Good afternoon, ladies and gentlemen. Welcome to the joint earnings call for the second quarter of 2025, hosted by GlobalWafers. I'm Leah Peng, the spokesperson for GlobalWafers. Joining us today is Doris Hsu, the Chairperson of the company. Here's today's call report. Doris will begin with executive comments, providing insights into overall performance and the strategic direction. We will then address investor questions received in advance, followed by an open Q&A session. The call will last for 60 minutes and conclude at 5:00 P.M. Taiwan time. A quick reminder, please keep your audio on mute. To ensure a smooth and interactive session, we have established two methods for you to post questions during the event: using the Slido feature for written questions and utilizing the Webex hand-raising function for live spoken inquiries. First, Slido, which is the text-based questions Throughout the meeting, you can input your questions using the Slido feature in Webex. Simply access Slido and type in your question. Our presenter will monitor Slido regularly to address your written questions. To ensure the efficient use of time, we encourage you to type in your questions as the meeting starts. The second one is the live voice questions. Toward the end of the meeting, we will open the floor for live voice questions. If you wish to speak directly, please use the Webex raise hand function to indicate your intention. Once you raise your hand, kindly be ready to accept the host's invitation to unmute your microphone when prompted. This will allow you to verbally pose your question to the panel. Before we begin, I would like to remind you that today's discussion may contain forward-looking statements. Please be aware that these statements are subject to various risks and uncertainties, which could cause the actual results to differ materially from our expectations. Please refer to the safe harbor notice in our presentation. Now, without further delay, I would like to pass the floor to our Chairperson for the executive comments on GlobalWafers. Doris, please. Thank you, Leah. Good afternoon, everyone. Thank you very much for joining GlobalWafers Q2 2025 earnings call. Leah Peng, our spokesperson, will walk you through the presentation and address some of the frequently asked questions we received recently. I will also take questions during today's Q&A session. First of all, let me share some comments on our financial results and provide an update on our operational progress. The second quarter this year has been a period marked by progress and resilience amid a challenging environment. We faced headwinds such as the highest energy cost in a decade in Taiwan and also in Korea, NT-dollar appreciation with related foreign exchange losses, and softer demand in certain legacy nodes, while also absorbing the industry-wide pricing adjustment in silicon carbide, which resulted in asset write-downs. At the same time, we continue to execute the most significant expansion across three continents in our history, an essential step to strengthen our global footprint and capture structural growth driven by advanced technologies such as AI and high-performance computing. These strategic investments, as expected, carry short-term financial implications, including higher depreciation and initial ramp-up costs. Against this backdrop, let me now walk you through our financial performance, discuss the key drivers behind the result, and share our outlook as we move into the second half of the year. If you have our material, please turn to page four. Let me report some of our financial highlights. GlobalWafers reported consolidated revenue of NT 16 billion in the second quarter of 2025, representing a 2.7% increase compared to the previous quarter. For the first half of the year, revenue reached NT 31.6 billion, up 3.9% year- over- year. Both results rank among the top three of the same period in our history. For the first half of the year, gross margin was 26.1%, while operating margin stood at 15.9%. Page five, please. Let me move to net profit and EPS. In the second quarter, our net profit margin was 10.5%, and for the first half, it stood at 9.9%. EPS for Q2 came in at NT 3.52 per share and NT$ 6.56 per share for the first half. However, the expansion-related costs have temporarily put pressure on our key financial metrics, including gross margin, operating margin, net profit, and also EPS. I want to stress that this is not a sign of weakening fundamentals, but rather the short-term cost of executing our strategic expansion plan. To provide greater clarity, Leah will later walk you through a detailed analysis and present simulated figures that exclude the impact of major expansion projects and mark-to-market valuation changes on the company's holding of Siltronic shares. These simulated figures will give you a clear picture of our underlying business performance and our true profitability. Next, let me update you a little bit about our prepayment status. As of the end of the second quarter, prepayments amounted to as high as NT 27.3 billion, equivalent to approximately $0.93 billion. The decrease in NT dollar terms reflects significant foreign exchange fluctuations during the period, while the decline in original terms was much less pronounced. Despite the challenges in the first half, our strategic initiatives are beginning to show results. Demand for advanced nodes remains strong and closely aligned with our capacity expansion