Dear investors, analysts, partners, and friends from the media, good morning. Today, we can strongly feel your attention to Fosun International. I would like to thank you all for being here, and I would like to thank the guests online. I am Co-Chief Financial Officer of Fosun International, Cai Yiqing. First, let me introduce the leaders from Fosun International. First, we have Chairman of Fosun International, Mr. Guo Guangchang. Co-Chairman of Fosun International, Mr. Wang Qunbin. Executive Director, Co-Chief Executive Officer of Fosun International, Mr. Chen Qiyu. Executive Director and Co-Chief Executive Officer of Fosun International, Mr. Xu Xiaoliang. Executive Director, Executive President, and Chief Financial Officer of Fosun International, Mr. Gong Ping. Today, we will have two sessions. In the morning session, Fosun International's management team will brief on the financials, business, and strategic development for the first half of 2026. In the afternoon session, the head of four business segments will share on the business, financials, and strategic development. First, let's give the floor to Mr. Gong Ping to brief us on the financials. Dear investors, analysts, and friends, good morning. On behalf of the management team, I would like to report to you on the financials of Fosun International in the first half of 2026. With complex macro environment, Fosun is committed to streamlining business and focusing on core business, and we are seeing strong results. The group overall has shift towards profit growing tracked, and we are seeing solid performance across all segments. In the first half, we see some key features. First, total revenue remained stable and the structure remained optimizing. The total revenue in the first half reached RMB 86.96 billion, up by 3% year-on-year, excluding impact of HAL's deconsolidation. For core revenue, reached RMB 63.88 billion, 73.5% of total group revenue. Revenue increased by 4.6% year-on-year, excluding the impact of Yuyuan and overseas business covering 40+ countries and regions. We are seeing stronger profitability back on the right track due to banking, insurance, and Hainan Mining. The industrial operating profit reached RMB 3.69 billion, up by 17% year-on-year. Driven by higher industrial operating profit and lower headquarter finance cost, net profit attributable to owners of the parent reached RMB 1.72 billion, up by 160.3% year-on-year. We are continuing the investment in technology and innovation. In the first half, the investment was RMB 4.2 billion, up by 16.7% year-on-year. Focusing on R&D system optimization, efficiency improvement, and continuous investment in advantageous pipelines and product lines, especially in Fosun Pharma and other businesses. The group continued to optimize portfolio with valuation recovery underway. By June 30th, 2026, Group Portfolio Value, GPV, as of period end, reached RMB 192 billion and share of listed insurance assets in portfolio value reached 55%. We are seeing more transparency here, making strong foundation for valuation recovery. Adjusted NAV as of period end reached RMB 128 billion. Adjusted NAV per share reached HKD 18.1. The price NAV ratio reached 0.29, showing strong improvement for share price and strong prospects. The group focused on several key strategies. First, enhancing ROE management, improving core business performance. The midterm target for the group's net profit attributable to owners of the parent is reaching RMB 10 billion, especially for Fosun Pharma, Fidelidade, and Hainan Mining. The ROE improvement of such core businesses lay a solid foundation for overall ROE improvement. Second, we are adamant in disposing non-core assets and commitment to leverage. The midterm target is reducing group level interest-bearing liabilities to below RMB 60 billion, we have increased by about RMB 4.5 billion from the beginning of the year as of June 2026. The third part is asset spin-off to unlock value. We are actively spinning off unlisted assets and pushing forward public listing, including Sanya Atlantis, commencing commercial real estate REITs issuance. As for the four segments here, we are seeing growth in all of the industrial operating profitability, showing our diversification and strong risk resilience. For health segment, first half revenue reached RMB 24.03 billion, 6.5% year-on-year growth. Industrial operating profit, RMB 760 million, 3% comparable basis growth. The overseas revenue reached a 16% year-on-year growth. For Henlius and other platforms, we are seeing many drugs reaching market approval in U.S., E.U., Canada, et cetera. Fosun Health actively exploring international healthcare services. The innovative drug sales reached 33% of total sales, showing our globalization upgrade. We are committed to being MNC for Fosun Pharma. As for our happiness segment, we are seeing breakthrough in globalizing our brands. In the first half, revenue reached RMB 33.63 billion, a slight decline, but still very strong because of macro pressure. Despite the overall pressure, we are still seeing some structural highlights. We are seeing breakthrough in globalization, including Laomiao having five new overseas stores, providing strong revenue growth. Nanxiang opened three new overseas stores, brand Yuyuan revitalization, and GMV reaching over RMB 2.2 billion. The travel segment also shows strong highlights, with Club Med seeing record-breaking growth and two new resorts. Atlantis Sanya also experienced a very strong performance with RMB 850 million of revenue and improving overseas guest ratio. For wealth, the first half revenue reached RMB 27.231 billion, and industrial operating profit reached RMB 2.96 billion, with insurance contributing over RMB 2 billion. For the banking and insurance, BG, we see a 24% growth for the premium. The asset management part, revenue slightly decreased because of the divestment of HAL. If we exclude that impact, we are still seeing strong growth here. We have five new private equity funds with AUM exceeding RMB 43 billion, focusing on high growth sectors, including AI and biopharma, with 16 portfolio companies listed and over 10 companies filing for IPOs. For intelligent manufacturing, we are seeing the growth for oil and gas and new energy. First half revenue reached RMB 4.61 billion, 14.6% year-on-year growth. Industrial operating profit, RMB 180 million, 54% year-on-year growth, especially for Hainan Mining. Revenue and net profit attributable to owners of the parent both grew by double digits in first half of 2026. Wansheng revenue grew by 20% year-on-year, and Thailand production base commenced operations smoothly, strengthening its global supply chain. Let's look at the core subsidiaries. Fosun's core competitiveness is rooted on the operations of our core companies. The four core companies lay a stronger foundation for Fosun International. Fosun Pharma is seeing breakthrough in innovative drug, reaching RMB 1.72 billion net profit attributable to owners of the parent. For Yuyuan, Laomiao Jewelry is accelerating globalization with Oriental lifestyle aesthetic strategy on the top. We are seeing revenue rose by over 200% year-on-year of Laomiao Jewelry. Despite the macro economy pressure, we are still seeing adamant strategy in lifestyle aesthetics and building Oriental cultural IPs. For Fosun Insurance Portugal, the first half premium reached EUR 3.88 billion and 19% year-on-year. In Portugal, we are seeing strong performance in auto and life insurance, driving total premiums up by 21% year-on-year. S&P rating outlook upgraded from stable to positive. It is also a strong driver for our overseas revenue. Let's look at Fosun Tourism segment, focusing on three major product lines. For Club Med, we are seeing growth in business volume and occupancy, and we see the opening of Hangzhou Longwu and the South Africa Beach and Safari Resort. Atlantis Sanya also see double-digit growth in revenue. For the next year, core companies, they are also unlocking profit upside for us. For Peak Re, first half total premiums reached $1.19 billion, 12% year-on-year growth, $90 million net profit in the first half. We see a rating upgrade for Peak Re. Moody's upgraded the insurance financial strength rating from Ba1 to A3. Pramerica Fosun Life Insurance reached 8.38 billion total premiums in the first half, reaching 52% year-on-year growth. 