Hello, ladies and gentlemen. Thank you for standing by. Welcome to Hesai Group's fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. Please note that today's conference call is being recorded. I will now turn the call over to our first speaker today, Yuanting Shi, the company's Head of Capital Markets. Please go ahead. Thank you, operator. Hello, everyone. Thank you for joining Hesai Group's fourth quarter and full year 2025 earnings conference call. Our earnings release is now available on our IR website at investor.hesaitech.com, as well as via newswire services. Today, you will hear from our CEO, Dr. David Li, who will provide an overview of our recent updates. Next, our CFO, Mr. Andrew Fan, will address our financial results before we open the call for questions. Before we continue, I refer you to the safe harbor statement in our earnings press release, which applies to this call, as we will make forward-looking statements. Please also note that the company will discuss non-GAAP measures today, which are more thoroughly explained and reconciled to the most comparable measures reported under GAAP in our earnings release and SEC filings. With that, I'm pleased to turn over the call to our CEO, Dr. David Li. David, please go ahead. Thank you, Yuanting, and thank you everyone for joining our call today. I'd like to start by taking a step back and looking at what we accomplished over the course of the year. 2025 was a defining year for Hesai. We achieved a milestone no other LiDAR company has reached. Industry's first full-year GAAP net income of RMB 436 million. This was not just a year of growth. It was the year our technology, leadership, operational scale, and execution converged to set new standards for the industry. On the product front, we continue to lead the way. According to Gasgoo, ATX, our flagship ADAS LiDAR, largely contributed to our number one position in 2025, with over 40% share of the long-range automotive LiDAR market. Meanwhile, our JT series entered mass production and shipped over 200,000 units in its first year alone, establishing clear leadership in robotics as well. At the same time, we reinforced our financial position through a successful $614 million dual primary listing in Hong Kong, further strengthening our robust balance sheet and enhancing our capacity to support long-term growth. As we enter 2026, we are carrying significant momentum across markets. With demand accelerating across various key applications, we are raising our 2026 LiDAR shipment outlook to between 3 million units and 3.5 million units. This reflects the massive scalability and resilience of our business. Now, let's take a closer look at our business highlights, starting with our progress in the ADAS market. Currently, LiDAR is rapidly becoming what we call the "invisible airbag," essential, affordable, and increasingly standard. Over the past year, we have been a key force behind the broader rollout of LiDAR across the industry. We achieved 100% LiDAR adoption on best-selling models from partners, including Li Auto and Xiaomi, while also breaking into the sub-RMB 100,000 price segment with Leapmotor. This marks a fundamental shift. LiDAR is no longer a premium add-on, but a core safety feature in mainstream vehicles. Our momentum is also reflected in the strength and breadth of our partnerships. We have secured 2,026 design wins with key partners, including Li Auto, Xiaomi, BYD, Leapmotor, Great Wall Motor, and Changan, many on an exclusive basis. Additionally, leading automakers such as BAIC and FAW Bestune are joining our SOP roster. Altogether, we have now secured ADAS orders from every one of the top 10 OEMs in China and have secured ADAS design wins with 40 automotive brands across more than 160 vehicle models, reinforcing our position as the partner of choice for world-class automakers. This leadership allowed us to go beyond a key milestone we first envisioned almost a decade ago, enabling 1% of all vehicles worldwide with 3D perception. With over 2 million cumulative ADAS LiDARs delivered, we are capturing over 40% of ADAS long-range LiDAR demand. This gives us significant manufacturing leverage and drives a powerful flywheel of innovation. To support accelerating growth at scale, we launched our revamped version of ATX LiDAR last November at our Tech Day event, powered by our in-house FMC 500 SoC, integrating MCU, FPGA, and ADC. The revamped ATX features up to 256 channels, delivering enhanced performance, reliability, and cost efficiency. With an order backlog exceeding 6 million units, it positions us strongly for the next phase of mass adoption and is expected to begin SOP in April 2026. While Level 2 drives volume, Level 3 is the value multiplier. In China, the regulatory environment has reached a pivotal inflection point. With Level 3 models now approved for public road deployment in cities such as Beijing and Chongqing, the industry is moving decisively from testing into real-world deployment. As responsibility shifts from the driver to the OEM, zero failure has become a mandatory requirement. To manage complex driving scenarios, Level 3 systems need broader coverage with more LiDARs. This is where our FTX blind spot sensors come in, enabling full 360-degree perception. At the same time, Level 3 also demands better LiDARs, raising the bar on performance and reliability. Our ETX ultra high-performance long-range LiDAR is purpose-built for these demands. It offers around twice the detection range of ATX and will incorporate our proprietary