Hello, ladies and gentlemen. Welcome to Himax Technologies Incorporated fourth quarter and fiscal year of 2025 earnings conference call. At this time, all participants are in the listen-only mode, and later we will conduct a question and answer session, and instructions will follow at that time. As a reminder, this conference call is being recorded. I would now like to turn the conference over to Ms. Karen Tiao, Head of IR, PR at Himax. Ms. Tiao, please go ahead. Welcome, everyone. My name is Karen Tiao, Head of IR/PR at Himax. Joining me today are Jordan Wu, President and Chief Executive Officer, and Jessica Pan, Chief Financial Officer. After the company's prepared comments, we have allocated time for questions in the Q&A section. If you have not yet received a copy of today's result release, please email hx_ir@himax.com.tw or himx@mzgroup.us, or download a copy from Himax website. Before we begin the formal remarks, I would like to remind everyone that some of the statements in this conference call, including statements regarding expected future financial results and industry growth, are forward-looking statements. They involve a number of risks and uncertainties that could cause actual events or results to differ materially from those described in this conference call. A list of risk factors can be found in the company's latest SEC filings, Form 20-F, in the section entitled Risk Factors, as may be amended. Except for the company's full year 2024 financials, we, which were provided in the company's 20-F and filed with SEC on April 2, 2025. The financial information included in this conference call is unaudited and consolidated and prepared in accordance with IFRS accounting. Such financial information is generated internally and has not been subjected to the same review and scrutiny, including internal auditing procedures and external audits by independent auditors to financial statements, and may vary materially from the audited, audited consolidated financial information for the same period. On today's call, I will first review Himax consolidated financial performance for the fourth quarter and full year 2025, followed by our first quarter 2026 outlook. Jordan will then give an update on the status of our business. After which, we will take questions. You can submit your questions online through the webcast or by phone. We will review our financials on an IFRS basis. We are pleased to report that our Q4 profit was at the high end of the projected range, issued on November 6, 2025. While sales and gross margin were both in line with the guidance. Fourth quarter revenue registered at $203.1 million, representing a sequential increase of 2.0% quarter-over-quarter guidance. Gross margin was 30.4%, in line with our guidance of flat to slightly up from 30.2% in the previous quarter. Q4 profit per diluted ADS was $0.036, at the high end of the guidance range of $0.02-$0.04. Revenue from large display driver came in at $21.7 million, representing an increase of four quarters, outperforming our guidance range of a single digit increase sequentially. This was primarily due to the rush order for both the TV and notebook IC legacy products from panel makers. Customers, through stocking of TV and monitor IC products, along with new notebook TDDI project entering mass production during the quarter, contributed to the sequential increase. Large panel driver IC accounted for 10.7% of total revenue for the quarter, compared to 9.5% last quarter and 10.5% a year ago. Revenue from the small and medium-sized display driver segment totaled $139.1 million, reflecting a slight decline of 1.3% sequentially. Automotive driver sales, including both the traditional DDIC and TDDI, increased approximately 10% quarter-over-quarter, largely driven by widespread adoption of our market-leading TDDI technology among major customers across all continents. Despite softness in global automotive markets, our automotive full-year 2025 grew single-digit year-over-year, outpacing the broader market. Meanwhile, revenues for both smartphone and tablet IC segments declined quarter-over-quarter as customers pulled forward purchases in prior quarters. The small and medium-sized display driver IC segment accounted for 68.5% of total sales for the quarter, compared to 70.8%, 0.3% a year ago. Q4 non-driver sales reached $42.3 million, a 7.9% increase from the previous quarter, primarily attributable to increased ASP consumption to a leading projector customer, along with robust T-CON consumption for automotive application. T-CON, Himax continued to hold an undisputed leadership position with a dominant market share in the automotive T-CON. T-CON business accounted for over 10% of total sales, with notable contribution from automotive T-CON. Also, during the quarter, our automotive OLED on-cell touch IC entered mass production with the leading brand, marking another milestone and strengthening the foundation for future growth. Non-driver products accounted for 20.8% of total revenue, as compared to 19.7% in the previous quarter and 19.2% a year ago. Fourth quarter operating expenses were 54.9 million dollars, a decrease of 9.6% from the previous quarter, but increase of 11.6% compared to the same period last year. The sequential decrease was mainly attributed to a reduction in the annual employee bonuses and the depreciation of the NT dollar against the US dollar, partially offset by an increase in payroll expenses. As part of our standard company practice, annual cash and RSU