Good afternoon, investors, and welcome to the AAC Technologies 2025 Annual Results Announcement Investor Conference. I'm the host of this event, Joyce Wong, IR Director at AAC Technologies.

First, on behalf of the company, thank you all for your interest in AAC. Please allow me to introduce the company management present today: Mr.

Benjamin Pan, Executive Director and the CEO of AAC Technologies; Mr. Kelvin Pan, Executive Vice President of AAC Technologies; Ms.

Dan Guo, Chief Financial Officer of AAC Technologies; Mr. Jack Duan, Chairman of AAC Optics; Mr.

Tingjia Shi, Senior Vice President of Strategy of AAC Technologies. Thanks management's attendance.

Today's meeting includes two parts, starting with my presentation on AAC 2025 annual financial performance and the business developments. This will be followed by a Q&A session.

The statements made at this meeting contain forward-looking information, which are based on the company's assumptions and expectations regarding market conditions and the company's current development. You are welcome to ask questions by pressing the raise-hand button or leave message in Zoom chat box.

Please introduce organization and the name before questions. Today's meeting has set up a bilingual channel for you to switch between Chinese and English through the interpretation button.

You can remain the hand-raise button to remind our host. Next, I would like to present the group's results for 2025.

In 2025, the group's revenue was RMB30.82 billion, a rapid year-on-year increase of 16.4%. Acoustics, EMD, and Optics business maintained a strong performance, and emerging business made huge leaps.

Gross profit was RMB7.02 billion, up 16% percent year-on-year. The group's GP margin was 22.8%, flat on year-on-year.

The group's revenue growth rate was significantly higher than its three expenses. Net profit increased by 39.8% to RMB2.51 billion, mainly due to the continued improvement in the profitability of the optics and the growth of high-margin business.

In 2025, the group's revenue growth significantly outpaced the expansion of global smartphone shipments, achieving both quality and efficiency enhancement. SSS, EMD, and PM, optics business revenue growths 103.1%, 21.3%, and 14.1% respectively.

The group achieved rapid breakthroughs across multiple fields, more diversified mix. Heat dissipation business revenue surged by over 400%, while the shipments of hybrid lenses exceeded 10 million units and the co-development of comotors for high AI hardware with customers.

During the reporting period, the group's operating cash inflow was RMB7.18 billion, up 38.1% year-on-year, and its free cash flow was RMB4.88 billion, up 65.1%. The capex was RMB2.83 billion, increase of 21.5%.

Cash and cash equivalents was 8.61 billion, increase of 14.1%. Net gearing ratio was 2.1%, and down 1.1 percentage points.

This will support the development and innovation of the group. Next, I would like to share with you the performance by business segments.

Acoustics: in the second half of 2025, the group's acoustics business revenue was RMB4.83 billion, increase of 1.6%. Full-year revenue was 8.35 billion, up 1.5%.

Gross profit margin was 27.6%. The decline was mainly due to the changes in customers and the product mix with more module products.

Market share among key customers remained stable with increase. Industry-first coaxial speakers deliver distinct depth and fidelity, and also enable a more immersive and a superior interactive experience.

Automotive acoustics: in the second half of 2025, the group achieved revenue of RMB2.3 billion, increase of 14%. Full-year revenue was 4.11 billion, increase of 16%.

Gross margin was 23.8%, a decrease of 1 percentage points, due to the addition of new product forms. The positive impact of high-end brand automotive audio system on profitability will be materialized by 2026.

Group has become one of the leading automotive audio system supplier, second only to Harman and Bose, and also acquired the PSS, a leading digital microphone company, forming the vertical integrated business synergy. The group has supplied the industry-leading 9.2.4.8 non-branded acoustic system for SUV Zeekr 9X, constructing a more immersive auditory 4D experience.

Optics: in the second half, revenue was 3.08 billion, and full-year revenue was 5.73 billion. Looking at the subdivided business line, first, the micro lenses, the group secured multiple 7P products and continued to optimize its product mix.

