Hello, ladies and gentlemen, welcome to Himax Technologies, Incorporation Second Quarter 2025 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to Ms. Karen Tiao, Head of IR PR at Himax. Ms. Tao, please go ahead.

Welcome, everyone, to the Himax Second Quarter 2025 Earnings Call. My name is Karen Tiao, Head of IR PR at Himax. Joining me today are Jordan Wu, President and Chief Executive Officer, and Jessica Pan, Chief Financial Officer. After the company's prepared comments, we have allocated time for questions in the Q&A section. If you have not yet received a copy of today's results release, please e-mail hx_ir@himax.com.tw or himx@mzgroup.us, access the press release on financial portals, or download a copy from Himax's website at www.himax.com.tw. Before we begin the formal remarks, I would like to remind everyone that some of the statements in this conference call, including the statements regarding expected future financial results and industry growth, are forward-looking statements that involve a number of risks and uncertainties that could cause actual events or results to differ materially from those described in this conference call. A list of the risk factors can be found in the company's SEC filings, Form 20-F for the year ended December 31, 2024, in the section entitled Risk Factors as may be amended. Except for the company's full year of 2024 financials, which were provided in the company's 20-F and filed with the SEC on April 2, 2025, the financial information included in this conference call is unaudited and consolidated and prepared in accordance with IFRS accounting. Such financial information is generated internally and has not been subjected to the same review and scrutiny, including internal auditing procedures and external audits by an independent auditor to which we subject our annual consolidated financial statements, and may vary materially from the audited consolidated financial information for the same period. The company undertakes no obligation to publicly update or revise any forward-looking statements, which as a result of new information, future events, or otherwise. On today's…

Thank you, Karen. Uncertainty surrounding tariff policies persisted across the global economy throughout the third quarter and into July. However, starting in August, the U.S. began clarifying its tariff measures towards most of the countries, including major economies such as Japan and the EU. developments have helped reduce uncertainty in the global trade environment. That said, less than 24 hours ago, the U.S. government announced plans to impose tariffs of approximately 100% on semiconductor chips imported from companies that do not manufacture in the United States. As the details of the new tariff plan have yet to be released, we are unable to comment further regarding its potential impact at this time. We are closely monitoring the situation and will respond accordingly. It is worth noting that tariffs have not had a significant direct impact on Himax's business, as our IP products are not directly exported to the U.S. Instead, they are integrated into panels or modules by customers outside the United States, and they are sold globally, including in the U.S. market. Only a negligible portion, about 2% of Himax's products, are shipped directly to the U.S. In the automotive sector, the U.S. recently reached separate agreements with the EU, Japan, and Korea. These tariff agreements among the world's major automotive manufacturing and consumption regions help ease market uncertainty, and trade and shipments among these markets are expected to gradually normalize. Notwithstanding these early signs of clarity regarding automotive tariffs, given the timing of the announcements, which were made just days prior to this earnings call, we have not yet received any customer adjustments in demand for automotive ICs in response to the new tariffs. The situation remains dynamic and subject to further observation. Overall, automotive market demand visibility remains low, with customers continuing to adopt a cautious stance…

[Operator Instructions]

I actually have a couple of questions related to our CPO status. The questions are about some updates from last quarter, our mass production timetable, next-generation progress, sales contribution, et cetera. So I think I will combine the questions and give the provided answer together. So in short, the project is on track. And I mean, we really don't have a whole lot of progress or updates. So, together with our partner, we are focused on getting the first-generation product validated. So 2025, this year will be a year for engineering validation with only sample shipments for us. So some of the shipments certainly, in terms of revenue contribution, will be rather limited. And in all likelihood, mass production will commence next year. But at this point, we will not comment on exactly when in 2026. So, as far as the new generation is concerned, we are actually developing more than one generation of future products. I mean, obviously, I cannot give details of the future generation design. What I can say is that these products, when successful, will represent much higher revenue for us on a per unit basis or per FAU basis because our new design will cover a much wider scope of optics inside the FAU, while at the same time, enable higher transmission bandwidth and lower the overall module cost for our customers. I've actually commented on the revenue potential in my last 2 earnings calls. So I think I will just quickly go through that again. So again, next year, 2026, is likely to be the first year of mass production. But it's still too early to give an early indication for the year because, as I just said, exactly when MP will commence is yet to be determined by our customers. I said in…