Good afternoon, everyone. Welcome to Realtek 2025 Fourth 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 fourth quarter and 2025 full year financial results and give a management's remark. 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. Yes, thank you. Good afternoon, ladies and gentlemen on the line. You are currently participating in the Fourth Quarter 2025 webcast earnings release hosted by Realtek Semiconductor Corporation. Now, let us go through the Fourth Quarter 2025 financial results. Q4 revenue was NT$26.28 billion, representing a 10.9% decrease from the previous quarter and a 0.3% decline year over year. This result was in line with expectations as the market typically experiences a slowdown, and customers adjusted their inventory level toward the end of the year. Q4 gross margin was 48.1%, marking a decrease of 1.6 percentage points from the previous quarter and a 0.2 percentage points from the same quarter last year. This decline was mainly due to product mix as well as some write-offs associated with slow-moving inventory. Though these write-offs were relatively minor and well controlled, Q4 operating expenses totaled NT$ 10.330 billion, accounting for 39.2% of revenue. This reflects a slight increase of 0.1 percentage point in the OpEx ratio but a 10.7% decline in absolute OpEx dollars compared to the previous quarter. These quarter-over-quarter fluctuations in operating expenses are expected as we maintain disciplined expense control while ensuring we continue to invest across Realtek products and operations. Q4 profit was NT$ 2.34 billion, which accounted for 8.9% of revenue. The operating margin shows a decline from the previous quarter's 10.6%, largely attributable to a reduced gross margin. Q4 non-op income was NT$ 651 million, a 30.1% drop from the prior quarter, primarily due to lower government subsidies and some foreign exchange losses. Q4 net profit was NT$ 2.65 billion, or 10.1% of revenue. Q4 EPS as a result was NT$5.17, compared to NT$6.69 in Q3 2025 and NT$6.63 in Q4 2024. Turning to inventory, Q4 inventory turnover days were 127 days, up from 105 days in the third quarter. This rise is mainly due to lower business volume in the fourth quarter. It also reflects our proactive steps to support customers who have indicated plans to substantially increase orders after the new year, both for restocking purposes and to address ongoing uncertainties in the supply chain. Overall, we are confident that inventory levels at both Realtek and across our distribution channels remain well managed. This concludes Realtek's Fourth Quarter 2025 financial results. Next, we will briefly go through Realtek's 2025 full year operational results. 2025 net revenue reached NT$ 122.71 billion, an 8.2% year-over-year growth, setting another new record high for the company. 2025 gross margin was 50%, compared to 50.4% in 2024. 2025 operating expenses were NT$ 47.01 billion, or 38.3% of revenue. The OpEx ratio came down 0.2 percentage points compared to 38.5% in 2024. Operating income was NT$ 14.36 billion, or 11.7% of revenue, compared to 11.9% in 2024. 2025 non-op income was NT$ 2.90 billion, compared to NT$ 2.84 billion. 2025 net income after tax was NT$ 14.75 billion, or 12% of revenue, compared to NT$ 15.29 billion, or 13.5% of revenue in 2024. Note that Realtek started implementing the 15% global minimum tax in 2025. 2025 EPS as a result was NT$ 28.77, compared to NT$ 29.82 in 2024. We have the Fourth Quarter 2025 as well as 2025 full year balance sheets and cash flow statements for your reference at your convenience. This concludes Realtek's fourth quarter 2025 and 2025 full year financial results. Looking ahead to the first quarter of 2026, Realtek maintains a cautiously optimistic outlook for its short-term operations, supported by customers' inventory restocking and pre-stocking in response to supply chain uncertainties. The company will continue to closely monitor the external environment and development across all markets. Now, let's examine the key market segments Realtek serves. The PC market, according to IDC, the global PC market of all platforms, shipped 76.4 million units in the fourth quarter of 2025, remaining relatively stable compared to the 75.5 million units shipped in the previous quarter. This steady performance reflects ongoing efforts by companies to balance year-end inventory controls with market demand driven by enterprises' upgrade to Windows 11 and strategically front-load inventory ahead of potential supply risk in 2026. As a result, Realtek experienced soft PC-related shipments in the fourth quarter, with a split between PC and non-PC segments, shifting approximately to 33%-67% versus 35%-65% in the previous quarter. Looking