Primax Electronics earnings call is about to begin. Investors, corporations, welcome to Primax Electronics earnings call. I would like to introduce our management team on the stage. Yin-Yi Hsiao, General Manager and CFO. Ellen Tseng, Senior Director of Investor Relations. Ellen Hsiao, Assistant Manager of Investor Relations. We will have General Manager of Primax Electronics, Mr. Hsiao, to bring us the presentation of today. There are so many discrepant messages out there, and I have figured one thing during this period, and I've also been sharing with this with my colleagues. Why is that? Our supervisors and external opinions could come up with many concerns upon receiving one message. I told my colleagues, we have to take every little thing seriously. However, being serious doesn't mean that we have to believe in everything we observed. When you accomplished cash flow statements today and the estimation of gross profit or all kind of hearsays you received, it could change in a day or even overnight. We still have to report the results to you earnestly today and share all kinds of potential changes. I would like to ask everyone to pay attention and look for the positive information in our reports. Let's get down to the highlights of the result of this quarter. We deliver a solid financial performance in this quarter. Revenue reached NTD 14.77 billion, up by 8.2% year-over-year. EPS in the first quarter reached NTD 1.61, up by 25.8% year-over-year, hit the record high of the same period. You can see that our quarterly revenue grew from NTD 13.649 billion last year to NTD 14.768 billion this year. The main growth momentum came from our PC customer pulled in in advance and the increase in the shipment momentum of IoT products and the recovery of demands of professional audio. We have been shared this with you in the past. Within our entire new businesses, there are professional audio conference speakers. As a matter of fact, our fellow subsidiary, Tymphany Acoustic, its proportion is also increasing day by day. Relatively speaking, it also belongs to the high gross profit parts. You can see that quarterly gross margin and Operating Profit margin on the right-hand side in the past four quarters compared with the same period last year from 15.9% grew to 17.2%. In the past four quarters, the gross margin has been staying above 17% stably. When I just began to work at Primax, gross margin landed between 12.5%-13.5%. After the past few years, our company has worked together, and I think gross margin will remain steadily above 17%. I think in the next quarter, it should still be above this number. When it comes to OP margin, of course, I think basically we aim at 5% or even higher than 5%. As you can see here, R&D expenses, I can only say that in the next few years, from tomorrow to the day after tomorrow, we're now proactively investing and planning. We may talk about this again later in this call about the audio, video, all kinds of inspection and positioning and so forth are very worthy of our investment. When in the process of building business relationship with some public sectors, we also figure that it has the benefit of stability. That is to say, for the overall price fluctuations of the selling price, there's not much changes, and each product cycle is at least three to five years. We see our R&D department prudently working. Maybe in the future, the product cycle can exceed five years. Okay, well, benefited from the combination of the products, the gross margin in the 1st quarter of this year is 17.2%, up by 1.3 percentage point year-over-year. Gross margins to stand at high level. The operating margin also went up to 5%, up by 1.1 percentage point quarter-over-quarter and 0.7 percentage point year-over-year. I just shared our R&D expense was NTD 830 million. Compared with the same period last year, it grew 16%, accounting for 5.6% of total revenue. I think you also know that although there are various hot topics on the market in this era, such as robots or so-called drone, I think we're engaged in all of these areas. Let's take a look at comprehensive income statement for the first quarter. I think you can see that our overall performance on quarter-over-quarter and year-over-year basis, our revenue went up. The highlight is that compared with the fourth quarter last year, revenue went up by 11.7% quarter-over-quarter and up by 8.2% year-over-year. Non-OP item is roughly consisted of two parts: interest income and foreign exchange gain. Interest income accounted for around one-third. Foreign exchange gain accounted for around two-third. Here we want to emphasize that in April, we have seen positive outcome because we have anticipated the trends of USD in the entire tariff policy and trade negotiations. In fact, our hedging policy has also covered May. The appreciation of $1-$1.5 should not bring us much impact. We're just trying to plan in advance preemptively. In the second quarter, I've also made a pre-evaluation with you. Net margin reached 5%. It seems like this year our income tax falls between 20%-21%. That with the global minimum tax system in full swing progressing, and in two years, maybe 2026, and we will have Czech Republic and the U.K., because we have one R&D department in the U.K. with quite a few people, and there are dozens of engineers in this R&D department together with Czech Republic. After the middle of 2026, we will submit the report on the global minimum tax system. I think this should wrap up comprehensive income statement. As for the balance sheets, you can see the amount of cash was NTD 14.22 billion. That deducts our long-term and short-term borrowings. As what I have been sharing in the past, short-term borrowings is for building friendly connections with the bank. We