Hello, and welcome to the 30th Deutsche Bank depositary receipts virtual investor conference, DBVIC. My name is Zafar Aziz, from the DR Investor Relations Advisory Team at Deutsche Bank. I'm pleased to announce that our next presentation will be from Lotus Technology. Before handing over to our presenter, some points to note. Please submit your questions at any time throughout the presentation. All of today's presentations will be recorded and can be accessed via the Deutsche Bank website, adr.db.com. At this point, I'm very pleased to welcome our speaker from Lotus Technology. Hello. Morning, afternoon, and dear investors, partners, and friends. Welcome to Lotus Tech 2026 Investor Presentation. My name is Daxue Wang, the Chief Financial Officer of Lotus Tech. Today, we will walk you through our iconic heritage, product portfolio, global footprint, operational progress, 2025 financial performance, and our path to sustainable growth. Thank you so much for being here and for your continued support in Lotus Tech. Before we begin, please allow me to remind you that this presentation is for information purpose only, contains forward-looking statements, and does not constitute an offer to sell or solicitation to buy securities. Our figures and the projections are subject to risks and uncertainties, and actual results may differ. Please refer to our SEC filings for full details. Today, I want to begin with our core investment highlights that makes Lotus Tech unique and compelling players in the global luxury vehicle markets. First, we are a legendary racing heritage since 1948. Lotus is not simply automaker. We are a pioneer with 41 Formula One Grand Prix winners, a legacy deeply rooted in engineering, excellence, aerodynamics, and also lightweight innovation. This heritage gives us irreplaceable brand prestige that only a few players can match. Second, a diversified and premium product portfolio. We currently have five existing models across hypercars, sports cars, luxury SUVs, and high-performance sedans, with one additional key model under development. This lineup covers full battery electric vehicles, plug-in hybrid solutions, and our iconic sports cars, allowing us to address different customer needs and global markets demands. Third, we have established global commercial infrastructure. We have built over 200 retail stores worldwide with a balanced presence across China, Europe, North America, and other key markets. More than 50% of our deliveries come from outside China, proving our true global competitiveness. Fourth, we have a strong premium pricing power. In 2025, our average selling price exceeded $80,000, positioning us firmly in the ultra-luxury segment. This high ASP supports our margin structure and long-term profitability roadmap. Fifth, significant financial improvement in 2025. We achieved $589 million in total revenue and delivered over 6,500 units. Most importantly, our Adjusted EBITDA loss narrowed by 63% year-on-year basis, reaching -$356 million. Our gross margin turned positive and expanded to 9% for the full year, with further improvement in the fourth quarter. Overall, these five pillars: iconic brand, global sales scale, premium positioning, product diversity, and improving financials, collectively demonstrate that Lotus Tech is moving from a growth stage company to a structurally improving investment worthy enterprise in the luxury auto industry. Next page. Now let's turn to the foundation of our success, the Lotus brand. Since 1948, Lotus has built an extraordinary motorsports legacy. We have claimed seven Formula One Constructors' Championships, six Drivers' Championships, nine Le Mans, Indianapolis 500 victory, and one World Rally Championship. As you know, names like Jim Clark, Senna, Mario Andretti, are the part of our story. This redefining racing DNA defines every vehicle we produce: pure performance, precision handling, aerodynamic mastery, and lightweight engineering. Next page. Today, we are executing a historic evolution from a U.K.-based niche sports car manufacturer to a global sustainable luxury EV technology leader. We are transforming born British and raised globally into reality by combining British brand heritage, German engineered qualified standards, and Chinese manufacturing efficiency, and global commercial capabilities. Next page. A cornerstone of this strategy is by Lotus. We are steadily advancing the strategic acquisition of Lotus U.K., expected to close in 2026. This integration will unify our brand identity, streamline governance structure, eliminate redundant investment, optimize R&D efficiency, integrate supply chains, and unlock powerful long-term operational and financial synergies. Next page. In the global luxury automotive landscape, Lotus stand alongside Ferrari, Porsche, Aston Martin, and other top premier brands. Our positioning are clear, modern, sustainable, performance-driven luxury. We do not just build cars, we deliver a lifestyle rooted in racing passion, technological innovation, and environmental responsibilities. Next page. From now, I'm going to start on the core technology advances of Lotus Tech. Technology is where Lotus differentiates itself and maintains