strategy, driving growth in high-value products and positioning us to capture opportunities as the market recovers. At the same time, many customers have indicated that industry inventory adjustments are nearing completion, signaling a more positive demand outlook. We are also earning the trust of an increasing number of customers, reflecting their confidence in our global footprint and our ability to provide stable and reliable supply. Furthermore, our globally distributed manufacturing network has demonstrated strong resilience amid ongoing tariff and geopolitical challenges, further reinforcing customers' trust in the stability of our operation. Notably, our expansion in Japan has been successfully completed, achieving record-high shipment levels, while our Denmark facility also delivered a very strong performance, reporting the record second-highest revenue in the first half of 2025. We remain confident in our strategy and disciplined in our execution and committed to delivering sustainable value for all of our stakeholders. Let's move to page six, industry overview. Let me share a little bit about our view of the global economy. Global economic growth momentum is slowing due to multiple factors, including tighter financial conditions, persistent trade policy uncertainties, and weakening business confidence. At the same time, elevated manufacturing costs continue to feel inflationary pressure, weighing on consumer spending and suppressing market demand and posing challenges to certain segments of the semiconductor market. The global semiconductor industry continues to demonstrate structural growth, driven by multiple forces, including artificial intelligence, high-performance computing, robotics, healthcare, and renewable energy applications. Demand for advanced wafers and next-generation materials remains very solid, providing a strong foundation for future development. After a period of inventory adjustment, the market now is gradually recovering. Demand for advanced processes remains strong. In the mature node segment, more customers are expressing optimism, including that the most challenging phase is likely behind us. That's our view. However, the pace of recovery in the end market demand continues to be affected by external factors. Uncertainty in global trade policies, tariff measures, geopolitical risks, and foreign exchange fluctuations may exert pressure on consumer spending power. In this environment, resilience, agility, and strategic positioning have become key competitive advantages for companies. GlobalWafers will continue to leverage its global footprint and local presence, enhancing production capabilities and technological strength in major markets, particularly in the United States and other critical regions, to help customers reduce risk and secure supply chain resilience. At the same time, we will deepen our capacity strategy, focusing on 12-inch wafers, advanced nodes, and specialty applications that capture the rapid growth driven by AI and HPC. These initiatives not only strengthen our market competitiveness but also reinforce long-term partnerships with our customers, supporting sustainable growth and ensuring a competitive edge in a rapidly evolving landscape. Page seven, please. Let me move to GlobalWafers' growth strategy and also our physical health. GlobalWafers' growth strategy has always been built on two core pillars. The first one is our GlobalWafers' global strategy. The number one is our global footprint, and number two is our high-value added products. These two are our two core pillars. Combining worldwide capacity with cutting-edge technology is essential to achieving business resilience in a dynamic market. First, let me share the latest progress on our $100 billion NT expansion plan launched in 2022. Our new expansions in the United States and Italy have entered the sample shipment stage right now. The addition of advanced node capacity further strengthens regional coverage and enhances local supply capabilities. Notably, products from our U.S. site have received strong customer recognition, with more than 80% of our capacity secured under long-term agreements. In addition, we have received strong interest from several customers who have expressed a clear desire for deeper collaboration and additional U.S. capacity, reflecting the rising demand for localized supply amid heightened global trade policy uncertainty and reinforcing the soundness of our strategic direction. Beyond these projects, our brownfield expansion has also delivered outstanding results. In Japan and Taiwan, additional 12-inch EPI production lines have achieved record shipment volume. Meanwhile, in Europe, our Denmark Topsil operation, topsil eight-inch float zone expansion in Denmark has been impressive, with first half 2025 revenue growth more than 400% compared to the second half of 2016, marking the second highest level in the company's history, the year of acquisition. These achievements not only demonstrate the successful execution of our expansion strategy but also highlight the growing synergies across our global manufacturing network, which are now delivering maximum value. Let me move to page nine. I want to explain a little bit about our foreign exchange risk and how to mitigate our risk. With regard to foreign exchange risk, this is a critical issue that required prudent management in our long-term operations. GlobalWafers' worldwide presence adds complexity to our currency exposure, with