Thanks for your participation. The meeting is ready to start. Please remain. And welcome, dear investors, and welcome to the Q3 China Coal briefing. And this briefing is open to investors, and the main speakers will also leave you some more time for Q&A. So let's hear from the management of China Coal. Distinguished shareholders, dear investors, this is the Board Secretary of China Coal, Jiang Qun. Welcome to the Q3 briefing of China Coal. I sincerely thank you for your long-term attention and the support. Present at today's meeting, we have Executive Director and President Zhao Rongzhe, and the Independent Director Zhang Chengjie, Chief CFO Chai Qiaolin, and also our colleagues and partners from different departments, business units, including the Coal Business Unit, Coal Chemical Business Unit, and the Power and N ew Energy Business Unit. Let me brief you on the performance of China Coal for the first three quarters, 2024. Firstly, overview of the performance in the first three quarters. Since the beginning of this year, China Coal Energy has fully implemented the development idea of improving efficiency and incremental transformation. And we have actively stabilized the production and the supply, deepening the lean management, striving to improve quality and efficiency. So we have had quite a stable production in the previous three quarters. Production, sales, and total profit of China Coal have exceeded the budget, and which has laid a good and solid foundation for the whole year of 2024. The main production and operation data. Coal production and sales in the first three quarters, and cumulative output is 102 million tons, up 1.14 million tons at 1.1% year-on-year. Advanced the production capacity of coal mines such as Pingshuo East Open Pit and the Shaanxi Dahaize was actively released. We've also achieved, like, 205 million tons of sales volume of commercial coal, down 9.29 million tons. The self-produced commercial coal sales was 100 million tons, increasing by 710,000 tons. Selling price of coal products. The average selling price of self-produced commercial coal is RMB 571 per ton, year-on-year decrease of RMB 32 per ton, down 5.3%. Average selling price of buy-out trade coal is RMB 598 per ton and down by 9.4%. Unit sales cost of coal products. The unit sales cost of company's self-produced commercial coal is RMB 286 per ton, down RMB 8.19 per ton. The transportation logistics have also been actually reducing and, as always, actively and allocated and also paid benefits and compensation, so that the overall influence is like the energy has actually been reduced by 2.2%. The first three quarters and cumulative output of major coal chemical products of polyolefin was 1.14 million tons, increasing 32,000 tons, and the cumulative output of urea was 1.312 million tons, which was mainly affected by the planned overhaul of Tuke Plant in August, with a year-on-year decrease of 220,000 tons. Accumulated sales of urea reached 1.51 million tons, including centralized sales of 89,000 tons of urea from Lingshi Chemical, a subsidiary of China Coal Group. Accumulated methanol output was 1.213 million tons, decreasing 244,000 tons, mainly due to the planned overhaul of the devices of the Tuke Plant. The cumulative sales of methanol is 1.2 million tons, decreasing 259,000 tons. Cumulative output of ammonium nitrate was 423,000 tons, increasing 11,000 tons. The selling price of main coal chemical products are as follows: average selling price of polyolefin is RMB 6,971 per ton, increasing by RMB 57 per ton. For urea, the sales price was 2,134 RMB per ton, and the methanol, the sales price was 1,767 RMB, and the ammonium nitrate was 2,101 RMB per ton. The unit sales cost of main coal chemical products, due to the comprehensive influence of factors such as the reduction of raw coal costs, unit sales cost of polyolefin was 6,015 RMB per ton, year-on-year decrease of 56 RMB. Unit sales cost of urea is 1,527 RMB, and that of methanol was 1,781 RMB, and that of ammonium nitrate was 1,288 RMB per ton. Equipment business output with coal mining equipment was 7.72 billion RMB, down 12.3%. Our financial business, the profit was 1.078 billion yuan, up by 11.3%. Now, the main financial indicators next. In the first three quarters of 2024, we have achieved operating income of RMB 140 billion, decreasing by 10.1%, and the net profit attributable to shareholders was RMB 14.6 billion, and fifteen point six three billion yuan under International Accounting Standards. And the net cash flow was RMB 21.7 billion, down RMB 1.47 billion. Basic earnings per share was RMB 1.10, down 12.7%, and the asset-liability ratio was 47.1%, down 0.6%. Main profit increase and decrease factors. Main profit increasing factors in the first three quarters. Firstly, the unit sales cost of self-produced commercial coal decreased, profit increased by RMB 821 million, and also the self-produced commercial coal decreased by RMB 8.19 per ton, and financial expenses decreased and profits increased by RMB 414 million. So the other factors is something like RMB 97 million. So given the pricing influences, I think that's the main variable affecting our profitability. And the investment, the earning has also down, and the impairment losses is somewhere two hundred million something. And for the coal machine profit decrease is RMB 215 million. So that's the first three quarters, the key financial indicators. Next, the fourth quarter key arrangements and actions. China Coal will continue to thoroughly study and implement the spirit of the third plenary session of the twentieth CPC Central Committee, focusing on high quality development, continuing to strengthen