have this current borrowings in our capital. This also sends out the message that we and the bank are in solidarity with each other. We carry out some small part of hedging. After deducting the borrowings, the net cash will come to NTD 11 billion. I should share this with you here first. Yesterday, I went to express my gratitude to our Senior Director of Investor Relations, Ellen Tseng, for her to be so brave to ask our Chairman, "How are we going to issue dividend in the future?" Chairman ask, "What's her thought?" Ellen said that our payout ratio should be at least 75%. "How about 80%?" Chairman said, "As long as we own sufficient cash, it should be our short-term goal." Here's a message for you that this is to say, next year, you won't see payout ratio under 75%. Thank you, my colleague. I think this kind of conversation would be easier between different gender, so they could have easier talk. I want to express my gratitude. I hope that next time we could straight away aiming at 80%. This is where our two Ellens in this company and I should continue to work on. It means that 75% is to be the norm. As to the future capital expenditure, because in the 2nd quarter last year, we have exceeded the second phase capital expenditure in Thailand, you see that long-term borrowing of NTD 1.226 billion are all for the establishment of our Hsinchu factory, which include water and electricity, electromechanics, civil engineering, and steel structure. For this, we should have actually obtained the usage license this year. We should start using it after July 1st, and that will be one of our very important R&D centers. I think because of these Chief Operating Officer in the future, there are some very important layouts in Taiwan, these so-called chemical changes, conversion processes. Maybe we will have it done here in Taiwan. We call it TI Edge, the R&D center. In fact, it is pretty large. It has a total of seven stories and about 2,300 pings. When our overall construction is finished, it would allow us to recruit more good partners who are like-minded to join in Hsinchu. Here's to bring you the message that from Hsinchu and Taichung, and we are now also in the process of building a team. From here, you can see that even when facing so many uncertainties in the overall market situation, one thing remains unchanged, that we still hold principles for accounts receivable and payable. You can see that if our accounts receivable turnover days is deducted by that of account payable, the result should be more than 30 days. The inventory turnover days since the end of last year, we have seen an early pull-in situation to prepare inventory for our customers. There are two very important customers who asked us to prepare safety stock for them. The amount should exceed $30 million. As far as I know, at the end of this year, we should also close the safety stock off because it is going to be replaced. After that, we will observe the situation again so that our customers have one of the best and comfortable space instead of leaving them on the rack, which are not just regular stacks, because these are the parts I just shared. Those belong to the public sector. We will have a steady stream of resources in logistics. We have a cash conversion cycle of 41 days compared to the past performance. We remain at the regular level. If to exclude the safety stock, cash conversion cycle has been maintained at a very good state. Moving on to the statement of cash flow that of the first quarter. As what I have shared, the overall net amount of cash has reached NTD 11 billion. What I must share is that this year, actually, in the fixed investment, in fact, we are not hesitant solely in interface part. We have now stepped into a good field. In this field, from regular commodities like keyboard and mice, we've seen very good business opportunities. Our capital expenditures for two companies should exceed hundreds of millions NTD. The future selling price is what we can look forward to, both selling price and profit margin. This year's capital expenditure at present, it should be around NTD 1.5 billion. You can see that in addition to this, let me share this with you first. We will also touch this topic later about our distribution of the global supply chain in the future. In 2021, in fact, we have set up in a certain region in Asia to become our so-called center of financial operation, also the operational headquarter, that we're now more proactively structuring the concept of the so-called dual operating headquarters. I think that our chairman has also specifically tasked me since last week till yesterday. That is the source of our COO. There is Taiwan. There are these regions in Southeast Asia. Let us also hope that in Southeast Asia, where the reciprocal tariff is relatively low, to establish our dual operation headquarters. Probably from June this year, I will spend more time to see how to achieve such an expectation, operation, rather. After all, we also have one or two very loyal customers, and we want to build strong alliances. As for the U.S. strategy, we're also looking for all kinds of positive countermeasures. I want to share that we have customers with idle space and capacity so that we may have different combinations of strategies for high automation and assembly. We're working on it right now, although I haven't had detailed plan and progress to share. I want to emphasize that after all, we tag along with our Original Design Manufacturer customers. The supply chain thinking, and the supply chain transformation, we're also executing such transformation in thinking of different strategies. Next, let's take a look at product portfolio and application. Well, 2018 is the first time we encountered the United States tariff policy