Dear investors, good afternoon. Welcome to Geely Auto 2025 Sales Volume Target Conference. Currently, all participants are on mute. Before we start, in this meeting, we would like to remind the investors that there is no Q&A. Please allow me to introduce to you the leaders: the Executive Director of Geely Auto Holdings, CEO of Geely Auto Holdings, Gui Shengyue. CEO of ZEEKR Intelligent Technology Holding, An Conghui. CEO of Geely Auto Group, Executive Director of Geely Auto Holdings, Gan Jiayue. CFO of Geely Auto Group, Dai Yong. CFO of ZEEKR Intelligent Technology Holding, Yuan Jing. Then I will give the floor to the leader of the company. Thank you. Thank you. My name is Gui Shengyue, so I will be the host of this meeting. First of all, I would like to invite my colleague, the CFO of Geely Auto Group, Dai Yong, to talk about the 2025 Sales Volume Target. Okay, so dear investors and friends from the media, good afternoon. My name is Dai Yong. Welcome to today's 2025 Sales Volume Target Conference. First of all, please allow me to introduce to you about 2024 Sales Volume and then the 2025 Sales Volume Target. In 2024, our performance was good. Over the year, we realized a sales of 2.7 million, 2.18 million, which is higher than the target, 109%. We are ahead of the industry in terms of the completion rate. We increased the sales volume by 32%, much higher than the average. In the ICE cars and in NEV cars, in domestic market and overseas market, we have got both very good growth. In 2024, the ICE cars was 1.2 million, and with the industry going down by 18%, we went ahead against the trend. In 2024, the NEV sales was 888,000, up by 92%. The growth rate was even doubled, and the sales volume ranked in the first ladder among the NEV brands. With strong growth domestically, we also were very strong in overseas, and we were up by 53%, higher than the industry average, and the percentage of overseas increased from 16% to 19%. Next, please allow me to introduce to you about different brands. For Geely brand, in 2024, the overall sales was 1.66 million, and for the medium and high-end, it was already 440,000, and then for Xingyue, it was higher than 30,000 per month, so the overall sales was over 600,000, and Galaxy also got very good results, 494,000, up by 80%. E5 and Galaxy Starship and E5 were very hot in their sales. For Galaxy E5, we accumulated sales of 78,000. We broke the record of Class A delivery. Then for Xingyue, we were the first to break, the fastest to break the 50,000 unit sales in Class A0. We also broke the record for other brands as well. For Zeekr, the overall sales was 222,000, up by 87%. We became the champion in that segment. We also got a lot of breakthroughs like 009 and 7X and MIX. We also got 001, 007, and 009 facelift. For Zeekr, 001 was the champion above 200,000. 7X also was the consecutive champion of the segment. For Lynk & Co, the sales was 280,000. It was on the fast track. For NEV sales, it was 168,000, up by 43% and the penetration 60%. So Lynk & Co 08 and 07, they broke the 10,000 mark for two months in a row. And for the accumulative sales, it was more than 260,000. And looking ahead in 2025, in terms of China, the market is expected to have stable growth, but the structural change will reveal itself. For NEV sales, the penetration will grow further, and domestic brands will have more than 70% of the market share. And we will come to the year of revolution. For the global market, there are both opportunities and challenges. And the going global trend is accelerating. With the improvement of the international impact of Chinese brands, the export will grow further. And we are actively deploying in the overseas market and looking at the political environment and the international trend. In 2025, when faced with the technical innovation and fierce competition and uncertainties, we're still very confident. We are confident about our competitiveness and productivity, so our target was 2.71 million, up by 25% compared to 2024. For Geely, the target is 2 million, up by 20%. For Zeekr, the target is 320,000, up by 44%. For Lynk & Co, 390,000, up by 37%. Apart from that, in 2025, the NEV target is 1.5 million, up by 69%. Penetration is expected to be up by 15%, so in 2025, we will definitely adhere to the Taizhou Declaration and also try to improve our competitiveness and try to improve our high-quality growth. Thank you. Thank you, Dai Yong, so I am Gui Shengyue. First of all, on behalf of Geely Auto colleagues, I would like to wish all the friends online a Happy New Year, and I want to thank you all for your attention and support for Geely throughout the years. Historically, this is the first time for us to have the meeting to interpret our sales volume target. The reason was that since the latter half of last year, the attention that we got from the society was much higher than before. So we feel obligated to share our summary of 