Distinguished investors and analysts, good morning. Welcome to the 2022 Fosun International Annual Results Announcement. I am the General Manager of Investor Relations at Fosun International, Lucy Sun. First of all, I'd like to present to you the management team. We have Chairman of Fosun International, Mr. Guo Guangchang. Executive Director, Co-Chairman, Mr. Wang Qynbin. Executive Director, Co-CEO, Mr. Chen Qiyu. Executive Director and Co-CEO, Mr. Xu Xiaol iang. We also have Executive Director and Executive President, CFO of the Group, Mr. Alex Gong. Today's event will be split into the morning and afternoon session. In the morning, the management team will brief you on our financial performance and our strategic developments. In the afternoon session, the heads of the four business groups will present to you their performance and strategies respectively. First of all, let's give the floor to the CFO of the Group, Alex Gong, to present to you our financial performance. The floor is yours. Distinguished investors and analysts, good morning. Also good morning to our online guests. Welcome to the 2022 Annual Results Announcement. It's my great pleasure to meet you in person after the pandemic is over. Last year, we had very complex and volatile situation around the globe. We have the rate hikes and subsequent volatility in the market. Against this backstop, we stay committed to our strategies and improve our performance. First of all, let me present to you our financials. In 2022, our total revenue is standing at RMB 175 billion, a 8.7% year-on-year growth. Thanks to the rebound in FTG, which is around 49%. Our overseas revenue is standing at RMB 77.4 billion, a 44% year-on-year growth. Overseas revenue now takes up around 34% our total revenue. Because of the volatile situation in China and also capital market turmoil, we suffered a lot in our net profits. The net profits attributable to earnings of the parent is only at RMB 0.54 billion. Our industrial operation profits decreased by 33%, and enterprise operation profits decreased by 23%. We take a long-term view. We stay committed to innovation. Even though we have lots of challenges in 2022, we invested over RMB 10 billion in technology and in innovation. We have 50.8 million new registered members. We believe in continued investment in investment. We will generate the multiplying effect that will lay the solid foundation for our future growth. Let's take a look at the four business groups. Their overall performance was very steady against the very worsening trend. The wealth Hampton sector has a 5.7%. In the second half, it has a 20.6% increase. For wealth sector, it's now standing at RMB 47 billion. For intelligent manufacturing, thanks to our performance in Easun Technology, its revenue is standing at RMB 10.36 billion, a 33.8% increase year-over-year. Overall speaking, our core subsidiaries have been performing very stably. Yuyuan has a revenue around RMB 50 billion. Fosun Pharma, RMB 43 billion. Fosun Insurance Portugal, RMB 17 billion. For FTG, it rebounded against the trend, registered RMB 13.78 revenue, up by 48% compared to last year. The top four subsidiaries contributes to 72% of our total revenue. It goes to show that our core subsidiaries are very resilient. On capital, even though last year we've been set by a lot of challenges both at home and abroad, we maintained very good performance. We've raised RMB 17.7 billion in public markets. That goes to show the recognition from investors all around the world in us. At the end of this reporting period, so we have over RMB 100 billion in cash and bank balances, and our leverage ratio has been very stable. The cost of debt even went lower. The adjusted NAV per share is very strong, around HKD 21.6 per share. If you look at our credit rating, it's been very stable against all the odds. In 2021 and in 2022, we started asset disposal in non-strategic and non-core assets, we've been very consistent in that strategy. We strengthened this strategy on the condition of very strong performance of our subsidiaries. We strengthened their capabilities to pay dividends back to the group so that we can better navigate through this very difficult period. We continue to optimize our asset portfolio and to access those non-core and non-strategic assets to reduce total amount of our debt. We have a holistic view of credit rating to make sure our subsidiaries will do the same. In 2022, building on our strategies since 2020, in 2022, we actually accelerated the cash recovery. We have RMB 40 billion assets disposed, and we've received RMB 30 billion back in 2022. We have a very smooth financing channel, and we have syndicated loans around RMB 875 million and RMB 1.66 billion respectively in 2022. The big four as a company, banks and many commercial banks, gave us a RMB 12 billion syndicated loan. Since last year, when the central government proposed that we need to strengthen the performance of private companies, this has been the biggest syndicated loan to a private company. That goes to show all the institution players' faith in Fosun. We're also carrying out equity investment, and to make our asset portfolio more transparent. Fosun Pharma completed non-public offering of A shares. They raised RMB 4.484 billion for innovative drugs and also the construction of a new facility. We have an AI-powered medical platform called Fosun Aitrox. It also raised $100 million. Yuyuan also raised no more than RMB 8 billion for their core business, such as gold and jewelry. What's noticeable is last year, Lanvin became a public listed company at New York Stock Exchange. They raised around $150 million. Wanxiang raised RMB 1.475 billion for their new material. There are too many examples to show. I'll leave the specifics for the two co-CEOs to present. Against a very volatile backdrop last year, we maintained a very high level, asset quality. We also strengthened our positions in asset-light business. The as-adjusted NAV was very stable. Even though we're under pressure, net profit-wise, we have very good dividends. Since we became public listed company in the past, 16 years, we've paid dividends worth of HKD 25.3 billion altogether. That's the end of financials. To summarize, we've maintained very