Very good. Thank you, and welcome to this conference, where we are going to share with you the results of ADAMA in the Q2 and in the H1 of 2022. Overall, the atmosphere in the market is very positive, where we can see that crop prices are remaining high. That is the main story of this H1. 各位分析师朋友大家好，感谢大家今天下午来参加本次会议，来聆听我们有关于2022年公司在第二季度和上半年的一个经营业绩情况的介绍。那么我从总体的情况介绍起，总体市场环境还是比较积极向好的，那主要的这个基调呢，我们可以说是因为农产品的或者说作物的这个价格保持在高位。 These high crop prices are supporting a very positive atmosphere at farm level. Despite the fact that many of the inputs in the farm are operating in very elevated prices, especially on fertilizers, farmers are still making money. That is the reason why the demand is still very strong for crop protection products. 农产品价格处于高位，那么反映到了农民端，也就是农民的需求还是比较旺盛的。尽管这个时期各种农资投入品的价格实际上也是处于高位，特别是大家也能看到化肥的价格也是居高不下。但是总体而言，因为农民还是可以赚钱，还是因为农产品价格处于高位可以赚钱，所以需求保持坚挺。 Nevertheless, the challenges that we've been sharing with you in recent quarters are still a reality among us. High supply of crop protection, including active ingredients and raw materials, some logistics limitations, and many other aspects that are building the challenge. 但是尽管需求坚挺，我们也看到非常现实的挑战的问题摆在我们的眼前。那么现实的挑战因素包括，供应还是不够稳定。那么在原材料方面，原药和中间体的成本也是居高不下，物流呢也是受到疫情的干扰，不够稳定。 Nevertheless, few things are softening versus the effects that we saw at the end of Q1, like COVID-19 in China that has improved slightly with production back into normal levels and an improvement in the import and export because the port in Shanghai is gradually recovered. 但是另外一方面，我们也确实看到二季度相比一季度，或者是说一季度晚期的时候，有很多的因素也正在好转。比如说在中国的防疫政策已经开始降级，开始恢复到一些生产的以前的正常的秩序，特别是这个进出口方面，上海港也已经比一季度的情况要好转很多。 At the same time, the logistic prices, even though have softened a little bit, are still very high. Prices of active ingredients also they have decreased slightly, but still very high. Intermediates, they have increased substantially because of uncertain availability. You combine that with the uncertainties that are coming because of the conflict in Ukraine and Russia. That is having an effect on energy prices. You can see that everything around the cost, this is still very challenged. 我们看到物流的价格有所回落，比这个一季度或者说二季度之前已经有回落的迹象。那么原药的价格有一些也是在下降，也出现了下降。但是另外一方面，中间体又有了显著的上涨。同时，俄乌的冲突还在继续，这个冲突主要是推高了…… 继续推高了能源的价格。所以总体来说，我们在成本端承受的压力并没有实质性的好转。 In this environment, if you move to slide five, you can see that the company, ADAMA, has performed very solidly, achieving record sales in the quarter that are showing an impressive 21% growth versus the previous year. Growth that is translated into all the other variables of our business. The reason for that is because a big chunk of this growth is driven by pricing. 22% higher prices achieved in Q2 of 2022 versus the year before. 环境就是这样一个总体情况。那么我们翻到第五页来看二季度具体的业务的财务指标表现。我们可以说二季度安道麦的表现非常的扎实稳健，或者说可以说是非常的强劲。因为二季度又一次刷新了单一季度的销售额记录，我们的销售额相比去年同期实现了21%的增长。那么这反映到其他的财务指标方面也一样，我们看到了增长，这个主要的驱动力来自于提价。一方面是提价，价格同比增长22%，那么另外一方面也有销量的增长。 That is the reason why you can see that the growth is translated into the gross profit as well, because it's offsetting the higher logistic procurement and production costs. If you combine it with the traditional rigor that the company is putting on controlling our expenses, then you can see that it's also translated into very solid EBITDA growth, and later on into a growth in our net income. 销售额的强劲增长相应地也反映到了盈利的各个指标上面。首先，我们的毛利相比去年同期增长20%。那么主要是因为价格上涨与销量增长的积极贡献，抵消超越了物流、采购等等成本因素带来的不利影响。那么同时，如果我们再结合安道麦一直以来严控营业费用的这样的持之以恒的政策，我们就可以看到，EBITDA也因此获得了与去年同期相比29%的增长，那么也将相应地实现了净利润的增长。 The higher prices and the improvement on the OpEx sales ratio is certainly offsetting all the other challenges, including higher financial expenses in our higher hedging costs and the bonds of our financing. That is the main reason for having such a solid growth in our net income and reported net income for the quarter. 总体而言，这个最终实现净利润的增长是依靠双方面的驱动力。一个是提高了价格，另外一方面，二季度的营业费用对销售额的占比也实现了改善。因此，这些因素的积极贡献得以抵消了财务费用增加，也就是主要是这个CPI高，还有担保成本，因为汇率走势增加导致的财务费用的增加这一部分。因为提价和营业费用对销售额占比的改善，而抵消了这部分不利的因素，实现了净利润的改善。 These results are also confirmed in the next chart, in slide six that talks about the H1. ADAMA has grown 24%, and this growth is coming from a very remarkable increase on prices of a 20% combined with a solid 8% volume growth. That is the reason why all the other variables, gross profit, EBITDA, and net income, are performing very solidly, because we're able, combined with our rigor on expenses, to compensate for the many challenges that are around us in the production arena. 二季度这样的表现也使得整个上半年的基调呈现出来强劲的增长。同样销售额同比增长24%，驱动力主要是来源于引人注目的提价的幅度22%至20%，以及一个扎实的销量的增加8%。这样的销售额的增长同样也提升了盈利的表现。我们的毛利、EBITDA还有净利润这三个指标都呈现了上涨的趋势，也都是非常稳健地上行。这主要是因为提价以及我们严控费用的这个政策双方面的积极的影响，帮助我们克服了成本端各方面因素带来的不利影响。 I want to point out that the EBITDA growth is despite the fact that we have generated a provision for collection in Ukraine, that we are offsetting the higher transportation and logistic costs, and even the impact that in our expenses do have the impact of recent acquisitions. Despite all that, I think it is very remarkable the growth that we show in our EBITDA and in our reported net income. 这里我想特别提到的是，针对这个乌克兰的回款风险，我们实际上是做了一个计提。另外呢，也是跟大家刚才也提到过，运输和物流的成本也是在增长的。同时呢，还有计入了新收购公司的营业费用。尽管有这么多出的这个项，但是呢，因为我们的增长面的这个积极的贡献克服了这些出项的这个影响，所以呢，使我们的EBITDA相比去年同期显著地增长，也最终实现了一个月报净利润的一个增长。 In slide number seven, you can see that the growth is coming from all the globe. Certainly in constant exchange rate, all our geographies are performing very nicely. In US dollars, we see the impact of exchange rate, especially in the area of India, Middle East and Africa. It is very, very solid. The growth that is coming from all the different places, and it is remarkable how ADAMA is performing in the Asia-Pacific region, where China is showing an impressive 60% growth versus the year before. 现在我们翻到第七页来看我们在全球各个大区的业绩表现。大家可以看到，在二季度所有的大区以固定汇率计算的销售额都实现了显著的增长。如果我们以美元计算的话，我们会看到不同地区这个货币对美元的汇率走势还是产生了一些显著的负面影响。比较突出的就是印度、中东及非洲这个区域，固定汇率和美元的业绩表现的差异。但是仍然是一个事实，就是所有的大区实际上都是在稳定地增长。尤其引人注目的是亚太地区。这里我们也列出了中国区的表现，大家可以看到，以固定汇率计算，还是以美元汇率计算，中国的二季度的增长都已经达到了60%，或者接近60%。 