Welcome, everyone, to Parade Technologies Limited's 2024 Second Quarter Webcast Investor Conference. Investor Relations of Parade Technologies' Mr. Yo-Ming Chang will present 2024 Second Quarter Financial Results first. During the presentation, all lines will be placed on mute to prevent background noise. After the presentation, there will be a question-and-answer session in English by CEO Dr. Jack Zhao and Vice President of Finance, Mr. Kuowei Wu. We also will remain last 15 minutes for the attendees who would like to ask questions in Chinese. Please follow the instructions given at the time if you would like to ask the question. [Foreign language] Now I would like to introduce Mr. Yo-Ming Chang, Investor Relations of Parade Technologies. Mr. Chang, please begin. [Foreign language] Thanks, Jason. Welcome, everyone, to Parade Technologies 2024 Q2 Webcast Investor Conference. Parade Technologies' Second Quarter 2024 consolidated revenue was $120.87 million, and the net income was $17.58 million. Its both [audio distortion] and fully diluted after-tax earnings per share were $0.22 and $0.22, respectively. These results compare to consolidated revenue $104.18 million and the net income of $13.98 million, or $0.18 and $0.18 per [audio distortion] and fully diluted share in the year fourth quarter. In U.S. dollars, the second quarter revenue decreased 0.34% sequentially and was up 16.02% year-over-year. The gross profit in the second quarter of 2024 was $51.28 million, a decrease of 1.31% from the previous quarter, and an increase of 11.97% compared to the same quarter of last year. On June 26, 2024, Parade announced the PS8830 USB4 Thunderbolt 4 Retimer, shipping key OEM customer Copilot+ PC based on Snapdragon X Elite and Snapdragon X Plus platforms, which offer game-changing AI performance and efficiency. The PS8830 USB4 Thunderbolt 4 Retimer is optimized for use with the Snapdragon X Elite and Snapdragon X Plus platforms. The PS8830 is compliant with USB-IF USB4 specification, supporting up to 40 Gbps, and the Thunderbolt 4 featuring Thunderbolt 3.0 up to 41.25 Gbps. USB4 tunneling of DP 1.4a and USB 3.2 and DP 2.1 Alt Mode up to UHBR20 are supported. Customer implementations with Snapdragon X Elite and Snapdragon X Plus platforms may also include Parade PS186 DP to HDMI 2.0 converter for aiding HDMI connectivity, PS8719 USB 3.2 Gen 1 Redriver, and PS8811 USB 3.2 Gen 2 Retimer for USB Type-A connectivity, benefiting from the proven performance and industry-leading compatibility. On July 31, 2024, Parade announced the availability of the PS8778 USB4 Gen 3x2 Thunderbolt 4 DP 2.1 Alt Mode linear Redriver for notebook PC, mobile workstation, and active cable solutions. The PS8778 supports up to USB4 Gen 3x2 over 40 Gbps, Thunderbolt 4 41.25 Gbps, and DP 2.1 UHBR20 Alt Mode. It implements USB4, USB 3.2 and DP 2.1 Alt power management, including modern standby and DP 2.1 Alt advanced link power management. The low power design greatly extends the battery life of mobile devices, as well as minimizing power use in USB4 active cables. PS8778 comes in a very small package, ideal for space-constrained designs. PS8778 extends the overall system channel length by providing additional loss compensation when placed between the SoC and the USB4 Retimer, such as the PS8833 in a cascade configuration. PS8778 also enables USB4 cables much longer than the 0.1 meter or 2.6 feet limit for a USB4 Gen 3 passive cable without degrading the performance. On August 5, 2024, Parade announced the PS8833 USB4 Thunderbolt 4 Retimer, shipping in AI PC powered by AMD Ryzen AI 300 Series Processors, which features the new Gen 5 high-performance CPU cores and the integrated AI engine for enhanced AI performance. USB4 is becoming ubiquitous on notebooks and desktop PCs. The PS8833 USB4 Thunderbolt 4 Retimer is optimized for AMD's new AI-enhanced processor platform. It also allows OEMs to easily upgrade existing platforms from the PS8830 USB4 Thunderbolt 4 Retimer to extend product longevity. The PS8833 is compliant with USB-IF USB4 specification up to 40 Gbps, and Thunderbolt 4 featuring Thunderbolt 3.0 up to 41.25 Gbps. USB4 tunneling of DP 1.4a and USB 3.2 and DP 2.1 Alt Mode up to UHBR20 are supported. PS8833 features low power consumption in USB4 operation and low power states, greatly extending battery power operations. Customer implementations of AMD Ryzen AI 300 Series Processor platform may also include Parade PS8419, PS8219, PS8210 HDMI 2.1 pin compatible Retimer Redriver for enhanced HDMI connectivity, and PS8811 USB 3.2 Gen 2 Retimer for USB Type-A connectivity, benefiting from the proven performance and industry-leading compatibility. Based on the current business outlook, Parade providing the following guidance for the third quarter of 2024. Revenue is between $130 million-$144 million, gross margin is between 42%-46%. Operating expense is between $32.5 million-$35.5 million. [Foreign language] This is my presentation for the 2024 Q2 financial results. Now, I transfer to CEO Dr. Jack Zhao to answer your questions. Jason, you may