Afternoon, everyone, and welcome to E Ink Q4 2025 earnings call. All participants are currently in a listen-only mode. After the presentation, the Webex replay will be available on E Ink's website after the conference. Joining us today are CFO Lloyd Chen and Finance Center Senior Director Patrick Chang. With that, I'll turn the call over to Lloyd. Good day, everyone. Welcome to E Ink's 2025 Q4 earnings conference call. Before we start, I would like to briefly share a few applications examples of ePaper shown on the cover page. Basically, we joined ISE, Integrated Systems Europe. We can see the ePaper gradually, rapidly expanding in the digital signage and retail display market. This year's exhibition, more than 30 ecosystem partners, showcased a wide range of ePaper applications. We prepare a video clip later, so we can see more information in that video clip. All right, next page. All right, we take a few moments to look at the Safe Harbor Statement. All right, next page. Let's look at some key highlights in P&L. For the full year 2025, the consolidated sales revenue amounted to TWD 36.1 billion, representing 12% year-over-year increase. Operating profit reached TWD 10.67 billion, up 40% year-over-year growth. The net income totaled TWD 10.5 billion, with associated EPS of TWD 9.14. The sales revenue for 2025 was the second highest in the company's history. Both operating profit and net income reached record heights with net income surpassing the TWD 10 billion level. Next page. Driven by sales revenue growth in 2025, operating profit increased up to TWD 10.7 billion with operating margin maintained at nearly 30%. Next page. On the asset side, total assets increased from TWD 91.2 billion- TWD 107.2 billion, representing the year-over-year increase of TWD 16 billion, year-over-year growth about 18%. The net asset value per share reached TWD 59.6. Okay, next page. As for the cash flow in 2025, both cash position and the pure cash position and financial assets continue to increase, reaching a total of TWD 70.4 billion, up by TWD 11 billion compared with the end of last year. The company continues to maintain strong profitability and healthy cash flow. With ample capital resources, we will allocate funds appropriately in line with operational plans to support sustainable growth. Okay. For dividend, the EPS, as I mentioned earlier, is TWD 9.14. Once again marking highest in the company's history. The dividend distribution will be TWD 5.9 per share, and with the payout ratio of 65%. The next few pages we would like to share E Ink strategic value within AI infrastructures. I think AI has been, you know. It's no longer a race for computing power. It's also a race for energy efficiency. As AI continues to advance rapidly, energy demand is becoming one of the most critical challenge facing the global technology industry. Market research indicates that electricity demand from AI-related computing and infrastructure is growing at an approximately 15% CAGR annually. AI expected to account for about 469 TWh of global electricity demand by 2030, compared with 2025, and amazingly equivalent to Germany's annual power consumption. In commercial electricity cost terms, that would translate into more than $70 billion. Yet across the AI value chain, display devices, the interface that interacts most directly and frequently with people, have long been overlooked from an energy efficiency perspective. As AI digital services continue to scale, display devices are no longer just tools for presenting information. They are increasingly become an important part of the energy infrastructure that support AI operations. As power demand from AI keeps rising, improving the energy efficiency of endpoint display is one of the most direct and cost-effective ways to reduce overall energy burden. We would like to say with our ultra-low power consumption, ePaper display can definitely help unlock more energy resources for AI computing and digital services. That is E Ink strategic value within the AI ecosystems. Having said that, the AI needs computing power, computing power needs energy. I think fundamentally, transforming display technology definitely will be the key way to release that energy. Display are critical because display systems are one of the largest fixed electricity loads in public space today. I think, for those who are familiar with us, or maybe you are not familiar with us, our technology basically, ePaper uses bistable display architecture, meaning power is only consumed when the image changes. For large format applications, a conventional LCD signage display operating 14 hours per day consumes approximately 283 Wh per day, based on the average power, you know, average power usage of 30 inch-80-inch display. Our ePaper display consumes only about 2.53 Wh per day. If I convert into the percentage, basically reducing display related energy consumption by approximately 99.9%, that's a huge saving. On an annual basis, each ePaper display can save around 759 kWh of electricity. If approximately, you know, 680 million ePaper displays were deployed, in other words, if we can replace those LCD and LED displays, the total electricity saving could offset the number I just mentioned, you know, 469 TWh of additional electricity demand expected from AI between now and 2030. I just mentioned equivalent to, you know, the whole year, Germany's annual annual consumption. Right. Next page. If I express differently in different ways from a carbon reduction perspective, the electricity demand associated with AI I just mentioned, you know, the energy saving impact mentioned above is equivalent to reducing approximately 223 million tons of CO2 emissions, which is comparable to removing 48 million cars from the road for one year. You may say equivalent to carbon absorption capacity of 3.7 billion trees. Again, E Ink will, you know, continue to expand ePaper application in smart retail, transportation information system, enterprise digitalization, and smart city solutions, while working closely with