Investors and analysts, good afternoon. I am Jiang Qun, Board Secretary of China Coal Energy. Welcome to our results presentation. Present at today's meeting are Mr. Gao Shigang, Deputy Secretary of the Party Committee, Executive Director and President of the company, Mr. Zhan Yanjing, Independent Non-Executive Director, Chai Qiaolin, Chief Financial Officer, as well as responsible heads and relevant staff from the Securities Affairs Department, Planning and Development Department, Finance Department, Coal Business Department, Chemical Business Department, Power Business Department, and Marketing Management Office. I would like to express our heartfelt thanks for your long-term care and support for the company. Now, I will present China Coal Energy's operating results for the first half of 2026 and our key work arrangement for the second half. Unless otherwise specified, all figures below are calculated under the Chinese Accounting Standards for business enterprises. Number one, operating results and key features for the first half. In the first half, China Coal Energy resolutely implemented the decisions and arrangements of the CPC Central Committee and the State Council, deeply pursued the development philosophy of enhancing efficiency from existing assets and positioning through incremental growth, actively responded to various risks, challenges, and multiple operating pressures. Our production and operations maintained a sound momentum. Under the Chinese Accounting Standards, we achieved operating revenue of RMB 73.13 billion, profit of RMB 12.46 billion, up 4.4% year-on-year. Net profit attributable to shareholders was RMB 8.14 billion, up 5.8%. Basic earnings per share were RMB 0.61, up 5.2%. Net cash flows from operating activities were RMB 9.86 billion, an increase of RMB 2.193 billion or 28.6% year-on-year growth, continuing to maintain a sound profitability level and cash generation capability. Under the International Financial Reporting Standards, we achieved an operating revenue of RMB 73.13 billion and profit before tax, RMB 12.42 billion, up 7.1%. Profit attributable to shareholders was RMB 8.192 billion, up 11.8%. Basic earnings per share were RMB 0.62, up 12.7%. The company's production operations in the first half featured the following. First, stable and orderly production and operations. In the first half, our coal business overcame challenges such as changing geological conditions and greater production operational difficulties in some mining areas. We have achieved a commercial coal production of 61.95 million tons. We further strengthened the production sales coordination mechanism and seized the window of rising coal prices, different product segmentation and market segmentation, and made every effort to increase sales and boost value, achieving commercial coal sales of 119.7 million tons, of which self-produced commercial coal sales amounted to 61.4 million tons. Our coke chemical business strengthened facility operation and maintenance management, focused on a lean production and product differentiation, and achieved production of major coal chemical products of 3.01 million tons. We actively expanded sales channels, strengthened the production sales coordination, carried out targeted marketing by category, and achieved sales of major chemical of 3.235 million tons, with efficiency and profitability remaining industry-leading. Number two, steady recovery in prices of major products. In the first half, the prices of our major products, including coal and chemicals, rose with market trends. The average selling price of the self-produced commercial coal was RMB 524 per ton, up RMB 34 per ton or 11.5%. Among these, the selling price of the thermal coal was RMB 494 per ton, up RMB 38 per ton or 13.3%. The selling price of the coking coal was RMB 1,017 per ton, up RMB 132 per ton or 14.9%. The selling price of the bulk trading coal was RMB 549 per ton, up RMB 77 per ton or 16.3% year-on-year. The selling price of polyolefins was RMB 7,017 per ton, up RMB 336 per ton or 5%. The selling price of urea was RMB 1,828 per ton, up RMB 76 per ton or 4.3%. The selling price of methanol was RMB 1,868 per ton, up RMB 98 per ton or 5.5% year-on-year. The selling price of ammonium nitrate was RMB 1,902 per ton, up RMB 19 per ton, basically flat. Number three, tapping potential, improving quality and efficiency. In the first half, we dynamically adjusted our product mix in response to market demand, increasing the average calorific value of the thermal coal by nearly 200 kg per ton. We continuously improved our refined management level and steadily enhanced the overall quality and efficiency. The unit sales cost of the self-produced commercial coal was RMB 285.69 per ton, up RMB 22.72 per ton or 8.6%, mainly due to higher fixed costs from lower output, higher labor costs from converting some outsourced teams to self-operated teams. Our chemical business remained focused on the goal of a safe, stable, and long-cycle full-load and excellent operation. We have strengthened equipment management, optimized the facility operations, and reasonably controlled cost expenditures, keeping unit sales cost of major chemical products within reasonable range. Among them, the unit sales cost of the polyolefins was RMB 5,674 per ton, down RMB 757 per ton or 11.8%, mainly because the polyolefins facility underwent planned major maintenance in the same period last year. The unit sales cost of urea was RMB 1,280 per ton, up RMB 17 per ton or 1.3%, mainly affected by higher purchase prices of raw coal and fuel coal. The unit sales cost of methanol was RMB 1,370 per ton, up RMB 66 per ton or 5.1%, mainly