2024 and our thoughts on 2025. In the past year of 2024, that was a very pivotal year for Geely. Two years ago, in the performance release meeting, we announced that Geely has basically finished the investment and deployment in NEV and smart driving. We are on the right track to receive the new landscape challenge. And in 2024, that was the year when the market puts our deployment to test whether it's correct or not. In 2024, in NEV and in smart driving, if we couldn't achieve breakthrough, then our prospect will look very dim. On the contrary, if we can achieve breakthroughs in NEV and smart driving, we will definitely have a second leap. So in that sense, 2024 for Geely was very critical for Geely. Now, 2024 is in the past. We have got 2.176 million, up by 15% compared to 1.91 million target. And for the domestic market share of NEV, it's already 49%, which is higher than the industry average of 47% for NEV. That number is very critical because that number shows that we have already caught up with the development of NEV market in China. And that proved that our investment and deployment in the past years were correct. Only by walking on the right path can we really allow another leap. In 2024, 2.176 million of sales was the historic high of Geely. And actually, for the sales on the dealer end, actually it's higher than that. For our inventory level, it was at the historic low. From the already announced first three quarters of margin compared to the first few years, our profitability was also recovering. So all that allowed Geely to be much better positioned to accept the challenges in 2025. In 2025, we confirmed the sales target of 2.71 million, which is very practical and cautious, which is also in line with our style in the past. While trying to reach the target in 2025, we also have another goal, which is to allow profitability of our NEV. We believe that with the fierce competition in China, to realize profitability, it doesn't just rely on scale. It also relies on technical expertise. And for that, we're confident. In the past few years, on one hand, we were trying to learn from the advanced competitors. On the other hand, we are trying to improve our inner capability and build the solid foundation. So in NEV, in energy saving and smart driving, we have a lot of breakthroughs. And because of that, we're very confident that in 2025, we can realize the breakthrough in both sales and profit. Especially in terms of profit, 2025 will prove once again our capability to develop into the future. In 2024, in terms of NEV, we have got a breakthrough in sales volume. But to really achieve the success and the new energy transformation, it needs to be reflected in margin. We are very happy to see that starting from Q3 2024, in the NEV segment, we have already reached break-even profit. I believe that in 2025, in terms of NEV, the goal of realizing profitability in NEV is very probable. I think only by realizing profitability in NEV can we prove that we have got a great success in the new energy transformation. So 2024 is in the past. And 2025 not only challenges us on sales, but also in profitability. Only by achieving the best profitability can we really return our shareholders. So here, I would like to also especially report this to you. In 2024, in all sorts of competitions, Geely ranks number one in terms of ESG among the Chinese automakers. In the Hong Kong Exchange, they also treat the 0175 ESG as the template to become the role model. In 2025, we will try to be patient and try to adhere to our corporate responsibility and try to improve the ESG level to a new height. I especially reported that to you because we want to emphasize that despite the fierce competition in China, Geely always takes our corporate responsibility, social responsibility, and in the fierce competition, we will also prioritize the quality and our user. Only by doing that can we survive for the long term and develop for the long term, so I would like to take the opportunity of the beginning of the year. We would like to make this commitment to you. Another thing I would like to mention to you is that in the second half of 2024, we announced the Taizhou Declaration. The key of this declaration is to focus on auto and on our company. In the past several months, in order to deliver the declaration, we did a lot of integration, and also the results, the efforts will be paid off gradually in the year 2025. We are still on the right track to deliver the declaration. We are trying to optimize the management and operations of our company in order to achieve better integration under the Taizhou Declaration. I think integration is the only way out in the current situation of the fierce competition among automakers in China. That's a brief statement of mine. Now, let me leave more time to Mr. An and Mr. Gan. They will introduce to you product by product. Thank you. Now, let me hand over to