Q4: China's trade-in program generated over 2.6 trillion yuan in sales in 2025, alongside the "Shopping in China" and "Export to China" initiatives. China's exports grew 6.1 percent year-on-year. How is your company aligning its China strategy to capture both domestic consumption upgrades and export-oriented opportunities? Do you see China increasingly as a global production and innovation base serving international markets? How are you balancing local demand expansion with China's role in your global export ecosystem?

YANG: Agilent operates an integrated global production, logistics and sales network that ensures products manufactured in China meet unified global standards and serve customers worldwide. At the same time, customers in China can readily access products produced in other regions. Against the backdrop of initiatives such as "Shopping in China" and efforts to stabilize foreign trade, we are aligning our strategy in two ways. On one hand, we continue to support China's consumption upgrade and industrial transformation with innovative products and solutions. In particular, our China Solution Center is dedicated to developing solutions tailored specifically to the Chinese market. We support the establishment of industry-academia-research-application systems nationwide to accelerate technological transformation and enhance the global competitiveness of "Made in China".

ZHAO: China's fast-evolving policy landscape enables us to accelerate drug development and launches. In particular, the accelerated drug review and approval system enables faster access to patients, and global pharmaceutical innovators like Astellas are able to introduce our innovative drugs to China at a faster pace. It helps propel further pharmaceutical innovation. China is now integral to Astellas' global innovation. For the phase III clinical trial of our CLDN18.2 therapy, GLOW study, nearly 30 percent of trial participants are from China, with a Chinese expert as the global leading principal investigator. Moreover, early inclusion in global R&D shortens launch delays in China. The establishment of our China innovation R&D center will embody our shift from "in China, for China" to "in China, for global", serving both local patients and global innovation.

AN: Henkel's Adhesive Technologies business serves more than 800 industry sectors worldwide. Drawing on this cross-industry expertise, we actively support the development of emerging sectors in China, such as semiconductors, new energy vehicles and next-generation communications. Through collaborative innovation, we help customers address complex challenges and strengthen the foundations and competitiveness of these strategic industries. Leveraging Henkel's global innovation and manufacturing network, we also support Chinese customers as they expand internationally. From product development to implementation, we help them localize solutions in overseas markets, strengthening their global competitiveness and bringing Chinese innovation to the world stage.

POON: As a global semiconductor leader, China is a cornerstone of our global setup, backed by strong regional sales, marketing and distribution teams that work closely with local partners and provide dedicated support. Our localization strategy and ongoing efforts underpin our actions. The support of our China distribution center enables operational agility for our customers. We seize opportunities from China's consumption upgrades. We enhance local operations with tailored services, adapt to local needs and co-develop solutions to deliver real value to customers, thus strengthening the market's contribution to our global competitiveness and success.