ahead to the first quarter of 2026, the industry is poised for significant volatility due to a global memory shortage, primarily driven by strong AI server demand. This shortage is anticipated to elevate component prices and result in PC retail price increases. Consequently, full year 2026 PC unit shipments are projected to decline by roughly 2.4%, according to IDC, reflecting ongoing supply constraints and a slowdown following the recent refresh cycle. This projection could change depending on how severe the supply constraints become. Despite these challenges, the market is expected to shift rapidly toward high-value hardware featuring advanced AI capabilities, positioning Realtek to capture emerging opportunities in the coming year. Next, the global consumer electronics market appears to be relatively flat in 2025 compared to the previous year. Looking ahead to 2026, modest growth may be anticipated in the segments where Realtek is most active, including TV, gaming, and home appliances, as several emerging trends warrant attention. The upcoming 2026 FIFA World Cup is expected to spur a replacement cycle for large-screen OLED and mini-LED TVs. The gaming console market is projected to expand, fueled by next-generation devices such as Nintendo Switch 2 and blockbuster releases like GTA 6, which are likely to increase hardware demand despite potential price increases due to memory shortages. Meanwhile, the IoT sector continues to evolve steadily, with a significant focus on energy-efficient AI-powered intelligent appliances, leveraging edge computing and universal interoperability standards such as the Matter protocol. Additionally, the industry is prioritizing human-centric design, emphasizing product longevity, sustainability, and practical utility over simple innovation. These market trends are closely aligned with Realtek's value proposition and product strategy. Networking infrastructure market is experiencing a significant inflection point, fueled by a strong uptick in AI-driven automation in late 2025. This momentum is most notable in the GPON segment, where high-speed technologies exceeding 10 Gbps are emerging as the preferred backhaul solution for 5G and Wi-Fi 7 networks. As we look toward 2026, industry trends point to a close alignment between advanced wired infrastructure and wireless innovation, with the adoption of Wi-Fi 7 accelerating globally. This convergence enables multi-gigabit fiber connections to deliver the high-speed, reliable performance required by next-generation wireless technologies. Realtek remains at the forefront of this evolution, focusing on higher-speed solutions and next-generation switches, with regional telco projects in India, China, North America, and Southeast Asia, driving adoption of new standards such as Wi-Fi 7 and advanced GPON configurations. Next, the global automotive market experiences considerable volatility in 2025, marked by events such as Infineon's acquisition of Marvell's automotive Ethernet business, ongoing disputes involving Nexperia, rising geopolitical tensions, and an industry-wide focus on high-performance AI. There was also a renewed customer preference in gasoline and hybrid vehicles, coupled with a noticeable slowdown in electric vehicle demand and sales, with November 2025 recording the smallest monthly increase since February 2024 due to a China slowdown and U.S. declines, per Reuters' report. Despite these headwinds, Realtek's automotive Ethernet business delivers exceptional results, achieving growth that significantly outpaces our overall corporate performance. Looking ahead to 2026, the automotive industry is undergoing a pivotal shift toward software-defined vehicles. This transition is accompanied by a cooling EV market and rising demand for high-bandwidth network solutions, while global light vehicle production in 2026 is expected to stay flat or down slightly compared to 2025, according to S&P Mobility. The value of electronics in each vehicle continues to climb, with innovations like the smart cockpit featuring AI integration, high-resolution displays, and seamless connectivity becoming key differentiators for OEMs. Realtek is well-positioned to capitalize on these trends, expanding our automotive offerings beyond Ether net to include Wi-Fi, Bluetooth, audio DSP, smart cockpit SoC, and display retimer solutions, supporting the evolving needs of our customers. Thank you, Yee-Wei. Now we're 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 Bruce Lu, Goldman Sachs, related to growth outlook and first half 2026. Following customer year-end inventory adjustments in fourth quarter 2025, what is Realtek's revenue growth outlook in first quarter 2026? Are you seeing any signs that