Andy. Hello everyone. Dear investors, dear friends from media, this is Andy. Thank you very much for being with us in this 2025 Sales Volume Target Conference. Now, I will talk about the Zeekr brand. First of all, let's take a look at 2024. The sales volume is 222,000, up 87%. We have completed 96% of the annual target. We missed the target by only a little bit, but according to the information available to us, Zeekr is already the champion among all the premium NEV high-end brands in China. And also in Q4 2024, we delivered 80,000 units, up by 44%. Year on year, it's more than 100%; quarter on quarter, 44%. So the performance in Q4 2024 was very good, and we see quarter on quarter improvement throughout all the quarters in 2024. And accumulatively speaking, we have delivered more than 400,000 units for Zeekr brand already. The major driving force for Zeekr brand is as follows. First, the brand is very well enhanced, and the brand awareness is very strong among our users. Second, the product lineup was also expanded. In 2024, we have a 001, MIX, 7X—three models already, three new models. For our existing products, 001, 007, and 009, we also did iterations on the models, which made a positive contribution to the sales volume as well. The other driving force for Zeekr brand is actually intelligence. We are catching up on intelligence very fast. For example, smart cockpit and smart driving. We are working on all those features. The other driving force is the channel enhancement in China and also overseas countries. In 2024, we have more than 530 stores in the whole world, new addition, more than 150. And we are also penetrating into more markets globally. In overseas market, our brand was very well recognized by overseas users. In December, our 009 model was delivered 1,000 in overseas market in December only. In the interest of time, I will just stop here for the 2024 overview. I think the major concern of investors should be our outlook for the year 2025. Our sales volume target is 320,000 units. So that's the guidance for the investors. So the year on year growth is 44%. But internally, we would like to do better than that. We would like to achieve more than 320,000 unit sales throughout the year of 2025. And in order to attain the target, we have made some reflections. First, on the existing car models, our 7X model will be the mainstay of the driving force of our sales volume. Ever since its launch of 7X, we achieved very high sales volume in only one week, becoming the new champion of the category. And in 2025, we would like to double the sales volume of 7X on top of 2024. And for some other existing products, we will do software iteration upgrade. We are going to introduce more intelligence features, like a smart cockpit, to those car models to make sure our car models like 001 can still improve. And about 007, 009, and Zeekr X, we also have plans to improve the sales performance in different markets. I think the efforts will definitely make a positive contribution to the sales volume eventually. So that's about the existing car models. And about new car models, in 2025, we will have three brand new car models to be launched in Q2, Q3, and Q4, one new car model each quarter. The three new car models will also have a positive contribution to the sales volume of Zeekr and also a positive contribution to the profitability of our brand. Especially two car models, the one to be introduced in Q3 and also in Q4, the hybrid mid to large size SUV. These two car models will definitely gain a lot of market share after the launch. They have very strong competitiveness against the same kind of products on the market. The reason why we introduced this super hybrid SUV, well, I think we can see that hybrid models are gaining a lot of momentum last year and also this year. The volume increase is more than 100% last year and also this year. So I think super hybrid car models will gain more and more market share in China and also in overseas countries. The growth rate will still be very high, especially when it comes to mid to high-end car models. So we are actually seizing the market trend to introduce these two new car models in Q3 and Q4 next year, not only for the Chinese market, but also for the global market. Why do we call it a super hybrid? Well, the system is actually combining BEV, PHEV, and EREV. We are combining the advantages of different car models into one to make sure the driving experience is the same as BEV. And also the power consumption is more or less the same as PHEV. And the range is very desirable. This kind of technology and such products powered by the technology will be introduced to the market in Shanghai Auto Show this year. Of course, we have some other new technologies to be launched. Please stay tuned. So these two super hybrid car models to be launched next year will be our highlights. And also about our architecture for Zeekr, we will