steady performance against very harsh environment. In January, February and March this year, you could see a holistic rebound of all our subsidiaries. That's why, in this afternoon session, we have the heads of four business groups to present to you the specifics. We also extend our coverage. We strengthen our R&D capability. If you have more questions, we can talk about that in our Q&A session. I'll leave more time for our two Co-CEOs. Let me pass the mic to Mr. Xu Xiaoliang. Hello, everyone, online and offline investors and analysts and media coverage. For the past year, as we know that, we have faced a lot of challenges and uncertainties in the global. However, Fosun, all segments in Fosun has shown resilience and steady development. Next, I'll present you our business highlights in health, happiness, wealth and international manufacturing business groups. Let's first talk about the health business group. For 2022, the total revenue was 48 billion RMB, up by 9.1% YOY. For Fosun Pharma, the revenue was 43.8 billion RMB, up by 12.73%. Thanks to the Halavan, Henxi, Comirnaty, and other innovative drugs, they have contributed greatly to our revenues. For Fosun Pharma manufacturing, the revenue has up by 6.6%. For the Fosun Pharma devices, diagnostic revenues was RMB 6.9 billion, up by 16% for healthcare service. The revenue was RMB 6 billion, up by 47%. In 2022, Fosun Pharma has strengthened our R&D investment. The investment was RMB 5 billion, and in pharmaceutical business was RMB 5 billion, accounted for 16% of pharmaceutical revenue. We have seen the growth from the pharma, Fosun Pharma revenue. That's because we have a sustainable and innovative product pipelines. The revenue from new and recently launched products in 2022 accounted for more than 30% of the total revenues. We have many products that has achieved over RMB 100 million. Five of them achieved over RMB 1 billion in sales, and three achieved RMB 500 million-RMB 1,000 million. We have also overseas revenues accounted for 13% of total revenues. Right now, Fosun Pharma has already established a very good foundation for global business presence. We are promoting our superior products to overseas markets. In the U.S. market, we have initiated the head-to-head bridging trials of ES-SCLC in the United States, and also started the commercialization preparations. In the SySrem, the direct sale business in North America achieved the revenue of RMB 143 million by 28% YOY accounting for 40% of total revenues. In Africa, we are speed up our construction in the Côte d'Ivoire distribution center for manufacturing and supply in local markets. Also we have seen The first product from Gland Pharma was approved in China, and we will also have many competitive products will be licensed in to China. For the devices and diagnostics, we have covered the medical cosmetology, professional equipment supplies and ventilators. We have Intuitive Surgical robots and also Breas ventilators. For the diagnostics, has covered a lot of segments and provide a whole package for our customers. For medical service and healthcare management model, we are exploring the one-stop manage health ecosystem and full cycle closed solutions. We have around 9 million new registered users and has achieved 28 millions in total in customers. In the future, we will continue to innovate as to R&D and marketing sense to promote more high products and to optimize our structures and to drive our growth. Next, let's move to the Happiness BG. For the Happiness BG, the total revenue was 70 billion RMB, up by 5.7% YOY. To parents was RMB 1.56 billion and turning the losses into gains. In Yuyuan, the revenue was 50 billion RMB. Fosun Tourism Group was 13 billion RMB in revenue. Lanvin Group revenue was 3 billion RMB. We have also seen that as for the Yuyuan Garden, it has faced great challenge because of the COVID-19 last year. However, it has improved in the second half. Although the revenue was down a little bit, the net profit has improved. Net profit to parent has been improved. The revenue structure has been optimized. The consumer business has been up by 16% YOY. The consumer industry accounted for 77% in revenue. For our jewelry fashion, the revenue was RMB 331 million, up by 20% against the Hatwin's, has opened over 600 new outlets last year, 4,500 outlets in total. The Songhelou Noodle Place opened 86 outlets. 160 in total outlets. For Shede Spirits reported over RMB 6 billion in revenue, up by 21%. Net profit to parent was RMB 1 billion, up by 35%. We have seen the Yuyuan has worked with our partners and taken a very precious lot, Fuyou Road in Shanghai. The phase I and phase II will reach over 1 million square meters as the Grand Yuyuan. Also we will build a fashion hub for the oriental lifestyle aesthetics. In the Chinese New Year, we have held a Yuyuan Lantern Festival based on the Classic of Mountains and Seas, which has been welcomed by all the tourists with over 4 million visitors and has been a hit topic in their social platforms with over 3.8 billion views. It has also been reported by the mainstream media and also the foreign medias. Because of the rebound of the overseas travels, FTG suggested EBITDA has been grown by 10x. The operating income is EUR 594 million. Net profits to net loss to parent has been greatly down. We have also seen the Lanvin Group was listed in the New York Stock Exchange, and its revenue has achieved the new record of EUR 425 million in revenues, up by 38%. All the brands has received the revenue growth. Lanvin. The revenue has been up by 67%. Also we, as for the sports group, the revenue was EUR 1.6 billion in revenue. The Baihe Jiayuan was EUR 1 billion in revenue. We will deepening our operations and improve our globalization operation. We will focus on FC2M model. In 2022, for wealth business, in total we have a revenue of RMB 47.72 billion, up by 9.2%. For insurance, as said, revenue RMB 32.43 billion. Also for the asset management, revenue is RMB 15.29 billion. For Fidelidade, the total premium revenue is EUR 5.12 billion, up by EUR 4.2 billion, 2% Y-o-Y. Also, China's, for the HAL, the revenue is EUR 460 million, up by 14% year-over-year. In the past one year, as we can see for the insurance business, some highlights, the