Dear investors and analysts, good morning. Welcome to Fosun International 2024 interim results announcement. I'm the General Manager of Investor Relations Department, Sun Lu. Let me introduce you to the management team of Fosun International, Chairman Mr. Guo Guangchang. Mr. Guo Guangchang says hello. Executive Director and Co-Chairman of Fosun International, Mr. Wang Qunbin. Mr. Wang Qunbin says hello. Executive Director and Co-CEO of Fosun International, Mr. Chen Qiyu. Executive Director and Co-CEO of Fosun International, Mr. Xu Xiaoliang. Executive Director, Executive President, and CFO of Fosun International, Mr. Gong Ping. With the macroeconomy and worldwide businesses, we have seen the opportunities and risks. Fosun International focuses on our core strengths and keep building our businesses, and we keep focusing on streamlining and divesting from the non-core, non-strategic assets in order to keep optimizing our balance sheet. In the morning, the Fosun management team will report to you 2024 interim results. In the afternoon, the heads of the four business segments will share with you our four businesses and their strategies. First, I'll give the floor to CFO of Fosun International, Mr. Gong Ping, to report to you the financial results. Gong Ping says, "Dear investors and analysts, good morning. Welcome to Fosun International 2024 interim results announcement. Let me first give you the first half financial results. With the uncertain macroeconomy and different conflicts and wars going around the world, and expecting interest rate cuts from the Fed, with the uncertainties in the macroeconomy, Fosun International keeps focusing on stable operation of core businesses and has achieved resilient revenue. Our total revenue was RMB 97.8 billion, up by 0.8% Y-O-Y. And our industrial operation profit reached RMB 3.47 billion, up by 3% Y-O-Y. Profit to owner was RMB 0.72 billion, down by 47% Y-O-Y. This is because as we are still seeing the recovery of the consumptions, and also we are divesting some of the assets. The overseas revenue was RMB 45 billion, up by 4% Y-O-Y, and, our accumulated dividends payment has been remaining at 20% for the past five years. And the adjusted NAV was 17.4 HKD per share, which has exceeded share price. The four core subsidiaries keeps delivering stable revenue at RMB 72 billion, up by 1.42% Y-O-Y. The house businesses was down a little bit by 2.4%. Wealth was up by 4.9%, and the Happiness was a little bit up, and Intelligent Manufacturing was down by 2.4%, and the revenue reached RMB 5 billion. The four core subsidiaries becomes the solid bedrock. FTG's revenue was RMB 9.4 billion, up by 5.8% Y-O-Y. Fosun Insurance Portugal was up by 9.7%. The four core subsidiaries contributed 74% of total revenue. With the challenging environment, we still have strong balance sheet. The public market financings reached RMB 7.36 billion, and we have been keeping reduced our leverage ratio to 50.2% in the first half of 2024. The cost of borrowing will increase lower as interest rates tightening cycle about to end. Our cost reached at 5.8%. Considering different factors, S&P Global reiterated Fosun International's BB minus stable outlook rating. We will keep focusing on streamlining and reduce the leverages, and also we will keep diversify our financings. With our evolving financial strategy, we will keep divesting from the non-core assets and non-strategic assets. This will help us to navigate the group through the economic cycle. Since 2019, we have substantially scaled back real estate exposure and constructed a diversified global business portfolio. We have also rebalanced focus from investment to industry operations. Since 2020, we initiated balance sheet optimization, and also we have accelerated and elevated the capability of global operation and innovation-driven development. And also, we have over RMB 60 billion cash inflows. As you can see, we have high-quality global businesses. This has becoming our new growth engine. The ten-year CAGR of Fosun overseas revenue was 55%, and 60% coming from Europe. Also, we have robust growth in core subsidiaries overseas revenues. For example, the Fosun Insurance Portugal, the international premium was over EUR 890 million, with its share rising to 31.5%. Club Med, in first half of 2024, the global revenue reached a new high, growing by 10% Y-o-Y, with revenue in the Asia Pacific region increasing by 32%. As of the first half, Club Med operates 67 resorts globally. And for Henlius, the HERCESSI, you have secured FDA approval for market entry in the United States, joining the rank of Chinese origin, monoclonal antibody, biosimilar approved across China, European Union and United States. Club Med has already signed a resort in Oman, and Hainan Mining signed a memorandum of understanding in July. FFT have secured prestigious multimillion euro contracts in the Middle East. Fosun firmly executing the non-core assets divestment and reducing the interest-bearing liabilities. The contract value of the divestment was roughly fifteen billion RMB, with a cash inflow of around twelve billion RMB, and the contract value of divestment and consolidated liabilities exceeded twenty-two billion. We have been optimizing asset portfolio through various methods. The consolidated interest-bearing liabilities has been keep reducing to RMB 210 billion by the end of June 2024, and group interest-bearing liabilities was only RMB 85.8 billion. We have smooth financing channels. Since the year 2024, large state-owned banks and joint stock banks have been the group's long-term strategic partners, and since 2024, these banks have increased their credit lines and loan utilization for Fosun Group. As of mid-August, the total amount of syndication has exceeded $800 million, making the successful organization of overseas syndication for eight consecutive years. This syndication is the largest of its kind for Chinese private enterprises since 2024. Fosun High Technology successfully issued commercial papers, totaling 3.9 billion RMB, all of which were oversubscribed. The coupon of Fosun High Technology's standard loan credit bonds dropped significantly from 6.8% in October to 4% in June 2024. We will keep exploring trading counterparties and financing instruments, and we will try to connect with the non-bank financial institutions such as securities and financial leasing. We think when the Fed cuts the interest rates, we will see a beneficial financing funds. The business expansion was driven by investment funds. For example, in the first half of 2024, the self-owned resource of Club Med decreased to 15%, and we think that it will further decrease. In May, Fosun sold 99% of German private bank HAL shares, but we still remain have asset servicing businesses. Fosun Pharma collaborated with Shenzhen Guidance Fund and others to launch a biomedical sector fund, aims to raise 5 billion RMB. Fosun Capital and IDERA have also achieved great results in fund financings. That's all for the financial reports. In general, the group has been focusing on the core businesses, and we have seen steady growth, and also we have seen the achievements from the satellite operations. We will keep growing the