management, and constantly improving the quality and efficiency. We will focus on the following tasks. Firstly, we need to deliver a good job in safety management and safe production, so we need to scientifically and reasonably organize production, overhaul, repair, conditioning, orderly arrangement, and strengthening equipment and maintenance. And, we also need to respond to national policies to meet peak and also fluctuated demands in winter. We need to play the full role of central enterprises' objectives as regards to building energy supply and price stability, for improving the quality of operation, maintaining good momentum of cost control, controlling unproductive power costs and expenses, speeding up the collection of accounts, and clearing the two funds. The management will focusing on the safe and efficient development to deliver the objectives and targets we set out for 2024, so that we would also like to build up a solid foundation for next year's operations. That's all for the brief introduction of the previous three quarters. Let's go into Q&A next. Let's see if you have any questions. You can write down your text if you are dialing in via the application of the meeting. Press star one if you want to ask your questions. For English-speaking investors, please send your questions to the company or write up your questions on the app. Thank you. Congratulations. I think for the whole year, 2024, you still managed to register a quite good performance. I think from the coal industry. When we look at the dynamics, I think comparing to 2023, we had seen some very possible pricing dynamics. What's your view on the pricing trend? And also we see your efforts on cost reduction on expenses, especially on financial expenses. It has also driven forward the growth margin. What's the plan for further cost reduction for next years? Can you also rephrase your first question? Are you talking about the overall coal industry? My—like, our summary or analysis? We were talking about the pricing of the coal industry. It has been increasing, that we see the trend in 2023. This year, the pricing was, under a little bit of pressure. Where do you see the pricing trend? You were asking about the market of the coal industry, right? Mr. Ling from the Marketing Business Unit, please answer this question. I think that regarding the coal market in twenty twenty-four comparing to twenty twenty-three, I think that, it's gonna be quite a normal year for us, although we see some pressures of pricing down. But overall speaking, from the supply and demand in the market and, especially the demand-wise, it's quite stable. Pricing trend is going down, we see that, but, pricing-wise, it's not actually going too pessimistic as somebody analyzed. So 270 is somewhere at the like the bottom, but it has never been lower than 270 RMB per ton. So current pricing, although it's going down a little bit, but still it's beyond our worst scenario analysis. And I think in twenty twenty-four and next few years, I think it's gonna be quite stable. And regarding cost reductions, I think that this is some of my analysis. Comparatively speaking, it's not about high or low. I think cost-wise, it's, I think safe production is the first priority. And given safe production, then we strive to cut costs, continue to reduce costs, to actually register highlights in our performance. From January to September, I think cost-wise, it's quite stable. And the safe production, we've also delivered a very good job. So I think this is our like efforts to for continuous cost reduction. And given our advanced capacity, especially in the major mines, that we are releasing more capacities in the market, and the production and sales also are very optimistic, and so that has underpinned our cost reduction efforts. Secondly, I think with a very advanced like, management, I think we will continue to drive costs down. So we also said that, and in terms of liability and the debt, and according to our operation and development, and we still need to consider a lot of factors. For example, what is our debt of the year and the cash flow and the operating cash for the whole year on the basis of this, and we need to scientifically arrange all of the fees and the other cost. For example, like this year, and you have seen that. Basically, you can see the liability and the debt decreased, and you have noticed that in the market. We also launched kind of the bond and the shares, and the interest rate is 2.58%. The interest rate is very low, actually. So we are orderly to arrange the scale of the debt, and we optimize the structures of the debt and the loans. So because of this, we clearly see the liability and the debt have dropped hugely. Of course, in the future, we still need to follow these rules, because development of the company still rely on the resources. And you can see that, for some auction and for the pricing will be over RMB 10 billion or something. So that's why we still need to have certain cash flow for capturing more opportunities, so in the future, we are going to optimize the management of the fees and the money and the cash. And on the other hand, we still needed to consider about and the launch of the bonds. So do you not consider the standard of this year? Because we have reduced costs this year, of course, and we will assemble, arrange and all this. And the cost related, given the factors, including operation and a lot of the other factors, we need to assure the safety and assure the stable performance in the market and to achieve the sustainable growth. And all in all, we need to assure all of this, so that will be more reasonable to us. So thank you so much. Do