Dear investors and analysts, both online and offline, good morning. Welcome to Fosun International 2023 interim results announcement. I'm the moderator today, the General Manager of the Department of International Relations at Fosun International, Sun Lu. First, let me introduce to you the management team. The Chairman of Fosun International, Mr. Guo Guangchang. Executive Director and Co-Chairman of Fosun International, Mr. Wang Qunbin. Executive Director and Co-CEO, Mr. Chen Qiyu. Executive Director, Co-CEO, Mr. Xu Xiaoliang. And we also have Executive Director, Executive President, CFO of the group, Mr. Gong Ping. Today's announcement session is split into two halves. In the morning, the management team will present to you our performance and strategies in the first half of 2023. In the afternoon, the four heads of our business segments will brief you their performance and their strategies. Since the beginning of this year, we have living in a very complex political and economic situation, but at the same time, we're seeing that the inflation in established economies is moderating. The national government is putting forward many policies to stabilize the economy. Fosun International, on the other hand, is more committed to its strategies of streamlining and embracing agility. As we position ourselves as a global family business group, we are more steady, we are more committed. Now, let's give the floor to Mr. Gong Ping, the CFO of the group, to brief you the financial performance. Distinguished investors and analysts, good morning. Welcome to Fosun International 2023 interim results announcement. First, let me present to you our financial performance in the first half of this year. In 2023, we witnessed a very complex, ever-changing situation. We had rate hikes environment globally, and after we re-release all the COVID-19 related restrictions, and we have many favorable policies. However, we're living in a complex situation. We are dedicated to our main business. In the first half of this year, we stay committed to our strategies and concentrate our main business. Our industrial operation profit is on the rise, and we recorded a total revenue of CNY 97 billion, up by 11%. FTG increased by almost 40% in its revenue. In the first half of this year, those core indicators that reflect our main financial performance, such as industrial operation profits, went up significantly. If we exclude those profits from disposed companies, we actually increased by 66% compared to the same period last year. Because in the same period last year, we had lots of proceeds from disposing some assets. And, for that reason, our profit attributable to owners of the parent went down by 40%, and recorded as CNY 1.36 billion. For overseas revenue is at CNY 44 billion. So if we again exclude the proceeds from asset disposal, we, the number went up by 15%. We invested CNY 4.2 billion in technology and innovation. Through synergies inside the group, we had achieved a multiplying growth. The number of new members is standing at 21.65 million, up by 11%. And the number of consumer members, it went up by 55%. The four main business segments grew very steadily. For health group, it went up by 2%. Because the COVID-19 related restrictions have been lifted, so tourism and culture increased by a large margin. So the Happiness Group registered a 34.1% growth. Health segment leveled with a minor decrease compared to the same period last year. For intelligent manufacturing, it registered a 6.5% growth compared to the same period last year. And all this goes to show our strategies have been effective. The four core industries contributed 73% of our total revenue, especially Yuyuan and FTG, both in Happiness Group. They delivered quality growth, and they presented a sustainable trend. Yuyuan, it registered CNY 27.4 billion, a 20% increase. Fosun Pharma registered a revenue of CNY 21.3 billion, Fosun Insurance Portugal, CNY 13 billion. As we navigate through this negative cycle, overseas business has become a very important driver for our business. Since 2012, after decades of year, now the CAGR of our overseas revenue is now at, 15%, is over 60%. FFT registered, 82% of the FFT's revenue and come from non-Germany regions. The same with Fidelidade. The non-Portugal business take up around 30%. And, they have organic, and both organic and inorganic growth that make our overseas portfolio companies more resilient. For example, in Fidelidade, the premium income of Fidelidade went up very steadily after we took over. And, its premium income is standing at EUR 2.65 billion. At the same time, Fosun helped them to expand globally, and their international business increased by 19.4%, accounting for 30% of total premiums. Club Med also registered record high revenue and bottom line performance. And its Asia Pacific business contributes one third of their total business. Fosun Pharma is also expanding globally. Gland Pharma completed the acquisition of Cenexi, its European CDMO company. HAL, our German private bank, also increased in their revenue, bottom line, and ranking in the industry. And their before tax revenue also increased by almost 150%. BCP contributed over CNY 1 billion of profits attributable to owners. So there's too many examples for me to raise. But we're also saying that the great performance in the first half of the year relies on our great financial- our great funding. We have very stable fundings, both at home and abroad. The group financing public markets is standing at $16.22 billion. That goes to show that investors have faith in us. At consolidated basis, the amount of cash, bank balance, and term deposits is at CNY 114 billion. In the rate hike environment, where the basic rate up from Fed increased by around 400-500 basis points, yet our average cost of debt is still maintained at 5.3%, only a 60 BP increase compared to in 2022. The adjusted NAV per share is still very resilient, standing at 20.1 HKD per share. We continue to step up our strategic transformations and deleverage, and optimize our debt structure so that we can navigate through this perfect storm. Since 2019, we've been downsizing real estate business, and at the beginning of 2020, we started to dispose of non-core assets, and we're transforming into asset-light business, and this strategy has been implemented down to portfolio company level. Since the beginning of 2021, because of rate hike, we accelerated restructuring of our assets. In 2021 and 2020, we struck a balance between divestment and investment. In 2022 and the first half this year, we have more divestment than we have investment. To sum up, we continue to optimize those companies, those business, that lack competitiveness. So in all we're doing, we're trying to improve our credit rating. In January, we generated cash inflow over CNY 20 billion, and we also gained a CNY 12 billion worth of syndicated loan. Fosun High Tech also issued financing vehicles in both January and July. We also repaid our syndicated loan and bonds on time. Now we don't really have any pressure for maturity, especially in the next one year, we don't really have large-scale US dollar bonds. So we don't no longer have a problem with debt. Because of that, our credit rating has been upgraded by S&P to stable. In the past one