overseas revenues and reduce the leverage to around 60 billion RMB, and increase the industrial operation profit exceeds RMB 10 billion, and also we will constantly elevate our credit ratings to investment grade. We will keep making selections on the sectors and the industries that we will keep, and also we will further divest from the heavy asset projects. The finance strategy will paint a promising future, and for the specific questions that you have, we can leave to the Q&A session, and I'll give the floor to our CEOs to give you more reports. I'll give the floor to Mr. Chen Qiyu. Hello, everyone. Next, I will report to you about our business operations. First, on the health segment, our strategic positioning is about continuing our global innovation and building a health ecosystem with medical grade, one-stop full scenarios, and pharmaceutical is our core business. We also have medical device and diagnostics, health services, and consumer goods. We want to use innovation and R&D to be more integrated and expand into overseas business. In the first half of 2024, the total revenue of this segment reached RMB 23.26 billion, down 2.4% year on year. This is mainly because that in Q1 last year, we had a COVID-related product contributed to our revenue. Excluding this part, Fosun Pharma's revenue still increased by 5.3%, and the net profit attributable to owner was RMB 510 billion, up 43%. Fosun Pharma reached a revenue of 20.38 billion RMB, with innovative products revenue 3.7 billion RMB. Fosun Pharma's R&D investment was 2.74 billion RMB. We are focused on our pipelines with advantage, and we have seen initial results in this part. Apart from self-development, we have implemented an open R&D model with the help of industry funds and BD cooperation to implement innovative R&D in a diversified way. Our overseas revenue reached 8.37 billion RMB, accounting for 36% of total. As for our healthcare business, including Fosun Health in China, its revenue reached 2.96 billion RMB, which was slightly down compared with the same period last year. It was mainly due to the shifts from online to offline, and the loss was significantly reduced, and our hospital's profitability has been increased. For example, Luz Saúde, the private medical group in Portugal, reached a revenue of 370 million EUR, up by 10.7% year on year, and Fosun Care reached a revenue of 290 million RMB. It has investment and operation of nursing care institutions in over 10 cities with total beds of 11,000. As for Fosun Pharma, in the first half of this year, our focus was in developing innovative products and going overseas. In the first half of the year, the revenue of innovative products reached 3.7 billion RMB, reaching steady growth, and we navigated through the situation where COVID-related products revenue was decreased. The net profits accounting deducting one-off gain was RMB 1.225 billion, and the loss reduced by RMB 430 million. While reaching steady growth in innovative products, we are having strong momentum in future growth. Our lean management help us with quality improvement and efficiency improvements. Through supply chain management, improvement in operational efficiency, our operating cash flow, it has a higher growth than our operating profit, and we are accelerating the optimization of asset structure to accelerate cash inflow. In the first half of this year, we have recovered over RMB 2 billion of cash, and we are continue with the sustainable innovative pipeline. In the first half of this year, Su Kexin, which is a small molecule, is approved for treating an indication, and our biosimilar, Hanquyou, has been approved for marketing in the U.S., and biosimilar Handayuan is approved for four new indications. As for the rabies vaccine, it is approved, and the prophylactic has also been approved. There are a lot of products in key clinical or approval stages, and in the near future, we hope to accelerate the marketing process for our first-in-class drugs. In terms of our global business operation, we are accelerating the deployment of a global sales network. Today, Fosun Pharma's business has covered major overseas markets. For example, in the U.S., we have mature marketing and cooperation in terms of generic drugs. As for Gland Pharma, most of its revenue is reached in the U.S., and Fosun Pharma also has a marketing team for generic drugs. As for first-in-class drugs, the serplulimab antibody is in the head-to-head bridging study stage, and we aim to get this marketed in the U.S. for SCLC, and we are also promoting our marketing team for innovative products. The trastuzumab injection has already been approved and marketed in the U.S. There are many more products entering clinical trials in the U.S. In Europe, we are accelerating the application for marketing for HLX14. We already have products being sold in Europe. The CDMO company in France, which is called Cenexi, is undergoing effective reorganization to improve operation efficiency. In Africa, we have a commercializing team with around 800 people, and we have 5 regional distribution centers. There are anti-malarial drugs being produced by Fosun Pharma, with leading position in the industry. We are also building an industry park in Cote d'Ivoire to realize manufacturing and supply of pharmaceuticals in Africa. Gland Pharma is also developing rapidly. We are also helping Gland Pharma in launching its products in China. In Japan, the serplulimab injectable has started the clinical trial for treating mCRC. As for medical device, Sisram, Sisram Medical has a very comprehensive global sales network, and it is continuing to increase the proportion for direct sales. As for medical device, we have medical aesthetics, professional equipment, and ventilators, and medical diagnosis. Sisram continues to be a leading provider of energy-based device, and we are also accelerating external partnership to accelerate our product launching. We have already received application acceptance for RT002. As for surgical robots, the Da Vinci surgical robot has 24 installed in the first half of 2024, and we have already started domestic production. And this year, we have, in terms of the ventilators, we have started the Ion surgical robot system with non-invasive detection. In the future, this will be a major growth point for Intuitive Fosun. And in terms of MR-guided focused brain ultrasound, we started a JV with Insightec. For the treatment of Parkinson's disease and other brain disease, we can introduce and leverage MR-guided focused ultrasound. And in the future, we will have domestic manufacturing in this regard. And we want to introduce more brain treatment technology platforms. And Fosun Diagnostics, in the first half of this year, has completed the approval of many products and devices. In terms of medical care, we are focused on premium medical care and professional services. Fosun Health has reached top two in top 100 social hospital groups in 2024, and we are continue to develop our specialty development to accelerate medical care development. In October 2023, we have acquired Jianjia Healthcare. In rehabilitation chain hospital, we have maintained strong growth. Now, we have over 8,000 beds, and