摘要 京东健康已成为中国最大的线上 B2C 零售药店，并积极发展 O2O 和线 下药房业务，构建了"医+药"双轮驱动的互联网医疗生态系统，未来 发展空间广阔。 京东健康背靠京东集团，在供应链和用户导流方面具备显著优势，同时 已成为创新药和新特药的首发平台，吸引了大量优质产品，提升了在患 者和药企中的认可度。 京东健康通过自营 B2C、在线平台及 O2O 业务实现全渠道布局，2025 年上半年即使线下市场不景气，仍实现了超过 20%的收入和利润增长， Non-GAAP 净利润率超过 8%。 中国处方外流和线上化趋势明显，网上药店市场销售额持续增长，B2C 互联网药店市占率显著提升，京东健康自营 B2C 业务通过快速配送和创 新产品巩固品牌优势，活跃用户数量稳步增长至 1.8 亿人次。 京东健康在线平台通过增加第三方商家数量丰富产品供给，O2O 业务覆 盖全国 20 万家药店，覆盖接近 2 亿人群，满足即时买药需求，增强市 场竞争力。 Q&A 京东健康在互联网医疗领域的地位和发展前景如何？ 京东健康是互联网医疗领域的绝对龙头企业，特别是在 AI 时代具备良好的发展 前景。自 IPO 以来，其收入从 300 亿人民 ...

Summary of the Conference Call for Xinwei Medical Company Overview - **Company**: Xinwei Medical - **Industry**: Brain-Computer Interface (BCI) and Neurointervention Key Points and Arguments Product Development and Technology - Xinwei Medical employs a minimally invasive endovascular approach to implant electrode stents via the internal jugular vein to capture motor cortex signals, reducing the risks associated with open brain surgery and improving signal stability. Animal experiments show stable signals even after 18 months [2][3] - The company plans to complete the registration application for its brain-computer interface product by 2028 and finish human clinical trials by 2027, with an expected recruitment of 30-50 patients for motor function recovery [2][4][5] - A collaboration with J.T. Medical aims to develop a new endovascular brain-computer interface that addresses the issue of electrode displacement in traditional invasive systems. Xinwei Medical is responsible for the design and development of the stent [2][6] Financial and Operational Aspects - Xinwei Medical anticipates having nearly 800 million yuan in cash by the end of 2025, with operating cash flow exceeding 100 million yuan, sufficient to cover the R&D costs of the brain-computer interface project, estimated at several tens of millions [3][17] - The estimated cost for mass production of the electrode stent is around 3,000-4,000 yuan, with total costs expected to remain under 10,000 yuan, potentially decreasing to a few thousand yuan in the future [9] Clinical Trials and Regulatory Pathway - The clinical trial plan is not fully finalized but is expected to follow a model similar to that of Boruikang, which conducted approximately 32 human experiments. The first patient recruitment is set to begin in the second half of this year [5][12] - The company is in communication with regulatory bodies to establish industry standards for the registration process, with patient recruitment expected to start in 2026 [14] Market and Competitive Landscape - The company aims to collaborate with leading consumer electronics companies like Huawei and Xiaomi to develop software functionalities for their products once the new indications are established [11] - The invasive brain-computer interface is designed for specific applications, primarily targeting patients with motor function impairments, with potential future applications in vision, language, and emotional control [10][22] Team and Resource Allocation - Xinwei Medical currently has a team of about 10 people focused on the brain-computer interface project, with plans to expand the team, particularly in signal decoding [8][7] - The company is actively seeking partnerships with software teams, universities, and research institutions to enhance its capabilities in software development [8] Future Outlook - The company is optimistic about the future of the brain-computer interface market, with a positive sentiment reflected in recent financing activities in the sector [16] - Xinwei Medical's neurointervention business is expected to grow at an annual rate of 30%-35% in the coming years, contributing to overall revenue growth [22] Challenges and Considerations - The main challenges in patient recruitment include ensuring safety and acceptance of the new technology among medical professionals and potential patients, particularly those with severe motor function impairments [12][18] - The company is preparing for potential overseas market entry, contingent on successful domestic registration and compliance with international regulations [20][21] Additional Important Information - The company is focused on optimizing its product, with static samples already available and dynamic samples expected to be showcased soon [13] - The reimbursement policies for invasive procedures are still being defined, with expectations that insurance coverage could reach 70%-80% once the product proves its safety and efficacy [15]

Summary of Weigao Co., Ltd. Conference Call Company and Industry Overview - **Company**: Weigao Co., Ltd. (威高股份) - **Industry**: Medical Devices and Biopharmaceuticals Key Points and Arguments Restructuring and Strategic Moves - Weigao Co., Ltd. plans to restructure by acquiring Weigao Clean, aiming to achieve synergies with Weigao Blood Purification and enter the upstream biopharmaceutical industry, initiating a second growth curve. The transaction is expected to complete around June to July 2026 [2][4] - The valuation of Weigao Purui is set at 8.51 billion RMB, with a PE ratio of 14.66, which is higher than similar listed companies but meets regulatory requirements and includes performance commitments [2][7] - Post-transaction, Weigao Co. and its employee stock ownership platform will hold 52.10% of Weigao Blood Purification, significantly diluting Weigao Group's direct stake to 24.90% [2][10] Financial Projections and Performance Commitments - Weigao Blood Purification commits to