That is just the picture. If we move to slide eight, when we look into the H1. Let me just elaborate a little bit about the different geographies. We are especially proud of the growth that Europe is showing despite all the difficulties. Let's bear in mind that the Euro has depreciated almost 20% in the H1 of 2022. Combined with the fact that we have a massive disruption because of the conflict Ukraine and Russia, and very adverse climatic conditions in the southern countries. Despite all that, Europe deliver almost a 7.5% growth versus the year before. 接下来，我们会看到在上半年的区域业绩表现方面也呈现了同样的趋势。这里，我想特别针对欧洲这个区域稍微多说几句，因为我们对欧洲在上半年所取得的成绩也是深感自豪。因为大家想必也都清楚，欧洲区在这个上半年之内遇到了很多困难的情况。欧洲地区欧元对美元在2022年上半年贬值超过20%。另外，俄乌冲突还在继续当中，也干扰了很多物流以及能源等各方面的成本端的因素。还有，南欧的一些国家也遭遇了非常严重的不利的天气情况。尽管如此，尽管有这些挑战，欧洲区仍然实现了7.5%的美元计算销售额增长。 In North America, consumer products, they were affected by the high inflation and a certain, slowdown of the consumer demand. This was greatly compensated by very good performance of the rest of our professional ADAMA products in the US and in Canada. 我们再来看北美。北美的市场情况，因为通胀的压力非常大，消费者与专业解决方案方面遇到的，家用或者普通消费者的这个需求是有下降的。但是，商用业务，比如说酒店和餐馆，在这个新冠封控解除以后全面复苏，所以得以依靠这一块的业务，实现了业绩的增长。加拿大也是抓住了市场的机遇，实现了销售额的增长。 The performance in Latin America is driven by the very good outcome in Brazil, where ADAMA has continued to position our image of a differentiated formulation provider. 我们再来看拉美地区的情况。拉美地区以安道麦巴西为首，实现了销售额显著的增长。安道麦本身在巴西的市场地位也得到了不断的加强，并且市场对于安道麦的差异化的创新产品也是非常人气旺，大受欢迎。 The success story in Asia Pacific is China, where everything performed exceptionally well. Our strong sales of raw material, intermediates and fine chemicals was combined also with a very solid growth in our branded business, which was also boosted by the acquisition of Huifeng and reinforcing our position in the local domestic business. 那么我们再来看亚太的情况。亚太呢，也是如同刚才所提到的，中国区各个方面业务的强劲表现，带动了整体区域的一个亮眼的表现。不管是农化的业务还是非农的业务，不管是我们的品牌积极产品，还是经济化工产品，销售业绩呢，都是出人意料的好。并且呢，我们收购的辉丰的销售业务也是加强了安道麦在中国本地市场的地位。 I'll ask now Efrat to share with you a bit more about the details behind our financial review. I ask you all to turn to page 11. 接下来我会有请Efrat来介绍财务指标的分析情况，也请大家把幻灯片可以翻到十一页。 Thank you, Ignacio. As is presented by Ignacio. In Q2 2022, we reached record high sales of $1.5 billion. 21% higher than last year. It comes from 22% higher prices in most of the regions, and 3% higher volumes. 好，接下来由我来介绍财务指标的变动情况。那么大家在第十页可以清楚地看到我们的二季度销售额同比增长21%，达到了14.79亿美元。那么主要的驱动力来源于22%的价格的显著提升，以及3%的销量的持续增加。 We were negatively impacted by the FX as all currencies depreciated versus the US dollar except for the BRL, the Brazilian currency. The US dollar is strong as a result from the relatively high US interest rates and the expectations for additional interest rates and the uncertainty in each year. 那么这里呢，大家可以清楚地看到，主要的不利因素呢，就是汇率的变化。因为在二季度几乎所有主要国家的汇率对美元都是贬值，而美元的这种强势地位呢，也增加了我们的套保的成本，以及在结汇的时候更多的费用的支出。尤其是对巴西雷亚尔和欧元这两个货币影响，尤为显著。 In slide number 12, we can see H1 sales increase, and the picture is more or less the same picture as the story of Q2 2022. Record high sales of $2.9 billion, 24% higher than last year. 20% in prices, and 8% in quantity, and it also in H1 negatively impacted by the strong dollar. 上半年我们再来看第十二页呈现的同比变动因素各方面的影响情况。上半年的销售额也是实现了24%的同比增长，达到了接近$29亿。正面的因素包括20%的提价的贡献以及8%销量的贡献。负面的因素主要还是因为强势的美元，美元升值带来的负向的汇率的变化因素。 The increase in quantity reflects the high demand for all protection products in the market. Despite mixed weather conditions, supply and logistics challenges and the situation in each year. 那么我们的驱动力，刚才说过了，价格的显著提升和销量的持续增加，主要的背后的支撑点呢，是在于市场对于植保产品的需求是一直保持着旺盛，但是呢，同时负面因素也有刚才提到的物流以及供应的不稳定。 Looking into gross profit bridge inside slide number 13. The trend, which started in Q3 2021 of price increase continues to Q2, while in this quarter, as you saw already in Q1, our price increase more than offset the negative impact of the cost and the currency, resulting in surplus of $67 million. 我们再翻到第13页来看毛利的同比变化情况。那么我们从2021年的第三季度开始提价，一直到今年的二季度，价格的变化是贡献了主要的正面的因素，正面的驱动力量。那么在负面的因素方面，我们会看到有成本的压力以及汇率走势不利的影响，但是因为价格的涨幅比较显著，所以抵消并且超越了这两方面不利的影响，实现了毛利的同比增长。 In slide number 14, we can see the gross profit bridge for the H1 of 2022, while also for H1, our price increase more than offset the negative impact of the costs and the currency, resulting in a surplus of $180 million. 上半年毛利的同比变化情况，与二季度相同，也是价格的上涨以及销量的增加，两方面的积极贡献抵消超越了成本压力以及汇率走势不利的影响，最终使我们实现了上半年的毛利达到8.52亿。 In slide number 15, we can see Q2 EBITDA. As you can see, with higher expenses, which reflect the strong growth of the business and the higher transportation and logistics costs, our EBITDA ratio in Q2 2022 is 16.2% compared to 50.2% last year. 我们在三到十五页来看二季度EBITDA的表现。EBITDA呢，我们看到也实现了同比的增长。在这个价格方面，也同样是因为价格的涨幅抵消超越了成本压力及汇率走势不利的影响。我们也看到，营业费用的增长呢也是代表了我们的业务也是在上涨。但是因为有这个价格涨幅，所以呢，最终使我们的EBITDA利润率，也是同比实现了从15.2%到16.2%的改善。 In slide 16, we can see that also in H1, we succeeded to improve our EBITDA margin from 14.7% last year to 16.2% this half. This is despite the higher operating expenses, which also include a provision made in Q1 for the Ukraine collection risk. 我们翻到第十六页来看上半年EBITDA的同比变化情况，同样也是实现了14.7%到15.2%的一个同比的改善。那么这里主要要提到的就是，同样营业费用有增长，这个包括了刚才提到的为了乌克兰回款的风险所做的计提。但是，因为价格的涨幅、业务的增长强劲，所以最终使我们实现了上半年同样EBITDA的一个显著的增长。 In slide 17, we can see our cash flow situation. In general, the increase in working capital of $165 million is to support our significant growth. It is also reflected by the better ratio of working capital to the last twelve months' sales, which is 49.9%, lower than 56% last year. In Q4, ADAMA decided to procure more goods in order to mitigate the risk of shortages due to supply and logistics challenges, which reflect in the higher inventory and the higher payables. 我们翻到十七页来看现金流和营运资金的情况。大家可以看到，我们在月报这个期间，是有这个营运资金的$1.65亿的增长，这主要是为了支撑销售业务的增长。另外，在2021年的四季度开始，安道麦因为预期到销量的增长，以及供应还有成本的各种风险，所以我们在刻意地提高库存水平，相应也是有这方面的增加的支出。但是，尽管如此，我们还是实现了营运资金占过去十二个月销售额的比率的改善，从去年的56%下降到了49%。 Slide 18 is the development reflecting good collection that has been done during this half. Oh, sorry. No problem. 那么在上半年呢，我们也看到应收账款略有增加，也反映出销售回款的情况非常的良好。 Free cash flow reflecting also investing in activities which is largely related to investment in four lead manufacturing facilities in Israel and Brazil, as well as investment in intangible assets relating to ADAMA's global registration. 