Shipments of seven-element lenses, including 7P plastic lenses and 1G6P hybrid lenses, reached around 15 million units, further strengthening the group's positioning in the high-end optics segment. Secondly, module with the resolution of 32 megapixels and above accounted for over 40%, and OIS model shipments nearly doubled.

While the periscope modules achieved mass shipments for the first time, secure a lot of customers. Let's focus on the combined EMD and PM segments.

In the second half, revenue increased by 17% to 7.14 billion; for the full year, revenue was 11.77 billion, mainly due to the continued volume growth of products such as X-axis linear motors, innovative side buttons, and heat dissipation VC. The group actively expanded its market share in mobile phone motors, with X-axis linear motor shipments achieving double-digit year-on-year.

The group's market share in mid- to high-end Android phones continued to expand. In PM, the heat dissipation business has made rapid progress, with revenue of RMB1.67 billion, an increase of over 400% year-on-year.

The group also break the upper limit of industry manufacturing efficiency and yield through its first fully automated production line. Revenue from metal mid-frames for smartphones was 3.82 billion, an increase of 4.2%.

The group will continue to maintain leading market share in flagship and foldable phones. Finally, let's take a look at the sensor and semiconductor business.

In 2025, this business achieved revenue of 1.57 billion, significant increase of 103.1%, mainly benefited from increased market share of the group's higher SNR microphones. We have already secured mass production and delivered our products to major customers in Shenzhen.

After sharing this financial performance, let's focus on the core highlights and the development of the strategy. During the reporting period, we were committed to creating the ultimate experience and leading the upgrade of smart devices, and also create the various interactive experiences for end consumers.

In recent years, AI hardware has flourished. Small size and ease of an interaction are common characteristics for future AI hardware with diverse forms.

High-value AI innovative hardware jointly developed by the group and the leading global clients will be shipped in large quantities. In terms of the heat dissipation business, and the group empowers and upgrading the consumers, this products, and you see that the group's VC heat dissipation shipments have a compound annual growth rate of nearly 90% from 2020 to 2025.

The group has sufficient production resources to meet high technical and process standards for its clients. In the future, it will continue to accelerate the introduction of heat dissipation opportunities for new product categories.

In terms of active cooling and leveraging its innovative EMS and ultra-precision, and it secure its first products for the cooling fans. We also have this different CPU and the liquid cooling plates, and the manifold product capabilities.

We also have different customers and make great breakthroughs. For example, the different customers like Byte, Baidu, Tencent, JD, Alibaba, and PDD, and the Chinese insurance CPIC and Haitong, etc.

Similarly, the group's WLG-related products ushered in breakthroughs. The group helped domestic customers upgrade 1G6P main camera and micro prisms of high-end flagship models, leading WLG's important progress in high-end optics.

In terms of the plastic lens, the group will strive for more market share of 6P and 7P to expand the main camera, and also the periscope lenses. In terms of modules, the group has made the main camera and prisms breakthroughs, and a milestone development in high-end module.

Through vertical integration advantages, in 2025, the group's brand system will be implemented, the luxury model Zeekr, and they will be equipped with the group's full-station solution and of our high-end speaker brand system. Also, we will achieve the full coverage and the on the car brand audio system of a different grades, such as 20,000 to 30,000, leading the way to a full-station solution for automotive acoustics.

In terms of AR optics, group's end-to-end vertical integration and global delivery capability have won the favor of leading customers, designated a number of overseas leading customers' optic energy modules and optical waveguide projects. We also have the ability to supply with our customers the optical and one-stop full display module solutions, for example, the optical waveguides, light engines, and the prescribed lenses, and eye tracking, and electrochromics.

Last but not least, let's talk about the group's complete global layout. R&D centers and the production bases have spread to nearly 20 countries and regions around the world.

AAC Technologies will also reach the new heights and bring higher returns to shareholders and the customers. The above is my introduction to the performance of the full year of 2025, and then we will enter the Q&A session.

The first question is from Everbright Overseas, Mr. Fu Tianzi.