year, the total debt has been continuously on the decline. Since the beginning of the year, we've been publicizing our interest-varying loan. And our total debt is down to HKD 220.9 billion. And the debt maturing at second of July had already been paid at the end of June. Looking forward to the second half of the year, we will continue to dispose our non-core assets to further improve our financial performance. Lastly, it's important for us to repay our shareholders through a dividend payout. The NAV has been very resilient. In the past 16 years, our dividend payout has been very stable, and total amount is at HKD 25.3 billion Hong Kong dollars. That's the end of our financial performance presentation. Going on. We navigated through this perfect storm. So in the second half of the year, we will continue to. We'll ride on this good momentum. I will leave more time for the two co-CEOs for our business and strategies. Now, let me turn over to Executive Director and Co-CEO, Mr. Chen Qiyu. Hello, everyone. Let me report to you our performance in the first half of the year, and I will report to you four business segments, including the health, happiness, and wealth, and intelligent manufacturing. For health segment, we don't have much of change in our health business structure. In the first half of the year, we have reached over CNY 23 billion in the first half of the year for the total revenue, up by 2% Y-O-Y. Fosun Pharma has contributed over CNY 21 billion in revenue, same as the last year in the same period. However, if we exclude the anti-pandemic related products, Fosun Pharma's revenue increased by 15% Y-O-Y, and has reached over CNY 1.7 billion for the profit attributable to owners of the parent, up by 15.69%. If we exclude the anti-pandemic related products, profit attributable to owners of the parent was CNY 1.3 billion, down by 26.28%. Our R&D investment was CNY 2.884 billion, up by 19.77%, and our operation cash flow was quite healthy, reached CNY 1.81 billion. I think the highlights for the health segment is that we continue to build our innovative pipelines, as you can see on this slide, that we have a very sustainable and innovative product pipelines. Since 2018 and 2019, we have launched different biosimilar drugs, and up till now that we have a very steady progress in launching all the biosimilar drugs, and this has created the added value to our performance, including HANQUYOU and HANSIZHUANG last year, which was the PD-1, and also we have launched Yi Kai Da. And also, we have all different innovative drugs that have been launched. So from this year and in the future, we will have more innovative drugs waiting to launch and also waiting to be approved by the global markets. And our PD-1 is in the clinical trials in the US market, and is waiting for the approval in the US market. And also, PD-1 has already the EMA has already accepted our PD-1's application, and we're waiting for the approval. The HANQUYOU is in the process of the FDA approvals for BLA. And also, we have all different of the vaccines for different indications. And the second business highlight, which is also very important for us, is the deepening global business presence. In the first half of the year, our revenue from regions and countries other than Mainland China was CNY 4.786 billion. Total employees in the overseas market was more than 6,000, and we have over 1,000 employees working in the commercialization teams. And also, we have major progress in different countries, including in the U.S., we have already established the team for generic drugs. Our PD-1 is in the clinical trials worldwide, and also we have already established a pre-commercialization team for PD-1. In Africa, we have already established five regional distribution centers, and also we are building the Côte d'Ivoire park, integrating drug research and development, manufacturing, and the logistics distributions. This will speed up our localized manufacturing and supply capabilities. In India, we're actively driving Gland Pharma's transformation into a biological drug CDMO, with its products transforming into complex formulations and high difficulty injectables. In Europe, Gland Pharma has already acquired the Cenexi. Boost the localized manufacturing capacity in Europe. For devices and diagnostics, we have healthy growth in our core businesses in the devices and diagnostics brands. For the medical cosmetology, Sisram, we have reordered the whole company. Not only we will have the laser equipment, but also we will have the long-acting Botox and injectable fillers and personal care products. Sisram is actively building this direct sales team in the whole world. We have already established the direct sales in the U.S., and in the first half of the year, we acquired one agency in China to establish our direct sales in China. For professional equipment suppliers, Intuitive Surgical has installed 34 units of the da Vinci surgical robots in China for the first half of the year, over 330 units or YTD. And also, we have favorable policies issued in the first half of the year, and we have already reached the consensus with our partners. We will localize the manufacturing of the da Vinci surgical robots. For the ventilators, our Breas is growing very quickly and also has reached a very healthy progress in the first half of the year. During the pandemic period, we have contributed a lot to the anti-pandemic products, and also Breas has speed up its upgrading, is upgrading its businesses. For the medical service and healthcare management, we are evaluating our models. We are quite confident because of the two reasons. The first is that healthcare service and also management in China, we still think that there are great potential and rooms for the medical insurance and healthcare management. We have already achieved the advantages in China because we started this business quite early. We have started very early to build our medical presence in China. And also, we have the—we are one of the few that's having the, the medical professional permit. And also, we have a very good experiences in Portugal. Luz Saúde is one of the largest private medical groups in Portugal, and also we have the one of the largest insurance companies in Portugal. Insurance plus medicine business model has been tried in Portugal, and also we have seen great results, which means that we think from the medical service and healthcare management, we are trying to build the new ecosystems to trying to have the very enhanced offline foundations and build the online offline service capabilities. Also, we are trying to connect insurance plus medicine, so that in Chinese market, we will have a stronger product, even stronger than the top-tier insurance companies in the world. Also, we have seen the great cooperation between healthcare and insurance right now. Next, for the Happiness business. Actually, the business structure does not have big difference from the past years, so we insist on our business structure. And in first half of the year, we should say the Happiness segment has both significant growth of the revenue and the profit. In total, we have a total revenue of CNY 43 billion, which has a YOY growth by 34%. And in total, there are CNY 770 million net profit attributable to owners of