Hello, and welcome to the Deutsche Bank Deposit Receipts Virtual Investor Conference, DBVic. I'm Zafar Aziz from the Deutsche Bank team. I'm pleased to announce that our next presentation will be from Viomi Technology Co., Ltd. Before I introduce our speaker, a few points to note. Please submit your questions in the questions box. All of today's presentations will be recorded and can be accessed by the Deutsche Bank website, adr.db.com. At this point, I'm very pleased to welcome Viomi Technology Co., Ltd., which trades on NASDAQ under VIOT. Thank you for having us. Hello, everyone. Welcome to Viomi Technology Business Update section. I'm Sam Yang, Head of Capital and Investment Department. I will begin by sharing our recent strategic development and updated financial highlights, followed by our Q&A section. Before we proceed, please note this discussion will include forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements involve inherent risk and uncertainty, materially from the views expressed today. Now, let's take a look at an overview of Viomi. The completion of our strategic reorganization in August last year marked a pivotal milestone for the company, enabling us to sharpen our focus on core home water solutions. This strategic shift has driven strong performance in 2024, with net revenues reaching RMB 2.1 billion per year, and a net income of RMB 62.3 million, reversing the losses reported over the past 2 years. Diluted EPS from continuing business was RMB 0.7, an increase of 25% from last year. We also maintained a RMB 1.2 billion. Additionally, as of today, we have filed nearly 1,800 global patent applications, including over 600 inventions, significantly outpacing the industry averages. Viomi is well-positioned to leverage AI technology to provide better drinking water solutions for households worldwide. There are four reasons why we believe Viomi is a great investment. First, we are leveraging innovative AI technology to power our solutions. This allows us to offer holistic, intelligent water purification solutions that meet a wide variety of customer needs. Second, we have been focused on home water business for over 10 years. That experience has helped us lead the industry innovation, backed by our large portfolio of patents. Third, we are expanding our presence through omnichannel distribution and international markets. That is in line with the global market expected to grow at a CAGR of around 6%, actually 7% through 2033. Finally, our strong financial position is a key asset: solid performance, substantial cash reserves that support our global expansion plans, and long-term growth. Our AI-powered smart solutions, including the OnSync, Whole Home, and the installation-free products. Here is our product matrix, designed to meet every need. Starting from the left, we have the OnSync RO series, which not only delivers clean, fresh water, but also provides higher, healthy, mineralized water. In the middle, we offer whole house water filtration systems, including central purifiers, softeners, water dispensers, and a part of an entry purifier, covering all household water needs. On the right, we have all installation-free products, which can easily be placed anywhere, whether in the living room, bedroom, or even outdoors, providing maximum flexibility. Our business model is unique and also highly scalable, creating a powerful snowball effect. The scale of water purifying equipment brings ongoing household users. While AI technology enhances the user experience, this not only drives recurrent revenue, but also delivers high margins from the consumable sales. Founded in 2014, after the invention of the first intelligent water purifier in 2015, we have been constantly redefined and leading in water purification technology. We successfully implemented ERO filtration technology, widely used in industry filtration to customer products, allowing us to adjust the beneficial elements in water to enhance health. Our latest product, the Kunlun AI Purifier series, features innovative mineralization filter technology that enables us to sustain the release of beneficial minerals. This makes the mineral composition of water nearly identical to natural mineral water, so users can enjoy fresh, mineral-rich water right at home. Through these next-generation innovations, we are leading the train towards healthier drinking habits. Now, let me highlight some of the major breakthroughs in technologies and product innovations. For example, our techniques, large flux water purifiers, provide fresh drinking water 24 hours to 7 days, with a flow rate up to 2,000 gallons, which is 5.7 liters per minute. This expands the use scenarios from drinking to cooking, washing vegetables, and more. In addition, we have introduced DIY filter replacement to reduce maintenance costs. By applying ERO technology and mineralization filters, we can offer a range of water solutions, from pure water to natural mineral water, driving a new wave of healthy living and wellness. We leverage AI technology to make better water. Here is how we do it. First, our products are equipped with AI sensors that can detect various water data. These sensors monitor parameters like temperature, water pressure, entry point water quality, and flow rate. Based on this data, our devices can intelligently adjust the functionality to optimize performance. All of our products are connected to the cloud system, allowing them to make proactive decisions. For example, our intelligent waterway self-cleaning technology system significantly extends filter lifespan and reduces overall cost of water purification. We also have a proprietary platform that enables remote, real-time monitoring of water quality and usage. This system provides timely filter replacement reminders, supports one-click reordering, and offers DIY replacement options. These innovations make our smart water purification products reliable, hassle-free, and affordable, truly an essential part of daily life. Our global leading integrated water purifier gigafactory is designed to produce up to 5 million units of water purifiers annually, along with an annual capacity of 30 million filters. The total investment in this state-of-the-art facility is talking about RMB 1 billion. We have established a comprehensive omnichannel distribution network to support our global market access. Domestically, we sell Viomi-branded products through all major online platforms like Jingdong, Tmall, PDD, and others. We also maintain a nationwide network of service centers to ensure excellent after-sales support. On the global front, our strategic partners, including Xiaomi, Jingdong, and Shanghai, we collaborate with our network of dealers across the country. Our products are available through dealers on the Viomi offline stores. Before we expanded our global presence into the U.S. market through a successful crowdfunding, our Vortex series of the OnSync RO water purifiers at Amazon, where we received high recognition and positive feedback, with a strong customer demand. In January, we made our debut at CES in Las Vegas, showcasing our intelligent home water solutions and reaffirming our position as a leader in smart water innovation. The global home water purification market is entering a high-growth phase, categorized by various levels of market penetration across major countries and regions. So far, the U.S. market is the largest, with a size of $6.8 billion, while China presents a significant potential due to its comparatively lower market penetration, and now it's just 