major functional currencies included in the U.S. dollar, New Taiwan dollar, euro, and Japanese yen, and Korean won, as well as other currencies such as Danish krone and Malaysian ringgit and Chinese yuan. In the second quarter, revenue grew around 10% quarter-over-quarter in U.S. dollar to $0.52 billion, while in NT dollar, the increase was more modest due to the sharp appreciation of the NT dollar. For the first half, revenue reached $0.99 billion, up 4.2% worldwide. Though NT dollar growth was notably restrained by exchange rate fluctuation. Our core strategy for managing this risk is natural hedging, aligning revenue and expenses in the same currency wherever possible to minimize volatility on operations. That's our key strategy, natural hedging. We also conduct regular sensitivity analysis to assess the financial impact under extreme scenarios. Based on internal estimates, assuming all other conditions remain unchanged, a 1% movement in the NT dollar against the U.S. d ollar would affect consolidated operating income by less than 0.5%. These management measures enable us to maintain flexibility and long-term competitiveness, even amid heightened currency volatility and policy uncertainty. Okay, that's a brief update from my end. Next, Leah will present industry outlook, highlight our competitive strengths, review our operational performance, and address some key investor concerns. Leah, please. Thank you, Doris. I will quickly update GlobalWafers' recent development and answering questions we have received so far. Please move to page 11. This is global economy outlook, which remains highly uncertain. According to OECD projections, global economic growth is expected to continue slowing in the coming years, reflecting constrained overall growth potential. If recent trade restrictions can be lifted earlier than expected, they might help support the economy and ease inflationary pressures. Please turn to page 12. The growth is primarily driven by advanced. Yes, just look at the right hand of the chart. The growth is primarily driven by advanced nodes below seven nanometers. This is expected to grow at a CAGR of 14%. For nodes below two nanometers, the CAGR reaches as high as 36%, fueled by strong demand for AI-related applications. Overall, our current expansion strategy and the node technology roadmap are closely aligned with the market trend, indicating that we are moving steadily in the right direction. In page 13, you can show this is our growth drivers and our product portfolio before and after expansion. As shown on the left, 12-inch wafers accounted for approximately 50% of our portfolio prior to expansion, largely reflecting global growth strategies through past acquisitions. As the expansion plan progresses, the share of 12-inch wafers is expected to increase to two-thirds of our total output, with roughly half of that dedicated to advanced node applications. The remaining one-third includes specialty wafers and wafers smaller than eight inches. Specialty wafers, in particular, are expected to grow at a compound annual growth rate of 10%- 15%, supported by our key strengths in high-value added and high-reliability technologies. These products are becoming a critical driver for differentiated applications in the high-end semiconductor markets. When we say specialty wafers, these include SOI wafers, FZ wafers, and compound semiconductors. Please move to page 14. This is our footprint aligned with industry expansion. According to the latest WSTS data, the global semiconductor market grew by 11.2% as of May 2025, compared to the same period last year. The U.S. led the growth with a 45% worldwide increase, followed by the Asia-Pacific region at 30.5%, while Europe recorded a more modest growth of 4.1%. GlobalWafers' expansion strategy is closely aligned with the growth of key semiconductor markets. By strengthening regional supply capabilities, we enhance both supply chain resilience and service efficiency. Our facilities are able to serve local customers directly and locally. For example, our new U.S. site has already received inquiries for additional capacity, reflecting strong market demand and validating our strategic direction. Let me now share the latest progress on our capacity expansion in page 15. Our expansion plan is now nearing completion and beginning to deliver results. The new facilities in Italy and the U.S. have entered the sampling stage. These sites are expected to begin contributing to revenue gradually from the second half of this year throughout the first half of next year, providing momentum for long-term growth. As Doris just highlighted, brownfield expansion at our existing sites has been successfully completed and is delivering stellar results. Shipments from Japan and Taiwan fabs reached record highs, while revenue from our Denmark site achieved its second highest level since 2016, the year of acquisition. Overall, as the market gradually recovers, our expansion timeline is well aligned with industry demand trends, laying a solid foundation for sustainable business development. Let me now walk you through the slide on balance sheet and leveraging in page 16. Despite being in an expansion phase, GlobalWafers' interest-bearing debt declined to NT 67 billion as of Q2 2025, down 6.4% from the previous quarter. Meanwhile, cash stood at NT 50.5 billion, resulting in a net debt position of only NT 16.8 billion, demonstrating our solid financial foundation to support ongoing