distributing dividends of no less than 50% of net profit over the next three years, with Weigao's overall dividend policy expected to remain at or above 50% [2][9] - Revenue and net profit for Weigao Purui are projected to grow at a compound annual growth rate (CAGR) of less than 10% over the next two to three years, while the blood purification business is expected to exceed 100 million RMB in sales within three years, with a gross margin of at least 50% [3][30] Market Dynamics and Growth Opportunities - The biopharmaceutical upstream market is projected to reach 150 billion RMB globally, with a 21 billion RMB market in China. The demand for upstream biopharmaceutical products is rapidly increasing, with a growth rate of approximately 11% to 12% for filters [2][14][21] - The Chinese innovative drug industry has seen record highs in licensing and business development transactions, contributing nearly 1 trillion RMB, indicating a significant opportunity for domestic alternatives in the biopharmaceutical sector [14][15] Competitive Landscape and Advantages - Weigao Blood Purification is a leader in the domestic dialysis market, holding over 30% market share, and has rapidly expanded into overseas markets [5][6] - The company has developed a strong competitive advantage in the biopharmaceutical upstream sector through its proprietary hollow fiber membrane technology and extensive customer base, covering around 700-800 clients domestically and establishing a presence in markets like South Korea and Russia [13][22][27] Risks and Challenges - The restructuring may lead to a dilution of earnings per share (EPS) by approximately 5%, but the blood purification business is expected to contribute significantly to overall revenue and net profit [16][30] - If performance commitments are not met, Weigao Purui will compensate with shares or cash, ensuring that the total compensation does not exceed the total shares obtained from the transaction [24] Future Outlook - The restructuring is seen as a strategic move to enhance product diversity and resilience against market risks, with potential for further strategic acquisitions in the future [11][17] - The company anticipates a gradual recovery in the industry by 2026, driven by increasing medical demand and the consolidation of smaller competitors, positioning Weigao for market share expansion [31] Additional Important Information - The transaction's pricing for Weigao Blood Purification was set at 31.229 RMB per share, reflecting a maximum discount of 80% from the average closing price prior to suspension [7][19] - The integration of Weigao Purui's existing resources and technology into the biopharmaceutical upstream market is expected to enhance overall competitiveness and market penetration [8][25]

Key Points Summary Company Overview - The company discussed is **Nexteer Automotive**, focusing on its **steer-by-wire** technology and market strategies in the automotive industry [2][3][4]. Industry Insights - The steer-by-wire business is accelerating, with mass production expected to start by the end of Q1 or early Q2 2024, and small-scale production in 2025, with some projects potentially delayed until 2026 [2][3]. - New regulations for steer-by-wire in China will take effect on July 1, 2024, which will not impact current projects but will accelerate the commercialization of the technology in the long term [4][5]. - The company competes with major players like Bosch and ZF in the global steer-by-wire market, leveraging localized R&D and quick response to customer needs [2][6]. Financial Performance and Projections - The company anticipates improved profitability in 2026 due to the end of the new product introduction phase and the realization of scale effects [4][10]. - The financial performance for the second half of 2025 is expected to remain stable despite external factors like tariffs, with a better performance in the Chinese market compared to the first half [11][12]. Customer and Market Dynamics - The company is set to launch multiple steer-by-wire projects in the first half of 2026, including partnerships with North American electric vehicle leaders and Chinese new energy vehicle companies [3][12]. - The Chinese market is expected to outperform the European and American markets, driven by a diverse customer base including BYD, Li Auto, and Xiaomi [12][15]. Product Pricing and Trends - Initial pricing for steer-by-wire products is high, estimated between 3,000 to 4,000 RMB, but may decrease with standardization and economies of scale [8][9]. - The steer-by-wire technology offers significant advantages in extreme conditions, enhancing driving experience and safety, which justifies the higher costs [9]. Competitive Advantages - The company’s competitive edge lies in its localized R&D and ability to respond quickly to market demands, particularly in the L3 and above autonomous driving sectors [6][16]. - The company is also focusing on maintaining strong export business and expanding into new product lines like rear-wheel steering [17]. Regulatory Impact - The implementation of new regulations is expected to accelerate the adoption of steer-by-wire technology among new energy vehicle manufacturers, who are likely to move faster than traditional automakers [4][5]. Future Growth Potential - The company believes that despite challenges in the Chinese market, it can outperform the market due to its strong customer relationships and diverse product offerings [12][15][16].