20%, almost. We see the growing public concern around drinking water quality, along with the increasing awareness of health and environmental protection. Additionally, customer demands are becoming more diverse, seeking better taste, higher quality, and more innovative solutions. These factors are driving the acceleration of their market penetration worldwide. Going forward, we will focus on four key strategic initiatives. First, we will continue to fortify our water purification product portfolio and deepen our presence in the domestic market. We aim to build recurrent revenue streams through after-sales services and filter subscription models. Second, we will keep upgrading our automation and smart manufacturing infrastructure at our water purifier gigafactory to improve cost efficiency and scalability. Third, we plan to invest further in AI technology to accelerate product innovation, helping us to meet the increasing customer demand for an elevated lifestyle. Finally, we will drive international expansion efforts, especially in key markets such as North America and Southeast Asia, by tailoring products to regional preferences and enhancing our brand positioning. We aim to boost Viomi's global visibility and market share. Now, let's take a look at our financial performance. We delivered strong results, with full-year net revenues reaching RMB 2.1 billion and income from operations totaling RMB 156.3 million, both exceeding our previous guidance. We achieved net revenues of RMB 1,282.4 million, an increase of 42.8% from RMB 897.9 million for the same period of 2023. This growth was primarily driven by the expansion of our home water system business. To better align with our strategic focus, we have reclassified our revenue streams starting from the second half of 2024 into three categories: home water systems, which included revenues from smart water purification products, water heaters, water kettles, water colorimeters, and other businesses; consumables, which included revenues from water filters designed for the smart water purifiers; kitchen appliances and others, which included revenues from range hoods, gas turbs, and other appliances; and installation services from Viomi products. In the second half of 2024, we aimed RMB 1,282.4 million and an increase of 42.8% from RMB 897.9 million for the same period of 2023, again primarily driven by expanding home water system business. Additionally, we enhanced operational efficiency, with the net income from continued business rising 24% to RMB 144.7 million. Most importantly, we achieved a net revenue of RMB 62.3 million, reversing the losses reported over the past two years. Thank you for your attention. We now welcome your questions and are looking forward to discussions in the Q&A section. This is a question that, "Is the Kunlun product in line meeting expectations since your launch?" This is a good question. Actually, last year, we launched the Kunlun product in China, and it was a hit in the Douyin. Actually, we do it in China. This is a very famous sales channel, and recently, it's very popular in China. We meet our expectations. This year, we launched the upgraded Kunlun 4, and it's going to happen actually in coming days. Today is May 15, and it will be launched tomorrow, actually. We believe it will be a big success. Thank you. Let's go to the next question. Have your customer behavior changed since post-COVID? Okay. Let's just get to the question. In China, even worldwide, I think in the period of the COVID, the habit of the customer has already changed, actually. People are more concerned about health. Before, people don't realize that the health is that important. Now we realize that the customer is more and more concerned about the health. There is a demand for vast demand of the water solutions. Now in China, we see that that is the trend of the habit of the people, that they are requesting more and more mineral waters. So that we launched the Kunlun series in China. We are going to launch this kind of series worldwide. It will happen just in the second half of this year. Thanks. Let's go to, "Can you speak to your sales channels in North America and how the ongoing tariff negotiation between the U.S. and China affects your business?" We launched the sales in Amazon, which actually is the December of last year. Before we launched to Amazon, we did it in Kickstarter, and we got a great success. It's 10 times our expectation. Once we go to Amazon, we expect that the tariff will be happening. That we prepared some shipment actually in December of last year, and we shipped our products actually to the U.S. The quick question to answer this is, if we talk about the sales of Amazon, for the time being, we do not have any effect impact for the time being. If we talk about the long run, it is manageable, actually. We have means, and we have several approaches to minimize the tariffs to keep the profit in a reasonable level. Let's go to the next question. Have you seen fairly stable demand in China markets thus far in 2025? Yes. If we talk about China, we have a stable growth. The kick-off for this year, I think it is a single-digit growth. For the water purification industry, we remain a strong growth for China. We can see that the revenue can keep the same speed, at least just like last year. We believe that with the demand of the people in China, they are demanding more and more fresh water, the mineral water, and also their demand for a variety of the water solutions in China. Once the penetration rate enhanced, that in China, we have more sales, we believe. This is a great potential in China. Can you provide more details around the factors driving your increase in revenue and income? Do you expect similar growth in 2025? This is a good question. The success of 2024 is coming from, number one, is the focus strategy. Before, we had a variety of products for the whole industry, and we had a lot of things. Now we focus on water solutions. That means we are totally changed, not unlike before. This keeps the team just focused on what we can do and what we can do for the future. People are more focused, and the strategy is very strict, and it is very clean. We just deliver what we can do. This is number one. Number two is we take the chance that, just like I mentioned before, the market is growing, and we just do more than we expected. That comes from the team's effort. Also, we are establishing the capability of the team. Right now, the company is doing more about the IPMS. That is the system that is controlling the marketing strategy and in line with the whole supply chain and R&D and a lot of things, so that the synergy can just come out naturally. Number three is we are going to the international. That is very important for the future growth, especially if we are talking about this year. Last year, we launched the sales in Amazon, and also, we started the business in Southeast. It is a good starting. This year, we are confident that the growth is continual. We have a growing revenue, and also, we have a better gross margin, and we have higher in absolute amount of the net profit, actually. It is good. You can see that the fundamental of the company is good. We have sufficient cash, and we are making money. This company is still growing. Even the whole situation worldwide is not that good. I guess we have all the questions here. Thank you once again for joining us today. Questions, please feel free to contact us through the contact information on our website or our investor relationship consultant, TPG. Thank you.