leadership. Our technology advantages are built on three pillars: aerodynamics, lightweighting, and Lotus Engineering, high-performance electrical architecture, and intelligent digital systems. First, you'll see a heritage of aerodynamics and lightweight engineering, the soul of Lotus. We inherit Formula One proven aerodynamic design, including active airflow management and ground effect technology. Our vehicles use aluminum alloy, carbon fabric, and 17 advanced welding technologies to achieve exceptional rigidity at minimum weight. Lightweight directly improves acceleration, handling, energy efficiency, and range. Key advantage in the current especially in this current EV era. Next page. Second, you know, we have a high voltage electric performance. We own, like, 800 voltage, high voltage architecture, and energy hybrid EV technology, supporting ultra-fast charging, high power output, and excellent thermal management. Can I please turn to next page? Our battery systems, dual speed transmissions, and integrated chassis control, including rear wheel, rear wheel steering and also active roll controller, deliver track-level performance while maintaining daily drivability. Third, intelligent connectivity and digital architecture. Our HyperOS, self-developed intelligence driving systems, high-speed Ethernet, and research create seamless, safe, and premium user experience. Data security, privacy protection, and localized computer ensures compliance and performance worldwide. These technologies are not just the features, they are the competitive moats that strengthen our pricing power, customer loyalty, and main margin expansion potentials. Please, next page. Yeah, from this page, you can see our product, current product portfolio. It is most comprehensive in Lotus history. Currently, we have five existing models and one model under development. Let's walk through those, the key models. Next page. The first few pages are just the historical, you know, models of Lotus. I'm not going to spend too much on this, and that directly goes to the currently existing, you know, models on sale. The first one is going to be the Evija. Can you please just jump in that page? Sorry, there's some. I don't see the presentation, you know. If you can just skip to the Evija page. Dr. Wang, I see that it's on the Evija page on slide 14. Let me take a look, you know. Cover. Yeah. All right. Wang Zong, Okay. 13, right? Evija. Evija. Okay. Evija. Anyway. Evija is. Yeah. Right. This page. Sorry for that. The first British, you know, all-electric hypercar with over 2,000 horsepower. The 0 - 300, you know, kilometers per hour accelerates in just 9.1 seconds with a top speed of 320 km/h. It represents the peak of the electric hypercar performance. Next page. For Emira. Emira is our most acclaimed modern internal combustion sports car, winners of numerous Car of the Year awards. It delivers pure driving pleasure and marks a successful legacy of chapters. Also next page is for Eletre. That is the world's first all-electric hyper SUV. With 905 horsepower, the acceleration rates from 0 - 100 km/h only less than three seconds. 600 km WLTP range, charging from 10% - 80% only takes 20 minutes. This product actually redefines the performance in the luxury SUV segment, acclaiming as the most popular luxury SUVs in China and also in worldwide. Next one is for Emeya. Emeya is our ultra-luxury hyper GT sedan. It's winner of the Red Dot Design Award. It combines extraordinary comfort, luxury, and track-ready performance, and targeting high-end global consumers. Next page, most importantly, we recently launched Lotus ForMe, known as Eletre X in Europe. As our first PHEV model under the new Lotus tuning standard, highlights include the followings. The acceleration from 0 - 100 km/h only is 3.3 seconds. The combined driving range over 1,400 km. Ultra-low WLTC fuel consumption, a signature aerodynamic design with active rear spoilers generating up to 120 kilogram downforce. ForMe started delivery in China in March 2026. European wholesale will start in late 2026, with U.K. launch in mid-2027. The Middle East will follow in late 2026. These hybrid products are a strategic growth driver that broadens our customer base and supports volume expansion in key markets. As we look forward to the, you know, delivery of the ForMe worldwide in, I say mostly, I mean, less than two years. From this, you can tell that our product pipeline remains strong with continuous upgrades and new models planning through 2030, and we will maintain our leadership in performance design and technology. Can I please go to the page for the global distribution network? Are we already in that page? Yes, I believe so. Okay. We have built a balanced, you know, high quality global retail network. As of fiscal year 2025, we have over 200 stores. Among them, 67 stores in Europe, 58 in China, 48 in North America, and 38 in the rest of the world. This network supports consistent customer experience and delivery capability across the continents. Over 55% of our deliveries came from outside China, showing strong global brand appeal. Our customer base is also evolving. For the next page. We retain loyal racing fans and