Welcome, everyone, to Parade Technologies Ltd's 2024 Q4 Webcast Investor Conference. Investor Relations of Parade Technologies, Mr. Yo-Ming Chang, will present 2024 Q4 and fiscal year 2024 financial results first. During the presentation, all lines will be placed on mute to prevent background noise. And after the presentation, there will be a question-and-answer session in English by CEO Dr. Jack Zhao, and VP of Finance, Mr. Kuowei Wu. And we also will remain last 15 minutes for the attendees who would like to ask questions in Chinese. Please follow the instructions given at that time if you would like to ask a question. [Foreign language] And now I would like to introduce Mr. Yo-Ming Chang, Investor Relations of Parade Technologies. Mr. Chang, please begin. [Foreign language] And 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 Q4 Webcast Investor Conference. Parade Technologies' fourth quarter 2024 consolidated revenue was $127.41 million, and the net income was $21.3 million. Its both basic and the fully diluted after-tax earnings per share were $0.27 and $0.27, respectively. These results compare to consolidated revenue of $120.13 million and the net income of $20.06 million or $0.25 and $0.25 per basic and the fully diluted share in the year-ago quarter. In U.S. dollars, the fourth quarter revenue decreased 6.48% sequentially and was up 6.07% year-over-year. The gross profit in the fourth quarter of 2024 was $53.76 million, a decrease of 7.22% from the previous quarter and an increase of 3.57% compared to the same quarter of last year. For the fiscal year 2024, the consolidated revenue was $505.81 million, representing an increase of 14.63% from $441.25 million in the prior year. Gross profit was $214.94 million, and the operating income was $76.3 million. Net income was $80.68 million or $1.01 per basic share and $1.01 per fully diluted share. These results compare with net income of $64.97 million or $0.82 per basic share and $0.82 per fully diluted share in the prior year. Based on the current business outlook, Parade is providing the following guidance for the fourth quarter of 2025. Revenue is between $121 million- $134 million. Gross margin is between 42% - 46%. Operating expense is between $32 million - $35 million. [Foreign language]. This is my presentation for the 2024 Q4 and the year 2024 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 our 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. And every time, you could ask two questions at the most. Should you wish to cancel your question, you may press star two. Thank you. Now, please press star key and number one on your keypad to ask the question. Thank you. And our first question will be coming from Al Wang, HSBC. Go ahead, please. Hello. Can you hear me? Yes. Okay. Thank you for taking my question. So my first question is, can you share the product mix for the fourth quarter? And I have a follow-up question. Thank you. I think you meant the previous quarter, the Q4, the 2024, right? So in the 2024, our DP product line is slightly higher than 35%. Our high-speed or PS product line is slightly lower than 50%. Our TC or soft driver product line is about 15%, and our TT is lower than 5%. Okay. Thank you. My follow-up question is that, what is the outlook for each of the products going into the next quarter? I think in the Q1, we don't see the significant allocation difference. It will be similar. Among them, the high-speed or PS product may continue to go higher, but we still remain to see in the coming Q1 the end result. Okay. Thank you. I'll get back to the queue. Thank you. And next, we'll have Jenny Yeh, KGI, for questions. Go ahead, please. Hi, Jack and Yo-Ming. Yeah. Please go ahead. Hello? Yes. Thank you, Jack. My first question is about the Q4 to this year. What's your view on the growth for this year? You started with above seasonality first quarter, and are you still confident that we can have double-digit growth for this year, and why? That's my first question. Thank you. Yeah. I think our major notebook segment has been reported or forecasted by a few institutions, research institutions, to have a single-digit increase in the unit in 2025. And we think our business, and we just had guided our Q1 result is similar to the last year Q4. T raditionally, Q1, because there's a Chinese New Year and this year we just passed, is a short quarter. So we consider it's a pretty healthy Q1 could reach the similar level as the Q4 last year. In terms of 2025, we are pretty positive, and they are driven by two things. One, as we said, the unit-wise notebook will continue growing in the single-digit. And another thing is the high-end notebook segment, which is driven by AI for inference, the calculation or computation. And we have our solutions largely associated with those high-end segments for our high-speed product. And we hope we can continue to grow better than the industry unit growth. So that's our expectation at this moment. Thank you. Do you think that your high-end can grow higher than the DP product? And in that case, do you think that gross margin can improve further because quarter things just recover slightly from the quarter? And how do you think about the gross margin in the future? Thank you. I think we operate in a way that our gross margin remains similar within our guidance. It has It has been a long time. The driving force really is because we have a high-speed product, and those are the business increase quite well and those certainly have a