Summary of Guanghui Energy Conference Call Company Overview - **Company**: Guanghui Energy - **Date**: March 9, 2026 Key Points Industry and Market Dynamics - **LNG Pricing Mechanism**: Long-term contracts for LNG are linked to a mix of Brent crude oil (3-month average) and Henry Hub (10-day spot price), resulting in a lag in cost transmission from short-term oil price fluctuations. Current international sales cost is approximately $9 per million British thermal units (MMBtu), indicating strong competitiveness [2][3][4] - **Coal Chemical Sector**: The coal chemical segment is advancing through technological upgrades and new projects, with expectations to stabilize ethylene glycol production at 400,000 tons by 2026. The capacity for quality coal is projected to increase from 3.7 million tons to 5.1 million tons, and coal-to-oil production is expected to exceed 1.2 million tons [2][6] - **Coal Production Goals**: The target for raw coal production in 2026 is over 65 million tons, with external sales of 59 million tons. The eastern mining area has received "priority development" approval, with production expected to be released starting in 2027, supporting the goal of 100 million tons in sales during the 14th Five-Year Plan [2][8] Financial Performance and Projections - **Profit Forecast**: The company anticipates a net profit range of 1.32 to 1.47 billion yuan for 2025, with a clear dividend policy stating that cumulative dividends from 2025 to 2027 will not be less than 90% of the average annual net profit, translating to approximately 30% per year [2][14][15] Operational Insights - **LNG Supply Strategy**: The company has a 10-year LNG supply contract with Total, starting in 2020 and ending in 2030, with an annual delivery of 12 ships, totaling approximately 700,000 to 800,000 tons. The pricing mechanism is designed to stabilize supply despite geopolitical tensions affecting international gas prices [3][4] - **Coal Chemical Product Pricing**: Recent price rebounds in coal chemical products include methanol rising from 1,300 yuan to over 1,900 yuan per ton, and coal-to-oil products expected to exceed 3,000 yuan per ton. The company maintains a competitive cost structure due to its own coal supply [2][6] Exploration and Development - **Kazakhstan Oil and Gas Exploration**: The exploration at the Zaisan oil and gas field in Kazakhstan has exceeded expectations, with plans to transition from exploration to production by 2026, aiming for an annual output of 3 million tons during the 14th Five-Year Plan [2][10][11] Additional Considerations - **Market Adaptability**: The company has maintained flexibility in its sales strategy, shifting focus between domestic and international markets based on price competitiveness. The current cost structure remains stable, with profitability largely dependent on spot market prices [3][5] - **Future Projects**: Ongoing projects in coal chemical production are expected to be completed by the end of 2028, with significant capital expenditures anticipated in 2027, 2028, and 2029 [6][13] This summary encapsulates the essential insights from Guanghui Energy's conference call, highlighting the company's strategic positioning, financial outlook, and operational developments within the energy sector.

Summary of Conference Call Notes Industry Overview - The pesticide industry is currently at the bottom of its cycle, influenced by rising crude oil costs, raw material supply disruptions, and seasonal demand. Key products like chlorantraniliprole and glyphosate have seen significant price increases, with chlorantraniliprole exceeding 255,000 RMB/ton and glyphosate rising to 26,000 RMB/ton, expected to reach 28,000 RMB/ton during the CAC exhibition [2][3] - The industry's "anti-involution" initiative aims to establish guiding prices for products like chlorantraniliprole to ensure prices cover full production costs, although variations in cost structures among companies complicate this effort [2][12] Company Insights - The company maintains a high cash dividend policy, with the second-largest shareholder planning to reduce their stake by up to 2% to enhance liquidity. The CAC exhibition from March 17-19 is seen as a critical point for order placement and price trends [3][12] - The company adheres to a light asset model, focusing on channel and end-user services, with external acquisitions prioritized for expanding overseas C-end markets and domestic supply chain collaborations [2][18] Market Dynamics - Global inventory levels, particularly overseas, are low, leading to cautious replenishment strategies. The market is transitioning