Ladies and gentlemen, thank you for standing by and welcome to the Niu Technologies Second Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question- and- answer session, and instructions will follow at that time. As a reminder, we are recording today's call. If you have any objections, you may disconnect at this time. Now, I'll turn the call over to Ms. Kristal Li, Investor Relations Manager of Niu Technologies. Ms. Li, please go ahead. Thank you, operator. Hello everyone. Welcome to today's conference call to discuss Niu Technologies results for the second quarter 2025. The earnings press release, corporate presentation, and financial spreadsheet have been posted on our Investor Relations website. This call is being webcast from the company's IR site as well, and a replay of the call will be available soon. Please note, today's discussion will contain forward-looking statements made under the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks, uncertainties, assumptions, and other factors. The company's actual results may be materially different from those expressed today. Further information regarding the risk factors is included in the company's public filings with the Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statement except as required by law. Our earnings press release and this call include discussion of certain non-GAAP financial measures. The press release contains the definition of non-GAAP financial measures and the reconciliation of GAAP to non-GAAP financial results. On the call with me today are our CEO, Dr. Yan Li, and CFO, Ms. Fion Zhou. Now, let me turn the call over to CEO Yan. Thank you, Kristal. Hello everyone. Thank you for joining us today. The second quarter of 2025 marked another strong performance for us, building on solid momentum from Q1. This quarter, our total sales volume reached 350,000 units, representing a 37% year-over-year increase. In the China market, the sales volume surged by 54% to 318,000 units, continuing the growth trend in Q1. The overseas market recorded 31,000 units, a 35% year-over-year decline, mainly due to the impact of the U.S. tariffs, coupled with intensifying competition in the European market for the micro-mobility segments, while in the overseas market, our electric two-wheelers continue to grow at 4x. However, we have seen positive signs on the structural improvements in our overseas operations, which I will elaborate on in subsequent sections. Our revenue and gross margin also demonstrated a strong improvement this quarter. Revenue reached RMB 1.26 billion, a year-over-year growth of 34%, while the gross margin stood at 20.1%, up 3.1% year-over-year, or 2.8% quarter-over-quarter compared to Q1. As previously mentioned, this positive outcome is primarily driven by the product portfolio optimization and the cost reduction achieved through platformization of our products and components. We also achieved a net profit of RMB 5.9 million, where we are still navigating the challenges on the profitability front. Our disciplined execution and the focused strategy continue to position us well for both revenue and profit growth. The performance of this quarter reaffirmed our growth strategy from product development, technology innovation, expanded sales channels, to brand management. Our teams have delivered strong results across all those fronts. I will now provide more details, starting with our progress in the China market. In the China market, Q2 sales, as I mentioned, reached about 318,000 units, representing a 54% year-over-year growth. Although this volume growth rate is 12% lower compared with the Q1 results of the year-over-year growth rate of 66%, the actual revenue growth from scooters year-over-year for China is 45%, 6% higher than the Q1 results. As mentioned in the last call, we observed the ASP decline in Q1 as we introduced two entry-level models of MT and MMT in the market, responsible for the ASP drop and partially responsible for the high volume growth in Q1. In Q2, as we continue to optimize our product portfolio, the ASP increased by 11% compared with Q1, and the Q2 ASP is back close to the 2024 annual level. Now, in 2024, last year, our development effort in product was centered around the electric bicycle product, with the role of NX, NL, MT, and has driven a strong growth since then. In the first half of this year, we really focused on electric motorcycle product development to really strengthen our positions in this sector. As we mentioned in the previous quarter, we launched NX Pro electric motorcycle, priced at RMB 9,999, positioned as a speed champion among the sub-RMB 10,000 electric motorcycles. In Q2, we may expand our high-end electric motorcycle lineup by introducing three core models: NXL, NL, and FX Pro, covering a price range from RMB 4,000 to over RMB 10,000. All those models are equipped with advanced intelligent features, aligning with our new performance and safety standards, such as a full-color TFT display with screen mirror navigation, the OK GO technology, boosting a top speed between 55 km/hr- 80 km/hr and undergoing a comprehensive upgrade in handling and performance and delivering a premium intelligent experience. Those models account for 12% of our total sales volume in Q2. Now, building on that momentum, we introduced the NX in July, an entry-level smart e-motorcycle priced between RMB 3,599-RMB,499. The NX is built for young urban riders, featuring a compact, nimble body, a 100-km extended range, and the intelligent features such as a dual-way throttle and downhill assist. Those