better gross margin. However, on the other side, the panel industry and those are going through more competition on the price, especially on the mature product line. So we are adding this together to take into consideration. I see. Okay, and my second question is about the ASIC product line that I think last call you mentioned that you prepare 6-nm process, I think, maybe for some further potential ASIC service. Can you share some comments about that? Yeah. We are very strong on the high-speed segment, our IPs, high-speed IPs. And regardless, we have a PCIe, USB, and other high-speed. And we are moving to deep submicron, and we have our test chip on the 6 nm and so on and so forth. And we are working with the tier-one customer to discuss for the integration or ASIC-like solutions to facilitate for their big chip and that type of thing. And our high-speed IP has its own unique value because it's proven and often takes a lead. So that's one of the things we are working with the tier-one customer. But those products may take a longer time to define, to develop, to move into the production. So that's one of the directions we push towards. Okay, so we probably will see this growth drive next year or for next year. Yeah. That's what I would hope. And I think we are moving along for the first opportunity already. But I wouldn't think the product will create a revenue this year. More likely next year or year after. Okay. Thank you, Jack. I'll go back to the queue. Thank you. Next one, Ethan Chang, Morgan Stanley. Go ahead, please. Thank you, management, for taking my question. So my question is on your USB4 retimer. I'm just wondering if you could provide some updates on that and also provide some color on competition, revenue range, and growth rate. Thank you. Yeah. Our USB4, we are doing quite well. And we had a successful year for the 2024 with significant growth rate. We continue to see larger design wins for many, many models. And not only the notebook and as well as other segments for gaming, for gaming console, and so on and so forth. Reasonable to say, and on the non- In-Cell platform, we probably dominate on the USB4 retimer. And we expect the 2025, we'll continue to have a good growth based on the design win or MP status in our pocket. For us, it's more important is we continue that success to develop USB4 end-to-end solution, which is not only have a USB4 retimer, now we will have a USB4 hub, which is for monitor and dock to use. We have a USB4 redriver for some solutions which they don't need expensive USB4 retimer. So as we move on to the USB4 v2, which we view as much more important and really truly can replace other potential connectors for something like HDMI and so on and so forth. So that's the way we look at it, and we play around on this segment. And we hope we will continue to dominate in kind of end-to-end. So it's a huge opportunity there. We are pretty happy on the current status we have. Yeah. Thank you. My second question is if you could share any color on AI PC demand that you see or if there's any industry trends that you could share with us? Thank you. We had a first one last year with Qualcomm platform on many, many models, and I think they are doing reasonably well as the first attempt for the AI-focused notebook, and we foresee there are a second one or more to come out much powerful. T he AI notebook or may target more on the inference with very high computation power on the TOPS in terms of trillion operations per second, the TOPS. And we are happy and customer select our USB4 retimer for their de facto solutions. On those platforms, there are multiple USB4 ports there. We are working with them smoothly for development, and hopefully, those ones will bring the revenue in the second half of this year. Thank you. I'll be back in the queue. Thank you. Next one, Hsu-Lin Wu, UBS. Go ahead, please. Yes. Thanks, Yo-Ming and Jack, for hosting the call and taking my questions. My first question would be regarding your first-half outlook. How much of the above seasonal trend in the first quarter is driven by your customers' cross-orders due to their concerns on the tariffs? And looking to the second quarter, what is your current initial expectation? Would you expect some order to get pulling from procurement to first quarter instead of leading to a sub-seasonal quarter next quarter? Thanks. Yeah. I think it's a pretty dynamically changed because of tariff, right? And on the CES show, we had a meeting with OEM executive teams because many of us were in the CES. I had an opportunity to talk to the procurement, the senior management for the notebook OEMs. And they acknowledged they had the sort of action to pull in some notebook or system build to the Q4 or maybe on the Q1 as well to try to beat on the fear of tariff coming. And so having said that, and we are taking into consideration those efforts. But Q1 book is premature already. It's on our book. So we provide the guidance, and we should be able to hit the guidance pretty well. On the Q2, and we see our booking for Q2 is reasonably well, I would say. And so it's kind of a wait to see because sooner or later we should see the effect and the pulling effect. But at this moment, it's not been clear those pulling effects become clearly because after pulling, you might have a slow season. But so far, we did not see it. Okay, so it sounds like you are going to see some of the rough orders spill over into second quarter, and that gives you the confidence on the order visibility