You can start asking questions. Hello, Mr.

Fu, can you hear me?

Dear management, good afternoon. Under the pressure of the industry, we see that our group has still achieved a stable progress.

I have two questions. The first one is about the development about the mobile phones, and the second is about the acquisition.

In terms of the first question, we see that in the year of 2026 and many institutes have a kind of flat description and prediction on the smartphones and its shipments, I'd like to know more about your views of the global intelligent mobile phone, and also its AI's influence. How do you see the dissipation business and its upgrade, and what's our advantages?

Let me talk about it briefly. I think there have been a lot of waves in the smartphone market from the second half of last year to present, meaning the entire AI influence, which has indeed created some impact on the supply chain.

It caused the memory price increase. True that some of the recent turmoil in the industry has been relatively large from our point of view.

The pressure capacity is still relatively good. The high-end models can actually foreseeable.

We see this is a new opportunities for the high-end products. Because the memory price for this high-end, proportion of the memory in this high-end is relatively not as high as that of the low-end, so that's one aspect.

Number two, because of the memory problems in the mid- and or low-end smartphones, and some market predictors say that the entire mobile phone market will fall by 10%, and this 10% is about 100 million. It's a kind of very difficult to survive in this environment.

This kind of influence for us is very limited because our products, all the heat dissipation products and mechanics products, are in the mid- to high-end. Their choice is especially in the mid- to high-end, an upgrading.

Our observation is that our customers are choosing products with better performance. In this way, their high-end models can be able to compete in this market, have a better pricing.

I think the mid- to high-end ASP smartphone will be increased, and this will become the main force. Of course, the competitive landscape will become more fierce.

This is about the entire mobile phone market. In the next three years, we think this is a very important period, and we will have more integrated and vertical integration of our business, and we will increase the ultrathin products and as well as the coaxial products for further developments, continue to improve its penetration rate.

In addition, we will also, for example, upgrade the wireless charging and even the magnetic suction to help our customers to do the vertical integration and let them have a better competitive price and also have a higher cost performance. We increase their function and with more efficient product upgrade.

This is a very efficient product upgrade routes we can provide to our customers. Through our motors and mechanics tools and optics, and this is the mindset that we continue to apply in our all business.

In terms of their specification and the vertical integration, and we like to provide with our customers the best solution. If we look at three years, AI is still very important topic.

We see that AI voice interaction and the heat dissipation demand and is ramping up. This will bring us a sustained the high-speed growth of the VC cooling sector.

This is a very important to help our customers solve computing power and a battery life problems. In addition, we also see other new categories and explorations in industry.

For example, the MWC, they launched new products. Apart from the traditional functions, and whether there will be new functions.

Another perspective is from the brand new perspectives, for example, the AR and the AI glasses. You see Meta have entered this market.

Based on our interaction with our top customers, and there will be more Android customers launch the products of AI and AR technologies. This is a very important development track.

This optical waveguide, and the unit price will be very high because this is a different concept with the traditional products. Number three, we see on the smartphones and other company are doing an AI business, and of course some AI companies, and we are cooperating with several leading AI companies and customers.

From the large language models and to the large scale or the new models, our microphones and our motors will be very important core technologies. Starting from next year, we believe our products and its value will be much higher than that of the original mobile phones.

In the next three years, another important potential is in the automotive acoustics. After the acquisition of PSS and also the PSG, we have been fully equipped with the full range of sound systems and capabilities.

Last year, the cooperation with the Zeekr's Naim system has already proved our capability. This system is still positive in the industry in terms of its public opinion, and it's still relatively flagship-level influence system.

We think our autonomous layout has gone from a series of mergers of acquisition to the current system-level capabilities. Recently, our focus was on China, and in the next two to five years, and our automotive system will also be expanded to the overseas market, and the growth space is still very considerable.

Thank you very much. We also believe that AI in rug continues to have a lot to offer.

My second question is about the Yuandi, it's about Far East technologies. How do you consider its valuation?

I remember it's in the supply chain of NVIDIA. Any synergy we can create?