functionalities typically reserved for a premium model are now accessible in the sub-RMB 4,000 e-motorcycle segment, giving NX the strong potential to capture this round of market share. Now, with those add-ons, we have a complete lineup of motorcycle products in the N-Series, ranging from RMB 3,599 entry-level products to a sub-RMB 10,000 high-speed motorcycle product. We also launched, with the launch of FX Pro, we also have a good lineup of F-Series products with more to come in the second half of this year. The current electric motorcycle sales only represent less than 20% of our total volume, with much more growth potential. Now, talking about the new national standard for the electric bicycle product, which will take effect on September 1st, the new regulation will have a set of new requirements for the electric bicycle products, such as a percentage of plastic being used, the total weight, and the form factors. We are developing new product lines and modifying the existing product lines to comply with the new requirements. Those products that fit with the new requirements will be rolled out in September and Q4 this year. The new requirement requires the manufacturer to stop shipping old standard products by August 31st. However, it allows distributors and retailers to continue to sell old standard products until November 30th. Hence, with the prepared new products, as well as the extra buffer time for the retailer to sell the old standard products, we expect a rather smooth transition from the old standard to the new standard in Q4. Now, we continue to invest in technology innovation, mainly focusing on smart technology and powertrain systems. On the smart technology side, we continue to focus on the seamless driving experience, AI smart control assistants, and AI smart ecosystem features. As safety continues to be an important topic for two-wheel mobility, in Q1, we primarily focused on enhancing driving safety, gradually rolling out features such as a driver dynamic safety warning system, developing in collaboration with Škoda Maps. Additionally, more products are standardized to meet our new safety standards, equipped with screen mirror navigation, millimeter-wave radar, and dual-channel ABS. We're the industry first to introduce the dual-channel ABS adoption in electric bicycles in 2024 under our NXL model in Q2 last year. After one year of continuous development and integration, we have incorporated dual-channel ABS in many of our electric bicycle models. As of now, about one-third of electric bicycle models sold are equipped with ABS, covering from old to mid to high-end electric bicycle series. Now, in Q2, we focused shift to the implementation of AI smart control assistants, with long-term features such as the dual-way throttle and downhill assist. Leveraging the sensors and gyroscopes installed across the scooter, we monitor its real-time status, such as the low-speed driving mode, as well as the steering direction and angle data. With our proprietary algorithms, we use those data to develop a smart control system to provide driver assistant functionalities, such as assisted pushing or reverse backing and the parking function, making the consumer's control experience more effortless and convenient. In the powertrain systems, we continue to collaborate with industry-leading battery suppliers to really develop forward-looking R&D initiatives and technology adaptations on new battery technologies. Those innovations will be released in subsequent quarters. In Q2, our branded strategy centered around a product launch with high-impact marketing milestone events to demonstrate our technology innovation. We showcase our technology prowess on the tracks. On May 23rd, we had professional research setting a China record of lap time of 2 minutes 58 seconds with our NX model on the Shanghai F1 Circuit. In the product launch dynamics, our May 13 all-star e-motorcycle launch event with NXL, NL, and FX debuted emerged as a sales sensation, taking RMB 100 million GMV within just five hours and moving over 10,000 units across all online platforms. This momentum continued into the 6/18 shopping campaign, where we surpassed our previous record with RMB 1.06 billion GMV, a 128% year-over-year surge, fueled by a massive live streaming session. The campaign generated about 1.56 billion impressions, further solidifying our premium brand positioning in 37 key urban markets. On July 17th, we saw another successful launch with our NXL Ultra and FX Ultra models joining about 49 million views and 3.6 million live stream viewers. Within five hours, those models achieved a staggering 20,000 units sold and RMB 220 million in GMV, securing top rankings across all major e-commerce platforms. To celebrate our remarkable 10th anniversary, we also sponsored a play festival on June 1st with 30,000 participants, among which many are new users. The total view of such an event reached 220 million. Now, in terms of content and placement, our Q2 media campaign cast a wide yet targeted campaign spanning 41 cities and included over 500,000 outdoor placements across six major urban scenes. Online engagement on platforms like Douyin, Weibo, Xiaohongshu, and Bilibili, partnering with over 1,000 creators across 12 verticals, generated 4 billion exposures. By the quarter end, the total campaign spreadsheet exceeded 4.5 billion, underscoring the effectiveness of our integrated brand approach. Now, speaking of channel expansion, we have continued our previous strategy with a strong focus on penetrating the previously underrepresented market