bonuses are granted at the end of September each year, leading to higher IFRS operating expenses in the Q3 than in other quarters. The year-over-year increase was primarily driven by the increase in payroll expenses. Salary expenses and the appreciation of the NT dollar against the US dollar were also factors behind the year-over-year increase. Amid the ongoing macroeconomic challenges, we continue to emphasize strict budget and expense controls. Fourth quarter operating profit was $6.8 million, representing an operating margin of 3.4% compared to -0.3% in the previous quarter and 9.7% for the same period last year. The sequential increase was the result of increased revenue and higher gross margin, as well as the lower operating expenses. The year-over-year decline reflected the lower sales and gross margin, coupled with higher operating expenses. Q4 after-tax profits was $6.8 million, or $0.086 per diluted ADS, compared to $1.1 million, or $0.006 per diluted ADS last quarter, and down from $24.6 million, or $0.14 in the same period last year. Now, let's quickly review the financial performance for the full year 2025. 2025 was a challenging year for the global economy, shaped by tariff and other geopolitical uncertainties. Panel customers generally maintained a conservative make-to-order strategy with a lean inventory level. While custom consumer electronics demand remained soft, automotive and AI-related applications, where Himax has strong exposure, proved comparatively resilient. Despite disciplined expense control, our full year 2025 operating expenses increased by 1%, as we strategically invested in select non-display IC areas with compelling long-term growth potential, some of which are poised to ramp meaningfully starting in 2027. Reflecting this market conditions, our 2025 full year revenue totaled $832.2 million, a decline of 8.2% compared to 2024. Our revenue from large panel display driver IC totaled $90.7 million in 2025, marking a decrease of 28.0% year-over-year and representing 10.9% of total sales, as compared to 13.9% in 2024. Small and medium-sized driver sales totaled $575.1 million, reflecting a decrease of 8.0% year-over-year, and accounting for 69.1% of our total revenue, as compared to 69.0% in 2024. Non-driver product sales totaled $166.4 million, an increase of 7.0% year-over-year, and representing 20.0% of our total sales, as compared to 17.1% a year ago. Gross margin in 2025 was 13.6%, slightly up from 30.5% in 2024. Operating expenses in 2025 were $210.2 million, a slight increase of 1.1% from 2024, primarily due to the increase in payout and salary expenses, as well as the appreciation of the NT dollar against the US dollar in 2025, partially offset by the lower employee bonus compensation compared to last year. 2025 operating income was $44.1 million or 5.3% of sales, as compared to $68.2 million or 7.5% of sales in 2024. Our net profit for 2025 was $43.9 million or 0.25 per diluted ADS, a decline from $79.8 million or 0.46 US dollars per diluted ADS in 2024. Turning to, we had $286.2 million of cash, cash equivalent and other financial assets as of December 31, 2025. This compared to $224.6 million at the same time last year, and $278.2 million a quarter ago. Q4 operating cash inflow was $16.8 million, compared to an inflow of $6.7 million in the prior quarter. We have $28.5 million in long-term unsecured loans, with $6.0 million representing the current portion at the end of 2025. Our year-end inventories were $152.7 million, an increase from the $107.4 million last quarter, but lower than $158.7 million a year ago. Accounts receivable at the end of December 2025 was $200.9 million. Little change from last quarter, but down from $236.8 million a year ago. DSO was 88 days at the quarter end, as compared to 87 days last quarter and 96 days a year ago. Fourth quarter capital expenditure was $4.0 million, versus $6.3 million last quarter and $3.2 million a year ago. Fourth quarter CapEx was mainly for R&D-related equipment for our IC design business. Total capital expenditure for 2025 was $20.1 million, as compared to $13.1 million in 2024. The increase was primarily due to the construction in progress for the new pre-school near our China children, with completion expected by the end of Q2 2026. As of December 31, 2025, Himax had 174.4 million ADS outstanding. Little change from last quarter, and on a fully diluted basis, the total number of ADS outstanding for the fourth quarter was 174.5 million. Now turning to our Q1 2022 guidance. Q1 revenues to decline 2.0%-6.0% sequentially. Gross margin is expected to be flat to slightly down, depending on product mix. Q1 profit attributable to the shareholder is estimated to be in the range of $0.02-$0.04 per fully diluted ADS. I will now turn the call over to Jordan to discuss our Q1 2026 outlook. Jordan, the floor is yours. Thank you, Karen. Overall, market conditions remain under pressure from ongoing macroeconomic uncertainty. Recent sharp price increases in memory put further weight on the market sentiment for electronic products. However, compared with consumer products, the automotive segment, which accounts for over half sales, is more immune to memory price fluctuations. Having said that, our visibility for the whole year outlook of automotive sector remains limited, amid the backdrop of uncertain government policy and consumer sentiment. However, we expect the first quarter to be the trough of the year, with sales rebounding in the second quarter and