Thank you very much for joining the Food & Life Companies FY25 September financial results summary. The presentation materials can be downloadable from our company's IR library. In today's presentation, we will introduce the business and financial information, and also include outlook towards the future. However, these information are based on the current assumptions, and due to risks and uncertainties, the actual results may differ from our outlook. Now, I would like to begin—we would like to begin the briefing session. Let me introduce the speakers: Representative Director, President, and CEO, Mr. Masahiro Yamamoto, the Executive Vice President, Corporate Officer, Mr. Hiromitsu Kato, the Senior Executive Corporate Officer, Nikohei Ni, and also Corporate Officer, Takeshi Yoshida. Over to you, Mr. Yoshida. I'm Yoshida. I'm responsible for finance and accounting. I would like to cover the FY25 financial results. Firstly, the revenue: JPY 429,574 million, EBITDA: JPY 52,079 million, operating profit: JPY 36,093 million, and profit for the period: JPY 22,937 million. The store count was 1,194. We were able to achieve a major increase in both the revenue and profit, and we achieved record-high levels. The full-year forecast we announced in August 2025, the achievement rate is shown to the right, and we were able to surpass in all items. Next, the segment performance domestically and also internationally in major businesses, we were able to achieve an increase in revenue and profit, which drove the overall business. Especially in the overseas business, we were able to achieve a significant increase in top and bottom line. The international business makes up 30% or higher in terms of the revenue. In the domestic business, we were able to implement the major initiatives, and although the rice prices increased, we were able to control SG&A. In addition to top-line growth, we were able to improve the profitability. In overseas Sushiro business, as you see, a major increase in top and bottom lines were achieved. All areas went well, but Hong Kong, Thailand, and Singapore, in addition to these countries in FY2025, mainland China improvement was the major driver. In terms of the store count, it exceeds 50 overall internationally, and as a result, 1.4 times the revenue and more than double the operating profit was achieved. In total, the revenue declined, but profit increased for the revenue decline. This is related to the closure of the Kyotaru brand. It is down by 30 stores, and now it is 208 stores. We were able to improve the profitability on Japan Sugidama business. The revenue increased and profit declined. This business is in an expansion phase, and domestically we have 97 stores, increased by 8 stores. Next, this is the segment-by-segment performance trend. In In the domestic Japan Sushiro business, the rice price impacted starting from Q3, and also in Q4, there were additional expenses executed, and the bonus was adjusted, so there were some variance. We focused on necessary investments and, at the same time, control of the overall cost and take the balance. Full-year results were satisfactory. Overseas business, we are able to show a good trend of continuous growth from the first quarter. Next is the analysis of the operating profit for the OP margin. From 6.5%, it grew by 1.9% to nearly 2% to 8.4%. The major factors are shown here. In the Japan Sushiro business, due to rice price impact, the COGS is negative, but we were able to achieve growth in the top line and controlled the cost and COGS ratio. On an overall consolidated basis, there was a total positive impact. Other income and expenses, this is a decline of the impairment loss, so resulted in 0.5 percentage point improvement. OP margin grew by nearly 2% to 8.4%. Next is the net income attributable to owners of the parent profit margin from 4.1%. It grows by 1.2% to 5.3%. Mostly Japan Sushiro business saw improvement in SG&A, and the pre-tax profit is contributing to the rise of the profit margin. The net income rose to 5.2%. Next is balance sheet and cash flow. On total asset, it is JPY 398.5 billion. It is increased by JPY 33.4 billion. On the asset side, the cash and fixed asset increased. On liability side, the trade payables and lease impacted, and also the retained earnings increased. As a result, the capital rose by JPY 23 billion to reach above JPY 100 billion. For operating cash flow, there was an increase of JPY 8.1 billion to reach JPY 64.4 billion. There were decreases of the bonus reserve or increase and increase of the tax payment for investment cash flow. Outflow increased by JPY 1.3 billion. As a result, the outflow expense was JPY 25.4 billion. Mostly renewals and new store openings were the reasons. The lease liability-related expense increased, but in the prior year, there were expenses related to the share buyback. This period, this was not implemented. As a result, expenses declined by JPY 5 billion to reach JPY 29.2 billion. The capital ratio improved, and net debt EBITDA is below 1, and PBR is higher than 9. ROE is 26.9%. We are able to maintain quite a high level. Next is the store count. As of the end of fiscal year 2025, group-wide basis, the store count is 1,198. Japanese Sushiro, the gap is 13. The 15 new openings and 2 closures. International Sushiro, variance of 53. The new opening of 55 and closure of 2. Taiwan 7, Hong Kong 6, Singapore 4, Thailand 2, mainland