in China. We're strategically expanding our retail footprint to ensure that products reach a broader consumer base. In Q2, we expanded our retail footprint by net adds of 185 new stores, with significant focus on Tier 3 and Tier 4 cities, which accounts for 50% of net adds. Year to date, we have a net add total of 569 stores. This strategic expansion not only refined our distribution network but also laid a solid foundation for the upcoming product launch in the second half of the year. With this effort, in the first half, the percentage of sales from Tier 3 plus cities grew by 4 percentage points in terms of contributions, demonstrating our successful effort in penetrating the lower tier cities. Additionally, our online presence has been significantly strengthened with sales performance improving across multiple online channels. We currently manage 11 official branded accounts, 48 localized accounts, and close to 800 store accounts. This multi-tier strategy has hosted about 20,000 live broadcasts, generating about 620 million views, an 8X increase compared with last year. This robust new online visibility and customer interactions contributed to about 250,000 units in sales, representing 77% of total sales volume. Turning to our overseas business, we recorded a total sales volume of 31,000 units in Q2, representing a 35% year-over-year decline. However, the scooter revenues declined by only 20% as electric two-wheeler products started to contribute more in the sales with higher ASP. The sales in the micro-mobility declined by 41% due to the impact, as mentioned, of tariff-driven adjustment in the U.S. market and the pressure from intensive price competition in the key European markets. Let's first talk about the electric moped segment. Our strategic transition to a direct distribution model in key markets began to yield tangible results. In Q2, we delivered over 3,200 electric two-wheeler units in the overseas market, marking a more than 4x increase compared with the same period last time. Close to 45% of those sales are engineered from our direct distributed channels, making a significant shift from last year and confirming the growth traction of our direct sales approach. Our core markets, including Germany and Italy, have now secured a top position in market share, a direct outcome of this robust and efficient direct distribution model we have built in the past years. Our retail network for the direct distributed regions has also expanded. In Q2, we increased the number of direct distributed stores from 181- 244, adding 63 locations. This figure is three times the number of stores we had during the same period last year and aligns closely with our target of building a 250-store network. On the micro-mobility segment, it declined by 41% year-over-year, although we saw a 50% quarter-over-quarter increase. The year-over-year downturn is primarily attributed to challenging market conditions in Europe and the United States. market, where the emerging bright spot emerged in the Asian market. Our U.S. sales declined by 17% in Q2, particularly due to a strategic channel management and market trend shift. In Q2, the retail and sell-through prices were not adjusted to reflect the recent tariff changes. To avoid channel stuffing, we proactively reduced the selling volume. Notably, the activation number, basically the sell number to the consumer, still grew by 10% year-over-year, indicating a healthy end-user demand. We also observed the customer preference in the U.S. is trending towards the low to mid-pricing scooters, leading to a decline in sales of our premium scooter models. To address this, we have provided our entry-level KQi model, which is scheduled to be launched in Q4. Now, the European market faces a significant headwind due to intensified price competition across key markets, including Germany, France, Italy, and Spain. This aggressive pricing environment pressures our sales performance in the region, contributing to substantial overall segment decline. In contrast to Europe and the United States market, the Asian market delivered a healthy growth with a 21% year-over-year increase. This positive performance reflects a strong market demand and the effective execution of our original strategy. On the retail coverage side, our channel expansion has reached maturity with over 2,100 retail locations now carrying new mobility products globally. A key highlight in Q2 is our participation in the Best Buy Achiever event in the U.S., where we connected with top-performing sales associates, conducted 68 test rides, and explored new service partnerships such as the in-store repair solutions with Best Buy's Geek Squad. Those interactions paved the way for deeper retail integration and long-term growth in the United States market. Now, looking ahead, we remain optimistic about the performance both of the China and overseas markets in the second half of the year. In China, we believe in Q3 will benefit from both seasonal trends, the strong product momentum, and the potential temporary demand surge due to the new regulations. The launch of a highly competitive NX electric motorcycle and also the upgraded smart electric bicycle product in Q2 has positioned us effectively to meet evolving consumer preferences. Our channel expansion efforts throughout 2024 and the first half of 2025 are the second driver to the sales growth. As we target to add about 1,000+ stores for the entire 2025, we have net added about 589 stores in the first half, with more to come in Q3 and Q4. Furthermore, the upcoming implementation