business momentum continuing to improve into the second half, supported by levels and new projects for automotive customers scheduled to enter mass production later in the year. In addition, continued growth in our non-driver IC businesses, particularly T-Con and WiseEye, should provide incremental support. In the automotive display IC business, we remain optimistic about our long-term business outlook, backed by our leading new technology offerings and strong design win pipeline. In DDIC and TDDI, we have already secured hundreds of design wins, commanding 40% market share in automotive DDIC, and well over half in the global TDDI market, has also established strong technology leadership in all emerging automotive display areas, including automotive T-CON with advanced local dimming functionality, LTDI for large size automotive displays, advanced T-CON solutions for advanced head-up displays, automotive OLED panels, and micro LED technologies. A growing number of customers are accelerating the adoption of these advanced display technologies in new vehicle models, driving new growth momentum for Himax's automotive display IC business in the years ahead. We believe the automotive market still offers significant upside potential, driven by rapid innovation and ongoing advancements in smart cabins, as well as more vivid, intuitive, and immersive displays, such as Knob-on-Display, curved display, large size HUD or windshield, micro LED for both interior and exterior of the vehicle, and many more. Despite lingering economic uncertainty, beyond our mainstream business of display IC solutions, we continue to expand into areas such as ultra-low power AI for endpoint devices, front-lit microdisplay, and waveguide for AR glasses, and WLO for co-packaged optics. All these technologies are seeing exciting upside potential in the next couple of years, driven by the recent breakout of AI. As adoption continues to broaden, some of these technologies have already begun translating into real-world applications, with more expected to follow suit in the near future. We expect these initiatives to become new meaningful growth drivers, while also improving our product mix and overall profitability. Some of these advanced technological capabilities were showcased through multiple live demonstrations at CES earlier this year. First, on ultra-low power AI. We are differentiated in the market by offering total solutions that integrate in-house AI processor, CMOS image sensor, and algorithm, helping customers streamline development and accelerate time to market. Himax's industry-leading WiseEye AI features industry-leading, ultra-low power design, with power consumption at just single digit milliwatt levels. Combined with a compact form factor on device AI inference and 24/7 always-on image and voice sensing, WiseEye is empowering battery-powered endpoint devices across a wide range of new AI applications. For use cases requiring real-time voice and vision sensing, WiseEye also serves as an ideal perceptual front end for large language models, working in tandem with LLM's ability to perceive and understand real-world context, and deliver a more intelligent, responsive, and low-latency human-machine interaction. This capability is reflected in applications such as keyword spotting for AI PCs and environmental awareness and sensing in smart glasses. This year, Himax showcased a broad portfolio of WiseEye powered endpoint AI solutions, spanning applications including smart home, security and surveillance, automotive, smart city, access control, AI PC, and smart glasses. One notable example in the field of security applications is the newly introduced solution, a significant technological innovation for next-generation security applications. WiseGuard features high accuracy AI sensing, even in low luminance environments, along with proactive key events capture, all while consuming merely milliwatt level power, thereby extending battery life for end devices. I will elaborate on this later. All these demonstrations reinforce WiseEye's growing relevance across multiple end markets. After many years of R&D and promotion, we expect to see very strong growth for the WiseEye business starting from this year. Turning to smart glasses, one of Himax's key strategic focus areas, we are uniquely positioned as one of the few companies with both microdisplay and low-power AI capabilities, both critical for the success of AR glasses.... Driven by the rapid advancement of AI, the smart glasses market is undergoing a strong resurgence, creating significant new opportunities for WiseEye AI and LCoS micro displays. Smart glasses developers can leverage WiseEye's ultra low power AI capabilities to enhance device interactivity, supporting both outward-facing, environmental awareness and object recognition, as well as inward-facing eye tracking and iris authentication. This allows smart glasses to simultaneously understand user intent, and external surroundings, delivering a more natural and seamless human machine interaction experience. In micro display, Himax's latest proprietary front-end, front-lit, LCoS micro display, achieves an optimal balance among size, weight, power consumption, resolution, and cost, while meeting the stringent optical performance requirements of next generation see-through AR smart glasses. Our LCoS solution is a full color micro display, which can be configured for a high brightness, low power, green-only mode, and switch back upon command from the central