you have any other questions, Mr. Huang? No, no. Okay, so now we are going to invite and the other participant, please provide your name and your organization and then ask your questions. Hello, and all the leaders, good afternoon. And I'm researcher from CITIC Bank, and congratulations and on this kind of performance of China Coal. And I have several small questions, and I want to ask these questions one by one. The first question, and I wanted to ask about the cost. So if we only see the producing cost of coal of Q3 compared with Q2, and the production cost dropped hugely. And could you please explain the cost of the. So in addition to the producing cost of coal, and can you explain more about the cost of so the others. Secondly, how about the cost compared with the year before, and how do you look forward the cost of Q4? This is my first question. Okay, we are going to invite Mr. Chai to answer this question. We wanted to invite Mr. Chai from the Financial Department. I wanted to ask about the changes of the other cost. We have these special forms and the other cost and surface fees and for the producing and special forms, and all of these are decreased on a year-on-year basis. In terms of Q4, how do you forecast the changes Q4? Actually, from Q1 to Q3 compared with the year before, basically, the cost dropped by 8.19%. However, compared with the whole year of 2023, the gap is 20.14. So actually, for the coal industry, the Q4 is more like a transition quarter, so that's why we need to reasonably arrange a lot of things, including the maintenance of the equipment, the devices, and we need to invest in the safety, safe manufacturing, and we still need to prepare the cost of the operation for next year. So basically, the cost of Q4 of each year will be higher than the other quarters. However, in general, we'll control the cost within certain range. Okay, understood. Another question is that you can clearly see that there are huge fluctuations of different quarters, right? And for other costs and of Q4, probably maybe it is difficult for us to forecast other Q4 other costs. So because for the cost of Q3, and we clearly see that there's a huge drop of the other cost, and for the whole year's cost of 2024, compared with the whole year of 2023. So if we look from this perspective, and the cost of Q4 compared with and the Q3, do you mean that the cost will increase? So no, no, I mean is that, so how do you forecast the overall cost of year 2024? So actually, I've already said, and for the whole year's cost, we will control this and within a more reasonable range. And I believe no, you know, there will be no and big differences. And in terms of Q4 compared to Q3, and there might be growing. So as I said, right, and for the investment of the safety and the manufacture of next year and the preparation of next year, so that's compared with Q3, and there will be some growth of the cost in Q4. Okay, understood. Thank you so much. And my second question, and goes to related to about asset. So do you have any plans and like the and you know asset from the mother company into the other company, and do you have any purchase opportunities for the other on the coal assets? So how do you think about the coal assets purchase from your company? So can you share more about the details? So I'm going to respond to this question. Actually, for now, and for other company, so, of course, and according to national policy and the standards, and the mother company basically, and adopt this, and we have certain asset. And in terms of the asset acquisition, so we are still in the process of doing this, but for now, we basically haven't got any detailed plan. Of course, in the future, everything is possible. I could only say this, possibly in the future, but in terms of asset acquisition, for now, we don't have solid plans. Okay, understood. So in terms of the external coal assets, any opportunities? So how do you think about this in terms of the external assets? Actually, and as the coal resource company corporate, of course, we actively capture and gain more coal assets and to assure the sustainable development. And in the market, and we have seen of a lot of the leading and the coal assets and resources, but for now, we haven't got any detailed results. Of course, we'll follow up those resources in the market. Okay, understood. And my final question is related to about the volume. And, so how about the... So Dahaize Coal and the growth and of next year and the Libi Coal of next year, so how about the volume, production volume of the other of the mines and compared with this year? So Libi and Dahaize Coals' contribution and in terms of manufacturing volume of next year. Okay, so we are going to invite Mr. Li, and from the coal unit. So basically for 2025, in terms of the output, and there will be no big changes. And you already mentioned the growth basically come from Dahai and Libi, of course, the next year, and we will have the manufacturing and increment of Libi. Okay, got it. So these are all my questions. Thank you so much for your answers. So I don't have any further questions. Thank you. Thank you so much. And we are going to invite the third participant, so please provide your name and the name of your organization, and ask your questions. Okay. So good afternoon to all the leaders. I'm from Huaxi Securities. My name is Wu Tongquan, and thank you so much for organizing this report and this performance brief. And I have a couple of questions to follow up, and I wanted to ask more detailed answers from all the leaders. So first of all, so I wanted to ask you a question related to production and sales volume, and from Q1 to