begin. Yes, thank you, Yo-Ming. Ladies and gentlemen, we will now begin the English question and answer session. If you wish to ask a question, please press star one on your telephone keypad, and you will enter the queue. After you are announced, please ask your question. Should you wish to cancel your question, you may press star two. Thank you. Now, please press star one on your keypad if you would like to ask the question. Thank you. And the first question is coming from L. Wong of HSBC. Go ahead, please. Mr. Wong, you are now on the line, but we cannot hear you. Hi. Hello? Can you hear me now? Thank you. Okay. Okay. Excuse me, ladies and gentlemen, but Mr. Wong somehow disconnected the call. We'll take the next one. Well, the next question is from Anthony Lau of Yuanta. Go ahead, please. Good afternoon, Jack and Yo-Ming. This is Anthony Lau from Yuanta. I have some questions. So first of all, despite there are some noises about the PC market this year, but our guidance seems solid in third quarter. Hence, I have two questions. First of all, what's the momentum in the third quarter? It's mainly from DP or the PS product line. And second question is, can we see the same or even better momentum going to fourth quarter of this year? Okay. Yeah. Good afternoon. I think the Q3 is a traditional hot season for PC, and 2024 remains very similar. And in particular, we see the new momentum for AI PC and coming on board being introduced in the last month in June. So in terms of our business, the momentum driven for Q3 business largely being getting much better is our High-Speed PS parts. So as our Standard Plus customer has a little pickup as well. Moving to Q4, we think the Q4 will be similar as the Q3, and hopefully, that's what we experience. Maybe Q4 could depend on the momentum of the acceptance of the AI PC and holiday season shopping, and that is the way to see. But in general, we think the second half of 2024 in terms of PC should be or notebook should be better than the first half. That's remained true for many years for PC demand. I see this very clear. Follow-up, I also want to ask a question about the overall PC market outlook in this year and next year. Do you think in next year the PC or even notebook market shipments will have a better growth? Do we have any accurate numbers for the worldwide growth for the PC market in this year and next year? Thanks. Thank you. We have been talking to our OEM customer, and some of the customers already provide us the guidance or what they think for the 2025. I think so far, they're pretty consistent. The people indicate that they see their business in the 2025 will be high single-digit growth into the 2025. The remaining is everybody wait to see what is the momentum of those AI PC be adopt in the business environment. The people hope the new feature, new capability will trigger the new wave of adoption or upgrade phase for notebook. And frankly speaking, those AI PC will have a capability to do many inference applications for the AI type of thing instead of people go to the data center now because the performance of those neural unit processor should be able to do many of inference applications. So those are the new feature might trigger the new wave, but the baseline people think will be the high single digits of growth. I see. Okay. This is also very clear. Below, I will ask about the High-Speed product line questions. So previously, we said that the USB4 penetration in Intel and non-Intel platform is about 40%-50% now. And is there any changes for these numbers? And can we also share our views or accurate numbers for the USB4 penetration in next year? Yeah. I would think the USB4 for notebook become unnecessary, and adoption rate will increase quite quickly. We saw the more and more notebook adopt USB4. I think Microsoft also announced, and when you have a USB4 and every connector has to be USB4 Type-C type of thing, you cannot mismatch. So that helped quite a lot of adoption. So we do see the notebook will have two or three USB4, the connector there. So yeah, the momentum is increased. If I were to think the adoption rate for the notebook moving forward will go to the 60% or 70% type of thing and moving to the next year. Many of them will have two USB4 there. So that's good for us because we are the credible one besides Intel for all the support from us. The difference between we and Intel, we solidly support DP 2.1. I wouldn't think that Intel has clearance supported DP 2.1 yet. We passed all of the rigid CTS test. Regardless, USB4, Thunderbolt, DP 2.1, USB 3.2, I think we are probably has been most compatible and compliant to the standard. We're happy to work through with our system customer and OEM customer. We just had an announcement with Qualcomm and Microsoft took us almost 1.5 to two years to make it happen. So those are a lot of hard work to make everything pass through the CTS and pass through the older compliance test. I see. So talk about the USB4 product line. How is our certification's progress for USB4 Retimer? And will it be the majority in the