Ladies and gentlemen, good afternoon. I'm Lisa with Investor Relations Department of China Telecom Corporation Limited. Here, on behalf of the company, I would like to welcome everyone to our 2013 Interim Result Presentation. This presentation will be conducted in Chinese with simultaneous interpretation. The Q&A session will be hosted by a moderator and over with consecutive interpretation. Please be reminded to turn your mobile phone off. First of all, I would like to introduce our management present today: Mr. Wang Xiao Chu, Chairman and CEO; Mr. Yang Jie, President and COO; and Madam Wu An Di, Executive Vice President and CFO. Thank you for joining us today. I hope the presentation will be helpful to you. Now let's welcome our Chairman Wang to present the company's performance in the first half of this year.

Good afternoon, ladies and gentlemen. I'm very pleased to meet you all and to introduce the company's performance during the first half of 2013. Today's presentation will be divided into 3 sections. First, I will talk about the company's overall performance. This will be followed by President Yang and Madam Wu, who will present our business overview and financial performance, respectively. In the first half of 2013, the company's achievement are highlighted as follows: Our robust business development optimized the revenue structure and drive double-digit growth, both in revenue and net profit; Our mobile scale expansion led to industry-leading mobile service revenue with customer value steadily enhanced; We further reinforced edges in fiber broadband network and services to boost continuous broadband growth leading to strong long-term competitiveness; Last, we will deploy LTE trial network in a timely and appropriate manner. In the first half this year, the company maintained a sound momentum with double-digit growth in both revenue and net profit. Our operating revenue were RMB 158 billion, up 14% year-over-year. Excluding revenue from mobile terminal sales, operating revenues were RMB 139 billion, up 10%. EBITDA and EBITDA margin posted a significant growth as a result of substantial saving of mobile network capacity lease fee upon completion of CDMA network acquisition from the parent at the end of last year. In the first half of 2013, EBITDA was RMB 50 billion, up 35.5%; EBITDA margin of 36%, up 6.8 percentage points; and net profit of RMB 10.2 billion, up 16% year-over-year. We are confident to sustain the sound growth momentum in the second half year. In the first half of 2013, we further improved our revenue structure through continuous strategic transformation. The revenue mix from the growth business significantly increased to over 87%, supporting to a double-digit growth in operating…

Thanks, Chairman Wang. Good afternoon, ladies and gentlemen. I'm going to introduce our business performance in the first half this year. This table shows our revenue breakdown and the changes. And I'm going to further elaborate going forward. Running under 3G migration, we rapidly expand the scale of 3G subs in the first half, leading to a strong growth in mobile subs. At the same time, the mobile ARPU continued to improve as a result of the substantial increase to the mix of 3G subs with higher ARPU, and the ARPU was RMB 54.3 million. We put forth mobile scale development on the back of smart terminals, mobile applications and China expansion. Smart terminal have become increasingly popular with improving client's performance factor. There are approximately 600 models of smartphones available in the market with the sale volume of approximately 30 million units in the first half 2013, up 83%. The informatization application effectively contributed more than 40% of mobile net adds. Meanwhile, we promoted store management accountability mechanism for self-owned outlets while pushing ahead with the collaboration with open channel, as well as the effectively centralized operation of e-channel. The company further promote data traffic operation to facilitate rapid growth of mobile data business. The mobile data revenue for the first half was RMB 26 billion, up 36%, becoming a key revenue driver. We took a few key initiative to promote data traffic growth, including introducing innovative mobile data products, strengthening coaching in target market on 3G applications and accelerated development of self-operated mobile Internet businesses while leveraging our open platform and close collaboration with mobile Internet partners. With the gradual establishment of data consumption habit, the monthly average data traffic for 3G handset subscriber increased by further 51% to 168 MB in the first half of the year.…

Thank you, President Yang. Good afternoon, ladies and gentlemen. I will present the financial performance for the first half this year. In the first half of 2013, our operating revenues were RMB 157.5 billion, representing a sound increase of 14%. Operating expense were RMB 142 billion, up 13%; and net profit was RMB 10.2 billion, up 15.9%. The acquisition of CDMA Network from the parent at the end of last year resulted in the substantial saving of mobile network capacity lease fee this year. In the first half of 2013, the company free cash flow increased by 62% to RMB 13.8 billion. To capture the opportunity for scale development, we exercised a stringent cost control and optimized resource allocation to enhance operational efficiency in the first half of this year. The operating expenses were RMB 142 billion, accounting for 90% of revenue, a decrease of 0.8 pp year-on-year. The major movement include depreciation and amortization increased by 4.2 pp to 22% of revenues, mainly due to assuming the depreciation and amortization expenses of the mobile network subsequent to CDMA network acquisition at the end of last year. Network operation and support expenses decreased significantly by 7.9 pp to 14.8% of revenues, mainly attributable to the substantial saving of mobile network capacity lease fee as a result of CDMA network acquisition. SG&A expenses increased by 1 pp to 22.2% of revenues, mainly due to the increase in sales initiative full-scale expansion of 3G and broadband services. Other operating expenses increased by 3.2 pp to 70% of revenues, mainly attributable to the increase of 61% in course of mobile terminal sold as a result of an increase in procurement of smart terminals. In the first half of 2013, our CapEx was RMB 33 billion, and the investment was tilted towards high-growth, high-value…