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?

MA: China's potential to drive a consumption-led engine for the economy is substantial. The government has rolled out a series of targeted policies. For instance, issuing consumer vouchers injects purchasing power into the market. This not only encourages consumers to spend, but also revitalizes various sectors, from retail to services. Support for industries such as outdoor sports and tourism cultivates a thriving consumer trend, driving demand for related products and services. We expect continued consumer engagement as stimulus plans are provided throughout the year. Domestic consumption growth has positively impacted our business. As the outdoor industry continues to grow rapidly, the number of outdoor and travel participants are expected to reach 500 million by the end of 2025. This creates exciting potential for our brands as we continue to create high-quality and innovative products.

TAN: The robust development of China's consumer market offers significant opportunities for Skechers' business growth. We will continue to innovate by focusing on consumer needs, optimizing product design and distribution channels, and increasing investments in niche markets such as outdoor, kids and professional sports. By capitalizing on these opportunities for consumption growth, we aim to boost our profitability. China is one of the most dynamic consumer markets globally. With the ongoing recovery of the Chinese economy and the consistent rise in household income levels, the trend of consumption upgrading is increasingly evident. Consumers are showing a growing demand for high-quality, personalized products and services. In the meantime, the government has implemented a series of policies to stimulate consumption, injecting strong momentum into economic growth.

DONG: The complex global economy, with trade uncertainties and slowdowns, challenges Chinese businesses. Inventory accumulation, margin pressures and industrial shifts are key concerns. Stimulating domestic consumption is vital to counter these pressures, revitalizing the market and fostering sustainable growth. China's vast consumer base, alongside government initiatives, offer significant opportunities. Avnet, with its long-term China presence, acknowledges this potential. Recent sales growth and order recovery signal positive momentum. We remain dedicated to supporting Chinese enterprises through robust supply chain solutions and technical expertise, enabling them to navigate this dynamic environment. While recognizing challenges, we are optimistic about China's domestic market and its capacity to drive economic advancement, contributing to a resilient future.

LING: China's potential to drive a consumption-led economy is substantial, given its large and growing middle-income group. The increasing demand for high-quality goods and services, particularly in sectors such as construction, automotive, and healthcare, aligns well with our product offerings of methyl methacrylate, polymethyl methacrylate and methacrylate resins. As consumer preferences shift toward premium and high-end products, our company is well positioned to benefit from this trend. We anticipate that the focus on domestic consumption will create new opportunities for growth and innovation in the chemical industry. By catering to the evolving needs of the market, we can enhance our product portfolio and strengthen our competitive advantage.