China, and Indonesia and Malaysia were the areas for new store openings. This concludes my presentation. Thank you. Next, I would like to present. I am Yamamoto. I will talk about the overall review of the performance and also the forecast for the fiscal 2026 ending September. I would like to talk about the overall picture. I would hand over to each person in charge of the different businesses. First, on page 12. Here is about the FY26 strategy. Last year, we came up with the midterm plans, and some of the highlights are shown on the left-hand side. At the end of FY25, the results are shown on the right-hand side. I would like to briefly go through it. From the top of the left, first of all, the expansion of the international business will be continued. The percentage at the end of 2025 was about 35% of the group total. The breakdown of this, there are differences, but in mainland China, we expanded our stores and also newly going to Indonesia and North America and making preparation for that. The second point is about the domestic models. We are promoting the remodeling. We will have a large-scale remodeling, and then other brands, business. We mentioned the store portfolio. We'll try to optimize this portfolio. Also to establish a foundation for the sustainable growth. For example, aquaculture and the use of the food tech. We'll try to build the foundation for the sustainable use of the marine resources and also try to leverage the supply chain management and invest in the human capital. We would enhance this further. As of now, what were the results shown on the right-hand side? As for the international business percentage, our target is 35%, and as of now, it's over 30%. Two periods before, we went into Beijing. In mainland China, as we planned, Suzhou and Hangzhou, those are the new areas that we opened our stores. The business has been expanding smoothly. The new market, Indonesia, we opened up to eight stores. In addition, in Malaysia, in Southeast Asia, this is the fourth market, Malaysia, and we opened a store. This store is doing very well. In North America, right now, we are currently making preparations, and we are making good progress in these preparations. As for Japan Sushiro business, DEJIRO, the number of the DEJIRO or DEJIRO has been rolled up, and it has reached 123 stores. Kyotaru, Kyotaru Misaki. As for the takeout business of Kyotaru, we continue to close unprofitable stores and try to improve our business performance, and details will be given to you later. As for Misaki, the business has been strong, and we're trying to improve the profitability, and we have realized the good results of the sales. Sugidama, right now, it's 95 in Japan, and 100 including the international markets was achieved. We are in the expansion phase, and details will be given later. Direct operation and FC, we would be focused on both of those two. There are differences, but in the aquaculture, Yellowtail, we have started the cooperation with Marine Verse and also implementation of the procurement planning as well as the green energy and solar panels installation and so forth. There are various content, and we will try to promote the use of the human capital. We will continue to improve our training and improve the working conditions and the working environment. That's what we have been doing. As a result, next, FY2026 forecast of the performance is shown here. FY2026 forecast in terms of revenue, JPY 485 billion, and operating profit, JPY 40.5 billion, and OP margin of 8.4%. High level will be attained. 8.4% operating margin compared to, this is equivalent to the level this year. We will try to maintain that as we expand our businesses. The bar graph at the bottom, FY2024 starting from 2024, and the forecast for 2025 and actual for 2025 and the forecast for 2026 are lined up. Starting with the FY2023 to 2024, the CAGR is above 17%. As for the operating profit, as shown here, the CAGR is 54.4%. This is what we see in our forecast. If I may give you further details, on page 14, here are the details. The green bar on the right-hand side, this is where I would like to talk about. The original forecast was JPY 470 billion. That was in August timeframe. Sorry. Revised one. On the 8th of November 2024, JPY 470 billion in revenue. This time, we are going to exceed that. JPY 485 billion is the new forecast. As for the operating profit, now it is changed from JPY 33.5 billion to JPY 40.5 billion. ROE continued to achieve higher than 20%, so exceeding our target. Next page. This is the CapEx on the consolidated basis. Twenty-five, and from JPY 28.3 billion to JPY 36.4 billion. The major increase is planned. For Japan, JPY 19 billion, and international is JPY 17 billion. As shown here, the international part, the CapEx, will be much higher. As for Japan, we will continue to promote the remodeling, renewal, and also introduce the DEJIRO more. Lastly, from my side, I'd like to report to you about the dividends. Our original plan is changed by JPY 7.5. JPY 35 per share is the dividend that we plan to pay. That concludes my part of presentation. Yes. I'd like to talk about the Japan business Sushiro. My name is Ni. Let me explain about the Sushiro Japan business. Fiscal year 2025 performance results and 2026 forecast. As for the results, JPY 265.9 billion was the revenue. We grew quite a bit from 2024. As for operating profit, JPY 26 billion. It was the high