Summary of Pop Mart International Group Conference Call Company Overview - **Company**: Pop Mart International Group (9992.HK) - **Industry**: Consumer Products, specifically in the collectibles and IP (Intellectual Property) market - **Market Cap**: Approximately US$33.82 billion as of January 5, 2026 Key Points Sales Performance and Market Expectations - Pop Mart's North America (NA) sales in 4Q25 are expected to be 25-30% lower than 3Q25, with total sales for 2025 projected to be below Rmb7 billion [3][4] - The market consensus for NA sales in 2025 is likely too low, with estimates around low Rmb6 billion [9] - The company anticipates Rmb7.1 billion in NA sales for 2025, with expectations of a rebound in 2026 driven by new product launches and improved sales from non-Labubu products [4][9] Product and IP Development - Labubu, a key product line, is expected to see enhanced designs and more launches in 2026, contributing to sales growth [4] - Non-Labubu products have shown significant growth, with sales increasing by 131% in 1H25 and projected to rise by approximately 120% in 2H25 [16] - The company has launched around 200 products in 2025, with only about 10 being Labubu-related, indicating a diversification strategy [16] Financial Projections - Revenue projections for 2026 are estimated at Rmb47.88 billion, representing a 26% year-over-year increase [6] - Earnings per share (EPS) estimates for 2026 are Rmb11.63, with a projected P/E ratio of 15.3 [6] - The stock is currently trading at HK$196.20, with a price target of HK$325.00, indicating a potential upside of 66% [6] Market Dynamics and Growth Drivers - The company is positioned to capture the growing global "kidult" market, which is valued at over USD100 billion [24] - Pop Mart's business model is asset-light with high return on equity (ROE), supported by direct-to-consumer (DTC) sales and strong pricing power [25] - The shift back to offline sales is seen as a positive development, enhancing customer engagement and brand loyalty [12] Risks and Challenges - Key risks include uncertainties related to new product launches, potential inability to maintain product quality, and the impact of counterfeits on brand value [29][30][33] - Pricing management is crucial, as raising average selling prices (ASPs) could alienate core customers [32] - The company must effectively convert strong consumer interest in Labubu into sales across other IPs to sustain growth [34] Investment Thesis - Pop Mart is viewed as a top pick due to its potential to evolve into a global IP collectibles platform, leveraging its unique business model and strong brand equity in China and Asia [35][37] - The company is expected to deliver strong earnings growth, driven by successful product launches and expansion into new markets [35][37] Conclusion - Pop Mart is well-positioned for future growth, with a strong focus on product diversification and market expansion. However, it must navigate various risks to maintain its growth trajectory and investor confidence.

