Thank you, moderator, and thank you to all investors. Good afternoon.

Welcome to join Goldwind Science & Technology 2026 interim results announcement. Let me walk you through the industry landscape and then our operating to our businesses.

On this page, you are seeing the global wind power development. In our annual reports, we talked about what happened then, and now in our interim results, you are going to see that GWEC and IRENA data 2025 new installation globally was 164.6 GW, onshore 155.3 GW, and offshore 9.3 GW.

By region, APAC accounted for 80% of total installations, China contributed 73%, and USA contributed 4%. On the right side, you can see IRENA's understanding of LCOE.

You can see in 2010 to 2025, the global onshore wind power LCOE declined by 71%, and of course in China the LCOE for onshore power also dropped by 71%. You can see that the LCOE in China is much better than global.

Meanwhile, the offshore LCOE globally declined by 63%, whereas China declined by 76%. Let's back to China.

In first half of 2026, China recorded 38.6 GW of grid connection, net decrease of 24.8% year-on-year, and onshore 37.8 GW, and offshore 0.8 GW. By the end of June 2026, cumulative grid connection totaled 679 GW, taking 16.8% China's total power mix, where thermal power declined to 38.8%.

On the right side, you can see energy generation as well as the penetration rate. In first half of 2026, China has used 5.3% year-on-year more power, and wind power production increased by 1.8% year-on-year, a penetration rate of 11.7%, utilization rate of 90.9%.

From January to June, if you look at the market, especially on the grid connection, totaled 917 hours. If you look at the public tender market, total scale 51.8 GW, down by 28% year-on-year, but if you look at the interim data, which was much better than the past.

By region, onshore—now by region, 72.5% originate from northern part and 27.5% from south, and onshore totaled 48.9 GW, and offshore 2.9 GW. On the right side, you can see the average monthly bidding price in the last 1 year.

You could see a very stable and rising curve with a little bit of fluctuations. In 2026 marks the beginning of the 15th Five-Year Plan, and you know that NDRC had released several documents around building unified national electricity market and delivering China's energy neutrality.

In March 20th, the government has proposed building a more efficient energy system so that by 2030, non-fossil energy could reach 25% out of total energy consumption, and it will certainly assist China's economic development. On May 14th, NDRC has issued the notice on matters relating to the orderly promotion of multiuser green power direct supply development.

Fast forward to June 13th, the NDRC had issued the notice on the 15th Five-Year Plan of the construction of new energy system, setting a goal of initially setting up a clean, low-carbon, safe, and efficient new energy system by 2030, the share of installed wind and solar power capacity will exceed 50%, and generating more than 30% of the power out of China's total energy mix. In the same time, NEA had released several documents on building China's electricity market, for example, the power generation side subsidies and and new mechanisms.

State Council also on July 5th issued the Action Plan for Carbon Peaking under the 15th Five-Year Plan, which talked about installed capacity of wind and solar power by 2030. Against this background, our interim results, like usual, will also share with the investors our business development, especially the WTG manufacturing and sales.

The sales capacity and revenue have presented very positive momentum. By segment, we can see that our sales capacity for WTG manufacturing sales more than 12 GW, up by 16.2% year-on-year.

In terms of the installed capacity, you could see that there are more and more signs towards the larger capacities: below 6 MW accounting for 11%, 6 to 10 accounting for 66%, above 10 MW accounting for 23%. Now let's look at the backlog order, which is very high externally.

We have—by backlog order, you could see that total backlog order 54.1 GW, and external order backlog totaled 50 GW, including 10.4 GW of successful bid and 40.6 GW of signed contract. Of course, the company has been expanding international market, and today our business is across 49 countries and six continents.

You could see here that we're mostly dominant in Asia, excluding China, which total capacity is more than 4 GW; in South America, more than 3 GW; in Africa and Australia, each more than 2 GW. By June 30, 2026, we have more than 9.5 GW in our backlog order in overseas.

Now let's look at grid connection. We have added 541 MW for attributable grid connection power in home in China.

A total of 101.75 MW was sold home and abroad. As of the end of 2026 June, company's attributable grid-connected wind power projects totaled 10,390 MW, 39% in Northwestern China and 23% in Eastern China.

Now on the right side, you could see the distribution. Let's look at the utilization hours.

Our recent hour is 1,106 hours, of course, is much higher than the industry, as I said, the industry is much lower. If you look at the wind power services, the number is growing, and today we have more than 60 GW under operation capacity, up by 31.3% year-on-year.

Over to you, Mr. Wang, to walk us through the financial highlights.

