Thank you for standing by. And welcome to the Greenland Technologies Holding Corporation reports Second Quarter and First Half 2022 Unaudited Financial Results Conference Call. All participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. I would now like to turn the conference over to Julia Qian. Please go ahead.

Thank you, operator, and hello, everyone. Welcome to Greenland Technologies second quarter and the first half 2022 earnings conference call. Joining us today are Mr. Raymond Wang, Chief Executive Officer and Mr. Jing Jin, Chief Financial Officer. We've released the results early today. The press release is available on the company's IR website at ir.gtec-tech.com, as well as on Newswire Services. A replay of this call will be also be available in a few hours on our IR website. Before we continue, please note that today's discussion will contain forward-looking statements made under Safe Harbor provision of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual result may be materially different from the expectations expressed today. Further information regarding these and other risks and uncertainties is included in the company's corporate filings with the SEC. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Also please note unless otherwise state, all the figures mentioned during this conference call are in US dollars. With that, let me now turn the call over to our CEO, Mr. Raymond Wang. Please go ahead, Mr. Wang.

Thank you, Julia. Good morning, everyone, and thank you for joining us today. We have a lot to talk about during this call. But before I jump into it, I just want to start by thanking my team for their hard work and dedication to our mission at Greenland Technologies to continue to deliver the best quality products and develop innovative solutions for our clients, shareholders and local communities. Now Q2 has been a challenging quarter for the company with $20.6 million in revenue generated, representing the first quarter where we did not produce positive year-over-year growth since we became a publicly listed company on the NASDAQ in 2019. This decline is primarily attributed to the reinstated COVID restrictions and shutdowns in China that lasted in some cities for over a month. Display agreement being lucky to avoid shutdown of our owned facilities, some of our key clients were not as lucky and had to close their operations for weeks and in some cases, for over a month. This resulted in orders being delayed by client request and ultimately a decline in our Q2 sales and revenue. Now allow me to emphasize that this is a short-term disruption. And I adamantly believe the execution of our long-term strategy will continue to generate profitable growth and value for the company. If we take a step back and view our first half results, then you will see that the slight losing a month of sales opportunity due to these COVID restrictions, we are still on pace with last year's performance with $49.9 million in revenue compared to $52.8 million in 2021 and $5.6 million in net income this year compared to $5.3 million in the last. Should we have continued our trend -- we would have continued our trend of positive business…

Thank you, Raymond, and thank you, everyone, for joining our call today. I will now go over our financial highlights for the second quarter and the first half of 2022. For the full details of our financial results, please refer to our earnings press release. Challenges from the first quarter continued into the second. Our team did a great job working with customers and our supply chain to reduce the impact of the China’s COVID-19 shutdowns and the global supply shortage. We also had a ended headwinds of an unfavorable foreign exchange and the global inflation. For Greenland, we ended the quarter in a strong financial position. Demand remains robust for our industrial EV models, and we are executing our long-term growth strategy. Even with the short-term challenges, we drove a 330 basis point expansion in our gross margin year-over-year to 23.5% during the period and further enhanced our balance sheet with $10 million in proceeds from Registered Direct and Private Placement Offerings in July. This will allow us to support the next phase of our growth without having to go back to the market over the near-term. In terms of our results, revenue in the first half of 2022 was $49.9 million. The slight decrease from $52.8 million in the prior year reflect the impact of the China's pandemic knockdowns. It was the case of the customer not being opened and able to place orders. That demand moves into the second half and led to our higher backlog reduced in Q2. On an RMB basis, revenue decreased by about 5% from the first half of 2021. The number of the transmission products fell 10% to 17,841 units during the period. We continue to drive cost savings across our operations will prosper. As a result of our strong supply relations,…

Great. Thank you very much. So I want to thank everyone for joining the call and for your continued interest and support in Greenland and our mission here. We will continue to execute. That is our promise. We will continue to deliver and do the best that we can in this market to continue to generate growth and value for shareholders, for our clients, for our company and for our local communities. And for that, I just want to thank everyone for all of your continued support for the company.

Thank you all, again. This concludes today's call. You may now disconnect, and have a wonderful day.