affected by higher purchase prices of raw coal and fuel coal. The unit sales cost of ammonium nitrate was RMB 1,893 per ton, up RMB 509 per ton or 36.8%, mainly affected by the planned major maintenance of the ammonium nitrate facility in this period. Number four, steady and sound operating performance. Against the factor of lower coal output and rigid cost increases, we adopted multiple measures to hedge against the cost pressures and achieve total profit of RMB 12.46 billion. The main profit change factors were as follows. First, major profit-increasing factors, higher selling prices of self-produced commercial coal increased profit by RMB 3.3 billion. Second, chemical business increased profit by RMB 878 million. Third, the power business increased profit by RMB 172 million. Fourth, investment income and other income increased by RMB 60 million. The profit-reducing factors. First, higher unit sales cost of self-produced commercial coal by RMB 1.36 billion. Second, lower sales volume of self-produced commercial coal, reduced profit by RMB 1.17 billion. Third, non-operating income expenses reduced profit by RMB 483 million. Fourth, higher taxes, surcharges, and period expenses reduced profit by RMB 459 million. Fifth, equipment and financial business reduced profit by RMB 425 million. Number five, accelerated construction of the key projects. In the first half, all project units of the second phase coal chemical project in Yulin, Shaanxi, with an annual polyolefin capacity of 900,000 tons, have been mechanically completed. The Liquid Sunshine demonstration project of the Yijinhuoluo Energy Chemical has entered the trial operation stage. The 2,660 MW coal power integration project in Wuxuan, Banas has fully moved into the equipment installation stage. The 100 MW wind power project in Yiliang, Shaanxi, undertaken by Shaanxi Company, has commenced the construction. Shanghai Energy Company completed the 100% equity acquisition of a 400 MW fishery solar complementary PV project in Leizhou Sea area of Guangdong. Number six, interim dividend to reward shareholders. Since our listing, the company's total cash dividends have exceeded RMB 46 billion. Striking the best possible balance between interest of all shareholders and the company's sustainable development, we have implemented interim dividends for three years in a row. For 2026 interim period, we plan to distribute cash dividends of RMB 2.44 billion or RMB 0.184 per share. The above dividends are expected to be distributed before the end of October 2026. Two, key work arrangement for the second half. The company will thoroughly implement the decisions arrangement of the CPC and State Council, adhere to the general principle of pursuing progress while ensuring stability, and diligently implementation of the 15th Five-Year Plan to deepen on the state-owned enterprise reforms as key drivers of high-quality growth. First, we will adhere to the coal, power, chemical, new energy, multi-industry, coupled development pathway, coordinate intelligent, green, and integrated development. Second, we will continue benchmarking against the world-class standards, strengthen present decision-making, deepen production sales coordination, go all out to improve quality and efficiency. Third, we will persist in driving development through reform and innovation, actively carry out reforms of management and operating mechanisms, deeply advance key core technology breakthroughs, and build a high-level innovation system. Fourth, we will uphold a systematic thinking and bottom-line thinking, give full play to the penetrating supervision role of the intelligent control platform, and strengthen work safety, as well as environmental protection and energy conservation. Number five, we will continue to deepen market value management and continuously improve corporate governance and information disclosure quality. Dear investors and analysts, the company's management and all colleagues will stay focused on our goals, remain confident, take proactive actions, and forge ahead with determination. We will continue to advance high-quality development and strive to deliver better results. That's all for my presentation. Now opening the floor for Q&A. Thank you. Hello, everyone. If you have any questions, please click the star key on your phone and then press number one. For online participants, you can type in your questions in the live chat box or click the button of Raise Your Hand. Thank you. We are taking the question from investor with a phone number ending in 0151. Please provide your name and institution. Thank you. Dear management, I'm an analyst from Guosen Securities. I am Zhang Jingming. I have two questions. First, as mentioned earlier by Mr. Jiang, in Gansu Province, there was some in-depth cooperation and in July, you have also signed a provincial-level cooperation with the provincial government, involving a large-scale investment. So in terms of the collaboration with Gansu Province, what's the specific plan for the future? Also, what tasks and missions will be carried out by the joint sole company? Thank you. I'd like to ask our Planning and Development Department colleague to answer the question. Thank you for the question. In July, the Group has signed a strategic cooperation agreement with the Gansu Province, planning to build the energy base of the China Coal Yudong. The Tangshan coal mine and Nanzhuang coal mine have obtained geological reserves of about 1.75 billion tons with an annual production capacity of 9 million tons. At present, the company has established a wholly owned subsidiary under China Coal Gansu Energy to advance the preliminary work of