the parent, and mainly thanks to the strong performance of Yuyuan and FTG. For Yuyuan revenue, in total, it's CNY 27.44 billion, which has a year-over-year growth by 26%. For FTG, the total revenue, CNY 8.9 billion, which is up by 38.7% year-over-year. And for the Yuyuan revenue, in total, CNY 1.697 billion, which has a year-over-year growth by 6.4%. Furs and Sports revenue, CNY 924 million, and Baihe Jiayuan, the total revenue, CNY 530 million. Especially after the pandemic is over, the wedding business has been growing significantly. Next, about the Yuyuan business. Indeed, in the first half of the year, we had very solid operations, and our revenue has been increased to CNY 27.44 billion. Also, profit attributable to owners of the parent, which has an increase by 225.8%. Especially our consumer business has contributed a lot and has made a much larger contribution. In particular, our food and beverage, our jewelry and fashion, those consumption business has been developing rapidly. For the jewelry business, it account for 90%. The revenue account for 90% of the consumer industry. Let's take a specific look of the jewelry fashion business. We have a 35% growth Y-o-Y to CNY 211 million. Especially, we have been witnessed a steady growth of the number of our stores, which have expanded steadily. Year-by-year, we have over 600 store expansion, and also in the first half of this year, we have an increase of 325. ... So that's how the expansion of our store and the jewelry fashion business are growing and expanding steadily. Next, about the Lanvin business, we have a revenue growth by 16.6% in first half of the year. Especially on the one hand, we are destocking, and on the other hand, we are driving our business growth, especially by seizing the opportunity after the pandemic and the boosting confidence. On the one hand, since the pandemic is over, so the market is rebounding. On the other hand, we're also deploying our business extensively, and we have FNB business recovered by, which has an increased by 160% in first half of this year. Next, the Grand Yuyuan. We are proactively building it into a global fashion culture show with the charm of our anti-lifestylist aesthetics. Especially, we have conducted a series of commercial activities which are very popular checkup points in Shanghai, and all of those campaigns and activities have been recognized and welcomed extensively. Especially, for example, we have Yuyuan Garden Summer Fair, and also we have the Bund Art Festival. Next is the FTG's business. We should say it suffered the most during the pandemic in the past several years. However, this year in H1, FTG has a significant profitability turnaround and also the revenue growth. For example, its revenue has been growing to CNY 8.9 billion. Also, the adjusted EBITDA, now it has reached 2,300 million CNY, which has an increase by 92%. And also, the profit or loss attributable to owners of the parent company has been turned around dramatically, which has an increase by 340%. So, we have shown our resilience. It's just that we suffered from the pandemic, and such kind of resilience and hasn't been reflected. However, now, after the pandemic is over, since we have been deeply rooted in China's market, and also our momentum has been fully reflected and released. Also, Club Med is a globalized brand and, business. We have a revenue with 20% higher than the pre-pandemic situation, and also the EBITDA and operating profit increased significantly. At the same time, we have the Sanya Atlantis, which has, hit a record high of its business revenue. In particular, the adjusted EBITDA has reached 123% year-over-year growth versus last year. At the same time, we are also pushing smoothly the Taicang project. Next, about our fashion business, which is also growing and developing steadily in all kinds of channels and networks and in all dimensions. We continue to optimize our product portfolio and upgrade different product lines. When it comes to wealth segment, it consists of asset management and insurance. In the first half of this year, the revenue is at 24.2544 billion CNY, a slight decrease, mainly due to the asset disposal we had last year. We had less gains this year. Among them, Fidelidade registered a EUR 2.65 billion of premium revenue. It consolidated its leading position in Portugal, and at the same time, it expanded globally. The premium income from its global business increased by 20%. The HAL, our German private bank, also delivered a 24% growth. Their AUM is at EUR 13.3 billion. Millennium bcp, our commercial bank in Portugal, registered a revenue of EUR 1.2 billion, and its profit attributable to owners of the parent was at EUR 4.2 billion. For our asset management segment, the revenue is at CNY 6.99 billion, 1% slight decrease. It also consists of our first half asset management business. In our insurance business, we can basically split them into our international business and Chinese business. Apart from Fidelidade, we also have Peak Re, a reinsurance company based in Hong Kong. In the first half of this year, apart from achieving their revenue target, Fidelidade also increased their profitability. Their net profit attributable to Fosun is now at EUR 84.2 million. Peak Re also increased both their top line and bottom line. In China, we have Pramerica Fosun Life insurance and also United Health Insurance. For Pramerica Fosun Life, it is more associated with our senior care scenarios. In the first half of this year, we did a very strong growth because of our continued investment in the past two years. Through community policies, the premium revenue increased by 289%. For Fosun United Health, it's also closely associated and integrated into our healthcare scenarios, and it registered a 14% increase in its premium income. Then when it comes to our asset management business, we first have a global footprint, but at the same time, we continue to try to create synergies with other industries, so that we can continue to build our capacities. The total AUM is at 2.2 trillion CNY. And includes HAL, NAGA in Germany, and also Guide, Rio Bravo in Brazil. Also, in the Greater China region, we have Fosun RZ, Fosun Capital, Fosun Health Capital, and so on. Now, speaking of our Fosun Hive asset management platform, we also can split it into our international and Chinese business. For Fosun Hive China, our sellable asset is at CNY 134.3 billion. For AUM, is now as CNY 300 billion RMB. For Fosun Hive overseas, its AUM is at $14.1 billion. You can see we have a very even spread across America, Europe, and China, and Asia. IDERA was also launched. It's a listed company in Japan. Also, Paref is also another listed entity in Europe. Lastly, I want to talk about smart manufacturing business. Actually, NISCO is our biggest business. However, it is not included in our consolidated balance sheet in first half of this year. Currently, in total, we have four business sectors under the intelligent manufacturing landscape. One is new functional materials, since we have Wansheng. Second is industrial automation and digitization, with Easun Technology being the entity. The third thing is the electrification and intelligent cars. Since under this business sector, we have the Geesun and Fosun Ride. And the last one is the green