USB4 Retimer shipments in 2025? For USB4 v2, as we work with the 80 gig, what do they call the CTS 80 gig, right? So we have a test strip as we report in our lab. And we are working with the CPU or AP processor vendor now. We think the latter half of 2025, you will see those systems come to the market. But the majority of adoption for USB4 v2 will be in 2026. That's what we think. But we already have a chip and are already doing the development. And the more important USB4 v2, we're tunneling through the PCIe Gen 4. And we'll enable the GPU outside the notebook for those AI functions. So it will enhance notebook AI function greatly. So USB4 v2 is another big step jump towards the notebook, towards the capability of AI. I see. So for 4.2 or 4.0, it seems next year 4.0 will still be the mainstream. So my question talking about the competition side, do we see other vendors, other fabless are going to get into 4.0 or 4.2 in next year? And will it then impact our market share in this market? We hear many of them say they have a device, but we did not hear from our customer who has passed rigid CTS certification yet. We knew some of our models, notebook models, shipping with computer parts without a logo there, without a USB4 logo or Thunderbolt logo there. Yes, that is still on the market. We understand that for those low-end. But a serious customer, we have not seen a lot of the competition much at all. For the Microsoft Qualcomm platform, because of software control with the firmware control with our AP process guy, I don't think there's a way you could get into without the software change on the AP process side. Thanks a lot, Jack. And just for very clear, and now back to the queue. Thank you. Next one, Jason Zhang of CLSA. Go ahead, please. Hello. Can you hear me? Yes. Thank you. Thanks for taking my questions. My first question is, can you share the product mix in Q1? And I wonder if you can share any expectations for those kind of product lines in coming quarters or in second half. Thank you. I didn't catch up. You mean the Q1 next year? No, no. I mean, can you share the revenue breakdown? I mean, product mix. Oh, revenue breakdown. Okay. Thank you. Yeah, yeah, yeah. And for the revenue breakdown the past quarter, we see DP is about 40%. And High-Speed parts is close to or small less than 45%. And our source driver is below 15%. And our TT is about a few percent. And that's our total breakdown. Thank you. So can you also share those kind of product outlook for coming quarters? I think there should be similar, but the High-Speed maybe percentage could be higher because of shipment of our USB4 Retimer. Okay. Got it. So my second question is in terms of your gross margin. So what kind of factors impact our gross margin in Q1? And what kind of gross drivers for gross margin can we expect that to generate probably higher gross margin in coming quarters? So I think because your guidance for gross margin is between 42%-46%. So I mean, what kind of drivers can sustain gross margin to above 45% and that kind of levels? Yeah. Our product on the gross margin is really related to our product mix, right? So we have high momentum on our High-Speed side. As I said, we have competition on the panel solutions. And that mainly from those source driver and those side. And the competition, particularly on the panel side, people are using the price to compete. So that's the unfortunate situation there. And as we said, for us, we have to come out to integrate solution to compete. But we still have quite traditional architecture parts or shipment there. So those are the competition on the price side. In addition, as we've gone through the inventory correction and reduction, and inevitable, we have aging the inventory, which we quarter by quarter, as I shared to the investment community, quarter by quarter, based on the aging, we write off those things. Previous quarter, we continue to write off those aging parts. And I think that's two-sided negative side impact our margin, but a positive side, our High-Speed side have contributed a better margin. Got it. Got it. So you mentioned about inventory correction or write-off, right? So how kind of levels has it impacting our Q2? I don't know exactly the number, but you need to share with the you mean to think. I think it's a couple of million, a quarter type of thing. But I don't know exactly. Okay. Got it. So have we seen any price reductions on our wafer cost, or do we have plan to probably diversify our foundry supply with the lower leading to a lower wafer cost? We negotiate quite a lot with our foundry side to reduce their wafer price. We achieved some already, and our foundry did work with us to reduce the price. However, in today's geopolitical situation, our customers demand certain foundries, avoid certain foundries. That makes the negotiation getting difficult. And probably the investment community hears what a customer wants or what a customer demands is, right? Particularly for some U.S. customers really demand the parts came from which fab and so on and so forth. But we