number that we achieved. As for the store count, 659. The growth, frankly speaking, is not so strong, but store opening in the urban areas in a concentrated manner, shifting from the suburb. We are making various challenges to develop our stores in urban areas. As for 2026, as you can see, JPY 285 billion is our forecast. The operating profit, JPY 28.1 billion, is what we aim for. On the next page, we would like to talk about the monthly trend of the LFL. We are receiving good evaluation from the customers. On a single-month basis, we were able to achieve good numbers. FY2024, JPY 118 in the first half and JPY 110 in the second half. For FY2025, first half, JPY 125. Second half, JPY 107. It seems that it is slightly down in September. Overall, including other types, there are declines. This is more to do with the external environmental factors related to the Japanese economy. We will continue to work on this. Next page. This time, throughout the year, we have run various campaigns. The topics I would like to show you is that we offer products with reasonable product lineup. This time, we collaborated with Godiva to sell products at a higher price range. This was extremely popular. The sales was quite strong. We also introduced various collaborations with Happy Natsu Yay. Sushiro is really focused on sushi. We will continue to work on sushi and tuna's sales promotion campaigns. Other campaigns were implemented, which were very popular among customers. Lastly, this time, we are to focus on urban areas in opening new stores. We have made challenges to open small stores. Two stores were opened in Hanshin, Nakano, Osaka. In the past, we have been opening large-scale stores. This time, we tried smaller-sized stores in urban areas. The performance is surpassing our initial expectation. By reducing the size of the model, we believe, and we expect that we can open more stores in urban areas. We will continue to do trials and errors to positively pursue further opening of stores in the urban areas. This concludes my explanation. Next, Japan business, Kyotaru, Misaki, and Sugidama will be covered by myself. This page shows Kyotaru and Sugidama as Food & Life Companies performance results and FY26 forecast. First, the key initiatives. Let me start from the top. Kyotaru, Misaki, for these two brands. We will continue to close unprofitable stores to improve profitability. Misaki brand is performing well. We will further enhance the profitability and stability for Sugidama. In the future, we will further strengthen franchising. Especially from the sales perspective, the direct-operated store model will be further polished. That is the focus of this year. The numbers are shown on the bottom half. First, starting from the revenue, Kyotaru, the top line actual is JPY 23.4 million. The achievement was 99.7%. On the right-hand side, FY2026, the revenue will be JPY 21 billion. Operating profit, if you could focus this, for Kyotaru, Misaki, the actual is JPY 800 million. This is higher than the forecast, 109.4%. FY2026 to the right-hand side, this time, our forecast is JPY 1 billion. On Sugidama brand. Sorry, Kyotaru Misaki, the forecast is 4.6%. For Sugidama, the JPY 8.2 billion was the actual, whereas the forecast was JPY 8.8 billion. The forecast is JPY 9 billion. OP margin forecast is JPY 400 million, but the actual was JPY 300 million. This time, our plan for FY2026 is JPY 600 million and margin of 6.7%. This is the summary of the review for Kyotaru brand. We will pursue closure of unprofitable stores. We have promoted the strengthening of the wholesale. We were able to improve the profitability for this segment. Misaki brand, like for like, year on year, was 105.3% for revenue. The progress was steady. We were able to improve the profitability for this brand as well. For Sugidama brand, this is a pub-type of restaurant. This has unique characteristics. We will continue. We have continued to strengthen the product lineup and also implemented promotions. We are currently expanding this. We already have more than 100 stores, both in Japan and international. We will continue to focus on FC to further polish the operating model. We will further expand the Sugidama brand in the future. This concludes my explanation on this page. I'm Kato, Executive Vice President in charge of international business. The numbers, as you see, we achieved major growth. Various explanations were made, but the drivers are China business, and that is evident in the numbers. It's often called a recovery. Rather than recovery, China market is growing versus the initial plan. The year that started in August 2023, where ALPS treated water was released, there were impacts of that. There was a slump. We recovered and surpassed the level before that. As we have made a release in Shanghai in December, we will simultaneously open two stores. Why we open two stores? If we just open one, there is an excessive concentration of consumers and cause confusion. Although these two stores are located nearby, we will open two simultaneously and also open Suzhou following that. In addition to China, in other areas as well, in Thailand, for example, the potential is extremely high for Thailand market, the local suburban small-type model. As we talked about for Japanese, the smaller-size model. In addition to the size of the store and the pricing and services, from such perspective, small-size store models are