resource industry, green low carbon resources with Hainan Mining, as well as the Roc Oil under the management of Hainan Quanxing, to build its green low carbon industry layout, and also some mineral resources and oil and gas resources. In future, these four business sectors will be our major footprint and layout under the intelligent manufacturing segment. In total, the revenue is CNY 5.46 billion, with an increase by 6.5% Y-o-Y, but currently, it hasn't consolidated Wansheng. For Hainan Mining, in H1, in total, the revenue is CNY 2.4 billion, down by 12.63% Y-o-Y. Mainly, that's due to the downward price of the iron ore and the oil and gas, which has affected our revenue and profitability in first half of this year. But still, we believe in the competitiveness of Hainan Mining. Easun Technology, in total, the operating income in H1 was CNY 3.1 billion, an increase of 27% Y-o-Y, benefiting from the acceleration of electrification and smart intelligence globally. Also, our orders have been growing significantly from last year to this year. At the same time, the quality of those order placement has been much better, and we continue to promote our global integrated operation to optimize our global R&D, and procurement, and sales. Next is Wansheng, since it is a leading player in the flame retardant business industry. In H1, also affected by the global market downturn, so the piece price and the gross profit has been down to a certain extent. The revenue is CNY 1.4425 billion, down by 20% year-over-year, mainly affected by the circumstances. Now, under Wansheng, the major focus is the research and development to create new product lines and growth opportunities. Next, Hainan Mining. In the past three to five years, since we have replanned our layout, business layout and business structure. In the past, we simply had only the iron ore, business line, but this time we have a dual engine driven by both the iron ore and the crude oil, the oil and gas. Especially our lithium hydroxide project is ongoing. ... And since we have already released some announcement of the Mali project, and I believe that after these two projects have been put in place, we're gonna be even more competitive in the new racetrack. And also, the iron ore mining is affected by the fluctuated price in the global market. So now we are still building our business structure to become more resilient. Next is Wansheng, which is also the world's leading new functional materials enterprise. In the past, it mainly specialized in the flame retardant, but still, as it is shown on this slide, we are also exploring other racetracks of different businesses, like the additives and catalysts. Since we have our second research and development center open in Shanghai this year, hoping to rolling out more projects and more products to further upgrade our Wansheng business. So that's all for the work and performance of our different business sectors. Next, Xu Xiaoliang will take you through the strategies. Good morning, both online and offline investors and analysts. Our CFO and co-CEO, Mr. Gong Ping and Mr. Chen Qiyu, has given you a very detailed reports of our financial results and four segments. I'll report to you our strategic development. This is our 31st—the 31st year of Fosun. So for the past 30 years, we have experienced different phases, including China drivers to the global operation and global drivers to the China operation. So during the whole process, we focused on two things. The first is change, the second is not change. I'll first report to you the not change. What's not change? We still insist on our values: self-improvement, teamwork, performance, and contribution to societies, and we are trying to support global families to become happier and healthier. We focused on four core businesses: health, happiness, wealth, and intelligent manufacturing. So with all the things that we persist in, how can we navigate through different phases? I think for different phases, we have different strategies to adopt, to adapt to changes. I think for the first, for this year, we have reported, like, three different three changes. The first is we will streamline our businesses, which means that we will be more focused on our core assets and core industries, and we will insist on divest non-core businesses. And also, we will strengthen our core businesses to lead the industries. This is one of the change. We will streamline our business to adapt to the changing environment. The second change and strategic focus, which would be the SLI strategy and cooperation with the key partners. We will enhance our operation capabilities in the global areas, and we will cooperate with the key partners in China and also in the global markets. The third strategic focus would be the balance investment and divestment. We will divest from the non-core businesses, which means that we will focus our capabilities into our core businesses, and also we will leveraging investment to boost our industrial operation. These three would be our strategic focus for future. And as you can see in our four segments, we will have key directions for our four segments. For the health segment, we will keep focusing on innovative drugs. We will increase investments in R&D and pipelines, and also we will strengthen global footprints. And also, we will try to expand the high-end medical services and also to connect with our high-end customers. In the happiness BG, not only we will increase our product lines and enhance product capabilities, we will also promote our traditional culture. We will combine the traditional culture with the fashion. We will promote our Chinese aesthetics to the world. And also, we will leverage our experiences in our existing benchmarking projects. We will try to build the complex, including culture, retail, and tourism. In the wealth segment, we will consolidate existing advantages and expand overseas businesses. Fidelidade will focus in the Portuguese markets and expand to other markets. In China, we will create ecological insurance policies. In the intelligent manufacturing, we will expand to other areas in consultations and build the advantages in agriculture and chemicals. Wansheng, not only it will focus on fine chemicals, but also it will find the second curve drivers. Want to power the future, we need to have four core capabilities, four pillars to power our development. These four core capabilities, including profound global operations, FC2M ecosystem, innovation-driven capabilities, and as well as FES systems. I will elaborate you on these 4 core capabilities. The first is profound global operations. At present, we are operating in over 35 countries and regions. We have over 39 global brands and companies. Over 44,000 people are working in our global markets, and our revenues has reached over CNY 44 billion from our overseas revenues. We have seen for Easun Technology, its overseas orders with high gross margin has increased significantly. For Sisram, it has already established its new direct sales office in Dubai, and has opened the first experience center in Chicago in June. For Fidelidade, has entered the new markets in South America and has seen great growth in its revenues. Club Med is also expanding, and Club Med will open the first urban oasis in