global ecosystem partner to further enhanced the energy saving value of ePaper in the AI era. To sum up, AI needs power, E Ink saves power. Okay. We would like to bring you more some marketing information. Diversified and innovative applications continue to be an important foundation for our long-term growth. On this quarter, we have seen our partners continue to introduce more color products while application scenarios further expanded, supporting the ongoing expansion of the ePaper ecosystem. As you can see from the screen, in the e-reader and e-note segments, leading brands including BOOX, Bigme, Hanvon, iFlytek, iReader, Kindle, reMarkable, and ViewSonic have launched new products powered by the latest generation of ePaper technology, further increasing the adoption of ePaper applications. At the same time, ePaper is gradually expanding into the new device categories such as Ledger hardware wallet and REETLE's ePaper smartphone case. These product launches reflect how ePaper applications are gradually expanding beyond, you may say, traditional reading devices into broader range of end user categories, which over the longer term also supports the continued expansion of ePaper ecosystem across different application scenarios. I think this page shows different user applications and even new applications to different categories. From the top left, we partner with Simple Mart Retail. They are local Taiwanese retailers and Taiwan local SI to establish Taiwan's first smart retail media network. Basically, this is the experience store centered on color ePaper at Simple Mart Retail. You know, our partner Aura they launched the Aura Ink ePaper photo frame in the U.S., you know. InkJoy, PicPak, and Japanese partner Design Incorporated have also introduced color ePaper photo frames. Right in the middle, there is electric guitar brand, it's called Cream Guitars, has introduced the world's first electric guitar featuring our Prism technologies, color changing technologies. This model is called DaVinci. We also work with a Japanese partner, ORICOM, together with Tokyo Metropolitan Bureau of Transportation, launched the sustainability-focused media platform. They call it TOKYO SUSTAINABLE BOARD, as you can see from the image on the right-hand side of the screen. Okay. I think I just talk about the ISE, the exhibition, we joined and more than 30 of our partners also showcase the variety of the, you know, the signage products. We also joined NRF, another exhibition in the States, a National Retail Federation, you know. From the screen, the upper left image shows a 32-inch ePaper smart signage solution jointly launched by Samsung and BIS Creative. The image right in the center, that's our Spectra 6 technology. Basically, that including Sharp display, the Splendor's A-series professional displays and also 75-inch large format ePaper display panel, which can be used for immersive retail media promotional messaging and digital shelf communications. We also prepared a video clip for your review. It's about those the new product being showcased at the ISE. Please take a look. Please wait for a short while. All right. The following page, I'm going to talk about a bit about the ESG. CDP is one of the most important international organizations evaluating companies' environmental management and capabilities. We received a double A list in CDP's climate change and water security assessments. Basically, this recognition not only demonstrates our concrete actions and strong commitment to addressing climate change and protecting water resources, but also reflects our outstanding performance in sustainability. In the S&P Global Corporate Sustainability Assessment, CSA, we achieved an outstanding 93 points, ranking highest in the global electronic equipment instruments and components industry for the second consecutive year. This score basically one point higher than the previous year continue to set a new industry record. As a result, we were recognized among the top 1% of the companies worldwide in 2026 Sustainability Yearbook reflecting our strong commitment to sustainable development. One of our most important activities, eRead for the Future. This program we have doing it for nine years already. We came to Miaoli locally in Taiwan, where we partner with 21 ecosystem partners to provide color ePaper and reading resources to local schools. Basically, this program promotes digital reading, reduces educational gaps, and supports long-term learning opportunities for students. We also were named a sustainability leading company in the manufacturing category by Ministry of Labor acknowledging our focus on workplace safety. Locally in Taiwan, there's annual Taiwan Global Brands. That's the name of the award. We were being ranked number 20, yeah, among the best Taiwan Global Brands with the brand value, dollar value, $132 million with the year-over-year growth 26%. This recognition reflects the growing visibility of the ePaper ecosystem and our continuous innovation. I think as you can see from the screen, we received multiple recognitions at the Taiwan Corporate Sustainability Awards, so I will not go into the details. Next page. Last but not least, in the past, we primarily exhibited at Touch Taiwan. This year, we will not be there, so we will be shifting our focus to COMPUTEX. The ePaper technology has been developing for many years with a growing range of color display innovations. Through the COMPUTEX, a platform with a strong international visibility, we hope to attract more global buyers and partners. You know, together with our ecosystem partners, we will showcase comprehensive total solutions for e-paper application at that exhibition. If you happen to be in Taiwan or if you really like our technology, you may consider to come to Taiwan early June. We will be showcasing the latest and greatest technology together with our ecosystem partners from 2 June- 5 June. Our booth will be located on D0101. Okay? We sincerely welcome everyone to visit and explore the exhibition with us. All