capacity expansions. Next, let's take a look at our capital structure. Also, the total liabilities-to-asset ratio reached 58.9% in Q2 2025. This includes prepayment from LTA, as well as notes and accounts payable. If we exclude these items, interest-bearing debt accounts for only 32.6% of total assets. This actually reflects a healthy and sound financial position overall. In page 17, the left chart shows our interest income and interest expense. Despite ongoing CapEx, GlobalWafers has maintained a positive net interest income by leveraging strong cash reserves and flexible assets to low-cost short-term financing. This reflects our efficient capital management. Looking ahead, GlobalWafers will continue to optimize capital allocations and financing strategies to minimize funding costs and support future expansion. Meanwhile, the right chart illustrates improvement in both current and quick ratio, indicating enhanced liquidity. As government subsidies gradually receive and new capacities contribute to revenue in the following quarters, our financial position is expected to become even more resilient. Page 19. This is our Q2 financial overview. Revenue for the second quarter 2025 was NT 16 billion, with a gross margin of 25.8%, 0.6 percentage points lower than the previous quarter. The decline reflects the 0.85 percentage points increase in depreciation expense compared to the prior quarter. Our operating margin was 15.2%, down 1.4 percentage points, primarily due to the expansion-related expenditures. Net profit rose by 1.2 percentage points to 10.5%, and EPS amounted to NT 3.52 per share. EBITDA margin increased 2 percentage points to 27.9%, mainly reflecting valuation gains from Siltronic shares we hold. Our CapEx totaled NT 7.5 billion, and the depreciation was NT 2.4 billion, reflecting continued expansion efforts. Please refer to page 20 for the first half of 2025 financial performance. Revenue for the first half reached NT 31.6 billion, representing a 3.9% worldwide increase. Gross margin was 26.1%. Operating margin stood at 15.9%, net margin 9.9%, and EPS at NT 6.56 per share. Our EBITDA margin reached 26.9%, with ROE at 7.1% and ROA at 3.2%. Our CapEx totaled NT 19 billion, depreciation was NT 4.7 billion. Let's move to page 22. In the first half, if we exclude the impacts of expansions and the mark-to-market valuation changes of the Siltronic shares we hold, EBITDA margin would have soared to 37.2% compared to the reported 26.9%, and the EPS would have nearly doubled to NT 10.91 from the reported NT 6.56, highlighting solid core profitability. Please refer to page 23 for the income statement. To reflect true operating performance, we present simulated financials, excluding the influence of the aforementioned factors. By doing so, our first half gross margin would have reached 32.5%, EBITDA margin 37.2%, net profit margin 17%, and EPS of close to $11. Please refer to page 24 for the Q2 balance sheet. Cash appears to have declined to NT 22 billion, mainly due to the use of available cash for debt repayments. However, when including deposits with maturities over three months and other cash items reclassified under other assets per accounting standards, total cash amount is actually NT 50.5 billion. Our property, plant and equipment declined to NT 11.45 billion, primarily due to government subsidies, depreciation, and the currency translation effects. Short-term loans decreased to NT 24 billion, long-term loans to NT 43 billion, reflecting debt restructuring efforts and capital structure optimization. Our liability also declined to NT 50.3 billion, mainly due to lower repayment balances and the foreign exchange fluctuations. Shareholder equity declined to NT 84.9 billion. This is due to foreign exchange impact. Now, I would like to address first the questions we have received from investors recently and those we anticipate will be raised. Okay, so the first question is about our outlook of the second half of 2025 and the whole year 2025. For the second half of the year, uncertainties remain relatively high, including potential semiconductor tariffs and the U.S. Section 232 investigation, exchange rate fluctuations, timing of government subsidy disbursements in other countries, like the Italian incentives we are going to receive. These three factors could all impact second half performance. In addition, a more fundamental challenge lies in the growth momentum of demand, which is closely tied to global interest rate policies and the overall macroeconomic trends. This factor remains unclear at this stage, further increasing uncertainty for the semiconductor industry. That said, we remain positive about the four-year outlook. In U.S. dollar terms, we think that 2025 revenue still has the potential to exceed 2024 levels. However, it is important to note that the consolidated revenue converted into NT dollars will be affected by exchange rate movement. The next is compared to the original chipset, it's the one big beautiful bill, more favorable to your company. Please, could you elaborate further? The Advanced Manufacturing Investment Tax Credit, AMIT, provides up to a 25% tax credit on qualified capital expenditures. Companies can either offset tax liability or opt for direct payment. GlobalWafers plans to prioritize the direct payment to accelerate cash inflows and reduce capital burden. We plan to file in the second half of 2025 and expect to receive the first refund in 2026. Timelines may vary as this is a