China in the second half of the year. In the FC2M ecosystems, we want to empower more species. We will focus on family industries, and also, we hope all the industries in Fosun is FC2M. We will have customer systems with different levels, and we hope that our product will be innovative and with high gross margin. And also, we hope that our supply chain would be more flexible and resilient, and its foundation would be digitalization. No matter in vertical or horizontal level, we hope the whole system is building upon the smart digitalization. We are upgrading our FC2M systems. For the first half of the year, our customer members have grown 55% Y-o-Y, user operation has reached CNY 740 million, and we have reduced the cost by 16.1%. For the technology innovation, which is also one of the main core capabilities, we insist on investing in R&D to build better products. For the first half of the year, we have invested CNY 4.2 billion in innovation technology. Hence, the self-developed innovative anti-PD-1 monoclonal antibody, HANSIZHUANG, has been approved. Fidelidade has launched its online app and has new registered users over 1.4 million, which is more than 13% of the total population of Portugal, and digital claims increased to 60% of the total claims. The functional ingredients of flame retardants, antioxidants from Wansheng, form a synergetic formula to provide customers with the overall solutions. We have learned from our past experiences, and also we have paid the tuition fees in the past. We keep drawing lessons from our past experiences and empower our sub portfolio companies. That's why we continuously building the FES systems. We proposed these ideas in first in 2021, and we keep upgrading our FES systems. We have already improved over 1,000 projects, and over 40 activities have been optimized in each of the next three years, and FES has been improving our operation. And I think all of the core capabilities relies on our organizational development. We have five top management committees. We have different BGs and BUs and PLs from the vertical points. We have already built a web in our organizational development. For our global operation, we have established 10 regional committees. And France and Portugal is our, is our top regional committees. And all of our-- We also pushing our functional lines to build their sharing centers, so that all the functions can be shared by our portfolio committee, by our portfolio companies. We're trying to build an agile, flexible, and efficient organization, just like water, because water is agile, flexible, and efficient. So in the future, when we are building our organization, the core for our organization would be, we will be more agile. Because the macro environment has been changing frequently, we need to have agile teams to adapt to the changes in the macroeconomy and the macro environment. We will have a streamlined headquarters and lean sectors. This would contribute to our agility. The second core is flexibility. Fosun is a big conglomerate operating in the whole world. We have different procedures and systems operating every day. However, all the procedures need to be in contribution to our businesses. We need to have agile authorization. We need to have flexible, top-prioritized battles. The third core is efficiency. The efficiency relies on our mechanisms, especially the decision-making mechanisms. We have already established talent mechanisms and EMC to decide on different things, and also, we have different meeting mechanisms to improve our organization. In talent sourcing, global partner sourcing, and optimizing and talent optimizations, all relies on the mechanisms, which is why we have a 2-7-1 mechanisms. We rank different companies, talents, and global partners. The efficiency also relies on different sharing mechanisms. We hope to build a really efficient sharing mechanisms that has multiple levels and multiple dimensions. These are the three core things to build for us to build an agile, flexible, and efficient organizations. As you know, that we have our values that insist on the self-improvement, teamwork, performance, and contribution to societies. That's why we stay true to our mission and continuously enhance our ESG capabilities. For the first half the year, at the E area, we have published the first TCFD report, and also, we have included the carbon neutrality into our approval system. At the S, every year, we launch the Rural Doctor program for the past few years. We have already benefiting over one million families, and we have self-product antimalarial products that has helped a lot of patients. In the G area, we will continuously to optimize FES system and to have to build a bottom-to-top mechanisms. We keep working on our ESG areas, and also, we have seen a lot of the results. We are the only conglomerate in Greater China with the recent MSCI ESG rating of double A. These are our strategy development. As you know, that the global economy is still in the recovering pace. For a company like us, we cannot change the macro environment. We can only persist in our strategy, insist on the things that we cannot change, to navigate ourselves in different phases and adapt ourselves to different changes. We believe that development can solve the issues in development, and we insist on the longevity, and we are hoping to contribute more values to all different kind, kinds of stakeholders and to help our families to become healthier and happier. Thank you for your support for the past, and I hope that you will have more experiences in our products. Thank you, everyone. Thanks for the management for reporting. Next, we will move to the Q&A session. If you have any question, please raise your hand.... If you have any question, please first name yourself and where you're coming from. Hello, everyone. I'm Virgil Ingen from the Shao Group. I have a question to Mr. Guo. For the first half of the year, the Chinese economy has rebounded. However, in the international market, we have seen the rising interest rates and also differential political issues. What's your view on Fosun's strategy and positionings in the future? Mr. Guo speaking. Thank you for your support, and also thank you for your questions. I think for the past 3 years, during the pandemic period, this is the 31 year of Fosun. Since Fosun has been established, yeah, for 31 years, and in the past several decades, we have also experienced a lot of difficulties and also the economic cycles. However, this time it is most difficult one, and I think all of you can feel that. So I agree with you that now it's time to rebound. Last time we mentioned that the difficulty is always very tough to get over. However, and also it's always very tough to pick up, to recover from the difficulty, and especially now, the real estate business is having much, it's having much hardship. We believe that it takes time and patience. So on the one hand, we need to take care of our profitability, and on the other hand, the cash flow, the liquidity as well. So here it is already very clear that we have already survived in the economic cycle, and we have already well, get well dealt with our cash flow. So now it's time for us to stay to be focused on our advantageous businesses, the health, happiness, wealth, and