Q3, and we see under the trend of the Q2 of the market, right? And we don't see big changes. And for Q3, so it seems that we can see that under some huge drops and some huge changes of the sales and of some costs and the reasons behind this. This is my first question. The second question and is more related to the resources. And the question I want to go to ask, so Dahai ze and for the Q2 and the progress, and including Antaibao, and the latest update and the planning. And we know this, resource of Antai, after increasing the resources in the future, so is it possible to improve the, increase the output? And if the output is increased, and can you share more about the details of the, fees and maybe some forecast? Okay. So in terms of this and the ratio, we are going to ask, invite, Ms. Li. Okay, thank you very much. And for 2024 and the China Coal. So the resource rate is no less than 80% according to the assigning requirement, so 80%. So the at least 80% and of keeping appointment. Actually, according to the statistics, and basically all these contract fulfillment and meet the requirement and for the signing ratio, and there are no big changes. Of course, for this signing contract and fulfillment, and we must follow the rules from the state government concerning the selling price of the coal, and we are going to ask Mr. Zhao to answer this question. Q3, the average selling price of coal dropped to RMB 20 per ton, and compared with the previous month, and due to the changes of the types of the coal. In terms of the Dahaize expansion, phase two, we are going to invite Ms. Li from the coal unit to answer this question. So in terms of this number two, coal of Dahaize, basically we are still in the preparation stage, at the pre-preparation stage. Because we are clear that for development of the coal mines, we need to have a very clear procedure, including the contracts and the planning, a lot of things. When everything is ready, and then we are going to start under this Dahaize project. Basically, by the end of twenty twenty-five, everything will be ready, and we are going to start under the phase two expansion. Concerning about the expansion, so there are two factors. One is about we needed to consider the procedures. So the procedures, and we still needed to comply with the industry's rules. We needed to comply with the recognition from industries. In general, everything is in the right order, and we are proceeding this. We still needed to consider about approval procedures or something. That's why, for the procedures, we cannot control the time for approval and in terms of the output. If all these procedures are approved by the province, then we can soon start the work. We will have a very detailed plan, because we still need to consider, you know, different procedures. In terms of the producing volume and the arrangement, then we will reveal to the investors at real time. Okay, thank you so much. I have a follow-up question. In terms of expansion, any new fees related to the coal mining rights? Actually, in the past... We didn't pay that fees to the government. We still needed to rely on the evaluation from the government, and then, and this. ... the fees and can be known. So there are still a lot of uncertainties. So no more questions from me. Thank you. Next investor, please. Thank you. Next investor, please. Can you hear? Yes. Yes, we can hear. Please. I have a question about cost. And the investor asked a similar question on Q4 cost and the Q3 cost. Is there any other cost reduction like opportunities forward? And, for the designated fund, it has decreased a little bit. Looking forward for this designated fund and these changes, will that be quite a lot in next year and forward? So second question is that the, in our sales structure, and we see that the, in the first three quarters, the self-produced coal sales is more than like forty-one million tons. And with more project and also capacity release, I think, what is actually the incremental capacity that will be released in twenty twenty-five onward? So the question is cost. I think for the special fund, Q3's special fund actually has increased a little in our utilization. For the safe production investment and the sustainability and ESG investment, that has increased in Q3. So we will continuously invest in safe production. There is a scope and range, so that's the reduction or like increase; it's quite within the range. It's reasonable. Second question. You were talking about the phase two project of Yulin, right? And the phase two project of another project. Yes. And also, Antaibao, the 350,000 kW power plant. Let me give you some heads up. On Antaibao power generation plant, and the coal consumption is 1.88 million tons per year. Yulin phase two and the coal consumption is about 4 million tons. That was the main three pricing mechanism that we are operating. Q3, the pricing change, especially the pricing down, and can you elaborate on us? For coking coal, coking coal average price is 1,300, down by RMB 60 per ton, less than RMB 60 per ton, which is lower than average market decline. That was some coal structural issues. The price decline was less than RMB 60 per ton. And also, for the coking coal of China Coal, how much was in the long-term contract that you are selling to your long-term customers? We do not disclose that kind of ratio, as for coking coal, and its proportions in long-term contract. Thank you. My second question is that, from your Q3 report, and the revenue of coal chemicals cost and also profit in the first three quarters, the coal chemicals gross margin is something like 2.3 billion. Last year, it was 2.2 billion. So in Q3, that