780 million net profit in the first half. Strong growth in new business premium, including the individual agent channel and bank insurance channel. Fosun United Health Insurance reached 4.96 billion in terms of total premiums in the first half, reaching 36% year-on-year growth. It is leveraging group ecosystem resources to build a differentiated full life cycle health management system. As for Millennium BCP, maintaining sound balance sheet, first half net profit reaching EUR 570 million, showing 12.7% year-on-year growth. First half ROE reaching 14.6%, and total capital adequacy ratio at 19.3%, and CET1 ratio at 15.1%. Hainan Mining reached RMB 2.72 billion for first half revenue, showing 13% year-on-year growth. Mali Bougouni mine, 70,000 tons of mine has shipped to China in the first half, and we are seeing the completion of technology upgrade for the lithium product line so that there can be flexible switching of lithium salt products. For Roc Oil, with oil price hike, we are also seeing solid performance and Hainan Mining is also actively exploring into fluoride business. For Fosun's globalization strategy, it has been upgraded to global in-depth operation, especially driven by innovation and technology. In the first half, overseas revenue ratio reaching 56%, and business covering over 40 countries and regions. For Fosun Pharma's oral small molecule, DPP1 inhibitor secured exclusive global licensing deal outside Chinese mainland, Hong Kong and Macau. We see exclusive cooperation for Alzheimer's disease drug for AR1001, and we are also seeing some exclusive options for Fosun Pharma. Club Med is also deepening global operations. Nanxiang opening two new stores and Club Med Resorts also seeing strong performance in various parts of the world. For Fidelidade, premium reaching 30% growth and gaining leading positions in multiple markets like for Peru, Bolivia, and Chile. Hainan Mining is actively exploring global resource through projects including Mali and Oman, and Wansheng commenced operation of the Thailand production base. For innovation-driven growth, we are seeing AI plus business initiatives. For example, Henlius is powered by AI Fosun's platform, reducing the R&D cycle from 18 months to five months. AI G.O. in tourism business provide 24/7 multilingual and personalized online services. Fosun United Health Insurance proprietary AI products and Finloop fully automated AI-powered information processing with zero human intervention. We have seven innovative drugs with total of 20 indications developed and licensed in by Fosun Pharma. For PE/VC platforms, Fosun Capital and Fosun RZ Capital, we see over 30 portfolio companies, some of them showcased at WAIC 2026, spanning AI infrastructure, embodied AI, memory chips, and quantum computing. Fosun Health Capital launched a new drug fund phase II with RMB 2 billion raised, further strengthening its focus on early-stage innovation. The group continued to improve on the financial structure and with solid rating. For the first half, we see smooth public market financing with RMB 5.22 billion during the period. We have a successful case for bank syndicate in Hong Kong. The group is actively adjusting the pace of its offshore bond issuance and the average cost of debt during the period for the group reached 5.2%. Average cost of debt during the period consolidated level reached 5.0%, remaining stable. We are adamant in reducing the debt. For cash inflow from asset divestments and dividend of Stream-line group level reaching RMB 9.3 billion. Contracted divestment of heavy asset, non-core, and non-strategic asset by subsidiaries reaching RMB 7 billion, including disposal of Fosun International Financial Center and disposal of 13 non-core business hotels from court hotel portfolio in Japan. We see further reduction in group interest-bearing debt. The debt level reduced from RMB 89.9 billion by the end of 2025 to RMB 85.4 billion by June 2026. We see very clear midterm target for the group including focused development, profit growth, deleveraging, and shareholder returns with insurance and health and tourism as the main segments. We are focusing on global operations and innovations and deep end AI applications. We will further increase the share of overseas revenue and further strengthen the risk resilience. As for profit growth, the midterm target is net reaching RMB 10 billion in terms of net profit attributable to owners of the parents, enhancing operating efficiency of core companies, and strengthening ROE management, reduce headquarter expenses. As for deleveraging, the midterm target is reaching RMB 60 billion of group's interest-bearing liabilities, continuous divestment of non-core assets, enhancing dividend management, and advancing towards investment-grade status. Shareholder returns is targeting payout ratio to 35%, with dividend for fiscal year 2026 expected to be no less than HKD 1.5 billion. Major shareholders and management intend to purchase up to HKD 500 million of shares by March 30th, 2027. Overall, we aim to carry out our strategies to have stronger shareholder returns. Now let's give the floor to Chen Qiyu. Mr. Gong has already reported to you on the business performance of the first half. On my side, I'm going to give you an overview of our businesses by different segments. First, if we look at the health segment, in 2026 H1, we have reached a total revenue of RMB 24.03 billion, grew by 6.5% year-on-year. The industrial operating profit reached 760 million, growing by 2.7%. Fosun Pharma revenue, RMB 20.38 billion. Henlius reached RMB 3.59 billion. Our overseas revenue has exceeded RMB 10 billion. Fosun Pharma R&D expenditure, RMB 3.25 billion. Fosun Health, Jianxia Healthcare, reaching revenue 3.74 billion RMB. Luz Saúde in Portugal, reaching EUR 0.45 billion. Fosun Pharma in H1 has seen the rising share from innovative drugs and overseas revenue. The innovative drugs are reaching RMB 4.9 billion, 13.84% year-on-year, accounting for 33% of pharma segment revenue. Overseas revenue reaching RMB 6.379 billion, 16% year-on-year, accounting for 31% of total revenue. Net profit attributable to shareholders was RMB 1.7 billion, growing by 1.15% year-on-year. Adjusted net profit was RMB 1.1 billion, growing by 19% year-on-year. Besides our innovation R&D, we have a very important initiative for Fosun Pharma, which is to build a full value chain collaboration for our global operational system. This is after a decade of R&D innovations for pharmaceutical companies in China. I think this is a consensus of the industry to make a breakthrough, which is to build a global operational system with a full value chain collaboration. In the first half, we have seen a RMB 6.3 billion overseas revenue. There are a few contributors. Gland Pharma, it's in India. It was acquired by Fosun for about 10 years. Our core businesses is actually in the U.S. on the high-end generic drugs. At the same time, it is also a CDMO company in India targeting the global operations. We have reached a strategic collaboration with a global manufacturing pharmaceutical company, and we'd expect an annualized revenue exceeding around $ 100 million. We will see more progress on that. On Henlius, for PD-1 and also there are a few other high-quality biosimilars have been launched in several markets. PD-1 was approved in EU, and also it has now been launched in India, some other emerging markets. Denosumab was approved in Canada. Denosumab was approved in Canada following its approval in the U.S. and EU. Breas and Sisram, they are the key contributor of our international business, and their key markets is actually also in the U.S. and Europe. For U.S. and Europe and emerging markets, pushing our pharmaceutical business is going to be a long-term global development of our strategy. For globalization, it's not just about innovative R&D, it's also about registration and production. Therefore, we are building this systematic layout globally. For the global commercialization capabilities, you can see that we have around 5,000 commercialization people in our commercialization team in China. For overseas, we have around 1,000 people. Going forward, we target mature and emerging markets, a mixed of markets to have a systematic development. In the U.S., our med tech business is mostly in the U.S., whether for our