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?

Ni: We do not see China simply as a domestic market or an export platform, but as a strategic market combining both roles, driven by rising demand for high-quality, localized logistics services and China's continued role as a core global manufacturing and export hub.

China's consumption and trade are mutually reinforcing, evolving within a unified supply chain system. Supported by the upgrading of China's manufacturing base, from "Made in China" to "Designed and Created in China", together with an advanced logistics infrastructure, this dual role underpins our continued investment in China and enables us to better support customers' growth by fully leveraging our global network.

Abebe: The initiatives by the Chinese government to promote consumption and stabilize foreign trade are highly aligned with Ethiopian Airlines' business model. By operating direct cargo flights from key Chinese hubs, we transport China-made electronic products and cross-border e-commerce parcels to destinations in Africa, Europe and South America.

By leveraging the distribution capabilities of the Addis Ababa air cargo hub, we also transport fresh African products such as avocados, coffee and seafood to China, meeting rising demand driven by consumption upgrading through the speed and efficiency of air freight.

The launch of the Urumqi route directly connects western China's consumer market with South America, Europe and Africa, further enhancing our global cargo network. We believe Ethiopian Airlines will contribute further to cargo and passenger infrastructure development in collaboration with Chinese companies.

Zhou: LDC has played a key role in ensuring safe, reliable and sustainable flows of agricultural goods, reinforcing our position as a trusted partner in the world's food and agriculture supply chain. Today, we remain committed to fulfilling this key role in China and globally.

We are looking to expand our integrated specialty phospholipid production model — pioneered through innovation and advanced oilseed processing capabilities in China — to other LDC plants worldwide. Meanwhile, we have launched various plant-based food and feed ingredients and solutions, tailored to evolving needs in China.

Looking ahead, we believe that China's integrated market and innovation-driven environment will continue to power both local and global developments.

Xu: Transporting goods to overseas destinations requires efficient logistics while also driving the increasing demand for advanced freighters. The new generation long-range A350F freighters and the A320/A330 Family P2F (passenger-to-freighter) aircraft meet the needs of different scenarios, support Chinese cargo airlines in setting up their global cargo networks and create secure and resilient logistics chains for Chinese products going global.

A significant proportion of the Chinese supply chain is also delivering work packages outside of China, helping Chinese companies integrate into Airbus' global supply chain, thus empowering them with more opportunities to expand their business in the international aviation sector.