challenge. In 2018, in fact, I think most of the customers, their first instinct is to pass through, but to whom? To their supply chain. This year, we see a different situation than that in 2018. I think 2025, there are a variety of different ways to correspond. I think you can do some research yourself. Some of our customers have sent out clear messages. They will carry out this strategy to increase the commodity price. At present, we see that the corresponding way may vary. Of course, if we classify our customers, I think in general, the medium-sized customer may have the concept of passing through. For large-sized customers, basically, they would absorb the loss. This is not certain, because so far, we haven't reached 90 days deadline yet. There are still a lot of uncertainties in this. This is our own hypothetical estimation. However our customers respond to this, we will adapt corresponding approaches based on market needs. I think the information you received, I believe, should align with ours. The application of the overall product portfolio, we talked about Automotive smart AIoT and professional speakers, AI conferencing. These are relatively high margin parts, like our current development internally and externally in behavior detection. There's even the various aspect of noise inspection. That's what we're doing now. To my best knowledge, we're heading toward positive development in some countries in Asia. We're now having good progress in working with trading companies. Okay, let's take a look at the revenue breakdown in the first quarter of this year. Information products remained flattish year-over-year, grew 6% quarter-over-quarter. As I mentioned earlier, it is driven by PC related products pull-in. The contribution ratio decreased to 51%, mainly due to strong growth of Automotive and AIoT segment, that the same period last year was 53%. Smart lifestyle product contribution dropped to 16%. I think you should also know very well we have good customers for smart speakers. In the past four consecutive quarters, our gross profit from sales could exceed 17%, meaning we have less low gross margin products. I think that's because our customers are in a regulation phase. The ratio dropped from 21% last year to currently 16%. Automotive AIoT mix rose to 33%, up by 32% year-over-year. Thanks to reviving AIoT orders and new project ramp-up. Later, Ellen will bring us more information as we've seen more orders to be placed in the 2nd half, which is what we like to see. The above are about revenue breakdown. Let's take a look at the outlook for the 2nd quarter of this year. By far, we expect that the revenue in the 2nd quarter, compared with the 1st quarter, should grow in the range of -5% to +5% quarter-over-quarter. Last month, the budget exchange rate was more than NTD 33, and now today, NTD has risen over NTD 32.3. If at the beginning of the first half of this year, it remains NTD 33.2-NTD 33.3, today it reached NTD 32.3, meaning NTD has appreciated by NTD 1. The booking in February wouldn't be better than that in April. In June, it might be stronger than in May, according to the trend. I couldn't estimate due to the influence of the whole environment, but it seems that this trend is quite evident. A friend from press media has put it forward, this Taiwan dollar is going to be NTD 20-something. This isn't a prediction made by me, but the press media. All kinds of predictions and assumptions will be generated during the appreciation. Speaking of the second quarter, I think of course it will have a relatively large impact due to the uncertainty of the exchange rate. There are two directions: operational revenue and profit might be impacted. If NTD and RMB both appreciate, it will impact gross profits. For the non-OP parts, as I have just shared, I have completed hedging that covers until the end of May. I'm confident for the non-OP parts for operation performance. With our high gross margin products, I think there will be an impact, but I think the impact is relatively minor. We can see that the so-called long-term products, the high gross margin product is still increasing the shipments. Relatively, the overall outlook should be better than just remaining flattish. Because the volatility is still large, you see, if the fluctuation is $1, $10 million revenue, meaning losing NTD 10 million. After one quarter, it could accumulated to millions of USD, and during the appreciation, revenue would be weakened. I still hold a more positive, optimistic view. Operating Margin to sustain at a relatively high level, benefiting from better product portfolio, as I just mentioned. Net profit likely range from -5% to +5% quarter-over-quarter growth. PC likely to grow single digit year-over-year based on current visibility. Gaming likely grow low teens quarter-over-quarter, while year-over-year performance likely to decline by low single digit. In response to tariff impact, customers may pull in orders in advance. I think this has been in the process. Later, we can share some of our major customers, how they respond to it. As to smart lifestyle, as I just mentioned, the ratio to overall revenue is declining to less than 20%, landed at around 16%. It seems that the second quarter should still be on downward trend year-over-year. High value-added consumer audio products remain to be our focus, as well as optimization of our product combination. Automotive AIoT, contributions from AIoT new project will continue to grow, sustaining the company's long-term growth momentum. Automotive AIoT segment mix is likely maintained at the same level of the second quarter 2024. Help to sustain Operating Margin, I think because some information just came in today, and maybe in May or June there will be positive performance, and