respiratory and medical aesthetic devices. For generic drugs, we have also built the direct distribution capabilities in the U.S. Going forward, we are planning for PD-1 and AR1001's commercialization U.S. We are preparing for that. For EU, serplulimab has been included in 12 EU countries' social health insurance reimbursement catalogs. We have also collaborated with Eisai for serplulimab in Japan. For African, we're also pushing for that. Middle East, we are accelerating the launch of innovative drugs. We also target ASEAN markets as well. Fosun Pharma is committed to comprehensive deployment of innovative technology platforms. We can see that we have a comprehensive system for all different technical platforms, covering monoclonal antibody, bis, poly, ADC fusion proteins, and small molecules, and also CAR- T, RNAi, siRNA, others, and diagnostics, et cetera. For each of these indications, we have different medications, preparations, and pipelines. With more than 10 years of development, we have built a high-value pipeline portfolio. Now we are covering solid tumors, heme, and immuno-inflammatory diseases, neurodegenerative diseases, CVRM. Our products cover different phases from IND, phase I, phase II, phase III, NDA, and launching. I believe we have already secured a few pipelines with great potential for the global markets, with around $1 billion and $500 million potentials globally. Fosun Pharma is also committed to building an opening system. We are also pushing the full collaboration with different pharmaceutical companies like Eisai and Pfizer, et cetera. We collaborate with them with different types of products, including GLP-1, small molecule products. Sinet is also a leading biopharmaceutical company. We are pushing for the biopharmaceutical collaborations in the leading markets. We also work with leading scientists like Editas Medicine. We work with them on the first-in-class medication R&D. We also licensed in AriBio AR1001, targeting rHMS. We work with Top Alliance. We work with Top Alliance for the Greater China region on these antibody drugs. Hepa Thera, which is our found incubation company. We work with them on the chronic hepatitis B medication, is also in phase II. The healthcare services of Fosun Pharma has continued to improve, especially targeting for international healthcare. We are actively pushing for a healthcare system that is rooted in the Greater Bay Area to push the operations into SCDA. We are also pushing for smart healthcare and AI applications. Our rehabilitation healthcare company, we are operating 25 rehabilitation medical institutions. We are advancing our specialty development, especially to push AI-enabled applications to empower our rehabilitation healthcare. Our medical devices and diagnostics business is also developing. Sisram is based in Israel. As a company that has a dual-engine strategy of energy-based devices and also injectable filler. Besides the North America company, where we have some strategic adjustments in the market, for the global markets, Sisram has maintained a very solid performance. DAXXIFY is an injectable filler and is now advancing its commercialization in China. Intuitive Fosun, it has completed the two system units sold in China. Intuitive Fosun installed six systems across China Mainland, Hong Kong, and Macau. For the respiratory care, which is Breas, we now have business operations in nearly 60 countries. In the U.S. market, we have seen some temporary pressures, but we expect very strong progress in the second half, and also in some other global markets. Fosun Pharma is also pushing for AI development and empowerment, especially in the pharmaceutical R&D. Our PharmAID is delivering very great impact and effects for the decision management. On the Happiness segment, we have seen RMB 316 billion, a slight decrease of 6.2%. Operation losses reached a RMB 200 million loss, down by 40%. Yuyuan reaching RMB 17 billion. We are seeing a performance rebounding. It is because the core business remained fundamentally resilient. We have seen lean operations and also the admin expenses decreasing. Our overseas revenue reaching RMB 13.9 billion, 44% of total revenue, up by 3 percentage points year-on-year. Fosun Tourism Group reaching RMB 9.9 billion. The revenue continued to grow. Yuyuan have seen the resilience of its strategic performance, so it is seeing also significant improvement of gross profit margin. In the first half, we have seen the competition in the consumption industry. In the past three years, we have seen some impacts of our performance in the past few years. But on the net profit, we have managed to grow it from 14% of the H1 last year to 18.6%. Our jewelry and fashion gross margin reaching to 8.6% from 7.3% of same period last year. Shede Spirits' e-commerce revenue have also seen a steady growth. Yuyuan's jewelry business have seen a better quality and efficiency, and also we are observing multidimensional operational innovations. Based on our deep consumer insights research, we continue to cultivate the good luck brand mindset, build a highly competitive product manner. Our merchant steadily reshape our brand's pricing power. In the first half of this year, the sales proportion of Laomiao piece-based pricing products exceeded 18%. Piece-based pricing is actually a very heated concept, which is a concept that Laomiao is adopting. It's not like weight-based pricing. Our jewelry business is also actively expanding overseas business. In the past, we only focus on the domestic markets, but now we are accelerating our development in the overseas market. As of H1 2026, Laomiao's stores in Hong Kong and count overseas and duty-free channels have expanded 15, with significant sales growth. For the Grand Yuyuan strategy, we are elevating the strategy. We have decided to have intangible cultural heritage as a priority strategy of Grand Yuyuan. So we aim to build a global showcase for intangible cultural heritages and fashion culture, integrating cultural commerce and tourism to create immersive global destination for cultural and commerce. For Yuyuan phase I, we have set up the jewelry and fashion district to build the gathering of leading brands to build a heritage gold ecosystem. BFC, which is quite close to Yuyuan, is also the headquarter of Fosun Group. We are building an incubation hub for designer jewelry brands. At the same time, we aim to build integrated destination experience. Club Med, we continue to deepen the global presence and enhance the resort experience. Club Med operates sales and marketing activities across more than 40 countries and regions, spanning 60 continents. As of H1, they had 69 resorts in operation worldwide. We also continue to expand our global destination footprint, enhance resort experiences. This year in April, Club Med Urban Oasis has officially opened a new resort, which is in Hangzhou Longwu Resort. In July, we have opened a new resort in South Africa. We have a trial opening of the South Africa Beach and Safari Resort. Sanya Atlantis is a flagship product of our business, and we continue to push for product innovation and also to deliver strong operating growth. We're seeing double-digit growth in revenues. Overseas revenue growing strongly accounted for more than 10%. The seashore have seen a 2.0 upgrade. Specifically on the progress of public raise, we have seen a very good progress of the application. Overall, we have seen an RMB 850 million of total revenue and 50% of net room volume, and also 87% average occupancy rate. We welcome you to Sanya Atlantis to have a better experience. For the wealth segment, we have seen an RMB 27.31 billion. Excluding the impact of HAL divestment, the revenue grew by 8% year-on-year. This is driven by revenue growth from Fidelidade and Peak Re. The wealth segment recorded industrial operating profit of RMB 2.96 billion, and the insurance segment have seen RMB 2 billion, up by 40%. Overseas revenue reaching RMB 24.48 billion, accounting for 89.6% of the total. Fidelidade maintaining number one market share in Portugal, and insurance contract revenue of EUR 2.06 billion, and also the net profits EUR 0.17 billion. For Peak Re insurance contract revenue, $830 million, and net profit reaching $90 million. These two companies have both seen the upgrade from the rating institutions. Millennium BCP, the