Yesterday, CATL published its third-quarter financial report, revealing a 12.9% year-on-year increase in revenue and a 41.21% rise in net profit to RMB 18.5 billion, with profit growth significantly outpacing revenue growth. In a subsequent earnings call, CATL provided further details on production capacity and future business prospects, noting that capacity utilization is continuously improving and is currently at full capacity. The company emphasized that price increases are not the main driving force behind its strategy. This year has seen promising growth in energy storage, which is expected to continue into next year due to an established business model and economic inflection points enabling profitability. Key points from the earnings call include: production capacity utilization continuously improving, currently at full capacity, with ongoing construction to enhance capacity. As new bases such as Jining are developed, capacity will gradually be released, alleviating supply constraints. The company aims for long-term win-win collaborations with industry chain partners, focusing more on meeting diverse customer demands with high-quality products than on price increases. Energy storage system sales account for about 20% of overall shipments; the ratio of system-side and AC-DC products is gradually rising, contributing positively to net profit, though it is not expected to create significant disturbances to overall data in the short term, as power batteries remain the primary driver of unit profits. The growth of energy storage has been notable this year, with expectations for continued growth next year due to the established business model and economic viability enabling profitability. Looking ahead, the methods for data center energy storage support are diversifying, with increasing applications of main power sources, leading to considerable energy storage demand from data centers. Price increases for commodities can be transmitted through linkages, having minimal impact on the company; lithium battery material expansion has cyclical characteristics, with current prices fluctuating around their value midpoint, where core focuses remain on product competitiveness. The company is prepared to mitigate relevant impacts due to its complete upstream supply chain layout. Sodium batteries are already in pilot phases for commercial vehicles and are under collaborative development for passenger vehicles, with products expected to launch by the end of this year and ramp up shipments next year, depending on customer terminal sales conditions and validation processes. China’s lithium battery export control policies do not affect the company’s battery exports; equipment exports are not completely banned but are subject to orderly competition and export through declaration and approval. The company communicates smoothly with the government, with no impact on overseas factory and LRSO cooperation layouts. In Europe, the company has established three factories in Hungary, Germany, and Spain, leading the localization process in the industry, and current policies do not negatively impact company development. Here is a transcript of the earnings call: “Dear investors, good evening. I’m Lin Meina from CATL. Thank you for your sustained support and attention as we discuss CATL’s Q3 2025 performance. First, I will introduce the company leaders present.” The meeting will begin with a brief report on the company's performance during the reporting period, followed by a Q&A session. First, regarding operational performance, the company has consistently launched innovative products and deepened customer partnerships, achieving steady growth. In Q3 2025, CATL attained total revenue of RMB 104.19 billion, a year-on-year increase of 12.9%, while the net profit attributable to shareholders was RMB 18.55 billion, up 41.2%. The net profit margin stood at 19.1%, growing by 4.1% year-on-year. Cash reserves are ample, with cash and marketable financial assets exceeding RMB 360 billion by the end of the period, strongly supporting substantial R&D investment and large-scale capacity construction. The company’s R&D expenditures totaled RMB 15.07 billion in the first three quarters of 2025, a 15.3% increase year-on-year, leading the industry significantly. To meet surging client orders, the company is fully advancing global capacity construction and has proactively carried out massive capacity expansion based on forward-looking demand predictions. Major expansion projects in Shandong, Jiangsu, Guangdong, and other bases project over 100 GWh of new energy storage capacity expected to come online by 2026. The overseas expansion progress is also noteworthy, with the German factory achieving production and continued profitability since 2024, and the Hungarian factory’s Phase 1 equipment adjustments expected to complete by the end of 2025. Spain's factory has officially registered a joint venture company and is set to begin construction soon, while the Indonesian battery project is expected to commence production in the first half of 2026. In the power sector, the company focuses on cutting-edge technology innovation and application, debuting the globally pioneering NP3.0 technology aimed at ensuring battery system continuity under extreme thermal runaway conditions, providing crucial safety for Level 3 and above intelligent driving. The first battery incorporating this technology, the Shenhung Pro, significantly improves energy density and cell rigidity through an innovative micro-composite cell structure. Additionally, the company's sodium-ion battery became the first to gain certification under China’s new national standards, laying a solid foundation for large-scale applications. With global energy storage demand entering a high-growth phase, the rapid rise in global wind and solar installed capacity heightens the requirements for grid stability and adjustment capabilities and rapidly increases energy storage demand. The rapid expansion of global AI data centers also spikes electricity demand. The solar-storage system, seen as an efficient green power solution, is projected to generate substantial new demand. Amidst strong energy storage market demand, the company’s capacity is saturated and it is actively expanding production to accelerate output of modern energy storage batteries like 58 GWh. DPP-grade energy storage products increasingly demonstrate advantages in safety and longevity, delivering competitive returns to end-user operators. From an ecosystem perspective, the company is enhancing its industrial ecosystem layout through strategic partnerships with industry giants. A strategic partnership with JD.com integrates battery technology with digital supply chain advantages, forming a collaborative model for green, low-carbon, and digital industry development. They are jointly establishing official direct sales channels for battery swap and promoting the vehicle-battery separation model, thus expanding the sales of battery swap vehicles. Moreover, collaboration with Sinopec is co-constructing a nationwide battery swap ecosystem, with both parties’ stations already in operation, continuously empowering green mobility. Regarding ESG efforts, CATL positioned itself as a proponent of battery recycling at the recent Munich International Motor Show, advocating for a system-wide approach to battery recycling that incorporates the concept from design inception. This initiative aims to establish a globally collaborative platform for uniform standards, transparency, and broad participation, maximizing each battery's lifecycle value and steering the entire industry towards true sustainability. The company has achieved dual advancements in technology and ecology, underlining the NP3.0 technology as a safety cornerstone for intelligent driving and the sodium-ion battery certification as a gateway to large-scale applications. Concurrently, the company is accelerating the development of a global green energy ecosystem through deepened collaborations with various partners and continues to lead sustainable development in the battery industry. CATL is committed to long-term value creation for shareholders through leading technology innovations, a solid market position, and comprehensive industrial ecosystem layouts. Thank you for your attention; this concludes the performance report. We will now transition to the Q&A session, with our assistants explaining the question format.