of the new national regulation for electric bicycles indicates that the manufacturers cannot manufacture all standard bicycles after August 31st, and retailers cannot sell all standard bicycles after November 30th. This will, in turn, drive distributors to build up inventories in Q3 and also drive a big demand surge in Q4, as consumers won't be able to buy the all-standard product after November 30. Also, our effort in the product portfolio optimization and platformization has also demonstrated positive results in gross margin improvement and ASP improvement. Looking forward, we're confident that we can maintain a healthy gross margin and stable ASP throughout the second half of the year. Now, looking forward for the overseas market, we're on a path towards recovery and profitability. The significant growth in the electric two-wheeler, i.e., electric motorcycle and moped sales, and the strong performance of our direct distributed regions this year validate both the market competitiveness of our products and the retail capability of our channels. Our direct distributed electric moped business has demonstrated a distinct local advantage. Here in the strategy, I continue to expand storing in this direct distributed region. We expect to continue the growth trend as we observe in Q2. In the micro-mobility segment, we're closing the gap between the losses and break-even. In the U.S. market, as tariffs are finalized clear for Southeast Asia and China, we continue to negotiate a price increase for existing products with retailers and roll out a low-cost version to a better-dressed market. This will help the U.S. market to term profitability. In the European market, we're planning to recover from the decline in the first half and focus more on the profitability in the selected market. Now, with that, let me turn the call to Fion. Hi everyone. Please note that our press release contains all the figures and comparisons you need, and we have also uploaded Excel format figures to our IR website for your easy reference. As I review our financial results, I'm referring to the second quarter figures unless I say otherwise, and all monetary figures are in RMB if not specified. As Yan just mentioned, our total sales volume for the second quarter was 350,000 units, up 37% compared to the same period of last year. 319,000 units were sold in China, while the remaining 31,000 units were sold overseas. Nearly 50% of our sales volume in China came from our top three models this quarter. The total revenue for the second quarter amounted to RMB 1.26 billion, an increase of RMB 315 million or nearly 34% compared to the same period of last year. China revenue was RMB 1.15 billion, accounting for 91% of total revenue. Of this, the scooter revenues were RMB 1.6 billion, a year-over-year increase of 45%. This increase was mainly due to the increase in sales volume. China's scooter ASP was RMB 3,316, down 5% year-over-year, but up 11% quarter- over- quarter. This decline was primarily attributed to a shift in product mix. In last year's Q2, large-scale scooters like NX Pro and Play dominated our bestsellers, with average retail price exceeding RMB 5,000. In this year's Q2, however, the MT models, a more compact scooter, emerged as the top seller, capturing over one-fifth of the total sales units at a retail price range of RMB 3,700-RMB 4,600. Overseas revenue was RMB 110 million, representing 9% of total revenues. The scooter revenue, including electric motorcycles and mopeds, kick scooters, and e-bikes, amounted to RMB 103 million, down from RMB 130 million in the same period of last year. This decline was driven by the decrease in sales volume and ASP of kick scooters. While overseas scooter ASP increased 23% year-over-year to RMB 3,288, driven by the increased proportion of electric motorcycles in the total sales volumes. Revenue from accessories, spare parts, and services amounted to RMB 96 million, a 15% increase compared to the same period of last year due to the increase in spare parts sales in the China market. The gross margin exceeded RMB 252 million, marking a significant improvement compared to RMB 160 million during the same period of last year and RMB 118 million last quarter. The gross margin was 20.1%, 3.1 percentage points higher than the same period of last year and 2.8 percentage points higher than the previous quarter. Domestic market gross margin improved due to the successful cost reduction initiatives, contributing to a 5.1 percentage point increase in overall gross margin. However, the overseas margins reduced the overall gross margin by 2 percentage point, primarily due to three factors: a change in kick scooters' product mix, the impact of U.S. tariffs, and aged inventory write-downs. The operating expenses for the second quarter were RMB 265 million, increased 38% compared to the same period of last year. The OpEx ratio rose slightly to 21.1% from 20.4% year-over-year, but decreased from 24.2% last quarter and 22.8% for the whole year 2024. Selling and marketing expenses rose by RMB 82 million year-over-year to RMB 202 million, primarily driven by a higher spending on online shopping festivals and marketing events in China. Selling and marketing expenses represent 16.1% of revenue compared to 12.8% in the same period of last year, but down from 16.8% last quarter. R&D expenses increased by RMB 11 million year-over-year to RMB 44 million, primarily due to a higher staff cost and share-based compensation, as well as higher design and testing expenses. R&D expenses represent 3.5% of revenue compared to 3.4% in