processor, seamlessly, covering both indoor and outdoor instances. Himax is working closely with multiple waveguide partners across China, Europe, Israel, Japan, Taiwan, and U.S., bundling each other's technologies into complete display systems for AR glasses, with several joint achievements demonstrated at CES. Before turning to our segment outlook, I would like to highlight our progress in CPO. Himax continues to make solid progress in collaboration with our strategic partner, FOCI. Our main goal for 2026 is to complete mass production readiness with just small quantity shipments for the year. In addition, we are actively advancing multiple future generations of high-speed optical transmission technologies and advanced CPO architectures. These efforts focus on higher fiber channel density and more sophisticated optical designs to support the increasingly demanding requirements. Specifically, in collaboration with the leading global customer and partner, Himax and FOCI are finalizing the manufacturing process of a state-of-the-art design, supporting 6.4 T transmission bandwidth. Expect positioned for the AI data center market with the biggest volume potential, while demanding the highest transmission bandwidth. Recently, FOCI successfully completed an equity rights issue of TWD 3.16 billion, to fund equipment purchases and prepare for CPO mass production. Himax participated in the share subscription, demonstrating our continuous support for our partner and further strengthening the collaboration between the two companies. Himax expects CPO to become an important contributor to both revenue and profitability over the next few years. With that, I will now begin with an update on the large panel drive IC business. In Q1, large display drive IC sales are expected to increase single digits sequentially, mainly driven by continued replenishment of TV IC product from Chinese panel customers, carryover from Q4 last year. Looking ahead, our focus in the notebook market is on premium models, featuring OLED displays and touch functionality. This trend is being reinfored by recent rising memory prices, which have put pressure on lower-end notebook models and further accelerated the shift towards higher-end devices. Himax offers a full spectrum of IT solutions for both LCD and OLED notebooks, including DDIC, T-CON, touch controllers, and TDDI. This broad product coverage allows us to address diverse panel architectures and system designs, while increasing our content per device. During the first quarter, we began mass production of our touch IC for OLED notebooks, with a leading notebook vendor, marking a milestone for another key application for OLED on-sale touch technology beyond... By leveraging proven touch integration capabilities from automotive applications and extending them into consumer electronics, we are creating new growth opportunities in premium OLED IC devices. T-Con solutions are a key pillar of our notebook display IC portfolio, playing a critical role in image enhancement and system level integration, strengthening our ability to provide customers with a comprehensive one-stop solution. We continue to expand our novel T-Con portfolio to address diverse customer design requirements and cost considerations. Our solutions support a wide range of panel resolutions, refresh rates, and gaming-oriented applications, while delivering high value added features with a strong focus on power efficiency, which is becoming increasingly important for thin and light, and AI PCs. Turning to the small and medium-sized display driver IC business. In Q1, small and medium-sized display driver IC business is expected to decline single digits from last quarter. Q1 automotive driver IC sales, including TDDI and traditional DDIC, are set to decrease by double digits quarter-over-quarter, following two consecutive quarters of order replenishment. This decrease also reflects typical seasonal softness related to the Lunar New Year holidays, along with the tapering effect of automotive subsidy programs in major markets such as China and the US. That said, our long-term competitive position remains solid, supported by hundreds of design wins already secured across TDDI, DDIC, T-Con, and an expanding OLED portfolio. In addition, our diversified foundry footprint enables supply flexibility that allows us to better navigate shifts in customer demand. We continue to lead the global automotive display market with a 40% share in DDIC, well over half in TDDI, and even higher market share in local dimming T-Con. Himax also continues to lead in automotive display IC innovation by pioneering the solutions across a wide range of panel types, while addressing diverse design needs and cost considerations. For example, in ultra-large touch displays, we introduced the industry's first LTDI solution back in 2023, which has already been mass produced in several vehicle models. Design activity continues to expand across continents, and after several years of sustained effort, we expect meaningful revenue contributions starting this year. For smaller displays with form factor and budget constraints, we provide wide single-chip solutions that combine TDDI and Local Dimming T-Con. An attractive choice for customers as it can significantly reduce costs and improve power efficiency. Looking ahead, all the panel adoption in automotive displays is expected to accelerate, and to further strengthen our leadership in the automotive display market. Our ASIC, OLED driver, and T-Con solutions