应收账款的情况，销售回款的情况良好，但是我们看到自由现金流是负的，这主要是因为公司在这一时期有若干项比较重大的投资，包括支撑核心跃升项目的实施落地，以及在以色列和巴西的项目的投资。还有就是为了增加公司在全球各国的产品登记而进行的无形资产的投入。 In comparison to investment in H1 2021, last year's investing activities included also the relocation and upgrade of manufacturing standards in two sites, which was completed towards the end of the Q2 of 2021. 另外还需要点评一点的就是我们这个现金流——投资活动产生的这个现金流或者消耗的现金流，因为在中国区的这个搬迁——荆州基地的搬迁项目已经于2021年的第二季度结束，所以这部分的这个投资消耗的这个现金流已经出现大幅的下降。 Thank you, Efrat. I would like to invite now Yoav to share with you some of our strategic insights. Hi, thank you. I'm Yoav, VP of IDR, which includes our innovation, R&D, product development, and registration units in ADAMA, and I'm gonna talk about our formulation mastery strategy. 各位好，我是安道麦 IDR 副总裁 Yoav。IDR 指产品的创新、研发与登记。今天我有幸与各位分享安道麦的制剂制胜战略。 The one is ADAMA is an off-patent active ingredient company investing in formulations. 那么安道麦作为一家非专利原药企业，为什么要投资制剂研发呢？ To give the background to our strategy, our industry is changing, having to deal with what I would call a perfect storm of changes over the last few years. First, more regulatory and consumer pressures that are raising the bar on performance of the new products coming to market. Second, climate change and sustainability challenges that also force us to think more and invest more in development of our new products. 那么这里我需要介绍一下出台这一战略的背景。植保行业正在转型之中，对我们直面的形势变化，我愿意用一个词来形容，那就是变革风暴。形容过去几年的变化，这样来形容是因为首先来自政府监管与消费者的压力增加了，这意味着对新上市产品的要求更高了。其次，气候变化与可持续发展的种种诉求也加入其中，这促使我们在开发新产品时考虑更多因素，并且加大投入。 Having said that, we also have less active ingredients to play with as a result of fewer that are coming to market from discovery and more that are being banned and exiting the market. Finally more resistances that force us to develop more products faster in order to meet the challenges of the food supply requirements. 说易行难，因为可供应用的有效成分在减少。一方面研发而来的新有效成分越来越少，另一方面不时出现现有的有效成分被各国禁用，不复见于市场。那么最后一大变化的因素是药物的抗性也在不断增强，这也迫使我们必须加快产品研发的速度，才能跟上世界粮食供应需求的步伐。 Before we dive into the strategy of formulation mastery, I want to explain very quickly where the formulation fits in the products. On the left, you can see that we start with raw materials from which we synthesize active ingredients. Usually they come in powdery shape. It's not something that you can apply in the field and get any results. You need to formulate it into various liquid and sometimes solid forms that help the active ingredient remain intact on the shelf for a year or two, remain intact in field temperatures and VHS and ultimately ensure that as much as possible reach the target site in the plant and or the disease, and then it's packaged and sold to the farmer or distributor. 在详细介绍制剂制胜战略之前，我还要简要解释一下制剂在植保产品诞生链条上的位置。请大家看幻灯片里的图示。整个过程始于原材料，也就是最左侧。那么原材料经过合成生产之后变为有效成分，通常为粉末状，但并不适合直接喷施于农田之中，它也不会产生任何的药效，所以呢就需要加工为制剂。大多数呢都制成液态的制剂，也有固态的剂型，目的呢都是要确保有效成分能够在货架期保持活性。另外，我们也要保证有效成分制成制剂之后，能够在田间的温度和VHS条件下同样保持活性，并且能够保持这种活性，直至到达防治作物疾病所需要到达的这个目标位点。达到这些标准，才能够分装出售给经销商，或者直接销售给农民。 I want to give a specific example of a product that we are actually selling at the moment. It's a fungicide that treats a big disease that affects wheat and barley cereal in general across the world called Septoria. In blue here you can see that the performance of the existing commercial product that ADAMA sells, which is a good product, is about 60%. That means it kills 60% of the fungi disease when it's applied on the cereal. It's not bad. Here you can see that we created new versions of this product just by changing the formulation. It means that each of these bars represents a different version of the same active ingredient given at the exact same rate. We get as high as 90% efficacy against this disease just by including new and advanced formulation technologies. It shows us the power of the formulation in the face of the challenges that I mentioned, and less active ingredients to work with. If you invest in formulation, you can still improve by 50%, as in this case, the performance of your product. 那么接下来我以安道麦实际销售的一个产品来举例说明。这个产品是杀菌剂，用于防治广泛多发于小麦与大麦的斑枯病。那么蓝色标注的，这个图上蓝色标注的就是当前在售产品的药效表现。其实单从这个表现来说，产品是相当不错，防治率可以达到60%，也就是说这个产品喷施到谷物上可以杀死60%的致病菌，药效到这个程度已经是很不错了。但是呢，也请再来看看我们创新制剂之后的结果。我们做了同一产品的不同版本的新的制剂，其实都只是升级了制剂，这里的每一根柱图代表的就是有效成分相同，但制剂不同的各个升级版本。我们看到有效成分用量相同的条件下，改进升级制剂能够产生高达90%的防病效率，这都取决于制剂技术的先进性，展现了制剂的巨大作用。那么回想一下之前我所提到的那些挑战，我们可以在可用有效成分减少的情况下，只要加大投资于制剂创新，从我举的这个例子就能够看出，我们至少可以把产品的药效提升50%。 This also opens up a lot of opportunities, not only to provide a better product, but also to differentiate our offerings by capturing intellectual property. We've been doing that more and more. You can see here on the graph the number of patents that ADAMA has submitted. In most cases, they're accepted. Over the last five years, you can see very significant growth in the number of inventions that we capture as patents for ADAMA, and I can say that most of them are associated with formulations. Some are also related to other aspects of innovation that ADAMA continues to work on. In this area of off-patent active ingredients, the formulation really creates a lot of the incremental value and differentiation. 那么这就打开了许多的机遇之窗，不仅仅可以让我们得到表现更好的产品，也可以通过掌握知识产权帮助我们加强差异化的供应。实践中这种机遇越来越多了。同样，您可以在幻灯片中的图示当中看出，我们申请的专利数量在持续地增加，大多数专利申请都是在过去五年间获得了批准。为安道麦的创新发明申请的专利数量在显著地增长，而且绝大多数此类专利都与制剂技术相关，其余也都属于创新领域，我们仍在推进研发当中。那么在非专利有效成分的领域里，我们可以说制剂技术创造了数目可观的增量价值与差异化特征。 ADAMA is positioned really well in this area. We've been working with off-patent AIs and having the largest portfolio of those AIs for decades now, and that forced us to be very good at formulating different chemistries, different approaches, and focusing on the formulation and not discovery. Now this is actually playing to our advantage, and another driver for our increased focus on formulation mastery as a way to get better returns on our product performance and ultimately our returns. In other words, we're turning off-patent active ingredients to off-patent products based on the formulation technology. 安道麦在这一领域独具优势，我们在非专利领域深耕多年，经过数十年的积累，公司掌握了规模为业内翘楚的产品线。这一优势也要求我们必须在不同化学成分的制备、工艺路径上精益求精，要求我们专注于制剂环节，而不是发现新成分。所以现在提出制剂制胜，目的就在于充分挖掘自身优势，将其打磨为又一大增长驱动因子。通过制剂制胜，我们能够提升产品表现，并最终获得更好的收益。