did work with the foundry service, and they understand the competition and the reduced price. As we have said that we are moving to more deep submicron, thin-film type of technology because of high speed. Inevitably, we will use more expensive wafers. So as our High-Speed side, we use a Silicon Germanium from GlobalFoundries, also pretty expensive wafers. Got it. So it. So I have no more questions. I'm back to the queue. Thank you. Thank you. Thank you. Next one, Tiffany Yeh of Morgan Stanley. Go ahead, please. Thank you, Jack and Yo-Ming for taking my question. So I know you just addressed the inventory questions earlier, but we noted that exiting second quarter, the inventory level or inventory days is still at around 150 days. Do you think this is a healthy level? If not, what level we would feel more comfortable with? And this is my first question. We have been achieving the inventory reduction quarter by quarters. We push very hard to continue to reduce it. However, what we think for the size of a company like us, we would like to keep the three months or a little bit above three months the inventory or days of inventory. I think it depends on how you calculate it. And we are in the 115 days at this moment. And we're looking for by Q3 and Q4, we're probably getting to the level what we think we would like to. And we had negotiated quite heavily with our foundry side to reduce our long-term agreement, as I shared with the investment community. And we achieved a few of the negotiation. And just past quarter, we also achieved another time of reduction of our quarter to use those long-term agreement quarters. And we will think that the inventory will continue to reduce to the level we would like to, which is three months or a little bit above three months. Got it. Very, very helpful. And my second question is that how do we see the demand for our PCIe Gen 5 Retimer for the data center or for the server side looks like right now? And during the previous earnings call, you mentioned a target of $10 million for both Retimer and Redriver. How do we see the achievement rate right now? Thank you. I think we are getting to the level as the target we share with the investment community. We are in the data center and with our USB, our PCIe Gen 5 Retimer. And more we are designing to the workstation and high-end workstation and with our customers. We're also designing our PCIe Retimer to the storage. And that's quite a bit. Having said that, as we talk to data center customers and why we develop the PCIe Gen 6 Retimer, and the customer starts to share with us, and they start to change their taste of those High-Speed Retimer or Redriver, they might want to use more Redriver than Retimer just because the Retimer burns too much power, and it's quite heavy for them and needs to use a heat sink and so on and so forth. So you will see very soon we will have a class of Redriver PCIe Gen 6 will come out before our PCIe Gen 6 Retimer. Tier one customers share with us and the data center. On their own, they have lots of PCIe Gen 5 Retimer in their inventory. Also, customers share with us that the data center in the future might use a lot of High-Speed cables. So we are sharing with the investment community our Redriver already designed to the first Tier 1 cable application. And so the dynamic of PCIe Retimer Redriver are changing. And we are working with the Tier- 1 customer very closely. And hopefully, we will have more to share. But definitely, the number of Retimer, the demand could reduce as our customer told us. Okay. Thank you. Very helpful. And look forward to that. I'll be back to the queue. Thank you. Next one, Lucas Liu, KGI. Go ahead, please. Hi, can you hear me? Hello? Can you hear Can you hear me? Yeah. Yeah. We can hear you. Please go ahead. Hi. This is Lucas from KGI. And I have a follow-up question on your standard product customers like TCON business. And what is the current shipment mix between Parade and your peer? And is there any chance for Parade's shipment mix to further increase? Thank you. You are talking about the newer TCON for Mac owner, I'm assuming. And yeah, we probably occupy the majority of the shares since our competitor only can, at this moment, use for their own 11 in. We share with another large with 11 in and 13 in. And we have been informed our competitor has issues on their 13 in. And the end customer will use our TCON to replace our competitor for the 13 in platform. And that's what we think the current dynamic is. And so we're pretty confident we have high shares. And having said that, I would like to invite the community to notice our customer reported a very healthy or big momentum for their pad sales just in the past quarter. We saw a lot of the sales is not on the high end, but more massive the original parts. And that's quite big volume there. That's we're talking about different momentum, different thing there. And so the major shipment is on the median of solutions, which will have been shipped many, many years. Okay. Thanks. That's very helpful. And another question is regarding