This is the second question.

Thank you for your question. The acquisition of Far East, and we see that the revenue for this year, and it's estimated above 200 million RMB.

Based on this, and we have completed 55, 51% equity acquisition, this is a very reasonable pricing. This company is a very important in its cooling, liquid cooling system in the industry, and its package includes all the main domestic internet customers.

This will help us to layout this business in the market and to gain a faster-growing domestic market and obtain the overseas market share.

Thank you very much. Next question is from Andy Meng from Morgan Stanley.

Please go ahead.

Thank you, Joyce. Good afternoon, management.

We saw that the results exceeded expectation. I may pick the bones in the egg and ask a question here.

If you look at a sector of this acoustics business, the gross margin feels slightly lower than the expectation. May I know the reason and any improvement in 2025?

My second question is what's the guidance for the business segments?

Thank you very much for your question. You talked about the gross margin of acoustics is lower than the expectations.

As mentioned by Kelvin, in recent years, our group has expanded our product mix and the product layout. From the early years, maybe the focus is on the speakers of master classic levels.

It's more focusing on a single box or and the product form. Up to now, we have actually integrated a whole concept of a large module, including some clippers, VCM, magnetics on, and the increment of this clippers is relatively fast.

The overall gross profit margin has changed compared to before. In the second half, we see the gross margin is steadily going up, and in the full 2026, and we will see the stable growth.

Your second question is about the guidance for 2026. Apart from acoustics, and in terms of the PM, and in this year, and the revenue growth will be about 5% to 10%, and the gross margin will also maintain at a very stable level.

In terms of the PM, and this will maintain a very high growth rate. In 2026, and the revenue growth will be more than 30%, and the gross margin will also rise steadily on the basis of 2025.

Another business is about the optics, and ASP's annual growth is about 10%, and this year we will also see growth on the ASP, and we have the confidence to see the steady growth in optics. With regard to the gross margin, you see that in terms of our yield and efficiency and our R&D have made significantly improvement, we will see this gross margin will be steadily growing on the basis of 11.5% of 2025.

In terms of sensors and semiconductors, and it's about double-digit growth. It's about 15% to 20%.

Kelvin also talked about the automotive. It's an upgrading business.

We have already acquired some brands, and the revenue will be maintained at double-digit, and the gross margin is relatively stable as well. Despite the fluctuation of the industry and there are different growth drivers in the industry, and we have the confidence to realize the stable growth of our revenue and not lower than our 2025's revenue.

Of course, the gross margins will maintain steady rising.

Thank you. Wish the company achieve better results in 2026.

Thank you very much. Next question is from William Yang from JP Morgan.

Please go ahead. Let's wait a moment.

Yes, please go ahead. We can hear you.

Thank you very much. Thank you, management.

I'd like to know, for example, the international CSP or the new CSP, they seem to be interested in stepping into this kinds of hardwares. Like to know more about the collaboration of the group with those big CSP, and what is your expectations in the next one or three years?

What's the revenue contribution they will make?

I will take the question. From the perspective of AI, we see some big international AI companies, and they have different trials in the AI terminal devices.

A more typical case is Meta. Right, it has its own model, and then it has collaborated with Ray-Ban's glasses and have displayed their AI on them.

Those are some simple AI features. We also collaborated with our Android customers, and we helped them to develop light waveguide and also the light engine.

This value is not just some simple functions. This is the light waveguides and the light engine, it costs tens of dollars, right?

If we started, and we estimate it may at least $30 to $50 for each. For a pair of glasses, maybe worth at least $100.

We see when it reached to the large scale, and the value of this is very considerable. Some domestic AI companies in industry, including, for example, some overseas top companies, they are developing AI wearables like a portable devices, like portable camera inside, and there will be some motors embedded in the equipments.

They will also recommend make recommendations based on the customer's behavior and those functions. Those kind of equipments and devices are without a screen, and many interactions are based on the voice and the actions.

The most valuable parts in those products are maybe the motor. Also sensors.