core operating profits, EUR 1.21 billion. Core operating profit grew by 3%. Consolidated net income amounted to EUR 0.57 billion. The quality of credit assets was resilient. Non-performing loan rate dropped to 2.2%. Pramerica Fosun Life Insurance total premium RMB 8.38 billion. Total premium growing by 52.2%, among the fastest of the market. Net profit reaching RMB 780 million. Fosun United Health Insurance total premium RMB 4.96 billion. Total premium grew by 36.2%, and net profit reaching RMB 570 million. Asset management revenue RMB 4.5 billion. The insurance business, the total premiums reaching RMB 52.7 billion. Structurally, we have seen the growth of different markets. For Fidelidade, it has steadily expanded the business scope and continues enhancing the profitability level. Combined ratio stands at 92%, annualized investment return reaching 3.5% Peak Re, have seen excellent performance in profits, profitability and also it prudently managed risk exposure. Combined ratio 91%, annualized investment return 4%. Our domestic insurers of Pramerica Fosun leverages ecosystem strengths and focus on long-term value growth. We have seen 5,844 contracts from the retirement community policies, and also NBV growing by 45% year-on-year. Fosun Health has seen our contracts, our community policies are 3,484. New NBV growing by 47% year-on-year. On Fidelidade, for the first half, the total premiums reaching EUR 2.84 billion, up by 21% and maintaining our leadership in Portuguese markets with a 30% market share. In South Americas, we are deepening our presence in Peru, Bolivia and Chile. We achieved the total premiums of EUR 0.6 billion in H1 up by 10%. For Peru market, we rank number four in premiums. Bolivia, we maintained second in premiums. Chile, after six years of operations, we climbed to eighth in premiums. In Africa, we maintain top market positions across different markets. For Angola, we rank number four. Cape Verde, we rank number first, which they have seen a very good result of the World Cup. Mozambique is number three. Asset management, for example for Hauck Aufhäuser, it is alternative asset manager in Europe and also we have Fosun RZ Capital and Fosun Capital, Fosun Health Capital and Fosun Wealth. We have all of these companies as delivering the footprint of asset management platforms. The new investment projects is 40. New investment amount, RMB 1.5 billion. We are focusing on core tracks including AI, embodied AI, semiconductor chips, biopharma and consumption. We have CM portfolio company IPOs with 16 listed and more than 10 filed. We have good quality companies such as and some other technology companies. For intelligent manufacturing, we have seen RMB 4.6 billion in H1, growing by 14.6%, driven by growth at Hainan Mining and Wansheng. Industrial operating profit reaching RMB 180 million, up by 54% year-on-year. Hainan Mining reaching RMB 2.72 billion, up by RMB 12.6 billion. Net profit attributable to parent is RMB 510 million, up by 83%. Wansheng, the revenue is RMB 1.97 billion, up by 21%. The net profits to parent was RMB 2.17 million, down year-on-year. Hainan Mining is focused on strategic resources and we are evolving from cyclical to growth. The core business of Hainan Mining is the traditional resources business. After years of strategic transformation, we are focusing in lithium resources business, oil and gas, and iron ore. We have made a breakthrough from the quite singular business in the past of just iron ore. Last year, the first half's performance is actually built on years of the strategic transformation of our business in Hainan. In Hainan, we have built this lithium hydroxide production and this first half we have delivered the first production. We also invested in Mali on the lithium production business, achieving a full business loop, a closed loop. We aspire to reach 50,000 tons of attributable LCE capacity by 2030 for Mali lithium mine. This is a very long-term strategy for us. For the oil and gas business, we continue to optimize existing resources and also to leverage the upcycle of oil prices to increase production. Iron ore business, we operate lean management to strengthen production to ensure that we expand the iron ore concentrate sales. The lamp oil products maintaining a gross margin above 47%. We also to advance and around mining development to secure long-term resource supply. We also make sure that we push for the M&A of the upstream resources, including fluoride and also some traditional resources as well. For Wansheng, as the world's leading functional materials enterprises, the existing business continue to grow. At the same time, we deepen R&D innovation, accelerate product commercialization. We are pushing the development of the product. We are also deepening the collaboration between the three universities and research institute, collaborating with universities such as Chinese Academy of Sciences. The sales volume of household surfactants have grown from 304 to 1,407. We have also seen the capacity expansion through domestic upgrades and overseas production. Domestic base and also overseas base have continued to ramp up. The phosphate ester flame retardant project in Thailand base is now being commended. That's all for my report. I will give the floor to Edward Xu on strategy. Okay. To all of the investors, analysts, and friends of the media outside, online, good morning. I will now report our thoughts on the Group's development strategy. Looking back at the first half, what's certain is that external uncertainty is not reducing, but intensifying. We see global economic uncertainty is the norm. The more uncertain it is, the more important it is for Fosun International to anchor to certainty. We are pursuing high quality development to navigate different periods of uncertainties. Next, I will explain from four dimensions, including high quality mission, strategy, operations, and organizations to share Fosun's strategies. First, with the external environment changing all the times, Fosun has anchored on this vision and mission. 34 years ago, Chairman Guo and Chairman Wang founded Fosun. In the founding stage, Fosun made a commitment with the vision of self-improvement, teamwork, performance and contribution to society. After 34 years, now we are very clear on the society we are contributing to. That is global families. We want to create happier lives for families worldwide. Under such mission, we want global families to be healthier, happier and wealthier, living up to 121 years old. We want the mission to be Fosun's significance, to be the meaning of Fosun's existence and the belief that Fosuners strive for. I believe first we need to have a high quality mission. No matter how the world changes, we need to be adamant on the mission. Standing on the mission, we also have a clear strategic positioning that is building a global innovation driven family consumer group. That is an anchor for us. Under such strategy, we also have a very clear strategic focus, including business streamlining, asset light operations and asset heavy partners and balancing offense and defense. Our midterm goals are also very clear. In the next 3 - 5 years, Fosun aims to stabilize net profit attributable to owners of the parent to RMB 10 billion and moving towards an investment grade rating. In the long term, Fosun aims to be a great company that enable global families to be happier, healthier and wealthier, and generating more good products, good content, good models, and good scenarios for the global families. Specifically speaking, in order to deliver the strategies, we need to be driven by the operations. So high quality operation is key to us. The first thing is on global development. For global development, we have site A and a site B. Site A is using global R&D and the global production to build, to create more good products. By leveraging global resources, forming a globally coordinated industrial footprint. We have very good example. First, Fosun Pharma has built a global R&D team of over 3,000 people, collaborating with the world's brightest team to link the most cutting edge research resources so that we can continuously generate good products. Second example is on Hainan Mining. They have dug 17,000 tons of lithium concentrate in Mali, already shipped back to China, truly connecting overseas mines