Good morning and good evening, ladies and gentlemen, no matter where you are. Welcome to WIN Semi's Result Webcast Conference for the first quarter of 2025. My name is Joe Tsen, Spokesman and Associate Vice President of Finance in WIN Semi. Joining me on today's call is Steve Chen, General Manager of Corporate Administration. Today's call is organized into three sections. First of all, Steve will comment on the company's results and provide brief guidance for the second quarter of 2025. Secondly, I will go through the financials in detail. After that, we will open to the floor for Q&A. Please freely submit your questions in the input box on the webcast window throughout the conference. Before we begin, I would like to draw your attention to the safe harbor notice on page one of the presentation slides. Please note that this presentation contains forward-looking statements. These statements are based on our current expectations. Actual results may differ materially from our expectations, and the company undertakes no obligation to update these forward-looking statements going forward. Now, let me hand over the call to Mr. Steve Chen, the General Manager of WIN Semi. Thank you, Joe, and welcome, everyone. WIN Semi's consolidated revenue for the first quarter of 2025 was TWD 3,576,000,000, down 4% quarter- on- quarter and 20% year- on- year, roughly in line with our previous expectation. Capacity utilization of WIN Semi's wafer foundry held steady at approximately around 35%, similar to the prior quarter. However, due to less variable product mix, WIN Semi's individual gross margin was 21.9%, and the consolidated gross margin was 16.7%. Thus, the consolidated operating margin was - 6.1%. Net profit attributable to the parent company for the first quarter was TWD 16,000,000, and the EPS was TWD 0.04. In revenue change, across reviewing product segments in the first quarter, the cellular and Wi-Fi segment began to recover after hitting a trough in the fourth quarter of last year. Wi-Fi PA was driven by the growing adoption of Wi-Fi 7, while the cellular PA benefited from the government subsidies in China. As a result, both segments post modest quarter-on-quarter growth. The high-margin infrastructure segment experienced better-than-expected pour-in demand from the customers in the fourth quarter of last year. In the first quarter, revenue of this segment remained in line with last year's average level, representing a slightly declined compared to the previous quarter. As for the other high-margin segment, optics, customers' inventory built up in the third quarter and fourth quarter of last year for the new product launch captured in the first quarter. With the seasonal slowdown, this segment recorded the largest quarter-on-quarter decline in this quarter. As we enter the second quarter of 2025, global markets are increasingly overshadowed by concerns over the implementation of the reciprocal tariff by the United States. Despite ongoing uncertainty, our business with customers has stayed unchanged thus far. While the outlook of the tariffs remains unclear, we will maintain operational flexibility and continue proactive communication with both customers and the supply chain. We will also work closely with our customers to stay focused on meeting demand in the mainstream markets. We are optimistic about the Wi-Fi market as the growing adoption of the Wi-Fi 7 continues to drive our spend for getting outside wafers. The trend already translated into solid growth of our Wi-Fi PA revenue last year, and we are confident that the most return will carry. Over the medium- to long- term, the infrastructure market represents another core area of focusing for our business. In particular, as AI continues to drive surging global demand for bandwidth and data traffic, improving the connectivity quantity of the low Earth orbit, which is a LEO satellite, has become a key priority for the industry players. WIN Semi also provides customers high-gain, high-frequency, high-voltage solutions, and we have identified promising business opportunities in this area. At the same time, AI is also bringing renewed momentum to the optics sector, with massive volume of the data flowing to data centers and for the cloud-to-the-edge devices. The process of converting electrical signal to optical signal and the voice via has made the III-V compound semiconductor increasingly critical. This represents another growth opportunity that WIN Semi has been actively cultivating in the recent years. Looking ahead to the second quarter of 2025, consolidated revenue is expected to grow by approximately low- teens quarter- on- quarter, with consolidated gross margin expected to be around high- teens to low- teens level. I will turn the call back over to Joe. Thank you. Okay. Okay, thank you. It's our pleasure to present our financial results for the first quarter of 2025. Please also you can refer to the presentation slides. Remember to read over the safe harbor notice in page two. I will start from page five. Page five is talking about revenue and the margin trend. In Q1 2025, our consolidated revenue was TWD 3.58 billion. QoQ was down around 3.5%, and YoY was down around 20%. Due to unfavorable product mix in Q1 and under the