customer restocking activity is coming in stronger than previously expected? And do you believe this momentum can be sustained into second quarter 2026? Okay. As commented earlier, following the inventory adjustments in the fourth quarter of 2025, we hold a cautiously optimistic outlook for the first quarter 2026, supported by customer inventory restocking alongside strategic pre-stocking in response to ongoing supply chain uncertainties. Overall, we project a robust first half 2026. However, we remain vigilant regarding the potential impact of rising inventory costs and are closely monitoring end demand and the spec upgrade cycles across our key applications. A second question from Bruce Lu regarding gross margin outlook. With respect to gross margin, how does management expect gross margin to trend in 2026? Should we anticipate further improvement driven by product mix optimization, and which product lines are expected to be the most meaningful contributors to margin expansion? Yes. Several market dynamics are influencing our gross margin outlook. We observe a growing preference among OEMs and ODMs for silicon solutions with embedded DRAM and/or flash, as this relieves them of the complexity of managing memory supply. However, embedding memory components tends to exert downward pressure on gross margin for us, as OEMs and ODMs generally expect nothing but, at most, a direct pass-through. In light of these factors, Realtek remains focused on cost and performance optimization to ensure we deliver the most competitive products in the market while striving to maintain the current gross margin level. The next question is from William Yang, JPMorgan. What is the cost outlook for 2026 for foundry package and testing service? The outlook, the cost outlook for 2026 in the semiconductor foundry package and testing service sectors is being notably influenced by both the direct and indirect impacts of AI. These impacts are clearly evident, particularly in how production capacities and materials allocations are being squeezed and reallocated to accommodate AI-related demand. For Realtek's market offering, which primarily focuses on mature process nodes and packaging technologies, capacity utilization at a macro level is still not at full load. This gives us some flexibility and room to adapt to market changes as they arise. However, this adaptability can be challenged when foundry and packaging houses reallocate a significant portion of their workforce and resources toward more advanced technologies. Such shifts can create a ripple effect, leading to increased price pressure throughout the supply chain, as highlighted by TrendForce. Our long-standing strategic partnership with suppliers, built on mutual benefits and coexistence, gives us strong confidence that we can manage to secure supply at competitive costs, maintaining our strong market position in 2026. The next question is from Astoria Chen, CLSA. Regarding the increasing cost of memory, substrate, and other raw materials, can Realtek pass this incremental cost on to clients? As we discussed previously regarding embedded memory, our OEM and ODM customers typically expect us to pass through any changes in memory costs directly without markup. This expectation also applies to increases in substrate and other raw material costs. In more challenging scenarios, customers may even pressure Realtek to absorb certain upstream cost increases. Nevertheless, we are actively collaborating with both customers and suppliers to navigate these pressures and find balanced solutions. Next question is from Kevin Wang, Mizuho on demand risk. Do you see demand risk for PC networking and consumer in 2026 given potential price hike increase? Well, while we acknowledge that rising costs could potentially weigh on demand, current feedback from major customers in these sectors does not indicate an imminent sharp contraction in volume. However, we remain cautious and will continue to closely monitor the trajectory of memory pricing and its broader impact on market dynamics, such as deferred upgrade or prolonged replacement cycles. The next question is from Sunny Lin, UBS, regarding OpEx. How would your OpEx and OpEx ratio trend in first quarter and 2026? Will OpEx be elevated due to more advanced node designs in 2026? As we discussed in our third quarter 2025 earnings call, our operating expense ratio has remained stable, including in the fourth quarter of 2025. Looking ahead, we expect our OpEx ratio to continue remaining at current level as we maintain disciplined expense management while driving the mass adoption of AI technologies. The next question is from Daniel Yen, Morgan Stanley, about order visibility. How long is the order visibility for