from destocking to restocking cycles, but supply-side constraints persist due to excess capacity in raw materials [4] - The recent price surge in chlorantraniliprole is attributed to upstream supply disruptions and seasonal demand peaks, with a notable lack of available stock in the market [5][6] Pricing and Competition - Chlorantraniliprole's price increase is expected to influence other products, with competitors like abamectin and methomyl also experiencing tight supply and potential price hikes [8] - Glyphosate, as the leading pesticide, is crucial for the sector, with recent market sentiment influenced by strategic resource classifications in the U.S. and ongoing legal cases involving Bayer [9] Regulatory and Strategic Actions - The "anti-involution quality inspection" initiative aims to curb low-price competition and establish guiding prices, though challenges remain due to differing production costs among manufacturers [12][13] - The company is exploring overseas expansion through acquisitions, recognizing the complexities of entering traditional markets like Europe and North America [16] Financial Management - The company emphasizes maintaining a high cash dividend ratio and has a strict inventory management policy, with a focus on liquidity and turnover rates [17][23] - Recent adjustments in export tax policies have sparked market interest, particularly regarding glyphosate, but the overall impact on industry profits remains limited [20][21] Upcoming Events - The CAC exhibition is anticipated to be a significant event for order placements and price direction, with many major manufacturers and listed companies participating [26]

Summary of China Energy Construction Conference Call Company Overview - **Company**: China Energy Construction (中国能建) - **Industry**: Energy and Construction - **Valuation**: Current PE is approximately 10 times, and PB is over 1 time, indicating a low valuation level [2][3] Key Points Industry Trends and Strategic Positioning - The 2026 Two Sessions government work report emphasizes "computing power and electricity synergy" and "green fuels" as key directions, highlighting the integration of electricity and computing power, as well as the hydrogen fuel chain based on green electricity [3][4] - China Energy Construction's core advantage lies in its integrated capabilities in energy and electricity, covering planning, design, and construction, with a full industry chain layout in green electricity, energy storage, hydrogen, and green fuels [3][4] Project Developments and Contracts - In 2025, the company signed new contracts totaling 14.5 trillion yuan, a 2.9% increase year-on-year, with renewable and comprehensive energy accounting for 40.9% of the total [6][7] - The company has a significant presence in the hydrogen sector, with the Songyuan hydrogen project having a total investment of 6.946 billion yuan, expected to produce 45,000 tons of green hydrogen and 200,000 tons of green ammonia/methanol annually by the end of 2025 [10][11] Digitalization and Data Center Initiatives - The company is actively participating in the "East Data West Computing" initiative, with investments in data center projects across multiple hubs, including Qingyang and Wuhu [5][6] - Internal digitalization efforts include the establishment of integrated financial and operational platforms, data governance, and the development of 155 AI application scenarios [5][6] Future Outlook and Valuation - Analysts project a target price of 3.86 yuan for 2026, corresponding to a PE of 17.5 times and a PB of 1.2 times [8][9] - The company is positioned to benefit from the anticipated 4 trillion yuan investment by the State Grid during the 14th Five-Year Plan, which is a 40% increase from the previous plan, focusing on high-voltage and distribution network construction [11] Environmental Impact and Sustainability - The Songyuan project is expected to save approximately 600,000 tons of standard coal annually and reduce carbon dioxide emissions by 740,000 tons, contributing to local green electricity consumption and high-value conversion [10][11] International Orders and Market Expansion - The company has seen a steady increase in overseas orders, with a 24.2% share of total contracts in 2025, reflecting a consistent growth trend over the past three years [7][8] Conclusion China Energy Construction is strategically positioned to leverage emerging trends in energy and digitalization, with a robust project pipeline and a focus on sustainability. The company's low valuation relative to its growth potential presents an attractive investment opportunity.