insurance premium has an increase of 3.4%. The total is RMB 60.3 billion. The investable assets is RMB 160.7 billion. This time for the overseas revenue has exceeded EUR 1.5 billion and an increase by 30%. Fosun Health has an increase for 4%, which has been profitable for 2 consecutive years. Due to the business growth in 2022, regarding our asset management, the total AUM is almost at RMB 2 trillion, which has an Y-o-Y increase of 10%. At the same time, the asset management of hive properties, the total, as we can see by the end of June, at the end of June of 2022, it has an increase by 7%. The total is RMB 283.2 billion, and at the end of December, RMB 303 billion. For the next step, we will continue to improve our capital efficiency, and through our globalization, we'll continue to explore more growth opportunities. Next, about the intelligent manufacturing. The performance in 2022, we have realized significant growth driven by Hainan Mining. In total, the revenue is 10.33 billion RMB, which has an increase by 33.8% Y-o-Y. For Hainan Mining, the total revenue is 4.83 billion RMB, been up by 17.26% Y-o-Y. Also, for Hainan Mining, in 2022, on some major projects, they have achieved significant progress and made breakthroughs. Let me give you some examples, like the Shilu I mine, it has achieved its annual targets. At the same time, it has already began to construct its 20,000 tons lithium hydroxide project and will put it into production in the near future. For some non-listed companies, they have achieved rapid growth in their business. For Easun Technology, they have an Y-o-Y growth by 40%. On the one hand, it is a leading player in auto industry. At the same time, it has expanded its businesses into other industries. For FFT, it has an 130% Y-o-Y increase, which is a record high. It has launched its very first 40-millimeter wave radar Columbus series. In future, we'll continue to focus on the pan-industrial businesses, especially to focus on the research and development to become environment-friendly, also to adopt those latest technologies. In the past one year, Fosun has been stick to optimizing our asset structure to focus on our core businesses. On the one hand, we made great efforts in financing and have finished the bond issuance together with our partners. We have received RMB 1.12 billion syndicated loans. At the same time, we speed up our divestment from those non-core businesses, and we have collected back the cash for over RMB 30 billion. At the same time, we continue to consolidate our business foundation to face with the challenges and to embrace the future. In future, we'll continue to stay focused on our core businesses to optimize our asset structure. At the same time, to popularize the Oriental lifestyle aesthetics embraced by the younger generations, and to create more good products for the global families for their wealth, health, and happiness. Next, Brian Chen will take you through our strategies. Thank you very much. Let me present to you our strategies going forward. First of all, in 2022, as we all know, the year was full of volatility and challenges. We have geopolitical situation and the following rate hikes, inflation, turmoil in capital markets, and also resurgence of COVID-19, and the disruption in our supply chain, so forth and so on. We're in 2023. We're approaching April, it's almost the end of the first quarter. The Two Sessions have already helped, so was the 20th National Congress. All this milestone mark that China is entering a new phase of economic development. COVID-19 has been classified as a Class B infectious diseases in our management. China will focus on economic development now. For the first quarter, the trending topic is AI and how it will impact industries going forward. During this process, Fosun is stay committed to our globalization strategies. In 2023, we believe that we will have strong recovery in our businesses, especially in tourism sector, after COVID-19. I'm sure there will be a very fast rebound. We will continue to be innovation driven, and we also value the Oriental lifestyle aesthetic and so on. We will use these concepts to lead our growth in the next phase. It's been 30 years since we established Fosun. We went through different stages. Since 2008 to the 2018, the decade, saw us building global presence. In 2019, we kept strengthening our industrial operation. During this process, we've come a long way, not just in size, but also in our global capability. We keep strengthening ourselves. Around 2007 and 2008, overseas revenue only took up 2%. Around 2014, the number went up to 16%. In recent years, is standing at 40%. It's not just a proportion of overseas revenue, but the quality is what I wanna focus. We have also increased our competitiveness in our overseas markets. We need to stay committed to our strategies and to have a more focused strategy. Of course, our strategy is to build an innovation-driven family consumer group. That means, we're very clear in our business, we will dedicated to health, wealth and we will focusing on those high business with high multiplier effect. We try to play to our full strength. We keep working on those areas that is relevant all around the world. Going forward, you will see Fosun will be very good at our global operation. Another thing is, we will use innovation driven to improve our competitiveness, especially in the pharmaceutical industry and in consumer industry. We need to invest in the R&D too, so is intelligent manufacturing. Fourthly, we need to keep building FES, this sustainable management system. Of course, we need to take advantage of our ecosystem to achieve multiplying effect. The prerequisites is... of all this development, is a very sound and health financial, and we need to deleverage ourselves and to reduce the size of our interest-bearing debt, and improve our cash flow, so that we can have orderly investment, divestment. We will gradually access those non-core assets and strengthen market cap management. That way, we can ensure our future direction and also our dividend pay to shareholders. We focus on four capabilities. First, very profound global operations. In the past three decades, especially in the past 20 years, this is something we've been keep