Summary of Shandong Weigao Conference Call Company Overview - **Company**: Shandong Weigao (Ticker: 1066.HK) - **Industry**: China Healthcare - **Market Position**: - WEGO Prefills holds over 50% market share in pharma packaging in China, serving 700-800 domestic and 200+ international biopharma clients [2] - Weigao Blood Purification is the leading player in blood purification in China with over 30% market share, primarily serving hospitals' hemodialysis departments [2] Key Points Strategic Developments - **Synergies**: Post-integration of WEGO Prefills and Weigao Blood, the latter can leverage its filtration technology to develop upstream solutions for biopharma clients, targeting a Rmb21 billion market in China [2] - **Growth Strategy**: Weigao plans to enhance investment in perioperative and interventional device sectors, utilizing cash flow from its consumable business and considering M&A opportunities [3][8] Financial Outlook - **2025 Earnings Preview**: Expected low single-digit revenue growth and a slight decline in net profit, attributed to negative foreign exchange impacts [3] - **Valuation**: The deal valuation of Rmb8.5 billion suggests a profit multiple of 14.7x for 2024 and 13.3x for 2026, with a high single-digit organic CAGR for WEGO Prefills considered fair [8] Market Performance - **Stock Rating**: Equal-weight with a price target of HK$6.20, indicating a 19% upside from the current price of HK$5.23 [5] - **Market Capitalization**: Approximately HK$23.65 billion with an average daily trading value of HK$72 million [5] Risks and Considerations - **Upside Risks**: Better-than-expected core business performance, favorable government policies, successful product rollouts, and accretive M&A [13] - **Downside Risks**: Regulatory challenges, intense competition affecting growth and margins, and potential underperformance in orthopedics and interventional devices [13] Additional Insights - **Integration Impact**: The integration of WEGO Prefills and Weigao Blood is subject to minority shareholder approval and regulatory approvals, with Weigao expected to hold a 52.1% stake post-deal [8] - **Financial Metrics**: Projected EPS growth from Rmb0.45 in 2024 to Rmb0.49 in 2027, with revenue expected to rise from Rmb13.09 billion in 2024 to Rmb15.73 billion in 2027 [5] This summary encapsulates the strategic direction, financial outlook, and market positioning of Shandong Weigao, highlighting potential investment opportunities and risks within the healthcare sector in China.

Summary of Miniso (MNSO) Conference Call Company Overview - **Company**: Miniso (MNSO) - **Event**: APAC Consumer & Leisure Corp Day on January 6, 2026 Key Takeaways Sales Performance - **4Q Sales Growth**: Sales growth in 4Q is aligned with management's expectations, showing solid performance in major markets including China and the US [1][7] - **1Q26 Outlook**: Management maintains a positive outlook for 1Q26, supported by enhanced holiday operations and a relatively low sales base from the previous year [1][8] Product Strategy - **Diversified Product Offering**: Management believes that a diversified product range is a key advantage, allowing the company to capture various opportunities and mitigate risks [1][7] - **IP Products Performance**: Notable performance from in-house IPs such as Yoyo, Carrot Street, and Angry Aimee, with Angry Aimee generating RMB 400k in GMV within 10 days [1][11] Market Expansion - **US Market Strategy**: Management anticipates more store openings in 2026 compared to 2025, driven by improved operations and store performance [1][8] - **Local Sourcing Impact**: While a higher local sourcing mix is expected to negatively impact gross profit margin (GPM) year-over-year in the near term, management sees improvements in margins for locally procured products [1][11] Membership System - **Cashback Initiative**: In China, a cashback program on membership orders has shown satisfactory ROI and will be rolled out nationwide [1][12] - **US Membership Growth**: Progress in building the membership system in the US is reported to be satisfactory, with growth in new members and repeat purchases [1][12] Regional Insights - **Latin America**: Expected to deliver sequential growth improvement in 4Q, with management optimistic about future growth leveraging insights from the Chinese market [1][11] - **Europe and Southeast Asia**: Europe shows potential for growth due to limited store counts, while markets like Vietnam and Indonesia face challenges from a weak macro environment [1][11] Financial Projections - **12-Month Price Target**: Buy rating with a 12-month price target of $28 for ADR and HK$54 for H-share, reflecting an upside of 43.1% and 40.1% respectively [1][13] - **Revenue Forecast**: Projected revenue growth from RMB 16.99 billion in 2025 to RMB 28.64 billion by 2027 [1][14] Risks - **Key Risks Identified**: 1. Lower store productivity in China due to competition and product quality issues [1][13] 2. Uncertainty in same-store sales growth (SSSG) recovery and global store expansion [1][13] 3. Geopolitical risks and higher operational expenses [1][13] Additional Insights - **Store Network Strategy**: Focus on quality over quantity in store selection, particularly in the US market due to limited prime retail locations [1][11] - **Product Mix Adjustments**: Management emphasizes the need for positive gross profit contributions from product mix adjustments to better meet local demand [1][11] This summary encapsulates the key points discussed during the conference call, highlighting Miniso's strategic initiatives, market outlook, and financial projections.