Summary of Huagong Technology Conference Call Company Overview - **Company Name**: Huagong Technology - **Founded**: 1999, originally incubated by Huazhong University of Science and Technology - **Public Listing**: Listed in 2000 - **Major Business Segments**: - Intelligent Manufacturing: Laser processing equipment and solutions - Connectivity: Optical devices and modules - Sensing: Automotive sensors and PTC heaters for electric vehicles [5][6] Key Points and Arguments - **Market Position**: Huagong Technology is recognized as a leading domestic player in the optical module industry, now expanding into the global supply chain, particularly in North America [2][3] - **Recent Catalysts**: The company has seen increased attention due to product launches from major tech firms like Huawei and Alibaba, as well as rising demand for domestic computing power [1][2] - **Performance Outlook**: The company is expected to experience significant growth, driven by a recovery in data communication optical module orders in 2024, following a downturn in 2023 due to the 5G construction cycle [8][9] - **Financial Performance**: - Revenue is projected to reach over 20 billion in 2026, with net profit estimates ranging from 2.6 billion to 3.5 billion [21] - The gross profit margin has improved from approximately 17% in 2021 to 21% in the first three quarters of 2025, aided by effective cost control [10] - **Product Development**: The company is increasing its R&D investment, narrowing the gap with competitors in the optical module sector [11] Industry Insights - **Optical Module Market**: The demand for optical modules is expected to grow significantly, driven by advancements in AI and cloud computing, particularly in the data communication sector [12][13] - **Domestic Market Trends**: The Chinese smart computing market is on a stable upward trajectory, with major investments from AI and cloud service providers enhancing infrastructure [14] - **International Expansion**: Huagong Technology is poised to capitalize on overseas market opportunities, particularly in North America, where demand for optical modules is robust [16][17] Additional Important Information - **Corporate Governance**: The company underwent a significant restructuring in 2021, transitioning from a university-affiliated entity to one controlled by the Wuhan State-owned Assets Supervision and Administration Commission, enhancing operational autonomy [7][8] - **Strategic Partnerships**: The company has established strong relationships with key suppliers, ensuring a stable supply of critical components amid industry shortages [19][20] - **Future Prospects**: The company is exploring a potential listing in Hong Kong, which could facilitate capital operations and long-term overseas expansion [19] This summary encapsulates the essential insights from the conference call regarding Huagong Technology's current status, market dynamics, and future outlook.

Summary of Conference Call for Shandong Pharmaceutical Glass (山东药玻) Industry and Company Overview - The conference call discusses the performance and outlook of Shandong Pharmaceutical Glass, a company in the pharmaceutical packaging industry, particularly focusing on glass bottles and closures. Key Points and Arguments 2025 Performance and Challenges - **Sales Volume Decline**: In 2025, the sales volume of Class I molded bottles is approximately 1.5 billion units, down 20%, while ordinary soda-lime bottles are at 5.4 billion units, down 10% due to healthcare cost control and a weakening macro environment [2][3]. - **Profit Pressure**: The reduction in export tax rebate from 13% to 9% has pressured profits, alongside an increase in asset impairment provisions totaling about 150 million yuan, with 50 million yuan attributed to the coal-to-gas project [2][3]. - **Cost Management**: The company is implementing cost reduction and efficiency improvement measures, which are expected to support a slight increase in gross margin due to declining prices of bulk materials [2][4]. Product Performance - **Product Sales Overview**: Sales for various products in 2025 include: - Class I molded bottles: 1.5 billion units (-20%) - Ordinary soda-lime molded bottles: 5.4 billion units (-10%) - Daily chemical molded bottles: 3.2 billion units (-2%) - Brown bottles: 3.7 billion units (-5%) - Closures: 4.7 billion units (-20%) [5][6]. - **Price Stability**: Overall prices remained stable, with slight declines in certain categories due to market competition, while closures saw price increases due to product mix optimization [6]. 2026 Outlook - **Sales Growth Projections**: For 2026, Class I molded bottles are expected to see single-digit growth, with the penetration rate of borosilicate glass slowing down. Daily chemical and brown bottles are projected to grow around 10%, with overseas contributions expected to exceed domestic growth [2][7][8][9]. - **New Capacity in Malaysia**: A new production project in Malaysia is set to start, with an investment of 400-500 million yuan and a planned capacity of 800 million units, aimed at mitigating trade uncertainties [2][19]. Financial Health and Cash Flow - **Cash Flow Decline**: Operating cash flow is expected to drop significantly in 2025, with less than 600 million yuan compared to over 1 billion yuan in previous years, primarily due to weak external sales despite ongoing raw material procurement [12][13]. - **Inventory Increase**: Continuous inventory growth is noted, particularly in molded bottles and closures, with specific figures to be detailed in the annual report [17]. Market Dynamics - **Impact of Tariffs**: The U.S. market faced challenges due to tariffs, leading to a decrease in shipments and profitability. Tariff costs are shared between the company and customers [18][19]. - **International Market Performance**: The overseas market showed slight growth, primarily driven by sodium-calcium bottles, brown bottles, daily chemical bottles, and closures, with a focus on Asia and India for demand [12][14]. Strategic Initiatives - **New Shareholder Approval**: The introduction of new shareholders is in the approval stage, which is expected to create synergies in the pre-filled and closure businesses [16]. - **Cost Control Measures**: The company plans to continue internal cost reduction and efficiency improvement initiatives to counter competitive pressures in 2026 [20]. Additional Insights - **Pre-filled Product Development**: The pre-filled product line is expected to contribute approximately 300 million yuan in revenue with a gross margin of 20%-26% [21]. - **Packaging Business Performance**: The cardboard box business saw slight revenue growth in 2025, but profit margins were squeezed due to rising raw material costs [22]. This summary encapsulates the key insights and projections from the conference call, highlighting the challenges and strategic directions for Shandong Pharmaceutical Glass in the coming years.