means that the Q3's gross margin on coal chemical is just RMB 100 million. Is my assumption or calculation right? Thank you very much for this question. In Q3, the profit difference is mainly due to the long haul, the overhaul of the manufacturing facilities. So that has affected our production a little bit. So that was the variable there. Thank you. And next investor, please. And this is from Changjiang Securities. I think, for buyback of shares and also increasing the shareholding, what is your view? And, so that's my questions here. So I think, firstly, I think, for China Coal and our, controlling stakeholders, that we give all the importance to the share management. Actually, you can see that, our share price compared to last year, it has been quite stable and going up, and that was the trend we are seeing. And the controlling shareholder and, in a certain time ranges in this year, they have increased buying more shares. But for the time being, for now, we do not, we haven't disclosed any information to further buy back more shares of China Coal. We will let you know when we have announcement. Also, I want to reiterate here that we are actively seeking the possible M&A subject matters, and if there is nice and a good asset that we can buy, there is possibilities. We might arrange for the M&A, but we don't have any plans for M&A now. I will let you know when we have announcement on any potential M&As. Thank you. Any other questions, Mr. Song? That's all I have. Thank you. Thank you. If you have any questions, then please feel free to ask your questions. Next investor, please. I'm a individual investor. I think for your coal chemical project, for your self-planned coal chemical project, and comparing to other project, and cost-wise, is there any further space for your coal chemical project cost to go further down? Also, one renewable energy for your coal chemical is hydrogen, and hydrogen with carbon dioxide, and that is methanol that you are producing. So what is the potential market acceptance for your methanol chemical product? For the coal chemicals new planned project, I think we are launching some new technologies in the new coal chemical project. In the product design, it's all for the advanced and the premium product lineups. So for the new planned capacities of coal chemical compared to, and benchmarking with our peers, I think there is a lot of cost reduction space we can look forward. And, that's my take on this question. Secondly, you were talking about the, the... The coal chemical project you were talking about, and we used and adopted new technologies, and I think that is some of the integrated, the project for like the coal and the power generation and the coal chemical integrated projects that we are also investing in. So the quite advanced planning and the advanced design and advanced construction. Given the current budgeting forecast, it's quite lucrative with launch of this integrated project, and we will let you know when we do have actual operations on this new and advanced capacities on coal chemical. Thank you. Thank you very much. Thank you. Next investor. This is Wang Lijie. I have two questions. And on coal and segment sectors, I think for pricing and cost comparison, and we have noticed that you have some structural, like, advantages so that the cost goes down a little bit, but that is also offsetting the pricing down trend as well. So my question is that in the future CapEx plan, especially CapEx plan for coal chemical sectors next year, future, a few years, do you have any guidelines for CapEx that you're planning for coal chemical projects? And do you you were talking about the potential M&A targets for coal, but for coal chemical, do you also plan for some more M&A actions? Mr. Zhao, please. Thank you very much for this question. I think in 2024, the sales and also the product mix, and that is quite aligned with our budget and the forecast, and the downstream and the customers, and also the product mix related, the optimizations is quite within our planning. And also the different specifications of coals, and we see a little bit of different flows of customers that are receiving our specific coal products, but they're not changing that much. But what about CapEx plan for coal chemical? I think overall speaking, Yulin Phase Two is some of our focus now. Including the coal chemical, and this is very important part of our major business. Our main business includes coal and chemical, and power, and new energy. In terms of the capital plan, we have a total investment about RMB 16 billion, and the coal chemical is about RMB 15 billion, and for phase two project, and because they are still several years to be built up. For now, any investment is still at a stable stage, and in Jinbei region. We also have some plans for the coal chemical projects, but recently, in recent years, maybe we don't have too high expenses for investment. And I wanted to have a follow-up question, and in the future, and so in terms of the acquisition of assets, so do you still consider coal chemical or coal, or any other areas? Actually, for the corporate, so for now, and the coal chemical products normally, and they come from the coal energy. So, for the external and companies and their coal chemical assets, we basically we don't need it to review or something. However, and for some projects and which have benefits, economical benefits, and we are still and in the process of following up. For now, we haven't found any special interest. And, and on the long run, and we have the footprint and in Jinbei region, and the coal and electricity, the integration. We are planning, considering about the layout and