launch the new architecture in Q2. Zeekr brand is leading the market in terms of product understanding and also the accumulation of technology. So I think our new car models will definitely bring a lot of highlights to the market. And we have confidence in the performance of the sales of the new products. So that's new car models. And the third part would be intelligence. Electrification and intelligence are the key in NEV era. So for Geely and also for Zeekr, we have a very good foundation to do electrification and intelligence. We have a very strong capability in vertical integration of electrification. We are ranking number one in the world, I believe. And on top of that, we are going to invest more in intelligence. We are going to invest more and more in improving our intelligence. In December, we already made some breakthroughs in terms of intelligent driving. We are also paying a lot of attention to the experience of our users nationwide. The feedback is very positive. They spoke highly of our intelligent driving product, and this year, we will invest even more in intelligent driving, especially in computing power, because now AI and large language models are very popular, and we are still in a very early stage of utilizing those technologies, so I think if we work hard, we can definitely catch up and even do better than our competitors in terms of intelligence. We had shortcomings before in intelligence, but we would like to overturn the situation to make intelligence also our advantage in the year 2025. That's intelligent driving, and for smart cockpit, it's the same. We have already a lot of resources available to enhance intelligent driving and smart cockpit from the design of the hardware to the algorithm and also the application. We have already established a very good ecosystem to support the development of such technologies, and our team is very efficient, so with that, I have every confidence in intelligence going forward, and we will try to deliver L3 autonomous driving in the year 2025. We are working very hard in making that happen. We already have several cities included in our test driving for L3 in the year 2025, so the result was pretty ideal, and fourthly, in terms of the product, of course, we have a lot of new launches, so we will try to accelerate our channel building, and we will try to increase our investment in Zeekr plus. We will also try to consolidate our channels to have better synergy of Zeekr and Lynk & Co. So that we can sync down to tier three, four, and five markets. Like at the end of 2024, our coverage for tier three and four was 61%. But then we will aim at 85% and 90%. So for 2025, our number of stores will be 150. And that's for domestic market. And fifthly, for overseas market, in terms of Geely brand, at the beginning, we were making deployments and planning for overseas market in 2023 and 2024. We have already got a good foundation. And in 2025, on one hand, we will try to extend to newer markets and countries. And in 2023 and 2024, we already accumulated some of the channels. And they will contribute a lot to our sales in the future. So with the above said, five aspects of effort, we are very confident about 2025. We are confident that we will realize our target. Okay. So that's my sharing. Thank you. Okay. Thank you, Mr. An. I think Mr. An talked about Zeekr. On November 14th last year, we already announced the merge or combination of Zeekr and Lynk & Co. But the deal was not done yet because we still need to wait for the shareholder meeting of 0175 before the deal. And currently speaking, the two companies are not one yet. So as I understand, that's why Mr. An was not talking a lot about Lynk & Co. So I think Mr. Gan will talk about the Galaxy and Lynk & Co. So thank you, dear investors and friends from the media. Happy New Year. And I want to thank you for your support for Geely. And today, I'm very happy to be here to talk about the 2025 sales volume target and also talk about some of the commonly interested topics. So in 2024, in terms of the market, the competition was in full swing. And throughout the year, the overall sales were 27 million, up by 5.2%. For NEV, it was 12.4 million, up by 30%. And for the penetration, it's already 44.5% overall. And then domestically, the penetration is near 50%. It's 49%. And in the latter half of the year, it's even higher, 54%. So we can say NEV is booming in China. So in 2024, for Geely, the overall sales in 2024 was 2.176 million, which is higher than the target at the beginning of the year, which was around 2 million. So we finished 109%. And year on year, we grew by 32%. That means we are accelerating our NEV transformation, and the outcome had been great. In the middle of 2024, we talked about how we were on the verge of breakthrough in Geely, and for the NEV sales, we were 808,000, so up by 92%, which is much higher than the average growth in the industry, which