USB4 Retimers. And many of your peers claim they have offered such products. And what is the current competitive landscape in the USB4 Retimer market and your current market share status? And is there any chance for Parade to penetrate Intel's platform at this moment? Yeah. That's an interesting way. I think I explained to the previously. We think outside of Intel, we're probably quite dominant. And we have the competitor without totally passed through the certification or compliance test. But customer may still use it without a logo for those notebooks and without certification logo. That's what it is, right? Yeah. It's very, very tough to pass those certifications, frankly speaking. And we have been working with customer for many years. And that's what we had two announcements and all get approval by the CPU or system customers. And so has been doing long-time work. In terms of Intel thing, and under the strong request of our end customer, I've been told the story start to change. Previously, the Intel has to forcefully bundle their Retimer with their CPU and for their system. Now I've been told possible as long as the machine does not claim Thunderbolt or does not put a Thunderbolt logo there. If only USB4, then the other party's parts like Parade can be used on the Intel platform. Okay? That's been told just a month ago. So let's see how it goes because our end customer pushed very hard. Our end customer does or did not use the Thunderbolt logo at all. Like many other system vendors, they don't use the Thunderbolt. So if it is true, then it does open window for us to gain more the market shares. But at this moment, I don't know yet. I heard about the story as I visited the headquarters of our OEM customer. They shared with me, and that's what they pushed. But I don't know yet. Let's see how it goes. Thank you. Great. That's very helpful. Can you provide some insight into your future opportunities and the High-Speed interface for the automotive market? What's the current sales weighting from the automotive products? Thanks. In terms of automotive, we are driving a couple of fronts, right? The first front is our converter chip to replace the SerDes of automotive SerDes. And we are pretty successful. And the first shipment or volume shipment is with the Model 3 there. In the second generation, you will see the upcoming Tesla big volume model. And another side of it, we'll work with multiple customers to adopt our solution for the automotive has the so-called USB box, right? And previously, it's for charging purposes. Now those USB boxes become a data or display box. And we have worked with many car vendors to use our solutions in Europe, in China, in the U.S., and all attempt to adopt our solutions because we have a very strong USB solution. And the third one is a display side. Recently, we worked with Europe and the U.S., the OEM vendor, and they like our display solutions. Hopefully, those will become a shipment and large volume shipment soon. We also work with a touch customer and OEM touch solution for automotive. You see a lot of the car actually use our touch solutions, and it's on the street. So those are the few front. We are pretty getting too deep and deep with automotive OEMs. From the people don't know us to now, many people know who is Parade, and they are looking for our solutions, whether in Europe, whether in the U.S. So that's a good thing. We ship a reasonable volume for the automotive now. Thanks. Very helpful. Last quick follow-up for the payout ratio. For recent years, you have maintained around 50% payout ratio. Will you consider to raise this ratio going forward? Thank you. We'll be back to the queue. Those are our Board decision. We have not talked too much about this. We think 50% having served good for the balance for our development so as for reward or return to our investors. We have to reach the balance for capital demand for growth so as the sort of return from dividend return to the investor. We have not talked about that much, and it has been staying in the 50%. But yeah, we would like to see what is the whether we need to do some adjustment there. Okay. Thank you, Jack. Thank you. Very helpful. I'll be back to the queue. Thank you. Next one, Vivian Yang, Nomura. Go ahead, please. Vivian, you have to unmute yourself. Hello. Can you hear me? It's good now. Thank you. Yes. Okay. Thanks for taking my question. I would like to ask about your TCON product line. So previously, we know you are developed some more advanced TCONs such as integrated solutions. And also, we heard that you also developed some TCON with AI features. Can you update us with this data? We developed quite many integrated solutions. We call it TED or tTED, and we touch there. We just tried to provide a new solution to lead us to take leadership for the mass low-price or competition market. So that's our strategy and to use more advanced technology to re-architect the panel solution and to be unique to the panel solutions. It works quite well. We hope customer adoption rate could increase. I'm not exactly