SPAD, which eliminates the false triggers commonly seen in traditional SPAD architectures. ETX is expected to begin SOP by 2026, with recent multi-LiDAR design wins from Li Auto, Xiaomi, and Changan, with SOP planned for 2026-2027, along with several late-stage Level 3 discussions underway with additional leading Chinese OEMs, we are seeing a meaningful increase in LiDAR content per vehicle as multi-LiDAR models typically feature three to six LiDARs per vehicle. This mirrors the evolution we saw in smartphone cameras, where increasing sensor count drove a steady expansion in total system value. We believe ADAS LiDAR is now entering a similar value creation cycle. Internationally, our business has also reached a critical inflection point. We are pleased to announce a strategic partnership with Grab, Southeast Asia's leading super app. With Grab as our exclusive regional distributor in Southeast Asia, we are combining Hesai's global LiDAR leadership with Grab's unparalleled local network to aggressively scale our footprint across the region. More significantly, we have been selected as the primary LiDAR partner for NVIDIA's DRIVE Hyperion 10 platform, which we view as a true game changer in how we scale globally. Historically, international expansion in automotive was a slow OEM-by-OEM process, often taking years of validation and negotiations. Integration into the Hyperion ecosystem enables a fundamental shift in our go-to-market approach from individual engagement to a scalable turnkey model. This positions Hesai as the default gold standard LiDAR choice for OEMs building autonomous driving systems on the NVIDIA platform. Additionally, we have joined the NVIDIA Halos AI Systems Inspection Lab to further advance safety in autonomous vehicles and robotics. Building on our momentum, our exclusive multi-year design win with a top European OEM is progressing well, with sample deliveries firmly on track. More importantly, we've achieved a key breakthrough unifying our high-performance LiDAR architecture across China and global markets with the ET series as a prime example, enabling a single platform to scale seamlessly worldwide. This unified architecture eliminates redundant development while combining China's operational agility and cost advantages with the most stringent global quality standards. I n fact, Hesai is the only Asian LiDAR manufacturer with German VDA 6.3 process audit certification, a globally recognized benchmark for the industry's most rigorous production and quality standards. The result is a structurally- advantaged one-platform model delivering superior cost, speed, and global scalability that is extremely difficult to replicate, putting us firmly in the driver's seat of global expansion. Looking ahead, 2026 is going to be a pivotal year for the evolution of intelligence. As NVIDIA CEO Jensen Huang described at this year's CES, we are entering the ChatGPT moment for physical AI, a shift from digital chatbots to kinetic work bots operating in our factories, streets, and homes. If 2025 was the year AI learned to reason, 2026 is the year AI gains a body. However, for AI systems to truly reason about the physical world, it requires a grounding in geometric truth. While cameras provide the context or the what, LiDAR provides the sub-centimeter spatial accuracy, the where. This makes LiDAR an indispensable bridge between the carbon-based world and silicon-based intelligence. Without the spatial intelligence, physical AI remains blind to the laws of physics. This structural shift plays directly to our strengths, and the results are already very encouraging. According to GGII, Yole Group, and Frost & Sullivan, we now rank number one across multiple major robotic LiDAR submarkets, spanning humanoid and quadruped robots, robotaxis, robovans, and robotic lawnmowers. For example, our JT128 LiDAR showcased this leadership at the 2026 Spring Festival Gala. During China's largest broadcast, which peaked at 400 million viewers, dozens of Unitree humanoid robots delivered a complex, synchronized kung fu performance. By providing 360-degree blind spot-free precision perception and ultra-high reliability, JT128 LiDAR outperformed competing offerings, seamlessly integrating with Unitree's AI algorithms to achieve ultra-low latency and eliminate cumulative motion errors, ensuring absolute stability. Beyond humanoid robotics, we have also established a strong market position in robotic lawnmowers. We have secured orders from clients including Dreame and MOVA, representing a backlog of over 10 million LiDAR units with strong follow-on potential as deployment scale. In robotaxis, we now work with nearly every leading player, including Pony.ai, WeRide, Baidu Apollo Go, Didi, and others across North America, Asia and Europe. In robovans, we have almost achieved full coverage of key players like Zelos, Neolix, and Meituan. Beyond these segments, we are actively expanding LiDAR applications. Recently, we secured a design win for NIU Technologies' next-gen electric two-wheel model featuring our FTX LiDAR. With over 60 million electric two-wheelers sold annually in China, this brings automotive-grade 3D perception to a massive market and unlocks a new intelligent category. Together, these fast-growing segments put us right at the heart of the robotics ecosystem, helping bring physical AI from concept to real-world action. After shipping nearly 240,000 robotics LiDAR units in 2025, we expect that volume to at least double in 2026. Lastly, I'd like to share what's