our products in the near term? Which product line is seeing the most improvement or the most decline? As part of our long-established best practices, Realtek asks customers to provide a 12-month rolling forecast twice each month. This process enables us to generally align supply with anticipated demand. However, actual order visibility remains limited as customers often adjust order schedule, pulling in or pushing out orders to react to changing market conditions, even while keeping their overall long-term forecast steady. Currently, in response to supply chain uncertainties, we are seeing customers pulling in their orders, particularly from the second quarter to the first quarter. Next question is from Rick Hsu, Daiwa. What is the current channel inventory situation, and how are we managing it? Although Realtek inventory turnover days were elevated for 127 days by the end of the fourth quarter 2025, we understand that inventory levels across the channel are generally healthy. As previously noted, the high inventory at Realtek was primarily due to seasonal softness in the fourth quarter and our proactive inventory build-up strategy to support customers who have signaled significant order increases after the new year. These orders are intended for restocking and to manage persistent uncertainties in the supply chain. We anticipate a planned increase in inventory levels within the channel during the first quarter, but remain confident that inventories at both Realtek and our distribution partners are well managed. A question raised by Mao-Si, DHI. The fourth quarter 2025 revenue dropped around 11%, but inventory levels surged to NT$19.5 billion. Is it because the old products such as Wi-Fi 6 digested slower than expected? Are we expecting more severe write-offs in the coming quarters? How about Wi-Fi 7 inventory level? On hand, I do not have the detail of inventory breakdown. Although suffice it to say, the inventory build-up, as we mentioned, is targeted for the dramatic order increase in the fourth quarter. In terms of the write-offs, it is really a minor part of the total business. We do not expect a frequent recurrence like what we encountered during the COVID period. Thank you, Yee-Wei. The next question is from Aaron Jeng. Please provide an update on your AI exposure and related product development. Specifically, what are your strategies and future plans within the AI domain? Realtek's strategic vision focuses on enabling mass adoption of AI in edge devices by making them more user-centric and interactive, recognizing that edge devices are integral components of the broader AI ecosystem, including network infrastructure and AI servers, both on-premise and in the cloud. Realtek is committed to developing connectivity solutions that are faster, more flexible, and easier to manage. In doing so, our AI solutions aim to unify edge computing, connectivity, and cloud computing into a seamless experience. AI is also deeply integrated across all aspects of Realtek operations. We leverage AI to enhance our daily business processes and drive innovation in product design and testing, enabling us to deliver advanced silicon solutions with built-in AI features. These capabilities empower our customers to seamlessly incorporate AI into their own products. For example, at CES early this month, we showcased a range of innovations, including AI-powered TV and intelligent displays, IoT full-color low light, ultra-low-power multi-modal AI SoC, a comprehensive agentic AI ecosystem for smart homes, among others. Beyond integrating AI into Realtek products for a more natural audio-visual man-machine interface, we are seeing increasing adoption of our solutions by data and AI server peripherals. Looking ahead, we are launching an edge-optimized AI processor designed for industrial and commercial applications, as well as ultra-high-speed connectivity solutions for data and AI servers. The next question is from Sunny Lin, UBS, related to SSD controllers. Could you provide an update on the latest development in SSD controllers, particularly regarding opportunities in NVIDIA's AI servers? How many SSD controllers contribute in terms of percentage of sales? Well, the SSD controller market for NVIDIA AI servers is experiencing rapid change. To seize emerging opportunities, it is essential to accelerate the adoption of PCIe Gen 5, provide customer customization for industrial and edge applications, and incorporate advanced such as I3C hubs. The market remains dynamic, presenting substantial potential in both mainstream and specialized sectors. Several industrial clients have already implemented Realtek SSD controllers and I3C hubs in their servers, often requiring various levels of