performing well. In Singapore, we opened a 16th store. Singapore has a huge potential and also continues to grow. Hong Kong and Taiwan, of course, they are growing. The focus is Malaysia and Indonesia, halal food region. This market, in addition to eight stores in Indonesia, we have one new store in Malaysia. It seems like we are not reaching the target store count, but it's rather difficult. It takes six months or one year from the time of contract to the store opening. The date of the contract signing, it's concentrated. In many cases, the actual opening can be one year later. The store opening contract and due diligence, especially in China, we are not catching up with the speed. If I may summarize, we are doing well in all the areas in the international market. FY26. Right. I was talking about this page now. Please check later. If I may add, the U.S. Boston, the Sakabayashi, is doing very well. We would continue to accelerate the store opening. For this fiscal year, the first Suzhou in the United States, we are almost complete in terms of preparation. Very soon, we should be able to report that to you. Now, for the future initiatives, as for China, the number store count, we plan to have a very aggressive plan. FY25, we have signed contracts, and new stores will be opened in FY26. In some cases, some will open in FY27. There could be some differences. The number of the stores in the international market will be the highest. New store opening will be highest. As for people or the talent, we have completed the preparation. In the case of Suzhou, we will not have the shortage there. We will make sure to increase the store openings and also the area expansion. LFL, the existing areas, we would make sure that we will not be beaten. We would introduce DEJIRO in some of the stores so that we can improve the communication with our customers, just like we do in Japan. Here, in December, we opened. The name of the store is shown. Please refer to the press release. Shanghai, probably you know this, two stores here. Many commercial facilities have contacted us in Shanghai, centering around Shanghai. Of course, Beijing, we are expanding, and the Shenzhen and Hangzhou. It is not just China, but we would like to make sure to grow in China. If I may add, in the inland area that you might be concerned about, the Chengdu and the Chongqing, we are seeing good year-on-year growth. It is not really the recovery, but we are seeing the increase of the revenue. In the inland area, we will be introducing the smaller-scale models. There will be two, urban areas and inland areas. Two types of the store opening aggressively in China. As for the store count, how many stores is the question that I often get. Of course, we have to consider the time necessary for signing the contract and after signing. We cannot say that this is the absolute number. But for your reference, 320 is likely to be achieved. I'd like you to focus on that number. That's all about the international business. Thank you. Thank you. I'd like to summarize. First point, in FY2025, we continue to show the numbers in FY2026. Strong growth is what we believe we can continue. One thing, first of all, about the revenue, JPY 485 billion will be achieved. OP, the original plan was 33.5 and 36.1 for FY2026, but we will be aiming for exceeding 40 million. High OP margin, 8.4%, will be maintained as we grow our OP. When we revised our medium-term plan at the end of FY2026, 7.1 or 7.2 was our target. Without compromise, we are not going to lower this. We will maintain 8.4% or higher. That is our target as we grow. As Kato-san mentioned, overseas, the number of stores will be increased, centering around China, but also in other areas. We will try to grow Southeast Asia, especially. Major growth is something that we can realize. We are confident in saying that. Also, CapEx, in comparison to the actual, will be increasing. Of course, as for Japan, we will proceed steadily. In comparison to 2025, we will have an equivalent level of the CapEx, and the store count will be higher than that of 2025 with the development of the smaller format models. If I focus on the Suzhou business, FY2026 Japan, as I mentioned, the revenue is JPY 285 billion. OP is JPY 28.1 billion. As for international business, JPY 170 billion in revenue and JPY 24.2 billion in OP. Suzhou business alone, it is JPY 455 billion. What this means is that on the consolidated basis, the international business accounts for the Sushiro international is higher than 35%. That is likely to be achieved. As for OP margin, it is not necessary to talk about, but it will be a higher percentage. We believe that we can maintain this momentum. As mentioned, the other business, Kyotaru, JPY 1 billion is our segment profit for this fiscal year. We will try to eliminate the unprofitable stores so that we can improve the overall profitability. The positive impact on the consolidated numbers will be continued. Sugidama in Hong Kong and the Sakabayashi is the same as Sugidama with a different name that is in Boston. The variation of the Boston is very good. Both Japan and the international market, we build the foundation for further expansion or growth, and we will start to expand. On the right-hand side, at the bottom shown, those are the numbers we aim for: FY2035 vision. This is still a transitional period. Of course, FY2040 and 2045, toward that, we have an image for