I believe, I think then we can anticipate for the coming call. Let's proceed with dividend. I think as I just shared, our default setting should be at least 75% onward. In short, we have to be more engaged in the cash conversion cycle and have better management in risk control and to maximize our cash flow to be able to optimize the benefits for our shareholders. You can see that in the past few years, cash dividend basically grew on year-over-year basis. The overall dividend yield this year so far should be close to 6%. It is our current dividend information. Sustainability results of Environmental, Social, and Governance. I will briefly go through the content. Our chairman also requested me to engage in this matter. We have a dedicated ESG office, and in the future, I won't take charge. I will provide assistance when needed. We will report to the board of directors every six months on the ESG performance. You can see that the international rating of MSCI, we're growing and experiencing changes each year in different aspects. I believe those would just make us better. I won't read word for word on this slide, but that's what we've been emphasizing, which is especially when it comes to carbon emissions and corporate governance. Okay. Next slide focus on the X-IN-1 Sensory Fusion Technology. Before I left my office today, I had a conversation with our Chief Technology Officer regarding this. Currently, we have a sensory fusion office to initiate sensor fusion projects. As it remains confidential, I cannot disclose just yet. As we have mentioned earlier, it is rare that a company in Taiwan that integrate three senses through audio, video, and Human-Machine Interface. We have developed our unique strength in this aspect. With this foundation, we also hope to develop our unique value proposition. That is to express synergy on our values and beliefs, and can be fully presented on one finished good after technology fusion to allow it to perform better synergy. Hope that in the following earning calls, when we have clear launch roadmap, we can further elaborate. Starting from today to the day after, the overall technology transformation to integrated ecosystems for home, work, public, on the go, and on the road. For conference product, we also spotted a pretty good business opportunity, and we have been already engaged in it. Basically, for our tomorrow and the day after, we can feel the change. The expenditure to acquire talents and materials for R&D are relatively high. Such investment, I think, is endless. That should wrap up my presentation today, and next, let's enter questions and feedback section. Please pose your question. Thank you. We're entering the Q&A session. Feel free to pose a question if you have any for Primax Electronics. The question is submitted through question sheet. Please hand your question sheet to the staff on site. We will deliver the message for you. Before collecting the questions on site, we have collected some questions prior to the call. The first one is tariff related question. I will have our CFO to answer this question. It mentioned that our current company has about 80% of production capacity in China. In response to Trump's tariff impact, how will we respond to it? Thank you, investors, for this question. In whole, the capacity in Thailand this year should move toward 25%- 30% to transfer the capacity as part of the responding approaches. We also come up with a strategy called three-to-five, meaning to create five-month capacity in Thailand within the next three months. As you can see on our financial report, nearly 30% of our products are sold to the U.S. In fact, some of them have been moved to Thailand. I want to update you that production capacity in China that ships to the United States should be less than 20%. I think by this explanation, you can have a clear version for this. For the most part in this situation, it should be 90%-10%. That means 90% goes to our customer handling custom clearance on their own, and the other 10% need our assistance in this matter, meaning we take care of import and custom clearance. The occurrence is fairly low in the first quarter, just around hundreds of thousands of USD. I don't have the exact number to share, but it's around that number. In the second quarter, under our estimation, it will go up, but still less than $1 million. As I have explained earlier, so far, I think personally it has no impact on our cash flow. Whichever approach our customers adopt for this policy, we consider ourselves in the same boat with them and will have good acknowledgment and understanding between us. Till today, I believe that our customers are also cautiously responding to the potential changes in the future. We haven't received many instructions for passing through at present. What we're perceiving now are relatively low, likely around 1%, very low percentage. Okay. The second question our CFO has just replied, the proportion of shipment to the U.S., it is 30% on our financial report. As our CFO just mentioned, many of that has transferred to plants in Thailand. The actual shipment to the U.S. from China should be lower than 20%. Another question is about how the tariff policy is to impact revenue and Operating Margin. We will have our CFO to share the potential influence and risk in the future. First, so far, the majority of our customers, we haven't encountered the change or impact to the revenue from our customers throughout the year. That's why I hold a positive view for the second quarter of this year. For the Operating Margin, as what I have shared before, should be basically above 17% at least based on the observation of the past four quarters. It is possible that it could be better depending on the appreciation status of NTD and