换句话说，我们要以制剂技术为基础，将非专利的有效成分转化为专利产品。 I want to again go a little bit deeper and explain to you, what are the platforms of innovation in formulation, what we call the formulation mastery platforms. 这里我想再与各位深入探讨一下，解释一下我们为什么称之为制剂创新平台是什么，我们所说的制剂制胜平台又是什么？ This is actually very exciting to me because we're starting to see a lot of fruits to our labors and products that are already coming to market. Here I'm going to discuss just a few of our main formulation technology platforms to give you a little bit more flavor on what we do with them. 这其实是个令我非常兴奋的话题，因为我们将谈到许多制剂制胜战略执行到现在的成果，谈到不少我们已经推向市场的产品，我也将介绍一些主要的制剂技术平台，以及我们是如何利用这些平台。 On the left, our Asorbital technology. This is a technology platform that we created, and patented and already developed into several products, a few of which are already on the market. First one launched in 2020. This is a technology platform that helps the active ingredient get inside the plant. That means that for the same amount of active ingredient, more of it can reach the target site where it actually works. 我们从这张片子的最左侧开始看起，那么第一项技术叫Asorbital。Asorbital技术是由安道麦创造并拥有专利的技术，已经有三四个产品利用了这一技术。那么首次应用这项技术上市的产品呢，是在2020年。这项技术呢，可以有效地提升有效成分的渗透率。这个意思呢，就是说它可以帮助更多的有效成分进入到植株的体内，同样含量的有效成分，利用这一制剂技术的剂型，可帮助更多的有效成分到达植株上的目标位点。 It gives us the opportunity to reduce the rate of active ingredient, thus providing a more environmentally friendly, sustainable solution. Also cost effective because we use less active ingredient to reach the same result. The second one I want to mention is Jericho, which is an exciting technology platform that helps rainfastness. I'll get to it also. But Jericho helps us stabilize very high load concentrated formulations, which means that we can package a lot more of the active ingredient in each liter or each kilogram of product, and we need to apply less product. It's very good for sustainability because it means that we come to the field with much less packaging, plastic. As we like to say, we don't even have to recycle this plastic. We don't even manufacture it in the first place. 如此一来，利用这个技术可以降低有效成分的适用比例、比率，创制出更为环保、更有利于可持续发展的解决方案，而且性价比也能相应提高，因为这意味着要达到同样药效需要的药量更少了。第二个我想介绍的制剂技术平台叫做Jericho，它同样令人激动人心，它的主要作用是稳定提高制剂当中有效成分的含量。也就是说这项技术可以在每升或每公斤的产品中让有效成分的含量更高，意味着可以减少所需喷施的产品剂量。这样做于可持续发展也大有益处，因为这意味着可以减少塑料包材的用量。就像我们经常说的，首先你已经不需要生产塑料了，那就更不用考虑再循环利用塑料了。 It also has a lot of cost and economics values to the channel and to the farmer. Here too, we've already utilized this technology in a number of products. First ones are actually launched this year. 所以这样的技术能够极大地节省成本，并且呢，这样一来，经由渠道向农民也可以传递更多的经济价值。我们也已经将这项技术应用于多个产品，首批产品也将于今年年内上市。 The Rainfast technology has to do with rainfastness, which means how much of the formulation sticks to the leaf. If more sticks to the leaf for a longer time, it means you can give less and still achieve the same or better result. Again, playing into using less but getting more. Good for sustainability, good for economics, and good for the outcomes for the farmer. 刚才提到的这个耐雨性，它所指的就是说在雨水冲刷的情况下，有多少制剂药剂能够留在、粘附在这个叶面上。留在叶面上的药量越多、时间越长，要达到相同药效，所需喷施的药量就可以减少。或者说药量相同的情况下，药效就能够得到提升。增强耐雨性的这项制剂技术，同样是实现了用量更小、效果更好，也同样有利于可持续发展，经济效益和农业收成也相应能够得到提高。 On the right, I listed a variety of additional formulation technology platforms that are still in the pipeline and about to hit our shores in the coming few years with additional products that we will launch. 这张片子的最右侧，我也列出了一系列仍然处于在研过程当中的制剂技术。相信未来几年这些技术都将日臻成熟，可供安道麦不断推陈出新。 A nice example is our SORATEL formulation. It's a prothioconazole 250 grams per liter EC formulation. We launched it for the first time in 2020. What's interesting here is that it's based on prothioconazole, which is a Core Leap AI related to our very exciting and still ongoing Core Leap strategy. Here we come to market with a similar offering because there's already a product out there from the innovator of prothioconazole, which is a 250 EC, except that for the same 250 grams per liter, you can see the blue bars here, we get a lot more effective space. That means that in very, very large markets and diseases affecting cereal, oilseed rape and others. For example, clethodim, Septoria and so on. We get 13%, 18%, close to 20% more effectiveness or efficacy for every gram of active ingredient as compared to the same active ingredient used by the traditional approach. Obviously, this again might have cost and sustainability advantages in addition to the performance advantages. 这里我想再举一个非常好的产品的例子，它的名字叫做SORATEL，也是安道麦的主打产品之一，含量为每升250克的丙硫菌唑乳油制剂，2020年首度上市。这个产品的特别之处在于它是以丙硫菌唑为基础的。丙硫菌唑是纳入安道麦核心跃升战略的有效成分。核心跃升也是我们激动人心的公司正在执行当中不断取得进展的战略。我们推向市场的这个配比与市场现在的这个既有的一些主流丙硫菌唑药剂相似，都是250克的乳油。但我们的不同点在于，对于相同的每升250克的这样一个药剂，我们可以看到，蓝色柱所代表的我们的剂型明显药效更高。这意味着面对着巨大的市场价值，相比这一市场内防治谷物、油菜籽及其他作物疾病的常见产品，同样的有效成分，我们的技术对比传统的制剂技术，我们的这个技术呢，可以把药效提高13%、18%，甚至提高将近20%。显然，除了药效这些提升的优势之外，这也同样能够产生成本及可持续发展的收益。 Another example of how formulation technology makes an impact where the rubber meets the road is using Jericho technology for high load concentration. We're about to obtain first registrations for another Core Leap product I prefer not to mention, but I will say that we're able to increase the rate of these active ingredients from about 450 grams for each liter to almost double, 835 actually. As this visual suggests, we're able to go to the field with about half of the amount of formulation, half the packaging and the plastics and all of the inventory space and logistics, and still deliver the same amount per hectare of active ingredient, thus achieving the same result with a lot less. Less co-formulants, less cost, less packaging, more value, more sustainability. Another nice example of how formulation technologies creates dramatic differentiation with no change to the active ingredient itself. 这里还有一个产品的例子来说明制剂技术产生的不同。好的有效成分碰到创新的制剂技术，就仿佛如鱼得水，能够爆发出非常巨大的力量。那么我们借助不同的制剂技术，比如说Jericho这样的技术，可以去提高有效成分的含量。这里我可以透露给大家的是，我们即将为核心跃升的又一个有效成分获得这一技术加持下的首个产品登记。产品名不能透露，但可以告诉大家的是，这个制剂技术帮助我们把该有效成分的含量能够从450克提高到835克，近乎翻倍。这也意味着进入到田间喷施药品时，农民所需要携带的制剂用量、塑料包材的用量都可以减半。换言之，有效成分占用库存的空间也会更小，耗费运力更少的情况下，你得到的处理过的耕地面积却是相同的。总体来说，制剂技术可以帮助我们以少胜多，不仅降低成本，减少包材耗费，还可以创造更多的价值，更有利于可持续发展。这也是一个又一个极具说服力的例证，证明了创新制剂技术具有不改变有效成分本身，却可以极大增强差异化特征、提高药效的优点。 