same utilization rate, quarter to quarter, which is 35%, WIN Semi's individual gross margin was 21.9% for our wafer foundry business. Therefore, our consolidated gross margin becomes 16.7%, and our consolidated operating margin becomes - 6.1%, which is decreasing by 3.7 and 4.8 percentage points compared to last quarter. Normally, in our earnings call, at this moment, the investor will ask about how about our China customers' listed stock on hand impact this time the gross margin. I will share with you that because the stock price for our China customer stock price in the end of December 31st and end of March 31st, the stock price is almost the same, so the impact is very, very limited. Please flip the page to page six talking about the earning trend. Because of the non-op items, the positive non-op income, in Q1 of 2025, our net profit attributable to the parent company was TWD 16 million. The Q1's EPS becomes TWD 0.04. That's the earning for Q1. Next page, we discuss about the product mix. Since we have mentioned that because of the unfavorable product mix in Q1, it impacted a couple points of gross margin. Let's take a look at what it's about. In Q1, product mix used, first of all, you can see that the better margin business like infrastructure business, QoQ, it went down. A little bit going down and the majority went down at the optical business because most of the high season went up, it's over for especially 3D- sensing product. On the other hand, the cellular business and the Wi-Fi business has been through the trough in last Q4. We see both the cellular and Wi-Fi business return to positive growth. As Steve mentioned, we believe it's because of Wi-Fi 7 trend driving the adoption and also coming benefit from government subsidy in China. This is about Q1's product mix. Next page, we will discuss about the guidance in page eight. Although Steve already mentioned that our guidance for Q2, I not only will repeat it, but also I will give a little bit of color for you. First of all, we expect Q2 2025, the consolidated revenue to increase about low- teens, QoQ, for QoQ basis. We do see that because of the second- half new product launch in the end market. We already see some customers already doing the inventory preparation starting from Q2. Therefore, we see probably the most significant growth in Q2 will be Wi-Fi business. The second stronger business will be in Q2 will be the optical business. Although the 3D- sensing, we see the 3D- sensing revenue probably will be very in line with Q1, but non-3D- sensing business, it looks not too bad in Q2. In total, of course, it may have some 3D- sensing preparation, inventory preparation in Q2 at the same time, but we see strong non-3D- sensing business in Q2. That makes the optical business become the second strongest among our product mix. The third one will be the cellular business. We believe that it should be also related to the new product launch in the second half in the end market from the end market. There is a little bit customer already doing the inventory pool. Finally, the infrastructure, we see because most of the case of infrastructure will be project-based. We see Q2 will be slightly down a little bit. Infrastructure business, so that is the product mix and for the. That is our guidance for Q2. Because of that, we believe that revenue, the Q2's utilization will be going up compared to Q1. But the product mix probably will not be better than Q1 because of the mix stronger. As you guys know, that Wi-Fi and cellular and high-volume low margin business, and then they both going up in Q2. The product mix probably will not be better than the Q1. Therefore, we believe that the gross margin for consolidated gross margin for Q2 will be around the level of high- teens to low- teens. That is Q2's guidance. We can quickly go through our financial statements starting from page 10. First of all, I still want to remind everybody that all of the figure in our presentation is based on audited basis. The actual result should be based on the CPA's report. The income statement, the Q1 2025, Q1, sorry, Q1 2025, the net revenue was TWD 3,576,000,000 and the QoQ was down around 3.5% and YoY down 20%. Next, the gross profit will be TWD 598 million. The gross margin for consolidated basis was 16.7%. Because the revenue went down and operating expense went up a little bit, it becomes TWD 815 million. Therefore, the operating expense ratio went up around 1%. It becomes 23%. Therefore, the operating loss was TWD 217 million. Operating margin becomes - 6.1%. Thanks to the non-op item, there is a non-operating income around TWD 156 million. Therefore, the loss before the income tax was TWD 61 million. Together with the income tax expense, the net loss was TWD 63 million. The net margin becomes - 1.8%. The profit attributable to the parent company was TWD 16 million. Therefore, the EPS for this quarter was TWD 0.04. The return on equity, the ROE was 0.10%. Utilization rate was in line with last quarter, which is 35%. The depreciation expense, the trend is going down. It's going down from now. We see a little bit lower than last quarter, become TWD 1,106,000,000. The CapEx also only TWD 91 million, which is majority for maintenance purpose. Next