next for Hesai over the coming decade and why we are genuinely excited about the opportunities ahead. The physical AI revolution is accelerating at an unprecedented pace, but many of its critical building blocks are still in their early stages, such as sensing, motion control, integrated AI-driven decision-making, and full system orchestration. These gaps represent enormous white space opportunities, and they are exactly where we believe the next wave of transformative growth will unfold over the coming decade. Hesai is uniquely positioned to lead this next phase. We bring decades of expertise in LiDAR, automotive, and robotics-grade hardware. Today, we are doing far more than building components. We are evolving into the key enabler of physical AI, digitizing the real world and redefining how humans and robotics perceive and act. This positions us at the forefront of the AI-driven Fourth Industrial Revolution and, perhaps more importantly, opens the door to a decade of exponential opportunity. Let's now move on to something more immediate. In the next few months, we will launch two groundbreaking products, each targeting an addressable market worth trillions of renminbi. One is the eyes of physical AI, enhancing perception and situational awareness beyond what is currently possible. The other is the muscles, delivering precise, powerful motion control for robots and autonomous systems operating effectively in the real world. Together, these products are expected to become Hesai's second growth engine. We anticipate initial revenue contributions beginning as early as 2026. Within five years, this business has the potential to rival or surpass our LiDAR segment, and within a decade to scale another tenfold. This is more than a product portfolio expansion. Guided by our mission to empower robotics and elevate lives, we are entering the next chapter of our growth story to become the key enabler of physical AI. If 2025 was a year of market validation and record performance, 2026 will be a year of acceleration and transformation. The opportunity ahead is massive, and we are ready to lead the way. With that, I will now turn the call over to Andrew to discuss our financial performance and outlook. Andrew, please go ahead. Thank you, David, and hello, everyone. Let me start by walking you through our full- year operating and financial performance, then share our thoughts and outlook for 2026. To be mindful of the length of our call, I encourage listeners to refer to our earnings release for further details. Twenty twenty-five was a pivotal year for Hesai, marked by remarkable progress in both our financial performance and operational execution. We delivered record net revenues of over RMB 3 billion, or $433 million, representing an increase of 46% year-over-year. This performance was underpinned by a substantial ramp in our production volumes, with total shipments exceeding 1.6 million units, more than tripling from last year, including nearly 240,000 units from robotics LiDAR. This expansion reflects both robust demand across markets and our ability to execute consistently and reliably at scale across a broad range of applications. From passenger vehicles, humanoid and quadruped robots to robotaxis, robovans, robotic lawnmowers, and many more. Together, these have reinforced our position not only as a global volume leader, but also as the partner of choice for high value mission-critical applications. Beyond strong top-line growth, we also significantly improved the quality of our financial performance. Gross margin remained healthy at over 40%, while operating expenses excluding other operating income came down RMB 88 million or $13 million despite substantial revenue growth. This reflects strong operating leverage supported by our disciplined cost management as well as efficiency gains enabled by AI across R&D, manufacturing and operations. These improvements flow directly to the bottom line, enabling Hesai to achieve industry-first full-year GAAP profitability with net income of RMB 436 million or $62 million. Full-year GAAP net income excluding after-tax gains from equity investments of RMB 148 million or $21 million was RMB 288 million or $41 million. On a non-GAAP basis, full-year net income reached RMB 551 million or $79 million, with the difference from GAAP net income mainly driven by stock-based compensation. Excluding after-tax gains from equity investments, full-year non-GAAP net income was RMB 403 million or $58 million. Kindly note that we have already delivered GAAP net income for three consecutive quarters and non-GAAP net income for five consecutive quarters, demonstrating the sustainability of our earnings performance. Just as importantly, this profitability was paired with strong cash generation. We delivered positive operating cash flow of RMB 117 million or $17 million during the year, marking our third consecutive year of positive operating cash flow, while our net assets grew to around RMB 9 billion or $1.3 billion. Today, we operate with the most robust income statement and balance sheet in the global LiDAR industry, reflecting our ability to scale technological leadership while maintaining a solid financial foundation. Building from this position of strength, we are entering 2026 with a dual focus, scaling LiDAR leadership while proactively expanding into new growth opportunities. We expect our core LiDAR business to deliver shipments of 3 million units-3.5 million units in 2026. This expanded scale will reinforce our operating