With that, I would pass it on to the next topic, and thank you very much for your attention. 我的分享到此结束，非常感谢各位朋友的关注。再见。 谢谢 Yao，也非常感谢各位管理层刚才非常详实的介绍。那么我们下面就进入问答环节。先请会议助理播报一下提问的方式。谢谢。 大家好，出席提问前的话，请按声音键等号加三号键，再按数字一键，谢谢。下面有请中金公司肖亚平提问，谢谢。 尊敬的公司领导，现在可以听到吗？ 可以听到。 好的，尊敬的公司领导，我想请教三个问题。第一个问题，我想请教一下，就是说，俄乌冲突其实带来了一个天然气价格上涨。从公司目前了解的情况来看，整个俄乌冲突对于欧洲的农业产能影响大概是什么样一个情况？因为的确就是说，从我们了解的情况来看的话，有一些部分的原料，在欧洲生产的部分原料，供应上面可能存在一些困难。咱们这一块的话，想请公司领导帮忙解答一下，这是第一个问题。第二个问题我们想问的是，我看公司在半年报里面也提到我们在巴西和以色列还在进行这个核心跃升的这个战略原药产能的一个建设。那么我们想知道，就是未来，以色列、中国、巴西，我们的这个原药产能的一个分布情况，就是这个未来的一个分布情况。那第三个呢，我想请教一下关于气候的、关于天气的一些情况。那么今年其实欧洲和中国都出现了一个极端的高温天气。那么现在有一些说法呢，还是担忧整个供电可能会有一个寒冷的天气到来。那么这一块的话，公司对于未来天气情况大概是怎么一个预估，那么对于农药销售的影响大概是什么一个情况？这主要这三个问题，谢谢。 Hello, distinguished leaders of ADAMA. I'm Yating Xiao with CICC. I've got three questions. The first one is about the production capacity of pesticides in European countries. We know that the Russia and Ukraine conflict has been pushing up the price of natural gas, and we also know that it has posed risks over the production of AI of various pesticides. Could you elaborate the status quo regarding to the capacity changes in the coming months? My second question is, regarding to the strategic investments of your company in Brazil, Israel, for the quality active ingredient. I'm wondering if you can introduce what will be the future layout of AI production for ADAMA in the three countries, including Brazil, Israel and China. The third question is about the weather. We noticed that in the H1 of this year, especially this summer, both EU and China have witnessed extreme high temperature in various locations. There is concerns that there will be a cold winter with extremely low temperature coming. How do you forecast the weather conditions in the H2 of this year? And how do you expect it will influence the sales of pesticides? Okay, well, thank you. Thank you very much for your questions. There are three very critical topics. The first one about production capacity. We do know that the European manufacturers they are going to suffer because of natural gas restrictions. That is a reality happening today. We do know of certain raw materials and finished products that we're supposed to supply for a Latin American campaign that are having difficulties in some of these European producers. This certainly represents an opportunity for ADAMA as we are right now in a process of expanding our capacities and capitalizing on that. But we want to be also very cautious, because today we are not having any issue, but we are monitoring very closely what is the situation of energy in China as well. You rightly say it has been a very dry, hot summer, and we are hearing that maybe some restrictions on energy, not as extreme as last year dual control measures, but some of those might happen. So energy is not only a European issue, might be a global thing. I'll stop here for translation, and then I'll answer the other two questions. 谢谢您提的三个问题，它们都是非常切中要害的问题。我首先来回答有关于农药生产产能的这个问题。确实，欧洲它的生产产能，或者是欧洲的原药、农药原药的生产商，现在都是因为天然气的供应受限，正在处于一种困苦的状态之中，可以说是当前的一个现实。那么我们看到，我们预计到一些供应，拉丁美洲的产自欧洲的原材料和成品都会有供应上面的困难。当然了，我们自己评估其实认为这是按照卖的一个机遇，因为我们在其他的地方是在扩大我们的产能，并且希望能够充分利用产能扩大的优势。但是与此同时，我们也是非常的谨慎，因为目前我们在其他的欧洲以外的生产地没有看到什么类似的问题，但是不排除未来有可能产生。因为我们知道，中国去年也出现了，也出现了这个能源双控的政策，中国也有这个酷暑，然后供电紧张的问题。所以其实这个能源卡住这个产能的脖子的这样一个现象，不仅仅会出现在欧洲，也得防着在其他的地区出现。 That leads me to your second question, which is about our strategic investments in our manufacturing layout. Well, we do have an advantage because we do not depend on a factory in Europe. We have two main bolts of our activity. One is Israel, the other one is China, as you do know, and we are heavily investing in these two places in order to ensure that we have a solid backward integrated capability coming out of those places. In addition, rightly, as you point out, for certain active ingredients, for certain raw materials, we're complementing it with a strategic investment in Brazil and in India. India, mostly for some intermediate steps in raw materials. Brazil is a different thing because there are tax benefits that we are capitalizing by having some of our fungicide produced as well in Brazil. Let's not be confused. For us, Israel and China are the bulk of our activities. They're strategically complemented by the other places, and certainly it gives us an advantage versus some of our European players. You're asking about. I stop here for translation. Now address it. 那么我们来看第二个问题，有关于生产布局。您可以看出我们的生产的资产，或者说设施的这个布局，是以不依赖于某一个区域，特别是以不依赖欧洲为特点的。我们有很多装鸡蛋的不同的篮子，但是呢，要搞清楚的是，以色列和中国是我们首要的、具有战略意义的主要产能布局地。而且呢，我们在这两个区域呢，会持续地、大举地重金来投资，来保证公司始终会有非常扎实的后向整合优势。那么此外呢，我们做这种产能或者是说生产的投资的这个地区还包括巴西和印度，但是呢，他们的情况是不同的。对于印度来说，主要是投资建设的生产设施是为了生产原药基础上到中间体这个中间的几个步骤。那么对于巴西来说，因为当地的会产生税项收益的这种政策，我们在巴西呢投资的生产设施主要是为了去接近这个目标市场生产杀菌剂，所以这两个地区的这个意义跟以色列和中国大规模的这种产能建设的战略意义呢，是不同的，他们只是起到长远的一个补充的作用。这也是我们认为是我们战略布局的能够形成未来发展增长的一大优势。 About the weather. It is totally correct that we see more extreme events in many places, but on the global view, many of these events are compensating each other. I don't think that weather has that big impact. I think that it's more that this uncertainty is translated into strong demand that is happening in many markets. Demand that is generated at the distribution level because there is also good economic conditions at farm level. We are envisioning a continuity over the H2 to many of the patterns that rule the H1, and we are moderately optimistic about next year. We will see few other events coming into place and it's a bit too early to see if the cold winter has an effect, especially on allocation of natural gas for some of the European producers. We'll only see that as we're getting closer to the campaign. 那我们再来看天气的情况。其实，如果你从这个全球整体的角度去看天气的变化的话，确实尽管极端的一些现象会增加，但是我不认为说这个是一个全球整体的趋势，或者说其实不同区域出现的不同的天气状况是彼此互补的。那么这样的一种互补的情况，它实际上不足以对农化的销售产生实质性的影响，但是当然确实会增加许多不确定的因素。但是，我们要注意的是，在不同市场，它的基本面的需求是非常强劲的，在经销端的这个需求，因为农民经济状况比较良好，所以这个需求是没有出现受天气影响的这种任何逆转性的改变。所以我们认为在下半年，这种情况会持续，基本面不会有改变，基本上增长的模式或者说需求的一个走势的基本的模式不会与上半年有什么大的差别。但是对明年来说，我们保持审慎乐观的一个态度。不过，我也认为说现在说这个一个极端寒冷的冬季就一定会到来，还是有点为时尚早。但是，我们也确实可以预见到，因为当前的局势，因为这样一种预测，再加上这个天然气的受限，那么一些欧洲的生产商，可能会进一步地因为资源的紧张、资源的调配的问题，会有一些问题。