customization. However, Realtek cannot disclose details about specific customers or comment on the contribution of individual product lines. The next question is from William Yang, regarding optical modules. Which specific ICs will Realtek provide? Is it a DSP? What is the current status? Do you have any design- ins or design wins? Who are the main competitors in the space? The high-speed 400G, 800G, and 1.6T connectivity ecosystem are fundamentally built upon the synergy between SerDes/DSP IP and specialized optical transceiver manufacturers. Leading companies in the SerDes/DSP space include Broadcom and Marvell. Credo, Coherent, and Lumentum are among the top specialized optical transceiver producers. Realtek today is concentrating on developing IP core SerDes operating at 112 gb per second and 224 gb per second, utilizing advanced 4-nanometer technology. We are also tracking the technological development of optical transceivers. The 112 gb per second SerDes plays a crucial role in 400 gig and 800 gig optical modules, while the 224 gb per second SerDes supports ultra-high-speed data transmission in 800 gig and 1.6T modules. These innovations are geared primarily toward data centers powering AI, cloud computing, and high-performance computing, as well as telecommunication networks for infrastructure and backbone connectivity. We anticipate taping out the controller IC 400G optical module this quarter, while the tape-out for the 400G PAM4 DSP for optical module and that for 800G PAM4 DSP are on track. The next question is from Sunny Lin, UBS, regarding the ASIC roadmap for 5-nanometer and 4-nanometer nodes. When can we expect products to launch? And have there been any early customer engagements? Well, as a seasoned provider of ASIC solutions, we are actively preparing to expand our ASIC offerings to encompass servers and related applications, making consistent progress in line with our strategic roadmap. Currently, we are optimizing our design processes for advanced nodes such as the 5-nm family, including the 4-nanometer process node. As previously communicated, we are also developing essential IPs, including PAM4 112G and 224G per lane SerDes for targeted users like edge servers. Throughout this process, we collaborate closely with potential customers to ensure our efforts align with their needs. The next is a question related to Wi-Fi from Mike Yang, Bank of America. What is the recent progress of Realtek's Wi-Fi 8 product development? Additionally, could you provide an update on the expected penetration rate of Wi-Fi 7, in PCs, and routers in 2026, as well as ASP comparison among Wi-Fi 5, Wi-Fi 6, and Wi-Fi 7? Well, Realtek Wi-Fi 8, also known as 802.11bn solution, is staying on track. While the public day for the Wi-Fi 8 Plugf est has yet to be announced as of January 2026, we expect the first event to take place this year, and Realtek plans to participate. The initial wave of products featuring Wi-Fi 8 technology, including those from Realtek, is anticipated to reach the market in 2028. Built on strong progress in 2025, we project that Wi-Fi 7 adoption in PCs and routers will double again this year, achieving penetration rates of approximately 30% for PC and 25% for routers. This projection closely aligns with TSR's forecast, which estimates Wi-Fi 7 penetration will reach 32% for PCs and 21% for routers in 2026. At the end of the fourth quarter of 2025, the average selling price ratio among Wi-Fi 5, 6, and 7 was about 1 to 1.6 to 3.3. Next is a question related to spec upgrade from Nicholas, Citi. What is your view on the spec upgrade opportunities for Realtek's key product lines for this year? For example, what is the growth opportunity for the managed switch GPON solutions? Now, despite ongoing component shortages and inflation, the managed switch market is set for a healthy growth in 2026, with shipments rebounding in Q1. This is fueled by growing demand for multi-gigabit switches in enterprise and telecom, driven by bandwidth needs for Wi-Fi 7 and cloud services. Next-generation switch innovation, including 25G SerDes, 50G, 100G PAM4, and better energy efficiency, are drawing interest from enterprise and private cloud customers. Although the growth of GPON may be indirectly affected by the rising memory prices and substantial investment in AI servers, with the surge in the AI server demand increasing costs and straining the supply chain, which could divert components and investments and impact GPON equipment costs and deployment timeliness. The market remains supported by strong fundamentals. High-speed broadband demand and government initiatives continue to drive GPON expansion. To this end, the GPON market is expected to grow healthily in 2026, reaching a