Summary of the Conference Call for Shunwang Technology Company Overview - **Company**: Shunwang Technology - **Industry**: Cloud Computing and Gaming Key Points Cloud Business Growth Targets - The company has set a high growth target for its cloud business, aiming for revenue of **320 million yuan** by 2026, which implies a **4-5 times growth** from the estimated **50-60 million yuan** in 2025 [2][4] - The target for 2027 is to double the 2026 revenue [2] Business Model Focus - The business model is centered around **edge computing**, utilizing internet cafes within a **50-60 km radius** to provide computing power [2] - Revenue streams include: - **Computing power services** - **Cloud services** (cloud computers) - **Sales of cloud boxes** - **Equipment rentals** [2][5] Profitability Path - The company expects to end initial discounts by 2026, increasing prices for computing services and boosting revenue and profit [2] - The gross margin for personal cloud computers (C-end) is higher than for business clients (B-end), with marginal costs primarily consisting of electricity and bandwidth [2][13] Advertising Business Adjustments - The company is restructuring its advertising business by shedding low-margin value-added services, which may lead to revenue pressure in the first half of 2026, but will enhance profit margins [2][16] Game Development Catalyst - The self-developed game **"Three Kingdoms: Hundred Generals Card"** is expected to be released in **Q2 2026** by Bilibili, targeting a large daily active user base [3][16] - The game is anticipated to significantly boost overall revenue if it meets performance expectations post-launch [16] Cloud Computing Revenue Structure - The cloud business revenue is divided into four categories: 1. **Computing power services**: Provided through self-built and co-built edge computing facilities [5] 2. **Cloud services**: Includes cloud computers and project-based custom services [5] 3. **Sales of cloud boxes**: Necessary for optimizing video streaming in esports environments [5] 4. **Rental of computing equipment**: A smaller revenue stream [5] User Scenarios for Cloud Computers - The primary user scenarios for cloud computers include: - **Gaming users**: Who require high-performance devices for demanding games [7] - **AI users**: Including developers needing access to powerful computing resources [7] Edge Computing Focus - The company’s cloud computing strategy is based on the characteristics of the esports industry, focusing on low-latency services by placing edge computing nodes close to users [8] Revenue Growth Drivers - Key revenue growth drivers for 2026-2027 include: - **Computing power services** - **Cloud services** (especially cloud computers) - **Sales of cloud boxes** [9] B-end vs. C-end Revenue - Currently, the majority of revenue comes from B-end clients, particularly in the esports sector, with significant growth potential in the C-end market [10][11] Advertising and Value-Added Services - The advertising business is closely tied to the gaming industry's performance, with revenue peaks during game launches and updates [11][12] Capital Expenditure and Cost Management - Capital expenditure for 2026 will prioritize rapid expansion of computing power infrastructure, with manageable cost pressures from hardware price increases [15] Future Outlook - The company anticipates a divergence in revenue and profit growth due to structural adjustments in its advertising business, with profits expected to remain stable despite potential revenue pressures [16] R&D and Revenue Recognition - The R&D team operates within the company structure, with revenue recognized based on ownership stakes in projects [19] This summary encapsulates the key insights and projections from the conference call, highlighting the strategic direction and financial expectations of Shunwang Technology in the cloud computing and gaming sectors.