is only 35%. In 2025, we expect fierce competition in the market, and according to some institutions, the overall sales will be 29 million, so the growth would be within 4%. From the numbers, we can see that the growth of the market is still relatively low, so we're still competing for the existing market, but of course, there are highlights. The NEV sales is already over ICE cars. For domestic brands, of course, their rate would be higher than before, so this year, they were already 65% of the market. Next year, we expect an even higher percentage for the domestic brands. Of course, the going global will also increase, but the growth rate will slow down a bit because in this year, at the beginning of the year, the going global growth rate was 40%, but at the end of the year, it was only 20%. We think that in December, we may even see some negative numbers. In 2025, for overseas market of the domestic brands, I think they will face some challenges in that. Yesterday, we released the sales volume target of 2025, which is 2.71 million, up by 25%. Mr. Gui already said that this target is in line with the style of Geely, which is practical and cautious, and which is in line with the Taizhou Declaration. And in that 2.71 million, export is 460,000, up by 15% year on year, 15.8%. So for 2.71 million, Geely accounts for 2 million, Lynk & Co 390,000, Zeekr 320,000. So from several aspects, I will talk a bit about the questions that you are all interested in in 2025. So in 2025, this is actually the closing year of smart driving 2025 for Geely. So the NEV transformation had always been accelerating for Geely. In 2025, our penetration of NEV is already 48.4% for 2024. And in the latter half, it was even higher. So in December, it was already 58.6%, which is higher than the industry average. So that demonstrated that the transformation is on par with the management's expectation. And in 2025, our target for NEV sales is over 1.5 million. We want to achieve that target. Compared to 2024, the growth would be higher than 69%. So basically, we need to finish 70% or above. And in terms of making cars, we will focus on the high-value market, which means we need to build the smart boutique cars for everyone. We need to build higher net value and higher value-added products. In 2024, based on that concept, we want to build high-quality, good-price products. Based on GEA, we built the E5 and Xingyue and Starship 7. And in 2024, in the latter half of the year, we launched them one by one. And they have got very good acceptance in the market. So for E5, after 20 days, we broke the line of 10,000, and we already delivered more than 70,000. For Xingyue, we already delivered more than 10,000 within 16 days. And within 80 days, we delivered more than 50,000. And then for Starship 7, within 13 days, we reached 10,000. So that means with each product, the time to reach 10,000 were continuously refreshed. So on December 9th, we already started delivering. And for Starship 7 now, we already delivered close to 20,000. So for Galaxy, in terms of technology, safety, and intelligence mileage, we have a kind of generational lead compared to the market. So that means compared to the other NEVs by our competitors, we're miles ahead of them in terms of technology. And in terms of price and value, we're also miles ahead compared to them. That was why we got a lot of hit products going on. And this will create the momentum for Galaxy. In 2024, Galaxy reached 494,000. The year on year growth is over 80%. In 2024, in the latter half of the year, with that growth momentum, E5 is the first model of GEA. In 2025, we will inherit that kind of momentum because in 2025, this will continue to be a big product year for Geely and Galaxy. In the Q3 meeting, we already revealed that we will have four new NEV products launched in 2025. Please allow me to introduce to you that actually we will have four to five new NEV products. After some optimization, we would like to launch that new product by November next year. That means for every two months, we will launch one new product: March, May, July, September, and November. With those products, they will make up for the blank space in each segment by Geely. For those five products, they will be the core product for the mainstream segments, two SUVs and three sedans. Of course, we will continue to take advantage of our expertise. We will realize the hit product right after we launch to accelerate our transformation. Of course, for the new Galaxy technologies like EM-i, Super Hybrid Powertrain, it will be installed to our new products. And for the fuel consumption with low battery, we will definitely become the leader in the industry of two-liter per 100 km. We will try to maintain our leadership position. For the five models, two in the first half and three in the second half, for each product, in terms of their technical detail, I think in the future, we will