Q1 Given the complex current global economic and geopolitical situations, how do you position the Chinese market in your overall global business radar? What's your outlook for China's economy and your company's operations in the country for this year and next?

CHEN: China is a key market for Louis Dreyfus Company, for both our core merchandising activity, which has made our company a global force, and our strategy in moving further downstream in the value chain, closer to end consumers, and diversifying into more value-added product lines.

The Chinese government has long been committed to promoting economic structural transformation and innovation-driven development, both of which are conducive to cultivating a better investment environment and new potential business opportunities.

In this context, LDC is committed to further investment and growth in China through expanded cooperation with Chinese partners to address the growing and evolving domestic consumer demand.

ZHU: The China market holds a prominent position within our global strategy and stands as one of our largest markets. Over the past few years, its pet market has experienced rapid growth, becoming a flourishing consumption hotspot within the country's economy. With economic development and evolving consumer attitudes toward pets, we've seen a growing number of pet owners who are keen on providing their pets with a high-quality lifestyle, as pets are playing an increasingly important role in people's lives. We believe that Chinese consumers still possess a significant demand for high-quality pet food products. Therefore, we plan to continue investing and expanding in the Chinese market. In 2024, we will actively engage in the Chinese market and meet the needs of Chinese pet owners.

VAN KARNEBEEK: The Chinese market is one of the most important markets for FrieslandCampina. In China, three of our business segments are very active, namely specialized nutrition for infant formula, professional business for food services and ingredients for food industry clients. In the past three years, we achieved double-digit growth for our business in China and this year, despite challenging market situations, we foresee double-digit growth for the whole year. We are quite optimistic about the outlook for China's economy and our business in China. I believe our future is closely linked with China.

COURTNEY: Our position in the Chinese market is of utmost importance to our global business strategy. China has been the largest market in Silver Fern Farms' global business for four consecutive years, accounting for 35 percent of our total exports in 2022. As our largest single market, we remain confident in its long-term growth potential.

Despite the current complex economic circumstances, China's economy plays a pivotal role in global economic recovery. Chinese consumers are increasingly health-conscious and seeking high-quality nutrients. Our commitment to sharing New Zealand's natural premium beef, lamb and venison with Chinese consumers never changes. Catering to their discerning tastes and desire for a healthy and delicious diet, we will focus our efforts on both e-commerce and retail channels, as well as the high-end food service niches in the hotel, restaurant and cafe segment. In the coming years, we are optimistic about our operations in China. We believe by aligning with the growing demand for quality food products and leveraging the strength of the Chinese market, we can continue to thrive.