right. Thank you. We can move forward to the Q&A session. We will now begin the Q&A session. If you would like to ask a question, please click the Raise Hand icon on the sidebar. When we take your questions, please remember to unmute yourself. We received a few questions online. The first one is the outlook of this year. I think in last quarter we provided the guidance about the 2026 outlook. I believe our guidance remain the same. We believe and we are expecting a year-over-year growth compared with 2025. We even believe the next year, 2027, will be better than this year. For Q2 this year, I think we have the earnings conference in Mandarin one hour ago. One of the questions being raised, what will be happening to the Q2? Our guidance is I think the Q2 last year was the record high, you know, due to a lot of pull-ins. This quarter's this Q2, we believe we may not be able to, you know, beat the Q2 last year. I think it will still be the second best historically. Q2 this year, we believe still will be quite good. It will be second best. I mean, last year's Q2 due to the pull-in, that was historically high. Q2 this year remain to be quite good. For the Q1 this year, we believe we will see year-over-year growth compared with the Q1 last year. Okay. The H2 remains to be seen. The whole year we believe it will be better than last year. Okay. I'm just reading those questions. Other questions online. I think one question is about our sixth line in Hsinchu, but our ninth line globally. H6, I think the timeline is we basically will move in the equipment by end of this year, but it will start ramping up next year. We may need a quarter or two quarters to get everything ready. That's sort of the timeline for H6. One question is about the 2027 outlook. What makes us think that 2027 will be better than 2026? Why are we so optimistic? I think let me put it this way. One of our strategy is to bring the color technology to the new products and new application. From CE perspective, even under the macro uncertainty, it still shows a year-over-year growth. We believe with the color technology, we can still be the trigger for the growth on CE. Of course, how soon it will grow, I think it's a bit tied up with the macro uncertainty, you know? We still believe it will grow. For ESL, we believe digitization and automation basically will be the trend for ESL. From that perspective, we believe we are expecting organic growth on the ESL. From that perspective, year-over-year growth, that's something we are expecting on ESL. For signage also, digitalization and automation seems to be the trend for the outdoor signage. Given those factor I just mentioned, that makes us to conclude the further growth in the following two years. One of the question is relevant to the signage gross profit margin. For signage, I think the business model to begin with still based on the module, because even we have a limited module capacity, but we still have one production line for signage module. At the beginning, we will be running the module business. I think CE is also running the module business, so you should know the gross profit margin. Once that particular signage production line is fully utilized, we will shift our business model from module to material. Basically gross profit margin then will be similar to the material business we are having now. That's sort of the flavor I can provide on the signage gross profit margin. Okay. I think one question is about the demand for ESL. As mentioned earlier, digitalization and automation definitely will be the trend for the retailers. I think you should be quite aware that the Walmart project is still ongoing, and it will be carried forward to next year. I don't know when it will be ended next year, but we have a lot of, you know, trial and POC with other retailers. Nothing really committed, but since I also mentioned, we believe the ESL business is on organic growth mode. The trend for ESL growth is still quite intact from our perspective. That also, you know, make us to conclude, you know, the ESL business will still be growing in the following two year-three year. Oh, there's one question about. Yeah, another question about the Edge Six. The question goes like this, given the Q4 softness, the company has a plan to, you know, defer H6 spending. I think I just answered that question. The plan remained the same. For H6, the equipment will be moving this year, and we will start ramping up. It may take a quarter or two quarters, you know. The plan remained the same. Let me elaborate a bit about the softness on Q4 last year. I think due to the pull-in in first half last year, so that effect or that led to the softness in the Q4, you know. Also, for CE, for ESL, that basically it's relatively low season for these two business segments. 'Cause for ESL, they will not, you know, adopt the new technology during, for example, Christmas. For CE, for example, they always, you know, build the inventory before the Christmas, which is on Q3. Due to the pull-in happened in the H1 last year and also the seasonality, as I mentioned, that basically led to the softness in Q4. The demand for ESL is still intact, as I mentioned earlier. CE, it's a bit relevant to the macro uncertainty, but we still believe it will be growing this year and even next year. Okay? There's a question about the H5 ramps. Are there any structural issues that could limit yield improvement reaching management target? Can we share more detail on what the operational bottlenecks might be related to currently? The H5 ramps so far so good. I have to admit, it takes relatively longer than we thought for the ramps 'cause it's large format. You know, we use a bigger size of the equipment, and this is the first time we manufacture large-sized ePaper, but so far so good. Yeah. Yeah, I believe I pretty much answered all the questions. Okay. Thank you for your participation. Yeah. This concludes our Q&A session. Thank you for your time to follow our call, and see you next quarter. Yeah. Thank you very much. Bye-bye.