continue to communicate about them. And secondly, in terms of the channel, in 2025, I think you are all very interested about whether the Galaxy channel can support the fast sales growth of Galaxy products. In the release of Xingyue, we already announced that Geometry will be combined to Galaxy. So we will try to build the brand of Galaxy. And Galaxy will have the parallel two-network model. So in terms of funding, they're pretty independent. In terms of management, they're pretty independent. They will both be deployed in each segment for each core product. And on the city level and county level, we will have full coverage. And we will try to strengthen the lower-tier markets. And for the level one network below that, we will also have the individual stores in each small region. So I think the contribution of that part already is 20% of our sales last year. So in next year, we will definitely strengthen that. And then for the one network, we will have the A network and B network of Galaxy. Currently, for network A, we have 458. And for network B, 432. So currently, 971. So in 2025, we at least will have 600 respectively for both. So that means totally we need to reach 1,200 level one networks. We would like to do this so as to better support the development and growth of our new products. And in the future, our Galaxy will mainly focus on the mainstream NEV market. The product lineup will be very comprehensive, including sedan cars, SUV, and MPV, and also off-road, cross-country, a lot of products in our product lineup. And also, we would like to make use of the emerging technology to build the tailor-made cars for our consumers. And for China Star, ICE cars, Geely brand will definitely introduce new products. We will keep our advantage on ICE cars. And for China Star, just now, Mr. Dai Yong already introduced to us that we achieved a very good growth in a declining environment. I think the decline of the market is 20% or more than 20%, but we achieved positive growth. So it's not easy for us to achieve this. So in 2025, we are going to keep the good momentum. And for China Star series, we will definitely work harder. And for Xingyue, the terminal sales in the past several months have been ranking number one. And the terminal sales already exceeded 30,000 units, excluding export. And for Xingyue, it's also more than 25,000 unit sales. And for some other car models like Dihao, they also performed very well with unit sales more than 15,000. So our ICE car strategy was very clear in the past several years. We have to stay focused. We have to stay focused on five or six car models, Xingyue and Dihao and Bin series, altogether five or six, very focused. For the next step, we are going to introduce new architecture to empower our products. Also new intelligence technologies will also be deployed on ICE cars. For example, Flyme, this will be embedded in the iterated ICE car models going forward. I believe by doing so, our China Star ICE cars will definitely perform better than our peers, and our competitiveness will be enhanced. That's all for Geely brand and Galaxy series. Second, I would like to talk about Lynk & Co. For the year 2025, Lynk & Co will definitely go global to be a premium NEV brand globally. Last year, it was 285,000 units, year on year growth 30%, especially NEV. Our NEV share is 60% already with 168,000 unit sales. Next year or this year, 2025, we are going to upgrade our Lynk & Co brand. There will be several new car models, two brand new car models, and some iterated car models. The new model is a large-size SUV. It's also PHEV, and the other one is a sedan car, also PHEV. These new products will be introduced next year in Q2 and also Q3 each. Our target for the year 2025 is 390,000 units, year on year growth 37%. Later, I will also introduce to you the going global strategy of Lynk & Co. There will be a lot of opportunities for Lynk & Co NEV. It will be EM-P mainly. For Z10 and Z20, the existing car models, we have already a very comprehensive product lineup. Especially when Z20 was introduced, the orders were very desirable. It's very well recognized by the market. We attracted a lot of new users, and also we enriched the options and choices for our users. For 07, 08, and the new car models to be introduced next year, they will be the increment of the sales volume for Lynk & Co. We also recently iterated our system for Lynk & Co car models. We made some fine-tuning and optimizations already to meet the consumer's new needs. Next year, for 07, 08, and also for the improvement of the efficiency of the electric control system, the powertrain, we will still do more. We will build a flagship SUV under Lynk & Co brand. It will be very safe, very easy to operate, very easy to control. It will also have new intelligence features, including the advanced smart driving solution. This will make us on the forefront among our peers. In terms of the