 112 Gb and 224 Gb SerDes. Okay, the development of the PAM4 112 Gb per second and 224 Gb per second SerDes, using the advanced 4-nanomete r wafer process node, is progressing as scheduled in Realtek. The 112 Gb SerDes serves as an essential component for 400 G and 800 G optical modules, while the 224 Gb per second SerDes enables 800 G and 1.6 T optical modules for ultra-high-speed data transmission. These technologies are primarily targeted at data centers supporting AI, cloud computing, and high-performance computing, as well as telecommunications networks for infrastructure and backbone connections. The tape-out of the controller IC for the 100 G optical module is scheduled in the fourth quarter 2025. The tape-out for the 400 G PAM4 DSP for optical modules is planned for the end of 2026, with 800 G PAM4 DSP to come later thereafter. The next question is from Daniel, Morgan Stanley. Do we have any updates on the ASIC development progress? While this is risking repeating ourselves, it's worth noting that Realtek has established itself as a proactive leader in the ASIC industry, consistently delivering customized silicon solutions tailored to our customers' unique requirements. Currently, we are managing several ASIC projects in both the gaming and IT sectors. Looking to the future, we are diligently preparing to broaden our ASIC service to include servers and related applications, making steady progress in alignment with our strategic roadmap. In particular, we are enhancing our design flows for advanced process nodes such as 5-nanomete r and 4-nanometer. As previously mentioned, developing crucial IP like PAM4 112 Gb and 224 Gb per line SerDes for specific applications, including edge servers. These initiatives reflect our continued commitment to providing innovative solutions that meet the evolving demands of our customers. The last question is from Aaron Jeng, Nomura. Considering the fast-growing auto business, what could be the long-term application mix for your company? Realtek has a committed goal to broaden our services beyond the established sectors of communications network, personal computing, consumer electronics, and automotive. We are now setting our sights on expanding into health, well-being, humanoid robots, and edge server markets. Health, well-being represents a natural evolution of IoT technology, while the humanoid robot segment can leverage many of the technological advancements already utilized in the automotive industry. As we speak, we are at various phases in developing solutions for optical modules, high-speed I/O hubs, and PCIe retimers, each addressing the unique technical demands that arise in edge server operation. Our aim is to achieve a balanced portfolio across these key segments, all working together to fulfill our vision of mass-enabling the connected AI world. Our last question is from Brad Lin, Bank of America. Would you consider diversifying your foundry and OSAT sourcing if the suppliers can't meet your expectations on the cost improvement? Would you elaborate on your current allocation and what efforts are you doing now? On either foundry or OSAT, the price is one factor, but not all the factors. We continue to assess the match of our supplier and our customer needs, and that's an ongoing activity. Current allocation, by and large, follows what we mentioned earlier, roughly 80-20, 80% still Taiwan-based foundry and OSAT, while 20% non-Taiwan-based companies. The next question is from Michael Cho from BrilliantLensCap. Will rising wafer prices of advanced nodes have a negative impact on Realtek's gross margin in 2026? Will intensified competition in Wi-Fi 6 and Wi-Fi 7 from Chinese peers have a negative impact on Realtek's Wi-Fi gross margin in 2026? Now, the advanced node price, assuming it's below 7 nanometers, currently does not have a direct impact as a Realtek product in mass shipment, mass production shipment, does not utilize such process nodes. In terms of competition from Chinese Wi-Fi players, currently, if the focus is on Wi-Fi 6 and 7, the impact really is minimal, if any. The impact we have in Wi-Fi competition from China mainly is still on the more mature technology, such as Wi-Fi 4. The last question is from Addison Shah from HSBC. Can you please talk about I/O die opportunity? As chiplet technology becomes more mature, chip designers can separate the nodes for the CPU and I/O die. This can lead to new I/O die demand from different CPU vendors. What's our opportunity here? High-speed I/O is also one focus area. As we mentioned, in terms of setting our size to expand our service area, high-speed I/O hub is one area we are working on, and potentially, such device, the high-speed I/O hub, it can be a chip on its own right, or it can be a component of a chiplet design. This is definitely one opportunity area Realtek is tracking and acting on. Due to the time constraints, we will conclude the meeting now. Thank you for your participation today. Please feel free to contact our IR team if you have further questions after the meeting. The replay will be available on the IR page of the company website before 6:00 P.M. Thank you and have a good afternoon.