Q5 As China continues to pursue high-quality development along a Chinese path to modernization, what opportunities do you anticipate for your business as this process gains more traction? Will you increase investment in China in the coming years? How will you further expand your footprint in China?

XU: China has always been an important market for GE Vernova and we are looking forward to continuing our commitment to the country. Currently, gas power is one of the key areas we are focusing on in the Chinese market. Gas power serves as a vital support for the construction of China's new power systems. The development of renewable energy in China has created significant opportunities for gas power. Hydrogen co-firing in gas turbines is not only a catalyst for achieving China's dual carbon goals, but also a viable pathway for national energy security. We believe that China has the potential to lead in the large-scale application of green hydrogen, achieving "leapfrog development". We will continue to invest in the Chinese market, assist in constructing a new power system and move together toward a low-carbon future.

HOMMA: The third phase of the factory of Prime Planet Energy Dalian Co Ltd, a joint venture between Panasonic and Toyota, has been completed and began mass production at the end of 2023. This factory primarily produces prismatic batteries for hybrid electric vehicles and plugin hybrid electric vehicles. Subsequently, Panasonic aims to expand its business to cover pure electric vehicles. The Panasonic electronic materials factory in Suzhou, which focuses on the semiconductor field, held its groundbreaking ceremony in October. The capacitors needed for AI chips produced by Panasonic in Guangzhou are currently in short supply. This year, Panasonic will also expand its electronic materials factory in Fengxian district, Shanghai, with plans to start production in 2027.

NACHREINER: China has huge market potential and investing in China means being able to capitalize on this huge market to fuel the company's business growth. One key driver for us in the medium to long term is our seed industry. We believe this represents the biggest opportunity for Bayer in China. Besides, our investment in China goes beyond commercial. Regarding our product supply center, our plant in Hangzhou, Zhejiang province, inaugurated in January 2025, is brand new and represents an investment of 40 million euros ($43.3 million). We are very excited and proud of this product supply facility as it will support our operations not only in China, but also across Asia. Second, in our corn seed joint venture in China, China Seed International, we are investing around 12 percent of our annual turnover each year. This consistent investment in R&D, new varieties and products tailored to the Chinese market amounted to approximately 100 million euros by 2023.

ZHUANG: The long-term stability of China's economic growth will help the world economy recover, and China's high-quality development will also promote global common development and prosperity. We expect the "China engine" to continue to show strong momentum, especially in terms of openness, innovation and green development, and create more opportunities for common development for the world. China remains a cornerstone of Baker Hughes' global strategy and we are committed to expanding our presence in the country. Baker Hughes will continue to invest in energy transformation, digital integration, R&D and maintenance bases. Baker Hughes is proud to support China's dual goals of energy security and carbon neutrality. By blending global expertise with local innovation, we aim to be a trusted partner in powering sustainable progress at scale.