sure what the AI, the panel solution, and I'm not sure we talk about AI TCON, so on and so forth. But we do work on, for example, AMOLED type of the TCON. And we also are searching for more deep integrated with deep fine technology, for example, using the 12 nm or older; we use a 6 nm for the power saving. So those are the things we are developing right now. Okay. Thank you. And my another question is a follow-up for previous question. I think you mentioned that you will have PCIe Gen 6 Redriver coming out first. Can you provide us with a rough timeline? That will be coming quarter will come out. And we will have four-channel, eight-channel, 16-channel come out at the same time because our chip already taped out. And we have good confidence. End customer also would like to see those chips for their solutions. So let's see how it goes. We're excited for this. But follow-up of this, we will have a Retimer come out as well. We just let a customer choose which one is the best solution for them. Okay. So can I assume that the Retimer will coming out just several quarters for the Redriver? A couple of yeah, yeah. That's the good assumption. Yes. Okay. Sure. Thank you. I'll back to the queue. Thank you. Next one, Tiffany Yeh, Morgan Stanley. Go ahead, please. Thanks for taking my question again. So as we are a major partner of Qualcomm X Elite AI PC, could you share with us some of the initial sales group feedback if possible? Do we see the X Elite model forecast to have the possibility to be revised up again in this year or even next year? Thank you. We are very interested on this topic. We constantly talk to OEM customers and less talk to the AP process guy, the partner, even though we have a very good relationship with them and worked together for quite years. But we think the system sales through, that's the more important. So far, the feedback after now is 1.5 months. We've been told it exceeded their expectation. And so as the shipment and saying it is exceeded expectation. The next year, people are exciting because there will be a new more powerful AP process come out. Hopefully, as people familiar with those AI features on the Copilot +, and adoption rate will increase. And will, as I said, trigger the new upgrade wave in the corporation. And that's what I heard. And in fact, we have visited our customer that day and told me, "Okay, we got a few of big corporations to adopt those things." And yeah, people in general are very excited about this. Okay. Thank you. My second question is that as several of our peers are stating that AAPL is still undergoing inventory correction, do we see this having any impacts on us, or we just continue to see shrinking or new opportunities in AAPL's side? And I have a follow-up for this. I think for ourselves, inventory is getting better and better every quarter. I don't think we in the inventory correction phase anymore. And I would think the PC for notebook probably already over on the inventory correction. I don't know about a data center. We heard the, yeah, there are quite inventory there. And that's what we heard. And or at least on the Retimer side of it. But I think those inventory probably is not that big deal. And semiconductor always boom-bust and type of thing. And we just worked through the big boom on the 2021, 2022. And the 2023 was the correction phase. 2024 is about getting balanced. So yeah, I think PC notebook, I don't see the inventory overhead issue anymore. Okay. Got it. So for all those side, could you share with us what is the roughly percentage of revenue contribution to us right now? Right now, as I said, it's about lower than 10%, but we're accelerating. Do we have a timeline for the exceeding time or the accelerating time? One of the major models will start to ship in the Q4. Okay. Got it. My final question is that we addressed a lot about the PCIe Gen 6 earlier. So could you share with us, do you have a roughly 10 number for this? I don't know. I think until I see that we're in the system. Otherwise, I still discount it. It's a technology, and those are good until I see our chip in the system and those kind of thing and perform well and those kind of thing. Just like our USB4 Retimer, we have been developed with OEM third parties together almost 1.5 or two years. So yeah, now we see the result. Previously, we don't want to talk too much because we've been working together for a long time already. Okay. Thank you. I'll be back to the queue. Thank you, Tiffany. And there appears to be no further English questions at this point. We will now move on to the Chinese part of the question and answer session. [Foreign language] [Foreign language] [Foreign language] Okay. Okay. [Foreign language] Okay. [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] Okay. Okay. Okay. [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] Okay. Okay. Okay. [Foreign language] Okay. [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] Okay. Okay. [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] [Foreign language] OK. See you everybody. Thank you. Thank you.