Q5 As China continues to pursue high-quality development along a Chinese path to modernization, what opportunities do you anticipate for your business as this process gains more traction? Will you increase investment in China in the coming years? How will you further expand your footprint in China?

LYU: Xylem's growth in China is driven by our "In China, For China, With China "philosophy, enabling us to contribute to China's water future. Our upgraded Shanghai R&D center provides customized solutions for China's water challenges, leveraging innovations such as smart drainage systems and advanced oxidation processes. Beyond technology, our Xylem Watermark program, launched in 2009, has evolved to support rural vitalization, like bringing water to nomadic communities in Inner Mongolia autonomous region in 2024. Additionally, our nearly 30-year partnership with various government branches, universities and sci-tech organizations in both China and elsewhere continues to inspire young innovators. These initiatives underscore our commitment to a water-secure future, blending innovation with social impact to support China's goals for sustainable development.

BOZEC: We have been in the Chinese mainland for over 20 years. For us, China is not only an important market, but also a source of inspiration for our brands. We have ambitious goals here. We will continue growing our store network and expanding into new regional markets, ensuring a broader physical presence. We are committed to advancing our omni-channel strategy by launching more integrated online and offline activities and enhancing our digital presence through collaborations with key digital partners. We will deepen our local partnerships by continuing existing collaborations and exploring new opportunities with local brands, talent and academic institutions, thereby fostering innovation and strengthening consumer connections. Moreover, through our ESG initiative — Fabric of Change — we will assume greater social responsibility through targeted local initiatives.

IWASAKI: We are committed to promoting the industry in a low-carbon, environmentally friendly and sustainable direction by co-creating green technologies and products. Whether it's inkjet technology, recyclable product services or green supply chain management, Epson will center on the philosophy of "efficient, compact and precise innovation" and work with partners to achieve an efficient, energy-saving and environmentally friendly operating model. The Chinese market is expansive, and the industry is thriving at a rapid pace. Epson will continue to deepen its commitment to the Chinese market. Epson has built several factories in China since the 1980s, but under the current situation, we are more likely to work hand in hand with our partner enterprises for mutual growth and development, rather than investing in factory construction.

POON: As a global semiconductor leader in power systems and IoT, Infineon is taking a pioneering role and actively driving decarbonization and digitalization for a sustainable future. We plan to increase local production of general-purpose semiconductors, such as MCU and MOSFET, to address customer needs concerning supply resilience. We partner with local foundries and back-end partners, and leverage our Wuxi, Jiangsu province-based back-end site to achieve this goal. In the coming years, we aim to expand collaboration with local partners and broaden our local production to cover a wide range of automotive products. Our tailored system-level solutions offer localized features, optimizing cost competitiveness while ensuring rapid time-to-market. In China, we accelerate innovations that bring real customer value, particularly in electric vehicles, renewable energy and AI.