the project. Currently, we have not reached the stage of actual investment, and we will disclose further information later. Thank you. I have a follow-up question. In the first half, regarding all the cost items, in the first half, the non-operating expenses are RMB 500 million more than same period last year. There may be some specific parties involved, including the payment of the late fees and fines, as well as the taxes and surcharges, and also the resource tax and land use tax. I think these costs have increased compared with last year. I just wanted to know the reasons behind them and the outlook for the expenses in the future. Thank you. I'll ask our finance colleague to respond to this question. Thank you. In the first half, for well-known reasons, and also according to the requirements of the State Taxation Administration, we carried out a special tax work. It shows that the non-operating expenses and taxes and surcharges have increased. This tax payment is a result of previous practical standards and its differences against the current practice. For example, the identification of high tech and also there are some differences caused by the division of raw coal and washed coal, and these led to the increased tax items. We have paid these taxes according to the requirements of the tax bureau, and all of these expenses have been disclosed in our interim results. Thank you. Thank you. That is all for my questions. Next question, investor with the phone number ending in 6322. Please provide your name and institution. Xinyu Shen, from Citi. First, thank you for organizing this event. I have several questions to go through. The first one is about our production capacity. Our capacity in H1 is down a little bit. Of course, there is the Shanxi incident to consider. My question is, of course, if any accidents happen to other manufacturers, does that affect our production? Has it recovered? We have heard that post the accident, the security inspection is stricter than before, and more to come in the future. My question is that do you think the production volume can go back to the pre-incidental level? How is recovery going? Thank you. Do you want to go through all your questions or is it one by one? One by one. Thank you. My understanding of your first question is that it comes in two parts. The first one is the regulatory policy for the whole sector and also the prospect of all the main coal manufacturing provinces and their capacity. I will give the floor to our Marketing Management Office colleague. Also how the safety inspection policy is going. Thank you for your question. In H1 2026, especially in the second half of May, the Liushenyu coal mines incident has affected the production of the entire sector. After that, the competent authorities have initiated the security checks and the inspection on the overproduction conditions. Also modifications and rectifications are underway. Based on the current trend, I do not think it will ease up this year. This year, for the entire coal sector, the impact on the production and overall volume is quite clear. If you consider the numbers from January to June, the total volume was down by 1.7%, or it is 40 million tons less. From January to May, the imported coal was down by 10 million tons. But after the lower production in June, more imported coal, about 3.8 million tons more. We have much of our production area in Shanxi as well, so it is a huge impact on us. The upside is that for China Coal, we are sticking to our overall production schedule, and we are trying to make adjustments according to our whole year's production plan. From Mr. Jiang Qun. About our company's production volume in H1, it is down by 3.39 million tons year-over-year, down by 8%. As Mr. Li has said, it is affected by the tightening rules about safety inspection. Also for some of the mining areas, we have complicated geological conditions, and it is harder to organize production. So that also played a part. In the second half, we plan to stick to our original production plan and try to catch up here. Frankly speaking, since the inspection for safety has tightened and we are strictly compliant with the safe production for each month. While we try to meet our annual production target set at the beginning of this year, for the actual result at the end of the year, it comes down to our actual execution. That is what I wanted to add. Do you have any other questions? Okay. I have two more questions. I will cover them both. Our in-house product selling price was up to almost the market average, and it grew more than the LTA products. I wonder why that is. About our costs, what is your outlook for the H2 costs? Because costs were up a little bit for the first half of the year, and I wonder how the cost would be in second half of the year on a year-over-year basis. Thank you. Answer. Okay, for our self-developed coal selling price changes, from Ms. Tao, from Finance Department. Okay. The price is at RMB 524, up by RMB 54 per ton for the power, for the fuel coal, up by RMB 58 per ton. It is because we have optimized the Pingshuo product mix. The average calorific value is up by 200 kilocalories, and also the LTA pricing in the market has gone up, also lifting our selling price. Thirdly, Shanghai Datun Energy Resources is also a part of the fuel coal, and it is also sold in combo with the coking coal. The price has gone up by RMB 82 per ton. So much for the reasons. As for the cost trend in second half of the year, it goes to our Chief Financial Officer, Mr. Chai. Okay. It is a good question. We have covered this question before. We have already told our investors that it is normal to