big growth toward those years. We have continued from the past that in FY2035, the revenue of JPY 1 trillion, OP margin of 10%, ROE over 20% continued, and international sales ratio at that time will be higher than 55%. In terms of profitability, it should be higher than 60%. That is what we expect. In the long-term view, if there is another opportunity, I would like to talk about that. Through this fiscal year, we will be starting the new medium-term plan. I would like you to talk about the long-term plan separately. I would like to ask for your continued support and warm support for a long time. That concludes our presentations. Thank you very much for your attention. [Foreign Language] We would like to start the Q&A session. We have Takaharu Matsuo and also Hiroshi Ogawa joining. As a member of the speaker, please state your company name and your name before you ask your question. Asaiida from Mizuho Securities, please. Thank you for the presentation. [Foreign Language] I have two questions on Japan's Sushiro business. First is, in the fourth quarter, compared to the third quarter or in the previous years, it is down. What are the factors? I believe you have plans to improve, so please explain. Is it one question at a time? My second question is small-sized store model. I am interested in this business model. Store in Omori, in the past, you had smaller ones. How different they are right now, and why now focus on small stores? Thank you for the question. The first question is on the fourth quarter profit. As Mr. Yoshida explained, the price of the rice has rapidly increased. We have multiple year contracts, and we tried to adjust through that. In the society, there were rapid surge of the rice prices, and we could not suppress. We were not fast enough to take action. From this year, including those points, we are to make adjustments through various portfolios. I believe the impact is one-time thing. Renewal-wise, we have been doing them in two years, but they are aged stores. Repairing those stores would be necessary. The things in the society are changing, including countermeasures to prevent risks. Those are the areas we invested. It is a one-time expense. Small store model, as you know, Omori store was a small one. Until we raised the prices, the profitability was rather low in Omori. We thought that it was difficult. Thanks to price revision and also the recent performance improvement, the profit in Omori is now profitable. The store is profitable. We developed a similar store as part of the renovation, and that also succeeded. In the future, to expand our stores, we are focusing on small store openings. Kawano-san of Goldman Sachs. Kawano speaking. I'm from Goldman Sachs. Two questions so far. First question is on the plan that you talked about and the background of it. You mentioned that in the past you focused on the headquarters and the system introduction, and you want to enhance the investment, especially for the international market. In comparison to the top line, the margin is unchanged, I think. Frankly speaking, this looks very conservative. Is that the case? For the international market, do you expect that the worsening of the profitability will come up with these target numbers? Should I continue? My second question is about the international business. China, Shanghai store, I think that the reservation is full now. Right now, do you think that there is still buffer for growth, or are you already at the plateau? When you look at greater China, I think that Hong Kong, the size is quite big. Is it not going to decline? China and Thailand, as they grow, Hong Kong might come down. That is something that I'd like to confirm if that is not the case. I'd like to know about Hong Kong. First question I would answer. A second question from Kato-san. Maybe there could be a third question. The first question, how we came up with these plans, especially international business. OP margin lowering overseas, the number of stores is going to be increased. That is the major reason. With the higher store count, there will be more investments upfront, the investments compared with last year, and our margin would deteriorate. In the long run, we are confident that we can recover that. As for the headquarters function and improvement of it, we would, of course, improve or continue such investments. For this fiscal year, for example, system introduction and what is the optimum area to make it locally. That kind of investments, of course, are in our mind. That's all. To your second point before I answer about China, we will be having human resources. We will be having bigger organizations. Profitability is coming down, but the top line is going to increase, and the profit level would increase. We will continue to grow. We will spend money for people and goods. We will be spending more money, and that's why it appears that way. China, maybe you said that maybe we are at the peak. I think you know China very well. That is not the case. There are areas and customers we have not yet covered. As I mentioned earlier, the inland area sales revenue, the menu and the price are a little bit different. In that sense, the inland stores, the sales are improving. In that sense, there is still big potential for China. There are so many areas that we want to go, many people we want to recruit or employ. In 10, 15, 20 years, we are unable to cover all over China. As