have already been in mass production for a few years, and we now offer new standard IC products to support broader and more scalable deployment. At the same time, we continue to collaborate with DD panel makers on new custom ASICs to meet diverse customer requirements. Together, these efforts position Himax to capture increasing semiconductor content as premium automotive display technologies evolve from LCD to OLED. Complementing our OLED portfolio for automotive applications, we are also a leader in advanced OLED touch ICs, featuring industry-leading signal-to-noise ratio performance that ensures reliable operation, even under challenging conditions, such as gloves or wet finger use. Our OLED touch ICs enter mass production in 2024, and continue to see a growing design pipeline globally, many of which are scheduled to enter mass production in the coming quarters. Moving to smartphone IC sales, we expect Q1 smartphone TDDI and OLED products to increase over quarter-over-quarter. The new OLED solutions begin mass production with a leading panel maker for leading smartphone brands, mainstream model. For tablet ICs, Q1 sales are also expected to grow sequentially, driven by the commencement of IC shipment for customers' new premium OLED tablet. Moving forward, in tablet market, we are advancing new technologies that enable value-added features such as active stylus, ultra-slim bezel design, higher frame rates, and power-saving architectures. Positioning Himax to capture more semiconductor content in next-generation premium tablet reinforces our competitive edge. I would like to now turn to our non-driver IC business updates, where we expect Q1's revenue to decrease single-digit sequentially. For an update on our T-Con business, we anticipate Q1 T-Con sales to decline by a single-digit quarter-over-quarter, primarily due to the absence of ASIC T-Con shipments to a leading projector customer that occurred in the prior quarter. The sequential decline also reflects a moderation in automotive T-Con shipments towards several quarters of steady growth, which we view as normal seasonality rather than a change in underlying demand. For the full year 2025, our automotive T-Con sales still grew approximately 50% year-over-year. Backed by hundreds of secure design wins, this momentum provides a strong foundation for sustained growth. T-Con for monitor, notebook, and TV products is expected to increase sequentially in Q1, primarily a result of customers replenishment inventory for high-end products. Meanwhile, head-up display or HUDs are poised to become an essential element of next generation smart cockpits. The trend, a trend clearly highlighted at CES, where numerous panel makers and automotive OEMs equipped with our IC solutions showcase their latest, trendy, and innovative HUD concepts. HUD for automotive is rapidly evolving from simple text and symbols to high brightness, high contrast, AI-enriched visuals integrated into automotive displays. This shift is driving demand for sophisticated T-Con technologies, an area where Himax holds a strong leadership position in automotive display T-Con solutions. Trend, we introduced a multifunctional integrated T-Con, T-Con, featuring the industry's first full area selectable local de-warping capability. Combined with Himax's, market-leading local dimming and on-screen display, technologies, offering the flexibility to meet diverse design and cost requirements, while simplifying overall system integration. This new T-Con continues to deliver exceptional contrast performance, while effectively eliminating the so-called pops, a common issue caused by light leakage in conventional TFT-LCD panels. Our industry-leading OSD function is also integrated, ensuring that critical safety information remains visible even when the main system is powered down, thereby enhancing overall driving safety. The new T-Con solution supports a broad range of HUD architectures, including augmented reality HUD and panoramic HUD. Multiple customer projects are already underway with leading panel makers and Tier 1 players, reflecting strong market recognition of our advanced HUD technology, HUD T-Con technology product. Switching gears to the WiseEye product line, a cutting-edge, ultralow-power AI sensing solution, targeting endpoint device market. As AI advances at an unprecedented pace, WiseEye stands out with context-aware on-device AI inferencing that combines industry-leading power efficiency, consuming only a few milliwatts, form factor and robust industrial-grade security, and pre-trained no-code/low-code AI algorithm, enabling easy deployment across a broad spectrum of applications. This powerful combination unlocks advanced AI capabilities in endpoint devices that were once constrained by power and size limitations. This is driving innovative new product concepts across a broad range of applications, from notebooks, surveillance, and access control, to smart home, smart retail, and more recently, smart glasses, which the industry widely expects to become the next breakout market. Starting with notebooks, WiseEye human presence detection is seeing expanding adoption among leading global brands, driven by its ultra-low power consumption, instant responsiveness, and privacy-centric design. Well aligned with the industry's move towards always aware AI-driven PCs. Building on this foundation, additional feature enhancements are being developed to address more complex real-world scenarios, while preserving exceptional power