RMB. It is going good in April. If NTD remains to be NTD 32.2-NTD 32.5, it would be good in May as well. I think the impact on our profit is extremely limited. However, if it rapidly appreciated to NTD 30, then it will be a different story because I can't make any prediction. What I can say is that we are experiencing the fluctuation as the market change. Like we have just shared, we have completed all the precautions we could possibly do. Okay. The third question. Sorry, I want to elaborate. What I meant was that I can't predict for the second half of 2025. What I can share is that we haven't encountered massive order cancellation from our customers. As for the product manufactured in China, after the U.S. tariff policy, we knew that our customers will make some adjustments. For example, shipping to other countries that is not the U.S. I just bumped into the salesperson for our gaming products in the elevator earlier today and asked him about the shipment on April 2nd and April 9th. The batch of keyboards and mouses are included in the tariff exemption list, so we haven't seen a pause on product manufacturing yet. That's in general by far my understanding. Regarding the tariff, another question mentioned that our company's products are mostly via Free on Board shipping and would like to know whether the customers are willing to bear the cost of tariffs or whether the customer has proposed to share the tariff with us. I think I have mentioned so far, 90% of customers handle tariff matters on their own, and the other 10%, the subsidiary of Primax in the U.S. assisted them with this matter. I've also shared the rough number earlier. So far, we haven't received specific requests in passing through from our customers. Maybe just one or two companies had proposed such ideas since the ratio is relatively low. Because of that, we're also cautiously responding to such requirements. Another question is, in response to the impact of tariff policy, have we considered establishing a new production base in the U.S.? Our CFO also mentioned earlier, we're in the process of evaluation. I think nothing to add for answering this question. As for the question sheets, the first question is our view of the overall automotive market in 2025. In addition to the automotive business, what's the progress of our new fleet management projects? For automotive market aspect, I think I'll have Ellen to answer the question. As to the fleet management, as I have mentioned earlier, my colleague has shared this morning that additional orders are to be placed in the second half of this year. Those are commodity with relatively high gross profits. Fleet management and automotive usage are our dual engines for now. Among them, it also contains public safety aspects. It has all varieties, all types of such as body cameras to the campus and community safety. These parts are now collectively included in our public safety category. In whole, as we just mentioned, from Automotive to AIoT, you can also see that relatively speaking, our proportion is growing quarter-by-quarter. Not growing sharply, but steadily at around 31%-32%, because in the past we have shared with you that our new businesses could account for around or exceed 30% of our total revenue. For the performance in the first quarter, we have reached this goal already. Okay, for the automotive use performance, starting from last year, the proportion in total revenue is in fact relatively low. That's of course also influenced by the even more competitive EV market and the demand did not meet our expectations. The impact can be seen in our past few quarters. Because of our AIoT projects had actually made up for it, the overall performance was actually quite good. In short, currently the overall AIoT performance is greater than that of the automotive use, and the impact of Automotive on our company is actually relatively limited to a degree that it could be ignored since our AIoT has stronger profitability. I think there is plenty of information to be found in this market. The entire EV overview, Automotive use profile, many market research information available. However, the impact on us is currently very limited. Next question. The revenue outlook for our individual business groups this year. Will the revenue of the second half this year be relatively flattish due to the early pull-in? We have shared with you earlier, so far we did not receive clear instructions based on our customers' overall market views, nor did they reduce the number of orders. As we emphasized, additional orders to be placed for AIoT parts. In the second half of this year, we're still planning according to our budget management. Every two months, I will call for a group meeting for revenue estimation. So far, we can see this year to the third quarter are still in accordance to our budget management. If strictly speaking, I think maybe a deviation of ±3%. We can see that in theory, the 3rd quarter should be better than in the 2nd quarter, which is almost certain. Next question is about the demand for audio. Whether it's about professional audio or consumer audio products, have we seen pull-ins in events because of the tariff policy? I will answer this question on CFO's behalf. Consumer audio products is now enjoying stable demands because our North American orders are mainly shipped from Thailand and at present, because of the 90-day pause on all the reciprocal tariffs. The influences by tariffs is relatively low, but we have seen a small number of customers have proposed an early pull-in in the 2nd quarter. In the 2nd half of the year, there are indeed some customers who are uncertain about the whole year orders. The impact sits in the long term. For professional audio, our customers urge us to speed up the