Recently, Europe has introduced a bill that sets clear indicators for the proportion of lithium recycled from used batteries in power battery production. In the company's current production of power batteries and energy storage batteries, what is the proportion of lithium recycled from used batteries to the total lithium usage? What is the goal in this area in the future? Thank you.

CATL: Dear investors, the company has already laid out the battery recycling business and has leading recycling technology. The recycling rate of nickel, cobalt and manganese is over 99%, and the recycling rate of lithium is over 90%. Battery recycling is one of the sources of battery materials. With the continuous growth of new energy vehicle ownership, the gradual improvement of battery disassembly and recycling technology, and the gradual standardization of channels, the retirement and recycling of power batteries will become an important source of battery materials in the future. Thank you for your attention.