working on. We want to combine Chinese resources with global presence. The second capability is innovation driven. We hope to lead with innovative products. It needs to be driven by digital intelligence innovation and management innovation. The third point, the third capability is, of course, FC2M capability. We try to build, create more Fosun species, and to create this Fosun ecosystem for multiplying growth. On FES, our last capability, we try to take advantage of our global ex-presence, to draw a systematic methodology or toolbox, and to strengthen the capabilities at each and every combat unit level. In profound global operation, actually we've been doing this for several years. At each and every business line, be it pharmaceuticals, medical appliance or consumer goods or fashion or, the wealth sector or the Intelligent Manufacturing sector, all we wanna do is to materialize, is to build our global operation capabilities that is rooted in China with a global coverage. During this process, we try to build a worldwide supply chain and a distribution system. Last year, our Comirnaty vaccine is now available in Hong Kong, Macau, and Taiwan. In the United States, our pharmaceutical industry is now taking the shape. We are using our own, what we were trying to make the very first innovative drug happen in America. That's the HANSIZHUANG. Also, our medical equipment area is also very strong globally. Fosun Trade also registered over RMB 10 billion of revenue. During the pandemic, Fosun Trade came into being during pandemic. For Henlius, their H drug has been approved by EU and it's been granted the orphan drug. For our biosimilar drugs, we have licensed out to many different companies, different markets and countries, including the U.S. For FFT, we've set up R&D center in the UK and Germany. They'll work in close in tandem with the Chinese R&D center. For our intelligent manufacturing, we have projects in Indonesia, we also have Cote d'Ivoire development park for Fosun Pharma. For Easun Technology, they've completed the acquisition of FrieLacke, an adhesive maker in Germany. Our overseas subsidiaries are also strengthening their capabilities. For example, Kiroro in Japan, they had a grand opening during the snow season of 2022. All these overseas business also actually contributes to our business in China. For example, Club Med and Lanvin, they have huge presence in China. In 2022, we have RMB 77 billion of overseas revenue. We have 47 overseas business with 45,000 employees. Now, on innovation. On our investment in innovation, we've invested altogether RMB 10.4 billion. We have around 1,700 licensed patents been granted. We've set up over 10 global science and innovation centers. In health sector, no matter it's innovative drugs or vaccines or medical devices, we've been investing in these areas with more and more quality products coming out. In 2022, HANSIZHUANG has been approved as the first small molecule first line treatment for lung cancer. Our CAR T product has been now used for second line treatment has been granted. In happiness sector, our R&D in oriental lifestyle aesthetics is in progress. We try to build a 4-dimensional area to better design our products in a digital way. While we're doing this, we have a wide range of innovative products at Yuyuan and Shede Spirits, including the very first skincare brand for sensitive skin, and also Shede Spirits has made a technology, a breakthrough. On our insurance business, we go digital to enrich the customer experience. On intelligent manufacturing, just like what Mr. Xu Xiaoliang just said, Fusionride designed an L2 automotive driving solution, and also their 40-millimeter wave radars are now going to market. Hainan Mining invested in the lithium hydroxide project. On FES, we've been keep building this project for years to improve our capabilities. The FES, there are two cores of FES. First, we need to improve the entrepreneurship and also integrate horizontally our ecosystem. How do we achieve growth? How do we have lean management? How can we better match our management philosophy with the stages of development of our each and every company? In 2022, we've made a series of progress. 2022 was the first year that we doubled down our efforts in building FES. We have released lots of tools. We've certified over 500 people. We have drawn over 100 cases for learned lessons. On FC2M, our goal is to achieve the multiplying effect. On this, our strategic goal, we need to focus on the family's needs in health, happiness and wealth, and keep building the FC2M happy ecosystem, linking internal and external ecological resources, and to take full advantage of our multiplier effect in our ecosystem across different industries. We also continually need to... We need to continue to evolve our Fosun species. We have over 50 million newly registered members. On supply chain, they reduce cost by RMB 4.1 billion. We have 133 quality products with revenue over RMB 100 million. We have over RMB 2.4 billion revenue from sales inside our ecosystem. All of that is based on a very good organization. On organizational building, last year we've carried out lots of work, especially in. When it comes to global operation, we are setting up regional centers and also national operation committees across different countries. All the efforts have been paid off in Portugal, France, Germany, the United States, Japan, India and Southeast Asia. We've set up lots of national operation centers to better coordinate resources and to create ecosystem locally and empower local businesses. That way we can strengthen our global operation capability. Of course, at the top, we have five different committees: overseas operations, science and technology, innovation, ecosystem, FES, digital intelligence. These five top committees are empowering each and every PL. Recently we've set up this digital intelligence committee. We've been exploring very actively how we could make our digital-related work more efficient, so that we can better empower our business. ChatGPT and its implications need to be take into consideration. We need to leverage it at the group level to better benefit our portfolio companies. In our organization, the mechanism of partnership is very important. At