total addressable market of about 227 million units. This is driven by global FTTH Fiber-to-the-Home upgrades and the shift to 10G-PON, especially in North America, Europe, China, and India. Adoption of Wi-Fi 7-enabled GPON devices is rising in high-end markets, and operators are seeking higher-speed solutions. While Chinese chip makers lead in China, there are opportunities for other suppliers to gain overseas market share as operators diversify sourcing. Ongoing broadband investments, rapid tech advances, and strong operator demand support this positive outlook, but flexible sourcing and inventory management remain crucial amid material shortage. The next questions are questions from Sunny on Ethernet and switch. On Ethernet, what is Realtek's market position in 10GBASE-T space? Do you expect to continue to gain shares within the U.S. and Europe in 2026? On the switch side, what's the latest progress on your share gain and managed switches? What is the current share split between managed and unmanaged switches? Well, Realtek continues to be a leading provider of Ethernet solutions across the market, supporting a full range of speeds, including gigabit, 2.5 gig, 5 gig, and 10 gig. Our 10-gig Ethernet products are now increasingly found in server-grade PCs, switches, Wi-Fi 7 routers, and PON applications. We continue to see significant opportunities for growth, both through gaining market share and expanding our global presence. In the Ethernet switch segment, we currently ship a much higher volume of unmanaged switches compared to managed switches, both in units and revenue. Notably, we are seeing strong momentum in the transition to 2.5 gig Ethernet in the unmanaged switch segment. However, the managed switch business is experiencing even stronger overall growth, particularly in revenue, as we secure new projects and continue to gain market share. Also, a question from Sunny Lin, UBS. Can you update the competitive landscape for Wi-Fi and Ethernet, etc., in China in recent 6-9 months? Are local Chinese competitors catching up to Realtek's Wi-Fi 6 and Wi-Fi 7 capabilities? Now, in recent years, China's semiconductor market has been shaped by a strong government-driven push for technological independence. Domestic companies are working to keep pace with global leaders in next-generation Wi-Fi 7 and advanced Ethernet technologies. HiSilicon, in particular, has emerged as a major force, expanding its share in the enterprise market. While companies like Realtek continue to lead in the high-end segment, Chinese firms are making shared gains in the Chinese domestic IoT and consumer markets, despite only a limited number adopting Wi-Fi 6 or Wi-Fi 7 solutions. This increasingly competitive environment is driving global leaders to innovate more rapidly in areas such as performance, reliability, and AI-based features, ultimately benefiting the wider market and end users around the world. There are a couple of questions related to the automotive business from the floor. First, Daniel Yen from Morgan Stanley asks, what is the current sentiment in the automotive? Any signs of demand recovery? As of January 2026, following a stronger-than-expected 2025, sentiment in the automotive market remains mixed and cautious. Global light vehicle production is projected to stay flat or down slightly, influenced by tariffs, inflation, and weakening EV demand in North America and Europe. Although demand is rebounding in the used vehicle sector and there's a renewed global interest in hybrids, overall new vehicle sales are expected to be flat or see only a slight year-over-year decrease. This outlook is shaped by the expiration of EV subsidies, an AI-driven shortage of DRAM and substrates, ongoing Nexperia disputes, and various geopolitical tensions. Next, Bruce Lu from Goldman Sachs would like to ask, how does management view the growth outlook for Realtek's automotive business in 2026? What is the estimated revenue contribution from auto applications, and how do you see the growth dynamics evolving between China and non-China auto markets in 2026? As previously discussed, Realtek's automotive business currently centers on automotive Ethernet PHYs and switches, which have seen strong growth year after year, including 2025. However, as our market share grows, this growth rate is likely to moderate. We are broadening our automotive portfolio beyond Ethernet to include Wi-Fi, Bluetooth, audio DSP, smart cockpit SoC, and display retimer solutions in response to customers' increasing demand for smart cockpit features. In 2026, China's automotive industry is shifting from domestic growth to international expansion as local demand slows after the end of purchase subsidies and the return of 5% vehicle