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Mr. Xiaoping Chen mentioned that they achieved a sales revenue of 9.5 billion yuan and an average net profit of about 2,125 million yuan. The core business base is still stable. In the North American market, the Amazon channel had an outstanding performance in the second half of last year with triple-digit growth and ranked 19th in the water category during black five. In the Southeast Asian market, they collaborated with Malaysia's main channels. They invited famous actors and singers as brand ambassadors to enhance brand recognition. As of the end of 2025, the global patent broke through 1,950. In 2026, they will focus on overseas market upgrade, continue the difference-making route, strengthen water technology leadership, and deepen cooperation.

In 2026, they will pursue global water vision with breakthroughs in four key areas: deepening overseas precise and core strategic markets, advancing domestic market differentiation, deepening AI integration in water purification scenarios, and strengthening collaborations with global strategic partners. They expect triple-digit growth in overseas revenue in 2026 and anticipate the industry will return to normal in 2026 with water purification being an irreversible trend for consumers.

For the second half of 2025, net revenue was 950.6 million RMB, decreasing by 25.9% from the same period in 2024. Revenues from home water system were 628.2 million RMB, decreasing by 32.1%; revenues from consumables were 112.2 million RMB, decreasing by 17.9%; revenues from kitchen appliances and others were 210.2 million RMB, decreasing by 4.5%. Gross profit was 223.8 million RMB, with a gross margin of 23.5%. For the full year 2025, total revenue was 2,428.2 million RMB, increasing by 14.6%. Revenues from home water system were 1,686.6 million RMB, increasing by 12.6%; revenues from consumables were 235.4 million RMB, decreasing by 14.2%; revenues from catering, appliances, and others were 606.2 million RMB, increasing by 47.6%. Gross profit was 615 million RMB, with a gross margin of 25.3%.

The company's discussion contains forward-looking statements with inherent risks and uncertainties. Further information regarding risks and uncertainties is included in the company's annual report on Form 20 and other SEC filings. The actual results may be materially different from the views expressed today. Well-meant earnings press release and this conference call include discussions on unaudited financial information as well as non-GAAP financial measures.

First question from Jin Yu Zhang: Asked about the overall performance of the company's self-owned brand Valmy in 2025 and key investment priorities for brand building this year. Answer: In 2025, brand revenue was mainly from domestic online channels, ranked 10th on Jindong and 19th on Amazon USA. Moving forward, will adapt differentiated strategy in North America with new brands and positions, participate in relevant exhibitions. Second question from Jin Yu Zhang: About overseas expansion differences between U.S. and Malaysia markets, challenges and mitigation, and 2026 overseas expansion goals. Answer: In U.S., focus on Amazon channels and launch new products for offline; in Malaysia, focus on offline with countertop units adding ice water function. Have local teams, expect triple-digit growth in overseas revenue in 2026. Third question from Jin Yu Zhang: About core pathways for enhanced profitability in 2026 and beyond. Answer: Extend overseas and accelerate growth of Valmy branded business, improve consumables revenue, broaden product lineup. Second question from Shi Jingxing: Analyze impact of national subsidy reduction on domestic market and forecast future impact, and heads up about cooperation with China Gas. Answer: National subsidy impact on water purifier was obvious in 2025, domestic market faces challenges in first half of 2026 but water purification trend is irreversible. Cooperation with China Gas is a new partnership model with potential for incremental growth. Second question from Shi Jingxing: Another question about 2026 plans. Answer: Continue to expand overseas market scale, increase consumable revenues, improve own brand revenue contribution, and have more diversified product line. Question from Brian Lantier: Asked about normalized growth rate for the business in next three to five years. Answer: Anticipate the company has potential for low double-digit growth in 2027.