for second quarter at least at this stage, right? Yeah. Pretty clear for the Q1. And the Q2 booking coming also reasonable, I would think, on the booking rate as we count every day. Okay. Yeah. And my second question, and I will have a follow-up to this second question as well. I think just regarding the competition landscape, what is your view on the market share dynamic for your DP and also high-speed business for this year? And yeah, I will have a quick follow-up on your expectation for full-year growth this year because just based on what you are talking about in the first half that you are seeing above seasonal first quarter and also reasonably well for second quarter for the backlog, would you be expecting that you could grow your sales by double digits year-over-year this year? Thanks. Yes. In terms of the first question, and we are doing quite well on the high-speed in the PC segment, and I think the market rate and share rate in the PC on the high-speed, it's quite high, I would think. To us, one is maintain the high-speed in the PS, the share rate. Another is expand out to the devices, for example, the monitor, dock, dongle, so as the automotive to use our PS product as well as a server side, so those are the things as we achieved very high market shares on the PS product, on the notebook, or PC, so we have to expand out. That's one effort we are doing, including we are, as previous, the guests asked for ASIC-like the product. On the DP side, and we all know the notebook panel manufacturer allowed to move to China, the BOE, CSOT, and so on and so forth. The competition, as we said, is pretty high. A lot of competition is on the price side. For us, on those panel side, we are very concentrated on the so-called in-cell panel, which is integrated touch together. The good thing is, as we were in the CES and confirmed by many industry leaders, the notebook panel with a touch, we are able to touch is increased very noticeably. The reason being is the young generation, as they are coming to use a notebook, as they grew up, all used the smartphone has the touch on the panel. So they all come to ask notebook with the touch there. That's a good news for us. We are pretty dominant on the In-Cell solutions, whether tTED or TTD there, and recently, we have quite a few design wins, and hopefully, those ones will help us to defend our market share and also the price side as well because the In-Cell or integrated touch is relatively complicated. It's not easy to adapt, and we do provide a solution which is cheaper than the towards the panel manufacturer. It's cheaper than the current on-sale solutions, and it's also much convenient for panel integration, so that's our strategy. Besides that, we also work on the high-end gaming segment, which requires more. The gaming sector, the panel needs the NVIDIA certification, so those are the segments we are working on, and we got all the NVIDIA gaming certification on the panel side. T hose are the good news, and we continue to compete. But we also recognize on the low media side, the competition on the low price is pretty severe on the market. Yes, and then just to follow up on your full-year sales outlook, could you just quote a few words for us? As we said, I think hopefully what we see today is we will be better than whatever the unit shipment growth for notebook, and hopefully, we'll achieve the double-digit and those kind of goals, but I cannot say the yeah. I think that's our hope. Okay. Thank you so much. I'll be back to the queue. Thank you. Next one, Vivian Yang, Nomura, go ahead, please. Hi, Jack and Yo-Ming. Can you hear me? Yeah. Thank you. Thank you. My first question is a follow-up on a previous question. Just wondering, do you have a rough assumption about your high-end TCON, for example, for what percentage of your shipment now is to be TED or tTED versus traditional solutions? Now, we are shipping over much more over 10 million there. We think we'll continue. Those are the in-cell solutions, which means tTED and TTD. We expect those ones will grow pretty fast. Because the price, those device unit price is much higher than the traditional TCON or soft driver, we will become quite noticeable, the percentage there. Let's see how good we can do this year. We hope we can do reasonably well in the moving forward. We heard the customer, those [EHL] customers, like the in-cell solution quite well. Okay. Thank you. And my second question is, maybe can you update about your redriver business for cable customers? Oh, yeah. That's interesting. Yeah. Our PCIe redriver actively engages with the cable customer, whether the USB 4v2, whether go to the data center and PCIe Gen 4 or PCIe Gen 5, Gen 6. We're engaged with them pretty actively. And yeah, we think that's one of the things. As we said, we would like to expand our high-speed device segment outside the notebook. That's one of the directions we're pushing. Okay. Thank you. I'll go back to the queue. Thank you. Next question, Anthony Lau, Yuant a, go ahead, please. Hi. Hi, Yo-Ming and the management team. This is Anthony Lau from Yuant a Investment Consulting. Just first of all, happy New Year and wish you and everyone to have a successful year in 2025. And I as well. Yeah. Thank you very much. Yeah. Happy Chinese New Year. Okay. Good. Yeah. You too. Yeah. So I have some following questions. So first of all, since the previous question is talking about the TCON price war is still sustained, but do you think is there any kind of maybe this TCON