Q2 In 2025, China's exports rose 6.1 percent, newly established foreign-invested enterprises increased by 19.1 percent, and research and development intensity reached 2.8 percent of GDP. Against the backdrop of global supply chain reconfiguration, is China's role in your global strategy expanding? How do you evaluate China's integrated advantages — manufacturing depth, innovation capacity, infrastructure and market scale — in supporting your production networks and supply resilience? Does China function primarily as a market, a production base, an innovation hub, or increasingly all three within your corporate architecture?

Dreyer: China has evolved from a traditional manufacturing hub into a global innovation powerhouse. For Valvoline, China is more than a key market, it is a comprehensive strategic hub. It plays multiple critical roles in our global portfolio: a world-class production base, an innovation incubator and a large-scale market.

The country's complete and stable industrial system offers efficiency and supply chain resilience. This strength is precisely why we built our plant in Zhangjiagang, Jiangsu province — our largest single plant investment to date — which serves as a benchmark for modern, efficient and sustainable manufacturing. Although Valvoline is headquartered in the United States, we view ourselves and our presence in China as though we are a part of the community, and this is backed by our continued investments.

China's innovation density makes our localized R&D center in Shanghai essential to our global network. The solutions we develop here serve the local market and also provide valuable insights for our global portfolio.

Shih: In our view, China offers a well-developed industrial ecosystem and a wide range of application scenarios. Its vast market, comprehensive industrial system and continued commitment to high-level opening-up together provide a solid foundation for companies pursuing long-term development. As the unified national market continues to advance, the more efficient allocation of resources is also helping enhance industrial collaboration across the value chain. Leveraging the country's mature industrial system and diverse market needs, we are able to integrate automation and digital technologies with local demand, working with Chinese partners to support manufacturing upgrading and explore new opportunities for industrial applications and collaboration.

Tsao: The robust growth in new foreign-invested enterprises and R&D investment in 2025 fully validates the enduring appeal of the Chinese market. Amid the accelerating restructuring of global supply chains, China's combined strengths in manufacturing capability, innovation ecosystems, and market scale remain highly significant. For Red Hat, China is not only an important market, but also a vibrant ecosystem for enterprise digital transformation and AI innovation. Increasing R&D investment and active industrial innovation continue to provide fertile ground for the development of open source technologies and enterprise platforms.

King: China has always been one of Treasury Wine Estates' key markets, and long-term strategy, strong brand and high-quality products continue to reinforce our long-term presence in China.

China's large consumer base, advanced infrastructure and increasingly vibrant innovation ecosystem provide strong support for our long-term development. Today, China is both a core market and a long-term strategic partner for TWE. We will continue to deepen our localization strategy and further integrate China into our global value chain.