Fosun, we have a pyramid-shaped partnership mechanism. At the very top, we have around 300 global partners. A large proportion of that are actually overseas global partners. We also have industry partners, or partners at function lines, that includes almost 3,000 future entrepreneurs. That also includes the our scientists. The bottom, we have partners at enterprise level, and we go all the way down to the minimum optimal business unit. The partnership mechanism is a very holistic and comprehensive mechanism. At the same time, we need to build a multilevel co-entrepreneurship or incentive scheme, so that we can attract more talents into Fosun. Apart from those short-term incentives closely related to KPI or OKR, we need to roll out more long, mid to long-term incentives. These incentives not just includes equity, but also cash. At incubation, stage, at evolving stage and also at maturing stage, we need to have different tools. Matching the needs of different companies. During zero to first or the incubation, startup period, we need to give them more resources. During the evolving stage from 1 to N, we have equity plus cash incentive package to stimulate and motivate the team to grow even faster. As for the ESG, this is also one of the work that we focus for the past few years, especially the investment. The capital market has set a very clear requirements and guidelines for listed companies, so we also enhance our ESG capabilities. We've already have a, the ESG guidelines, is in line with our ambition and our mission. In the environments, environment side, we have carbon neutrality target by 2050. Carbon, peak carbon emission by 2028, and carbon neutrality by 2050. We have EHS management framework. On the social society side, we have rural doctors programs. During the COVID-19, we have facilitate a lot on the fight against the epidemic. On the governance side, we keep improving our corporate governance and incorporate ESG into our evaluation systems. We based on the GIS system and also the requirements from the global, we disclose our numbers. We have received a lot of the rewards and recognitions from many institutions. We're the only conglomerates in Greater China with the MSCI ESG rating of AA. This is a very high recognition for us. We hope that with the ESG guidelines, we will move further on our future. Thank you everyone. That concludes my reports. Thank you for the management's reports on financials, business and also the strategic report. That concludes our report session. We will move to the Q&A session. We have online live stream and also the offline sessions. We will first turn the camera to our offline guests. If you have any questions, please raise your hand. Mr. Guo and management team, hello. I'm from Guotai Junan Securities. My name is Li Yixun. My question is to Mr. Guo. Fosun, as a company that has a global presence and deepening industrial operation, when we are seeing the improving economic indexes in the macroeconomy, what's your view on 2023 performance, and what's... Mr. Guo speaking. Thank you for your question. I want to first talk about 2022 first. 2022 is the 30th year of our, since our establishment, and it's a very special year for us. For the last 30 years, we have experienced several cycles, but 2022 is still a very special year for us. It's the perfect turmoil for us. Not only for Fosun, but also for all the private sector companies. 2022 remarks very, a special year for all of us. We have seen a lot of companies has gone bankruptcy. Luckily, Fosun also had lost a lot, a lot of losses, but we have hedged against the win-headwinds, and we have survived and also we had a lot of opportunities ahead. In 2022, we have repeatedly said that we need to survive first. We need to move through the cycle, move through the risk. Second thing I wanna talk about is that in 2023, we have seen the rebound in all business sectors. For the past 3 years, travel has been impacted greatly. However, at the end of 2022, in the beginning of 2023, I won't show you the result, the actual numbers, but we have seen the rebound in travel and also in outlet sales. We are very We have a lot of confidence in our future development. I think we are moving into the right track, and we will see fast growth. The thirdly, since 2022 or 5 years before 2022, we have been... we are trying to be more focused. Because of the year 2022, we have seen some of the challenges. We have speed up our focus strategy, and we have moved greatly and just like the management has reported to you just before. We will keep our strategy of divest and investment. We have a very clear goal for our divestment and investment. In March, we have held a global partner conference in Shanghai, and we have set up a very clear goal for what we should do and should not do. For what we should do in the future, we need to keep move in the business that we have the advantage and other companies that cannot do. If the business that can be conducted by other companies and by other SOEs, and for business that we don't have the advantages, we need to divest and move out from those business segments. For the private sector companies, we have seen their cost of the financings would be higher than SOEs. That means that for us, we need to focus our resources and time and capitals into the business segments that we have advantages in. What are the business sectors that we have advantages? We focus on global operations. We focus on R&D innovation, oriental aesthetics products. These are the business sectors that we have advantages, so we will improve our investments in these sectors. Why we try to be focused strategy? That because we want to empower the sustainable growth. That's the first question that we asked us, what we should do and what we shouldn't do. The second question that we asked ourselves is that whether the business or the talents is suitable for Fosun. If it's only financial investment, we would rely more on our PE and found and insurance companies, because Fidelity has over EUR 20 billion-30 billion that can be used investment. For all the companies in Fosun, they need to contribute to the ecosystem of Fosun. If they can only contribute, make financial contributions, that's meaningless to us. Also what kind