price competition to be decelerated this year or next year? Because by our check, we just see Taiwanese fabless such as Nova or other vendors. They are the key vendors in this market. And do you think this kind of price war to be decelerated and to help our gross margin to be stable? I think if we compete with those ones, probably it will, but the real competitor on the lower end is the fabless companies in China. Those are going to the price at the fab, which has a much lower price, the wafer price, so it becomes the trend to get worse before it gets better. I see. So you think we just. Yeah. You're not competing. I see. Nova or traditional one, you look at those people, you don't even know where they come out. I see. Okay. So. Yeah. Yeah. On the low end, you see those kind of things. On the medium and high end, you don't. But the low end is a bother, right? I see. It's very clear. And also, I'm only talking about the standard part customers. Since they are still planning some new R&D products in this year, and the market is also expecting the edge AI to bear fruit in this year and maybe next year. And have we seen the standard part customers, their pulling, have any changes in the following quarters or maybe in months? I think they are doing quite well. And especially on the low-end product, I mean, the relatively older product, it's doing relatively well. The newer device or associated with the expensive system are not doing what we had expected. But overall, they are doing well. And yeah, we expect they continue doing well. And yeah, they had that unique customer side to enjoy their device. And yeah, that's another different area. I see. I have another question about the automotive side because since we have many projects in some western clients, and can you provide the automotive sales share in last year? And do we think in this year or next year, we can cut into more products such as our high-speed product to these automotive customers? And what do you think the automotive sales growth in this year and next year? So, on automotive, our high-speed product, which is our high-speed converter, high-speed retimer USB device, are into the automotive multiple customer. The converter retimer, we are shipping a few hundred K a month, above a month. And we bring the USB box, which has our USB device there, and shipping to many different car makers. So we expect the 2025 probably is a quite good year for our automotive solution. And our high-speed device, so as designed first time to the ADAS system, is our PCIe redriver device to the ADAS system. And we expect some shipment second half and more volume shipment with the major car maker in the 2026 as well. I see. It seems very promising comparing to our conventional TCON products. So talking about. One of our strategies really is pushing our high-speed device, which had a pretty good success rate or large market share in the notebook to the segment, for example, the automotive, server, notebook, so on and so forth, to those areas. Then overall, we'll achieve our growth. And that's one of our strategies. And we push very hard on it. Including another cable as we had been asked before. Yeah. I see. Okay. So my last question is related to high-speed products despite I already asked a lot of questions. But talking about the high-speed products, are main catalysts in last year and also in this year. And do you have any sales share targets for the high-speed product line this year, maybe over 50%, averagely a quarter? Or maybe do you think the growth rate for high-speed product line this year will be higher than 2024? That's what we hope. And that's what we hope will grow significantly, push significantly our high-speed product line. But I cannot say exact number or thing. But we have been pushing this for the NS community. Oh, no, we are very forcefully to push to that segment. I see. It's very clear. Thank you, Jack. Thank you, Yo-Ming. I'll go back to the queue. Thank you. Next one, Evelyn Yu, Goldman Sachs. Go ahead, please. Thank you. Thank you for taking my question. So first question, I want to touch base on your exposure to the server market. So firstly, I want to know what's our current revenue contribution from server or data center-related business? It's less than $10 million at this moment. Yeah. Okay, so I think we do agree that this area is a fast-growing segment going forward, driven mostly by AI and AI server. So how are we going to engage more or benefit from this mega trend? Do we still see a high opportunity in the redriver market that we can, I should say, re-engage in this business? So, on the data center strategy, as we learn the market, you define the standard product. You have a risk of the competition. And that market, typical, we know in all. Okay? And you have to be in the right time with the right product. And we actually start to thinking that using our high-speed IP to work with tier one customer to develop ASIC-like the solution for the tier one customer. Okay? That's the one way we are pushing that direction because our high-speed doing quite well. By doing this, you minimize your definition, the product definition issue. So that's the one area as a previous analyst h ad asked. Okay? That's the one thing. That's slightly changed from our previous thought as we define the standard product, we go out to do our product rather than now we work with the tier- one customer to do this. Okay? For servers, we do design our PCIe redriver device for the server and the car, which