efficiency and improving user convenience. One example is gesture recognition that emulates keyboard inputs, enabling users to scroll pages or adjust volume without touching. Another advanced feature currently under development for next generation AI PCs is a voice-activated keyword spotting function. Here, WiseEye acts as an ultra-low power front end that continuously monitors audio and performs wake word detection, activating the main CPU only when a designated trigger phrase is recognized. This advanced feature enables continuous, even in noisy environments, while maintaining minimal impact on overall system power consumption. In the surveillance domain, at a recent CES, we introduced our latest WiseGuard Endpoint AI solutions, highlighting the versatile deployment of WiseEye AI in security applications. WiseGuard is a turnkey solution capable of accurately detecting and tracking multiple individuals, including their presence, location, and movement. Its proactive and continuous sensing capability enables security systems to anticipate and capture important events in advance, providing more forward-looking protection compared with traditional reactive security solutions. WiseGuard performs always-on sensing and AI milliwatt level, enabling up to five years of battery life and reliable, low-maintenance operation in compact battery-powered devices. At the same time, it maintains high precision event detection at distances of up to 10 meters under extreme low light environments. Immediately after its debut, WiseGuard has attracted strong market interest, driven by its compelling advantages for scalable, smart home, and security systems. Meanwhile, from a module perspective, WiseEye technology is seeing expanding adoption across a wide range of domains, including leading brands, upcoming smart home applications, and various surveillance applications. Notably, our PalmVein module has had a strong design pipeline across multiple industries, covering smart access, workforce management, smart door locks, and more recently, computer monitoring and automotive applications. In the domain of AR and AI glasses, WiseEye delivers fast responsiveness for a wide range of AI functions, while maintaining exceptional power efficiency. Enables intelligent, context-aware vision sensing in next-generation wearable and smart glasses through both outward and inward-facing capability. Outward sensing supports environmental awareness, object recognition, and spatial mapping, while inward sensing enables iris authentication and tracks eye movements, gaze direction, and pupil dynamics for natural, intuitive human-machine interaction. WiseEye is gaining strong traction in smart glasses, winning engagements underway among global tech names, solution platform providers, and smart glasses ODMs. These smart glasses are poised to enter mass production later this year, marking an important milestone for WiseEye in the smart glasses market. That concludes my re-- Thank you for your interest in Himax. We appreciate you joining today's call and are now ready to take questions. Yes. Thank you, Jordan. Ladies and gentlemen, we are now in question and answer session. If you would like to ask the question, please press star key and number one on your telephone keypad, and you will enter the queue. After you are announced, please ask your question. If you find that your question has been answered before it's your turn to speak, you may press star key and number two to cancel the question. In addition to submitting questions via phone, you may also submit your question through the webcast system, where the checkbox is available on the screen. Thank you. Now, if you would like to ask the question, you may press star key and number one on your telephone keypad, or submit your questions through the webcast system. Thank you. If you would like to ask the question, please press star key and number one on your telephone keypad. Thank you. Now we'll have our first question from Tiffany Yip, Morgan Stanley. Go ahead, please. Yeah. Thank you, Jordan and Karen, for taking my question, and congrats on the great results. Yeah, so my first question is on first quarter gross margin. I know why the margin would be flat to down quarter over quarter. And in first, first quarter, is it because of product mix, or are we seeing elevated pressure coming from like the increasing material costs and also the outside costs? Thank you. And I have a follow-up. Thank you, Tiffany. Actually, we are only guiding for a slight, a flat to slight decline only. So, we are not seeing material change from the gross margin last quarter. And the difference is really the product mix change. We are seeing, proportion-wise, slightly less auto shipment in Q1 compared to last quarter. And you pointed out about the material price increase, which is obviously a factor. And it has been a factor for, like, a pretty long time, as we all know. As we know, you know, gold prices, gold price has been increasing over the years. And now, on top of that, we are seeing a foundry capacity tightening and therefore prices appear to be rising. For that reason, I mean, with our foundry vendors, we are in discussion with them, you know, how to get our delivery support, while in the meantime, you know, hoping for a manageable price increase from them. And at the same time, we are also in active discussion with our customers about the possibility for a price increase to reflect our cost. So that both are ongoing, so we don't have any conclusion