RATHNINDE: China's increasing demand for high-quality, sustainable products and services, and its expansive middle-income group present good opportunities for economic growth. The growing emphasis on technological innovation and industrial upgrading has also spurred the emergence of innovative industries that bring new dynamics to the global market such as EVs, smart devices and efficient commercial building controls. These trends align closely with Johnson Controls' expertise and offerings. Our vertical market solutions for commercial buildings, semiconductors and electronics, modern agriculture and new energy are well-positioned to meet the evolving needs of these industries. We are excited to be positioned for growth given the potential for new demand from these verticals and ongoing cooperation with the local market.

　　XIE: With a large population, growing middle-income group, increasing urbanization and rising disposable incomes, China has significant potential to drive a consumption-led boost to the economy. Last year, China launched large-scale equipment upgrade and consumer goods trade-in programs, yielding fruitful results. In 2024, over 37 million consumers purchased more than 62 million eligible home appliances, and more than 6.8 million vehicles were traded in for new ones. Increasing domestic consumption, particularly of home appliances and vehicles, will boost demand for steel, subsequently raising the need for raw materials, including iron ore. Notably, over 60 percent of consumers chose new energy vehicles, further driving demand for battery materials like nickel and copper. These trends are highly favorable for Vale.