Summary of the Conference Call for Xiaoma Zhixing Company Overview - **Company**: Xiaoma Zhixing (Pony.ai) - **Industry**: Autonomous Driving and Ride-Hailing Services Key Points and Arguments Vehicle Deployment and Market Strategy - Xiaoma Zhixing plans to add 3,000 vehicles by 2025, focusing on Beijing, Guangzhou, and Shenzhen, with Guangzhou having the highest allocation, followed by Shenzhen and Beijing [2][5] - The company currently has limited vehicle numbers in Shanghai due to government regulations requiring new vehicles to be produced by specific manufacturers, which Xiaoma's partners do not meet [2][4] Business Model and Financials - Operating under a light-asset model, Xiaoma Zhixing compensates partners based on their responsibilities and costs, adding approximately 10% gross profit [2][6] - The average daily net income per autonomous ride-hailing vehicle is 299 RMB, with annual operating costs estimated at 90,000 to 100,000 RMB, indicating a break-even point at around 100,000 RMB in revenue [2][8] - The company anticipates potential profit margins of 80,000 to 90,000 RMB per vehicle if annual revenues reach 180,000 RMB, which is the minimum required for traditional human-driven ride-hailing services in first-tier cities [2][8] Operational Efficiency - The ratio of remote support personnel to vehicles is currently 1:30, with plans to increase this to 1:50 by 2026, although the marginal cost reduction will be less significant than previous improvements [2][11][12] - The company aims to enhance service quality and reduce passenger wait times to increase vehicle utilization and revenue [2][13][15] Regulatory and Licensing - Xiaoma Zhixing has obtained L4 autonomous driving licenses in major cities and plans to conduct small-scale tests in second-tier cities like Hangzhou or Wuhan starting in 2025 [2][24] - The licensing process for autonomous vehicles involves obtaining individual permits for each vehicle, with the company responsible for ensuring compliance with safety and performance standards [2][16] Future Developments - The next-generation Room Type vehicle is expected to be introduced between 2027 and 2028, with cost reductions of at least 20% anticipated through minor updates to the current seventh-generation model [2][18] - The company is exploring international expansion, with plans to operate in several countries, although vehicle numbers will be limited due to varying regulatory environments [2][17] Cost Structure and Insurance - Vehicle depreciation accounts for approximately 45% of total costs, while insurance costs for Xiaoma's vehicles are around 5,000 RMB per year, significantly lower than traditional ride-hailing vehicles [2][20][22] - Charging costs are managed through partnerships for discounted electricity rates, averaging around 0.4 RMB per kWh, leading to annual charging expenses of approximately 10,000 to 11,000 RMB per vehicle [2][21] Industry Impact - The release of NVIDIA's open-source Volta model is seen as a positive development for the autonomous driving sector, potentially attracting more investment, although its practical application may be limited [2][19] Additional Important Information - The company is focused on increasing vehicle numbers and improving service quality to enhance profitability and competitiveness against traditional ride-hailing services [2][15] - The regulatory landscape in major cities is evolving, with increasing support for autonomous driving initiatives from the central government [2][24]

Summary of the Conference Call for Xinwei Medical Company Overview - **Company**: Xinwei Medical - **Industry**: Brain-Computer Interface (BCI) and Medical Devices Key Points and Arguments Industry and Product Development - Xinwei Medical's BCI technology utilizes an interventional approach, collecting motor cortex signals via internal jugular vein puncture, offering advantages such as minimally invasive procedures, high safety, and strong signal strength comparable to semi-invasive methods [2][3][4] - The BCI product is nearing finalization, with plans for human trials to begin in the second half of 2026, in collaboration with leading hospitals [2][4] - Initial indications for the BCI target patients with upper limb function loss post-stroke, with future plans to expand to ALS and paralysis patients [2][15] Financial Projections - Xinwei Medical anticipates over 400 million CNY in revenue for 2025, with profits between 70 million to 80 million CNY, and a projected revenue growth rate of approximately 35% for 2026 [2][19] - The company expects significant growth in its ischemic thrombectomy balloon catheter segment, with a doubling in revenue, and over 60 million CNY from hemorrhagic