is the ADAS system. Okay? As I reported, we're already into. So the first customer will start to ship in the late of 2025. And the second customer will be under 2026. So that's our current solution. Of course, what I said, on the cable side, we develop those cables, work with cable side for the data center. And that's another way to look at it. Yeah. Thank you. I want to follow up on the ASIC-like products. Can you elaborate more on what kind of product that we are talking about or what we are referring to? It's not at this moment to talk about too much, but I just share with you our thinking. Our direction is that include those segments. We are telling the customer, "We're more than happy to do this," and we are start to work with the customer on those segments, and the customer is happy because we are doing the high-speed relatively well and they trust us and they see the needs for that. Got it. So can we expect to see any initial progress in this year or maybe next year? I don't think those products is a pretty big probably. Anything with the revenue will be next year or year after. Got it. Thank you. For 2025, I also want to follow up on more specific comments on each product outlook. You're saying that so notebook will be up, unit-wise will be up single digits. And you're also positive on high-end notebook segment as well. But in terms of each product segment, can you elaborate more, especially for USB4 retimer? What's the growth will be like? And can you also rank by product segment that how are we expecting these different products, the growth to be like for this year? We have many on the high-speed side. We have a USB4 or USB solutions. We have HDMI solutions. We have a DisplayPort solutions, and we have a PCIe solutions. I'm actually happy to report our USB4 retimer alone already become a top revenue contributor in terms of device. The single- device segment, after a year, it's become our highest revenue contributor for our entire portfolio. So we continue to see in 2025, we will remain dominant on the segment, and by the design win, by the other design we are doing, and on the non- In-Cell platform, right? So the older non- In-Cell. A nd the good thing is it seems like a non- In-Cell platform in terms of unit shipment has grown pretty well, so we are happy to see that. As we said previously, the very important thing is we win the design with upcoming AI platform, which many people had a good expectation that will be very successful in the second half of this year. Got it. Thank you. Thank you. Next one, Lucas Liu, KGI Securities. Go ahead, please. Hi. Can you hear me? Yes. Go ahead. My first question is regarding to the current progress of the company's USB products within the In-Cell ecosystem or the In-Cell camp? Thank you. We had said on the USB 4 is a non- In-Cell platform. However, we do have the solution, as we said, end-to-end, which is our USB hub and USB 4 redriver, USB 4 hub. Those two devices are not related to whether In-Cell platform or non-In-Cell platform. Only USB 4 retimer has a separation whether In-Cell or non- In-Cell, and In-Cell using their own and don't allow other people into their platform, and many OEM want to use us to do the In-Cell platform, and In-Cell just don't allow people to do it. That's unfortunate situation there, and hopefully, the thing will change as we move to the USB 4v2, which is 80 Gbps, and we already have a device in the lab and working with the AP process guy or CPU guys now. We continue to see USB 4 or beyond will become the driving force for our business. That's what we view. Got it. And what's the company's long-term strategy for the Standard Parts customers? And/or what's the long-term growth drivers for the Standard Parts customers? And another question is, how should we respond to the potential competition from Taiwanese and Korean competitors? We have been working with the Standard Parts customer for a long, long time, right? So we work with them and many generations. And we continue working with them. That's the one thing. And we continue the strategy there is we have to go move to the very deep submicron process to satisfy their demand to the low power, so on and so forth. So yeah, that's the one thing. And we continue gaining the business momentum over there. And we also marketing our high-speed device to our customer as well. And we'll continue to see those high-speed devices. And we have more room to grow in their place as well. Got it. Very clear. And regarding to the OpEx ratio or maybe the OpEx in 2025, and what's our outlook about the OpEx ratio? I probably need Kuowei. Kuowei, could you respond to this question on the OpEx? Yeah. Thanks for the question. So for 2025, we're still projecting, trying to maintain the growth rate probably within 5% on 2023, based on 2024. Thanks. Very clear. I'll be back to the queue. Thank you. Thank you. Next question, Jason Chen, CLSA. Go ahead, please. Hello. Can you hear me? Yes. Thank you for taking my questions. My first question is in terms of your TCON or DP business. Can you give us some outlook in terms of this business? Because you already mentioned a lot for your high-speed business. So for TCON or DP, did you find the new catalysts or new drivers for this kind of business, such as probably higher market share or better content growth? Or can you have any opportunity to penetrate into the new applications or devices in the future? Thank you. Yeah. I had said on the TCON, our strategy is to go integration, which integrates