have about ± 10% of the cost fluctuations. We are a modernized, highly efficient, mining-based production type of manufacturer. Since we have strengthened the unified procurement, better management there, and we have introduced the digitalized intelligent technology, and we have got more of the innovative operational cost control and better management there, yielding good results. In H1, our cost was up by RMB, up by 8.6%. For various reasons, our overall production volume was down, and of course, that affects our cost. For example, RMB 6 that went into depreciation and amortization. For the operational expenses, it has a lot to do with the sales method. Some of the coal, we have to pay for the shipping fee. If it comes in a larger volume, then it affects the overall cost. It also has a lot to do with how we spend our dedicated funds. We have a timetable for it, and in H1, the production volume was down, so this year we'll have to use less of the dedicated fund. Relative to the same period last year, we spend for RMB 70 million more. That means the cost would be higher than before. It has a lot to do with the coordinated production schedule and the changing production volume. You have the remuneration and Social Security payment for our employees. Since we have reduced the outsourced labor and we have more of the in-house labor used, that has increased our costs too. Those are all normal. As for H2, I would say the costs are all controllable. We are looking at some of the improvement and also production volume in H2 would be better than H1 because we're trying to catch up with better utilization of the regulations. For our own management and administration, it will only be more optimized. As for the whole year's cost, is it really on par with last year or even better than last year? Not necessarily, because we want to prioritize the profitability, not the overall expenses. I hope that answered your question. Okay. Thank you, Mr. Chai and Mr. Jiang. I have no other questions. Thank you. The floor goes to the participant whose phone number ends in 2948. Please name yourself and your institution. Thank you. I am from Changjiang Securities. Congratulations on your good interim results. I have only one question. Because in H1 this year, the profitability of the chemicals has been improved. For example, for urea and polyolefin. What's the outlook for H2 and for the next year? Because we're also onboarding some new projects, right? Are we looking at a better margin profile? Sorry, your question. Your voice was a bit choppy, so let me check with you. You are asking about. Okay, let me clarify. I'm putting on a headpiece. Okay. Would you mind repeating your question? Of course. I'm from Changjiang Securities, I'm Song Chu. First, congratulations on your excellent interim results. In H1, the chemical sector has received a lot of attention and your business here has grown on a year-over-year basis. So for second half of the year and also for next year, what's your outlook of your chemicals business and what's your expectation for their costs and profitability? Thank you. Okay. The floor is yours, Mr. Xu from the Chemical Business Department. Okay. Thank you for your question. For the chemicals business in H2 and in next year. Let's first talk about our production. In H2, we're not looking at much growth. The only growth is coming from phase II of Yulin. It will go online in H2, but it will only contribute incremental volume in next year. Next year we are looking at 900,000 tons more of polyolefin because if it goes online this year, next year it will start producing more. As for our other businesses, other capacity, they are staying at the current level, no incremental growth. Secondly, for the profitability, the overall chemical sector keeps a good margin, especially for the polyolefin business. We do not have a clear read on the market now, but I would say, for second half of the year, polyolefin would fluctuate within a band at a higher level, at a higher related level, and the overall margin in H2 would be on par with H1. Next year with more incremental growth, we are looking at a higher margin. Thank you. Okay. That is very clear. Thank you. I wish you more success in the future. Thank you. The floor goes to the participant whose phone number ends in 8130. Please name yourself and your institution. Thank you. Dear management. Good afternoon. I am an analyst from Orient Securities. I have a question regarding the coal mine in Weizigou and Libi. It seems that there are some delay. I would address this question. For these two coal mine construction projects, one in Libi and one in Weizigou. We have adjusted the timing in the interim report, and there are two reasons for that. At the beginning of this year, during the construction process, there were some incidents, one for each, leading to the shutdown as you know. Now the safety supervision is very strict. That has affected the project schedule. For the Libi Coal Mine, the incident was due to the exploration of the gas. The gas that explored is quite different from the actual gas content, and this has also led to the delay. At present, one could expect a one-year delay roughly for each coal mine. For the Libi Coal Mine, the production is likely to start in 2028. For the Weizigou Coal Mine, production will start to the end of 2027. We will update you on any further progress of the project. Thank you. I have another question. In the first half, the proportion of self-produced coal grown by railway transportation and the port handling expenses has increased. I would like to know from a sales structure point of view, what is the company's current