We strengthened our collaboration with the customers for a long time, and if they have mass production, and this will boost our ramping up of the products. Of course, the hardware, the pricing of its hardware is different of its mobile phones, because the focus on of the products is not only screen or battery, but it will become a motor.

This price will be much higher than the smartphones. It's a kind of considerable value.

We think in the second half of this year or next year, and this is will become very good and important opportunity for us. If you compare if, for example, if they have the subscription, and it's not only about several hundred hundreds of thousands or a million sets, and at least there will be over 10 million.

No matter it's from the volume or the value, and this is also both of them are very considerable. This will be reflected in the second half and next year.

This is good phenomenon in the industry. AI server and AI algorithm and AI models have been invested a large amount with big funds, and it has to return to the application scenarios, return to the terminals.

We welcome this equipment and devices, and we it's also a very good layout for us.

Thank you. Next question is from Guosen Overseas, Ms.

Xia Jun.

Thank you, Joyce. Thank you, management.

Congratulations to the company's performance in 2025. I have two questions.

The first question is about the optics. I'd like to know about the shipment guidance of WLG and also the revenue estimation, and this is about WLG.

The second question is about modules and the plastic lenses. Joyce also mentioned about this main camera, periscope supply, like to know the shipment plan as well as the detail of the gross margins.

Thank you, management.

I like to answer the question. As mentioned by Ms.

Guo Dan, in 2025, our optics have achieved a certain good results. Our gross profit is also reached of more than 30%.

In 2026, in the plastic lenses, and this will maintained at this level to about 35%. In terms of the shipment volume, we will keep flat, but ASP will be increased by 5% to 10%.

In 2025, the shipment volume has exceeded 10 million units. This is a very important milestone to us.

We also launched the use of periscopes as well as the 3-in-1 prisms lens. This kind of application will be continued in 2026.

Other applications, for example, the application of non-smartphones like the drones applications, we also achieved some good projects. Also win some projects in overseas market, and we are very confident to the promotion of our business in this regard.

You talk about the lenses, what about modules?

I may add a little here. This year, as mentioned in PPT, the overall revenue of optics is 5.7 billion, and the overall gross profit margin level is 11.5%.

The other is about the G+P lens. In 2026, we think the ASP in lens will be maintained the same level of last year on ASP, or even 10% higher.

P lens, and we realized, as mentioned by Mr. Duan, about or above 30% gross margin.

In 2026, we are very confident to improve our yield and efficiency and to the 35%. Regarding modules, in 2025, we see that the gross margin is 4% to 5%, and in 2025, based on this basis, and we can achieve a stable growth.

That's my supplements. Jack, please go ahead.

It's very clear. Thank you very much.

Thank you, Ms. Xia, for your question, and thank you, the management, for the answers.

Next question is from Bingyi Zheng from HSBC. Bingyi, please go ahead.

Good afternoon, management. I have two questions.

The first question is about the heat dissipation product. The growth of shipment volume is quite amazing.

I want to ask the heat dissipation product on the side of a major customer in the US, what about the percentage in 2026 and 2027? What's the upgrade trends of this product?

This kind of product upgrade will be expanded to other categories. If we see the next three years development, and what kind of revenue growth will this product bring to the company?

This is my first question. Thank you.

Please unmute yourself to answer the question. When

the management is unmuting, let me ask my second question. The second question is about the automotive acoustics business after the M&A in the next three years, and what's the development strategy?

Under this development strategy, what's the long-term strategy? For example, in 2027, 2028, what's the growth expectation?

I'd like to answer the first question. The big clients in the US is always sensitive.

In terms of the heat dissipation and entire VC, I'd like to give a roughly comprehensive evaluation. The figures we see of 2025 is just our recent achievements and is just the beginning.

In the future, in the next five years, and we're thinking some high-end products with the AI function strengthening, and this penetration will be improved. On the chip size, for example, in data centers and some storage, all the memories and VCs will gradually penetrate as well.

At the beginning, and the growth is about double-digit. We have the confidence to achieve 10 billion product lines.

