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?

YIN: As China advances its high-quality development and green modernization journey, AkzoNobel sees significant opportunities to align with the country's sustainability goals and growing demand for eco-friendly solutions. We will continue to invest in this important market, in which the manufacturing upgrade will always be a major part of it. As part of a 14 million euros ($15.3 million) investment in 2024, we upgraded our Suzhou site to accelerate growth and double the plant's capacity for marine and protective coatings by the end of 2025. This includes accelerating Suzhou's transition to using 100 percent renewable electricity by the end of 2025. We will continue investing in localized production, renewable energy and sustainable solutions to drive growth while supporting China's transition to a low-carbon economy.

ZHOU: China's pursuit of modernization opens significant opportunities for dsm-firmenich in the nutrition, health and beauty sectors. Over the past year, we have intensified our localization strategy, strengthened partnerships with domestic players and fostered synergies across multiple sectors. We acquired full ownership of Artsci Biology Technologies HangZhou Corporation last year, bolstering our leadership in China's dairy, beverage, bakery and confectionery markets through its nationwide distribution network. In 2025, dsm-firmenich will continue to expand our investments in China, focusing on increasing fragrance and perfume production capacity and enhancing operational facilities to better meet the growing demands of Chinese customers and the consumer market.

CHEN: As the Chinese chemicals market is projected to continue its rapid growth over the next eight-10 years, Syensqo sees opportunities in contributing to the high-quality development of China with green initiatives as a major driver. We will continue investing in clean energy infrastructure, research and development, which enables us to provide innovative sustainable solutions that help industries lower emissions through electrification, advanced connectivity, resource efficiency, improving quality of life and sustainable sourcing. We believe our business operations with a more focused strategy targeting local regions will bring us more opportunities and lead to faster and more impactful decarbonization along the Chinese path to modernization.

SHEN: As China accelerates its transition toward intelligent, electrified and sustainable mobility, we see immense potential to deepen our presence and expand our investments. With China being a key innovation hub, we are continuously strengthening our local R&D capabilities to develop cutting-edge solutions tailored to market needs, including smart lighting, intelligent thermal management, software-defined vehicle architecture and advanced interior solutions. To support this transformation, we are expanding our local manufacturing footprint to enhance agility, cost efficiency and sustainability. Marelli has established clear sustainability targets — achieving operational decarbonization by 2030 and supply chain decarbonization by 2045.