idea? Is this structure sustainable? Okay. I would engage colleagues from Marketing Management Office to address this question. Thank you for the question. The sales mix for the coal company has not changed much. But in our daily operation and management, we would make some minor adjustments corresponding to the market prices to the stock market. The amount of the waterproof coal pillar in the first half is slightly higher, including some logistic costs are slightly higher. Because of that, the sales of the waterproof coal pillar has also increased. The contractual volume for the waterproof coal pillar has also increased. But this change in the sales mix was not that much. Looking onward, I think the overall mix will remain stable. That's all. I see. Thank you. I don't have any further questions. Next, the floor goes to our investor with the phone number ending in 6402. Please provide your name and institution first. Thank you. The investment at the management. I am from Guolian Minsheng Securities. I'm analyst Ma Xuanshuang. I also have a question about taxation. Regarding the tax payment in the first half, are they done? Are there any additional taxes to be paid later, including the land tax as part of the tax surcharges? Or will this proportion stay the same? My second question is about the selling price of the company's thermal coal. The thermal coal price has increased by 90 year-on-year, and the price of the thermal coal in the company increased by 58 year-on-year. Considering that the proportion of the company is relatively high in Wanrong, what's the reason behind this? Okay, I will engage Ms. Tao to answer the question about tax. In the first half, the tax work has been basically completed. But as to whether there will be additional tax work in response to State Taxation Administration's requirement, this is still to be seen. Your second question is about the land use tax, correct? That's right. We will follow the laws and regulations, and to pay our due. This tax and the tax payment time is mainly about the different definitions of urban land. Coming forward, we will follow the relevant requirements of tax laws to pay our due. Regarding the pricing issue, it's actually, it has been addressed by Mr. Shi from finance, but I would give you a brief answer to it as well. On one hand, we have increased the proportion of our self-produced commercial coal in the first half and in a high calorific value coals. There are more high-value coals are produced in the first half as responded by our marketing colleague. In the first half, the waterproof coal pillar, the sales mix has also been adjusted, with the more waterproof coal pillar sales. Which is also counted as a thermal coal or a coking coal. Because of these three reasons, in the first half, the pricing for the coal producer, Semaphore, has increased a lot. Okay, that's very clear. Thank you. All the best for the company. Next, the floor goes to investor with the phone number ending in 1683. Please don't forget to leave your name and institution. Thank you. Dear management, I am Henry Cheung from Shandong Railway Development Fund. I have a question regarding the JV business. In the Q1 and Q2, the investment income is roughly the same, even though that in the second quarter, be it the coal price or the chemical price or the price of the polyolefins, they have increased month-to-month or quarter-on-quarter. So why the profit level across the Q1 and Q3 similar? It's because of production reduction or other reasons? Thank you. Okay, I will engage our finance team to address this question. Let me do it. For the JV business, the [China Energy Conservation Distributed Business] has both a Coal Business [Department and Chemical Business Department,] right? In these two quarters, the cadence of the production, there will definitely be some changes. Also in the Q2, Huajin was under the inspection from Shanxi Provincial People's Government, so there were some limitations in the production. That's the situation. Let me add something. This is for the Huajin coking coal company. We have a 49% of shares in China Coal c oking. Very soon, the Shanxi coking coal will also have their interim results announcement, and you could see more statistics from their report. What about looking forward to Q3 or in the second half? What's going to happen? Because now the coking coal price has increased. Again, I am particularly interested in Zhongmei Hesheng and particularly the coal chemical business. The coal chemical business started production quite early, even though the cost control measures has to be higher than the new coal chemical marketing project. So what will be the guidance and prospect for the Coal Business? Firstly, regarding the China Coal Huajin Group Co, Ltd and also the production plan for the second half, please refer to the data disclosed by Shanxi coking coal because it's also a listed company, and it's not appropriate for us to make comments on their performance. Regarding the Zhongmei Hesheng Company Limited, the production or the output scale should be fine. It's about 1.32 million tons. As mentioned by Mr. Xu, the coking coal pricing remains high, and it's likely to fluctuate at a high level. I think that the economy of scale is still there, and I believe it's going to maintain the rest of the good profit level. But the ultimate results depend on the price fluctuations. Thank you. That's all. Thank you. Next question is from online in text. The chairman mentioned in his previous speech that the company is accelerating the building of a new coal electricity chemical industry chain, and in the first half, Shaanxi Yulin Chemical. Phase II with