we are accelerating our deployment in major cities and provinces to open up more chain stores. Luz Saúde, as one of the largest private hospital groups in Portugal, it accounts for 25% of market share in Portugal, and it has over 40% of growth in net profit. We are also implementing our strategy in healthcare plus insurance or healthcare plus wellness. By creating synergy, we want to build a coordinated development in Fosun ecosystem. As for the happiness segment, our aim is to serve family customers, for them to have happy experience and build a globalized food industry ecosystem. We have a lot of strong brands like Lanvin, Shede, Lao Miao, Yayi, or DJULA. And in terms of tourism, we have strong presence, globally speaking, with a global C2M system, with digitalization and globalized organization. We believe there will be stronger growth in this segment. In the first half of this year, Happiness reached 43.17 billion RMB of revenue, slightly increased by 0.4% year-on-year. The net profit attributable to owner was 164 million RMB. It was mainly affected by the decrease of net profit by Yuyuan. Yuyuan reached revenue of 27.57 billion RMB, and FTG reached revenue of 9.41 billion RMB, up by 6% year-on-year. Excluding one-off gain, the net profit attributable to owner increased by 20% year-on-year. The overseas revenue reached 13.72 billion RMB, accounting for 31.8% of total. As for Lanvin Group, their revenue was 1.32 billion RMB, and Fosun Sports revenue was 980 million RMB, and the loss has been significantly reduced. Baihe Jiayuan, total registration, customer reached 440 million. As for Yuyuan, with a challenging consumption landscape, it has reached steady business operation results. In the first half of this year, the revenue was RMB 27.57 billion, up by 0.5% year-on-year, and the core business, jewelry fashion's results, was roughly the same as the same period last year. Yuyuan's net profit attributable to owner was RMB 1.14 billion. The reduction was mainly due to a reduction in investment income from the disposal of non-core assets. The consumer industry reached a revenue of RMB 22.68 billion. As for jewelry fashion, against the macro economy, it is still expanding rapidly in the first half of this year. Our revenue was roughly the same as the same period last year, but we are expanding the number of our stores to prepare for future growth. We are tapping into young people's hoping for a blessing, and we have launched a string of good luck product line. As for the liquor business, the revenue reached RMB 3.27 billion, down 7.3% year-on-year. Shede Spirits has upgraded its aged baijiu strategy to maintain a balanced product lineup, and it is also expanding into overseas business. For Yuyuan, phase one, the traffic GMV has also been increased. GMV has reached record high. FTG's core business reached a record high, and the revenue has increased from RMB 8.8 billion last year to RMB 9.4 billion in the first half of this year. Adjusted EBITDA has reached 3% growth year-on-year. If we exclude the one-off gain from the disposal of assets. As for net profit attributable to owner, if we exclude one-off gain, there is a 20% growth year-on-year. In 2024, FTG is focused on its key business. It continues to optimize its resource for greater synergy. It is focused on Club Med, Atlantis Sanya, Vacation Asset, Asset Management Center, and Club Med. Club Med reached record high business volume. In the first half of this year, the revenue was RMB 8.89 billion, up by 10% year-on-year. Due to the upscaling strategy, the ADR reached 1,922 RMB, up by 8% compared with 2023, and the capacity has increased by 4% year-on-year. By 2026, capacity would increase by 13% compared with 2023. Atlantis Sanya has also reached a record high in occupancy rate and the number of visitors, and the average occupancy rate has reached 98.6%, and adjusted EBITDA has reached RMB 294 million, with average room price of over RMB 2,000. As for the wealth segment, we are leveraging insurance capital plus asset management to increase capital efficiency and return to build an ecosystem, and we are leveraging technology innovation to achieve high-quality growth. In the first half of this year, the wealth segment reached a revenue of RMB 26.95 billion, up by 5.9% year-on-year, which is mainly contributed by the stable growth of premium income, and the asset management has also increased by 20%. Net profit attributable to owners of the parent was RMB 565 million. Overseas business has reached 82.8% of total revenue. As for Fosun Insurance Portugal, the total premium revenue reached EUR 2.81 billion, maintaining the top place in terms of market share in Portugal, and it is expanding its international business stably. The international business reached a revenue of EUR 190 million, up by 6.5% year-on-year. The Peak Reinsurance reached a total premium revenue of $850 million, up by RMB 1.8 billion. Millennium bcp reached a revenue of EUR 1.2 billion, and HAL reached a revenue of EUR 226 million, up by 0.85% year-on-year. As for domestic insurance companies, Pramerica Fosun Life Insurance reached a premium revenue of RMB 5.32 billion, up by 132% year-on-year. Fosun United Health Insurance reached a revenue of RMB 2.78 billion, up by 20% year-on-year. As for asset management, the revenue was RMB 8.49 billion, and the asset management revenue was up by 21.4% year-on-year. Globally speaking, the total premium reached RMB 35.8 billion, with AUM of RMB 181.5 billion, and then we have deployment in Europe, and also in Africa and Latin America, and Peak Re has business around the world. In China, we have Pramerica Fosun and Fosun United Health Insurance. Based on the Fosun ecosystem, these two are developing rapidly. For our overseas insurance, we are relying on high-quality operation, serving as a strong bedrock for profit growth. As for domestic insurance companies, it is relying on Fosun's ecosystem for rapid development. In terms of investment, asset management business, we also have a global deployment. In Europe, we have HAL. In South America, we have Rio Bravo for alternative asset management. And in Greater China, we have Fosun Capital, Fosun Wealth, and RC Capital. With insurance capital plus asset management, plus industry, we want to create top-tier leaders through investment financing. Lastly, our intelligent manufacturing. After the sale of NISCO, this accounts for the smallest proportion among the four segments, but it is heavily relying on technology. So we want to leverage intelligence, technology, and green resource industry. Wansheng is focusing on functional new materials, and Easun Technology is focusing on industrial optimization, digitalization. Future Ride is focusing on intelligent automobile, and Hainan Mining is focusing on iron ore, oil, gas, and new energy business. With this structure, we want to empower the transition towards high-end, intelligent, and green development. In the first half of this, this year, the total revenue was 5.3 billion RMB, down by 2.4% year-on-year. This is mainly due to the price reduction of iron ore. And for some projects in Easun Technology, some profits were not accounted in this reporting period. As for Hainan