page, which is page 11, is the detail for the non-op item, which is the major item, still the foreign exchange gain and also interest expense. My last page will be page 12. We discuss about the balance sheet. The consolidated balance dated March the 31st, balance sheet cash and become TWD 5,546,000,000. The total cash equivalent assets was TWD 61,949,000,000. The total liability was TWD 24,668,000,000. The common stock remained the same as last quarter, remained the same. The total equity was TWD 37,281,000,000. The book value per share was TWD 85.68. Finally, the key financial index, the current ratio was 252%, which is better than last quarter. That ratio is a little bit higher than last quarter, become 40%, but it's very minor. This is my portion. Thank you. We now begin the Q&A. Please submit your question in the input box on the webcast window now. I think here we will, the first question we'll answer, that to be that several investment was more want to know is the tariff impact for WIN Semiconductors. I think after we check most of our revenue, I think we only have a very few revenue, which is almost very, very low single- digit revenue. It's related to direct ship to U.S., and most of that is not the mass production product. Those wafers we ship to the U.S. are mainly for some samples or for R&D purposes for different customers. Yeah. Actually, I think based on the current tariff situation, I think the impact for WIN Semi directly should be very, very low. Yeah. We will not have some other impact in the future. I think there is a lot of uncertainty right now. We will watch that very carefully. Yeah. Thank you. Okay. The other question we want to know is about our optical revenue breakdown. Yeah. In the recent conference, we already shared with investors that right now, our non-3D- sensing revenue is taking a higher percentage in our optical revenue. I think two years ago, the 3D- sensing revenue may have been taking 90% of our total optical revenue. Right now, I think our non-3D- sensing optical revenue is already taking around 40% plus or minus. Quarter by quarter is a little different, but roughly, that will be around 40% to the total optical revenue. Yeah. Which means right now, for WIN Semi's optical application or the technology, it is not only for the 3D- sensing. We have around the other 40% optical revenue that is coming from the traditional optical communication and even the LiDAR applications. Yeah. That is the reason why, although the revenue for 3D- sensing may be going down because of generation by generation for our end customer, actually, we still can keep a certain level of our optical revenue year- on- year. Yeah. Thank you. There is a question. There are a couple of questions asking about Wi-Fi for this year. I should say recently, I think we see a positive and optimistic about Wi-Fi business since last year. We see a significant growth last year. We also optimize about this year. The reason why is because our Wi-Fi business is divided into the application in the cellular phone and also application in the Wi-Fi router. We have, I think, the majority of the Wi-Fi PA in the smartphone is the majority is coming from the U.S. end customer, which is every year the new product launch will be the most of the momentum. Our customer has taken a very good share in the recent years. Another momentum is because of Wi-Fi router. I think Wi-Fi router business, we have U.S. IBM as our customer. We also have China customer. They're also very aggressive in the market. I think for the recent years, due to the Wi-Fi 7 adoption, we see the strong adoption. It is driving the demand for our Wi-Fi PA wafer demand. That is the major cutter of our Wi-Fi business. Thank you. Okay. I think that it is still some question related to our optical business. Yeah. I think for our optical business, yeah, I think the customer definitely is not the same as our original RF business. Yeah. Because besides the 3D- sensing, that is most of the application, it is the traditional optical communication applications. For this category, our customer, that will be mostly different with our original RF customer. Yeah. At the same time, we still have some customer such as like Lumentum. Although we have a very big collaboration with Project Wu Seng, it is for the 3D- sensing. They also are the traditional optical communication player. Yeah. We also keep very closely collaborate with them for the traditional optical communication devices to see any kind of project we can collaborate together. For example, our RF customer like Broadcom, yeah, they also have a very good sales revenue for the opticals. We will keep investment our resources for the R&D and try to have more engagement with those kind of existing customer and some new project with the existing or the potential optical players. Yeah. Thank you. We see no further question in the slot. We will wait another two minutes. Thank you. Okay. There is no further question in the slot. Thank you very much for your participation in WIN Semi's conference. There will be a webcast replay within hours. Please visit www.winfoundry.com under the Investor Relations section. Thank you very much again. You may now disconnect. Thank you very much and goodbye.