Geely Automobile Holdings Ltd

In the first half of 2026, the auto industry in China is highly competitive. Many automakers are running at a loss. The average profitability for auto industry in the first half of 2026 has reached 1.6%. and it is in this context that we achieved close to 10 billion revenues attributable to shareholders. So our profitability, our profit margin rate is about 5.6%. Way above the industry average. So I would say that this is a wonderful business performance for Geely during the first half of 2026. My third observation is that this financial statement is

Not that surprising for the first half of this year.

The auto industry in China has faced the most challenging scenarios never met before in the past 20 years. The total sales units witnessed a double digit decline in the first half of 2026 in the Chinese market. and we've seen a rapid increase in the price of chips and other raw materials. So the competition is quite through cutting in the auto industry. Despite the fact that the dealer auto has enjoyed historic records in terms of sales revenue and business margin of great trajectory, has inevitably been impacted by this negative trend in the auto industry in China. So I would say this is a wonderful financial statement, but it is not that surprising. This is my third observation. My fourth viewpoint is the one that I would like to share with you the most. And this financial statement is a sustainable one. I believe that you're very much interested in my fourth point. Systematic capabilities, strategic resilience, as well as the pursuit of long-term value creation capabilities are the three key pillars to support my fourth point of view.

The competition in the modern auto industry goes beyond product itself.

It's the competition of different systems, strategic resilience, and long-term value creation capabilities. I can very confidently tell you that and other years of development within GE. We've established the above-mentioned capabilities and abilities. I'd like to slightly elaborate on these three areas. First of all, talking about the systematic capability. In March this year, when we released the whole year business performance of 2025, I talked about the all domain AI, safety benchmark, business integration, the diversification of power chain and energy, and other relevant and important topics during that event. That is exactly these elements that constitute the systematic capabilities of GD Auto. So it's fair to say that the achievements we've made during the first half of 2026 are self-dependent or the result of a specific product or a specific segment or the result of a specific period of time. This is financial achievements we've made on the basis of the full systematic capabilities. Thanks to that systematic capabilities, we'll be able to perform even better with greater confidence in face of the challenges in future. I give you two examples to sustain that systematic capabilities. In the first half of 2026, if you take a look at our product portfolio, the greatest highlight

is the transition toward intelligence.

During the transition toward new energy, toward intelligence, in 2025, we've already built some sort of confidence in our new energy power chain. and in 2025, you still might have some doubts over our intelligence capabilities. Before this event, we've organized some programs and activities and I believe that many of you have participated into our programs and activities before this press conference. So these events and programs I believe that through these programs and activities and events, you might now have a very deep understanding of the level of intelligence we were able to achieve within GD Auto. And I believe In the domain of intelligence, Geely Auto is a leading auto company in China. As time goes by, we will be suddenly in the leadership position within the Chinese auto industry. Well, talking about our systematic capability, on one hand, well, it helps to create the products that is needed within China. One figure is on the financial statement, is that according to the Chinese Automobile Industry Association, during the first half of this year, GE ranked number one in China in terms of terminal sales. Thanks to our systematic capability, we've been able to achieve what we have achieved. More importantly, this systematic capability would support or facilitate Geely's international expansion. So you're quite interested in our export business. It's a financial statement. It shows that during the first half of 2026, Mr. Gan, as far as my understanding is concerned, we've already hit the annual target we set for ourselves at the beginning of this year, by now.

This is a wonderful result we've achieved. And I

I just want to tell you that this is the beginning of our world expansion. Why did I say that? Because we're still exporting a limited number of product models within a very narrow price bracket. So we're going to export more models on a wider range of prices. In the future, we're going to export our premium products into the international market. There are a lot of videos on the internet, one of which features a fan of GD who air transported There is a growing demand for premium brands from Geely in the Middle East as well as in the European market. The new energy vehicle in China has won global recognition. But most of this recognition falls on the low-end category. I would say that Zika, the Zika brand from Geely, would uplift that global recognition of the new energy vehicle in China, meaning that the Chinese automakers are capable of manufacturing premium, high-end, luxury new energy vehicles. We just released some numbers with regard to the IHAV product. IHAV product is probably the segment that accounts for the largest market share in the world. And Geely's product, Geely's IHAV product, is capable of competing in the international market. I give you these examples just to tell you that we've already established the kind of systematic capability within the company or the company group which allows us to make progress in the domestic market and enable us to further expand into the international market. Secondly, I'm going to talk about strategic resilience. Skill, profitability, growth and sustainability These are the most important points we focus on. We focus on the long term instead of the short term profitability. So that means we need to have the kind of strategic resilience, even in difficult times. We need to maintain high growth rate, that's true, and at the same time, You still need to maintain the operational stability within the company. Both are important. I would also like to give you an example to substantiate that point. We have the consensus over the development of the Chinese auto industry that the international market is probably what will contribute the greatest growth engine for the Chinese auto industry. We are facing a highly unstable geopolitical situation. We need to expand into the international market while we need to reduce the exposure of massive investment into the international markets. I think this is a common issue facing all Chinese automakers.

So on that front, it is a natural extension of what I've described as the strategic solidity of GD Auto Group. We have also devised a strategy to collaborate even further with our global peers and counterparts. By doing so, we can be Thank you very much. To co-use or to co-share this platform, we can seek win-win situation for all partners. So, this is what I call how we can stick firmly to our original strategy and that is also paving the way for our global pathway. The reason why we will embrace such a practice is largely because We, GD Auto, over the past two decades, have been doing all the time by integrating or acquiring Volvo and working together with Renault and many other brands. We have garnered respect and trust from our global partners. The historical trust placed on shoulders by our counterparts will help us to achieve much better result in the days to come. While I was talking about the value creation and strategic solidity, I also talked a lot about the export. So we have three main advantages of export front. I want to give you a quick summary of these strengths. First of all, premium branding. Secondly, diversification of our vehicle types. Thirdly, the historical trust from our colleagues and from our peers upon GD Auto Group. This will help us to win even more trust and crew to ensure that we can achieve much bigger success in the days to come, especially in the overseas market. The third aspect I'm talking about is the long-term value creation. The systemic capability, strategic solidity, power, In addition to the correct or the precise judgment, combine to form the very foundation for valid creation in the long term. I've already explained to you a lot, especially related to the first two fronts, but talking about the third one, Judy is among the earliest players to raise that we need to embrace all domain AI for the auto industry. For example, the XINRI Smart Center was introduced. It is the first step for us to enter into a huge domain of AI. So looking ahead, full domain AI plus smart mobility will become the future trend. This is something that we have a very clear understanding about and it is also something that we have already been coupling with a fully fledged system. You can also see that Geely currently has formed a fully fledged and many others. The existence of those systems will help us to win more space for our future. This can also To ensure that we can provide a solid guarantee for the creation of long-term benefits and value for GD Auto. So these are the three aspects to illustrate that we are fully capable on those fronts. before we can tell you for sure that our financial statements will continue to make you feel quite happy about. So I want to be bold enough to tell you that in the foreseeable future, you will see a much stronger GD. So much for my observation and my summary of 2026 H1 report. Thank you. Well, today's press conference also comes with another very key aspect. So have you ever noticed that about half an hour ago, our company has made a latest announcement? Probably you have already taken notice of this announcement. Important message. Probably you want to know more about this information. So before my explanation of this announcement, so next please take a look at a video clip recorded by Mr. Chairman Li Shu Fu for about 15 minutes. Okay, shall we now move our chairs a little bit to facilitate the watching process.

