Good afternoon, everyone. I think this is the safe harbor and disclaimer at the very beginning. Next, I would like to say hello to all of you, dear colleagues and friends from the media. Welcome to the earnings call of Primax Electronics for Q3 2024. First, I will explain to you the financial results and then share the outlook for Q4. On the first page, you can clearly see that the overall performance in Q3 was solid, with slight growth in both revenue and profit. Thanks to rush orders for PC, gaming, and recovering demand for consumer speakers and headphones, revenue in Q3 reached TWD 16.01 billion, a quarterly increase of 4.2% and an annual increase of 1.8%. The gross margin was 17.1%, up 0.8 percentage points YoY, maintaining a high gross margin level. This quarter is a record high for the company in the same period. We reached 17.3% in the last quarter and 17.1% this quarter. The 17.3% in the last quarter was also a record high in the same period in our history, just as this quarter. The operating margin was 5.2%, which was the same as the previous quarter. The absolute amount increased from the previous quarter, mainly due to revenue growth. EPS reached 1.70, up 6.3% QoQ. In the past for Q3, our highest level was 1.95. In 2019 and 2020, it was 1.72 and 1.73, maintaining a relatively high level. This year's Q1 to Q3 EPS has achieved NTD 4.58. Next, please look at the P&L statement. In Q3 single quarter financial performance, the operating income reached TWD 16.009 billion. The absolute amount of our sales gross profit in this quarter reached the highest, which was TWD 2.737 billion. It was TWD 2.663 billion in the previous quarter and TWD 2.567 billion in the same period last year. The gross margin in the same period last year was 16.3%, and this year it was 17.1%. I think there's a significant increase both in terms of percentage and amount. OpEx was TWD 1.905 billion, compared with TWD 1.87 billion last quarter and TWD 1.732 billion YoY. This year's bonus estimate is relatively high, which is the main reason for the increase in expense in the third and fourth quarters. Our operating expense ratio reached 11.9% in Q3 and 12.2% in Q2. We began to estimate these amounts in Q2 because it could already be seen that this year would have a good ending, especially in terms of profit. The expense ratio reached 11% in the same period last year. The overall operating margin was at 5.2%, which was the same QoQ. Non-operating item in Q3 was okay, although the overall market fluctuated very much. The RMB went from 7.25 to around 6.96 and then gradually depreciated. It is around 7.14 currently. It was quite fast and quite volatile. We can still maintain profits better than TWD 198 million in Q2. In Q3, the U.S. has entered a cycle of lowering interest rates. We need to also look at interest expense and also how our capital and resources are allocated. We can use the cash in our hands more effectively, not the most effectively, but more effectively because there's only better ways, not the best way, right? Next, we see the balance sheet. Cash reached TWD 13.54 billion, an increase of 40% year-over-year. The proportion of cash in assets increased from 20% in the same period last year to 27%, indicating that working capital is sufficient and healthy levels are maintained. I just mentioned that our cash level has increased significantly since last year. After the interest rate cut cycle began, we still provide capital support, mainly in US dollars, and the rest is in RMB and NTD as needed, for which the holding positions are relatively small. So far, I think our capital level is healthy because, well, we always invest in products with relatively high interest rates. For example, there are some repos and some relatively high yield time deposits, which are basically inside the banking system. Such capital is very safe. Basically, in terms of the amount and positions we have now in Greater China, Thailand, Singapore, and Taiwan, we all have different proportions of capital and allocations. In Q3, our inventory amount was TWD 8.2 billion, up 8.8% YoY. The overall inventory control was good. The inventory turnover days remained at 59 days. Looking at it from now, from Q4 this year to Q1 next year, since the Lunar New Year will be in January, the inventory amount goes up slightly. Cash conversion cycle was 39 days, a significant improvement from 44 days in the previous quarter and 50 days in the same period last year. If I remember correctly, our accounts receivable days are actually going down. I have reported to you twice that we are making adjustments for some customers. For some of the long-term customers, this is due to a price and term, so we are not doing this for everyone. As you can see in the past two years during this adjustment process, our profit growth has been far greater than our revenue growth. You can look at the statements of cash flows. The overall cash inflow in Q3 was about TWD 4 billion, an increase of more than TWD 2 billion QoQ. Let's focus on our investment activities, which I would like to share with you. We have received a lot of customer demand. Parts of our production in mainland China are now gradually being asked to move to Thailand. In mid-October, we opened the bid for phase II in Thailand. We successfully completed the bid opening for the civil engineering and electromechanics. It is estimated that for Primax, next year's revenue in Thailand will be doubled. Tymphany will also maintain a relatively high baseline. It seems that in terms of revenue, Thailand will begin to bear a significant responsibility next year. It used to be between 15% and 20%, by next year, it should exceed 20% or even higher. We can see that the cash outflow from financing is about TWD 1.03 billion, mainly the payout of cash dividends of TWD 1.85 billion. This year's capital expenditure is about TWD 1.7 billion, mainly used for Hsinchu Innovation