Mining, despite a drop in revenue, the net profit attributable to owner went up by 33%. This is mainly driven by high-quality operation. And there, we have accelerated progress in key projects in iron ore, oil, gas, and new energy. In terms of Middle East market, we have signed an MOU with Ajlan & Bros in July this year. We are discussing the possibility of setting up a lithium salt plant and setting up a mineral investment fund. The overseas revenue reached 2 billion RMB, and the global business revenue accounted for 38.4% of the total. Easun Technology has 3.9 billion RMB amount of new order. Wansheng reached a revenue of 1.39 billion RMB. With the reduction of iron ore prices, we reduced our business in foreign trade. However, we still achieved strong growth in net profit attributable to owner of the parent. The net profit attributable to owner of the parent increased by 33.2% compared with same period last year. And as for the oil and gas production, in the first half of this year, the oil and gas production has increased by 48.6% year-on-year. As for iron ore, we have a suspension magnetized roasting project. In July, it has a success in commissioning, and as for oil and gas, we also have new projects implemented. In terms of new energy, we have a battery-grade lithium hydroxide project. The facility has been established, and it can be put into production in 2024. And by the end of 2024, we expect to put our lithium mine in Africa into production. We are also focused on transitioning a energy structure for healthier growth. In terms of Wansheng, it is a globally leading functional material enterprise. In the first half of this year, despite a slight decrease in profit, we can see the production and the sales of different products have all been increasing. We hope that with improvement of overall external environment in the future, Wansheng can achieve higher profit growth. We are deepening our investment in being innovation-driven. We are also actively exploring M&A opportunities. In July this year, we have signed a investment agreement with Shine Polymer, and we aim to acquire Shine Polymer with valuation of around RMB 625-650 million. Our stake will be around 51-67%. That's all for our business operation in the first half of this year. Next, we will have Dr. Xu to present on strategic development. Mr. Xu Xiaoliang says, "Dear analysts and investors online and offline, good morning." And next, I'll give you the report on our strategic thinking during our development. As you know, that Fosun's establishment was in nineteen ninety-two, and this is the thirty-second year of Fosun. And Fosun has experienced different stages of development and cycles, and we have navigated through different cycles. Fosun keeps optimizing industrial structure and, keeping improving our global competitiveness. We have seen the changing macroeconomy and the greater uncertainties. However, Fosun still insists on different things. First is our value. Self-improvements, teamwork, performance, contribution to society remain the same. Our strategic positioning for our missions to make families happier remain the same, and also our strategic layout in four core businesses, happiness, health, wealth, and intelligent manufacturing, remain the same. In the recent years, especially in the first half of this year, Fosun has clearly determined that we will keep focusing on three things. First is business streamlining. Fosun will keep focusing on family consumption, strengthen core industries with advantages, and resolutely divest non-core assets. We will keep improving our asset-light capabilities and integrate vertical industries, strengthen cooperation with global partners that have capital advantages. Also, we will balance between investment and divestment, leverage twin drivers, including industry plus investment and insurance plus investment, to further empower deep operations. We think that navigation through cycles requires long-termism, which is built upon our core strengths. Fosun has been very clear that we will keep building four core strengths, which includes profound global operations, innovation-driven, FC2M ecosystem, and FES systems. I will further elaborate our core four strengths. First is global operation. In the first half, overseas revenue recorded RMB 45.8 billion, accounted for 47% of total revenue, and the ten-year CAGR reached 55%. As for global R&D and BD, HERCESSI for breast cancer and stomach cancer was granted approval by the FDA. It has already launched in 48 countries and the regions, benefiting over 200,000 patients. As for Chinese culture, as you know that this is the sixtieth anniversary of China-France diplomatic ties and China-France year of cultural tourism, and France has already held the Olympic Games, and Yuyuan Lantern Festival was also held in Paris, France, and we have seen the soft power of culture, and this has been our real power. As for the global operation in first half, Fosun Portugal Insurance recorded growth in both Portugal and international markets. Innovation is vital productivity for Fosun. Fosun made achievements in the following aspects. First, R&D. Fosun Pharma speeds up global R&D, and Hansizhuang has already initiated the phase three clinical trial for MCRC in China. HLX22 has already got the approval for the IND for phase three clinical study by the U.S. FDA. As for the products, the Silk Road Express was officially launched, and it is also China's first tourism train, truly built to international tourism train standards, and has already been welcomed by the market, and also another high-end tourism train after Hulunbuir Train. As for the marketing, we have seen a lot of good cases, including Nanxiang Steamed Bun Restaurant works with Balenciaga, and Tonghan Chuntang works with The Beast. They have all achieved great results and also good reputations. For FC2M, this is one of the core strengths of Fosun. To create an ecosystem that makes happy families, we value FC2M and keep improving our operation. On C end, we keep making breakthroughs in building membership systems. By the first half of 2024, our consumer members at the group level reached 5.86 million, contributing 52.3% of sales. On M end, we keep innovating and creating high-margin products. In the first half of 2024, new product sales reached RMB 2.32 billion. On link end, Fosun keeps building flexible and resilient supply chain. In the first half, we successfully reduced the cost by RMB 623 million. FES is an important tool. Fosun has been perfecting FES system. We keep summarizing the methodology for deeper cultivation, business operation, and M&A. In the first half of 2024, Fosun made great results in building FES capabilities. Fosun released fifty-three FES tools, certified over one thousand experts, announced eighty-eight FES hatch, initiated nine hundred and seventy-five improvements. All core strengths rely on organization, and this is our priority. Organizational building is our priority. At the group headquarters level, Fosun keeps streamlining the headquarters and trying to build a flatter organization and strengthen function capabilities covering all businesses. At the business level, we encourage different