new program. Claims will continue annually until all eligible expenditures are fully processed. Credits are recognized as one-time items per year, based on qualified spending. Importantly, under the new pass, the OBBB Act, the AMIT credit rate will increase from 25%- 35% starting January 1st, 2026. Assets placed in service before 2026 remain eligible for the 25% tax credit, while those after 2026 will qualify for a 35% rate. This will enhance the after-tax IRR and strengthen the financial viability of our U.S. expansion. The next question is about the semiconductor outlook. Could you please elaborate on the customer demand outlook for the polished wafers? Do you agree that the worst is behind us? We believe that the most challenging phase is behind us, so the recovery pace remains uneven across different applications. AI and data center demand continues to drive advanced node investment, while PC and the mobile segments remain muted. Gradually, automotive and industry are starting to show some positive signals. For polished wafers, demand will gradually improve in line with overall wafer stocks and market recovery. However, procurement strategies are increasingly influenced by geopolitics and tariff-related considerations, leading to regional sourcing dynamics. We expect a more meaningful recovery to materialize gradually. The next is about tariff. What is the impact of tariff and how will GlobalWafers respond? The overall tariff situation for semiconductors remains uncertain, especially as the U.S. Section 232 investigation results have not yet been released, leaving the possibility of additional duties still unclear. If Taiwan semiconductor tariffs are indeed set at 20%, will other competitors face only 50%? It will present a challenge, but we are actively pursuing cost reduction, and there is room to maintain our competitiveness. Fortunately, our global presence gives us strategic flexibility. GlobalWafers' core strategy and core strengths lie in its global footprint and highly localized supply network. We operate manufacturing facilities in Taiwan, Europe, Japan, and South Korea, and we have initiated cross-site product qualifications with customers years ago. This allows us to flexibly allocate production and shipment based on tariff rates, currency trends, and overall to ensure that we can ship from regions with the most favorable conditions to optimize our cost and minimize the impact of policy changes. In addition, we have three sites in the United States, with two major expansion projects currently progressing on schedule. Now, we are accelerating qualification and ramp-up to ensure robust local supply for the market. If demand in the U.S. remains strong, we will consider bringing forward the next phase of expansion to further strengthen local capacity and build a fully vertically integrated solution, securing long-term supply for our customers. The next is about our capacity growth strategy. The investor is keen to know our capacity growth of different diameters. Okay, our future expansion will focus on 12-inch capacity to support long-term demand from AI, HPC, and other applications. As expansion projects progress, the revenue contribution of 12-inch wafers is expected to increase to two-thirds, with incremental capacity ramping up over the next few years. By contrast, small-sized, small diameter wafers like 8-inch and 6-inch capacities, this will not increase and may decline slightly. Some 8-inch lines will be upgraded to 12-inch, and old low-demand lines will be optimized or retired. Meanwhile, we are investing in high-value specialty wafers, including SOI, SiC, GaN, and the float zone, which are expected to grow at a CAGR of approximately 10%- 15%. This will further improve the economics and profitability of GlobalWafers. Next is about the break-even time of our GlobalWafers America. Based on the current visibility, what are the conditions or timeline for Texas plans to reach break-even or above? The timeline for Texas fab to reach break-even depends on multiple factors, and it remains challenging to provide a definitive estimate at this stage. Key considerations include the first market pricing and the demand recovery. ASP are subject to fluctuations driven by market momentum, tariffs, and exchange rates, all of which introduce uncertainty. The second would be tariff policies. Potential U.S. tariffs on imported wafers, equipment, and raw materials could significantly impact the cost structure and the relative competitiveness of local manufacturing. These policies are still under review, and the future developments remain uncertain. Another consideration is local replacement progress. The advancement of local sourcing from critical materials and equipment will play a crucial role in cost reduction and supply chain resilience. The next is government subsidy milestones. The timing of government subsidy reinforcement tied to specific milestones, and it will influence financial planning and overall profitability. Cost optimization and efficiency improvements are also key factors. We are implementing ongoing efforts to enhance our process. Maturity and operational efficiency are expected to gradually improve the cost structure, especially as yield rates increase and the local supply chain becomes more robust. We are also accelerating our customer qualification progress. On a positive note, we are pleased to share that our Japan expansion has been completed. It is consistently hitting record high