acquisition tax. Chinese manufacturers are increasing exports and building factories abroad, especially in Europe and Latin America, to navigate new trade barriers. Growth in the Chinese domestic market is expected to be minimal or may even decline as new energy vehicles are nearing market saturation. For instance, NEVs make up 59.4% of new passenger cars' sales in China in November 2025. In contrast, exports are projected to increase by more than 10% in 2026, helping to offset weaker domestic sales, according to the China Passenger Car Association (CPCA). Meanwhile, non-China markets face flat EV growth and stagnant light vehicle production due to tariffs and trade issues. Europe is seeing an influx of Chinese imports, while South America and South Asia are showing growth thanks to favorable policies. Chinese companies like BYD are expanding overseas, intensifying competition and influencing global markets. This shift marks China's move from rapid domestic growth to a more export-focused, survival-driven approach, with significant implications for non-China markets. Also, an auto question from Sunny, UBS. What is the current progress on ramping up automotive Wi-Fi, Bluetooth, and audio codecs? What is the estimated opportunity for this segment? We apply the same rigorous process used in automotive Ethernet to Wi-Fi, Bluetooth, and audio codecs. In essence, developing and delivering an automotive-grade silicon solution requires a structured, safety-focused methodology that complies with industry standards such as ISO 26262 and AEC-Q100 and follows a comprehensive silicon-to-system life cycle. Due to the lengthy design-in process typical in the automotive industry, it will likely be another 1 or 2 years before these new solutions contribute materially to the company. The next question is related to PC from Aaron Jeng, Nomura. What's your current view on the 2026 PC market outlook? Market reports and customer feedback suggest that the outlook for the PC market in 2026 may see either contraction or little to no growth, following a notable high single-digit increase in shipments across all tech categories, including x86, Mac, Chromebook, and Windows on ARM devices in 2025. Despite the potential lower volume, the market will achieve significant milestones as AI PCs are anticipated to account for over 55% of total shipments, even as increasing memory shortage drives up average prices. Meanwhile, Windows on ARM could see renewed momentum in 2026, thanks to next-generation Qualcomm chips, the introduction of NVIDIA RTX notebooks, and optimized Windows 11 support for ARM-based AI PCs. Another question on PC by Bruce Lu, Goldman Sachs. For Realtek's PC-related business, do you expect growth to be driven more by unit volume growth or by content value expansion? If content value growth is a key driver, what magnitude of uplift are you targeting, and which product upgrades or features are contributing most? Now, it should become obvious by now, Realtek's PC-related business in 2026 is expected to be driven primarily by content value expansion rather than unit volume growth, as global PC shipments face contraction pressures. This growth is fueled by the transition to AI PCs and next-generation connectivity, which helps offset sluggish unit volume. Notable opportunities include a rapid surge in Wi-Fi 7 penetration that is expected to double in PCs from the 2025 level. AI PC integrations like advanced audio/MPU DSPs for noise cancellation, high-speed 5/10 gigabit Ethernet controllers compatible with Windows on ARM, and advanced Wi-Fi 7/Bluetooth 6.2 combo chips featuring specialized low-latency gaming and lossless audio modes. Additionally, Realtek is embedding AI accelerators directly into peripherals such as edge AI USB cameras for human sensing, and AI-enhanced fingerprint biometrics effectively increase the dollar-per-PC content by replacing standard sensors with high-security intelligent modules. Furthermore, Realtek is maintaining its leadership position in high-speed interface solutions like USB 4, HDMI, and DisplayPort, which are essential for providing robust data and multimedia connectivity in PCs. The next question is from Edison Shao from HSBC. Can you provide the growth sequence by major segments for Realtek in 2026? What are the major growth drivers for Realtek in 2026? In general, I believe you have heard that networking may be the strongest segment among others. In other areas, although there may be volume limitation, limited growth, but Realtek is looking at content opportunities for still to sustain our growth in 2026. Thank you, Yee. Due to the time constraints, we will conclude the meeting now. Thanks 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.