Hello, Mr. Dong! Now that major automakers have begun to invest in building their own battery R&D bases, what is your company's view and response measures? Will this have an impact or threat to your business in the future?

CATL: Hello, investors. Car companies and battery factories have different professional divisions of labor. Car factories are good at machinery and electronics, while batteries involve electrochemical systems. Car companies often do not have as deep an understanding of electrochemistry as professional battery companies. The company has deep accumulation in the field of power batteries and a deep understanding of batteries. There is a lot of room for improvement in battery technology in the future. Material innovation also includes new technologies such as high nickel, high silicon, M3P, sodium batteries, metal-free batteries, and solid-state batteries; structural innovation also includes new technologies such as CTP, AB batteries, and CTC; in terms of manufacturing, we still need to pursue extreme manufacturing and meet the high standards of battery lighthouse factories; in terms of safety and reliability, the technical division between power batteries and energy storage battery products is very important, and the company's product failure rate is one in a billion. Thank you for your attention.