Center, Thailand factory expansion, and production line automation equipment investment. For this, I would like to tell you again that I am in charge of our overall production line automation and the expansion of the Thai factory. Basically, we use the most optimized method to minimize our capital expenditure. Hsinchu Innovation Center is expected to be completed by the end of next June. After all licenses are obtained, it will start to operate smoothly. This is mainly our laboratories there with a small volume of diverse products. For TAA, we will conduct a small batch production in Taiwan. This is the main part of this year's CapEx of TWD 1.7 billion. In our recent tenders, the amount approved by the BOD was very large indeed, but each time we saved almost 8%-10% of different costs after the tenders. There are still a few cases, a few projects this year, such as the office equipment of Hsinchu Innovation Center. This is the last round. We have completed the others already. We already had a good system in Thailand, but we once again conduct various backups for Thailand and for China. In terms of automation equipment, we have been emphasizing that if there is a chance, we will go to other places. We think that in terms of automation, we look forward to using very little manpower with a high proportion of automation. Therefore, we have been sparing no effort in investing in automation equipment. Next, let's look at page eight, revenue breakdown. The product proportions are denominated in US dollars as a comparison benchmark. As I just told you, most of our positions are in US dollars as well. Now, in Q3, information products accounted for 50%, an increase YoY, mainly due to the contribution of PC gaming rush orders, hence up 0.7% YoY. Smart lifestyle accounted for 24%, a decrease from 25% in the same period last year and down 9.2% YoY, but the quarterly increase was significant. Also, AIoT was affected by customer inventory adjustments and deferred shipments, and the proportion dropped to 26%, down 8.6% YoY. I think this is where we are working silently. I certainly cannot say too much today, but in short, I remember people often said that for things that walk or run on the ground and fly in the air, we hope to be able to cover them all. This is auto and AIoT that I just talked about. Next, we can take a look at our outlook for Q4. Affected by the overall trend of conservative demand and inventory adjustment, Q4's revenue will decrease by double digits QoQ. I want to tell you that after reading many economic analyses, I noticed that everyone is talking about 2024 being an uncertain year. 2025 will be a very unstable year. You can think about what the reasons are. There are things that cannot be explicitly said, from geopolitics to economic struggles and conflicts, for example. Of course, new leaders that emerged recently. Next year will be an unstable year, maybe not restless year, but unstable. I think we have seen similar situations over the years, now we just add up all the situations together and they take place all at once. Our overall product mix is optimized this year, the growth margin will be higher YoY. In times of uncertainty and instability, we still focus on pursuing profit. Of course, ideas change because I just told you that our production capacity in Thailand will increase significantly and the capacity in mainland China will be moderately revised downward. There are many excellent, direct, indirect employees in China, there might be different strategies starting next year. In the past, we have emphasized that profits should be better than growth expectations. In the future, we may have expected growing profits. At the same time, in terms of revenue, we can make good use of our high-quality mainland Chinese colleagues and the cooperation between departments is good with efficient output. These strategies will go hand in hand in the future. Of course, this will not happen immediately in Q1. I hope that when I present to you in Q2 and Q3 next year, I can also let you know that we enjoy both profit over scale and scale growth. Our growth scale can coexist with this. This is roughly what I expect in Q4 this year and next year. PC and gaming will decrease by mid-single digits YoY. Well, due to low order visibility, customers mostly respond with short or rush orders. You can see that inventory is going up a little bit, so we expect that these rush orders will happen one after another. AI PC Copilot keyboard continues to ship and develops towards ASP products to further improve profit margins. Demand for printers and multifunction printers is recovering, with slight annual growth expected in Q4. This is about our information products. Next, smart lifestyle. Q4 showed a high double-digit YoY decrease due to weak demand for smart speakers. The company will continue to develop high premium consumer acoustic products and strategically reduce the proportion of low margin products to drive annual growth, margin growth in smart lifestyle. I think this is the situation in Q4 this year. Now I want to tell you that the situation will be reversed next year. We are currently working hard and actively on it. In terms of auto and AIoT, some AIoT projects have been delayed in shipment due to customer inventory adjustments, which will gradually improve in the future. The proportion of auto AIoT is expected to increase quarterly, which will help the overall gross margin. Professional acoustic and auto audio have the opportunity to grow by high double digits YoY. As you can see, we have focused less on the consumer side and more on auto and AIoT. Professional acoustic is expected to maintain its high growth margin and its proportion of auto AIoT revenue will increase QoQ, both QoQ and YoY. Whether in the auto or AIoT sectors, the companies we deal with are all software based. Our cooperation between hardware and software has been quite smooth over the