leverage, supporting sustainable profitability and steady cash generation. At the same time, we expect to maintain resilient growth margins through ongoing innovation and disciplined operations. Additionally, and perhaps most excitingly, 2026 marks the beginning of commercialization for our new state-of-the-art products, which we believe will become the second growth engine for Hesai in the next decade. As we invest to advance these strategic priorities, we expect to drive a strong and resilient bottom line as we scale in 2026. For the first quarter of 2026, we expect net revenues to be between RMB 650 million and RMB 700 million or $93 million-$100 million, representing year-over-year growth of approximately 24%-33%. We also expect revenue momentum to strengthen progressively each quarter throughout the year. To conclude, 2025 was a pivotal year that enhanced the quality and scale of our business. Building on this momentum, we are positioning to become the key enabler of physical AI, digitizing the real world, redefining how humans and robotics perceive and act. As we scale, our goal is clear: t o build a globally competitive technology leader grounded in innovation and financial rigor, creating sustainable compounding value to our shareholders and the broader ecosystem. This concludes our prepared remarks today. Operator, we are now ready to take questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. For the sake of clarity and order, please ask one question at a time. Management will respond and then feel free to follow up with your next question. Your first question comes from Tina Hou with Goldman Sachs. Please go ahead. Thanks management for taking my question and congratulations on raising the volume guidance and also look forward to new product launch. My question is mainly focused on the Robotics business. Wondering if management can give us more details about the different verticals, including robotaxi, robovan, as well as humanoid robot. How do you see the businesses pan out in 2026 and then beyond? Thank you very much. Thank you, Tina. It's Andrew here. I'll take this question first. As David just quoted Jensen Huang's speech at the CES, 2026 marks the ChatGPT moment for physical AI, where our LiDAR provides the crucial sub-centimeter spatial accuracy, serving as the indispensable bridge between the carbon-based world and the silicon-based intelligence. Because of this structural shift, our Robotics business is truly blooming everywhere. We are incredibly proud to share that according to industry trackers, Hesai is now ranked number one across major robotics LiDAR submarkets. Let me take a moment to walk you through the key robotics verticals that may be of interest to our investors. First, humanoid and quadrupedal robot. We see humanoid and quadrupedal robotics as a significant long-term opportunity. At the core of this vision is the need for precise perception and action, as any robot interacting dynamically with the physical world relies on accurate sensing. This makes LiDAR a critical and ultimately standard component for positioning, navigation, and obstacle avoidance. We are currently ranked number one in humanoid and quadrupedal robot segments, according to GGII, and have secured orders from leading players including Unitree, HONOR Robot, Galbot, MagicLab, and Vita Dynamics. We expect annual shipment in this segment to reach five-digit levels in 2026. Our JT 128 LiDAR was deployed across Unitree's robot at the 2026 Spring Festival Gala, and was selected for its superior range and reliability, enabling large-scale synchronized movements with high precision and stability. Second, robotaxi. Hesai is the world's largest robotaxi LiDAR supplier, according to Yole report. Our main and blind-spot LiDARs are widely deployed among Chinese leading players, including Pony.ai, WeRide, Baidu Apollo Go, DiDi, and Hello. Globally, we have secured supply agreements with a wide range of top autonomous driving companies across North America, Asia, and Europe. In short, we collaborate with nearly every key player worldwide, an important differentiator from our peers. Whether ADAS or mechanical LiDAR solutions are selected by robotaxi customers, our revenue model scales with their fleet size, number of LiDARs per vehicle, and ASP. As leading operators accelerate large-scale deployments, we expect exponential fleet growth to drive rapid revenue expansions for Hesai. For robotaxis, we anticipate five to 10 LiDARs per vehicle to ensure full 360-degree coverage. Thirdly, robovan. The robovan sector is undergoing a major transformation. No longer limited to closed campuses, robovans are increasingly operating on complex urban roads. Supported by favorable government policies and proven business models, the market is projected to scale from five digits to six digits of robovans in 2026. Each robovan typically features two to six LiDARs. Hesai is ideally positioned to capture this growth. We are the core LiDAR supplier for leading robovan players globally, including Zelos, Neolix, Meituan, and DoorDash, serving as the sole supplier for many. GGII recently ranked Hesai number one in LiDAR design wins for this sector. Several players that previously relied on competitors' products are switching to Hesai this year, underscoring our role as the go-to hardware partner in the accelerating commercial robovan market. Fourthly, robotic lawn mowers. The robotic lawn mower market is a major growth opportunity for our Robotics business. Global annual lawn mower sales