shipment volumes. The most important of all is that its resulting operational cash flow is being used to fund its CapEx, and we expect that the debt ratio of our Japan sites will decline rapidly, with a strong possibility of full loan repayment in the next year. The next question is also about the tariff. Is there a possibility that imported polysilicon raw materials will be subject to tariffs in the future? To our understanding, these Section 232 investigations cover both semiconductor grade and solid grade polysilicon. The impact for solid grade polysilicon is okay for GlobalWafers and its parent company SAS, as we do not engage in solid polysilicon trading. For semiconductor grade polysilicon, because GlobalWafers maintains a diversified supplier base across Asia, Europe, and the U.S., should any tariff be implemented, we will mitigate the impact through sourcing flexibility and cost optimization measures. The next question is about the depreciation outlook and the CapEx. Our CapEx in 2025 is expected to remain at a similar level to 2024, and in 2026, as the current expansion phase nears completion, capital spending will decline significantly. Depreciation is projected to peak between the second half in 2025, in line with the equipment ramp-up schedule. Depreciation accounted for approximately 16%- 20% in 2025. Although CapEx in 2026 will be minimal, we do not rule out initiating the next phase of expansion in the U.S. if there is strong customer demand. This would be contingent on the successful operation of the first phase expansion and the clear and solid commitment from our customers. Next, also about tariff. The U.S. has launched a Section 232 investigation. What is the impact on Taiwanese manufacturers? Yes, the U.S. DOC, Department of Commerce has initiated a Section 232 investigation to assess the national security implications of importing semiconductors and semiconductor manufacturing equipment under polysilicon. Related reports are expected to be released around mid-August. For semiconductor wafers, if tariffs are imposed on wafers, GlobalWafers' U.S. expansion will further strengthen domestic manufacturing and align with U.S. policy to localize supply chains. By leveraging our global manufacturing footprint, we can maintain the supply chain agility and optimize shipments from sites with the most favorable tariff structures. If the investigation covers polysilicon, for solid grade it is okay, but for semiconductor polysilicon, like I just said, because we already have a highly diversified sourcing network, this will allow us to adjust procurement flexibility and minimize potential impacts. I think I covered most of the questions I received so far. I will start to address other questions on site. Okay, thank you, Leah. Those were the questions we've received and we've been asked multiple times in the past couple of weeks. Leah answered those questions first to everyone. Now I'm going to answer the question we just received from the Webex today. Is this the beginning? No, no, no. Is this the first one? Yes. The first one is from Stanley about cost structure and pricing. Have you observed any price increase in raw material costs recently? The second question, can you pass these costs to your customers? If so, is this in contrast also subject to adjustment? How much of your revenue comes from LTAs in the first half of 2025? So far, some raw material because of several reasons. For example, because of the currency and because of the energy costs. We have already received some suppliers asking to adjust the material costs. If you are talking about our material instead of our silicon wafer, I hope I understand you correctly. We do receive some vendors asking for some price adjustment, but so far, because the demand is still not so strong, the material cost is pretty flat now. Not much increase. If you are talking about our silicon wafer price, we tried because the past three, four quarters, actually the silicon wafer price dropped quite a lot, especially the non-LTA wafers. Market price was pretty low in the past several quarters. Starting from Q2 this year, we started our communication with some of our customers to talk about the price adjustment right now because we're trying to explain to our customers because of the strong NT dollar and also the energy cost is so much higher than any time in the past decade. The production cost is pretty high right now. We are communicating with our customers to try to get our silicon wafer price increased. That's what we are working on right now. We are still discussing with our customers. No final conclusion yet. We're still working on that. It's more likely that maybe Q4 or starting from Q1 next year, maybe we'll be able to have some price adjustment. Of course, that's based on the demand recovery status and also based on the currency. What's more important is the tariff. We see how the tariff develops. Maybe we'll have some opportunity to change the price a little bit. We don't know yet. We're still dealing, we're still discussing with our customers. If you are talking about the material cost, actually, so far, because as I said, the market is still soft, so it's not that easy to pass down to our customers 100%. We are still working on trying to explain to our customers, ask them to understand that the strong NT dollar and high energy costs cause a lot of trouble for our manufacturers in Taiwan. We're still working on this. The quick answer to your second