aneurysm assist stents [19] Clinical and Regulatory Insights - The company plans to complete preclinical testing and additional animal studies by mid-2026, aiming for human trials by late 2026 [4][6] - Xinwei Medical has received certification for its AI BCI project from the Ministry of Industry and Information Technology, with plans to complete registration by 2028 [4][14] Competitive Landscape - The company’s interventional BCI surgery is similar to traditional stroke surgeries, allowing for a quick learning curve for physicians, with an estimated procedure time of about 30 minutes [16] - Compared to competitors like Neuralink, Xinwei Medical's approach is less invasive and offers a more straightforward operational pathway [5][17] Market Position and Future Outlook - Xinwei Medical is preparing for an IPO application on the A-share Sci-Tech Innovation Board by March 2025, with expectations to complete the review within 6-12 months [3][23] - The company aims to maintain a gross margin of 65%-70% in 2026, with a gradual increase in net profit margin from 15% in 2025 to 25% in the future [19][26] Research and Development Focus - The company is focused on developing a complete product chain in the cerebrovascular field, emphasizing preventive, therapeutic, and rehabilitative products [8] - Xinwei Medical plans to establish a dedicated company for BCI projects to enhance development in this promising field [27] Cost Management - Sales expenses are projected to decrease from 28% to 21%-22% in 2025, with R&D expenses maintained at 9%-10% of revenue [26] Regulatory Environment - The approval process for BCIs is currently evolving, with an expected review period of 9-10 months under the fast-track system [13] Conclusion - Xinwei Medical is positioned to become a leader in the BCI market with a strong focus on innovation, regulatory compliance, and strategic partnerships, aiming for significant growth in the coming years [27]

Summary of Lenovo Tech World at CES Company and Industry - **Company**: Lenovo - **Industry**: Consumer Technology, AI, Computing Core Points and Arguments 1. **Lenovo's Vision for AI**: Lenovo aims to create "smarter AI for all," focusing on personal and enterprise AI that enhances human potential and operational efficiency [2][3][4] 2. **Hybrid AI Concept**: Lenovo introduces the concept of hybrid AI, combining personal AI with enterprise AI to create tailored solutions for individuals and organizations [5][49] 3. **AI Evolution**: AI is evolving beyond basic tasks to understanding complex human interactions, learning from individual preferences, and enhancing creativity [3][4] 4. **Partnership with NVIDIA**: Lenovo and NVIDIA have a long-standing partnership, recently launching the Lenovo AI Cloud Giga Factory to accelerate AI model deployment and enhance computing capabilities [34][35] 5. **AI Compute Shift**: The industry is transitioning from classical computing to AI-driven computing, with significant investments in AI-native companies [24][25] 6. **Lenovo Kira**: Lenovo's new personal AI, Kira, is designed to integrate across devices, providing a seamless user experience by learning from user interactions and preferences [63][70] 7. **AI in Wearables**: Lenovo is exploring AI integration in wearables, with potential applications in fashion and personal devices, aiming for billions of units in the market [106][109] 8. **Collaboration with Intel**: Lenovo and Intel are enhancing AI capabilities in PCs, focusing on creating intelligent devices that improve user experience [75][81] 9. **AI PCs and Devices**: Lenovo is launching the next generation of AI PCs, including the Aura Edition, which will feature enhanced AI capabilities and integration with Lenovo Kira [85][90] 10. **AI in Formula 1**: Lenovo's technology is utilized in Formula 1 for data processing and energy efficiency, showcasing its capabilities in high-performance environments [114] Other Important Content 1. **Investment in AI**: $150 billion was invested in AI-native companies last year, indicating a strong market shift towards AI technologies [24] 2. **AI Model Growth**: AI models are growing exponentially, with sizes increasing tenfold annually, necessitating more computing power for training and inferencing [31][33] 3. **Multi-Agent Collaboration**: Future AI systems will leverage multi-agent collaboration to enhance task execution and user experience [58][60] 4. **Privacy and Security**: Lenovo Kira emphasizes user privacy while providing personalized AI experiences, ensuring data security [70] 5. **Market Projections**: AI PCs are expected to capture 80% of the market within three years, with significant growth in AI smartphones as well [90]