Operator

Hello, everyone. Welcome to Q1 2026 Earnings Conference Call from Leapmotor. We have here with us CFO of Leapmotor, Mr. Li Tengfei; Joint President of Leapmotor, Mr. Wu Qiang; as well as Mr. Shen Ke, Board Secretary.

First, Board Secretary, Mr. Shen Ke will read the disclaimer statement.

Ke Shen
Secretary to the Board & Joint Company Secretary

Hello, everyone. I am Shen Ke, Board Secretary of Leapmotor. The earnings conference call may contain forward-looking statements. Including, but not limited to, statements regarding the company's future financial condition, strategies, objectives and metrics and the future market development conditions in which the company participates or may participate. These statements are based on the company's existing and future business development strategies and assumptions regarding the company's future business environment. They inevitably involve known or unknown risks and uncertainties. These factors, the company cannot foresee or control may cause the company's actual performance and the performance of this industry to differ from the future performance expressed or implied in the forward-looking statements.

Therefore, we caution you not to place undue reliance on the forward-looking statements discussed in this conference call. These statements reflect only the opinions held by the company's management as of the date of this conference call, and the company has no obligation to update or revise any statements made in this conference call in light of new information, future events or other circumstances. The forward-looking events discussed in this conference may also fail to occur due to various uncertainties.

The