an annual output of 900,000 tons for the polyolefin project, all project equipment has been delivered to the demonstration project, which has entered the trial operation stage. So, can you share with us when will the facility start production? And how does the company ensure the profitability of the new production facilities? We'll have Mr. Xu from the Chemical Business Department to answer the question. Regarding these two projects, firstly, for the Shaanxi Yulin phase II, it has entered into a comprehensive handover period. Some of the devices have started debugging and commissioning. Judging by current progress, starting from November, the facility will enter the startup period. That is to say, from this year, starting from last December, the production or the output will start to be up and running. But that excludes the EVA installation, because EVA will start production next year. It's one year later than the other devices. Regarding CATL, it also started at the debugging stage, commissioning stage, and we plan to start production after December. That's the first question, right? The second question is about the phase II of the Yulin project. It's mostly polyolefin for the Yulin phase II project, but it's different from the existing polyolefin. Phase II is different from phase I. We have a high-density polyolefin for phase II. Regarding the polyolefin, it is also using different processes. We are currently adopting the cutting-edge processes for the polyolefin. After phase II, our products will be more premium and also differentiated against the competition. The profitability for phase II is likely to be better than phase I. That is all. You have good answers. The next question is twofold. First, when the safety inspection is becoming stricter and many of the miners are using less of the outsourced labor, can you quantify the cost differential between in-house labor versus outsourced labor? Once that reaches economy of scale, do you think that your unit cost could come down? The second question is about the raising prices of coking coal, and how will your selling price go up? How much of the profit flexibility do you have there? The Marketing Management Office will take the second question about the pricing of coking coal first. Thank you for your question. The pricing of coking coal is based on two prices. For the raw materials of coking coal, it is priced on a seasonal basis. If there are some violent fluctuations, adjustments could be made. It could turn from quarterly pricing to monthly pricing, and it is quite stable. There is some gap to the market average, but the gap is not huge. The second system is just spot price, and it accounts for a very small proportion of our own coking coal. Our pricing of the coking coal is following the market price. Since our coking coal business is scaling up and we have a stabler pool of clients, and our price is well-received by the market, we have got a proven track record here. In this sense, when the coking coal price was poor earlier this year, our pricing was very robust. Now the market pricing is trending up and we are also following the upward trend. For the overall year, our coking coal price would follow the market trend. It is well synchronized. The first question goes to Ms. Tao from Finance Department. If we shift from outsourced to in-house labor, first, it does not affect our costs a lot because previously the cost to the outsourced labor is factored as other expenses. Now since we have shifted to in-house labor, then the cost items are broken into raw materials, human labor. In this sense, it does not really affect our costs here. I am Chai Qiaolin. For your question, the two costs are not really from the same. They are not the same metric here. Once we have shifted to the in-house labor, it is of course being displayed along with all other costs, because here you also have the Social Security investments and management. If you use the outsourced labor, on the paper it seems cheaper, but there is some discreet compliance risks, and if there are any issues, penalties is to be paid. You do not consider the procurement cost only. You need to consider the comprehensive cost of the whole life cycle, right? Along the same line, when we are shifting to in-house labor is high quality, healthy, sustainable operation. For the shifting to the in-house labor, based on the industry released data, if you shift to in-house labor, the cost is up by RMB 30-RMB 80 for SOE. For a private player unlike the SOEs, they would use the cheaper outsourced labor. For them, the increased cost would be between RMB 100 -RMB 200. Thank you for your answer. The next question is that in H1, we were also affected by the mining incidents from other manufacturers, and our production was on hold. Also we are actively pursuing safety inspections and doing the correctional measures. How do you measure the effects here and the results here, and how do you make sure that we are always compliant? I will give this question to our independent executive, Ms. Zhan. In this process, our team of independent executive directors have been closely following the safety and environmental compliance issues, and we have been monitoring and nudging for more corrections. The company has been putting in more dollars into safety, especially for the digitalization. Higher digitalized monitoring system being put into use in our operation will bring the positive effects as for the bottom line and also for the compliance in environmental and compliance. As an SOE, we will fulfill our responsibility and in terms of our investment supervision, we will follow closely what happens to all our