Summary of the Conference Call on Shaanxi Tourism Company Overview - Shaanxi Tourism is the only publicly listed platform of Shaanxi Tourism Group, with core assets consisting of high-barrier, high-margin tourism performances (59% of revenue) and cable cars (38% of revenue) [2][4] - The company is positioned as a C-end consumer enterprise expected to be listed by the end of 2025, representing a significant player in the tourism sector [4] Key Financial Metrics - For 2024, the company anticipates total revenue of 12.5 billion yuan, with tourism performances contributing 59% and cable cars 38% [5] - The gross margin for the tourism performance segment is projected to be 71%, with the core project "Chang Hen Ge" expected to generate 680 million yuan in revenue and a net profit margin close to 70% [2][6] Core Projects and Expansion Plans - The main project "Chang Hen Ge" is expected to attract approximately 2.5 million visitors in 2024, with an average ticket price of 273 yuan [6] - The "Taishan Xiucheng Phase II" project is set to begin construction in 2026, with projected revenues of 200 million yuan in the first year and 265 million yuan in the third year, contributing approximately 78 million yuan in net profit [7] Cable Car Operations - The core cable car project, Huashan West Peak Cableway, is expected to serve around 3.71 million visitors in 2024, with a utilization rate of 104%, significantly higher than competitors [8] - The company plans to acquire a 19% minority stake in the cableway, which is expected to enhance net profit by approximately 40 million yuan [8] New Cable Car Project - The new Shaohua Mountain South Line Cableway is projected to generate around 30 million yuan in revenue in its first year, with a profit margin of approximately 30% by the fifth year [9] Growth and Profitability Outlook - For 2026, the company anticipates a 10% growth in existing business, with total profits expected to reach around 500 million yuan, supported by the acquisition of minority stakes [10][11] - The current price-to-earnings (PE) ratio is approximately 20 times, which is considered low, with a target valuation of 30-35 times, indicating a potential market cap increase of 50%-80% [11][12] Group Structure and Potential Synergies - Shaanxi Tourism Group, under the Shaanxi Provincial State-owned Assets Supervision and Administration Commission, has assets totaling approximately 54 billion yuan, with various tourism-related segments [11] - The group has multiple projects that could synergistically enhance the profitability of the listed company, particularly in underperforming or marginally profitable cable car and performance projects [11] Investment Thesis - The company is positioned as a leading player in the service consumption sector, with strong core asset profitability and growth potential [12] - The target market valuation is set between 15 billion to 18 billion yuan, reflecting a significant upside based on current market conditions [12]

Summary of Key Takeaways from Orbbec's Management Discussion Company Overview - **Company**: Orbbec (688322.SS, Not Covered) - **Industry**: Robotics and AI Vision Technology - **Market Position**: Leading global provider of robot vision solutions with a significant market share in China, specializing in 3D sensing technology and vision cameras [3][4] Core Insights 1. **Robotic Business Growth**: - Orbbec has a high market share in the robot vision market in China, focusing on high-end robot models equipped with 3D vision sensors, which supports profitability [4] - Management anticipates growth driven by rising end applications of robots and an increasing number of new entrants in the robot vision market, indicating a growing market [4][9] 2. **Competitive Strengths**: - Established collaborations with leading global chipset suppliers, providing customers with vision modules based on diversified chipset platforms [5][8] - Rich intellectual property (IP) reserves in 3D sensing technology and in-house developed algorithms that enhance functionality and accuracy [5][8] 3. **Increased Dollar Content in Robots**: - The rising number of cameras per robot is driving higher dollar content, as more cameras enhance movement accuracy and functionality [9] - 3D sensing cameras provide more realistic spatial information compared to 2D products, meeting technical requirements for robots in both consumer and industrial applications [9] Additional Insights - **Positive Outlook**: Management holds a positive outlook on the robotics ecosystem, indicating confidence in Orbbec's growth trajectory [4] - **Industry Dynamics**: The increasing number of participants in the robot vision market reflects a healthy competitive landscape, suggesting robust future growth potential [4] This summary encapsulates the key points discussed during the management's presentation at the GS China Forum 2026, highlighting Orbbec's strategic advantages and market opportunities in the robotics sector.