intelligent manufacturing sectors. So I think the core to solve problems of development is to develop is development. But of course, we will focus more on building our product and branding, our globalization and innovation. So we'll continue to divest from those non-core, those heavy assets. And as a private-owned enterprise, the financing cost is very high, which is even much high, over 5%. So that's why we're gonna continue to divest from those, heavy assets to reduce our liabilities, to, focus on the light asset strategy, and to invest more in the research and development in entrepreneurship and innovation. This is something that's already very clear. Another thing is, I think it's time for us to be brave, to be bold. And also, I'd like to encourage all of you also to encourage ourselves. Since now, we are welcoming a strong rebound after the darkest time. On the one hand, we have witnessed that from the Chinese government and also some regulatory authorities of securities. They are now being increasingly supportive and to roll out some policies to the private-owned enterprises and the economic market. Also, maybe I dare not predict that there will be no longer any more interest rate hike, but I think it's already enough. Even so, it, it is hiking rapidly, but I believe that it will also come down in a faster pace. Because, an interest rate hike is not a long-term solution. It cannot exist in the long run. Also, in the medium to long term, since recently I also visited the U.K. and the U.S., I had a lot of communication with them, so I believe in a potential mitigation of the interest rate hike. And globally, I believe you can all feel that the global economy relies on the globalization. So that's why we say the globalization of Fosun is a, a very important and critical strategy for us. So this year, actually, our overseas or the global business has much better profit and profitability and performance than our domestic business, which is contributed by our globalization capabilities and our long-term globalization strategy. So in future, we will continue to insist in such globalization strategy to be focused and to dig into the core of each business sector, and also to be focused in our investment, to invest more in our advantageous businesses. So thank you for your question. This is my answer. Thank you for the answer by Chairman Guo, by the management. Next question. Thank you for giving me the chance. I am the analyst from Guotai Junan Securities, Mr. Li. And just now, in Chairman Guo's answer, you mentioned that Fosun Group will continue to optimize its asset structure and its cash flow, its liquidity. So here, my question is: in the second half of this year and even until next year, for Fosun Group, how are you gonna improve your liquidity, asset and liabilities, and also your cash flow? What are the specific measures and actions to take? And at the same time, against this backdrop, what are your major business, and what is your investment development plan into your major businesses? Thank you for your question. So I like to... Well, we'd like to have Co-Chairman Mr. Wang, to answer this question. Thank you very much for raising this question. ... Also thank you very much for all the investors and all the people who pay much attention to the business and development of Fosun. Thank you for all the guests and analysts. Indeed, as Chairman Guo just mentioned, now we are optimizing our asset structure to be focused on our major businesses and advantageous business, and also to go the light asset strategy, also to focus on our global assumption, to serve the global families. Also, to invest in innovation, in globalization, in research and development. Along with our development path, indeed, we need to well manage our cash flow. That's very critical for us. And recently, as you may see, that our rating is improved. But currently, this is just the very beginning. Since we've become even more steady, and in the following several years, we hope to drive our rating into BB B step by step. But of course, it takes time. We have to achieve it step by step. Focusing on achieving this target and objective, in 2022, we divested from those non-core assets. In total, the signed amount is over CNY 40 billion, and we have a cash inflow collected over CNY 30 billion. In the first half of this year, as mentioned by Mr. Gong Ping, we insist on the light asset strategy and asset structure optimization, not just from the perspective of the headquarters, but also our portfolio companies are doing towards this direction. By the end of June this year, for Fosun Group, which includes Yu Garden, all our portfolio companies, in total, we have collected back the cash for over CNY 20 billion. And at the headquarters level, in total, we have recovered and collected back CNY 14 billion. So, so far, we can say that we have already successfully managed the liability issue and survived. For our future development, we'll continue to optimize our asset structure to reduce our liabilities on the consolidated balance sheet, since we have already shown you the numbers on our consolidated balance sheet. And we have already reduced the liability for around 45 billion RMB. In total, that's around CNY 26 billion, approximately. So now we are reducing our liability step by step in a steady pace, but at the same time, we'd like to embrace partners in healthy assets and also insist on the light asset strategies. Along the way, we have to seize the opportunities of the innovation and the research and development in the global market. Especially, we'd like to have more partnership with those corporates, companies, and also institutions who have strong advantages. But of course, with all of these strategies, and I firmly believe that under the hard work and efforts of all our teams on our major businesses, we'll continue to develop, and our advantageous businesses will even play a leading role in the global market, and also to become more competitive in the global context. Thank you. Thank you, Mr. Wang, for your thorough explanation. Now, let's move on to the next question. Good morning, dear management team. I'm with Zhuo Zhu, the private equity firm. First and foremost, I'd like to ask one question. As we're seeing, previously, when we talked to the capital market, we realized we have less income related to COVID-19, and that's why Fosun Pharma was under pressure. So do we have any highlights that we can expect going forward? I'd like to ask the Co-CEO, Mr. Chen Qiyu, to answer this question. Thank you very much for your question. It's fair to say that the results from Fosun Pharma, be it the revenue or net profit, is true. Our results were affected by the changing situation related to COVID-19. No matter it's short term or long term, I think our drivers are very clear, it's there for everyone to see, because we invested in our digital, in our technology transformation over decades. So if you look at Fosun Pharma's business, first, we have two cornerstones, which guarantees its stability, namely our generic drug business and also our revenue from Sinopharm. So these two areas are very solid. For our generic drug business, apart from Yao Pharma and Wanbang Pharma, also Gland Pharma in India. Moreover, we have also established our network