Dear shareholders and representatives, investors, good afternoon. Thank you very much for your support in the wind power market as well as your support in Goldwind.

Now, I'm going to give you our financial results for 2026 interim announcements. As usual, I will share with you five aspects of contents, and I will, of course, walk through all the key data.

The light gray represents last year, and the dark gray represents the reporting period data. Now, let's refer to page 15.

Here on this page, you could see the profitability index overview. There are four key indicators here.

On left upper corner, you could see revenue from 2025 first quarter to second quarter 2026 in gray and blue. In first half of 2026, our revenue is RMB 33.739 billion.

Our main revenue increase comes from WTG manufacturing, and you can see that onshore, offshore, our business also grow exponentially in the reporting period. On the right side, you could see—on the right upper corner, you could see the comprehensive profit margin from Q1 2025 to Q2 2026.

In 2026 first half, our comprehensive profit margin is 16.76%, up by 4.1 percentage point. You can see that both the profit margin and gross profit grow for the company.

On the left side, you could see the attributable net profit, which is RMB 1.855 billion. The growth comes from two aspects: first, better profitability, especially the increasing GT margin; and the declining expenses, which means we're making more money and spending less.

On the right side, you could see weighted average return on equity. In first half, our weighted ROE reached the 4.15%, increased by 0.66 percentage point.

That's a result of our optimized net asset structure and operation. Since 2023, our weighted ROE has been recovering year-by-year.

Overall, you could see that in first half 2026, our consolidated revenue, comprehensive profit margin, net attributable profit, and weighted return on equity all improved. Now, let's look at page 16.

On page 16, you could see the segment results by four segments. The first segment is WTG manufacturing and sales.

Just now, Madam Ma had already walked us through the specific numbers with revenue of RMB 27.256 billion, and the last year same period was RMB 21.852 billion. Profit margin is more than 11.6%.

You can see that the gross profit for this segment grow, especially for our onshore and offshore businesses growth. The second segment is wind farm development segment, revenue RMB 3.149 billion RMB, and same period last year RMB 3.172 billion, and gross margin 54.4%, and same period last year 57.5%.

The segment's profit margin and revenue declined. Why?

Because the price and development cost is very high coupled with the narrowing tax policies. On wind power services, revenue RMB 2.728 billion, and same period last year RMB 2.896 billion.

Profit margin 21.8%, whereas last reporting period 22.5%. You can see it's almost stable versus the same period last year.

On others, I think you could see that the revenue scale and profit margin was practically flat versus first half 2025. Overall, I think first half 2026 performance is aligned with our forecast and expectations.

Let's now look at the page 17. On days of trade receivables, there are three indicators.

The first one is RMB 34.898 billion trade receivable, accounting for 20% of total assets, improving by 1 percentage point. You can also see that the turnover days was optimized for 13 days.

You can see the trade receivables management has been delivering positive signs. On the right side, you could see that inventory and contract assets, by end of June 2026, inventory and contract assets totaled RMB 20,357 million, taking 12% of total assets.

Of course, days of inventory and contract assets was 111 days, all reflecting company's optimized operation and management. Now, page 18.

You can see the interest-bearing debt on left side. End of June, company's interest-bearing debt totaled RMB 54.071 billion, slightly raising because of dynamic adjustment of company's interest-bearing debt versus non-interest-bearing interest.

The share of non-interest-bearing debt is increasing because we are trying to manage the supply chain and maximize our supply chain. In the same time, you can see that our comprehensive credit has been improving, which reflects very sufficient low-cost supply of credit.

On the right side, you could see asset-liability ratio. End of June 2026, company's asset-liability ratio is down by 1 percentage point, standing at 71.81%.

This, of course, reflects our positive, prudent, and healthy financial policy. In 2026, the company has maintained very healthy financial management, making sure our asset-liability ratio is lower than last year.

On the last page, you could see cash and net operating cash flows. On the left side, you could see cash on hand in 2025 Q1 and 2026 Q2.

You can see by the end of June 2026, the ratio of cash to total assets was 6.61%, improving versus same period of last year. This is of course because of our active application of integrated cash management, SWIFT management, and CIPS dual system.

On the right side, you could see the net operating cash flow from 2025 to interim 2026. The net operating cash flow was projecting a quarterly sign.

The net operating cash in interim 2026 is narrowing, reflecting safety of our cash and improving the utilization and efficiency of our cash. This is because of our better management of our deliveries and receivables.

That's the company's strategy to making sure we have stable, sufficient, healthy net operating cash flows. That's wrapping up my part.