Ten years ago, the Paris Agreement was officially signed, uniting over 190 countries in the world to address climate change. Ten years later, a profound transformation centered on renewable energy is accelerating worldwide.

This decade has also been a period of rapid growth for China's new energy industry. The "New Trio" represented by electric vehicles, lithium-ion batteries, and photovoltaic cells have become new pillars of China's exports. CATL has been honored to participate in and witness this era of change.

In the first three quarters of this year, the total export value of the "New Trio" exceeded RMB 900 billion, of which lithium-ion batteries contributed nearly RMB 400 billion, accounting for more than 40% of the total. Among the total lithium-ion battery exports of nearly 200 GWh, CATL accounts for nearly 120 GWh, representing close to 60% of the total. Our 13 global production bases have created nearly 150,000 jobs, including 30,000 employees at the Yibin base, which is expected to exceed 50,000 in the future. In the first three quarters of this year alone, we paid RMB 24.5 billion in taxes, showing a significant year-on-year increase.

Over the past decade, we have consistently maintained long-term R&D investment, totaling over RMB 80 billion, with more than RMB 15 billion invested in the first three quarters of this year. As of the first half of this year, we have accumulated nearly 50,000 patents either owned or in the application process, making CATL one of the Chinese companies with the most international patent applications.

These efforts have led to breakthroughs in both technology and industry. Today, over 20 million new energy vehicles worldwide are powered by CATL batteries. This also means that approximately 14 million tons of carbon dioxide emissions can be reduced each year, equivalent to planting hundreds of millions of trees on the earth.

All of this is not only the growth track of CATL, but also a microcosm of the high-quality development of China's new energy industry.

Over ten years of accumulation has made quality the most important hallmark of CATL. Yet high quality is not the endpoint, but a new starting point. Faced with the formidable task of global energy transition and increasingly fierce competition, the industry must adhere to high-quality development and accelerate its entry into the "Era of Comprehensive Growth."

Specifically, we are continuously exploring new growth opportunities across four dimensions.

Firstly, making technological breakthroughs to push the boundaries of performance and quality.

We have been continuously deepening our efforts in material and structural innovation.

At present, our mass-produced fourth-generation LFP battery outperforms mainstream second and third-generation products in the industry in energy density, product lifecycle, and power density. Building on this, our recently launched fifth-generation LFP product has achieved new breakthroughs in energy density and cycle life.

We have also maintained a long-term leading position in ternary system batteries, which are widely used in CATL's Qilin, Freevoy, and other battery series.

The "Naxtra”sodium-ion battery launched this year effectively reduces the dependence on lithium resources, offers enhanced safety and lower carbon emissions, and addresses performance challenges in low temperatures, providing a new pathway for NEV adoption in high-latitude northern regions.

In addition, our "Freevoy" dual-power battery enables free combination of multiple systems, enabling true customization, allowing each user to choose the optimal solution according to their real needs.

In the field of all-solid-state batteries, our research and industrialization progress also rank among the global forefront.

These technological innovations not only support product upgrades but also drive the continuous elevation of industry standards.

Secondly, expanding application scenarios from "electric vehicles" to "electric society".

Only by expanding more application scenarios can we achieve a genuine "comprehensive growth."

The application scope of  our batteries is continually expanding from passenger vehicles to commercial vehicles, as well as electric ships, and electric aircraft. In the commercial vehicle sector, the penetration rate of new energy heavy-duty trucks has reached a record high, with CATL's Tectrans battery becoming the preferred choice for pure-electric heavy-duty trucks. For demanding operating conditions such as mining areas and engineering machinery, we have also introduced dedicated high-strength versions.

In the field of electric ships, nearly 900 ships equipped with CATL batteries are now in operation, covering various inland and coastal navigation areas. We have also contributed to developing the nation's first all-electric sea passenger ship and the first battery-swapping project for cargo ships.

In the low-altitude mobility sector, our two-ton eVTOL has completed multiple flight verifications in complex environments. It has already obtained the Type Certificate (TC), Production Certificate (PC), and Airworthiness Certificate (AC), and is currently in the process of securing its Operating Certificate (OC), demonstrating the new possibilities of electric propulsion.

These efforts are extending "green transportation" truly across land, water, and air.

Thirdly, advancing business model innovation to unleash new value for energy services.

In addition to technological innovation, business model innovation is equally crucial. We are promoting the battery-swapping model based on "battery-vehicle separation," transforming batteries from products into services.

This year, CATL's "Choco-Swap Alliance" has expanded to 45 cities across China. By the end of the year, we will have built 1,000 battery swap stations, with a future goal of 30,000 stations globally, enabling users to replenish energy as conveniently as refueling, anytime and anywhere.

Recently, in collaboration with JD.com and GAC Group, we launched the "People's Great Car," based on the Choco-Swap system. This vehicle uses our latest high-temperature-resistant battery, eliminating the need for water cooling, resulting in a longer lifespan and enhanced safety. The battery swap system is also flexibly compatible with solid-state batteries, ensuring users always have access to cutting-edge technology.

Fourthly, creating a zero-carbon ecosystem to build the second growth curve of the industry.

The ultimate mission of the new energy industry is to achieve the decarbonization of the energy system. CATL is actively deploying integrated wind, solar, and storage solutions to create zero-carbon industrial parks powered directly by green electricity. In Yibin city of Sichuan, as well as in Hainan, Fujian, Shandong, and other places, pilot "zero-carbon models" are being implemented.

We are also leading the formulation of national standards for power battery recycling. Currently, our recycling rates for nickel, cobalt, and manganese have reached 99.6%, and for lithium, the rate has increased from 91-93% to the current 96.5%, all of which are the highest in the world. This year, CATL launched the Global Energy Circularity Commitment (GECC) , and joined hands with global partners to jointly promote the transformation of the circular economy.

This path toward zero carbon will become the industry's "second growth curve," injecting long-term momentum into future development.

Ladies and gentlemen, the new energy industry is standing at a new crossroads. Transitioning from high-speed growth to high-quality development, and from isolated breakthroughs to comprehensive growth, we are entering a broader, more systematic era of expansion.

CATL is willing to join hands with all stakeholders, building on quality as our foundation and innovation as our driving force, to collectively accelerate the new energy industry's transition into the "Era of Comprehensive Growth," creating a better, zero-carbon society and green future together! Thank You!