question is that it's not possible for now. It's not possible to pass down 100% to our customers, but for some significant items, maybe we're working on this. How much of our revenue comes from long-term agreements in the first half? It's over 50% of our revenue in the first half. 25% was from long-term agreements. Next question. It's also Stanley. The current utilization rate for all diameters. For small diameter, our utilization rate is around 70%. For 8-inch, it's slightly lower than 80%. For 12-inch, it's over 90%. That's our utilization status in Q2. I think the worst has already been behind us. That's our view. The recovery, we don't know how soon the market will really completely recover. We see that some of our, as Leah and I presented earlier, we are seeing more and more customers informing us that the inventory collection is pretty much completed. Of course, some customers, different applications, they still have a little bit high inventory in the pipeline, but basically, more and more customers are seeing better inventory status right now. Yes, I think the worst has already been behind us. Next. GWC already got the U.S. subsidy and is already a positive item for gross margin in Q2 2025. Yes, the answer for this one is yes. In the first half of 2025, first half of this year, we have received NT$6.33 billion. We have already received this amount. This is not 100% from the CHIPS Act. We received $200 million from the CHIPS Act in June. The balance is from other countries. Total, we have already received NT 6.33 billion subsidy. It's not to the gross, it's not admitting to the gross margin. As we explained, starting from the months we receive, we recognize the subsidy as the minus number as a deduction of the fixed assets cost. When the fixed assets value down, then our depreciation will be reduced, starting from the following months. That's how we calculate this. The biggest part, $200 million CHIPS Act money, we just received in mid-June. Actually, it's not really in our P&L yet. Next question is that Stanley again, compound. How about compound status? Compound is the most difficult one. I mean, we're talking about two compound materials. We have two very important compounds. One is gallium nitride gallium silicon, and another one is silicon carbide. Gallium silicon is fully loaded right now for us. Our gallium silicon, we have, our gallium silicon is for gallium silicon epi process. We have wafer process and epi process, these two. We use our own silicon wafer and we grow gallium nitride epi on top of our silicon, a very special engineered substrate. That's our silicon, that's our very special gallium silicon products, gallium silicon wafer. It's fully loaded. We are going to expand our capacity by another 30% by the end of the year. We will keep adding more capacity. That's where we are. Gallium silicon, we're doing okay volume-wise. We keep increasing. We cannot ship enough to our customers. That's our GaN status. For silicon carbide, it's very different, just the opposite. Silicon carbide, many of our customers are still suffering from high inventory right now, silicon carbide wafer. Not only high inventory, but also soft demand. The market price erosion is crazy. It's very super aggressive. The price almost priced down almost 40%- 50% a year. That's crazy in the past two years. Right now, silicon carbide for GWC, our utilization rate is much lower because some of the prices, customer's target prices are just too low. We cannot afford that. We lowered our production for silicon carbide, but we keep working very aggressively on cost reduction. I'm very confident we are, our goal is to try to get the business, try to grow silicon carbide business again from next year because I believe that inventory will be digested, will be consumed this year. Our customer will consume more inventory this year. Starting from maybe Q4 or next year, we will see some new demand. That's our hope. If not so much, the uncertainty is improving. The situation is getting better. I believe that the demand, silicon carbide demand from 2026, demand will be better, visibility will be better than this year. I hope that the price will be, I don't think that the price will improve, but it's more likely that next year, more and more of our customers or projects will migrate to eight-inch silicon carbide. Right now, still six-inch is dominating the demand, the market right now. Starting from next year, I think more and more applications will be migrating to eight-inch. Eight-inch silicon carbide will be a new application. I believe that the price erosion for eight-inch will be much slower than six-inch, and we will have a better opportunity to regrow our silicon carbide business again. I still strongly believe that silicon carbide is the right material. It's not only for high-voltage applications, but also even for some optical application or some special application for thermal sink or even semi-insulating applications as well. Silicon carbide is the right material for various applications. Maybe because we're still working on this, I think it's very likely that silicon carbide wafer will be used for AI glasses as well as the glasses itself. That's a totally different, not the ordinary N-type power silicon carbide. It will be a new silicon carbide. I believe that silicon carbide is the right material, and the demand will grow. The problem is that the current market price is really very low, way lower than the material