subsidiaries to integrate vertically and horizontally to build an agile organization. For regional management, Fosun further strengthened French and Portuguese regional committees to power global business. Fosun keep improve global shared center. Functions can be shared by those in need. In organization, the most important is partners. We highly value partner mechanisms and partner culture. We think partners are the ones that can co-create values, share risks and results. Fosun has already established a partner pyramid. Global partners is at the top. They are leading different campaigns and initiatives. At the top, we already have 148 global partners, and our goal is to have over 300 global partners. With over 300 global partners leading, I think that will further contribute to the development of Fosun. We still remain our values, and the key for business development is ESG. We keep developing our ESG. Our values, self-improvement, teamwork, performance, and contribution to society remain the same. We uphold the principle of business for good, adhere to sustainable development, and create values for more stakeholders. In the past six months, Fosun's ESG performance has also been continuously improving. In environment, Fosun strives to reach peak carbon by 2028 and carbon neutrality by 2050. Fosun International conducted a climate risk assessment and released the second climate information disclosure report. In society, Rural Doctor Program served twenty-five thousand rural doctors and benefited three million families. The injections of artesunate has saved the lives of more than sixty-eight million severe malaria patients. In corporate governance, we have improved the ESG governance structure and established ESG Executive Committee and ESG Management Committee. I think Fosun has made excellent ESG performance, and this has received recognition worldwide and is selected as constituents of industry indexes. ... We're the only conglomerate in Greater China region with an MSCI ESG rating of double A, maintaining this rating for three consecutive years. So that's all for the strategic thinking of Fosun. The global economy is still slowly recovering and full of uncertainties. But we are well aware that opportunistic victories are only temporary, and strategic victories are long-term. So Fosun will keep the long-termism in our strategy. In the future, Fosun will continue to focus on strategy, solve the problems with development, navigate through cycles with long-term thinking, and create more value for shareholders and society, and make global family happier. Thank you again for all the investors and the media friends for your continuous care and support of Fosun. We also welcome everyone to visit Fosun and experience our good products, and also give us the feedback. Thank you again. Thank you, the management team, for your reports. The next is the Q&A session. If you have any question to the management team, please raise your hand. We will give you the microphone. The lady on the first row, please. I'm from Nomura. My name is Joy Zhang. Thank you for the question opportunity. So my first question was, I want to ask Mr. Guo, the theme of this announcement is core strength, power, promising future. My question is that, how should we interpret it? The leadership has introduced a lot of things, and I'm also wondering, what are Fosun's core strengths, and what value can the investors look forward to? That's my question to Mr. Guo. Thank you. Thank you for your question. I would like to also thank all the investors for your support to Fosun. We are using our core strengths. First of all, we are centering around innovation, especially innovation that can really address problems and bring solutions to our customers, and we are also leveraging platforms that we already have an advantage with. In terms of Fosun Pharma, I think highly of Henlius. A lot of people say that, well, in the past few years, we are focusing on asset disposal. However, we are still making investment when necessary. The privatization of Henlius was worth around RMB 5 billion. This is a heavy investment. This is our way to have further development. As for CAR T, with the reduction in cost, it will benefit more patients and it provide patients with the possibility of being cured. The da Vinci surgical robot and the MR-guided focused ultrasound are all first-class innovation platforms that we think highly of, and these can really bring benefits to customers. This is one of our strengths. The second strength is in building our globalization capability. In the past, what we were focusing on was investing globally. However, now we are focusing more on developing our global R&D, application, registration, and sales capability. We have a drug; in one year, the cost is 60,000 RMB, and in the U.S., the cost is $200,000. For pharmaceutical companies, if you want to achieve higher development, you must enter the U.S. market. This will also rely on our capability in globalization, and we also have an advantage in that, so we'll, we will accelerate our efforts in global markets, including the Middle East, Southeast Asia. So we will keep working on that. And also, in terms of innovation, it is also about innovation in design and creativity. We have a new product coming up, and on the table, we can also see this product. It is a testament of the Oriental aesthetics lifestyle. And innovation is also about bringing creativity in different scenarios. In Atlantis Sanya and in Super Club Med, we will bring more innovation in these scenarios. And also, the Lantern Festival is a very good part of our strategy, and these are all very important drivers for our future growth. With continued pressure in the macroeconomy, I don't need to explain more, we can all feel it. Despite the pressure, investors are hoping for strong growth in our businesses, and that is also our goal. We have one-off gains from disposals, but these are all short-term results. For the management team, we focus a lot on cash flow. We want to have sufficient cash flow for stable and steady growth. That's how we can develop in the long term. And we aim to survive first, then develop in the long term. So currently, we are still adamantly focusing on disposing heavy assets. And we are having a great timing for it. After the U.S. Fed rate cuts, we can generate more value from asset disposal. And in China, it is actually very hard to find heavy assets with good operations. For our insurance capital, it is also not easy to find good heavy assets. So in terms of Fosun's assets, these are very promising in terms of value. So we want to leverage our strategy to better develop. All in all, our core strength is about innovation, globalization, and leveraging our core industry. That's all from me. Thank you, investors, and thank you for your confidence in us. Thank you, Mr. Guo, for your answer. We will have the second question. Please hand the microphone to... Thank you. I am from Shuozhuo Investment. As mentioned by Mr. Guo, survival is the most important thing in the second half of this year. In terms of disposal of non-core assets, I wonder how long is this strategy expected to continue, to continue? Is there any