Honorable shareholders, friends of the news industry, thank you very much for your trust and support of Geely Motor Group. On May 19, 2005, Geely Motor Group officially made a deal with Hong Kong Stock Exchange. The capital has been acquired for 21 years. These years, with the concern and support of all shareholders, the stock price of Geely Group has gone from 0.4 Hong Kong dollars on May 19, 2005 to 18.06 Hong Kong dollars on August 12, 2026. The company's market has gone from 0.4 Hong Kong dollars on May 19, 2005 16 billion Hong Kong dollars, to 1,948 billion Hong Kong dollars on August 12, 2026. Every year, from 400 billion Hong Kong dollars in 2005 to 5.4 billion Hong Kong dollars in 2025, the company's financing from the capital market is less and less than the company's financing to shareholders. We promise to return the shares every year. We basically do what we say. Use personality to make promises quickly. Use ability to fulfill promises. This automotive industry is a fully competitive industry. In the process of smart automation transformation, we must grasp the correct The direction, the intensity, the speed, and then the two legs walk. The machine has to be developed in the automotive industry, and the salt has to be developed in the motor power industry. The two LASER-based action plans are now becoming reality. We do not hesitate to take action. We take action to fight against the enemy. We take action to be steady and steady. We take action to be steady and steady. We take action to be steady and steady. We take action to be steady and steady. We take action to be steady and steady. We take action to be steady and steady. We take action to be steady and steady. Whether it is domestic market or international market, we are all continuing to improve market share. We insist on domestic market as the focus. Domestic and international markets, two markets, move forward together and develop together. Economic sustainability has passed more than 30 years. China's reform and opening-up business It has been going on for more than 40 years. Today's world is undergoing a historical change that is anti-global. The era of global economic integration, investment, trade, and liberalization has ended. The new era of economic globalization is being formed. This process can also be understood as This is the process of the formation of a hundred-year-unprecedented big change. If there is a change, there will be an opportunity. At this critical historical node, Geely Corporation must enter this new era to accelerate the deployment of the global market in the Chinese market. In the new global transformation process, We will not borrow energy from the new generation. We will continue to cooperate with the global peers, share the energy, and develop together. Today's opportunity has entered a new development phase. One opportunity at a time is playing a very critical role. We need to focus on the main business. We need to focus on the main business. We need to focus on the main business. We need to focus on the main business. We need to focus on the main business. In order to better develop the ability of professional talent, better party structure, and professionalism, we decided Ai Chunhui is the chairman of Gili Automobile Holdings Ltd. Ai Chunhui is a very outstanding professional who has been trained in Gili Automobile Ltd. He is a top-notch entrepreneur, a professional, a career-oriented, and a strong willpower. He is a core talent in the automotive industry. He used to be the CEO of the automotive group Geek, the CEO of Geek Smart Technology. Now, I am the CEO of Zhejiang Jili Control Group. I was appointed by the IAEA as the chairman of the board of directors of Jili Control Group. The performance of Jili Control Group is outstanding. I myself will continue to be the chairman of Zhejiang Jili Holdings Ltd. At the same time, I will be the chairman of Zhejiang Jili Holdings Ltd. and other positions remain unchanged. Automobile is a marathon without end. Enterprise inheritance and value-added direction determine enterprise's sustainable development ability. Humanity is the core element of corporate culture and culture. Human resources are the first resources of the enterprise. The human resources are the most basic resources of Geely. For this purpose, Geely also specially established the Human Resources Group. This year, the two talent development projects launched by Geely Talent Group are Geely's talent-driven real-time operations. One of the initiatives is the Trans-Generation Intermediate Talent Development Project, and the other is the Trans-Generation Real-time Professional Ability Development Project. The implementation of these two projects will help Geely to develop, manage and manage human resources, We have been working on the development and development of human resources development and development of human resources development and development of human resources Project development talent, design and innovation talent, management and management talent, marketing and service talent, cross-border service talent, as well as artificial intelligence, aviation, aerospace, new energy, etc. talent cultivation. We adhere to the concept of respect, achievement, and happiness of talent cultivation. Let fellow passers-by cooperate and develop together Yezi Ji Ji is the social responsibility of the mass-produced enterprise Green is the SEDA indicator of the self-development ability of the enterprise It is also the self-demanding self-demanding indicator of the self-development of self-development In the past few years, Geely Motor Group has always maintained the leading level of the industry in ESG. ESG has clearly proposed three aspects of content requirements in terms of environment, social, and corporate governance. Geely has been working on these three aspects for decades. More specifically, the research and development of green liquid energy technology is a very special contribution to the self-environment industry. The free use of二氧化碳 and the large-scale promotion and application applications in the field of transportation and transportation are all needed for enterprises to actively participate. For this reason, These companies have invested a lot of money and resources. Although over the past 20 years, we have only invested in technology research and commercialization applications. There has been no economic return. But today, we have seen a bright future. Automobile holdings The unique technical advantages will have a significant positive impact on the development of global environment. In terms of social mobility, we must actively and actively start relevant work. For example, employee rights protection, supply chain management, product responsibility, Gu Ke Chi, Shu Hui, Gong Gu Li, Ji Li Ji Li's internal work has been institutionalized. Ji Li's non-profit work has been doing for nearly 30 years. I myself, in order to do well in non-profit universities, also made a lot of money, earned a lot of money. We need to continue to work hard and continue to innovate. In terms of corporate governance, First of all, we need to strictly implement the policy, actively train professional talents, actively create professional-oriented Toyota, ensure that the three-layer self-reliance structure of the enterprise is effective and transparent, for internal talent health development, for corporate culture health development, to create Automobile Holdings Ltd. is an important part of Geely's value system. User-friendly, heat-saving, and mobile-saving are Geely's core values. How to achieve customer-friendly goals? As long as there is correct heat-saving, there must also be mobile-saving. What is mobile? Automobile is the source of the enterprise, the core of the employee. We must let the employees' hearts be together with the enterprise. People are divided, things are divided. Those who continue to stay in the spirit and fight together, we all have the same spirit and core values. I believe that the new board of directors and Guoli City will definitely pass on and develop an excellent corporate culture Pass on and improve the corporate system and continue to have a good performance in ESG This is an opportunity to sincerely wish all shareholders a prosperous new year Now you've watched the video.