谢谢Ignacio的回答。那么会议助理请接入下一个提问的参会嘉宾。下面有请孙晨星提问。谢谢。 领导你好，想跟你请教几个问题。第一个问题就是，刚才你也提到欧洲面临这个情况，因为我们怎么看后面对公司能不能带来一些潜在的经营性收益，因为它肯定有很多产品的话，后续会面临着一个供应不足带来的价格上涨，那这块的话公司有没有做一个相应储备？然后第二个问题就是，我们怎么看后续的制剂的价格趋势呢？因为上半年的话，制剂的价格还是上行的嘛。但是往后看的话，一个是听了终端的库存情况怎么样，另外一块的话就是后续我们怎么判断这个制剂的价格，它是处于一个高位维持呢，还是说会有一定的下滑风险。然后第三个问题的话，就是想请教一下，我们这个丙硫菌唑目前的推广跟这个市场的反馈情况怎么样，还有我们这个辉丰目前的复产情况怎么样？然后最后一个问题就是我想了解一下，这个套保的话，上半年其实对我们的利润影响还是蛮大的，就是后续的话，公司在这个套保上会采用一个怎么样的方式来避免说会出现一个比较高的损失。这就是我大概的问题。 Hello, I am Sun Chenxing. I've got four questions. The first one is are you related to the energy risk in European countries as you said just now, we can foresee that there may be some return opportunities because of lack of certain product supply that their price may also go up, so does ADAMA have inventory buildup to prepare to seize these opportunities. The second question is about how do you see the trend of formulation products? We see the price of formulations has been going up in the first six months, and how about the inventory level right now? Do you see the same trends in the H2, or do you see it will decline? The third question is about prothioconazole. I'd like to ask you to elaborate more about this product, how ADAMA has promoted, and what is the feedback from the market? Also I'd like to know the production resumption in Huifeng plant. My last question is about hedging. The hedging cost has significantly influence your profitability in H1. Have you got figured out any patterns or models or solutions to avoid such a suffering hedging cost? Okay, thank you, thank you very much for your questions. You're talking about again the energy risk. We are seeing that some of these difficulties are having a real impact. Very interesting that you're talking about prothioconazole, because the reality is that we do know that there's going to be some supply issues of prothioconazole in the market, some of it generated by difficulties on the European producer. Some of it is also because of some difficulties of the main Chinese supplier that have some issues. In this context, sure that we do have an advantage. First, because we've been building inventories in order to secure our H2 business is at good form. We are very confident that we will be depleting these inventories into the market in a healthy way. Specifically about prothioconazole, we do know now that we have a great opportunity to supply market that is extremely demanding and we are putting a lot of effort into it. Stop here for translation, and I'll give a bit more details around prothioconazole. 谢谢您所提的问题。那么确实我们也看到能源的一些风险的因素产生了影响。那么正好有趣的是，就是跟您后面的问题提到的这个丙硫菌唑也有一些关系，我正好以它为例来说明。丙硫菌唑的供应，因为能源风险呢，确实是现在能看到供应有可能是有一些困难的。一方面呢，是欧洲的这个丙硫菌唑的生产商因为能源受限，这个供应有问题。另外一方面呢，中国的丙硫菌唑的供应商也会有类似的情况。所以呢，我们也确实认为我们是有一些机会的、优势的。所以呢，我们确实为下半年呢是储备了一些库存，让我们能够在下半年呢有足够的这个火药来去市场上打拼。当然了，我们这个储备的这个库存呢，也是基于现在的综合的情况的考量，会去以一种消耗的健康的方式，我们相信这个水平能够保证我们以健康的方式就能够把它消耗掉。另外呢，这个丙硫菌唑确实看到是有很大的机会的，市场对于这个产品的需求还是非常的旺盛的。 Specifically about prothioconazole. We are right now investing in the plant in India that will be producing raw materials for prothioconazole production. Expansion of capacity of prothioconazole in Israel that will add additional volumes to the ones that we are already producing. Expansion of our activities in Brazil in order to produce prothioconazole. All these investments will start to produce material during the H2 of this year, and that will allow us to capitalize not only on the active ingredient, but as you heard from Yoav on the presentation of formulations, we are reinforcing our position with new formulations that are differentiated and deliver superior performance, like Armero, which is right now being launched in the market and some others that will come in the next 18 months in the market providing superior performance containing prothioconazole on it. Yes, we do have great opportunities not only in terms of volumes, but also in terms of value and prices, as you rightly said, because prices, we are confident that we will be able to maintain higher prices than the year before, and that is in our formulations will be enough in order to compensate some of the costs that we are facing challenges. I'll stop here before addressing the other two. Thanks. 我们再来具体说丙硫菌唑。有关丙硫菌唑的产能，现在在印度我们是在投资建设为生产这个丙硫菌唑的原材料的生产设施，在投资。然后在以色列呢，我们也扩大了生产丙硫菌唑的产能，这势必会增加我们供应丙硫菌唑产量的能力。另外呢，在巴西也有为了供当地市场丙硫菌唑的相应的产能建设，所以这些都会能够保证今年年内，也就是下半年丙硫菌唑的一个满足这个需求的供应。就像刚才我们的IDR的总经理所提到的，我们其实这也是加强自身的这个制剂生产能力和制剂的创新性、差异性的能力建设的一部分，那么我们会利用不同的创新的制剂技术，提升制剂产品的各方面的表现，能够让我们的制剂能力会更强，拿出更多差异化的创造更多价值的产品。比如说一个例子呢，就是ARMERO，那么它也是包含丙硫菌唑的一个产品，未来在十八个月之内呢，还会有更多包含丙硫菌唑这个成分的产品上市。所以确实如您所说，我们确实是看到了丙硫菌唑以及其他一些产品、制剂产品的机会。那么不光是说销量提升的机会，当然也有创造更多价值和提升价格的机会。对于价格来说，我们是非常有信心它能够保持一个比去年同期更高的一个价值的位置。这当然也会帮助我们去克服成本端这个压力上涨的一些负面的影响。 We are very pleased that our manufacturing layout now is reinforced by the ramp up in the production of Huifeng. The Huifeng was stopped for three years and getting it back into production has been a bit more challenging than we were expecting. At the time that we're speaking, the lines have finally achieved all the permits from authority. We're resuming the production in all the lines of Huifeng, combined with the establishment of relationships with some third party customers and also reinforcing our activities through the ADAMA network. Finally, a good performance of our Huifeng domestic business shows us that this was a wise investment for ADAMA. 另外，有关于辉丰的复产的问题，我想说的是，辉丰当前处于爬产、去增加生产供应的这样一个过程当中。那么辉丰的爬产呢，也是加强了我们整体的一个生产布局、多方布局的这样一个优势。但是呢，我也得承认的是，辉丰毕竟停工了三年，复产爬产这样一个过程当中遇到的挑战呢，还是有一点点出乎意料。但是目前辉丰完全复产的所有的需要的审批和监管的许可都已经拿到，所以这个走向完全复产、恢复到辉丰原来的这个产能的这个条件已经可以说是成熟了。这也意味着我们能够通过辉丰、通过安道麦的整体的经销的网络，利用起来这样一个投资得来的生产的设施。那么另外呢，辉丰的国内的销售业务也目前到目前为止的表现都证明我们这个投资举措是非常明智的。 This is Efrat. Regarding the hedge, our main functional currency is US dollars. We always reduce risk. We don't take positions. That means that whenever the dollar is strengthening, then we have as income and when it's devalued, we get the other way around. You should treat the hedge expenses as part of the total performance of the business, because our aim is just to reduce risks and it works, you know, on the other side of the currency change. We again, we do not take positions and this is just a risk reduction aim. 