past few years or so. As you have seen recently with the increase of projects, in addition to our continuous bonus increase, increases in Q2, Q3, and Q4, our demand for R&D talents is still very strong. We need such talents. It seems that our hard work in this area has yielded some good results. Now, of course, let's take a look at our dividend information. I told you in Q2 this year about Q3 and Q4 that the overall profit this year should be better than last year. If we look at next year from now, this year will be the second highest. Next year, we should have the opportunity to reach a historic high. This is the goal of our efforts, and this year should be the second highest year in terms of profit. Next year, we hope that under the policies that I just mentioned, we can reach a historic high. In our past dividend payout policies, the payout ratio was between 50% and 70%. Last year, the payout ratio reached 73%. I remember telling you last time that, well, if the profit this year is better than last year, I think we should be able to maintain last year's payout ratio, and the payout should be better than last year. I believe that in 2025, the payout ratio must be at least maintained at the level of 2023 to meet the expectations of shareholders and investors. Next, in terms of investment thesis, well, I think we will still maintain steady growth and good cash flow to create long-term value for shareholders. Let me be honest in saying that our net cash on hand has reached TWD 11 billion. We are in contact with many parties. In addition to organic or self-growth, another option is to grow externally. We are looking for some external growth opportunities. If you have any good ideas, feel free to provide them to us as reference. I believe that our money ammunition should be quite abundant and well-prepared. To create differentiation in new business expansion, our core competitiveness, as I told you in the past few quarters, is our X-in-1 Sensory Fusion. Internally, we have now begun to build X-in-1. In smart building and conference products, our lenses, our microphones, our speakers, and our interface can be used here, which is related to touch. We actually have some control boards on the market, which is a very important part of our market development. I think it's rare to have such complete three-in-one or four-in-one on the market. I believe there are, but not many. I think this is our strength. As for our core growth momentum, I wanna specifically mention the field of AI video conferencing equipment and public safety. I have mentioned these a lot in the past. Fleet management in auto electronics is also an area that we have been deeply cultivating. We have emphasized that for campuses and for local communities, we are involved in this public safety area. I recently read some reports from some companies, and they all use this concept of public safety to talk about things. I would like to thank our colleagues. We proposed this concept of public safety about 2.5 years ago. Now it seems that these big companies in the U.S., which I cannot name specifically, they are all deeply involved in this field of public safety. We have produced some wearable devices, but it seems that the volume is still very small at present. We hope that this can also be used in related applications with industrial robots. I cannot say too much about this for now. We hope that after some views are established, I can present to you with some concrete results from automation to robotics. We have been sharing with you the fields of auto and acoustic. Tymphany is a century-old company. We acquired them around 2012 to 2014, and it has been more than 10 years now. There are really many patents and talents. Next year, in order to return to the road of growth, I believe that acoustic will play a very important role. We have always told you about the improvement of our profitability. Our headquarters has established central sourcing. After the Chairman took office, relevant policies have been adjusted nonstop, and we hope to achieve better performance and growth in profit margins as soon as possible. I have presented the capital budget planning to you. You hope that we can provide a percentage, but I cannot disclose that to you. What I can share with you is capital expenditure, cash dividend payout, and other investments. In our current situation, we have enough cash on hand, and we are actively seeking targets both in terms of vertical integration for self-growth and external growth. I just talked about stable shareholder compensation and corporate sustainability. Recently, I saw a rating from CRIF, a rating agency in Taiwan. There are 22 companies in Taiwan on the list, and Primax is one of the companies in corporate sustainability. I think these are the highlights of our company. There is still room for improvement, of course. We can move on to the Q&A session. Thank you, Mr. CFO, for the insightful explanation. Next is the Q&A session. First, we will answer the questions collected in advance. We have collected 3 questions in advance, so I will invite the CFO to answer them first. Some of these were mentioned during the presentation already. The first question is about the new projects of the AIoT business, such as fleet management, public safety, and law enforcement. Please explain their progress and also their contribution prospects both in Q4 2024 and in 2025. Well, sure. As I just shared with you a while ago, I just emphasized that these important customers of ours, well, based on their internal information or market analysts or their own comments, these customers have made a lot of efforts in the field of public safety. Roughly speaking, from the provision of camera modules in cars to personal body cams for legal use or for personal safety use, and also, as mentioned, well, I've told you that there are cameras used in communities and on campuses which can rotate at