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Operator: Hello, ladies and gentlemen, thank you for standing by for NIO Incorporated Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode.

Yang jianHong kongTim hsiaoNick laiSteven fengWilliam liNuveen municipal opportunity fund incExchange commissionHead of investor relations the companyPower swap networkMorgan stanleyGeely holdingsIncorporated third quarterStock exchange of hong kongSingapore exchange securities tradingNio inc