are entrusted by the Board of Directors. I want to give you a brief explanation on this change of leadership. This is a significant change in the leadership for Geely Automobile. It is by no means a simple shift of the leadership. It is a strategic evolution of the entire institution of JD Auto. After reform and open up policies with nearly five decades of development, most of the private companies in China are fighting

The installation of the second generation of leadership.

Eric Lee resigned the position of the chairman of GD Auto and Mr. An Sung Hui served as the new chairman of the board of directors of GD Auto. This shift of leadership is a declaration to Get rid of the sense of family-run business to a company that is broadly managed by team, by institutions, and by systems. The company or the company group will no longer rely upon personal charisma and power. Instead, its operational will rely on institutions and systems, which means the governance of Julian Alto will be even more transparent in the future. Its decision-making process will be more professional, its management will be more science-based. And at the same time, as to the internal talent, we break, well this is a strong signal that the The professional ceiling has been broken. It will definitely instill the passion into each and every employee within the company group, who will in turn generate greater value for the shareholders and the society as a whole. So I think this is the strong significance of this change of leadership. Mr. An Songhui will become the chairman of the board of GD Automobile Holdings Ltd. He is currently the CEO of Zhejiang GD Holding Group. And 175 is probably the only listed company within the GD Group that he will serve as the chairman of. which means we will continue to implement this title declaration and we'll continue to follow the One Geely strategy and we will consolidate all the qualitative resources within Geely to make sure that they will be channeled into our listed platforms to make sure that our listed companies will be bigger and stronger and generate the greatest value for our shareholders. Chairman Li highly recognized the professional capabilities of Mr. An Songhui. He has years and years of experience in the auto industry and he has a depth of understanding of automotive products and all this will enable him to develop the GD Auto Holdings Ltd to a new height. So this is a great move in corporate inheritance and it has far-reaching significance. The other thing is that I myself will resign as the CEO of Geely Auto and Mr. Gan will be my successor. It is also the shift of leadership and management of Geely Auto. It is required by the era, it is required to maintain the vitality of the company, and it is required, well, the shift of leadership is required in order to turn this ballistic company into a bigger and stronger one. We need young bodies, younger minds, and future proficients, especially in the time of Internet and artificial intelligence. Mr. Dan and his peers will have a stronger understanding of the cause of the time than my generation. His generation will have a better insight into the cause of time and will have a better execution capability. And this shift of leadership leadership will be able to make improvement into the multi-tiered talent development systems within GE. It is the way to keep the competitiveness of the company. And this is what I'm going to tell you that Mr. Gan is going to be the CEO of Genie Automobile Holdings Ltd.

It also has a far-reaching significance.

Also, I would like to tell you that on our announcement, Mr. Li Donghui also resigned his current position in the past couple of years.

Mr. Li has also made outstanding contributions to our auto group. Now currently Mr. Li is serving as the Vice Chairman of GD Holdings Group. So he is currently undertaking many other projects. Especially in the international market. So he is still the Executive Board Director of 0175. So he will continue to be deeply involved into the operations and management of 0175. Last but not least, I want to say a big thank you to all our friends. for your great support to me as the CEO of 0175.

A big thank you to you.