有关于您的套保的问题，我想强调的一点是我们的记账货币是美元，那么我们的套保的政策，基于这样一个记账货币，那么我们的宗旨就是套保是用来减少风险的，而不是为了去赚取更多的收益。所以我们不积累过高的头寸。所以在这个美元虽然这个趋势升值的时候，套保相应就像业务的一个出现这样的波动一样，会呈现出来这样的成本或者费用增加的情况。但是，如我所说，我们的宗旨是用套保来减少风险。所以，那么汇率变化的时候，美元有升有降的时候，那肯定也会出现产生收益的情况，所以我们只是把它当做一种像业务一样的一种平衡的工具。 The main balance sheet item that we have non-dollar is our bonds that are denominated in shekel. When the shekel goes up, then we enjoy income from the hedge and vice versa. It depends on the relative currency valuations. 所以，对于我们主要的跟套保关联的这个资产负债表来说，受汇率的影响比较大的就是我们有谢克尔计价的这个债券。那么当谢克尔升值的时候，那么就跟目前的情况相反，就是它会去产生一定的收益。谢谢。那么就—— 谢谢您吧。 谢谢。那么下面就请会议助理请下一位需要提问的嘉宾。下面我请方正证券张泽亮提问。谢谢。 你好，我想问一下，就是下半年或明年咱们对下游这个农民的一个盈利的情况的一个展望，因为咱们上半年销量同比增长3%，价格也涨了。这个在下半年或明年还能持续提高吗？这是第一个问题。 您就一个问题是吗？ 我还有下一个问题，那我一起问啊。 Ah. 那我一起问。 请一起问吧。 我还想问一下，就是我看到咱们这个润丰，就是咱们这个润丰的一个成长速度也非常快，面对这些国外企业的竞争，咱们公司采用的一个策略是什么？就是这样一点，就是咱们跟润丰之间是合作多一点还是竞争多一点？这是第二个问题。 Mm-hmm. 还有一点就是咱们怎么看全球这个原油价格的一个走势，就是这个农化供应链的一个走势，就是今年这个上半年原油价格国内也跌了不少，在明年或者是明年的时候，可能会往向上的一个趋势吗？这样一个情况，这三个问题。 Thank you. I'm Zheng Zhang with Founder Securities. I have three questions. The first one is about the economic conditions of farmers in H2 and the next year. You just mentioned the economic conditions of farmers right now or in the H1 of this year have brought very strong demand for your business. Do you foresee it will continue in the H2 as well as the next year? And how do you see the price of your products? Do you believe it will further go up? Or do you see if you can increase the price as you did in the first six months of this year? The second question is about Rainbow. We witness that Rainbow and other domestic crop protection companies in China have developed very rapidly. What is your competition strategy against these domestic chemical companies such as Rainbow? Is cooperation or the competition dominating the terms between you and Rainbow and other domestic chemical companies? The third question is about the trend of AI price. We see that in the H1, the price has declined dramatically. Do you believe it will go up in the next year? How do you see the general trend of AI price? Okay, thank you. Thank you for your questions. First, prices of commodities are very high. It is true that there's been a slight decrease versus prices at the end of quarter one, but it's still very high compared with historical levels. You combine that with the fact that we see that some of the farm inputs are starting also to reduce prices and some of them in a very significant way, like fertilizers. With the exception of potash, I think that fertilizer prices are really going down. That means that the farmers are still enjoying good economics because their prices are good and their inputs are decreasing. That for sure is the trend in the H2. We see that also being projected into sometime in the year 2023. Yes, we see a certain bonanza on the economic conditions of the farmers. 我们先来回答您的第一个问题，有关于价格的走势，这个农民端价格的走势和他们的经济情况。那么，大宗商品，特别大宗农产品的价格仍然是处于比较高的位置的。确实我们在一季度末的时候看到了比较显著的回落的现象，但是整体到今年而言，它仍然是处于高于历史平均水平的一个比较高的位置。另外一方面呢，在这个农产品价格处于高位的同时，其实对于农民来说，他们的成本端一些农资投入物品的这个成本实际上是在显著的下降，特别是这个钾肥、化肥方面的价格，我们到现在是看到了比较显著的下降的趋势。所以你综合两方面，一方面呢是农产品的价格处于高位，那农资投入品的这个成本又在下降。所以对于今年下半年来说，农民的经济情况是比较处于比较良好、比较舒服的一个位置。所以我们认为呢是会能支撑这个需求和价格的提涨的，这样一个有这个驱动力在这儿。但是到了2023年呢，目前我们只能说有一些相同的因素会持续到2023年，能够看到会有这个成本端的压力会有缩小的情况。 I will answer to you the question about our prices combined with the active ingredient prices as well, like you were asking. We are optimistic that we will be delivering higher prices than the year before, not as high as the ones that you've seen in the H1, but it's still significantly higher than what they were last year, because that responds to the economic environment. We see certain reduction on the AI prices, but not that dramatic when it is for exports from China. The sharp decline of AI prices is really related to the consumption in China. Yes, there is a lower demand for active ingredient in China that has gone into the direction of eroding prices dramatically. We see that, as demand will go to normal patterns, prices as well will go into a better performance. Don't expect big changes in terms of recovery. For our business, yes, we see that some of those prices on the export will be lower, but nothing really dramatic. That will lead me into the answer of Rainbow after translation. 那么我再来回答您有关于我们的价格的走势，跟这个原药价格的走势的一个预测，我结合起来一起来回答您。那么按照卖的看，今年的这个全年的一个价格走势，我们还是比较乐观的。我们认为今年全年的价格水平肯定要比去年的同期会升高，会能够提涨，但是呢下半年的价格的提涨的幅度可能并不能像今年上半年一样那么显著或者是大，有实现大幅度的提涨。但是总体因为农民的经济状况，我刚才也说了，大环境的经济状况还是基本面还是不错的，所以呢能够支撑价格的提涨。有关于原药的价格，我们也确实看到有一些原药的价格是在下降，这个主要反映的是中国的这个消耗和出口的情况。我们看到中国的对于某些原药的需求是有在下降的，所以呢，它会传导到这个原药的价格上面，我们看到有这个回落的，或者是说有震荡的这种迹象出现。但是呢，我想说它只是一个回归到正常的一个波幅或者波段里面去。我们并不会，或者说我们不应该去预测或者说期待有这个特别大的、显著的或者说实质性的逆转性的下降的情况，因为整体的各方面下降的这个因素还并没有付诸到位。对于我们来说，出口的原药，自中国出口的原药价格下降肯定会对我们的业务有一些帮助。那么接下来我会回答您有关于跟润丰竞争的问题。 You ask him about our relationship with Rainbow and all the Chinese manufacturers. I have to recognize that they have these dual entities for us. On one hand, yes, there are competitors for the industrial activity, not only for ADAMA, also for some of the group companies like Yangnong, especially on the active ingredient and basic chemistry activities. Yes, there are a competitor like many others, but at the same time they are a strategic partner because like all the manufacturers, they don't have a solid distribution arm outside China. We do have very good collaboration examples where we buy material from them that we distribute into the global market. That reality is, it is something that is ruling our relationship in this case with Rainbow. I could put many others like, you know, here Qizhou and many others. 中国的生产商，包括润丰在内，确实都有一种很敢干敢拼的，对我们具有竞争的同行。那么确实我们在原药或者说基础化工品的生产、销售的业务上，确实是存在竞争关系，包括跟我们同一集团的扬农，会存在这样的现象。但是与此同时，润丰也好，还有中国的化学品的生产商也好，他们也同时是我们具有战略意义的合作伙伴。因为中国的农化产品的生产商，基本上他们在全球各国都不具备像我们一样扎实广泛、布局很全面的这样的经销网络。所以我们的合作关系实际上是有这样的经销的通路的，我们从润丰、从不同的中国生产商购买我们需要的化学品，去经过我们的全球经销渠道来实现业务的合作和双赢，这也是一个在我们的关系当中占据主流的现实的基调。包括润丰，包括利尔，包括七洲，都是我们很好的合作伙伴。 好，谢谢。那么，请会议助理有请下一位提问嘉宾。下面我们请到国大证券周佳诺提问。谢谢。 领导你好，能听到吗？ 