Q4 Driving domestic consumption is one of the top priorities for China to spur economic growth this year. How do you see China's potential to drive a consumption-led impetus for the economy? How will that affect your company's profitability this year?

SANTENS: China's consumption upgrade holds immense potential, with a growing middle-income group and policy stimuli — such as equipment renewal programs — fueling demand for high-end manufacturing. We're accelerating localized smart solutions, projecting over 15 percent revenue growth and improved profit margins in China for 2025. Of course, once we see an important milestone of current production localization in Shanghai, the increase will exceed expectations.

PAN: China's consumption upgrade is well underway, and there is significant potential for consumption-led economic recovery. With a growing middle-income group, rising consumer confidence during the economic rebound and strong government support for the economy, China remains a key driver of global demand. We are optimistic about the outlook for this year and look forward to supporting China's high-quality consumption growth. Huntsman has also keenly observed profound shifts in consumer attitudes and behaviors. Consumers are increasingly prioritizing personal health and scientific care, as well as placing greater emphasis on the environmental friendliness and cleanliness of materials. Consumers are no longer blindly chasing premium brands, but are instead focusing more on the "quality-to-price ratio" and practicality of products, willing to spend on products and services that offer genuine value. This transformation has brought us significant business opportunities.

ZHU: Moloco's machine learning technology helps Chinese enterprises enhance their competitiveness in global markets, driving sustainable growth and revenue expansion. However, our vision extends beyond this. We are also actively exploring the domestic market, committed to providing high-quality, diverse services to more Chinese enterprises. For example, our collaborations with leading gaming companies like Tencent and Net-Ease have played a pivotal role in their international success. These achievements not only contribute to China's foreign exchange earnings, but also create valuable employment opportunities, thus further strengthening the domestic economy. At the same time, we are focused on the burgeoning field of Connected TV, developing advertising solutions for this medium. We look forward to deepening our partnerships with Chinese enterprises, leveraging cutting-edge digital marketing technologies to unlock global opportunities and drive mutual success.

SONG: China's focus on driving domestic consumption to spur economic growth presents significant opportunities for BSH. The government's supportive policies, including the expansion of the trade-in program for a wider range of appliances, directly benefit our business. The inclusion of dishwashers and water dispensers in the trade-in policy highlights the growing importance of these categories. BSH has a strong presence in these emerging segments, and with our diverse product portfolio, we are well-positioned to capitalize on this opportunity. We support the trade-in trend through various online and offline marketing activities, free design and installation services, making it easier for consumers to upgrade to our energy-efficient appliances. These policies are expected to positively impact our sales and profitability this year by driving sales and enhancing our market presence in China. The growing interest in smart home technologies aligns with our focus on AI-powered, connected appliances.