Q4 Driving domestic consumption is one of the top priorities for China to spur economic growth this year. How do you see China's potential to drive a consumption-led impetus for the economy? How will that affect your company's profitability this year?

LYU: The government's unwavering commitment to sustainable development and innovation has cultivated a resilient ecosystem where green industrialization and digital transformation thrive. For over three decades, Xylem has partnered with China to address its complex water challenges, from urban resilience to ecological conservation. As the nation accelerates its green transition and intelligent infrastructure development, our localized expertise in AI-driven water management, smart leakage detection and wastewater reuse aligns precisely with national priorities. This convergence of policy foresight and technological innovation positions us to amplify China's global leadership in sustainable practices while advancing shared goals for water-secure communities.

BOZEC: China's dynamic consumer market is emerging as a powerful engine for a consumption-led economic resurgence. With relentless innovation and ever-evolving consumer demand, new drivers of growth are reshaping the global fashion landscape. At Tapestry, we see significant opportunities by deepening our local partnerships and infusing innovative energy into our operations. By offering an expanded array of premium products and transformative experiences, we are well-positioned to tap into the market. This strategic focus has already borne fruit, as evidenced by our recent quarterly business results, which recorded a 2 percent growth rate — well above industry averages. We are confident that the robust consumption momentum in China will continue to drive our profitability and support sustainable growth throughout the year.

IWASAKI: As the world's second-largest economy with a consumer market of 1.4 billion people, China's promotion of domestic consumption is a crucial driver for its sustained economic growth. For Epson, even now, China is an extremely important market, accounting for 12 percent of Epson's overall sales. In the future we believe the continuous growth of China's consumer market will bring more opportunities to our business. This is particularly evident in the promotion of Epson's home products business. In this process, support from government subsidies has also provided us with powerful assistance. We will continue to increase our commitment to the Chinese market, fully leverage these favorable conditions and introduce more products and services that meet the needs of Chinese consumers.

POON: China's shift toward a consumption-driven economy offers significant growth opportunities, supported by advancements in digitalization and smart technologies. Stronger consumer demand will benefit a wide range of Infineon's addressable markets, with continued growth in China's electric vehicle sector, especially plug-in hybrid electric vehicles, and the expansion of charging infrastructure. The charging station market is projected to grow by double digits. Policies stabilizing the housing market will boost semiconductor demand in applications like HVAC (heating, ventilation and air conditioning) and home appliances. In China, Infineon delivers innovations that translate into real customer value, particularly in high-performance areas such as EVs, renewable energy and AI. We differentiate ourselves and create a unique value proposition in these markets. Through close collaboration with local partners, we strive to make life easier, safer and greener, thereby contributing to the society's long-term growth.