channels of Lynk & Co, we have distributors. We also have dealers. We have 652 dealers and distributors. We also have more than 400 dealers in the grassroots cities, like county-level cities and also townships. In the future, we are going to expand our distribution network. In the past several years, Lynk & Co developed very fast. This year, the penetration rate is 60%. Next year, it will be more than that. With the merger of Zeekr and Lynk & Co, with the integration happening on the ground, I believe more and more new technologies and good technologies will be brought to our users. There will be synergy between the two brands, not only on operations, but also on technology. So we have very high expectations on that. So that's Lynk & Co brand. Overall speaking, for the technologies in Geely and Galaxy and China Star and Zeekr Lynk & Co, we will definitely adhere to innovation. We would like to do more R&D to build intelligent experience for our users, to improve the driving experience for our users. I think this is the very foundation of the sustainable development of Geely. In the future, we are going to focus more on the efficiency of the technology. Also, in terms of the driving experience, the architecture, we would like to be globally leading. In the second half of this year, we are going to do more improvement and upgrade of the architecture. We are going to include AI in the architecture. We have this four-in-one AI-empowered architecture to realize better safety performance and better utilization of the space, and also to lower the cost of the architecture. There will be an all-round improvement of the architecture. Also, the Super Hybrid EM-i technology will be optimized. Such technology will empower all the products and the Galaxy series. There will also be more innovations happening on the ground. When the time is ripe, they will be announced to the market and also to the investors. Just now, Andy talked a lot about Zeekr. He also touched upon advanced intelligent driving. This is the direction of Geely. We are going to make a new breakthrough. We are going to use a new computing power system and to do better deployment to make sure our products can deliver advanced intelligent driving experience to all the users. If we do not make any breakthrough on intelligent driving, then I think the whole company will be in trouble. That is why in the past one year or two years, we have invested a lot in smart chassis and smart driving. I think the efforts will be definitely paid off in the year 2025. Of course, we not only maintain our leading advantage on technology, but also in the back office, like our computing center, we will also improve that. And we would like to focus more on NOA and also intelligent driving experience. So those technologies will empower a lot of new products to be launched in the future. The third point I would like to talk about is smart cockpit. As I mentioned, our products will have a Flyme Auto, and it will be very smooth in terms of operation, and the internet ecosystem will be very sound. It will empower a lot of application scenarios, including voice control and navigation, music, entertainment, and also the car body will be integrated with the management of the entertainment system and also the smart driving system to make sure the whole product will be upgraded in terms of ecosystem and also interaction between the car and the driver. So AI technology is very popular. It's the underlying trend of the future. And we have planned our AI development already several years ago. Our team was focusing on AI development. We didn't make any report on this to our investors, but we have been doing things on the ground. So in the year 2025, a lot of surprises will be delivered to the market, especially on smart service. In the past several years, AI played a very important role in delivering high-quality user service to our users. Finally, I would like to talk about international business because international business is very important for us, especially in the year 2025. In 2024, we have 144,000 units sold internationally, and for 2025, the growth rate will be 15%, so it will be more than 147,000 units. It's a very basic target. We are going to make sure Zeekr and Lynk & Co put in together, we achieve 67,000 units in our international market. Of course, in order to attain this target, we have to build a strong channel in overseas countries. Our major driving force for international business will be Galaxy. Galaxy will be sold into European countries, Middle East, and also Southeast Asian countries, and in some emerging markets like Brazil, we have done some preliminary work last year, and a lot of NEV products will be introduced next year to the international market. Last year, we mainly focused on the domestic market to make breakthroughs over here. In the year 2025, there will be two focuses. One is domestic, and the other one