subsidiaries and our associated companies, making sure that if there is anything, we would nip it in the bud. The next question is about our import and export coal volume has been growing a lot in H1. What are the reasons behind this? Thank you. This one goes to you, Ms. Xu. It grew much because we have been following the 10 rules about the trading of coals. For the coal trading businesses, what is the term here? For the weekly controlled coal, we are shifting to the distributed coal. So we are shifting the procurement structure. From Mr. Jiang Qun. In our report, we have disclosed the import and export and also domestic distribution. The main change mainly comes from our domestic distributors. Not much change is from the trading. From Chai Qiaolin. The adjustments are like this, because last year there have been a lot of pricing changes in coal, and although we have been controlling who we sell to, if we have to store coal for a longer time before sales and to prevent such risks in the contract, we try to pass on such risks to the end clients. In this case, through making adjustments to our contracts, there is some compliance risk before we can fully recognize the revenue here. In this case, we are converting such business to domestic distributors. But even if it is done through distributors, we have full control of the source and the flow of the products. Next question. In the financial statement, our non-operational expenses was RMB 751 million, up by 788%, dragging down the profit attributable to our shareholders. For the management team, what is your take with such write-downs for the large value assets and also the non-recurring expenses like the late fees? Do you have any improvements here? Answer. Well, in our statement, we have seen major changes to the non-operational expenses. The main reason is paying the taxes and late fees. It is based on how the tax policy is in execution. There might be some differences between the understanding of the actual rules and the execution. For us, we are always a compliant taxpayer, and internally, we use the refined and digitalized measures to make sure we have refined management of our taxes. As an independent director, the administration and governance of the company is well in control. For the board to supervise the asset life cycle of the company and also to prevent the write-down of the assets and compliance risks on a quarterly basis. For our internal audit reports, we would pay close attention to those items. In this process, we have also been asking questions about how to get a better read of the regulations and how to better communicate with the competent authorities in taxes and the regulators, so that we can narrow the gap between our read of the policy and the actual policy. Thank you. The next question is, in H1, the profits attributable to shareholders was up by 5.8%, but because you had more of the non-operating expenses, it was dragged down overall. So what is your specific measures to give better shareholder returns? From Mr. Jiang Qun. Okay. About the change of the non-operational expenses, as we have established, it is mainly because in H1, the tax authorities, they had the tax inspection. Ms. Tao has already given very specific answers and overviews here. Personally, my understanding is that the impact has already been fully absorbed in our P&L of this period. The non-operational expenses for this period will no longer be a negative draft to our long-term result. As for our market cap management, China Coal has always set store by the shareholder return, and we have robust communication with our investors, and we have taken multiple measures to give better returns for our shareholders. For example, we have just announced we will continue to deliver the interim payout dividend. In H1, China Coal, as the controlling shareholder of China Coal Energy, we have increased our shareholding of China Coal Energy, showing our confidence in China Coal Energy and strengthening the stock price. We have the confidence to continue to improve our operations in the future and to guarantee the strengthened value of the company. We will keep communicating with our investors, and we hope that you will keep in touch with us so that we can altogether maintain the market value of China Coal Energy. Okay. One last question. For renewable energy installation target in the longer term and in the next one year or two, what is the revenue contribution expected from renewable energy? Okay, the question goes to you. Thank you. During the 15th Five-Year Plan, China Coal Group's long-term target is to reach 50 million kilowatts of installation. For each year, it is 8 million kilowatt a year. With Policy number 136, we want long-term, healthy, sustainable development. For China Coal Group, we are present in the source grid load storage business. With the more utilization of renewable energy, with better presence of the business and with better management, renewable energy will be a positive lift to our operational results. From Mr. Jiang Qun. We have mentioned that we want 50 million of installation for renewable energy. That is for China Coal as a group. As for China Coal Energy's 15th Five-Year Plan, it is being revealed by the board as we speak. Once that has been approved, we will disclose that. Thank you. Thank you all. That is the end for the Q&A session. Let us see if the management has any other sharings. We do not have any additional sharings. Thank all investors for joining this session. If you have further questions, feel free to approach our IR team. We are more than happy to answer any questions you may have. Thank you. The meeting is adjourned.