with domestic refinery into global production loop. Apart from having the good products, we also need strong global marketing and global operations. That is the side B we are talking about. We are focusing on global customer needs, establishing service networks, and strengthen brand reach and market expansion. For example, Fosun Health International medical business is growing rapidly, up by 98% year-on-year in the first half, and establishing several overseas offices. Their partners cover Southeast Asia, Central Asia, and the Middle East, continuously improving cross-border medical cooperation networks. Chen Qiyu also shared details on Fidelidade previously. For them, they not only maintain leadership in domestic market, but also expand coverage globally in Portuguese-speaking regions. Now, their overseas premium account for nearly 30%, with a growth rate of 12%. We see markets like Peru, Bolivia, and Chile, the premiums rank among the top in the respective markets. In terms of high-quality operations, a very important part is to be innovation-driven. Innovation is one of Fosun's core growth engines, centered on four dimensions. First is innovative R&D. We see Henlius star product, HANSIZHUANG. It has become the global first approved PD-1 monoclonal antibody in two indications. In terms of innovative products, for Fosun United Health Insurance, they created [Foreign language] critical illness insurance that breaks the traditional high payout, low prevention model. Fosun United Health Insurance is working with top-tier Chinese hospitals like Ruijin Hospital to provide full life cycle health care management, filling market gaps. In terms of innovative processes, Laomiao Gold has developed a product portfolio based on Jiangnan intangible cultural heritage craftsmanship, Hainan Mining implemented carbonization line technology upgrades to enable flexible production, switching between lithium carbonate and lithium hydroxide. Thirdly, on innovative scenarios, we see Grand Yuyuan in Shanghai. They are leveraging intangible cultural heritage to create a global intangible heritage fashion show, a hub for China's intangible heritage going global. It is a gateway for global heritage settling in Shanghai, becoming a new cultural landmark in Shanghai. Overall, we see Fosun's innovation is not a single point breakthrough, but a systematic innovation, spanning across R&D, product, processes, and scenarios to create new momentum for high-quality operations. Within high-quality operations, another important part is AI adoption. Now, we have entered the intelligent era, AI is the biggest dividend we can have of the intelligent era. For Fosun and for any company, AI is not a choice, but a mandatory thing you need to do. How well you answer this challenge determine the survival and development of a company. For Fosun, we are committed to AI adoption. We are not developers of foundational LLMs, but we aim to be advanced AI adopters in industries. Simply put, we do not reinvent the wheel, but we aim to drive the car best. The goal is to move from business plus AI to AI plus business. So far, in terms of AI adoption, we have achieved some results. For example, in the health segment, Fosun Pharma's PharmAID has over 25 projects. In happiness segment, Fosun's tourism segment iterated AI G.O. agent to redefine the customer vacation experience. In wealth segment, Fosun United Health Insurance self-developed AI products reorganized the customer's claims experience, driving both quality and efficiency. The intelligent manufacturing segment, Hainan Mining created China's first AI intelligent photonic sorting project and improving resource utilization. Apart from high-quality operations, another important part is high-quality organization. Organization help us to align our words with our actions. High-quality organization will determine the company's sustainable high-quality growth. The key for us is to build a global AI symbiosis organization. Symbiosis here is very important in three aspects. First is human brain and machine brain symbiosis. The second important part is symbiosis of traditional and digital economy. Traditional experience can definitely help, we want a digital foundation to further boost that. The third part is enterprise and ecosystem symbiosis with openness and altruism. So this is the core for our organization setup. Within organization, talent is key. What's important for us is to build a strong partner system brimming with talents. Now we have 157 Fosun global partners, 35 technology partners, and 117 hyper partners. In our strategy, Fosun is clear on generating more AI pioneers so that we can further empower AI symbiosis organization. Apart from having the talent, we also need strong mechanisms. To deliver strategy and tactics, the key is breaking strategies down into key campaigns or battles to ensure the fatality of organizations. So we are implementing a campaign mechanism. We are not focusing on seniority, but on the contribution that the Fosun talents can have. To build a high-quality, sustainable company, we also need strong culture. For Fosun culture, the key is on joint entrepreneurship. We want people with entrepreneurship, and we want them to carry out work diligently and always with caution, to tread carefully. Such elements will ultimately contribute to our high-quality organization. On ESG, Fosun has been carrying out the Rural Doctor program for nine years. Over the past nine years, we have dispatched 446 people stationed across the different counties to help the rural doctors. We have helped 25,000 village doctors, benefiting three million rural households and over 16 million rural residents. We are entering the 10-year anniversary for Rural Doctor program, and we have won the highest award in China for this program. We have won recognition by domestic and international authoritative institutions for our ESG performance. Our MSCI ESG rating first rose to triple A rating in the top 1% in S&P Global Sustainability Yearbook. For many years, we have been selected in mainstream ESG indices by S&P, Hang Seng, and FTSE Russell. We have several ratings ranking among the top tier, domestically and internationally. That's all for our reflections on the strategic developments. We believe that opportunistic wins are temporary, while strategic wins are long-term. For Fosun's strategy, we are anchoring on long-termism, firmly following the path of high-quality development to navigate the different uncertainties. In the future, Fosun will stay committed to our values, missions, and vision, focus on strategic path, and strengthen global operations, step up our efforts on global innovation, and use AI well to create more value for shareholders and for the society, making lives happier for families worldwide. I would like to thank again all of the investors, analysts for your support for Fosun, and we welcome you to experience Fosun's high-quality products, content, and scenarios. Thank you. Thank you for your presentations and introduction. That's the end of this morning's presentations, and then we move on to Q&A. Please raise your hand if you want to raise a question, and we'll ask the staff to give you a mic. Thank you very much for the management team for giving me this opportunity. Following several years of strategic focus on capability building, we've seen that Fosun has embarked on a distinctive path of development. Its first half performance has also attracted attention from the market. I just want to ask Mr. Guo, how would you characterize this development path? In which areas of strength will Fosun accelerate further going forward? Thank you. Well, thank you very much to our shareholders, our analysts, and media friends. I believe a company's development is all about the vision and the value. With a good vision, with a good ambition, it's only when we have a vision and ambition we can have a long-term development. Fosun's vision is to help our clients to live happily until the age of 121 years old. Chairman Wang just told me that we have seen people who have lived to 120 years. We also have the old people who are living in the elderly community of Fosun. They are now more than 100 years old, and they're also traveling. They're very happy. This is the ambition, the vision of Fosun, which is to have more customers to enjoy the good products