is international. We are going to introduce more NEV products to the international market. In the recent one to two months, we have seen a lot of our NEVs sold in the overseas market, and the advantage is very obvious. We went to Malaysia recently, and our new launch was very popular in Malaysia. It was very well received by the consumers in Malaysia. The sales volume was twice or three times bigger than its major competitors. The momentum is very good. In March, we are going to deliver new car models. For Starship 7, we will also start to export in the latter half of next year. So we will have full deployment of our new energy vehicles because we started development early. And of course, the verification takes some time. But for next year, for Latin America and Peru, we will try to file pretty early. And in APAC, we will expect at least a growth of 100%, and for Africa, at least 30%. For those incremental volume, they're more than enough to make up for the risky part of the region. So generally speaking, for the sales, we will try to launch new products. And secondly, for the already deployed markets, we will start to strengthen our sales. So that's for the product. Then for the channels, we will increase 300 network nodes. And we expect that by the end of 2025, we will have more than 1,100 network nodes. So with that, we will have better deployment. And of course, for the Middle East, we will have better development. For example, in Saudi Arabia, we will have very good development, and we will try to strengthen our competitiveness. And of course, the deployment really matters. In a lot of regions, we have the low-asset model. So we want to do the KD well. For example, for Indonesia, we are trying to promote the domestic or local production. We will have newer sales volume, and we expect more than 100,000. And that is our deployment for our cars. And of course, we already realized the transformation, and our volume would be even bigger and try to premiumize Lynk & Co a nd that's for international business. And finally, I think you're all very interested in this. Let me share with you about our views. If the competition is fierce and if there's price war, how will Geely deal with that? Of course, we cannot shy away from that. Geely always emphasized that we are not just fighting the price war, but we are actually fighting the value war. We always emphasized on this. Our cars must be the most competitive product in the market. That means we will not actively engage in price wars, but we need to make our cars competitive. On one hand, we need to be marketized in our pricing. Please rest assured that Geely has the capability and technology to allow our products to be competitive in the market. After many years of deployment in the market, technically speaking, we are the new starter, but we can achieve the goal earlier. That means we're more competitive than the existing product. Geely has very professionalized large-scale manufacturing and very socialized corporations. So if for some parts we have limit, we can seek cooperation. And of course, for a widely marketized parts, we can definitely find lower costs among the suppliers. So we want to try to achieve better balance between the pricing and the volume. And we will try to guarantee our profitability because our scale advantage is on the uphill climbing. So that means our scale is going up and our cost is going down. And for the competitors, they may face bigger challenges compared to us. So I always emphasized on the leadership of technology. And with our scale, at the same time, we can achieve better competitiveness in our cost. And we want to utilize our advantage and our scale and try to reduce the cost. So that's what Geely always did. In 2025, we will use our product to challenge the physical extreme, and we will use the technical innovation to bring better products. We will try to win the war in product technology and brand and bring higher quality mobility experience to the users and achieve higher quality development. So from the management's perspective, we're very confident to realize the goal in 2025. So that is my sharing. Thank you. Thank you for your continued support. Okay. Thank you, my dear colleagues. Finally, just a few words as a summary because this is the Sales Volume Target Conference, so we won't set the Q&A session. And if you have any other questions, you're welcome to reach out to 0715 and also the IR of Geely. We will try to satisfy your requirements. So when faced with 2025, Geely Auto already set a practical target for 2025 China auto market and global auto market. For the challenges and changes ahead, we are fully prepared. We will try to achieve the sales volume and the profitability target. And once again, Happy New Year. We wish you all the best. Thank you. Thank you. Okay. Thank you for participating. Thank you for the sharing, dear leaders. That is the end. Goodbye.