of the responsibilities that you can shoulder in our ecosystem. We need to think about these two questions so that our whole ecosystem can be more vivid. After asking ourselves these two questions, we have thought very clearly what kind of business the group needs to do and how we should move forward for all of our subsidiaries and ecosystems. We need to focus on the right thing, the hard thing, and the things that needs that's time-consuming. As you can see, not all the things that we have done can make money for our shareholders. If we insist on the right thing, I think that we can always make the profits for our shareholders and make values for our customers. We have been working hard on creating values for our shareholders. Our every employee and global partners have been working very diligently to provide good service and products to our customers and shareholders. For the past few years, I think, we have seen that not all of our shareholders have made enough money or has been received enough values from us. I want to say thank you to all of you for keep trusting Fosun. If you keep insisting on us, then you will receive the paybacks. Thank you for your question. Thank you, Mr. Guo, for your sincere answer. we now can... Is there any questions? Mr. Guo and Mr. Wang, I'm from Tianfeng Securities. My name is Guanya Chain. Thank you for the opportunity to ask the questions. As Mr. Chen has said that the capital market has been focusing on ESG. My question is that, can you elaborate more on the things that we have done in ESG for the past year? Mr. Wang is speaking. I'll answer your question. Thank you for your question. As Mr. Chen Qiyu has said, Fosun has paid great attention to ESG. It is incorporated in our mission, in our original aspiration to help the society. We have contribute a lot to the welfare business. For Fosun, ESG is the something that we have been doing since our establishment. As of the end of 2022 or as of the end of March 2023, our ESG work has been well-recognized by society and also international institutions, including the MSCI ESG Rating was AA as of the end of March. It is the only conglomerate made in Greater China with MSCI ESG Rating of AA. We have been selected as a constituent of Hang Seng ESG 50 Index. Selected as a constituent of the Hang Seng Corporate Sustainability Benchmark Index. We have been also been selected as a constituent of FTSE4Good Index. Not only we have improved our ESG score, last year we have been... It was also the first time we have been selected as a constituent of FTSE4Good Index. Also our S&P ESA ESG score has been greatly improved and ranked above 19% of its global peers. Not only the ESG ratings for Fosun has been conducted in the Fosun Group, our core subsidiaries has been working hard on improving their ESG ratings and promoting their ESG-related works. For example, FTG, Fosun Tourism Group, in March this year, they have received the MSCI ESG triple A rating. The only one in Greater China with triple A rating. We also focus on TCFD report. In 2023, we will publish our first TCFD report. Not only that, we have been focusing on ESG work for the past 30 years, but we also have organizational support. We have ESG committee, management committee, and also decisive committee, and also working groups in... at the group level to promote all the measures of ESG work. We have incorporate our ESG work in our KPIs of our management team. Their package, one part of their, of management package will be related to ESG work. In the future, we will keep focusing on our ESG ratings, ESG work. This is also in line with our ambition, mission, and original aspiration to show the more social responsibilities and help the world. Not only for Fosun Group and also our core subsidiaries, we will benchmark with the top-tier global companies and keep improving our ESG work. Thank you, everyone. Thank you for your support. Thank you for the specific answer from Mr. Wang, and let's see if there are any further questions. Thank you for giving me the opportunity to raise a question. I'm from Deng Xingli. We found that the new products and the sub-new products have been created great value. Could you please elaborate on the progress of the new product development? Fosun Pharma. We have in pharmaceutical business that we have seen a lot of national policies has been published. The pharmaceutical business has, we have seen the industrial restructuring, and we have showed greater pressures from the industry or generic products. The companies that with great generic products that has been face a lot of challenges. For the over decades, we have been focusing on R&D innovations, and we have seen great results. In 2022, for pharmaceutical business, we have achieved over 30 billion RMB in revenues, and this is a steady growth for our revenues and also for the new product and recently launched product and innovative product have contributed greatly to our revenues. Pharmaceutical business, they accounted for over 30% of revenues. For RMB 30 billion, that's around RMB 9 billion-RMB 10 billion in revenue. The products include the Serplulimab, HANLIKANG, HANQUYOU, HANSIZHUANG. As well as the products that we have been licensed in, the Azvudine and other innovative drugs. Also, during the COVID-19, we have licensed in and jointly developed Adenovirus Type 5 vaccine. Although these have not been shown, and also CAR T therapies, which is not shown in our financial reports. For the past few years, Fosun has contributed a lot of innovative drugs that first marketing in China. This has also show the good results for our R&D investment, but also we have faced great challenges and requirements for future development. In the future, on one hand, HANSIZHUANG, Henlius, all these products that we need to promote them in global markets. For our own products, not only we need to promote our own products to the global markets, we also need to license in more products from the overseas markets. For example, the Henlius. They have the global level biosimilars. They have promoted their global biosimilars to U.S., to the Europe, and Henlius has licensed in more products with Organon. In the future, we will research on more good biosimilars and also for for innovative drugs like