price. Our strategy right now is that we are not that aggressive to take that many orders right now, but we try our very best to lower our production costs. We hope that we can be more cost-competitive. At the same time, I hope that next year we will be qualified by many, we can get some design wins for some special big projects for eight-inch. That's our focus now. This year, silicon carbide definitely is one of the worst-performing product lines for GWC. Next, Stanley again, about the compound semi, does your company maintain a competitive edge in the China market or compound, or you're focusing? We are more non-China supplier. That's our policy as well. We want to be the best non-China supplier. China is definitely a great market, but there are a lot of great suppliers in China for a compound as well. The price erosion in China is very tough in China to win the market. We focus, we position ourselves as the best non-China silicon carbide supplier. That's our position. Okay, next. Several key suppliers appear to have gained customer recognition in advanced nodes. What is the current progress of GlobalWafers in this area? Yes, that's a very good question. Actually, some of the information in the market is just not correct. We don't know who gained what, but we know very well that we are one of the key suppliers for advanced nodes. For example, it's not qualification stage. We're in mass production. We're one of the key suppliers for mass production advanced nodes. We don't know others. That's our answer for this one. For some advanced products, we are even the POR vendor. Okay, next. Okay, this is Felix Lee from Morningstar. Since inventory adjustments are ending and customers are trending more optimistic, how much half on half revenue growth can GlobalWafers expect? How much of that growth comes from ramp-up of U.S. and Italy sites? Yeah, thanks, Felix, for your great question. Let me answer the second part first. The U.S. and Italy sites, I think I don't expect much revenue from the revenue contribution from U.S. and Italy in the second half of this year. They are in the sample qualification stage. Maybe we'll have some small trial run revenue, but I don't expect a big one. The big one, the big increase will be mainly from Asia expansions like Japan, Taiwan, and some Korea expansion. We will see more growth there, not the U.S.-Italy one. Denmark also will be a key site to bring the growth. How about half on half revenue growth? I think it's a little bit difficult to project. Part of the reason is because of the tariff. You know that less than 20% of our revenue is from the U.S. market. That means that around 15%- 20% of our revenue is from the U.S. For the revenue from the U.S., I think based on our current reciprocal tariff right now, Taiwan is 20%. Japan, Korea is 15%, and also the EU is also 15%. That means that we have to work much harder on the overall cost reduction to improve our market share. Of course, we have operations in many countries, so we have to make some logistic reallocation. I think there are two difficulties for us to, you know, very hard for us to predict what will be the HoH growth. Number one is what I said, the trade policies, including the tariff, especially Section 232. What will be the tax? This is a little bit unknown right now. The second one is currency. Let me put it this way, that if I, based on today's current, today's situation, our forecast is that this year, the second half will be flat or will be slightly better than the first half, flat or slightly better than the first half. In U.S. dollar, in U.S. dollar, I don't know how about NT dollar currency, but in U.S. dollar, it will be slightly better than the first half. The whole year, 2025, we're still confident that we should be able to reach either flat as 2025 revenue or slightly higher than 2025. That's our forecast. Yes, next, let me take the, I think this is the last question, the last question I'm going to answer today. That's from Doni. Thank you, Doni. Could you provide a rough idea about GWC's market share in advanced node? This is a little bit sensitive, Doni. Sorry about that. We cannot disclose. To be very honest, we don't really know what specific our market share of the advanced node is under seven nanometers, but we are there for mass production, and we keep increasing our volume very solidly. For 2025, second half, and 2026, including the top line ASP, GPM, considering the market condition, as I said, there are quite a lot of uncertainty. It's hard to predict, but what I think, what I can share with everyone is that I think that 2025 will be flat or slightly better than 2025. Second half will be flat or slightly better than the first half, 2025. 2026 should be better than 2025, but not much recovered because it's very likely that the first half may be still a lot of here and there. Some uncertainty is there, but according to our customers' forecast, the second half should be better than the first half. I think 2026 will be a little bit better than 2025. That's our view. Maybe not much, but it will be better than 2025. That's the top line. For the ASP, GPM, we'll share maybe next time, but not now. I think this is the question I answered today. Thank you so much for your time, and please feel free to reach out to our team members if you want to have a little bit more detailed discussion and Q&A. Thank you again. Thank you all, and have a wonderful evening. Thank you very much. Conference call now. Yes.