yet. But I think, you know, so far, I mean, this is all pretty recent, and so far, we are seeing our customers all kind of recognize the fact that, you know, as we all know, memory price, the memory demand and, you know, squeeze out the supply of other types of ICs, and therefore, demand appears to be rising for other kind of non-memory IT products because the supply is being squeezed, and price is rising. So, again, we are in discussion with both our customer side and vendor side. So, but that doesn't really quite... That is not really quite a factor for our Q1 corresponding guidance. If anything, I think that is going to becoming a factor starting from Q2 and onwards. But thank you for your question. All right. Very clear. Thank you. So my second question would be regarding CPO. Could you give us more details or maybe some guidance for the CPO revenue in maybe 2026 and 2027? As I think investors are very excited about our development and progress in this area. Thank you. Thank you. Actually, we also, online, getting a few questions regarding CPO, so I'll try to kind of address them, you know, together. We said that in last quarters and it's core, and I'm going to repeat that. Now, the main goal of 2026 for us and also for our partner, FOCI, is to complete the validation of both our Gen 1 and Gen 2 products. It's validation by key customers/partners. So with the validation being the target, the revenue contribution will be limited for 2026 because we will be talking about sample shipments only. Notably, while I'm commenting on 2027, in close collaboration with anchor customer and partner, again, FOCI and Himax are close to finalizing the Gen 2 product, which targets bandwidth of greater than 6.4 T. Okay, this is important. Again, we are finalizing, we are, we are finalizing the Gen 2 product for its production readiness, targeting bandwidth of greater than 6.4 T. And for this product, Gen 2 product, we can potentially see meaningful top and bottom line contribution from starting from 2027, even before the official MP gets started. The reason why I emphasize this is because, when and how this, this, CPO product will start mass production is really a call on which can only be made by the customer. I mean, we don't fully know, and also, it actually involves a complex and lengthy ecosystem run by our customer, right? So it is not a matter of when we are proven to be ready, the customer can just click a button and then, you know, in full volume production, it is not going to happen that way. So we cannot, we don't have full visibility on exactly when and how the ramping, the mass production ramping will take place. It is likely to be 2027 or 2028. We don't know. However, what I'm trying to say is, even before the official ramping, official MP, let's say it's 2027 or 2028, even before then, because, prior to the official MP, there will be further sample shipments for various purposes with, certain quantity, which will be greater than 2026. So even before the official MP gets started, just from pre-MP shipments, we, based on our internal count, the contribution can be already pretty meaningful for Himax as a total, in terms of our total revenue, certainly, even more so for our total profit, right? So I guess that address your issue about 2027. And again, I want to emphasize this product targeting 6.5 T bandwidth spec is done in close collaboration with our anchor customer and partner. It is not like we, you know, we are closing our doors and we try to, you know, product and try to push it to the customer. No, it is actually from beginning to now, it has been a joint development by our direct customer, direct partner, FOCI, and our joint anchor customer and partner. And, the so-called 6.4 T transmission product spec, the target is the AI data center market with the biggest volume potential, while demanding the highest transmission bandwidth, meaning it is, you're talking about the GPU market, right? Which requires a very high transmission rate. So, that I guess, Tiffany, that kind of addresses your question directly. And also, people ask about the volume potential or revenue potential when it starts MP. And I, for this, I would kind of repeat what I mentioned earlier in our earlier session. Even in what I call early stage of mass production, meaning we are not, we are far from reaching, you know, full penetration, you know, full deployment and so on and so forth. I mean, how exactly that is defined, I cannot say precisely, but you know, in early stage mass production, for Himax, we'll be talking about hundreds of millions of sales. So it's gonna be very, very significant, based on what the customer is telling us, based on how we price it, and based on our internal calculation. And so I'm still holding the same view now. And the good news is, we do have existing WL capacity to support and manage pretty big volume of production, you know, for that kind of scale, $hundreds of millions of annual sales. Okay. So I guess that kind of summarizes my answer, you know, for all questions related to CPO right now. Thank you. Thank you. If you would like to ask the question, you may press star key and number one on your telephone keypad. Thank you. I do have a question from online inquiry. Our OLED sales is gonna be huge in 2026. Is price or price premium versus conventional panels? Actually, for all that we have, we in our prepared remarks, we said we started shifting in mass production volume for a smartphone, starting actually a bit of last quarter