PD-1. They have. It has been. It has. It was their first product approved as the small cell drug. We have already submitted application for sale in the U.S. and also strengthened the clinical trials in the U.S. This will be our growth room for us in the future. Also we will keep supplementing more product pipelines and enhance our marketing capabilities. In recent years, we have licensed in. We have worked with a Chinese company on the Cariprazine hydrochloride. Not only we will apply for sale in China, but also we will promote into the global markets. We are licensing in more products, including CAR T, and also we are working on our own products as well. In the future, we hope that we will make more progress in the innovative drugs. Another area we are working on is vaccines. For vaccines, we have reorged with Antejin, has supplementing more vaccines in our pipelines. Also we have the 13-valent pneumococcal conjugate vaccine, which has already in the clinical trials, and we will research and develop more vaccine development. This will be also the trend for our vaccine development. We hope that by keeping investing the R&D, we will provide more good products to the market and provide values for our shareholders. Thank you. Thank you for the answers from Brian Chen. Let's see, any more questions? Good morning, dear management. Thank you for giving me this chance. I'm Huang Yuqing from Shenwan Hongyuan Securities. I'd like to raise a question about the FTG business, since now the pandemic is over... almost over. What is the business performance or the recovery momentum of FTG business? Thank you very much from your question from Xingzheng Securities. Last year, the total tourists is around 900 million, this is almost 63% of the pre-pandemic level. As we can see, still it is a tough year for recovery. For FTG's business in the past one year, since we have made great efforts, we can tell that our total revenue has an increase by 85%, especially Club Med in its year-end performance, it is almost recovered to the pre-pandemic level in 2019. The EBITDA of FTG has a ten times growth in last year. At the same time, when we look forward to 2023, this year we expect that the global tourism business can recover to 90% or 95% of the normal level. We can tell that it is recovering comprehensively. Just now in judging from the numbers in January and February, we can already see the momentum of such a recovery. For Club Med, from January and February, it has hit a record high of the past 10 years. Combined January and February. In total, year-over-year, it has a 55% growth. Even versus the pre-pandemic level, it has an increase by 20%. That's why we can see a very rapid growth and recovery. For Club Med, H1 this year, it has a 55% of the pre-bookings increase. In H2, there's gonna be an increase of the pre-bookings of 26%. That's how the growing momentum is developing very fast. It is the fifth year for our opening of our resort and of the Atlantis in Sanya, and it has RMB 1.4 billion. Actually, in the past, our total revenue was around RMB 800 million. In the past two months, January and February, Atlantis has reached RMB 400 million business revenue, which is another record high since its opening. At the same time, since it has over 1,300 rooms, and the occupancy rate daily is around 96%. Indeed, as we can see, it is recovering significantly and rapidly. For the resort in Lijiang, we almost have an improvement by 105% YOY. Taicang and the Ice World will be open by the end of this year. Regarding its sales performance, in the past, due to the pandemic restrictions, it was not recovering very rapidly. Coming to this year, we've already sold 53 sets of rooms in January and February, and even the latest number shows that almost 100 sets of rooms have been sold. I should say we have been waiting for such a great, a great start for quite a long time, and now it eventually takes place, especially the global recovery is speeding up. At the same time, after 3 years of pandemic, the global tourism landscape have been completely transformed. Especially, we see quite a big number of tourism companies have been shut down. Those survivors went out and it's a had-wo ne result. In the past, maybe sometimes, sightseeing tourism was more popular. However, this time, to spending your holidays in resorts has become a new trend. After the 3 years pandemic, I feel that the mentality of the consumers have also been changed. Whether it can be called spending your holiday only when you leave your city that you live and work in. When you spend your holiday, if you can really separate yourself completely from the work, maybe that's not possible. The global tourism landscape has been completely transformed, and this time we'll be focused on 2 racetracks. One is a kind of holiday life in urban cities. On the other side, that is, natural resource oriented holiday spending method and mentality. Based on our self-owned IPs, we'd also like to have more cooperations with those top IPs globally, so as to create a happier life for our global consumers in their holidays. Thank you very much for your question. Thank you for the answer given by Edward Xu. More questions. Thank you for giving me the chance to raise a question. I am an institutional investor, so I'd like to raise a question about the assets and the asset management. As we can see in last year, Fosun has managed very well about its asset and liabilities and to cope with the challenges. About the fundraising and also the liability, could you please elaborate on the specifics? Thank you very much for your question. Let's say, due to the pandemic, the interest rate hike of the U.S. dollar, also the geopolitical conflicts and some fluctuations in capital market, indeed, there is a big pressure in 2022. However, Fosun starts to optimize its asset and liability structure early, as early as 2018, 2019 or 2020. It does not begin only starting from 2022. We began to improve our credit rating several years ago. Of course, with the fluctuating circumstances, we speed up our collection of the cash, of the liquidity. At the same time, to optimize our asset structure and to grow our momentum for future development. We have take several measures. One is in the past several