I'm no longer the CEO of 0175, but I will continue to serve as the Executive Director and the Vice Chairman of the Board of Directors of O175 to be relevantly contributed to this group. So Mr. An and Mr. Gan actually are based in Hong Kong. I myself is based in Hong Kong. Looking ahead, I will work together with Mr. An and Mr. Gan to I hope our future will be brighter. Now, let's invite Mr. An Conghui to the stage. Thank you, Mr. Gui. Dear friends from the investment community, dear friends from the media, dear colleagues, good afternoon to you all. First of all, I want to thank Mr. Chairman Li Shu Fu for the great trust on myself and on the board so that I now will pick up as the chairman of GD Automobile Holdings Ltd. Looking ahead, together with Mr. Gan and Mr. Gui, we will continue to internalize responsibility, trust, and care into the real spirit of our group and translate them into real actions. Just now, I hope that you have already seen from the video message that GD has now reached a new level of growth. And the one GD strategy is playing its pivot role. Now, due to the time limit, I want to walk you through some of the main thinkings behind the 1GD strategy. First of all, just as what Mr. Gui has mentioned, we need to deepen the implementation of the Title Declaration and make the 1GD stronger, more substantial and more impactful. This is something that we will not compromise. Over the past two years, guided by the Taizhou Declaration, we have continued to consolidate and sharpen our focus on our core businesses with significant progress. Especially for the first half of this year, you can see it very clearly from the H1 financial statements. In the next phase, we will double down on the 1GD strategy, further optimize our business portfolio and resources allocation, enhance system-wide synergies, reduce unnecessary internal friction, and Duplicate Spendings and bring more strategically valuable businesses those that have already reached its industrial scale maturity into the listed entity. We are also going to suspend the operation of those non-value-added businesses and units of the whole system. and also we are going to integrate some of the useful business units into the group. I mean 0175. We want to be bigger, stronger and more impactful in the future. This will be clearly reflected over the next step. I want to give you some examples. For example, our golden brick battery business. Actually, over the past 10 or more years, now we have reached about 70 to 80G production capacity. Next year, we are going to reach about 200G. By 2028, that's about 300G GWH. In batteries, there will be new breakthroughs, major breakthroughs along the lines, be it reserve batteries, fuel cells, power cells, and also there will be sodium, and other types of batteries. Solid State Batteries, Sodium Mine Batteries and Large Capacity Energy Storage Systems will all be the reality in the future. There will be breakthroughs, to be sure enough. And also the electric drive system Now we have reached a new scale of production capacity by leading the world by claiming the best ever technologies in the world. Next step it will be empowering our group even further. Hangzhou Jidian, which you have never heard about. This is based upon what we have done over the past 10 years. Based upon the electric and electronic core spare parts and components R&D capability, we are building a strong base in Hangzhou. In Smart and Intelligent Driving, there will be some core technology production lines that have been reserved for our future growth. By Domain Control, Regional Control, We are complete with all relevant technologies needed for those purposes. So these are some my examples to illustrate this point. Not to mention we have many others at the same time. So as long as those practices are useful or helpful for us to fulfill those strategies, we will spare no efforts by combining all our strength to ensure to become a new reality. There will be more systematically oriented distribution by focusing more on the overseas market. We will turn the overseas market into a major growth driver for Geely, as Mr. Hui has mentioned already in his speech. For H1 this year, our sales in the overseas market has reached its new highs. It has also increased by about 158% compared with the same period of last year. You can also see that we are actually aiming at selling about 1 million units per year to the overseas markets. Our long-term goal is to ensure that about two-thirds of our sales will come from the overseas market. Alongside with steadily improving the sales volume in domestic market of China, we will further quicken our pace to expand into the overseas market. I've been working for Geely for over three decades. I'm a veteran employee in Geely. I still vividly remember the first day of the founding of Geely Auto, that in the future two-thirds of the markets of Geely will be overseas markets. Now, in retrospect, We can see how correct it is for Mr. Chairman Li to raise that goal. I fully believe that in the future this goal will be fulfilled, for sure. If two-thirds of the sales will come from the overseas market, Then localized production will become the reality. We have to focus on the long-term goals. So this is something that we have been working very vigorously on our front ever since. GD Holdings Group will coordinate all the resources of all brands within our group in parallel to the resources of the overseas market. I want to emphasize that GD Holdings Group will coordinate all the internal resources within our group for all the brands in parallel to our resources of the overseas partners To ensure that we can co-develop, co-share the purchasing capacity and to co-use the HR competence and the supply chain in China and also we will co-share the channels and service networks. Also I want to give you some examples to illustrate this point. The GD's acquisition of Volvo has ensured us quick strength positionings in technologies and products. But also, it will help us to move further into the overseas market. The overseas factory of Volvo will also undertake the mission of manufacturing high-end and premium cars of GD Brands. So for the acquisition of a proton, this year hopefully this figure, our project is set to exceed about 200,000 units this year. Hopefully we will turn this center into a major hub to produce about 500,000 units of proton cars in the Southeast Asia market. Also you have seen the announcement of our collaboration with Ford in Spain for the production of some Geely branded cars in Spain. The production capacity of that Spanish factory is also about 500,000 cars units per year. Also, we have a Brazilian plant, by working together with Renault, is having a capacity of about 300,000 units per year. And our South Korea plant, as a result of a collaboration of Renault, is also adding up some capacities as well. Also, there are some projects that are still going on there. In other words,

which means we didn't start our overseas strategies a year ago, or two years ago, or three years ago. Actually, we had our overseas strategies ever since the founding of the GD system. For the Ford, our plants will be put into operation in 2028, which will manufacture quite a number of models within the GD system, and Volvo European Plants will also be put into operation in 2028, manufacturing some premium models within the GD system. This localized manufacturing capacity deployment has taken its initial shape and is going to bear fruits in the next couple of years. And thirdly, we stay committed to brand upgrading and turn our technological leadership into product leadership, reputation leadership, and value leadership. We need quality development of the Chinese auto brands, which means we must accelerate our which means we must accelerate our move-up market and toward new energy. As a result of the export of our product and technology, Geely is a technology-driven company. We've already formulated our own advantages. You might have recognized that Geely is Turning itself into a tech-driven company. So Chinese automobiles are not only competitive in price domain, but also in branding, in technology.

We are committed to the long-term development.

We are strongly opposed to price war and involution. The one which works on quality, technology, brand, service, and corporate integrity. These are the resonating themes throughout different kinds of conferences and events. Zika accounts for one-third of the segment with the ever-selling price above half a million in China. So as a result of the international market, international strategies for Zika, I believe that in the premium segment in the global market, and Zhili will also aim at one-third of the market share. This market share will be built upon our technological capabilities. We made long-term investment into the R&D of technologies in the auto industries and also we made investment in acquisition, corporate cooperation, A lot of these investments have been turned into our competitiveness not for the current market but also for the future. I was frequently asked why Zikr was so popular in the premium market. Why Zeker has enjoyed a rapid rise in its branding force? Why compared with its competitors, Zeker is taking the lead by a generation?

To which I replied, without the acquisition of Oboe, without the acquisition of Lotus,

We're not going to see the achievements made by Zika. Both Global and Lotus have been in operation for more than 100 years. They have accumulated centuries of experience in safety, benchmarks, standards, lightweight technologies, and all kinds of automobile-related technologies. And it has also made decades of investment into the automobile related technologies. That's why we made significant breakthroughs and improvements in terms of safety, product safety, lightweight technologies, engines, chassis. Without mobile, without loaders, without our own long-term investment into this domain, it would be impossible for us to reach the current status. Fourthly, we need to deepen modern corporate governance to make our organization more dynamic, efficient and sustainable. The shift of the leadership of GD Auto is a plumb step in GD's journey toward modern corporate governance. Its purpose is to further enhance our competitiveness and achieve healthier, more sustainable growth. For this board and management team, our top priority is to take the bait and pass it on well.

So what are we passing on?

Not just a position, but the company's core values, management systems, and governance framework.

The company's foundation lies in its people, and its core competitors in its talent.

Going forward, we will continue to build a professional workforce and ensure Transparent and effective operation of our three-tier governance structure, we will keep strengthening the prime vitality, upholding the principles of shared pressure, shared responsibilities, shared value creation, and shared rewards. We will give the stage to those who deliver results, and ensure that every dedicated contributor Thank you very much. Mr. Gan, the floor is yours.

Dear investors, media friends, good afternoon.

First of all, I would like to thank you very much for your long-term care and support to G. Otto, Chairman and President An, Mr. Gui have just laid out group strategic directions for the next phase. For GD Auto Group, our core mission is to translate corporate values into action, turn strategy into results, and deliver high-value products and services to our user, while giving back to our shareholders, to our customers, with solid, tangible operating performance.

Thank you.