reach about 20 million units, yet LiDAR-equipped robotic lawn mowers account for just 1%-2%, highlighting a huge untapped market as consumers adapt smarter, hands-free yard care. Hesai is moving aggressively to capture this space. Since launching the JT series 3D LiDAR at CES 2025, cumulative deliverables have already exceeded 200,000 units by 2025, supported by strong global partnerships with leading brands including Dreame, MOVA, and NexLawn. We recently secured a milestone agreement to exclusively supply 10 million JT LiDARs to Dreame and MOVA, ranked number one globally by Frost & Sullivan for LiDAR robotic mowers in 2025. This record-setting order signals a fundamental industry shift, establishing LiDAR as the standard for high-end smart yard products and ushering in a new era of outdoor robotics perception. As a quick summary, across these diverse applications, our robotic business sits at the heart of the ecosystem, consistently delivering relatively higher ASPs and strong margins. After shipping 200,000 robotics LiDAR units in 2025, accelerating momentum across these segments gives us full confidence that volumes will at least double in 2026. In the long term, new types of robots will begin to adopt LiDAR. For example, new technologies two-wheel scooters recently integrated our FTX LiDAR for autonomous operation. The robotics market could have a TAM several times larger than ADAS. After all, you can drive only one car, but in the future, 10 robots could be working alongside you. Tina, that's my like answer to the question you just raised. Thank you very much, Andrew. That's very comprehensive. Thank you. Your next question comes from Tim Hsiao with Morgan Stanley. Please go ahead. Hi, this is Tim from Morgan Stanley. Thanks for taking my questions, and congratulations on the strong result and sustained industry leadership. I just want to have a quick follow-up questions, also about robotics market, because the market is apparently very interesting, exciting, and highly focused by investors. We noticed that the founders of Hesai have also invested in the company called Sharpa, which has been gaining a lot of attention recently. Just want to understand how should we view the relationship between Hesai and Sharpa, and is there any opportunity for business cooperation with Hesai within the year, and how does management view the future technology and supply chain synergies between the two entities? That's my question. Thank you. Thank you, Tim. Thank you for the question. It's actually a great topic. I also wanted to offer from my side. First, I want to clearly define the structural relationship. Hesai and Sharpa are two fully independent operating entities. There's no relationship of equity, subordination or operational control between them. While we're the co-founders of Sharpa, we're responsible solely for strategic guidance at Sharpa as a core shareholder role, and we do not hold executive position or actual operational roles. Our primary and the full-time identities remain the CEO, CTO, and the Chief Scientist of Hesai, and our focus and energy are dedicated to Hesai. Sharpa possesses its own mature and independent team. While looking ahead, we remain open to future collaborations where it makes strategic and commercial sense, as it can create an absolutely compelling win-win dynamic. Both companies can apply their technologies in real-world scenarios while benefiting from shared insights and industry-leading expertise. For example, as an AI robotics company, Sharpa may utilize Hesai's products, while Hesai, as a hardware innovator, may explore deploying humanoid robots in its automated production line over time. At the same time, Sharpa's progress in AI could broaden the perspective of founders and the Hesai team and potentially inform our long-term innovation roadmap. That said, I want to emphasize that the coordination, if any, in the future, will be conducted strictly on fair and market-based terms, with the objective of maximizing long-term value for Hesai's shareholders. Based on our preliminary estimate of the future humanoid robotics market and the growth of Hesai, such operation will only contribute a small portion of our business. As Hesai continues to evolve into a key enabler of physical AI, digitizing the real world, redefining how humans and robots perceive and act, we remain focused on executing our core strategy. This includes strengthening our leadership in LiDAR, advancing our next generation eyes and the muscles product portfolio, and driving sustainable long-term growth by building out the Hesai ecosystem. We believe the addressable market we're targeting over time expand well beyond the traditional LiDAR segment, and we're truly excited about the journey ahead. This is hopefully helpful information to help you understand what Hesai and Sharpa each are trying to do and the possible synergies and the collaborations between the two entities. Thank you, Tim, for the question. Thank you so much. It's just, it's really helpful. Thanks for sharing all the insights. Much appreciated. Thank you. Your next question comes from Jeff Chung from Citi. Please go ahead. Hey, hi. This is Jeff Chung from Citi. First of all, congratulations on a fantastic result. My first question is that we have the first quarter revenue guidance. Could you give us more color on the first quarter volume guidance? Separately, we recognize Hesai did a great job with a sequential OP margin improvement in the past four quarters. Could you give us more colors