Ideal Car: Research and development expenses in the fourth quarter of 2025 increased by 25.3% year-on-year.

Ideal Car announcement, the operating expenses in the fourth quarter of 2025 were 5.6 billion yuan, an increase of 5.8% compared to the fourth quarter of 2024 which was 5.3 billion yuan, and a decrease of 1.3% compared to the third quarter of 2025 which was 6 billion yuan. The research and development expenses in the fourth quarter of 2025 were 3 billion yuan, an increase of 25.3% compared to the fourth quarter of 2024 which was 2.4 billion yuan, and an increase of 1.4% compared to the third quarter of 2025 which was also 3 billion yuan. The increase in research and development expenses compared to the fourth quarter of 2024 is mainly due to the costs related to supporting our expanded product portfolio and AI and other technology projects.