Quite a challenging industry environment. Julie delivered a remarkably strong first half performance. Sales revenue and profit all hit the record high. Our revenue outgrew sales and our profit outgrew our revenue.

So we're seeing a high quality growth within the GD Auto Company.

In the second half, under the OneGD strategic framework, we're seeing strong resource synergies across the group demonstrating reverse operational resilience that will grant momentum.

We'll focus on three key pillars.

First, the domestic market overseas expansion and our AI transformation to ensure a solid start for our 2030 strategy. Specifically in the domestic market, and in the premium segment we will drive four brands namely Zika, Lincoln Co, Geely Galaxy and China Star to move upward together leading with high value flagship products to unlock greater growth. And technically in terms of international expansion we're going to duplicate our high quality growth model into our international business. In the spirit of openness and win-win, we are going to deepen our localized manufacturing strategies and improve our international competitiveness. Thirdly, in terms of AI ecosystem, we will accelerate the transition towards a leader of all domain AI. mobility provider we will continue to lead the intelligent transformation of auto industry based on our accumulation of the technologies in the older lane artificial intelligence technologies we also upgraded the traditional technologies during the first half of this we announced the Launch of iApp, Digital Shared, 16.1, Electric Drive, and behind each and every leading technology We are seeing the vertical capabilities empowered by artificial intelligence and in terms of energy supplement and other technologies or make full use of the AI technology to get rid of the safety issues in terms of charging of the batteries and we are also trying to get rid of the problems of the battery decay. So this gentleman who will be committed to high quality development, will continue to focus on better creation for customers, will be committed to the production of high quality products, better customer experience and better business performance. For our customers and shareholders and to facilitate the high quality and sustainable development of the auto industry in China. Thank you very much. I've just given you a brief introduction of GDA's strategies. Toward the end of this year, we're going to hold an event during which a more detailed explanation of our 2030 strategies will be provided. Okay, thank you. Thank you Mr. An for your sharing. Now it's Q&A session due to time limitation in order to accommodate more questions.

So everyone is allowed to ask only two questions maximum. Thank you.

So congratulations to Mr. An and thank you Mr. Gui for your contribution. I believe that new leadership, as Mr. Gui said, will deliver a record high. My name is Shen Ying Yi from Eastern Fortune. I have two questions. The first one is, we've seen that in terms of export of 9X, we started export to Australia, to Middle East, to Malaysia. Pre-sale have started of this Zeekor 9X. I'm just curious about these feedbacks of this pre-launch of Zeekor 9X and what is your focus on your export volume of AX, 9X, Zeekor 8 and 9X. Of course we also enjoy the sales in the Chinese market. So totally, if you combine domestic market with international market, what will be a stable sales forecast of AX and 9X? This is the first question.

Talking about globalization and premium branding. I'm going to say a few words about our international business as this is one of the focus of our investors and media friends.

Actually, the overseas market is an epitome of the Chinese auto industry. The H1 industrial average growth rate is about 72%. For H1 for Geely, we have achieved about 174,000 units, up by about 158%. NEB sales have sold about 277,000 units, up by 585% year on year. This is an unprecedented figure. There are three key features of our sales and performance of Geely. First of all, their growth speed is number one among all the mainstream automakers in China. Secondly, NEB year-on-year growth rate is number one in our industry. Thirdly, for premium brands in China, we are also ranking number one. So these are the three key features of our company. So you can see that the international business is quite balanced across all the regions and some regions have seen much more rapid growth for example Latin America up by about 298%, nearly 300%. For Europe, nearly 280% growth. In ASEAN countries, over 120% growth rate is registered In Eastern and Central Asia, almost over 100% increase.

So these are what's called regional growth across the board.

Different regions may have different performance levels, just as what Mr. Bai has mentioned in his presentation, we want to ensure one special region for 300,000 units, and two units, two centers for 200,000 scales, and three centers for 100,000 unit scales. Secondly, internationalization, as what Mr. An has mentioned, about two-thirds of the sales will come from overseas markets. I joined Geely upon my graduation. I remember very clearly since day one of my joining of Geely. We want to see Geely cars in China and across the whole world. We want to sell our cars to the overseas markets. This is always a very important backdrop underpinning our strategy for the overseas expansion. First of all, it is benefiting immensely from the NEV footprint, the expansion of China, certainly because of Australia. So in the next two or three years, we have also devised a plan, which is a workable plan in the overseas market. We have a 1, 2, 3, 4, 5, 6 strategy.

for international orientation.

Talking about one, one meaning one overseas system for GD. In the, at the back end and the middle end, there's only one system.

Zika, Zinco, and GD are the three main brands.

One is on the high tech, the second one is the sporty DNA.

The third brand is the mainstream mass public orientation.

So these are the three clear positionings of the brands to win our market shares. Two, three, four, five, six, meaning we want to build a center in Europe selling about 600,000 units. 500,000 units in ASEAN countries, 400,000 units in Middle East, and 300,000 in Eastern Europe, 200,000 units in Central Asia. So this is called 23456. So if you put all these figures together, that makes the total 2 million sets. Secondly, talking about the premium branding for export purposes, this is also a very prominent feature of our exports. For Zika, you can see that it is much more well-known than ever in the past. Not long ago, the 8X and the 9X have been well certified abroad and some things are still going on there and there has been very good positive feedback from the overseas customers. Some have approached the operators or some of the channels to add an extra price to buy a 9x or 8x car. It is sufficient enough to tell us that we have ample market demand in those areas. Almost all the markets speak very highly of the quality of 8x or 9x cars. For Zika, our future is very clear. We want to win the future of market share to define luxury and a premiumness with technologies. Our growth margin is also quite fast, over 200% increase. This is also something quite phenomenal, we think. In the future, our Zika products are mainly concentrated on 7x007. So these products have been well received in the market. Secondly, we are going to quicken our steps for the expansion and rolling out of 8x9x009. And we are going to do more for the market expansion and the market launch since Q3 this year for 8x. It will also start its rollout in Latin America, Europe since Q4 this year. Of course, our 0.9 and 0.9 Glory will also have its European edition for the latter half of this year. The exports for H1 this year is already over 4.2 million sets. Sorry, 420 million. 42,000 minutes.

Okay, that's all for my answer. Okay, any questions from the media?