the same period of last year, but down from 4.4% last quarter. G&A expenses decreased by RMB 20 million year-over-year to RMB 19 million, largely attributed to foreign currency exchange gains. G&A expenses represent 1.5% of revenue, a notable reduction from 4.2% in the same period of last year and 3% last quarter. Net income was RMB 5.9 million, with a net income margin of 0.5% under GAAP accounting, compared to a net loss of RMB 25 million for the same period of last year. The non-GAAP net income was RMB 13.7 million, with a non-GAAP net margin of 1.1%. Turning to our balance sheet and cash flow, we ended the quarter with RMB 1.4 billion versus RMB 1.1 billion last year-ending cash, restricted cash, term deposits, and short-term investments. Our operating cash inflow amounted to RMB 519 million. Tariffs amounted to RMB 32 million, reflecting an increase of RMB 12 million compared to the same period of last year, and this can be attributed primarily to an increase in the opening of new stores and modules costs in China. Now, let's turn to guidance. We expected third quarter revenue to be in the range of RMB 1.4 billion- RMB 1.6 billion, an increase of 40%- 60% year-over-year. Please be aware that this outlook is based on the information available as of the date and reflects the company's current and preliminary expectation, which is subject to change due to uncertainties reflecting various factors. We are now open to the call for any questions that you may have for us. Operator, please go ahead. Thank you. We will now begin the question- and- answer session. To ask a question now, please press Star, one, one on your telephone and wait for your name to be announced. To withdraw your question, please press Star, one, one again. Please stand by while we compile the Q&A roster. Once again, that's Star, one, one for questions. We will now take our first question from the line of Yating Chen from CI CC. Please ask your question, Yating. Hi, this is Yating from CICC. Congratulations for your outstanding performance. I have one question. I'd like to know what are the reasons for the increase of unit price and gross margin in the second quarter? What's your outlook for the unit price and gross margin in the third quarter? Okay, this is Fion. I'll take this question. Regarding the overall branded ASP, the ASP improvements quarter over quarter, mainly due to the product mix improvement, especially in China scooters. Last quarter, our ASP is around RMB 3,000 in the domestic markets, just because we launched two smaller or more compact scooters, MT and MMT, which the retail price range is through RMB 3,500-RMB 4,800. This will drag down the ASP last quarter. This quarter, since we launched the upgraded version of the NX 2025 version, the NXL, and also the N Play, which are all the large-scale scooters and the upgraded version from our bestsellers, and the retail price exceeding RMB 5,000. The branded product mix in China markets rose up by those bestsellers. Additionally, in the overseas markets, this quarter, our e-motorcycles sales volume increased more than 3,000 units. Our motorcycle ASP was around RMB 15,000, which includes the FOB models and also the DDT models. This will improve the overseas branded ASP as well. As to the gross margin, actually, you know, both on the cost reduction side and also our ASP improvements brought up the overall China market gross margin. Actually, in this quarter, our domestic gross margin with the scooters and also the non-scooters altogether, the gross margin in the domestic market is more than 21% overall. This is a very optimistic and a very good figure for the past six quarters. This also improves, gives us a better gross margin for the overall gross margin, for the total gross margin for our business this quarter. Hope this will answer your question. Thank you. I have another question. I'd like to know how do you predict sales volume next year for the domestic electric two-wheeled vehicles? Some investors are worried about that. This is Yan. Let me address this question. I think currently it's still really early to predict the sales for next year. I mean, the one thing we're looking at is actually with this new, as I mentioned, this new regulation that's going to be effective with two dates, right? One date is actually September 1st. That's for the manufacturers. One date is December 1st. That's for the retailers. If you look at the entire market, there are speculations that maybe some of the demand from next year will shift to this year because of regulatory changes. We're still being very cautious at this point to actually observe the market. In terms of Niu, what we are doing right now is actually we're preparing. We have multiple lineup products, the new series that will comply with the new standard, and also we're modifying our existing series to comply with the new standard. At the same time, we continue to increase the number of retail stores. Those two actions will help us to really drive the growth for next year, regardless of market changes. Thank you. That's all my questions. Thank you. Our next question comes from the line of Kai Kang from CITIC. Please ask your question, Kai. Hi, thank you for this opportunity. This is Kai Kang from CITIC. Congratulations for this strong performance in the second quarter. I also have two questions. The first question is about the overseas market. We know that in the last two years, we were under high pressure in the overseas market. Our performance was under pressure. Do we think we have worked out of the woods or going out