performance pursuits while rapidly expanding to a new generation of clients, emerging high net worth individuals, younger drivers, professional women, tech-savvy consumers, and buyers who value unique, responsible car luxuries. This customer diversification supports sustainable long-term growth of Lotus. Next page, I want to spend some time on the Geely partnership. Can I please skip to that page? That is what I'm seeing. Okay. Thank you. Our strategic partnership with Geely is a critical competitive advantage of us. We operate as a light model supported by Geely's world-class manufacturing, supply chain, procurement, and engineering resources. This structure allows us to focus on brand building, product definition, R&D, and commercial execution while minimizing the co-capital expenditure and improving cash efficiencies. Also next page. We have two product hubs. Wuhan Intelligent Factory and Geely Operated. This is Geely Operated high-efficiency EV production with advanced stamping, assembly, and zero carbon design. Also have another hub, the Hethel in U.K. It's a historic sports car facility with professional testing tracks and heritage in manufacturing capabilities. The overall partnership, you know, between Geely and Lotus is mutually beneficial. On one side, Geely provides scale and operational support. On the other hand, Lotus brings a unique luxury performance brand, advanced auto technology, and global market access to the Geely Group. Remain independently governed while leveraging the ecosystem strengths of the Geely Group. The next slide, I want to speak about the ESG achievement of Lotus. Thank you for the next slide. Sustainability is embedded in our strategy. Lotus has received global ESG recognition as listed in the pages. ESG is not just compliance for us, it improves our operational efficiency, strengthens our brand value, attracts global customers, and support long-term growth, stable growth of Lotus. ESG will say it's one of the most indispensable part of our operation. From next slide, I want to spend some time on the financial performance and the operational improvement of Lotus. Next page, please. Now let's analyze our 2025 financial performance. For the full year 2025, our total revenue reached $590 million. Our total deliveries reached 520 units. Gross profit were about $45 million. Gross margin keeps at 9%. Operating loss reduced by 46% year-on-year. Net loss reduced by 48% year-on-year. Adjusted EBITDA loss was at $340... $56 million, and which is, improved, you know, 60% year-on-year. These results reflects three strategic initiatives. First, Geely partnership allows optimized procurement, lower production cost, and supply chain stability. You can see from next page. Second, you know, it's due to the streamlined operation with organizational efficiency and a strict cost control, working capital optimization. Third, the Lotus value strategy, the synergies allows future integration, which will further reduce the duplication and boost efficiencies. We have turned the gross margin positive, significantly reduced losses, improved operational efficiencies, and strengthened cost discipline. I'm not going to spend too much on the, on the Q4 data, you can take a look at it. All in all, we are on the clear path to margin expansion and profitability. About this, about the presentation I want you to have, and so I can make a quick, you know, conclusion and also a brief, you know, like the forward-looking. In summary, like the Lotus Tech is strongly positioned at the for the future. We own our irreplaceable luxury performance brand with over 55 years heritage, and we have a diversified product portfolio covering the ICE, the BEV, and the PHEV. We operate a balanced global distribution network with growing international recognition. We benefit from isolated operations and strong GD support. Our financials are improving sharply with expanding margins and reduced losses. While Lotus strategy will further unlock powerful long-term synergies. Going forward, we will focus on our priorities, scale up deliveries globally, and continue to expand gross margins, optimize cost structure and cash flow, and progress steadily towards profitability. Overall, that's the my interpretation for the 2020 performance and also the presentation for today. Lotus is not just transforming from a traditional sports car to a luxury EV leader. We are defining the future of the performance, luxury, and sustainability. We further appreciate your continuous support and investment in the Lotus Tech. Thank you very much and now I'm very pleased to take questions you may have. Thank you. I saw the question already. I'll take the first one. Looking out three years, assuming you execute the one Lotus combination, what is your target number of units you need to deliver each year to break even? We do the, of course, I say all the time is not going to be any guidance, but we do the calculation. If we can break even with the following conditions. First, if we can, if we can, like, reach a gross margin kind of between 15%-20%. In that case, if we can, you know, get a sales volume of, let's say unit by over 30,000. In that case, we can break even with the