This question is for Mr. Gan about the ICE cars or fuel cars. We know that China Star Series have seen rapid growth. So I'm asking about the future of China Star Series. What's your take on the future market in China for ICE? Will there be a shift to APGV or IHEV? Thank you very much. Talking about the China Star cars, the future plans. You can see that for H1... It tells us very clearly that the total sales volume is about 8.29 units, dropping by about 24.3%. Especially for ICE cars, it dropped by about over 30%. If not 31.9% drop, that means that there has been a major shift to NEV cars from ICE models. If you take a look at the global picture, the absolute selling volume of ICE cars is still quite huge. That's about 18 million cars. In China, it sold about 20 million cars. In America, that sold about 15 to 20 million cars. And for the rest of the region, about 40 million cars. Currently, the penetration rate is about a little bit more than 10% in China. That means there has been huge room for ICE models in the future. But talking about the future of China Star Series in China,

The H1 sales is about dropping by about 5.7%.

That's much slimmer than that of the drop margin of the whole industry. Our market share increased from 8.7 last year to about 10.4% this year in China. I mean, the market share of China Star Series is increasing rapidly. Lastly, because we benefit a lot from the technology roadmap and our products. In the future, there will be two directions for the growth of IC models. First of all, it is more HEV. Basically, we are going to do more smart driving. On April 13th, we have launched the latest edition of iHev technology. This I have is totally different from that of the previous generation of system. I can tell you very clearly that I have technology through AI technology of GD empowerment our I have technologies have been demonstrating much greater and better performances of all indicators Much better than that of those flagship models around the world. Why? Because this is the key feature of the new generation of iPad technologies. Traditionally, we add a battery and some torque based upon the previous IC model, but now we are purely based upon the smart platform with the high Thank you for watching. and Energy Conservation, Performance, Safety, Reliability are all the key indicators that we see rapid growth and improvement. That's not ordinary or comprehensive growth, but leapfrogging development on all fronts, all these above mentioned indicators. The high performance batteries, high performance and efficiency Electric Drives ensured that we can really outperform many of the car models from Japan and some other countries. This is a major breakthrough in this area.

So this is the point number one.

Why we can achieve such a good result? Because while we are doing some R&D, we are really changing The fundamental structure or the architecture behind what we have seen, for example, how to feel the humidity, the temperature, the altitudes of the things around the car, how to ensure that we can basically guarantee the high efficiency operation of electrical motors and engines. At the same time, the high efficiency electric drive systems can ensure that they have been comprehensively

Improvements of all the main indicators are off-front.

This 0-100 acceleration is about one second better than that of the Japanese cars. This is a really tangible breakthrough. So much for the technology breakthrough. For product distribution, In the future, we are not going to develop traditional IC models. I mean, all the traditional IC models will have to be shifted towards I-HAVE models. I mean, all the models in the future will be I-HAVE powered. This is what I call the future direction, based upon the decision made by the leadership. Of course, for H2... This year, there will be a few iHAVE models that will be launched to the market. For example, the all-new Xin Yue Plus and the Xin Yue Plus and the Bo Yue L. These are all the iHAVE models. I'm sure that with iHAVE technologies at the backbone, There will be a bright future for the better sales volumes of China's cars.

And also we're going to launch all these full spectrum of iApp portfolio to the international market. Thank you. So there's a gentleman in blue T-shirt. I have a question for Mr. Sun Sung Hui. Chairman Li Shu Fu, during his video speech, that Geely will no longer build production capacity, build new production capacity, and Mr. Sun also introduced your global deployment of manufacturing capacity. I think the sharing of production capacity is probably an important model for international expansion for Geely. So at Geely Holdings, I think I've already released the information to cover your question but I'll elaborate a little bit I would say there is a surplus of production capacity All over the world. There's a lot of saying about overcapacity in the automobile industry in China, but I would like to tell you that in North America, in Europe, and in other regions of the world, there are also overcapacities. For Chile, one-two-thirds of our sales revenue generated in the international market, which means we have to do a very good job in localized manufacturing. I just mentioned a couple of words related to localized manufacturing. High quality, high speed, and low risk. And we need to make full use of our market advantages in European markets. And we need to collaborate with our partners outside the GDP system. On one hand, we need to make very good use of production capacity. We need to make very good use of localised human resources. and at the same time, we also need to make very big use of the supply chain systems of our business partners. And furthermore, distribution channels as well as service networks, part of similar natures. So that's the way we can achieve high quality, high speed and low risk expansion. Risk control is of paramount importance, of course.

So, I spent a year or so in coordinating between Chile

holding companies and Geely Automobile Holdings Ltd so that we can support each other and achieve a synergistic competitiveness in the market. And it's also the international market for Geely. I believe this strategy is slightly different from the international strategies of other automakers. Okay, thank you. I'm from Guangfa City, my name is Chen Feitong. I have two questions. First of all, the first question is to Mr. Dai. Can you help us to understand the reasons behind the gross margin increase? Looking ahead to Q3, given the price markup of the storage systems as well as the storage chips, Would you remind the same forecast of your gross margin increase? As to the pure electric vehicles, the question is for Mr. Gan. What is your observations on the future development of the pure electric vehicles and what is GD's strategy in rolling out pure electric models?

For GD,

I think your market share of pure electric vehicles is under pressure. So after April this year, the pure electric vehicle market in China is expanding steadily. So what is your future strategies for pure electric vehicles? Thank you, Mr. Chen, for the question. The gross margin is 17.9% during the first half of this year. It's about 1.5% increase compared to the 16.2% of gross margin during the first half of last year. And as Mr. Gui has said that the industrial average gross margin is 1.5%. Our gross margin is 5.4%, so it was quite remarkable. As to Q2, our gross margin is 18.4%, even higher than 17.5% of the gross margin in the first quarter of this year. Why this increase? There are two drivers. First of all, the premium development of our brand. In the first quarter, the Zeker witnessed 77,000 units of sales. And in Q2, we sold 100,000 Zeker models. So that's increased about close to 30,000 units that helps to increase the gross margin. Because the gross margin for Zeker is around 20%. The second driver behind this increase of the gross margin is the global strategy. In Q1, we export a little more than 200,000 units. In Q2... We export about 270,000 units to the international market. I think I've told you that the gross margin of exports is about 10 percentage point higher than the gross margin of our car sales in the domestic market. These changes support the overall gross margin increase in Q2. Looking ahead into Q3, as a result of the price increase of commodities as well as the price increase in chips, actually in Q1, we faced some price pressures from the price increase of commodities. Yes, we forecasted price increase in commodities. Toward the end of 2025, we increased our storage of these commodities. And in Q2 this year, we have fixed the price as well as the quantity. with our suppliers for the whole year and we also did some hatchings in the futures market so in Q3 and Q4 we've made some preparations to the price volatility of the commodity In Q3, we are expecting an increase in the export. I believe that, I think the gross margin in Q3 will not be lower than that of Q2. As for the second question, well, the second question is related to the trajectory of pure electric vehicle. Well, in the first half of this year, The overall auto industry decreased by 30%. And even for hybrid engine, the market size decreased by 28%. But after April, we're seeing an increase in the sales of pure electric vehicles in China. Which means there is still a huge demand for pure electric vehicles. For a couple of reasons. First of all, high voltage. Secondly, fast charging. Thirdly, large battery capacity. And fourthly, high level of intelligence. So these are the four features in the pure electric vehicle segment. Well, it takes time to develop a new generation of models. So this year, We will gradually launch the high voltage model of Zeker and Lincoln Co. and Galaxy TT which will be launched soon. It will be a pure electric vehicle.

