And before we start the Q&A, we would also like to announce that management will be attending the forthcoming Jeffries Conference on March 19th, the HSBC Conference on April 14th to the 16th, Bank of America Merrill Lynch Conference in Shenzhen on May 13th, JP Morgan Conference on May 20th to 22nd, and the UBS conference in Hong Kong on May 26th to 29th. If you are interested in a one-on-one or a small group meeting, please contact the salespeople at these banks. Given the tight meeting schedule and travel plans, we will not be able to accept meeting requests outside the conference venues.

Feb 24, 2026 / receipt, needs a key / Kevin Thies, other | earnings call 2026-02-24 | transcript 65d8b70a-1d70-416c-9f8b-b6eaaf21698d | chars 17658-18254 | segment 17

Given the tight meeting schedule and travel plans, we will not be able to accept outside meeting requests outside of the conference venues.

Aug 8, 2025 / receipt, needs a key / Kevin Seas, other | earnings call 2025-08-08 | transcript f06175b3-6d20-46ef-9458-dd9913c829b2 | chars 14323-14462 | segment 14

S&A expenses were RMB 1.8 billion or USD 252.1 million representing 9.5% of revenue in FY2024 compared with RMB 1.5 billion representing 8.3% of revenue in FY2023. This increase was mainly due to higher trade receivables provision and higher travelling personnel and selling expenses compared with FY2023.

Feb 25, 2025 / receipt, needs a key / Chun-Sin Liu, CFO | earnings call 2025-02-25 | transcript 416d0aa5-6d9b-4364-adeb-f5e39b73ff96 | chars 15646-15951 | segment 16

The increase was mainly due to increased personnel, salaries and delivery expenses and high warranty and travel expenses compared with the same period last year.

Feb 27, 2024 / receipt, needs a key / Chun-Sin Liu, CFO | earnings call 2024-02-27 | transcript 8b6514a3-2036-41cc-983a-109e4a49d926 | chars 11770-11931 | segment 12

And then anything on the operating expense side, That was up obviously for, you know, personnel and travel this year. Is that going to be continuing to grow with sales or have you kind of made those expenditures you need last year?

Feb 27, 2024 / receipt, needs a key / Wei-Ming Hou, President | earnings call 2024-02-27 | transcript 8b6514a3-2036-41cc-983a-109e4a49d926 | chars 20064-20295 | segment 20

Food-related lockdowns and travel restrictions in China resulted in reduced demand for commercial vehicles as logistical activities declined, and there were fewer infrastructure and construction projects in 2022.

Feb 23, 2023 / receipt, needs a key / Wen Ho, other | earnings call 2023-02-23 | transcript 91120e8a-68c0-46de-a274-404a3557360a | chars 4692-4904 | segment 4

The government's national travel restrictions and lockdown created unavoidable interruptions in employment consumer industrial services, and transportation, which affected nearly all industrial production and supply chain distribution in the first quarter of 2020.

May 26, 2020 / receipt, needs a key / Wei Ming Ho, CEO | earnings call 2020-05-26 | transcript ee3cd6e3-2b2b-443a-aa17-eddd3a075b7a | chars 4717-4981 | segment 4