This production line is continuously growing, and it's also ramping up faster in all aspects. In terms of automotive acoustics business, Kelvin?

Yes, I'd like to mention some set earlier. We need to build up this fundamental capability.

PSS and also our launch on the Zeekr's premium SUV, and this proved the capability of our products. Also the capability of our whole system.

The application on the Zeekr's 9X model reflected the premium performance of our products. Many people say it could be benchmarked against a 50,000 RMB audio system.

We think this is not only a success in single case, but also a necessary way for the high-end of Chinese brands into this business and industry. This is a very good route for the value-added integration for our customers.

In the future, we will continue our collaboration with Naim and the Zeekr. Secondly, we can help our customers to create more value for some brand systems.

You can imagine that today we see penetration of a different ASP of different products in different brands, and our ASP can be still going up because our customers have higher requirement and demand on the speakers and also amplifiers and sensors. This has great potential in next three to five years.

Every year, we can achieve a very sound double-digit growth. With the penetration, for example, this year, we have already achieved over 10%.

In the future, it will be above 10% and higher. The upgrade of different systems will bring the ASP's growth in the automotive business.

In the next 5 to 8 years, this scale will be increased from the 5 billion to 7, 8 billion, or even tens of billions. Currently, we only see the domestic brands, and in the next three years, we will proactively expand our business into the overseas market.

Because many overseas automotive brands are studying the Chinese supply chain and also the smart cockpits solutions, right? Our branding opportunities and also our brand system track and actually has a lot of room for growth.

Actually, I think quite agree with what Kelvin said. We have a lot of brands.

Apart from Naim, we also have the second categories. Through different company and different brands, and we can achieve the revenue scale of a 10 billion.

Thank you very much.

Due to the time constraints, we'd like to invite the last speaker.

Good afternoon. I'm from Huatai.

My name is Chen Xiaodong. Congratulations to the company's for achieving very good results.

I have two questions, mainly about the robotics and AR, XR business. We visited the CES exhibition and also saw the company's exhibition of the robotics and XR products.

My first question is, how do you evaluate the robotic business, because it's already in the rapid development period? Do you have a detailed commercial plan, and what's your plan in some testing of projects with the different companies?

My second question is about XR and its business layout. I'd like to know more about the light waveguides, and also know more about the direction of this technology and its contribution for the long-term revenue of the company.

I can briefly talk about the robotics. We actually regard robotics as an AI and a terminal device.

We also see, for example, and this is a kind of embodied robotics. As well as different products.

For example, the speakers and the microphones and the aggregation equipments, and AI devices can only interact with those devices and then communicate with people. Includes a lot of high-precise devices, high-performance devices, for example, motors and the heat dissipation, and those are the important requirements and demand for the robotics.

Then they also need like the optical and sensors devices, and those are the interaction demand for the robotics. AAC has a great potential in these products.

Last year, also this year, we have been following some leading customers in China and the startup customers. In the recent years, and also this is or even half and half, even a year and a half cooperation.

Many versions in the iteration. We use different devices, for example, motors or speakers or microphones, and to strengthen our collaborations with the different customers.

We have a relatively sufficient layout in this area. Number two, at present, there's no definite models or the development routes.

How to meet the commercial scenarios or whether it can only be used in the industrial scenarios, some standards are not fixed. Our effort and the work is to help customers in its upgrading.

Apart from this, we also have the capability help them in the mass production. We are experienced in the automotive business and consumer electronics.

Your question is about the revenue and contribution or the fixed estimation, it actually depends on our customer's plan, and they haven't made a very specific plan. Therefore, we don't have this specific guideline.

Apart from this, from some big robotics and some smaller-size robotics, and they also have the opportunities, and we have been laying out optics and motors and the microphones, and we also see there's a progress, and this is more reasonable than this embodied robotics. We are also preparing, for example, the high-performance products like harmonic drive and some reducers, and we are constantly interacting with our big customers, the top customers and some startup companies, and we are reserving our capabilities.