in Africa and also in America. So when it comes to generic drug, we've been improving our competitiveness on a global scale. So that's the fundamentals for us. Now, when it comes to growth, the main growth will lie in innovation. The contribution made from innovations mainly lies in anticancer treatment. Before 2018, you could see in our revenue, oncology-related revenue has a very small share, but now, relevant area has become a very important part in our revenue, be it biosimilar drug, PD-1, or small molecule drugs. Or if you look at our diagnostics and devices, the da Vinci robots or the CAR-T treatment technology, all of these could be traced back to 2016, 2017, when we set up the joint venture and launched these new products. So all of these great innovative products were, were developed back then. So there are two parts. We introduced CAR-T and da Vinci from outside world, but at the same time, we also have our own R&D and exporters elsewhere. We've already built a very good partnership network for our PD-1 products, for our biosimilar drugs. We have lots of partners all around the globe. And be it in South America, Southeast Asia, Europe, America, we almost have a global coverage. So everything comes down to our high-quality R&D and our local manufacturing capabilities everywhere in the world. So one great microcosm, one great snapshot, or case in point here, is that Henlius has become one of the first pharmaceutical company in China that can make profit. After 14 years of development, now, Henlius is now in a position where it's taking the leading position in commercialization, R&D, and many other fronts. So in the last one month, we've received four rounds of GMP verifications and studies. And so we have quality R&D. We have a very high standard for manufacturing and production. So these are the foundations for innovative drugs. There are many players in innovative drugs, but apart from great R&D, your manufacturing capabilities, your registration capabilities, your global BD capabilities, and your global network are also very important. So when it comes to oncology treatment, which also includes devices and treatment, I'm sure we have very solid foundation to guarantee our growth in the next 10 years. And at the same time, we are also entering emerging areas that have been rarely touched in these industries. So we will have more innovative drug in non-oncology area, but it would take some years for us to launch these new products. So that's our overarching strategy for a pipeline control. Between 2009 and 2019, we allocated lots of resources in oncology treatment. Going forward, we will allocate more resources on non-cancer related areas. That's something we've been exploring. When it comes to innovation, we can do it in-house, we can develop, we can do R&D ourselves, and we can replicate our successful experience with Henlius. We have lots of new incubation methods now. There are three main incubators. First, we have this innovative drug fund, and in America, we also have a fund. All of these incubators are supporting around 15-20 startups. We hope these startup platforms can help us incubate more innovative drugs and innovative medicines, because they are spread out in all kinds of industries. And when it comes to global expansion, it's also gonna be a very important part of our growth in the next decade. We hope Fosun Pharma will become a very important international pharmaceutical company in China. Thank you, Mr. Chen, for your answer. Next question. The lady in white sitting on the first row. Hi. I have seen the great growth from the Happiness BG. What's your view on the next year? Because as you know that we have seen the trends in China, that after five months of great consumption from the Chinese spenders, we think that in the next 3-5 years, Chinese customers will take a different spending behaviors. And I know... What's your view on this? And I know that we have a leading presence in the happiness sector in the world. How can we learn from our global experiences to position and strategically develop ourselves in China? Thank you for your question. I'll give the floor to Mr. Xu, our Co-CEO. Thank you for your question. We have seen the growth from the Happiness BG up by 34% Y-o-Y. Net profit attributable to the parent, it's over 750 million RMB. This is because of the growth from FTG and also other companies in the Happiness BG. Yuyuan has also reported its interim results. Its revenue has reached over CNY 27 billion in the first half of the year, and a great growth Y-o-Y. And its net profit contributed to parent is over CNY 2.2 billion, over 200% growth Y-o-Y. I think we are very happy to see that the total revenue was around CNY 27 billion, and 86% coming from the consumption sectors. So this is the result of the quick recovery from the Chinese consumption. Especially in the gold and jewelry sectors. The total revenue from gold and jewelry has reached CNY 21 billion, and then we have newly opened over 300 stores. The total stores has reached over 4,000 in China. We have caught the recovering pace in gold and jewelry sectors in China. The gold sector in Yuyuan, we have self-developed our gold product, and it. The sales has already reached over CNY 5 billion, which is a very great growth. In dining, in liquor, we have all seen the great growth from different sectors. This is. These are all reflecting our consumption recoveries. Another sector is FTG, Fosun Tourism Group, which has been hugely impacted for the past three years. FTG has reported its interim results. It has reached over CNY 470 million in profit, with the efforts from nearly 2,000 employees, and also benefiting from the macro economies, FTG has marching into its right treasury. For Club Med, we have seen great growth recovery over the global markets, and also it has recorded the record high results. In China, we have also seen the recovering tourism trends. As of the end of August, Atlantis has already recorded over CNY 1.3 billion in revenue, which is in line with our 2019 full year sales. In August, its one-month sales has reached over CNY 200 million. We think that Atlantis will record a record high revenue for this year, 2023. With the tourism recovery, back to your questions, foreign IPs and brands has invested a lot in Chinese markets. This is why Club Med will launch the first Urban Oasis hotel in China. We have seen different resources in suburban areas and also the destinations. However, we think that in the city areas, we are still lacking of a resort or hotel that can fully meet the demand to take vacations in cities. This is why Club Med will launch its first Urban Oasis, the urban hotel in China. I actually think that the Chinese economy is still in the recovering period, although it's not as quickly as we expected. However, I think the trend is still here. From our numbers, not only in China but also in the overseas markets, we have seen this trend. And also we think there's still two potentials. The first is Chinese tourists taking the overseas trips, and also foreigners taking trips in China. This is why we think that Chinese, the consumption is still in the recovering period. However, how we can catch this period relies on our good products. So our Happiness BG, the mission for our Happiness BG is