for China, if China declines, what do we do? Hong Kong is doing strongly now. Hong Kong itself, number of the store opening compared with the peak period is going to be lower, but the year-on-year revenue is always higher than 100%, or there is always a growth. In that sense, if Hong Kong declines or China is exceeding Hong Kong, and we would also grow in Southeast Asia, this fiscal year probably will be the highest in terms of store opening, but the next fiscal year will be similar. You do not have to worry about Hong Kong. China are Shanghai stores. The format is different, I believe, for entertainment purpose, like there are private rooms, but it is a chain store, so you need a certain fixed format. Otherwise, you cannot repeat and expand. We do not intend to create a different Sushiro, but rather the needs of the customers, there are a demand for private rooms. So partially, we created a space in the store where they can reserve a private room. It's not a different chain operation for China, but we need to continue to capture customer needs. Regardless of how that may be, that format may come to Japan. It can be positioned as a trial and verification, but what is popular among Chinese consumers is the taste, basic taste of Sushiro. Thank you very much. Daiwa Securities, please. I'm Tsuda of Daiwa Securities. I have two questions. First is consolidated guidance on page 14. The COGS ratio will be down by 0.1%. Overseas COGS ratio is lower. When overseas ratio expands, technically this declines. The rice prices started to impact from the second half. The spot price is not going up, but wholesale business-to-business prices and retail prices are rising, and there are people who have concerns. You did not take action fast enough, but we're fine. That is how you commented the impact, how it is booked, and the rice price impact is booked. Do we have any concerns towards next year? That is my first point. The second question is the operating profit adjustment. I think you have a decline of JPY 700 million in the fourth quarter. I think this is a headquarter cost. It was in the red by JPY 700 million just for fourth quarter. On full year basis, it was JPY 2 billion. I expect that human capital investment and other investments will be made to international business, but are you also going to invest in the headquarter? Those are my two questions. First is on COGS to talk about more details. I think that is your question. In this year, the rice prices will rise. We were aware of that, so that was factored into our budget setting. In July, just a little bit, we raised some prices, especially aburi product where there is a labor-intensive, seared product. Still, the top line was not impacted, sales was not impacted, and consumers accepted, and that will be continued from October and beyond. Half of the rice price increase impact was absorbed. By that, we will adjust the overall portfolio, continue to focus on customer satisfaction, and to adjust COGS. I don't have details to share with you, but we are making adjustments. Unless there's further rice price increase, so far we were able to resolve this matter. On full year basis, you're going to absorb, but in the first half, the current year, unless there's further price increase, it will be the same for first to fourth quarter. In the prior year's fourth quarter, the adjustment is, and the preparation has already been done. The second question, the amount of adjustment, so overall decline in the weight of international business will rise. Yes, that is right. The second question, the amount of adjustments in the fourth quarter, as we have communicated on headquarters' side, in order to support operating companies, we booked supporting costs, some costs. On the other hand, for FY26, we do not expect anything on spot basis, so we do not expect major variance under adjustment amounts. Kaze-san from UBS. Kaze-san, sorry, UBS Securities. I also have two questions, if I may. The first is about international business, and second is about FY35 vision that you talked about today. About the international business, the store count has grown by about 29% in FY25, and I think that at minimum, the growth of 29%, but the revenue is likely to grow only 29% in overseas. Why is this growth so low? I would like to know the reason. The second thing about the international business, Kato-san, Shanghai, if Shanghai succeeds, then what kind of changes do you expect in China? That is my first question. Second point is FY35. As you make investments, you will continue to grow, so it's very reassuring. More than 10% as you continue to invest and to have a good cycle of the businesses and having less than 10%, is that the kind of a commitment? I'd like to clarify that. Thank you. As for the numbers, frankly speaking, there are some rounded-up numbers. The store count in comparison to the store count, I think that's what you are asking. As for the top line, we do go through the rounding, so it's about a rough number. There has to be a timing of the store opening. It doesn't mean that when you see the same number, it's slowing down. You don't have to worry about that. Simple calculation is that the store opening, 29% increase in FY, Shanghai, Beijing, the revenue per store is going to be higher than average. If LFL is negative, or unless you have a very negative view on the exchange rate, you will not come up with this number. Are you