guidance on the short-term debt levels Fosun aim to maintain? Mr. Wang will take this question. Thank you, dear investors. Thank you, all the guests, both online and in the room. Thank you for your attention and the support to Fosun International, as always. The two CEOs and the CFO have briefed you to our results and strategy in the first half of this year. In terms of our debt reduction and asset optimization, we have seen significant results. As mentioned by Mr. Guo, essentially around family customers, centering on our core industries, we are adamant in streamlining our business, and we are committed to embracing asset-intensive partners and going asset-light. The aim of trimming for fitness is to increase our credit rating to investment grade. We are also focusing on development, centering on our family customers, centering on product lines where we have strength. For example, in the health segment, we have Fosun Pharma. In happiness, we have Club Med and also FTG. We are also strong in business operation of Yuyuan. We have Shede and brands in gold jewelry. Overseas, we have Fidelidade in Portugal. These brands, these product lines are our strength, and we are the top leaders in their respective industries. They have provided a strong cash flow, strong profits, and strong returns. In the future, we will continue to focus on these areas, so we are focused on development. We are streamlining for fitness and disposing non-core heavy assets. What's our goal? As mentioned by our CFO, in the future, at the group level, we want to reduce our liability to around RMB 60 billion. Now, the debt is around RMB 80 billion. So we aim to achieve this goal in three years. During this process, when we are optimizing assets, we will keep a steady pace. Our management is centering around creating values for our customers in terms of asset optimization. We would also like to create value for shareholders. In terms of creating value for customers, we need to find the right partner, partners. We need to find right sellers. For example, NISCO was sold to CITIC Pacific Special Steel, which is a very good buyer. Apart from consumption customers, we would also want to satisfy our employees. Also, we would want our investors to be happy. So our sales will cater to different industry cycles, and we would take global environments into account. For example, as mentioned by Mr. Guo, the U.S. Fed rate cut would be very important for asset disposal in overseas markets. Overall, we would adjust our pace based on the macro environment. Thank you for your question. Thank you, Mr. Wang. Mr. Guo is commenting. As for disposing heavy assets, this is partly because of our goal for debt reduction, and the capital need to match with the heavy assets. Currently, it is not suitable to use Fosun's asset core capital to invest in heavy assets, and we are emphasizing using insurance capital. It's more about using our management investment capability to empower insurance capitals. For Fidelidade, they have a lot of investment overseas, and some of Fosun's investment overseas was funded by Fidelidade. So we also want to use Fosun's capability to make greater investment for Fidelidade. In the future, it's not that we will stop operating heavy assets. We want to use better capital to do that. We can cooperate with insurance companies or other institutions. We have acquired Fidelidade for 10 years, and we have been operate to having steady operation for a long time. In the future, we can see we will enjoy the benefit of its profitability. In the future, we want to work with insurance companies. We want to work with platforms with advantage in capital. So we will work with capital, with, advantages in the long term. That's also one of the way we can create value for shareholders. Thank you. Thank you, Mr. Guo, for your comments. We will have the next question. The lady in the second row in white. Hello, everyone. I am Momo. I have a question. We have seen significant results for Fosun's global development, and we are all, focusing on this, so I would like to know, what are the highlights in this regard? Mr. Xu Xiaoliang says thank you for your question. Let me answer your question about the global development. I think right now, there is a saying, "Go overseas or go home." I have already reported to you several numbers. For over ten years of global operation, we have- ... we are operating in over 35 countries and regions, and half of our employees are based in overseas markets. And 10-year CAGR has already reached 55%. This is because global development is written in our strategy. This has laid a very good foundation for our future developments, just like Mr. Chairman Guo has said, that Fosun has already laid a very good foundation in global development, and right now, our focus is on global operation. For global R&D and BD, we need to work with the smartest institutions and companies in the world for the R&D and the BD. As mentioned before, for the same product, the pricing is much higher in the global markets than that in China. We have already got the global presence, but the foundation and the core is the global operation, and I think we have a lot of potentials and rooms. We have mentioned the Fidelidade. Let me give you an example. Fidelidade has insurance businesses in Portugal, and also it has synergies with the largest private hospital, Luz Saúde, and also the private bank, BCP. They have created synergies, and this has further enhanced the leading position of Fidelidade in the Portuguese market. We have seen its needs to allocate assets in the global markets, and Fosun can empower them. Our entity, Fosun, has helped them to have presence in OECD countries, and this has been benefiting Fidelidade and also Fosun. In the first half, we have seen the international businesses is growing rapidly of Fidelidade, and the revenue contributed - the international business contributed 40% of the revenue. And its presence and growth in Latin America is rapid. It will further expand into African key markets, which means that for the core companies of Fosun, we need to go out, but go out is not our end result. We also need to operate well in the global market. I know a lot of you pays attention to our global development. I think we have a promising future for overseas development, and also we can further strengthen our development. Thank you for your question. We will keep the Q&A session. The lady on the third row. Good morning. Thank you for your opportunity. I'm from Founder Securities. The company has said that for the strategy, we need to go asset light and work with the asset-heavy partners to achieve asset light operations. What are our strengths, and what are the specific steps to deliver this strategy out? Mr. Wang will take this question. Thank you for your question. In terms of strategy, as mentioned before, important strategy is to go asset light and work with asset-intensive partners. As mentioned by Mr. Guo, we will actively develop light assets where we have advantage in. And for heavy assets, we want to better work with partners with advantage in capital. In the past thirty-two years, we already created competitive advantage in asset light operations. For