So

The debut of Galactic TT was held on July 21st, and we received a confirmed order of 990. Right now, the order book has reached 22,000. So definitely this high voltage technology can in a way abate the range anxiety. The Galaxy TT will be launched during the second half of this year, as I told you. And Q11 will also be launched as a high voltage product. For Lincoln Co. Z20, which is also a pure electric vehicle, will be launched pretty soon. And Z30001 and 009 Glory Edition will also be launched into the market as pure electric vehicles. So in the second half of this year, no matter whether it's pure electric vehicle or hyper electric hybrid vehicles, We're going to see a roll out of new models under these categories. Thank you. We're also seeing some foreigners trying to raise questions.

Thank you very much for sharing.

I'm a journalist from Bloomberg. I have two questions. The first question is related to your cooperation with Ford in Spain. So Ford has a full lineup of new energy models. Are they going to use your technologies? So can you share with us? Is Ford going to use some of the technologies from Geely in the development of new energy vehicles? This is the first time that an American company developed a model with a Chinese company not for Chinese market but for international market.

The second question is the payables.

I just talked about the volatility in raw materials and commodities, and I noticed that in your financial report, the amount payable increased by 100% compared with the same period of last year. I just wonder what is the reason of this rapid increase in the amount payable, so can you give us a forecast on the annual increase of this amount payable? Thank you.

First of all, I want to say a few words about the capacity utilization. How to make a better use of its capacity and to ensure a win-win for all partners. So for Geely, on one hand, we need to control the risk. As our investors normally will say, we have light assets. But we have to well control the risk or bring the risk well under control. We want to ensure a win-win for all parties. You have just referred to mainly the product aspect. For Ford collaboration, our Galaxy, our GEA architecture, is the main structure. I mean, this is the fundamental or underlying structure. Because on the basic structure, we need to develop further the products that will cater to the needs of different brands. So we have to be very clear about this point before anything else. Secondly, our products... will not enter the American market. The localized production in Europe will be sold locally. So those European produced products will not be sold to the American market. So based upon the basic architecture, We need to make a better use of the capacity, including our supply chain system. So we have to ensure localization for the production. For EU, there will be the so-called law on market competition. in order to govern the practice of companies to compete with each other in the same market. There will be some legislative requirements for those companies involved in those markets. So in the future, over the local supply chain integration, there will be some new practices from GED. On one hand, we need to quicken our steps to form the new structure. On the second hand, we need to form the scale of economy. And the scale of economy comes with the word cost as well so don't get me wrong the products produced in Europe will only be sold in Europe not to other parts of the world I want to add a few words to the first question this is the question that is about the main We have to co-share the capacity on the global scale. We can use the most economic lever to plan to the full strength of our system. Secondly, we are going to concentrate more resources for international perspective, meaning two thirds of the markets will come from overseas. Not to mention the strategy that I have mentioned about, 1, 2, 3, 4, 5, 6 strategies. How to stay focused? We need to continue to deepen the localization strategy. We need to continue to stick to the policy that first need to go international. The supply chain will have to become local, and our brands and our technologies will have to move upward even further. Of course, another thing which is equally important, not only relevant to China, but also to other parts of the world, which is about after-sales service. We need to do a better job at after-sales services. so that we will become a flagship company in the world. The after sales will be the water-shedding industry between whether or not we can really achieve due success in due course. Okay, last two questions due to the time limit. Okay, maybe we have to answer the second question about AP or accounts payable. probably you didn't have much time to take a look at the financial statements for AEP 2025 year end is about 81 billion according to the Hong Kong accounting rules by June the 30th 2026 is about 84 billion only about 3 billion increase not doubling not double increase only increased by 3 billion So this is a correction. Secondly, after the launch of the anti-fias competition policies of the state, we have quickened our steps to pay all the arrears, all the account payables. In the past, about 45 days, 60 days, 90 days of account was able to recover the money. And now we have already changed the rules for all those 60 days above We have already shortened the period well below the scale of 60 days. Secondly, there is a different scale for year-end last year and also mid-year of this year. And for the small and medium-sized enterprises, the scale has been reduced to about 30 days or even lower to pay on-site practice. For the results, also have some statistics. For H1 of 2025, the turnover rate is about 150 days. For H1 of 2026, this period has been reduced to about 103 days. It is optimized about nearly half a month. But if you take a look at the Q2 of 2026, the turnover rate or days has been reduced to about 96 days. For Q3 and Q4, with more policies going out, and with things getting even better, there will be much shorter duration for the turnover rate days of APs. Also we have received a lot of online questions. Maybe one question from online. I want to first of all ask a question about the grid and the power distribution together with the charging facilities and the charging competencies for GE and also some questions about the energy storage and conservation. I want to first of all thank our friend from online as you have mentioned That question is quite similar to the question raised by Guangdong Development Securities Why the pure electric battery is having its market because of the ultra-fast charging devices or batteries Especially with the rapid increase of the market there Energy Replacement is critical to the users. Many customers also have the same idea that for an EV car, whether or not it is convenient is largely dependent upon convenience, immediacy of energy storage, and discharging efficiency. The convenience means whether or not you have a well- Distributed outlets for the service of the NUB cars We have been always thinking about one issue How to solve the problem of charging life cycle and charging speed or ultra-fast charging facilities and efficiencies We are very clear about some of the issues there Because when the temperature goes above 45 degrees or 50 degrees centigrade, when 10 degrees up, then the batteries will decrease its efficiency by about 100%. Or will quicken the speed of its phasing out. Meaning, originally the life If the temperature goes too high, maybe the life of the batteries will be reduced by half to about five years only. Secondly, super or ultra high speed or fast charging will also generate a series of risks. Quick charging or fast charging, if I may use a metaphor, just like just in case of smoking, Smoking is bad for your health, but that might not be so clearly seen on first sight. But how to solve the problem? Our R&D staff will have to consider as to how to ensure we can have fast charging but also at the same time safe fast charging. So with the four or five years of efforts, we have made full use of AI capacities to provide a full chain quick charging devices and competencies. That's because about five years ago in 2021, We have set up energy replenishment companies of Haohan, and we are the first to China to launch our special technologies, and we have been maintaining our leading edge in energy conservation. In 2021, we are the first to launch the ultra-fast charging post, and the power is about 360 kilowatts. By 2020, That technology we can reduce the charging time from several hours to several minutes. Later on, charging time has also been reduced from 30 minutes to 11.5 minutes. In April 2025, we have launched about 1,500 kilowatts. Mass production gigawatt level device. The power is up to about 1230 kilowatts, meaning the charging time has been reduced to about 4 minutes 22 seconds for the battery to be charged by 10 to 70%. and you only have to spend about 8 minutes or more to have your batteries fully charged. Some core technologies have also been developed ever since then, including some temperature control, AI smart technologies, charging technologies. The fifth generation of charging devices and technologies came out based upon the AI big models and super gigawatt technologies to maintain safety and reliability at the same time. So these technologies will be made available before the end of Q3 this year. So stay tuned.

