Vermes: The current tariffs and trade war have a relatively small impact on the company.

Wemais recently stated at a performance briefing that the current tariffs and trade war have a small impact on the company, and the company has actively monitored the situation and prepared response measures. In terms of sales and exchange rates, the company will focus its overseas business on the European market, with a very small proportion of revenue coming directly from the U.S. market. Therefore, the impact of U.S. tariff policies on the company's sales side is relatively small. However, based on current policies and international situation, tariff policies have had a negative impact on companies whose main source of income comes from exporting to the U.S. In addition, the company's main overseas sales model is DAP, where customers bear the duty burden, and some transactions with the Stellantis group have been settled in RMB through its domestic procurement entity.