with our efforts to deliver better service to our customers. We also have seen a lot of the people in Africa, they have become healthy again because of our efforts. I'm very grateful to our colleagues for their efforts and for their trying over the years. I believe over the years, for Fosun, especially last year, we have managed to repair the roof while in the sunny days. We managed to repair this roof for Fosun. We have embarked on a journey of a stable and a fast development. I think the core of our business, we have insurance, we have also the business, we have strength. With years of development, our insurance business have delivered some results. We also have pharmaceutical businesses. We also have the tourism business. I think these businesses have all delivered very good potential where we can deliver better results. How we manage to unlock the potentials of these business, I think it's about how we manage to build our capabilities, just like Alex Gong and also our two Co-Chief Executive Officers have presented. We continue to build our globalized operations capabilities. A big part of our revenues come from our global business, and the global business is growing very well, profits very well. For the global business and overseas business, one side is we going global, which is to sell our products to overseas market. The second is to introduce and bring in talents and bring in business into China. I think the tourism business in China is very competitive, and the Hong Kong hospitality business, like the hotel businesses, the pricing is increasing. For Atlantis Sanya is also quite expensive, but when you have overseas visitors to Hong Kong, they still find the price not very expensive. Similarly, for the overseas medical and healthcare, we have 1/3. The popular destinations are Japan and Singapore. It's actually priced a lot higher than China. I think we can bring in a lot of these businesses and opportunities to China, which is going to be a good business potential for Fosun and for China. We decide to continue to build these potentials in China, especially our operations. I just like to mention, I think the business for neurodegenerative segment is actually a very high potential business. I believe for the people in this room today, one third of you might have Parkinson's disease when you get old, and one third may have Alzheimer's disease, but don't worry, Fosun will give you very good medications and drugs to help cure you. We are actively expanding into all of these fields, and I don't think that's going to take very long. Secondly, I believe we need to continuously improve our innovations and strength of our industrial operations. I believe that will take time. For pharmaceutical and tourism business, we have a very strong talent and innovation business. However, for the fashion business and also for the Baijiu business, I think we fail to showcase very strong innovation capabilities for fashion and also for the liquor business. I believe if you can give Fosun more time, we'll be able to build up the strength of talent and also innovation. We'll be more competitive globally. This is the point of repairing the roof for our business. The point of this is to deliver our values and to create more values for shareholders. In order to do that, we're going to continue to be focused on the business where we have potentials and strengths like insurance, et cetera, and we follow this development path. I would like to take this opportunity to thank everyone, because this is actually after six years' time, the first time we come back to Hong Kong to hold this result announcement. I hope going forward, we'll have more opportunities to communicate with you in here. I ask for your attention to the good products of Fosun, our Clearwater Bay product. A Clearwater Bay construction has now commenced. It's a very different product. This product has artistic senses, and we have the youth and young people of The Hong Kong Technological University. It's low intensity community. I ask you to go and see our district. It's a very hot business day, so I will take this opportunity to give you some advertisements. Now we will open to the next question. Thank you, Chairman Guo and the management team's presentation. Congratulations on having the strong performance. I'm from Standard Chartered. I've been monitoring Fosun business for quite a while, and I know Fosun has diversified business and a global footprint. My question is for Fosun's operations, how will Fosun adhere to the core operating principles to unlock further growth potential? We will have Mr. Wang to take this question. Thank you very much. I would like to thank all of the investors and analysts and friends from the media, both online and in this room, and many of the partners. For Fosun's core operating principles, we have Chairman Guo and the two Chief Executive Officers and Gong Ping sharing details on that. We are rooted on our values, including self-improvement, teamwork, performance, and contribution to society, and we want to create happier lives for families worldwide. On top of that, I would like to emphasize a few things. First, especially at this stage, we are continuously streamlining our business and are focused on our core business for stronger development. We will continuously work to improve the credit rating of Fosun International to investment grade, and we will be more focused on development, just like Mr. Guo has mentioned, insurance business and businesses where we have advantage in are all very important. For the advantaged businesses, that include Fosun Pharma, Club Med, and Yuyuan. We are pushing the insurance companies and other core businesses to create more collaborations, to create more synergies centering around the global families. Just like Xu Xiaoliang mentioned, we are aiming for high quality development. We uphold long-termism to navigate the economic cycles and harness the cycles. Over the past few years, we gained a deep insight to economic cycles. So in the future, we aim to be more prepared and to tackle the uncertainties. So that we can be more prepared for the uncertainties. That's the first principle. Secondly, we will continue to adhere on the principle of having customer first and improve customer satisfaction. We have five types of customers. With innovation in product and services, first, we want to improve the satisfaction for our clients. Secondly, we aim to improve the satisfaction of our employees, including the key talents we have. A third type of client is the investors. So we also aim to make investors happier. Just like the two Chief Executive Officers and Gong Ping mentioned, we aim to continuously improve on the ROE and improve dividend. Meanwhile, for our partners and for our community, for the whole society, we are very committed to delivering happiness or satisfaction to them. To do that, ESG is an important part. Practicing the programs of ESG can help us to generate stronger customer satisfaction for all types of customers or stakeholders. We will continue to innovate on the different dimensions. As mentioned by the two Chief Executive Officers and Gong Ping, we will have more innovation of product services, but we also want innovation with Fosun characteristics. We want to have open, integrated innovation. We will do innovation on our own. In the meantime, we will also step up our efforts on cooperation, like through BD or investment incubation. Within innovation, a very important part is AI. We are committed to AI adoption so that our business can be empowered. Fourthly, we are committed to globalization. As Chen Qiyu has mentioned, we need to enhance the commercialization and the global operations for our innovative pipeline. So we aim to connect China capabilities with global resources or capabilities. As we all know, China is strong in supply chain and service. Like medical services benefiting global patients or Laomiao Gold opening stores globally. Another important part is product innovation. Just like Silver Cross, they are leveraging China technologies to have innovative products. We also need strong marketing capabilities, including those in China, especially e-com marketing. Fifthly, we are committed to building a global organization full of energy, full of strong talent, and entrepreneurship is the core principle