Operator: Hello, and thank you for standing by for JA Solar's Fourth Quarter and Full Year 2012 Earnings Conference Call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question-and-answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time.
I would now like to turn the call over to your host for today's conference, Nick Beswick of Brunswick Group.
Nick Beswick - IR, Brunswick Group: Thank you. Welcome to JA Solar's fourth quarter and full year 2012 earnings conference call. Joining us today from the Company are Mr. Jian Xie, COO; Mr. Min Cao, CFO; and Mr. (Bill Chen), VP of Strategic Development.
As stated in the press release, the oversimplified transition of CNY into U.S. dollars, which is set at 6.2301 RMB to the $1, is made solely for the convenience of the audience. References to dollars are the lawful currency of the USA. The press release published today provides detailed financial tables for the conversion from CNY to USD.
On this call, Jian Xie will begin with an overview of the Company's Q4 and full year 2012 results, covering business and market developments and outlook. Following that, Bill will provide details of our technological progress and financial performance.
After prepared remarks, we will open up for questions for the remainder of the call. We expect the entire call to last approximately one hour.
Before we begin the formal remarks, I would like to remind you that certain statements on today's call, including statements regarding expected future financial and industry growth, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.
Factors that could cause actual results to differ include general, business and economic conditions in the solar industry; governmental support for the development of solar power; future shortage or availability of the supply of high purity silicon; demand for user-end products by consumers and inventory levels of such products in the supply chain; changes in the demand from significant customers; changes in demand for our major markets; changes in product mix, capacity utilization, level of competition, pricing pressures, and declines in average selling prices; delays in the introduction of new product lines; continued success in technological innovations; shortage in supply of raw materials; availability of financing; exchange rate fluctuation; litigation and other risks as described in the Company's SEC filings, including in its Annual Report on Form 20-F filed with the SEC.
Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results. You should not place undue reliance on these forward-looking statements. All information provided on today's conference call speaks as of today's date, unless otherwise stated, and the Company undertakes no duty to update such information, except as required under applicable law.