So I want to give you a few quick glimpse of the technologies.

First of all, through some temperature smart technologies, there will be overheating of the system, because otherwise there will be a full chain Overheating of the temperature of the temperatures of the battery so we will strictly control the temperature within the national certified 65 degree centigrade. Secondly the AI temperature control technologies use the vehicle-post-cloud multi-point testing coupling to make the calculation using AI technologies. So the millisecond change detection is made available. Through AI-centered technologies you can ensure inspection, maintenance, and charging at the same time. All in one strategy is made available to ensure safety and reliability. Secondly, charging time and charging safety will be controlled mainly by the users, meaning the users will become smarter in using the energy replacement technologies. Of course, for more details, Just stay tuned until the end of Q3 for the press conference for the official announcement of the technologies. Thank you.

The question is related to 1G strategy and your product portfolio.

If you take a look at your financial report, you can see that this 1GD strategy has made significant changes to the back-end operating systems. Mr. Gui also mentioned that there is still great room for improvement on your financial performance. So I just wonder whether you're going to You know, enable greater changes at the front desk level. Right now you can launch a lot of models, but only a few of these models will be remembered and recognized by the customers. And also we can see there is some sort of conflict between your internal models. There's 9X, the Lincoln Co, the Z-curve, 449X models. Z-Critter Stun 9X, Lincoln Co. and other for Galaxy they have launched similar models. I just wonder how to differentiate these models under different sub-brands. Ever since 2019 there is a significant decline in the combustion engine vehicles. I just wonder in implementing this 1GD strategy Are you going to streamline your product portfolio? Well, thank you very much for your question.

First of all, I'm going to give you a couple of numbers.

Fujifilm brand, including Galaxy, and China Star, and Lincoln Co., for Galaxy, declined by 5%. During the first half of this year, for Lincoln Co., it declined 6%. And for China Star, it declined 5%. For Zikr, it increased 97%, 97%. So the overall increase of sales revenue is 1%. And the national average is minus 6%.

Starting from 2024, when we announced the Title Declaration, GD is going back to the 1G strategy through consolidation and integration of resources.

We are going to build a big back office platform, big mid office platforms and reduce and eliminate duplicated investment, streamline the organization, streamline the functions, cut off all the redundant ones.

So through institutional change, we consolidate our procurement system, we consolidate our R&D system, and also we established

An integrated sales company for GD during the first half of this year. Since we came back to the one GD strategies, we have made some achievements. I think you can detect these achievements for a financial statement. For example, these administrative spending, the ratio decreased significantly. From 1.9% to 1.7%, so there is a 12% point drop as to selling spending. In China, we're still making substantial investment in China. But in international market, the spending remains stable. And for R&D, This spending ratio dropped from 5.5% to 5.2%. When we were doing the product, when we were planning for the future of products, starting from last year until this year, in Zika, Lincoln Code, Galaxy, and China Star, there is the overlapping models. We just removed them from our product plan. So talking about the number of models reduced 20%. So through this one-GD strategy, there's more synergistic coordinations within the group, within the company, and we're seeing a more coordinated development among different brands. So as to how to develop the killer products and the future killer models in the future, I believe that the second half of this year is a critical period. The new models will be launched during the second half of this year. For Galaxy, it will continue to focus on premium mainstay products for Lincoln Co. It will continue to focus on trendy and individualized products.

For Lincoln Co., we need to broaden its product portfolio. But how?

It will be more sporty. It will be... More dynamic, so I think this is the direction for the future of Lincoln Co. As to Zeker, it will become a premium tech-driven brand.

I think there is a clear distinction between different brands. For Galaxy TT or Watch F700,

New technologies will be applied to these models. Well, so far, there is a very high level of market recognition of the two models I've just mentioned. I believe that they will continue to enjoy high visibility in the market in the second half of this year. As soon as we can go Z20, I believe it will become a killer product. Thank you. Well, this is a very good question. Actually, it captures the essence of the problems we are fighting. There is a lack of blockbuster model within the GT system. The product development plan was formulated years and years ago. We are revisiting these plans and it will take some time to complete the review of these plans. During the first half of this year, actually, we enjoyed a very good gross margin. We enjoyed good per capita or per unit sales. We enjoyed good profitability.

But we are still looking for problems.

So behind these beautiful numbers, We found that Zikir is a prime contributor. He helps to increase, contributed to the increased gross margin and per unit sales revenue. And also Galaxy is another contributor.

But I think

There is still some lack of, you know, front force in the mainstay market. We've taken notice of that issue. We still need some strong mid-level products, so in the future we're going to do a better job in product or model planning, technology planning, and there's more to do in these areas. Once we got this strong level blockbuster product, I believe we're going to see a significant increase in gross margin and profitability per unit, per revenue. Anyway, we're confident about future. Thank you. We're behind the schedule, anyway. And we're going to launch some roadshows in the next couple of days. We definitely welcome your participation. And if you have any further questions related to the development of the company, we'll be very happy to receive your company. Thank you once again. That concludes the conference. Thank you.