for our talent, and that is the foundation for our partner system. We have global partners, industry partners, technology partners, functional align partners, and the hypo partners building a strong talent pipeline. This is the key asset we have to drive the sustainable growth of our organization. Just like our management team has mentioned, we encourage you to experience the good products we have. As Mr. Guo mentioned, in Hainan, we have Atlantis Sanya, and we have senior residents visiting there. I wish happiness and health and wealth to you all. Thank you for the opportunity. I am from Jinglin. I am the field manager. I have a question for the pharmaceutical side. In the first half, we have seen Fosun Pharma has made solid progress in both BD and R&D pipeline, especially in your presentation, you have mentioned that you have obtained the additional exclusive options for global rights for AriBio's AR1001. It is a very exciting opportunity for a medical analyst. Could the management outline Fosun Pharma's therapeutic strategy and explain how commercialization and BD, which only drives sustainable growth? I will give the question to Chen Qiyu. As a company driven by innovative drugs, we need to focus on the unmet medical needs. Our therapeutic strategic layout is actually focused on this. We consider the medical demands in China, in U.S., and also in all the emerging markets of the world. We look at different dimensions. In the past, we used to focus on oncology medications. We have seen the big medications and drugs in the oncology field, and they are progressing very well. On therapeutic strategy, oncology has been a key focus of Fosun Pharma for the past decade. I believe it will also be a focus for the market in the next one decade to see the results. For the biosimilars companies, in the past three years, we have built ourselves into a very important player as a biosimilar company. We have observed a very strong collaboration with the global biosimilar companies, and we are going to deliver strong competitiveness on this front. Going forward, we want to become a leading player on this. But for biosimilar, it is only just one step. Moreover, it is also about innovation. PD-1 is now pushing for some other indications, other oncology and tumors. At the same time, Henlius HLX22, HLX43, especially PD-L1 ADC-43, I believe will have very strong potentials for oncology treatment. All of these medications, we target the global market. Of course, we have some other medications that is focused on tumor treatment. Globally, our shared pain point, or something we have been exploring for many years, is on AD. As you have mentioned about AD, my view is that the future potential for the innovative drugs should be on degenerative treatment and AD. That should be a long-term layout and long-term development for us. A lot of MNCs have invested hundreds of billions on this, and in the past two years, with two monoclonal drugs being launched, we have seen some progress and some drugs on AD. Now, AR1001, we are pushing it step by step. We started from getting the option in China, getting the rights in China. We started to review the data. Now we are trying to obtain the rights on global market. We are moving to ASEAN and to global rights. I believe we are pushing our understanding and development of this drug. We are going to very soon see the final data of this project. Besides AD, we have acquired GV-971 in China. We also use the data to make the decision. AR1001 and GV-971, they are both oral drugs. I think the oral drugs will be a very strong potential product in the future. This is just in the early phase. There will be few further iterations in the future. I know that Henlius is also developing some monoclonal drugs. At the same time, we are going to focus on the cell therapy. I think in the short term, we will look at oncology, and mid to long term, look at oncology. I believe there will also be a lot of potentials for the immunotherapy. For the immunotherapy immunology, we look at the small cells and some other potential therapies as well. These are the drugs that we are focused on, and also at the same time on the cardiovascular. Also we are developing the GLP-1 small cell developments. We have pushed for collaboration with Pfizer. I believe we will have a lot of opportunities. With a short to mid and long-term development plan, we have different steps. Also for the product acquisition, we have our self-development. For self-development, we have built two self-development platforms. We have Henlius that has built ADC monoclonal and the bispecific. We have also the new drug development R&D platform, which is molecules focusing on the RNA and small cells, et cetera. I believe we have the self-development to enrich our pipelines. At the same time, we are pushing for the BD opportunities, especially on these projects that are recently to be launched and we do not have them yet in our pipeline, and we are pushing for that. Besides our own self-development, we have pushed for the progress with Junshi on GR1803, JS005, and these are the pipelines that we do not yet have in our own development pipeline. Also we leverage the incubated funds. Our model is that we leverage this fund incubation to deliver or to build innovative drug platforms. In this way, it has the lowest resource consumption for Fosun Pharma, and if there are any good products, we will get into it immediately. Just like the Bionext mechanism on the hepatitis B medication that I have just mentioned in my presentation. That is how we managed to get into the field. We want to leverage this diversified model to build a comprehensive pipeline and to become a company that is driven by innovative drugs in the future. We want to be able to build the drugs that will deliver 500 million potentials in the future. Okay, thank you. We will now open the next question. Thank you for giving me this opportunity and congratulations on delivering strong results in the first half of this year, giving strong return to the investors. I am Wan Chao from Chaoyin. You have shared on your presence in different segments, including for innovation and manufacturing. This is where we see advantages in China, and we see fierce competition in China. With the advancement of AI, I see that people will have more time for their own, and I believe that in the future, tourism space will greatly benefit from AI. We see, globally speaking, we are seeing strong recovery for the tourism industry overall. For Fosun Tourism, we see the goal of being a lifestyle group. Could you please explain the strategic rationale for the firm commitment to vacation segments and explain the future direction of the product portfolio? Okay. Thank you for this question. We see for the global tourism market, it comprises two parts. One is sightseeing and the other is vacation. Since the 1950s, we see a lot of opportunities for vacation, and we are seeing the shift from sightseeing towards vacations. Following decades of market development, we see in the overall that 70% vacations and 30% sightseeing. If we turn to China, in the 15th Five-Year Plan, the goal of becoming a strong tourism nation was included in this plan for the first time. Tourism has become a strategic pillar industry and industry supporting people's livelihood and contributing to wellbeing. For the 30 years of China's tourism industry, now China is the largest source market. To be a strong tourism nation for China, not only is number important, the quality is equally important. We are seeing the trend of shifting from sightseeing to vacation in China. Now in China, that's 70% sightseeing and 30% vacation. So we see this 40 percentage point gap, structurally speaking, between China and the global tourism market. For a tourism company, your presence in the vacation space determines your competitiveness. For Fosun Tourism segments, we are fully committed to vacation, and we believe that better vacation or better holiday, better life. Globally speaking, and also in China, we have three product lines. Globally speaking, we are centered on Club Med with 76 years of history. Now, excluding mainland China, Club Med operates 57 resorts, with 37 sun resorts and 21 mountain resorts. These resorts will be further upgraded to provide better services and better quality, and products. Club Med also