on the first quarter and full year GP margin and OP margin guidance? Thank you very much. Thank you, Jeff. I will take this question, and I'll try to address our 1Q and the full- year guidance for 2026 to the extent I can. For the first quarter of 2026, we expect the total revenues to be between RMB 650 million to RMB 700 million, representing a solid year-over-year growth of approximately 24%-33%. On the volume side, we anticipate the total shipments to be in the range of 400,000 to 450,000 LiDAR units, including around 100,000 units from Robotics. We have delivered the GAAP net income for three consecutive quarters and a non-GAAP net income for five consecutive quarters, and expect to maintain this momentum. It is important to note that due to typical automotive industry seasonality and the timing of the holidays, we do expect a sequential decrease in deliveries compared to the seasonal high we saw in the fourth quarter last year. This is entirely consistent with our historical patterns. However, the fundamental demand for our LiDARs remains exceptionally strong in 2026, and we expect that both revenues and shipment volumes to increase sequentially over the course of 2026. We are highly confident in our accelerating momentum and our ability to maintain a healthy financial profile as we execute our 2026 roadmap. Looking ahead to 2026, we see it as a true inflection point. On one hand, we anticipate strong demand for LiDAR in both passenger vehicles and robotics, which is expected to drive meaningful increase of our full year 2026 revenues. Correspondingly, we are raising our shipment guidance to a record 3 million to 3.5 million units for this year, with both ADAS and Robotics LiDARs expected to roughly double year-on- year. While volume is scaling rapidly, we do anticipate a potential decrease in blended ASP. That's mainly due to, first, modest volume-based pricing and standard annual decline for our larger order strategic OEM customers. That's mainly for the ADAS products. Secondly, a shift in product mix towards certain LiDAR products with a relatively lower unit prices, such as the AT series, FT series, and the JT series, typically around $100 to a couple hundred U.S. dollars each. Though these products will account for a larger share of deliverables, deliveries, and revenue compared with our traditional high- ASP robotics products, such as Pandar and XT series. That said, we are highly optimistic about our top line and the margin resilience because of several strong positive catalysts accelerating in 2026 and 2027. First, LiDAR is rapidly transitioning from an optional add-on to a standard configuration, successfully penetrating the mass market for vehicles priced between RMB 100,000, which will continuously drive up overall the penetration rates. Second, Level 3 vehicle deployment in China will drive multi-LiDAR setups, pushing LiDAR content per vehicle to as high as $500-$1,000 range. We have already secured multi-LiDAR design wins with our core customers, including Li Auto, Xiaomi, and Changan, featuring 3-6 LiDARs per vehicle, with SOP plans for 2026-2027. Third, our overseas ADAS business is expected to start contributing in as early as 2026, marking the beginning of global ADAS LiDAR mass adoption, with international ADAS programs typically carrying higher ASPs. We expect our partnership with NVIDIA to roll this game forward. Fourth, our robotic business continues to gain momentum across diverse applications and customers, and it typically carries a relatively higher ASP and margin compared to ADAS. Finally, our new second growth engine, the eyes and the muscles of physical AI, will serve as a powerful new driver for our long-term growth. Stay tuned for two new products that we plan to launch in the coming months, each targeting a RMB 1 trillion TAM. On the profitability front, through continued cost optimization across ASIC design, supply chain and manufacturing, and with the launch of our FMC 500 SoC to improve cost structure in ADAS products, we expect our group blended gross margin to remain resilient in 2026, despite a strong increase in ADAS LiDAR shipments. As a result, we are confident that the profits from our core LiDAR business will continue its solid growth trajectory. Additionally, and perhaps most excitedly, 2026 marks the beginning of commercialization for our new state-of-the-art products, which we believe will become the second growth engine for Hesai in the next decade. In short, we are entering 2026 with accelerating shipment, robust revenue growth, a highly disciplined margin profile, solid bottom- line increase, and exciting new growth engines. Jeff, that's my answer to your question. Thanks for that. Thank you. Thank you, Andrew. Looking forward to it. Thank you. Your next question comes from Aaron Wang with Jefferies. Please go ahead. Hi. Thanks for taking my question. This is Aaron from Jefferies. I just have a quick question on our guidance. Last year, we had a profit guidance for the full year. I was wondering if the company will also provide a full year net income guidance for 2026. Thanks. Thank you, Aaron. Given the differences in compliance requirements and the listing rules between the U.S. and Hong Kong market, as you know, we just listed in Hong Kong. To align with the best disclosure practices for dual-listed companies, we have decided not to provide specific full-year net income guidance at this time. However, I want to emphasize that this adjustment in disclosure does not reflect any lack of confidence in