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?

HOMMA: Changes in China's consumer market are reshaping the strategic logic of global companies. One of the most notable shifts is that consumers are moving from "pursuing ownership" to "pursuing quality of life". They care not only about the technological sophistication of products, but also about issues that return to the essence of life, such as health, eldercare and environmental sustainability. This dual demand is prompting us to rethink our approach: the traditional model of simply "selling global products in China" no longer works — products and solutions must be tailored specifically for Chinese consumers. In the long run, the evolution of China's consumer market is making multinational companies realize that China is not only a destination for sales, but also a source of innovation. Panasonic's long-term investment plans will therefore resonate closely with China's ongoing consumption upgrade.

XIA: Rising demand for high quality, sustainable and advanced materials continues to create opportunities for Evonik across various sectors. Our strategy in China balances domestic market needs with China's export oriented role. On the one hand, we are localizing production and innovation to better meet the needs of domestic customers. On the other hand, we are leveraging China's strong supply chain capabilities, as well as its cost efficient and well-established production ecosystem, to support exports to regional and global markets. For example, our recent investment in expanding specialty amines production in Nanjing enhances our ability to meet demand in automotive, construction, furniture and consumer goods — both in China and abroad.

ZHOU: China plays multiple roles in dsm-firmenich's global footprint — as a key market, an innovation hub, a production base and a critical supply chain hub. Facing the dual opportunities of "Shopping in China" and "Export to China", our strategy is to advance both dimensions in a balanced and synergistic way. On the one hand, we continue to strengthen localized innovation and expand our production capabilities to respond precisely to China's evolving consumer needs, contributing to "Shopping in China". On the other hand, leveraging dsm-firmenich's scientific expertise, supply chain resilience, and quality systems in nutrition, health and beauty, we work closely with partners across the value chain to enhance product innovation relevance, regulatory responsiveness and supply assurance for the Chinese market.

HUANG: In China, Dow continues to deepen collaboration with local customers and brand owners to better understand the evolving market and deliver solutions that help address current challenges. At the same time, China's comprehensive manufacturing ecosystem, efficient supply chains and strong innovation capabilities underpin its role as a major consumer market and a key node in global production and supply networks. Leveraging our global technologies and resources, Dow continues to strengthen local manufacturing, R&D, and service capabilities, and enhance supply chain resilience — enabling us not only to support customer growth in China, but also to help them expand into international markets.