example, in biopharmaceuticals, we have competitive advantage. In travel and tourism, we also have advantage like Club Med. Thirdly, we also have advantage in brands like Lao Miao and Shede Spirits. Fourthly, we also have advantage in insurance, especially in Portugal and in Portuguese-speaking regions. Fidelidade is the market leader in this local market, and also, they are also developing very rapidly in Latin America and Africa. So with these asset light advantages, we will put more efforts in development, and one important way to do so is working with asset-intensive partners. For example, in biopharmaceuticals, Fosun Pharma will go asset light, and its business will go international. And the R&D investment is a huge part. Now we have around RMB 6 billion of R&D investment. In the future, we want to bring more products that can benefit our patients and investors. So- ... With a healthy balance sheet, we can use biopharmaceutical funds to raise capital. For example, in Shenzhen, we have raised a fund with in Shenzhen to better enhance our ability in R&D investment. And Fosun Pharma also has some heavy assets in industrial parks. So the industrial park can also work with some financial institutions to bring cash inflow to further provide momentum for development. In terms of culture and tourism, we have Taicang Alps Resort, phase one operating smoothly, and the phase two project has received investment of RMB 5 billion. The investment was provided by the local government. For Fosun, we will be the operator. There are many examples like this. We also have cooperation with China Mall in Chongqing, and Club Med is also growing in SLI operation. Thirdly, as for the Fidelidade in Portugal, we will speed up development in insurance, and at the same time, insurance plus investment is the important model. Fidelidade is also aiming to manage other capitals apart from their own. So on the one hand, we can empower Fidelidade. On the other hand, we can also manage other institutions' assets. As for gold, jewelry, and liquor business, we are also going asset-light and aiming to go overseas. We are actively seeking industrial funds to enrich our product lines. All in all, with this trajectory centering around family consumers, we want to provide more products in health, wealth, and happiness to create better long-term value to investors. Thank you, everyone. Thank you, Mr. Wang, for your answer. We will take the next question. The gentleman in black on row two. Thank you, management team. I have a question for Mr. Chen. What is the latest progress of Fosun Pharma in expanding its first-in-class drugs overseas in the first half of this year? Mr. Chen says, Fosun Pharma has put in around two decades of efforts in this area. So for overseas expansion in first-in-class drugs in the first half of this year, it's mainly about Serplulimab and biosimilars. In terms of Serplulimab, we have gaining approval from many markets, including India. Sorry, I'm sorry, including Indonesia. And in the US, we want to accelerate the head-to-head bridge study. Currently, it's going well. And we are very confident in these products. There are many ways we're going overseas. The first way is with strong products. The second way is to enter price war. For us, for serplulimab, the PD-1 product, we want to take the first route, which is leverage our advantage in being innovative. For the treatment of SCLC, the serplulimab injection has the greatest effect, and it has greatly improved patients' condition, and in China we have seen strong results. If we can enter the U.S. market, then we will have a lot of potential for growth, and now we are having a clinical trial for colorectal cancer, and we have already seen good preliminary results, so in the future we want to make greater progress. This can also boost the development of serplulimab injection. As mentioned by Mr. Guo, the pricing of first-in-class drug in China and in other overseas markets are very different. In China, we've faced very tight price control by the regulator. So we will continue to operate in China and expand our operation in overseas markets. In the future, there will be many more first-in-class drugs to come, for example, in Henlius, and we want to use differentiation. Mr. Guo says, in the afternoon session, we will have a detailed briefing on Fosun Pharma. Mr. Chen continues, "In China, we are absolutely in a leading position, and globally speaking, we also have very strong competitive advantage. For example, we have strong advantage in the trastuzumab injection. Since this has been approved in the U.S., we have also gained approval in around 40 countries and regions, and we have started cooperation with Organon. So in the future, biosimilar is also a very important part of our business. There is very strong demand in the global market, and we are very competitive. Secondly, in terms of our capability development around the globe, our first step is to build capability in Africa. As mentioned before, in Africa, we have a commercialization team of around 800 people. Apart from selling the antimalarial products in Africa, especially in French-speaking regions, we are also selling products for other pharmaceuticals. In the U.S., we have generic drug business, and we have an innovative drug team in the U.S. In India, we have Gland Pharma for local sales, and we aim to accelerate the development of marketing capability. The U.S. is very unique in innovative pharmaceuticals. Europe is also a very important market. Also, we will enter Southeast Asia, Middle East, and South America. These markets have strong consumption demand. In South Africa, they had strong demand. Now, if the price is hardly affordable for them, so for Chinese companies, we see opportunities in this. And this year, we have a very important initiative that is building a marketing network in Middle East, Southeast Asia and South America. This can help us in the developments of pharmaceutical companies in China. And on the R&D side, we are also aiming to enhance our capability in clinical trials and registration, because different countries have different laws and regulations in application and registration. For example, in the U.S., we are enhancing our ability in clinical trials, so this is also very important in going overseas. And Fosun Pharma wants to build this comprehensive system to serve ourselves and serve the general pharmaceutical industry in China. " Thank you, Mr. Chen, for your response. With limited time, we will open up to two more questions. The gentleman in white. Hello, and thank you for this opportunity. I'm from Minsheng Securities. I have two questions. The first question is to Mr. Xu. With the Chinese consumption under pressure, FTG still delivered good results and a better performance. We have seen the news from Taicang Phase Two and Club Med Resort in Heilongtan. So could you please introduce the development plan of FTG in China and overseas markets? This is my first question. My second question goes to Mr. Guo. Fosun International is listed in Hong Kong. We, and also, it has played a wider role in fundraising. As we know that you are also adjusting strategically with streamlining and going asset-light. When you enter the next phase of global operation as a controlling company of a listed company, what's the role will be, and how could you further empower the subsidiaries, and what is your plan? So these are my two questions. Mr. Xu says, thank you for your question. FTG has already announced its results for the first half. ... Atlantis and Club Med has reached a record high. I think one index is very important. 