our business. On the contrary, underpinned by our solidified customer base, undisputed industry dominance, and a disciplined cost structure, we are fully confident in maintaining our growth trajectory of revenues, shipments, and profits in 2026. At the same time, we highly encourage investors to look forward to our new business initiatives. We are investing strategically in these areas, and they are expected to become Hesai's second growth engine. Aaron, that's my answer to your question. Thanks. Thanks, Andrew, for the clarification. This is very helpful. Thank you. Your next question comes from Nora Min with UBS. Please go ahead. Hi, this is Nora from UBS. Thank you for trusting me with the most exciting question. What is the master plan behind this non-auto, non-LiDAR new product? Would you share with us a bit of timeline, a bit of progress, a bit of more detail? Thank you. Thank you, Nora. Our guiding mission has always been to empower robotics and elevate lives. We have never defined ourselves solely as a LiDAR company. As Jensen Huang and David repetitively mentioned, we believe 2026 will be the ChatGPT moment for physical AI. We are entering an era where AI will truly understand the rules of the physical world and then learn to interact with it, which will trigger a big bang in robotic applications. The physical AI's resolution is accelerating at an unprecedented pace, but many of its critical building blocks are still in their early stages. These gaps represent enormous white space opportunities. Hesai is repositioning its role in the new era as a key enabler of physical AI, digitizing the real world, redefining how humans and robotics perceive and act. In the next few months, we will launch two groundbreaking products, each targeting a massive trillion-renminbi market. First, the eyes, enhancing perception and situational awareness beyond what is currently possible. Second, the muscles, delivering precise, powerful motion control for robots and autonomous systems. Regarding the financial outlook of these two new products, we anticipate initial revenue contributions from these new products beginning as early as 2026. Within five years, we expect this business to rival or even surpass the scale of our current LiDAR segment. Within a decade, it has the potential to scale another tenfold lighter, larger. As we expand into the broader physical AI ecosystem with our upcoming eyes and muscles products, our core advantages come from strategic foresight and a decade of LiDAR mass production experiences. We tackle challenges heads-on, refining our products to lead in performance, quality, and cost simultaneously. Building the muscles of physical AI naturally extends our expertise in materials, simulation, design, and precision manufacturing, backed by our proprietary IP, in-house production, and rigorous quality management to deliver reliability, scalability, and extreme performance at scale. For the eyes, our strength comes from world-class software and algorithmic capabilities seamlessly integrated with our hardware. Years of R&D in 3D reconstruction and rendering recently earned us an award at the September 2025 SIGGRAPH Challenge, a premium global event showcasing the pinnacle of computer graphics. We are truly excited to bring these best-in-class algorithms to life in our soon-to-launch hardware tools. Together, all these capabilities let us push physical boundaries and raise performance ceilings, supporting our new positioning as Hesai evolves into a key enabler of physical AI, digitizing the real world, redefining how humans and robots perceive and act. Nora, that's my response to your question. Thank you for the insightful answer. I really appreciate it. Thank you. Thank you. Your next question comes from Jessie Lo with BofA Securities. Please go ahead. Hi, this is Jessie from BofA Securities. Congrats on the great results. My question is surrounding the NVIDIA Corporation. Following the announcement of us selected as a LiDAR partner for NVIDIA DRIVE AGX Hyperion 10, what are the next steps or what could we expect to see in the coming years? What differentiates us aside from the peers in this collaboration? Hi, this is David. Maybe I will offer some insight and our interpretation of such a collaboration. First of all, I wanted to help people understand NVIDIA's platform is beyond only the computational hardware. It's the full stack solution, meaning it's the hardware, the software and the data. We are the selected partner for LiDAR. What that means is that, obviously, in the end, NVIDIA have customers, and the customers will ultimately decide the vendor. As we are already selected by NVIDIA, it just makes this process a lot easier in the following way. The first is that, the system, the sensor setup, the computation, it's already a complete system, and that's proven. Obviously, if let's say somehow you wanted to pick a different vendor who's not on the list, it just make it harder for you to verify that. That's actually the smaller part of the problem. The much bigger problem is the rest, including training the model and also data collection and the verification of such a system, right? You can imagine for NVIDIA to provide such a full stack solution to all the robotaxis and what OEMs that they're working with, you need a large amount of data they already have. Through the project we already have with NVIDIA, that's with Hesai LiDAR. Now, let's say, for whatever reason, obviously, I will not understand or support, but they have to use a different