transfer to Thailand and Czech Republic. We have one base in Czech Republic focusing on professional audio. The way we respond to this is that we will transfer the order as soon as possible. There are two parts in professional audio. One is conference audio. Shipment to North America were originally from China, but now affected by the tariff policy. Our customers also hope that we transfer to Thailand plants. As to Automotives, the demand is lower due to the impact of tariff policy. We also have new projects in Thailand and Czech Republic. We have this good news to share. We have seen opportunities during the tough time. That accelerates the order transferring for us. For the overall audio performances, not much difference to our current estimation.I In the second half of this year, our customers might turn more conservative. This is the overview of audio performances. as our CFO has mentioned, in our B2B and AIoT businesses, we've seen additional order to be placed by our customers, so that compensates the gap, and the whole year performance should not be greatly influenced. I think I have shared with you before, some of our customers began to reflect the influence on the selling price. I think the demand in the second half of this year is really depending on the price. If our selling price is to be higher by 20%-25%, would the demand of our customers change? So far, it remains unclear. As we have just shared with you that around 90% of our customer handle import matters on their own, for PC and MP-related products, they will enter the FTZ, short for Free Trade Zone, whether the FTZ is in Mexico or in the U.S. Once the customs clearance is done, the tariff is still needed to be paid, we have not much to step in since our customer need to handle the customs clearance themselves. This is what we need to keep an eye on. Thank you. Okay. This question is, in fact, being answered, whether AIoT tariff is influenced. Have our customers changed their perspective on the outlook set in previous year? I can answer that for AIoT products. Visual-related surveillance in Thailand, now the global standard tariff is 10%. Reciprocal tariffs on pause for 90 days. For goods manufactured in Thailand, tariff will be 10%. In the first half, we're not impacted by the tariff policy. As we just said, partial demands for AIoT in the second half increase. This is the AIoT profile. Since it enjoys the highest gross profits among our 3 categories, it will be of great help to our profits. Next question: Do our PC customers pull in goods in advance due to the 90-day pause? What's the outlook of the second half this year? Should we have our CFO to answer this question? Yes. Basically, they are pulling goods in advance. Just as I said, once they enter the hub, enter FTZ. This might not express in the second quarter, might turn to our accounts receivable in the third quarter. This is pretty evident. The next question might not be the scenarios we have encountered, but one question mentioned that gaming product customers postponed the shipment due to the tariff policy. Do we see the demand from our customers? Our gaming customer do not postpone shipment, but I know other company has encountered this situation. We've also mentioned that in the second quarter, the revenue should grow on quarter-over-quarter basis, whereas decrease on year-over-year basis. This is what will happen in the first half. We have answered almost every question compiled. Another one is the order visibility. How many months for the order life cycle? Let's have our CFO to answer this question. As I have mentioned, every two months now, I will personally engaged in a meeting for better understanding on market profile and trends of orders in the next two years with the supervisor of each business groups. When we discussed the order development, we talked about our existing orders and their extensions. Currently, the visibility is relatively high. Strictly speaking, it should probably be around 75%-80%, and then the rest, relatively speaking, falls into our perspectives and has relatively high hit rates. For example, the rest, 20%, might have a hit rate of 50%, 70%, or even higher. I don't know if this would help you comprehend better. It means the rest has a high hit rate. From this perspective, the first half of this year, from February to April, so far, I have observed two business groups. Relatively, there aren't major changes. One is audio business group, and the other one is interface business group. We do not observe major order reduction from our customers, as there is no major adjustments made by our customers for their future outlook. Another question: What are the items that have addition al orders in AIoT? Currently, they are public safety and fleet management related items, they are all North American customers. Since they are in B2B forms and would not be affected by consumer sentiment, we did not spot order reduction from our customers. Another question is regarding our financial results. In our statements of cash flows, the item, other operating sources, in the first quarter was NTD 1,079 million. What is the main reason for this? This question, pardon us to provide answers to this question after this call. This question is posed by Yuanta Securities. We will contact you after the call. The detailed information should be listed in the complete financial reports. If there are no other questions, we will wrap up today's earnings call. Thank you for participating in our first quarter earnings call. Thank you. Thank you for your valuable feedback and comments. We have finished today's Primax Electronics earnings call. If you still have other questions, the management team will stay here to answer them. We wish you good health and all the best. Thank you.