Amidst a tightening financial environment, intensifying geopolitical conflicts, and rapid restructuring of global supply chain, the world economy slowed down in 2023. In the wake of opportunities amid challenges, the economic restructuring brought new impetus to the transformation and upgrading of the technology industry, and the evolving global energy landscape further highlighted the importantly strategic position of the new energy industry. With the strategic goal of becoming a global leading technology conglomerate, the Company pivoted on the development of high-tech, long-cycle, and capital-intensive businesses, strengthened the leading edge of its core businesses in display and new energy photovoltaics. Under the backdrop of a complex operating environment, the Company cemented its foundation, enhanced risk management capabilities, pursued extreme cost efficiency, and drove development through technology innovation. In 2023, the Company achieved a revenue of RMB174.367 billion, up 4.69% year on year; net profits of RMB4.781 billion, up 167.37% year on year; net profit attributable to shareholders of the listed company of RMB2.215 billion, up 747.60% year on year; and net operating cash flow of RMB25.315 billion. During the Reporting Period, the sales of display at user-end market remained sluggish. On the supply side, the industry structure continued to optimize, competition tended to be benign, and the prices of major products rebounded amid stabilization. The Company's display business kept optimizing business strategies, and continued to implement the high-end strategy, with a stable growth in the market share of major products. TCL CSOT remained top 2nd globally by its market share of TV products, while its market share of e-sports monitors and LTPS tablet products ranked first globally. The t9 production line, positioned at mid-sized IT and vehicle-mounted display products, started serial production and shipments, and the proportion of OLED high-end product shipments rose quickly. During the Reporting Period, the display business achieved a revenue of RMB83.655 billion, with a year-on-year increase of 27.26%, and a net profit of negative RMB7 million, with a year-on-year improvement of RMB7.618 billion, among which a net profit of RMB3.441 billion was recorded in the second half of 2023, indicating steadily improving profitability. In 2023, the global new energy photovoltaic industry and corporate development embarked on a new pattern. Affected by the capacity centrally released alongside the industrial chain, the supply and demand was unbalanced, with significant decline of product prices, and some low-efficient capacity faced the pressure of elimination. Overall, the industry structure was expected to be optimized. During the Reporting Period, TZE recorded a revenue of RMB59.146 billion, down by 11.74% year on year. Under the influence of the decreasing product price, loss from investees, provision for impairment loss and other factors, TZE reported a year-on-year decrease of 44.88% in net profit to RMB3.899 billion throughout the year. In the face of challenges, TZE maintained its strategic resolve and strengthened its competitiveness. On the one hand, it leveraged its differentiated advantages in G12, N-type silicon wafers, shingle components and intelligent manufacturing, and accelerated industry integration through technological innovation so as to pass through industrial cycles. On the other hand, TZE actively evaluated and explored the feasibility on localized manufacturing (e.g. the United States, Europe, and the Middle East) in key countries or regions around the world, and promoted the operational improvement of Maxeon to effectively use its patented technology and unique advantages in overseas markets with entry barriers. TZE continued to facilitate its efforts to develop photovoltaic business and localized manufacturing on the international arena, seized the global opportunities for the development of the new energy industry, and achieved a sustainable growth. During the Reporting Period, the Company sustained robust operations and made steady progress in other business segments. The Company has always emphasized research and development (R&D) investments in cutting-edge technologies and commercial application, with a focus on innovation to drive business transformation and upgrading. During the Reporting Period, the Company invested RMB10.309 billion in R&D, accounted for 5.91% of the Company's revenue. In 2023, the Company filed 590 new PCT applications, in total of 15,331 applications applied. Notably, the Company ranked second globally in terms of patent applications in the field of quantum dot displays. Furthermore, through continuous technological innovation, process advancements, and a strategic shift towards Industry 4.0 manufacturing, TZE has built its unique competitive edges in large-size, thin-film, and N-type silicon wafers. To implement the technology ecosystem strategy, the Company has proactively marshaled resources, made a breakthrough in key technologies and industrial production. This robust technology ecosystem serves as a cornerstone for the Company's continued technological development. Looking ahead, with intensive integration of several promising techonologies, we will anticipate a surge of novel display applications and immersive scenarios, which will propel the growing demands in display industry. The inter-country transfer of LCD industry has gradually drawn to an end, and the competitive landscape tends to stabilize. Companies are transitioning from a scale-driven growth model to a high-quality development stage fueled by technological innovation, product upgrading, and an eco-system layout. The Company's display business aims at becoming a "world-leading provider of display solutions". To achieve this, we are implementing a comprehensive strategy that optimizes our business and product structure, strengthens our operational foundation, enhances operational excellence, differentiates our values, and drives continuous improvement in operational efficiency. As climate change and energy issues escalate into pressing global challenges, there's a growing consensus on the urgent need to accelerate the green and low-carbon transformation of the energy sector. The photovoltaic industry will remain at the bottom of the market cycle in the near to medium term, featuring severely unbalanced supply and demand, acceleration of product and technology transformation, and elimination of outdated production capacity driven by the Matthew effect. Taking "ranking No.1 in global silicon wafer market share and achieving comprehensive global leadership" as the strategic vision, the Company's new energy photovoltaic business sticks to technological innovation, expands the leading edge in advanced production capabilities, strategically strengthens a layout across the photovoltaic industry chain, and capacity building worldwide, so as to go through the cycle by relative competitiveness and achieve a sustainable growth. As a crucial pillar of the national economy, the manufacturing sector plays a key role in driving economic transformation and development. Technological manufacturing is especially vital for fostering economic transformation and upgrading, and nurturing new engines of growth. The Company remains focused on its core businesses in displays and new energy photovoltaics, unwavering in its pursuit of global leadership. With the courage of "venturing midstream and striving to win", embracing a culture of "relentless perseverance and decisive action", the Company guides its business units to solidify their competitive edges, ensuring steady progress and positioning the Company for long-term sustainable growth. Committed to creating value for shareholders, the Company has a long-standing tradition of maintaining a prudent dividend policy. Following this commitment, the Board of Directors proposes a dividend of RMB0.80 per 10 shares for 2023, sharing the Company's growth success with all shareholders. I would like to express my sincere gratitude for the trust of all our shareholders, for the support from all our partners and users, as well as for the efforts of all employees!