a large angle. These are all public safety management projects. There are other public safety projects that are being carried out one after another for which products are being produced. The volume of some customers is relatively small this year, it will double next year. This is about public safety. Fleet management is also what we have been strengthening. Overall, in AIoT, we have just told you that Q4 is basically better than Q3. For next year, there are actually quite a lot of projects now. I believe that next year as a whole will be pretty good in terms of fleet management, public safety, and even law enforcement. The managers of these companies have all come to Taiwan, and they told us directly the order volume that they wanted to give us, which is growing rapidly every year. We are very grateful for the mutual support with these companies. In regarding our technical capabilities from the first generation to the fifth generation after generation, we have been able to meet customers' requirements. I think this is what I have said, we are very competitive in terms of technical capabilities. The second question is about the current status of smart lifestyle in the second half of this year. It was originally estimated to be a double-digit decrease in 2024. Mr. CFO, please explain smart lifestyle in the second half of the year, especially consumer acoustics. I will divide this into several areas. First of all, consumer speakers. Usually after Q3, we gradually enter the low season in Q4. Now the number of new customers and the number of their projects is now the highest in three years. As for headphones, American customers headphone products have increased shipments to Costco, and new European projects have been successfully launched onto the market. Although it's the low season now, overall, shipments in Q4 have been stable compared to Q3. Sorry. This question is about smart lifestyle. In smart lifestyle, the acoustic category is mainly consumer acoustic. Consumer acoustic or consumer speaker and ear/muff headphones, which the CFO just mentioned, they recover slightly in the second half of the year, especially in Q3. The double-digit decrease for the full year of 2024 is still maintained. It has been mentioned in the past few quarters that the overall smart lifestyle goes down by about 25%-30% annually. We currently still maintain this view. In Q3 this year, smart lifestyle decreased by 9% YoY. The presentation also showed this. In the first half of the year, the decrease was close to 30%-40%. For the whole year, a double-digit annual decrease is still maintained. However, these are product lines with a low gross margin in our company. The CFO just mentioned that we have received some new projects and will return to growth in 2025. The third question is about the status of information products in the second half of the year, and what do you think of AI PC in 2025. Mr. CFO, please. Regarding information products in the second half of the year, as mentioned earlier, this year, everyone originally expected AI PC to boost a replacement wave. This replacement wave was not about consumer PC, but mainly for commercial AI PC, meaning that it might drive some corporate needs. There were quite high expectations in the first half of the year. In the second half of the year, Q3 was not bad. When we look at Q4, the current predictions given by our customers are more conservative, to be honest. We are relatively conservative about information products. Information products were originally expected to have a low single-digit annual growth, but it's now expected to be relatively flat. If rush orders or short-term orders do not come in in Q4, customer outlook seems to be relatively conservative. The entire AI PC infrastructure and its killer apps may still take some time to develop, it also involves corporate expenditures. For example, our company is budgeting at the end of the year for next year. If you want to change your computers, you have to wait until next year. If it's not budgeted this year, then there might be no way to upgrade the devices. Of course, the market believes that AI PC will definitely stimulate replacement because there are many new functions that will bring about a wave of replacement. The timing may not come that fast. Maybe not this year or the second half of this year, but it may be seen gradually in the future. Okay. The questions we have collected before the meeting are these three. Now I would like to open the floor for questions now. You don't need to use a question slip. If you have questions, just raise your hand and we will hand over the microphone for you. If you need to ask questions, just raise your hand and we will give you the microphone. Hello, I would like to pose three questions. The first one is, it's now Q4. Can you give us a picture of next year? What is the growth rate and the growth of the three major product lines? The second question, you mentioned that the payout ratio would be maintained. You mentioned that the payout ratio would be maintained. Is it the maintenance of the amount or the payout ratio? The third question, you just mentioned that Mainland China has high-quality production capacity and will plan some other production. Is there a new product line or other plans can you share with us? Okay, I'd like to invite the CFO to answer. The first question is about your views on the three product lines next year: information product, smart lifestyle, and auto AIoT. The guidance is very clear. We hope to achieve near double-digit revenue growth. The budget figures have not yet been released and won't be finalized until around mid-December, but the general direction has been set. Of course, this doesn't mean that every business can be very stable. Just as we said, some information products have great opportunities, and AIoT also enjoys great opportunities. In terms of smart lifestyle, I hope that it will be