LiDAR. You immediately have to face the challenge that what do you have to do with the model we trained and the data we collected for the past actually years of collaboration. It's not impossible. It just makes it very inefficient if you had to do that. That's one of the reasons that we are super excited and definitely honored to be in this program. We're also motivated to work alongside with NVIDIA when they are working with customers globally promoting such a unified solution. To me, this actually is the smartest way to push the autonomy because in the end, it's less important if you have different components. It's important that if you have one solution that works and then try to utilize and not reinvent the wheel, utilize the same solution with all those customers. I do believe NVIDIA also share the same vision, and that's why we are now working very closely with them in supporting them with our latest sensors and in qualifying them in different parts of the world and try to develop and accelerate the programs they already have and the new programs that they will be signing. Thank you. Got it. Thank you. Thank you, David. Super helpful. We expect another record year for Hesai. Appreciate it. Thank you. Your next question comes from Dan Lin with CICC. Please go ahead. Hello, everyone. This is Dan Lin from CICC Auto Team. Thanks for taking my call, and congrats on your strong results last year. I have two questions for you. The first one is about the price. What's your outlook on the trend of your ASP decline? My second question is, could you please share more color on your methods for further cost reduction? Thanks. Thank you, Dan Lin. We wouldn't suggest our investors read too much into total and blended ASPs. It's really just a simple math, and the decline is mainly driven by product mix. ADAS LiDARs, which are generally lower priced than our Robotics LiDARs, are taking a bigger share. As Level 3 ramps up, our blind spot FTX LiDARs, which are lower priced than long-range ATX LiDARs, will push blended ASP down further. This isn't really about price, it's mostly about mix. That said, ADAS LiDARs follow the typical annual automotive price declines. For example, ATX expected to carry a price tag around $150 in 2026, which is already near an optimized cost structure. We expect the future declines to narrow. Over time, this will be offset by structural growth, more LiDARs per vehicle and high performance, higher- priced L3 products like ETX, as well as expansion beyond China. Looking ahead, we see clear and durable pathways to further reduce LiDAR costs, driven by scale, technology and manufacturing excellence. First, scale is a powerful lever. After delivering 1.6 million units in 2025, tripling year-over- year, we are guiding 3 million units-3.5 million units in 2026. This step change in volume will meaningfully dilute fixed costs and strengthen our supply chain leverage. Secondly, our proprietary technology, chip technology is structurally lowering our BOM with 100% in-house development of core modules and our FMC 500 SoC integrating MCU, FPGA, and ADC functions. We are replacing costly discrete components with a highly efficient single- chip solution, reducing cost while improving performances. Meanwhile, our in-house SPAD integration is expected to ramp by 2026, further improving our cost structure. Finally, our highly automated in-house manufacturing drives compounding efficiencies. By standardizing core architectures and continuously improving yields, we expect to maintain a healthy margin profile in the future. Thank you, Dan Lin. Thank you, Andrew. It's all sounding very clear. Thank you. Thank you. Your next question comes from Frank Tao with CMBI. Please go ahead. Yeah, thank you. Good evening, management. I'll add my congrats on the upbeat shipment volume guidance as well. Thank you for taking my question. Could management share with us your outlook for the operating expenses in the year of 2026? Thank you. Thank you for raising this question. We are very pleased with our progress in expense management as we guided at the beginning of last year. For year 2025, our operating expenses actually came down by RMB 88 million despite our substantial revenue growth. This clearly reflects the strong operating leverage in our business, supported by our highly disciplined cost management. A key driver behind this is that AI is at the heart of how we work. We firmly believe that any company not fully embracing AI in 2026 will inevitably be left behind by the market. Because of this, we will continuously and aggressively embrace AI to boost our operational efficiency, transform our workflows, and strengthen profitability. So far, this proactive approach has already delivered tens of millions of renminbi in measurable cost savings and significantly improved our productivity. Looking ahead to 2026, we anticipate a modest mid-teen increase in overall OpEx, primarily due to RMB 200 million invested in new ICE and modules products in R&D. Otherwise, excluding new business spend, OpEx is expected to be well managed, flat or even down in single digits in 2026, demonstrating our discipline and AI adoption. Thank you. Thank you. That concludes our question- and- answer session. I'll now hand back to Yuanting Shi for closing remarks. Thank you once again for joining us today. If you have any further questions, please feel free to contact our IR team. This concludes today's call, and we look forward to speaking to you again next quarter. Thank you and goodbye.