and certainly this quarter. But the sales contribution from the smartphone OLED for Himax right now is still low. And if you combine the smartphone OLED for Himax together with IT and automotive OLED together, our expected sales contribution for 2026 is still less than 10% of our total sales. So I would say probably high single digits of contribution, 2026. The, the, the ramp, the real ramp is gonna be 2027. I will explain why 2027 and why it's different from 2026 in a minute. Getting back to your question about margin. For Himax, the OLED products, gross margin for smartphone, it is actually lower than our corporate average. So to be honest, we are not very, very keen. I mean, we recognize the fact that our peers are already ahead of us and probably shipping bigger volume than us. So it is already a very competitive market with low margin across the board. So that is for smartphone. However, I would say something very different for automotive OLED and IT OLED. The ICs, these two areas are our focus area right now, and they both enjoy much better gross margin, compared to our traditional LCD products. Also on a per panel basis, the IC contents are materially higher, again, than LCD products. So I would probably describe our status separately for auto and IT. First, on auto, we are in strategic partnership with top-tier Korean and Chinese panel makers, and this is a market which is now being led by major Korean panel makers. And we are the prime IC partners for both Korean panel makers. And I say it's like we expect to see breakout demand from 2027, mainly because it is actually now the Korean makers leading the charge in terms of aggressively promoting the OLED market, which up to now has been, volume-wise, has suffered from two main factors. One is cost and the other one is reliability. That through many years of effort across the ecosystem, the reliability has been kind of resolved. So it's an issue of yesterday, no longer an issue. So the real issue is now cost. But Korean makers, they have a lot of legacy OLED capacity, which can only do rigid displays. So they are taking advantage of those capacities, which are, you know, fully depreciated, you know, you know, running with very good efficiency and so on and so forth, to, to price their, their products aggressively. To the extent that the, the OLED prices for automotive products in certain specs are already approaching the levels of, LCD products already, and certainly OLED enjoy better quality and, you know, lighter weight and so on, you know, a few very good benefits. So when you start to, see, prices approaching those of LCD, this becomes very appealing. So we are, we are in the middle of, very, very busy design, activities with our panel makers and tier ones at the moment. So with, with a lot of design, designing projects going on... And many of which are slated for mass production in 2027. So this year, while we, we did, we do ship some volumes, but, I think, hopefully 2027 volume will be much, much bigger than this year. And, for this, we offer, our standard products, including, driver IC and timing controller and PCAP products for both, leading panel customers. Again, for both, PCAP, timing controller and driver IC. And on top of that, we also offer, discrete, discrete touch IC, which we are now leading the pack. We out-competed their, their, their old, we out-competed in technology, in performance compared to their, their old, vendors. So we are winning a lot of new design projects right now for our touch controller, with mass production already taking place, with a few leading international and Chinese names. So that is for automotive. And for IT, slightly different story, but very similar timing. 2020, 2027 is likely to be a breakout year. Need to large panel size, larger panel size. So you do require Gen 8.5 or 8.6 to be mass producing IT products effectively. Our Korean panel makers have led the charge back a couple of years ago. They have completed their 8.5 Gen production line. But the Chinese are, so, across the board, quite a few Chinese panel makers are starting mass production for their Gen 8.6 OLED line, all targeting IT products, mainly tablet and notebook, right? And likewise, we are going through very, very busy design status stage with a few such customers. So the story here is that, when you have new Gen 8.6 OLED line coming into production, joining production, in the same time, 2027, it is likely to be price pressure. And that certainly for market demand for notebook makers is good news. Again, you know, all the panel with better contrast and better brightness and, you know, good power consumption and, you know, all these benefits as we all know, right? So the major issue stopping all the panel from high penetration is cost. The fact that quite a few Chinese Gen 8.6 are coming online starting 2027, I think it's likely to bring down the cost substantially and trigger the demand. So again, we are going through a design stage right now. Any other question? Yes. Okay, then. Thank you, Jordan. And we don't have further questions at the moment. We thank you for all your questions, and I'll pass the call back to Jordan. Thank you. Thank you. As a final note, Karen Tiao, our head of IR/PR, will maintain investor marketing activities and continue to attend investor conferences, and we'll announce the details as they come about. Thank you, and have a nice day. Yes, thank you. Ladies and gentlemen, this concludes fourth quarter 2025 earnings conference. Again, goodbye.