to help the families to become happier. We need to promote and to launch more new products, to launch new scenarios to achieve this mission. Thank you for your question. Thank you, Mr. Xu, for your answer. We can have another question. The analyst in blue. Hello, everyone. I have second question. With the changing interest rate and also exchange rate, how does that impact our financial results? With the rising interest rate, how can we, our insurance companies, adapt to this change? I think this question can give to our CFO, Mr. Alex Gong. Alex Gong speaking. This is a very good question. Mr. Wang has already give you a summary of our strategy. So with this macroeconomy, I think Fosun has already passed different issues. Liquidity management is our foundation. Nearly half of our revenues coming from overseas markets. So how can we efficiently manage this risk and take the opportunities? As we know that the interest rate has gone up by 5 percentage points, but as you know that our average cost of loan is around 5.3%. So with the interest rate rising, I think we still managed our exchange rates quite efficiently. But we are a conglomerate operating in the whole world, and also we have a global supply chain. I think we still have a lot of methods can be taken. The first is from the asset side. With the disruption in supply chain, we can see that a lot of companies have seen the greater cost in supply chain. The rising interest rate has benefiting our overseas financial institutions. For the asset side, we were focusing on the companies that we have advantages. We were encouraging our companies to develop in the global markets and to develop in a more diversified ways. Global operation and also diversified portfolio has contributed a lot for us to navigating through different storms. We will do several other things. The first is the securitization of our portfolio companies, including IPOs. If it goes smoothly, our first IPO would be one of the largest hospitals in the Portugal market. We have already divest our iron businesses, iron and steel businesses. For real estate, we will take the asset light strategy, embracing the key partners. We will leveraging the REITs and REITs-like vehicles to help us to optimize our financial structures. For the debt end, we will optimize our debt structure, and also for the banking, we will increase the proportion from the banking loans. For the public debt, we have already elaborated on this. We will also leverage more on the insurance capitals, including to leverage the cooperation between insurance and the healthcare sectors. Also, we will leverage the part- we will try to leverage the capital from the companies that has low cost finance, including the SOEs and also the capitals from the SOEs. For the exchange rate, we still have some opportunities. For example, for our insurance companies, they can lock the profit in the rising interest rates environment. These are some of the things we will do, and thank you for your question. Thank you, Mr. Gong, for your answers. We have a limited time, so we will give the last question. Thank you very much for giving me the last question. I am also from a security institution, and just now we have seen many of our colleagues have already raised some questions, and we have seen that Fosun is striking a balance between investment and divestment to go light asset and also to embrace partners on heavy assets. The topic of today's announcement is focused development with steady advancement. So here, my question is, Fosun, as a globalized company, what is the message that you'd like to convey to the society, to the public? So I think, Chairman Guo, you may answer this question. Well, I'd like to say something about the globalization, because this is also what many people have been paying attention to, especially in the past. Because in the past, people are talking about the decoupling. And I should say China, as the second largest economy in the world, since we are a global company and a globalized company, but I don't think there are many globalized companies in China. I think, or I should say, too few, especially versus Japan and the United States. Indeed, we don't have that many globalized companies. So through many years of our efforts, now Fosun has already built its globalization capabilities. And as you can see, during the pandemic, we can always coordinate and collect all kinds of anti-pandemic supplies and resources. And also, we collaborated with BioNTech in Germany. All of these are thanks to, contributed by, Fosun's globalization capability. Maybe, or I hope that there will not be any more virus or pandemic, but in future there will be other development opportunities. And the second is the so-called deglobalization. And I think for a period of time, for sure, China has already benefited from the globalization, so we don't want to decouple with the United States. We don't want to decouple with the global economy. And also, I think the U.S. is now beginning to realize, come to realize, that decoupling is also not beneficial for them. But in future, going forward, I think there will be some risk mitigation in the decoupling or deglobalization. So I think interaction with the global economy is the thing that can benefit the most. So this is my personal idea, and I think the deglobalization cannot disappear, but I think it will be mitigated step by step. So I have already sensed some changes and transformations in this respect. Next is, indeed, Fosun has benefited from our globalization and globalized capabilities, and also we will further strengthen the globalization. I remember that Fosun Pharma has licensed in and licensed out since we have CAR-T and da Vinci robot, which has collaborated with overseas partners. But also we have Fosun Henlius to output our achievements. So I think for China's product, each of the industry, I think all of you can feel the fierce competition in each and every industry and in business. And because Chinese people are always very competitive, especially in terms of profitability. And normally, there will be one or two leading players who are extremely profitable, or one or two products, product lines are extremely profitable. But such a fierce competition also has some benefits, because it brings Chinese enterprises more competitive edge to be more competitive to going global. So in future, sometimes maybe the gross margin is a bit low, but this time we can make money from all over the world. And maybe even the overseas markets has bigger potential than the domestic market. We can make more from the overseas markets. So I also hope that in future, maybe hopefully, our overseas revenue and profitability will outperform our domestic markets. This would be the potential trend. But of course, this has pros and cons both for Chinese enterprises. But as a company, you cannot choose to stay in which environment. The only way for you is to be always adaptive and competitive to the changing environment. So we have to optimize ourselves and to always get over the difficulties, the economic cycle, to be innovative, to serve better our global consumers. Step by step, just make it happen, and let's move forward. Let's work together. Thank you. Thank you, Chairman Guo. Again, I'd like to extend my thanks-