Viomi's outlook for 2026 remains robust but the lack of a renewal of the "new-for-old" subsidy program in China has become a major focus of investors. US/China trade relations remain strained and we believe that this has had an impact on the company's planned international expansion. Viomi had over $17 million of availability under its existing share repurchase agreement as of 12/31/25 and we think that the company could utilize this availability to enhance shareholder value.