Q4

China is stepping up efforts to promote high-end manufacturing, the digital economy, and upgraded services. In this context, is your company planning to increase investments, establish new partnerships, or expand R&D capabilities in China? What are the core objectives of your long-term strategy in the Chinese market?

ZHOU: China's dynamic market and progress in innovation create a favorable environment for multinational companies, driving the development of new quality productive forces, enhancing business competitiveness and giving LDC confidence to invest in and grow alongside China in the long run.

We will strengthen our core merchandising capabilities through strategic investments and partnerships. We have expanded oilseed crushing operations with new plants in Guangdong and Jiangsu provinces in recent years, boosting supply while supporting local economies.

We will continue to expand and diversify downstream to offer high-quality, value-added products. The establishment of our R&D center in Shanghai in 2023 underscores our commitment to innovation, focusing on developing nutritious and sustainable food, feed and ingredient solutions for both domestic and global markets.

BUURMA: Messe Frankfurt's core objectives in China remain giving international exhibitors access to one of the world's biggest markets, giving domestic exhibitors platforms to attract international buyers, and facilitating global innovation exchange across industries.

We consistently monitor high-potential sectors to see where we can strategically expand. In that regard, we are establishing a new joint venture office in Zhuhai to leverage the general aviation industry and low-altitude economy going forward, and to prepare for our upcoming show AERO Asia, which will feature booths, physical aircraft displays, and fly-ins across 40,000 square meters, and an expected 30 percent growth in international exhibitors.

YIN: The advancement of high-end manufacturing, digital economy, and upgraded service exemplify China's accelerating shift toward high-end industrial development. This transformation will further optimize China's industrial structure and enhance its overall competitive edge.

Schneider Electric is committed to empowering the transformation and upgrading of key industrial areas. For instance, to boost high-end manufacturing development, we established the "Automation China R&D Center" in Wuxi to further promote software-defined open automation and facilitate the green and digital-intelligent development of manufacturing. For digitization, we set up the "China Software R&D Center" and an AI innovation lab in Beijing, continuously launching AI-enhanced products and end-to-end solutions to empower traditional industries' digital transformation.

CHENG: China is one of the most important markets in our global strategy. Valvoline Global Operations is committed to long-term investment and development here. We plan to increase investment in local R&D facilities to develop products that continue to meet the demands of the evolving Chinese market and establish strategic partnerships with domestic automotive manufacturers and service providers to jointly develop new products and solutions, share resources and expand our market reach. Our long-term goal is to be the most preferred, innovative and trusted lubricant partner for Chinese businesses and consumers, driving growth through innovation, sustainability, and strong local collaborations, while contributing to China's high-end manufacturing and digital economy development.

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 activities, kids' products, and professional sports. To better meet the needs of Chinese consumers and provide higher-quality services, Skechers has continuously increased its investments in China.

The second phase of Skechers' China logistics center is being built in Taicang, Jiangsu province. The total investment for the whole logistics center project will exceed 3 billion yuan ($417 million).