being just conservative, or are there any concerns that you have? We do not have any conservative view about the international. I think it just happens when you enter those numbers in a box. Probably I can mention some details later on, but what would happen if Shanghai succeeds? That is something that I am very excited about. Success in China means the first chapter of success in China. From the south, we come to Shanghai, and the store is not yet open, but we have about four reservations already. Shanghai will be increasing the stores, and this momentum is likely to continue. Where do we go from here? As I mentioned, there are areas, there are people that we have not yet served. If the business continues as is, we will not be able to cover those areas and also the size of the store and the prices and how far they are from where you live. The way of doing marketing and preparing the stores, the Chengdu and Chongqing and other inland cities and Nanjing, and how to do the research on those inland areas and opening store openings. This is some area that we are very excited about. We have tens of thousands of the staff numbers in China, and they are growing very rapidly. We will make sure that this Chinese team will aim for 500 stores or 1,000 stores in our roadmap so that we can do the good operation in China. As for the food material, we are just managing that within China. Good rice and vinegar are available. China is going to grow further, and there are many things that we can research on to grow. I think this is going to be our competition and competition with ourselves [Foreign Language] To your second question, our conclusion, first of all, is that FY35 vision. Before we get there, of course, there is a long-term CapEx for the headquarters and the human capital. We will continue that. This is not the final goal. There are goals beyond that, so please be assured, reassured. If I may touch upon one detail from FY26 to FY35 in that process, temporarily, for example, headquarters function need to be improved, maybe China, or the remodeling. There could be many renewals, renovations, and also US, which is higher cost. The timing of another store, another store, there could be some years where we have all of those overlapping events. In comparison to the year before, the OP margin could come down or is flat. There will be years like that. If we think that it will be necessary to grow further in the future, we will make the appropriate investments. What we need to be careful about, the same can be said about Japan. We have to make sure that we understand the growth, and we make the investments for the headquarters, and we try to control the investments. Temporarily, for example, repair, updating of the facilities, if anything, I think the time would come that we make a decision about improving those. 0.7% to come up with that number in the single year is not something that we will be doing. We will have a long-term view. If the timing overlaps, then there could be some ups and downs. It is possible. It is a bit of a detail, but the 2035 vision, we will achieve those targets, and in the long run, investments toward the further in the future, we will continue to make investments. Thank you. [Foreign Language]. the time would come that we make a decision about improving those. 0.7% to come up with that number in the single year is not something that we will be doing. We will have a long-term view. If the timing overlaps, then there could be some ups and downs. It is possible. It is a bit of a detail, but the 2035 vision, we will achieve those targets, and in the long run, investments toward the further in the future, we will continue to make investments. Thank you. [Foreign Language]. the time would come that we make a decision about improving those. 0.7% to come up with that number in the single year is not something that we will be doing. We will have a long-term view. If the timing overlaps, then there could be some ups and downs. It is possible. It is a bit of a detail, but the 2035 vision, we will achieve those targets, and in the long run, investments toward the further in the future, we will continue to make investments. Thank you. [Foreign Language]. the time would come that we make a decision about improving those. 0.7% to come up with that number in the single year is not something that we will be doing. We will have a long-term view. If the timing overlaps, then there could be some ups and downs. It is possible. It is a bit of a detail, but the 2035 vision, we will achieve those targets, and in the long run, investments toward the further in the future, we will continue to make investments. Thank you. [Foreign Language]. the time would come that we make a decision about improving those. 0.7% to come up with that number in the single year is not something that we will be doing. We will have a long-term view. If the timing overlaps, then there could be some ups and downs. It is possible. It is a bit of a detail, but the 2035 vision, we will achieve those targets, and in the long run, investments toward the further in the future, we will continue to make investments. Thank you. [Foreign Language]. Thank you very much for raising many questions. With this, we would like to close the Q&A session. We will now close the Food & Life Companies FY25 financial results presentation session. Thank you very much for staying with us until the very end.