of the new type and the coal project, but now this is still at the planning stage, and for now, we haven't have any and a formal expenses of the capitals. Of course, if it goes to the approval stage, and we will review to the public according to the rules and regulations. Thank you. Thank you so much for the leaders' answers. We are going to invite the next participant to answer. Please tell us your name and your organization. Good afternoon, all the leaders. Can you hear me? Yes, yes, please. Please ask questions. Actually, my name is Lin Lan, and I'm from State Development and Investment Corporation. I have some follow-up questions, and in terms of the progress of the chemical projects, because some of you talk about and the gains and the profits and of the projects and phase two project, and the new zone and in Jinbei, and the planning, and the sunshine project in Ordos, and can you give us more details about the schedule and the time for implementation? The second one is about the capital expenses. By now, how about the current status of the capital expenditure? For next year, the overall structures and the capital expenditure for next year. Any changes, are you going to increase expenses in the chemical and the power? These are two follow-up questions from my side. Concerning the coal chemical project progress, we are going to invite our colleague from the Coal Chemical Department and Capital Expenditure, and we have another leader to answer the questions. Thank you so much for your answer. In terms of the coal chemical project, we already officially started the project in June, and it takes about 13 months, and it's planned to complete by 2026. By now, the project has already entered into the overall planning stage and statistics stage. The Sunshine Project, we already started the bidding. In terms of the capital expenses, Mr. Tang, in terms of capital expenses, I mentioned that in 2024, the overall expense is about RMB 16 billion. And we also mentioned about the coal and the coal chemical and the new energies. In terms of expense, basically go to the phase two project and Yetai Yangguang project and we have the two and the coal power project and the new energy. So basically, the expenses go to those projects. In the following three years, for the annual capital expenses is about RMB 15 billion-RMB 20 billion in total, roughly. So we're still focusing investment on the power, new energy, and the coal chemical and the power. So that's all for my questions. That's all for my answers. So thank you so much. And I have a follow-up question. Actually, in the beginning of the year, I talked to you, and you proposed. You mentioned that in Shuozhou of Jinbei, you are planning to build a kind of industrial chain of tens of billions level. I wanted to ask any new progress of this new project. Actually, this project is still on the proceeding. Because for now, according to the national standard, we needed to include the project into the government planning. After that, we could carry forward with this project. For now, this project is still in the process, under the rules and regulations of the government. Okay. These are all my questions. Thank you so much for the answers, and we are going to invite the other questions from the internet. There's a question concerning the debt and the dividends. Actually, in terms of dividends, there's a kind of the rule of the corporate. We basically follow the New Nine Articles, and the share dividends of listed companies launched last year. The dividends is stable and easy to forecast. Because we promised to the market. The cash dividend is about 20%-30%, and the shareholder, the 30%. When we provide the dividends of this year, of course we still needed to stick to this the commitment. And we actually actively responded to you and this market. So basically, the investors and they can know and from our performance on one hand, so we make sure and that you and have the good operation performance and high quality development, and secure the sustainable development, and we still care about the investors. So this is about these factors, we can say about the dividend to the investors. So of course, the proportion is 30%, no change. However, so in recent years and we have the high quality response and to the shareholders, because our performance is still and very good. And from January to September this year, the first three quarters of this year, you can see that, and the profits, the net profits, of course, and decreased, reduced compared with the year before, however, and compared to the 14th Five-Year Plan. So in general, you can see the growth and the years on the track. So that's why for the distributable earning and the dividend, we need to consider about the shareholders, and we continuously to strengthen our management and improve performance. And on the other hand, we need to assure the high quality development to assure the capitals, and then, and we can contribute to the shareholders. So that's why I already mentioned in the beginning, we have the resources and, you know, the scale of the project in the market are basically, and from RMB 10 billion and to RMB 20 billion, and we wanted to invest in the new resources in the market, so we need to pay probably maybe under RMB 10 billion. So that's why, and for this new resources, we wanted to get it from the market. So because of this, and we do need to have enough stock of the cash. So that's why, and, we and the work of these factors, of course, we need to assure the sustainable and secure and stable dividends to the shareholders. Okay, so thank you so much for your answer. So we are going to have another question. How