of the bottom and climbing up again due to our new driver on e-scooter and also our new direct distribution model in the overseas market? Can we expect maybe a better, brighter future since the second half and to the next year in the overseas market? Thanks. Right. Kai, to address your question, I think the short answer is yes. We really spent the last two years because the overseas market for electric two-wheelers, the mopeds, Europe is actually one of our largest markets. We really spent the last two years building up the direct distribution model. It's very complex. It requires setting up our own operations from logistics to dealer financing. We really spent the last two years to build up that. It really started to turn around basically the second quarter of this year. We looked at our market share based on the registered vehicles because many of the mopeds you sell in Germany, Italy require registration. We looked at our market share in registered vehicles. We're actually ranked number one market share in Germany and Italy at this point, with a much faster growing rate than our competitors in those markets. We actually expect to continue the growth trend basically in the electric two-wheeler market overseas, to hopefully get back to the peak level, which will be in 2020 or 2021. Thanks. I have another question about the dealer network in China. We know the last one year, the dealer network was the strong driver of our performance in the domestic Chinese E2W market revenue. Do we think we'll keep open more new stores at the very fast pace, like this year and the next year? That means maybe next year our dealer network stores' number in China will reach about maybe 6,000 or 7,000, maybe some speed like that. I think right now we're at 4,300, right? We're expecting to, because this year our total target was to open about 1,000 stores or so. We have net adds. We have net adds added about 689 stores. We're looking at another about 400 stores to be net added in Q3 and Q4. Let's say we achieve that target, that will get us to the number of about 4,700 stores. If you look at our competitors in this market, you know, and with the same price range, I think at least the ceiling for us will be somewhere around 8,000- 9,000 stores. We still have a long way to go. If you look at basically for the next three years, you should be looking at we're continuing to expand our stores. At the same time, as we're opening stores, our per-store sales hasn't really dropped. It's actually the per-store sales also has a slight increase. I think it's more around 7%- 8% per-store sales. With that, basically that demonstrates that by opening the stores, we didn't dilute the sales per store. That actually shows a sort of a trend for healthy growth or healthy channel expansion. Very clear. Thanks a lot. Thanks. Thank you. As a reminder, to ask a question, please press Star, one, one on your telephone keypad. We will now take our next question from the line of Michael Simmonds from Global View. Please go ahead, Michael. Thank you. Yeah, it's Michael speaking here. Congratulations, Dr. Yan Li. Congratulations. This channel is a very good result for Q2. I just see that you've been, for the last few quarters, you've been posting some good volume sales growth, volume growth in the number of scooters. Revenue growth has always fallen behind that. This last quarter, it seems to be catching up a bit. From you, the comments you've just been making, it sounds as though in this next quarter where you're predicting 40%- 60% revenue sales growth, do you think that this will be the first quarter where that's going to be actually ahead of the volume in scooters? Michael, sorry, I didn't fully get the question. The question based on the volume growth will be similar in line with the revenue growth for Q3? I mean, so far for a little while now, you've been achieving revenue growth that's been behind the volume growth in scooters. From what you're saying on this call, it sounds as though in your guidance of revenue growth of 40%- 60%, that actually this could be ahead of volume scooter growth in this quarter. Is my assumption correct? I think it will be. Let me actually go back to my data here. If Fion has the data in front of her, she could be better at answering the question. My sense is actually it will be very similar because if you look at our Q, basically, if you look at our Q3 for 2020, if I remember correctly, our ASP for China market for Q3 2024 is around actually RMB 3,000. It's actually significantly lower than Q2 2024. Compared with our Q2 2025, which is around RMB 3,300. Q3 typically is actually a low quarter for ASP because it's actually a top sell season for China. A lot of the low-end scooters, even for us, would represent a higher percentage. We're still halfway through Q3, actually, not halfway, about 40 days in Q3. We still actually don't have the full picture on what our ASP is. Currently, we roughly estimate that the volume growth will be very similar in line. Okay, thank you. That's helpful. All right, thank you. As a reminder, to ask a question, please press Star, one, one on your telephone keypad. I'm seeing no more questions in the queue. Let me turn the call back to Mr. Li for closing remarks. All right, thank you, operator. Thank you all for participating on today's call and for your support. We appreciate your interest and look forward to reporting to you again next quarter on our progress. Thank you. Thank you for your participation in today's conference. This concludes the program. You may now disconnect your lines.