I believe in the future, when this market is further commercialized, and we will have our core competitiveness and can deliver high-value products. Do you want to add something?

After the acquisition of the light waveguide, and this help us to unleash our advantages. In terms of the light waveguide, and we have started our in-depth cooperation with head customers of Android.

It is expected that by the end of this year and the beginning of next year, there will be mass production of the shipments. Apart from the Android customers, we also started our cooperation with some leading customers in the US.

Apart from this light waveguides products, we also have the cooperation on the light engine. After two years or three years, and the mass production will be realized.

This is not only our plan in the domestic market, we also have our business plan in the overseas market, and this will be realized in A1 and X3.

Thank you very much. Thank you, management answer.

Next, I would like to welcome Benjamin Pan, Executive Director and the CEO of AAC, to give a summary.

Thank you very much. Thank you, all the investors, for participating today's meeting.

I'd like make a brief summary here. I think the transition of the group started from 2020, and we experienced five years.

The results and the effect is obvious. From the financial side, our current scale are gradually establishing, and through a definite growth of multiple product lines.

The whole group is not subjected to the mere original mobile phone, and also secure our growth of other products. You see, we have set our target of 2026, it's about 16%.

Of course, this is the effort made by the team led by Kelvin. In terms of gross profit margin, we want to maintain 22% with the stable growth.

The average gross margin will steadily grow. In terms of net profit, it's with the management improvement structure and also this granular and lean management, and we will achieve higher net profits, and it will be higher than the gross margin.

Our free operating cash flow was 7.3 billion, and the capex is 2.8 billion. After reduction, we have almost 4.5 billion positive cash flow.

We see we have purchased the PS4 in recent years as well as some other acquisition, but the operating cash flow is still positive. This is a very good cash position, and the positive cash flow of 4.5 billion.

We have never achieved this level since 2017. This is the peak of our profitability.

As the CEO, I'm very happy to see the steady growth trend in this positive cash flow momentum. In addition, I want to remind you that our revenue on the surface is mainly on the mobile phone acoustics and haptics, but through the transformation of the past few years and the changes in the external technologies, AI is actually a foundation that truly brought about the growth of a multiple product lines.

Consumer electronics is also another case, and AI glasses will become the future demand as well. We also announced today that we acquired the Far East, Yuandi company, and our equity share is about 51%.

The purpose is on the data center, and we want to have a quicker entry in the data center of CDO. Apart from this, we are also doing the liquid cooling plate, and we are still seeking the M&A opportunities.

We also secured some US customers in the precision mechanics, and this year, definitely, we can achieve 100 to 200 million sales. With all the development from the consumer electronics to data centers to the liquid cooling, and we laid a very good foundation.

In addition, robotics, as mentioned by Kelvin, we are developing in the direction of a very positive trend. We have acoustics and optical and sensors with the precise transmission and mechanics, and also heat dissipation and many products layout.

We have both connections with domestic market as well as overseas. We want to have a comprehensive competitive advantage in this direction.

In the five to six product lines, we want to at least one product line to be secured with the substantive customers. We also want to build a substantive connection with our customers.

At the beginning, we were only doing speaker, and then expanding to the wider range and to six products and to the robotics. With our specialty, we also want to explore and expand our competitiveness to another areas and build a substantive cooperative relationship with all robot companies.

With the customers' demand, and with our negotiation with the customers, we will gradually see the profitability from the robotics in the next 5 to 8 years. I believe when the market is ramping up and our product line will be over 10 billion.

Of course, this is the outlook. As Kelvin said, the client and the customers have not yet established its real demands, but we want to establish strategic layout and the plan.

Once the demand arises, we can ensure our position, okay? That's the summary for me.

I'm very happy to see the transformation of the company, no matter in the financial side, but also the new product lines, and also technology layout. Thank you very much.

Due to time constraints, the AAC Technologies 2025 Annual Results Presentation is now concluded. The roadshow materials have been uploaded to the company's official website.

If you have any questions, please feel free to contact us. Thank you for your support.

See you.