Summary of Boqian New Materials (605376.SS) Conference Call Company Overview - **Company**: Boqian New Materials - **Ticker**: 605376.SS - **Industry**: Advanced Materials, specifically focusing on fine and ultrafine powder materials for electronic components, solar cells, and Li-ion batteries Key Takeaways 1. AI Servers as Primary Growth Driver - Management highlighted that AI servers are significantly driving the demand for MLCC (Multi-Layer Ceramic Capacitors) miniaturization and performance enhancement - This trend is favoring the use of ultra-fine nickel powders, which improves the product mix for Boqian [1][6] 2. Copper-Based Powders as Growth Driver - Rising silver prices are accelerating the substitution of copper for silver in solar technologies, leading to increased demand for copper powders - Management expects this trend to continue, positioning Boqian favorably in the market [1][11] 3. Alloy and Silicon Powders for Long-Term Growth - Alloy and silicon powders are anticipated to contribute to Boqian's long-term growth, particularly in applications such as inductors and solid-state batteries [1][8][9] Industry Dynamics 1. MLCC Industry Shift - The MLCC industry is experiencing a structural shift with AI servers and automotive electronics as key demand drivers - Management estimates a 15%+ CAGR for automotive MLCC demand, driven by the rise of ADAS (Advanced Driver Assistance Systems) and electrification [6][12] 2. Customer Relationships - Samsung Electro-Mechanics (SEMCO) is identified as the largest customer, with a strong co-development relationship that provides a strategic advantage for Boqian [6] Financial Outlook 1. Revenue and Valuation - Boqian is rated Neutral with a 12-month target price of Rmb54.0, indicating a potential downside of 44.5% from the current price of Rmb97.38 - Revenue projections show growth from Rmb945.3 million in 2024 to Rmb2,224.4 million by 2027 [9][14] 2. Risks - Key risks include the pace of SEMCO's nickel powder supply chain integration, mass production of copper-based products, and potential leadership changes affecting R&D talent [10] Additional Insights 1. Technology and Production - Boqian's proprietary technology allows for the production of ultra-fine, spherical, high-purity powders, which are critical for meeting the stringent requirements of AI server-grade MLCCs [6] - The company is ramping up production of 120nm nickel powder and has passed qualification for a mainstream automotive model with its 300nm nickel powder [6] 2. Market Positioning - Boqian is well-positioned across various solar technologies (BC, TOPCon, HJT) with a complete copper product portfolio, expecting strong year-over-year growth in copper-related shipments [11] 3. Long-Term Market Potential - Management sees a sizable long-term Total Addressable Market (TAM) for solid-state batteries and is actively engaging with key players in this space [11] This summary encapsulates the critical insights from the conference call, highlighting Boqian's strategic positioning, growth drivers, and financial outlook within the advanced materials industry.

Summary of Newway Photomask's Conference Call Company Overview - **Company**: Newway Photomask (688401.SS) - **Industry**: Semiconductor and panel photomask manufacturing - **Key Products**: Photomasks used in semiconductor manufacturing and panel production Key Points 1. Capacity Expansion - Newway is expanding its semiconductor and panel photomask capacity in Xiamen and Suzhou plants, indicating a positive outlook on shipment growth ahead [1][7] - The company aims to build new high-precision photomask production lines for Gen-8.6 and below panels, including AMOLED and next-generation display technologies [7] 2. Technology Migration - Newway is transitioning from 130nm+ semiconductor photomasks to 90nm, 40nm, and 14nm process nodes, leveraging its experience in photomask design and precision manufacturing [8] - The 90nm process node photomask has passed client product verification in the first half of 2025, with plans to achieve verification for the 40nm photomask in 2026 [8] 3. Localization Trends - The current localization rate for photomasks is low, but there is rising demand from local panel and semiconductor suppliers for more local suppliers' photomasks [9] - Newway is narrowing the technology gap with global peers and can provide timely after-sales service, which is expected to help secure more orders in the local market [9] 4. Market Outlook - Management's positive tone regarding Newway's growth in the local semiconductor photomask market aligns with expectations for China's semiconductor capital expenditure to grow from US$43 billion to US$45 billion in 2025-2027, and further to US$45 billion to US$46 billion annually from 2028-2030 [2] 5. Competitive Position - Newway is positioned as a local leader in photomask manufacturing, with products compatible across all generations of panel production lines, from G2.5 to G11 [2] Additional Insights - The company is actively working to capture growth opportunities in the local market by enhancing its product offerings and expanding its manufacturing capabilities [1][9] - The management's focus on localization and technology advancement is expected to support revenue growth and improve competitive positioning in the semiconductor supply chain [2][9]