do you think about the pricing trend of urea of Q4 of 2024 and 2025, and regarding recently, is there any trends for exporting or regarding the exporting policies of urea? Now we are going to invite Mr. Li to answer this question. Thank you so much about this question concerning the urea of Q4 and next year, and including the rules of exporting. Q4, due to the newly added productivity of Q3 and the good profits of urea, and actually in 2024, the productivity producing of urea from Q1 to Q3, we clearly see that the producing growth almost 80%, and the supply of the market is very enough, and sufficient supply, and the state government has very strict rules for exporting urea. That's why in terms of the pricing, and basically, we clearly see that the pricing dropped slightly, and it's almost to Q4. Because the urea hasn't entered the peak season of the demand, so that's why, and we are still at the season of the small demand, so there will not be big changes in demand in the market. Probably, maybe for the H1 of 2025, the demand for urea will increase. Although, you know, there's RMB 1,000 difference between the China market and the international market, however, for the state government to provide the security of the agricultural resources. Basically, by 2024, maybe there will not be the loose policies for exporting urea, so there'll be there won't be big changes with demand in terms of the urea. Okay. Thank you so much for your answer. We are going to invite the next participant. Good afternoon, all the leaders. I'm an individual investor. I have three questions. The first question concerning the September twenty-fifth, 2024, and the published number 10, the standardized management of the listed companies, and from the state government and from the institution. After launch of this new document, we have seen eight companies and the other state-owned companies and quickly published the repurchase and the plan, and for the central bank and also launched the re-loans and of the shares. The interest rate is only 2.25%, but it also supports the shareholders. For Shanghai Energy, 600508, Shanghai Energy. I'm not quite sure whether you pay any attention to that. For now, the net rate is only 0.72, which means the asset of RMB and sell the share with a price of RMB 0.782. For the new policies, for those share price is lower than the net asset. There must be some explanations. Is it possible for your company to support for the support of Shanghai Energy or support Shanghai Energy to have the repurchase of the shares from the market? Okay, thank you so much for your question, and thank you so much for paying attention to Shanghai Energy and the China Coal. Of course, we have received the new document from China Securities Regulatory Commission. We also invite the relevant parties, especially the unions from Shanghai Energy, and respond our advice and the feedback to China Securities Regulatory Commission. For the strengthening the management and strengthening the payback to the shareholders, always our core to create values to the market and to the shareholders, of course. We need to, and, do well of the producing and the management, and to assure the internal value growth, and then we could strengthen the growth potential, and then we can further pay back to the shareholders. This is the core. China Coal always make efforts towards that goal. In terms of Shanghai Energy and the share structure and the price, I think this is a, this is not only related to the repurchase of the shares, but, and we receive your feedbacks and your advice, and your voices are heard, and we'll do some further research, and for the added value of the shares and repurchase, and by now, we don't have any detailed plan to review or to the public now. So if there is any plan, I think, we will actually announce and disclose to the market in official channels. Thank you. And one more question from me, that Shanghai Energy and in the coal sector, there are about 20, something, listed companies. Shanghai Energy company, the profitability is quite up in the middle. It's not actually making losses. So I think, but the communications of the shareholders to the market and investors was not very good, I think. For the coal sectors in China's capital market, they're not the worst performers, and the payout of dividends is okay. But the market is only giving them like zero point seven, something like the PE. So I think, there should be a lot more improvement they can make to better communicate with the market, with the investors. I think, there should be more instructions and, assistance, instructions given, and so that their image in the coal sectors in China's listed coal companies could be further improved. Maybe you do not have much attention on actually the share prices, but if the share prices does break, like the equilibrium, it's not any good thing, right? Thank you very much for your instructions, and thank you very much. And we do think our share price and performance is something we hold dear to, and we do give a lot of attentions and significances. Thank you. Thank you. So I think, that's all for the Q&As. Let's see if we have any wrap-ups or, like, final comments from the management. Thank you again, and very much for your support and attention. I think, for the interest of time, that's all the time we have for this dial-in call, and please feel free to contact us with any of your questions and comments. Let's stay in tune. We would like to answer your questions anytime. Thank you. That's all for today's conference call. Thank you. Thank you very much for your sharing. Thank you for the communication. Thank you. Have a nice day. Bye-bye.