可以。 好的，谢谢郭领导。我这边大概有两个问题，第一个问题就是从我们的细分产品来看的话，其实我们今年上半年的话，整个杀菌剂这块的营收会更为突出，但是像杀虫剂的话，这个营收角度来看确实出现了一个负增长。那么从实际的产品价格指数来看呢，这两种我们认为可能杀菌剂和杀虫剂整体的价格指数的波动比较接近。那我想问一下，这两大类业务的营收出现比较大的分歧，主要是因为什么原因？这是第一个问题。第二个问题是，我们在这次报告当中也提到中国区的销售增量主要是来自于我们精细化工产品这块的大幅放量。那么我想问一下这一块是否具有延续性？另外就是说这一块的增量主要来自于销量还是说价格增长。另外就是，我们在Q2这样一个非常严峻的宏观环境下的话，我们是如何保证这一块精细化工产品的增量产品的消化呢？我大概就这两个问题，谢谢郭领导。 Distinguished leaders, hello. I am 周佳诺. I have two questions. The first one is about the product segments. I've read your report and I find that the fungicide performance was remarkably strong in the H1. The insecticide was having a minus growth rate. I also find that the fluctuation of the two types of products was very similar. What is the reason for the difference between fungicides and insecticides in terms of their sales performance? My second question is also related to what you said in the report. China platform had a strong growth thanks to the incremental sales performance of non-ag section. I'm wondering what is the main driver behind that? Is it the sales? Is it the volume growth or the price increase? In Q2, we all know that the macro economy was very bad. How do you achieve the incremental performance of non-ag business up against such unfavorable conditions? Thank you for your questions. Performance of our crop protection products. Herbicides in general, they are not really relevant on weather conditions, but fungicides and insecticides they are. Okay? Just think about your life, you know, when it's hot, you see floods. Okay? Same happens here when it is very hot, then you see that insecticide business is growing, and when it is very wet, you see that fungicide business is growing. The reality is that the growth on fungicides is being driven mainly by very good economic conditions in the Latin American and the American market. Okay? It was a year that only in summer we had some very dry conditions and that affected the insecticide business. The fluctuation it is something that responds to the characteristics of the year. It is not at all related with weakness on our portfolio or for something like that, you know. We are very well positioned with the portfolio of products that we have in order to cover both. 关于您的第一个问题，我想首先点明的是，在所有的三种植保产品的品类当中，除草剂它的使用或者说销量跟天气的变化是不太相关的，所以它相对来讲它的量一直都很大，然后波动也不是很大。但是，在农民使用杀菌剂和杀虫剂这两种品类的时候，它是跟天气的变化高度相关的。比如说这个欧洲如果出现高温天气的情况下，如果要是有洪水，很潮湿的话，那可能这个杀菌剂的使用量或者喷施量就会上去，就会受影响。然后杀虫剂呢，可能就是高温的情况下，干旱的情况下，可能就会有这个销量的一个变化的体现。我们目前看到的您刚才所说的今年上半年杀菌剂的一个增量呢，除了有天气的助益之外，还有就是在拉美和主要是这个北美的国家，因为农民的经济条件得到好转，所以能够去更多的使用比较高价值的这个杀菌剂的产品。另外呢，我想说的是，这样一个变化，您可以观察多年的这个不同的三个品类的一个销量的变化，然后再去看天气的一个影响，你会发现实际上安道麦的这个产品线综合的实力是非常强的，它某一年的某一个品类的下降并不是因为这个产品有缺点，或者说不适应当地的需求，而是说可能是受这个本地的天气的条件，我们本身对于产品线的一个组合，或者说市场的一个这种细分的应对，还是认为我们有很强的优势的。 About the question on the China non-ag is strong growth. It is not really dependent on the macroeconomic conditions, it is more dependent on the need of basic chemistry in order to ensure some manufacturing process. Some of them are not only on the crop protection or basic chemistry, they can go into other industries. When we are producing fluorine or derivatives of it or PCl3, these are used in our industry but also in other industries like the manufacturing of batteries. There was a certain shortage in the market and we capitalize on that through volumes and prices. If your question is did you grow your sales because of volumes? Yes. Because of price? Even more. I can tell you that prices in the non-ag have been growing in the last nine months, and only now we're starting to see a reduction on those prices. We were very well positioned in order to capitalize for our industry and other manufacturing industries with our capabilities and with our availability of products. 有关于非农增长的原因，您刚才提到的这个宏观的经济环境很糟糕，其实非农的业务跟这个宏观的经济情况相关性也不是很强，它的主要的这个决定因素在于说基础化工、工业或者说一些其他行业的生产工艺当中，到底对我们非农生产出来的这些精细化工产品的需求有多么的强劲。您也知道，这些精细化工产品不光是应用于植保的行业，也应用于其他的工业。所以，可以说我们生产出来的氯气、三氯化磷等等这个精细化工的这些产品，包括原药，包括这个中间体，它就是抓住了市场上这一类产品的一个短缺的机遇。所以您刚才问说到底是销量增长更贡献了这个增量呢，还是说价格。两方面都有，销量也增长了很多，那么我们的价格提涨甚至这个驱动力在过去的九个月，比销量增长甚至更多。那么确实价格是在过去九个月是有显著的上涨，但是现在，我们看到价格是在有下行的趋势，所以我们都是抓住这个机遇，然后调节好我们自身的优势，去尽可能地扩大非农的业务。谢谢。那我看现在是没有更多的问题了。那么请那个会议助理再播报一下提问的方式，我们看一下是否还有嘉宾想要提问。 大家好，直接提问，请在话机上按星号键后，再按三号键，再按数字一键。谢谢。 Ignacio, that was the last question. Would you like to deliver the closing remarks? Well, thank you. Thank you Zhi Guo. Thank you all for attending. Sorry, we have one more question. Sorry, just one. Oh. 那个会议助理，麻烦请这位参会者提一下问题，谢谢。 三秒后请这一次次的微软提问，谢谢。 你好，欢迎来电。我有个很快的问题，就是想请教一下，我们的专利，就刚才有个PPT里面说我们越来越多，就可能2020年有20个，2021年有12个，想请问一下我们的销售有多少是从这些专利的产品呢？ 你是问现在有多少个专利产品吗？ I believe this analyst is speaking Cantonese and he's with V Capital. He has a question about our patent product, and he is asking how many patent products are we having now? Because he has seen we emphasize the on-patent product is increasing in the presentation of formulation mastery. Yeah, your question is, it is very critical about how many. I can tell you about a third of our business is coming from differentiated product. Our intention is that over the coming years, more than 50% of our business will come from differentiated and patented products. You know, you will excuse me by giving you this strategic answer and not telling you whether we have 10% or 20% or 100%. Okay? I can tell you that the company is investing heavily in protecting our intellectual property, not only on processes, but as you rightly say, on formulations. 首先，鉴于披露的原因，我不会给您一个具体的多少个的数字，原因也是因为我们的专利不光是针对产品，也是有针对生产工艺、制剂工艺的专利。但是，我可以告诉您两个数字是这样：目前，我们的差异化的产品为公司贡献了三分之一的销售收入。我们的目标是使差异化产品、专利化的产品的收益能够贡献公司总的销售额的50%，这是一个目标。那么就像我刚才说的，肯定这个当中不光是有产品，也会有制剂的工艺的专利。 请问还有其他想要提问的参会嘉宾吗？Ignacio。 Okay. Thank you for joining us in this session and thank you for following us over several years. As I told you that you could stay with us because you will see how many pieces of our strategy were going to come together. I believe that the strong results are a testament to the solid strategy that we're putting in place in order to ensure the sustainability of our business, and that we provide farmers the products that they need in order to feed the world. Thank you.