EBITDA. That the rough calculation for this question. The next one, with For Me, the question is, with For Me offering over 900 horsepower and more than 4,000 km combined range, do you see this as a halo product that can pull the whole brand up in the pricing and mix? That's a very good question. I mean, my understanding is, you know, like this For Me is has a very strong performance and it's, you know, fully enlarged in our customer base. I don't think it's this is a halo product, you know, for our product portfolio. Actually I think the we are, of course, we, you know, focus a lot on this new energy products, but I think our sports car remains very competitive. I would say like even for both sports car and also the new energy cars, I think we can have the new products in the pipeline for the, for the halo, for the, for the future. I think you can, you know, wait and see. Next question. Yeah. Lotus just launched Eletre in Canada at a six-figure price point. How strong has early interest been from Canadian dealers and customers? Yeah, okay, I got the mark. I think we see the pretty strong interest from Canada regarding our product 'cause we already finished the homologation and approved originally, you know, the North American standard. We are going to be the first one, you know, for the, for the luxury EV products from China in the, in this market, I think. I think we got good feedback from the, especially from the dealers. Of course, right behind them is the customers. That's the reason why we are going to double our network in the Canadian markets, you know, to make the delivery. I think we are going to start delivery once the policy is landed, hopefully in months to come. I would say the early interest from Canadian market is pretty strong on both the dealers level and the customers level. Yeah. Next question is about given your global expansion strategy, including China, E.U., U.S., how are you going to manage tariff risks and localization of production, and what does this imply for the cash burn over the next 24 months? I think we do have this, you know, the tariff, you know, geopolitics really have some profound impact on our performance and also the operation. We can also see like from this year you can see, for instance, the tariff between Canada and China, you know, those products imported from China, you know, went to drop to 6% only. I think that's a good sign for our products. We do see some of the opportunities also. Also the U.S. and the U.K., the tariff, you know, stays at 10%. I do see that's a positive impact, you know, for our operation. Of course, you know, like this tariff, you know, is always, there are some uncertainties in the current situation. That's the reason why, well, it brings really some, you know, uncertainty for our operation. I think I do see some opportunities also. This, of course, the expansion implies that, you know, we need a, like a, you know, much injection for the cash flows. That's the reason why on one hand, we are going to, you know, further improve our performance regarding the operational cash flow. We hope, you know, this operation can bring the positive cash inflows. Meanwhile, we are going to take advantage of the capital markets to raise funding so that, you know, like, you know, can meet our demand for the cash. Last question is about the with GD's manufacturing support and your all light weight, do you see room for to add more modules on the same platform without large CapEx? Yes, we do. That's the reason why we actually for our products, we not only give out the products, the modules, but actually behind it is on the it's about the architecture. We always spend, you know, technology money and also on this on this platform architecture. Sometimes we leverage, you know, the current existing, you know, mature, you know, architecture from GD also. That's the way we can, you know, save the future, you know, the, you know, the large CapEx, because that means that the modules can co-share the architecture. All right. Thank you, Dr. Wang. We are time to wrap up. Okay. I have one more question, should I finish that one? Quickly. Yeah. Okay. Thank you. Last question, you know, is about the question secure strategic investment from ECARX and continue to deepen your technology partnership. How important are these ecosystem deals for monetizing your software and intelligent capabilities? Yeah. I think that's a very good question also 'cause for the future, you know, software and intelligent driving is, of course, the very important part for us to define the, what we call the luxuries, right? The new standard for the luxuries. Of course, we have in-house, you know, operations. That mean we're actually, we are also, you know, working with the eco, you know, system friends like ECARX, even the Geely, you know, system. In that way, I think we can make the, this, you know, the more efficient and less time-consuming and less money spending. That's the reason I think it's, this is a very important part of the, of our, you know, future, strategies to co-work with the industry players, industry partners. Yeah. Thank you. That basically the questions for the, for today. Thank you so much. Yeah.