different when we talk at the same time next year. The gross profit of consumer products has been relatively low in the past, and we have had some different ideas recently. To answer your third question at the same time, if we want to return to these products with low gross profit, with our sufficient labor and equipment, experience, and manufacturing capabilities in Mainland China, it will be great for them in Mainland China to do these things. The first question and the third question are related. While we are moving out production capacity, we will make related plans for some products with different ideas and low utilization rates. That's our current planning. Of course, it doesn't mean that after I talk about this today, it will happen overnight. This plan will take a while. The depreciation of our mainland Chinese equipment hasn't actually finished, the overhead is very low compared to the baseline, meaning the labor cost. Of course, in terms of labor cost, the comparison between China and Thailand is 1 to 0.8. Thailand is still cheaper, the learning curve in Thailand is relatively difficult. We use mainland Chinese manufacturing bases to support the growth of other products. I think this direction should be the right one. Regarding the second question, we are not controlling the total amount. The percentage is here, and when this year's EPS is higher than last year, the percentage is here, so the payout amount should be more. I think what the CFO means is that the payout ratio last year was 73%, and we maintained this ratio this year. We expect that the profit this year will be better than last year and will be the second highest in history. As a result, the dividend per share has a chance to be higher than last year because this year's profit is expected to be higher than last year. The ratio last year was 73%. If this ratio is maintained, we hope to pay out more. We both hope to advocate for shareholders' rights and for more dividend payout for you. I would like to add to what the CFO said. In fact, we do not make a formal financial forecast. You all hope that we can give you some clear revenue growth numbers, but this is not allowed by the competent authorities. In accordance with the law, we need to make this clarification regarding the numbers that we mentioned. I think in this industry, if you want to analyze, you can benchmark against the market conditions of the PC industry next year. Our overall information products will not be too far away or too different from the market. We also talked about auto and AIoT. Of course, we hope that new projects can be initiated one after another, and the growth momentum will help the company. Smart lifestyle has reached the bottom this year with a YoY decrease of 25%-30%. T he CFO just mentioned that the number of new projects is a new high in three years. If the number of projects received is already a new high, this means that there is an opportunity in the second half of 2025 to see some recovery. But it is still a bit early for us, although it's already October this year. We do have a grasp of the volume from some projects received, but it still takes some time to observe the actual production and demand from customers. If you have paid close attention to our financial performance in the past few years, we have always achieved relatively steady profit growth, not explosive annual growth. We hope to provide shareholders with steady remuneration every year. After all, auto AIoT is a big transformation in our company. We hope that we can maintain a certain yield rate in our dividend payout in order to satisfy the expectations of investors and shareholders. At the same time, we expect to see that in a few years' time, these new businesses will bear fruit. They are still blooming now. We hope that they can bear fruit as soon as possible. We have been advancing many projects one after another. Maybe later the CFO can explain more where he's able to disclose. What I want to let you know is that we currently have a big strategy. Our subsidiary, Tymphany, is in the field of acoustic, so our company is one of the few involved in vision, acoustic, and human machine interface. We are talking about X-in-1 Sensory Fusion because in response to the needs of AI, many of these technologies will need to be further integrated. Many of our current strategies are based on the strength of Tymphany, such as in the automotive field. When we mentioned automotive acoustic in the past, we see that in the field of automotive safety, you can think of camera ADAS. In fact, in the future of self-driving cars, the audio part will play a very important role as well. We have talked about AVAS, Acoustic Vehicle Alerting System. Because EVs are very quiet, we have to alert pedestrians to the coming car, and there's also an external audio receiver function. We are currently seeing new customers, new self-driving cars and future designs. We have already received projects, and we are just waiting for the mass production of customer cars. If you pay attention to the development of the industry, you will find many developments similar, such as self-driving cars. We have combined the power of the whole group and integrated group resources and multiple technologies in the auto field in order to help customers make better AI products. This is what I wanted to add. Mr. CFO, anything to add? Okay. Due to time constraints, are there any other questions? I think we can still answer 2 more questions. Can you talk more about the current status and progress of the major auto customer? Well, let's talk about individual customers privately. Thank you. We are in close contact with each other. Are there any other questions? If there are no questions, this concludes our earnings conference today. If you have any questions later, feel free to contact our IR. Thank you, everyone. This is the end of our earnings conference. Thank you so much.