aims to accelerate expansion, globally speaking. Now we have 57 resorts, and by 2030, we aim to have 86 resorts in total. We will have more resorts in Canada, in North Africa, in the Caribbean, Southeast Asia. Especially in terms of mountain resorts, we have 20 mountain resorts now, and this is scarce resources. In the future, we want to build a whole mountain resort ecosystem with presence in China and the rest of the world. As I mentioned before, in China, we are shifting from sightseeing towards vacationing, and in China, the family culture is strong. China's holiday is usually frequent but short, so what suits China market is short break and micro vacation product. That is why in China, we are focusing on super resort destinations, just like Atlantis Sanya in Hainan. In the future, in more cities, we will create more like Ultramed resort destinations. For the cities and the city clusters in China, we have Urban Oasis and Joyview. These are the two product lines in China we have to support the presence for super resort destination. Another important opportunity in China is the culture tourism mall. Now we see a lot of shopping malls across the different cities in China. What we do not have is culture tourism malls with local features. The first pilot we have is Chongqing HiSphere Mall, centering on Chongqing Bashu culture. With such projects to start, we will have more potential in the future. Overall, for China and for rest of the world, we have super resorts, super resort destinations, and super cultural tourism mall. These are the three major product lines. For Fosun's Tourism segment, we aim to be the leading family vacation brand. Thank you for your question. Okay. Thank you, Mr. Xu. I believe that there are many questions to come, but due to the time limit, we will have the last question. Thank you. I am from Johnson Bank. Thank you for your detailed introductions, and congratulations for your good performance. I want to take this opportunity to ask the management a question. How do you push the industrial operations coupled with How do you coordinate industrial operations as an access cash recovery and debt optimization? How will it convert momentum in core industries into earnings growth and stable, sufficient cash flow, and supporting credit rating targets and steadily improving shareholder returns? I will give you the question to our Chief Financial Officer, Gong Ping. Thank you for your question. On the industrial operations and asset access and cash recovery and data optimization, we are doing a lot of work within the group. I think these works are not in silo. They are actually quite systematic. They are not separate activities. They form an integrated system. When we form financial strategy, it designed to support industrial operations. At the same time, we consider the needs of shareholders, creditors, rating agencies, and subsidiaries, and also our stakeholders. We try to maintain a dynamic balance among earnings growth, cash generation, capital efficiency, and financial security. We have mentioned that our medium-term target is actually RMB 10 billion net profit attributable to shareholders. We have broken down that target, the four core subsidiaries, the core businesses as insurance, pharmaceutical, and tourism. Our target is for the core subsidiaries to expect to contribute RMB 8 billion, other key subsidiaries to contribute RMB 4 billion, and investment gains can reach RMB 2 billion. At the same time, the headquarters finance and admin expenses will be reduced to RMB 4 billion. Therefore, the RMB 10 billion target is RMB +8 billion, RMB +4 billion, RMB+ 2 billion. At the same time, we encourage our subsidiaries when conditions are appropriate to unlock value by spinning off mature business and to strengthen their ability to pay dividends upstream. I think these financial targets are not a simple add up of these exercises. We need to improve the industrial operation profits, which is the recurring earnings of a subsidiary, and also the investment gains can be a supplement. Here, I want to mention our insurance and high strength business. In 2026, our insurance businesses have delivered some scale. Our four insurance subsidiaries have reached around RMB 400 billion, and they have delivered industrial operating profit of RMB 2 billion in the first half. I believe the insurance business will be the most important profit contributor of the group. At the same time, we have seen the total premiums of our insurance companies have generated more than RMB 50 billion. For Fidelidade and Pramerica Fosun Life Insurance, and Fosun United Health Insurance, they have seen a very good profit and also very strong dividend payout in the first half. In this segment, we will continue our efforts to make sure that we are compliant with the regulatory requirement and the market expectations to make sure that it becomes a very important technical segment of our business. Secondly, at the group level, besides insurance and some other core businesses, we will continue to complete the divestments of our non-strategic assets. This first half, we have managed to complete it to generate more than RMB 12 billion in cash proceeds, and also the total debt to total capital ratio have declined further to 55.7%. In the next five years, we have prepared for hundreds of billions of pipeline projects to be exited, and that is going to generate around RMB 60 billion in exit proceed over five years and gradually reduce the interest bearing debt at the group headquarters level to RMB 60 billion. Our target is to deliver stable earnings and recurring cash flows through industrial operations. At the same time, we will have asset access release capital tied up in the portfolio. At the same time, debt optimization that lowers financing cost improves credit health metrics so that we can deliver our strategy and to deliver more values to our shareholders. Thank you. Okay. Thank you, Mr. Gong. We are running out of time, but at this very important timing with Fosun back on the right track, I am sure you want Chairman Guo to say a few words. Okay, thank you all again. I would like to share my thoughts here. Now we are back to the track of growth, and we see strong results for the first half of this year, but this is not the end goal for us. Just like Gong Ping mentioned, for the midterm target, we want to reach RMB 10 billion in terms of net profit, but this is still not our ultimate goal. I still want to elaborate on our investment value and core value. I believe the core value are twofold. First, Fosun is rooted in China and building global presence. We are building integrated innovation capability. This is a very unique structure of Fosun. For the pharmaceutical business, we have business started from scratch, and we have business showing integrated innovation, and this is not something that an ordinary company can do. Such capability will further create value for you in the future, including the AR1001 Alzheimer's drug. This is only one example. I believe there will be more to come in the future. Also, in tourism and in fashion, in consumption, we aim to fully leverage the advantage we have for integrated innovation, because we are rooted in China and having global presence. Another thing I want to emphasize is we are trying to having synergy between insurance and our advantaged industries. For the past 30 years, this is something that Fosun is trying to do, and we are showing some results in this, in terms of creating synergy between insurance and the rest of these segments. It will bring stronger momentum for Fosun. These are the two points I would like to emphasize, especially the second point, connecting our operating companies and insurance. This is very difficult, but very promising. Every day here, we are aiming for this. I believe we are reaching stage results here, but we will work harder on this. Fosun is a patient company delivering continuous operations, and we welcome people with the shared insights and the value to join us and grow with us. That is all from me. Thank you. Okay, thank you all of the investors, analysts, and the partners for attending this event. That concludes the first session for Fosun International 2026 internal results announcement. The afternoon session will start at 2:00 P.M. You are welcome to join us online. Thank you.