the source driver and TCON together to serve for notebook. Basically, our strategy is to go even higher integration to defend our position to make the bigger gap with the low-end suppliers. So I think we are doing reasonably well. Some of the devices are already in MP. And I continue to see the customer interest for integrated solution because it provides saving and provides function. And on the other hand, we are penetrating into the TCON, the gaming segment. All of our high-end TCON already got a certification from NVIDIA for the gaming segment. And those are the areas we push hard. We acknowledge previously had said that the low-end competition for the TCON is pretty high in terms of price competition. Got it. So with this kind of integrations, can you provide a more value-add product to your clients? Can this kind of migration benefit your selling price or gross margins or market shares? To us, first of all, the integration solution has a higher technology, which it's not easy to penetrate into to start with, right? And the second one is our product content increased because up to today, the notebook touch is a display device, which we're not in. And so with the integrated or In-Cell solution, we increase our content and silicon content there. And because this one has the firmware, software associated with it, sort of the customer wants you use it, probably will use for a longer time with you. And it's purely because there's a firmware, software associated with it. So you can defend your solution longer. And that's what our strategy is. And go with the integration, go with the deep submicron, and to protect your interest and your product line and your IPs. Got it. Got it. Thank you. And my second question is in terms of the USB. So can you provide your USB4 penetration rate for notebook for this year? And just see any competition because I remember some of your competitors announced they want to move into this kind of new market. So yeah. So I know you can keep the leadership. So how do we look at this kind of competition for the new product? Yeah. Frankly speaking, on the USB 4 retimer, we were not the first one. But previously, on the non- In-Cell platform, we had a Kandou there, right? However, our performance, the professional, the win, or our support win the customers. And I don't think you ever heard of Kandou anymore on the competition side. And literally, drive out of there totally, right? So we continue to see other competitor clients. They have a device. The secret of this USB 4 retimer is your firmware, is your ability to pass certification on multiple standards. Say you have to pass USB 4, USB 3.2, you have passed the Thunderbolt, all of the standards. So it's pretty tedious, the work or expertise to do this. Frankly speaking, many of our platform, which CPU guys, heavily rely on us to make the system pass compliance test, CTS test. That typically takes multiple months. So once they pass it, I'm not sure if people will go back to redo the thing with others. So that's the barrier for other people to come in. So we still think some of them may come in. But hopefully, when they come in, we already moved to the generation USB 4v2, the 80 Gbps. And then in addition to this, we are, as we said, we provide end-to-end solution, which has our USB 4 hub, USB redriver, and multiple other devices together. Okay. Thank you. So one of you can provide your view on USB 4 penetration, right, for this year. You mean the notebook itself? Yeah, yeah. Notebook itself, I think 30%-40% will be, on the high-end, 30%-40% will be, and it will continue going up, and by the next year, you will see USB 4.2 to come for some notebook, and by 2027, you will get a very popular USB 4.2, 80 Gbps. Got it. Got it. Thank you. That is moving too high. That's a good thing for us. That's why we moved to the 12 nm. We moved to the 6 nm just for driving those things. Hopefully, by the time Intel no longer wants to do this, and we can provide the more broad solution to our customer. Understood. Thank you. I have no more questions. Happy New Year. I'll go back to queue. Thank you. Thank you. Next one, Mike Yang, Bank of America. Go ahead, please. Yeah. Happy New Year. Thanks for taking my question. I just have a question regarding to your high-speed or PS business. Because if I look at the product mix in fourth quarter versus third quarter, the PS segment actually recorded a higher mix when compared with third quarter. At the same time, the gross margin went slightly down versus third quarter. My question will be that, do you actually feel some pricing pressure in this segment? And then is there any competition here and there across the PS segment? Thank you. Yeah. I think you're correct. We are growing, and there are two segments. One is, as you said, the PS. You see some on the lower segment, you see some price pressure. For example, the USB, all the USB A solutions and the TI make a very cheap price to compete, right? So I think industry all know those are the very high volume, but the price is very low, and the TI still wants to compete. That's kind of amazing to me, but overall, the USB, the PS product segment, the gross margin are healthy and are good, but that's another segment. If we look at it, as I said previously, the DP segment on the low-end margin, low-end side of competition also very high on the price. Got it. That's very clear, and I'll go back to the queue. Thank you. Thank you. Hey, there appears to be no further English questions at this point.