Lotus Technology Inc.

as well as non-audited, non-GAAP financial measures. You can find the reconciliation of these figures in the press release available on our investor relations website at ir.groups.com. With that, I'd like to turn the call over to our CFO, Dr. Wang. Dr. Wang, please.

Good evening. Distinguished shareholders, analysts, and members of the press, Thank you very much for joining our Q1 2025 earnings release. This is Daxi Wang, the Chief Financial Officer of the Lotus. I'm honored to take this opportunity to brief you on the company's unaudited financial results. In Q1, the company delivered nearly 1,300 vehicles to the distributors, down 42% year-on-year, and user vehicle deliveries exceeded 2,000 units, up by more than 10% year-on-year. These numbers reflect the scheduled transition period before our gradient model started delivering Q2, in addition to the effect of the priority stalking activities in the Q4 last year. As you may know, we started revamping our Electro-Hyper-ICV and the EMEA Hyper-GT line map with upgraded configurations They kicked off customer delivery on these upgraded models in China during the second quarter and expect to begin deliveries in Europe in the upcoming third quarter. Although quarterly revenues narrowed to $93 million in the first quarter, the company achieved a notable gross margin recovery, improving from the negative Q4 last year to the current 12%, placing us firmly in positive territory as the impact from priority stocking affects the East. Now, I'll break down our sales by category and by regions. By category, lifestyle vehicles accounted for 56% of the total Q1 deliveries, consistent with the full year 2024 figures. By region, Europe, China, and North America each contributed approximately one-third of the company's total deliveries, while the rest of the world region accounted for the remaining 4%. Regarding our sales channels, the total number and composition of the sales stores by region remained stable during the first quarter. For the key financial indicators, deliveries, revenue, and gross margin, profit margin have just been reported. Cost of revenue decreased by 43% year-on-year to 82 million US dollars. Consequently, gross profit was 11 million US dollars. We reported an operating loss of $103 million for quarter one, a 56-year-on-year decrease. The net loss of the quarter was $183 million, representing a 29% reduction. For your information, the adjusted net loss under the non-GADS measures for the quarter was unchanged. And behind these financial numbers, we want to highlight our achievement of reducing operating expenses for six consecutive quarters, driven by continuous, rigorous implementation of efficient enhancement plans. And now I will stop here and hand over to Mr. Feng.

Thank you.