years, our asset were quite heavy, and our revenue mainly comes from the steel business, the real estate. This time we shift to, like, the consumption business and the Intelligent Manufacturing Also Industry 4.0 and Happiness and Health businesses. This is one thing. Second, in the past, we almost have no global footprint and however, this time we have over 15% revenue coming from the overseas business. We've laid very solid foundation for our future growth. It's reflected in our health sector and happiness sector. At group level also, we've been very committed to disposal of non-core assets. On liquidity, since the end of June last year, we had around RMB 117 billion of assets. Almost half of that was liquid assets. We accelerated disposal of non-core assets in the second half of last year. Still, we have around RMB 270 billion of total assets and interest-bearing debt has been reduced to around RMB 15 billion-RMB 20 billion. At the end of last year, around RMB 90 billion–RMB 100 billion of the assets was liquid assets. All these very liquid assets, in a stressed time, was the liquidity buffer for us. We relied on our cash flow from operation. For example, the portfolio companies contributes around RMB 4 billion-RMB 5 billion to the group. With stronger performance of these subsidiaries this year, as you can see from the annual results of these companies, their performance will guarantee even higher dividend paid back to the company. Thirdly, we have very diversified sources of funds. Now we have cooperation with state-owned banks and major commercial banks. In July and August, last year, we signed strategic agreements with ICBC and also HSBC. This year we enter into a contract with a RMB 20 billion syndicated loan with many major banks in China. That goes to show the faith these banks placed in us. We worked with over 100 commercial banks all around the globe. We've signed agreements with them. During the very volatile market last year, we raised around RMB 17 billion, and we issued around RMB 10 billion worth of bond and RMB 1.66 billion of syndicated loan in China. I'm sure this year the market's condition will become better. Just like Mr. Guo just said, different companies have different levels of cost of financing. As a private company, we will go double down our efforts in asset-light business. The case in point would be the asset- light model of Club Med. On those asset heavy business, we are very open. We can bring in more strategic partners, be it state-owned enterprises or other institutions with lower cost of capital, we are open. That's my answer to your question. Thank you. Thank you, Alex, for your answer. In the interest of time, there's only one question left. Good morning. I'm Liu Yan. I'd like to ask Mr. Guo a question. In recent years, we're seeing that Fosun has invested a lot in consumer business and you. It's been very successful. For example, in the Tsingtao Brewery and Jinhui Liquor, these are all very successful cases. You later invest in Shede Spirits. I'd like to better understand your investment in Shede Spirits. Is it different from your investment in Jinhui and Tsingtao Brewery? How do you look at the Baijiu business? Where is Baijiu at in terms of strategic position in our portfolio? Thank you. First of all, I like Tsingtao Brewery. However, we're not a major shareholder. Last year we had a perfect storm. We had a liquidity stress. That's why we exited some of our non-core assets. Tsingtao Brewery was one of them. To be honest, it was a very hard decision to sell our stakes in Tsingtao Brewery. I kept saying, it's very hard for me to lose Nanjing Iron and Steel too. Shede is not just a wine. Shede in Chinese is also a way of life. For me, Shede as a brand, as a wine, is a very important part of our ecosystem. Is Jinhui. They have very good development. These two different Brands are competitors against themselves, against each other. That's why we didn't have the 100% access of Jinhui. Actually, I sold it back to the original shareholder who felt very strongly with it, recognized very strongly with the brand, that's why I understand him. I really admire these people who have been cultivating their enterprise for years. I understand that. The shareholder has really big in commitment into Jinhui. It was also due to a critical crunch that they sold their shares to us. When they're in a better position now, they said they want to once again become a major shareholder, we made that decision. In all we do, we try to... We have the best interest of the Jinhui in our hearts, we want them to grow better. I don't know if you have this sparkling water here. This is called the Li Xiang Zhi Xuan sparkling water. It's a very good product. In the post-pandemic world, you want to protect your throat, your voice. Whenever I feel like, there's a bit itchiness in my throat, I drink this sparkling water. A little commercial here. Good product competitiveness is the fundament. To go global means we need to create a quality product with global presence. In all we do, we try to create better products for customers all around the world. Last year, we call this a perfect storm. We managed to navigate through this perfect storm. The reason behind that was because we've been doing this right thing over long term. Doing the long term, what... Doing the right thing, what do I mean by that? That is to invest in R&D and to create more products that is appealing to our customers. Sure, it is very important. That's all I wanna say to you. Thank you for all your answers. Just like Mr. Guo said, I had a sip of Li Xiang Zhi Xuan, and I feel my throat is much better now. Thank you so much for your presence. Let me add one thing. Mr. Guo is saying 2022 was full of challenges, but is already passed. Now let's look forward to 2023. As entrepreneurs, no matter how hardworking we are, no matter how much pain we have, we always look forward to the future instead of dwelling on the past. How we're gonna carry it forward. That's the spirit. We can only forge ahead. Thank you. Thank you, Mr. Guo. If you want to learn more about our four business groups and their strategies, please come to this venue at 2:00 p.m. today. Thank you so much again for your presence. We'll see you in the afternoon.