98% of FTG's revenue coming from tourism operation, this is one indicator that I value the most, which means that the growth of FTG not coming from simply sell and purchase, but from the improvement of operation, and the revenue from tourism took up 98%. And we have seen that FTG has already upgrading its strategy for the next step. After the COVID, we have seen the trends. People take vacations, not just sitting around, but want to spend some time to relax, which means that we will further expand to relaxing vacations. And we have seen that the degrading trend from the Chinese consumption, I think this is the new normal, but I think the consumptions will have tiers, and that will differentiate the brands into non-brands. It is very hard to build a brand. Club Med has spent over seventy years, so that it has a successful brand focusing on family vacations. When everything is good, it's easy for you to have a new brand and have successful results. But with the current market, we still need to further improve the product strength, brands, and IP operations so that we can build our brands. Which means that FTG will focus on two things. It will focus on urban vacation and ice and snow vacation. For urban vacation, we will focus on cities and the city clusters. Cities has big cities and large cities, large city clusters. For cities and city clusters, we have two product lines, Urban Oasis and Joyview. After we further enhance this operation, you will see better results. For the super vacation cities, there's only one in China, which is Sanya, Hainan. The center of Hainan is Sanya, and the center of Sanya is Haitang. We have already announced that FTG will work with the government to build a super Club Med. This will be a leading product. We know that there are a lot of cities for people to go travel, including Beijing, Shanghai, Guangzhou, and Chengdu, Xi'an. This requires us to build more destination mall. I think Thailand and Dubai has done a very good job, which means that there is a great potential for us to build destination mall. Apart from that, we will also focus on the overseas market. Club Med will also further expand in Southeast Asia and North America, Canada, and South America, Brazil. So this is our strategy, covering Chinese cities and also overseas markets. That's for the vacation. And also, we think ice and snow vacations is also important after the Winter Olympics in China. We think that ice and snow vacations, it just begins. In the future, I do not think Chinese will only play as a destination, but it will also be a customer resources. For ski and for entertainment, China will play a bigger role, and FTG has already laid a very good foundation for ice and snow vacation. Indoor, outdoor facilities, ski and entertainment, we will focus on Chongli and Northeast areas. We will further expand in those areas and to build resorts for ice and snow vacation. Hokkaido in Japan is also very important in this strategy. We already have four resorts in Japan, and we have already got very good experiences. The success of Tomamu and Kiroro has been benefiting the customers, one third from Japan, one third from China, and one third from other global markets. We will further expand, and we will further expand in Hokkaido, Japan. And this will further link Chinese and global customers. FTG still has great potential to develop, and this will be our long-term strategy. Thank you for your question. Thank you, Lin Feng, for your question, and you have another question to Mr. Guo, and Mr. Guo says, for the position of Fosun, I think we are very clear that we will further focus on family consumptions and develop in global. I do not think that we need to differentiate the holding platform or not, but I think it's very clear for us that we will further strengthen our global operation and further focus on the global consumptions. Mr. Wang has already mentioned that in the next two to three years, we will complete the divestment of asset, heavy asset, or allocation of heavy asset. This will benefiting us, or it will create the one-off gain or one-off loss, but it will not affect our cash flow. In the future, I think investors and our friends can more focus on the revenue and profit growth of our core subsidiaries. We want to have a better, clear development, and also we want to build a consumption group. Investors has mentioned that before we, Fosun has a lot of different businesses, and it's very hard for them to foresee the future. But now, we have been clear that who are our core subsidiaries and what is our core sectors, which means that you can have better expectations. But of course, changes can happen and beyond our expectations, but I think we will have better, expectable, performances. So we want to have better expectations and also meet your expectations. And we will rely less on the divestment and investment. And we will keep sharing this information and cooperating with you, and we will strengthen dividend payout. We will not pursue the rapid growth, we will pursue healthy growth. Thank you. Thank you for your questions, and I'll give the... We will have the last question. Yeah there, on the first row. Thank you for the opportunity. My question goes to Mr. Gong. The market expecting a rate cut from Fed in September, and my question is that, does that affect Fosun, especially in fundraising? Thank you for your question. Since January 2022, Fed has been rising interest rate, and the rate cut is lower than market expectations. The market has already reached a consensus that the rate cuts will happen in September, and also we will have more successive rate cuts in 2024, 2025. I think we think that the rate cuts will benefit us. We have done the calculation. For every a 100 basis points increase in interest rate, and we will have higher financing cost. And if we enter the interest cut, as Mr. Guo and Mr. Wang says, it will help us to divest the offshore fixed assets, and also it can increase the valuation, and if the basis interest rates can further cut, it will help us to introduce the strategic shareholders, and also it can help us to accelerate the IPOs of subsidiaries, for example, the Fidelidade, but this is not controlled by us, which means that for the management team of Fosun International, we will not rely on the rate cuts, for our strategy, we will focus on the asset-light capabilities, and also we will further enhance our credit ratings and divest the non-strategic and non-core assets to further reduce the debt. We have seen the insurance companies, SOEs, and financial leasings. They have abundant cash flow and capitals, and we can work with them to speed up the projects. In general, we welcome and are well prepared for rate cuts, but we do not rely on the rate cuts. Thank you.