Q4 China is stepping up efforts to promote high-end manufacturing, the digital economy, and upgraded services. In this context, is your company planning to increase investments, establish new partnerships, or expand R&D capabilities in China? What are the core objectives of your long-term strategy in the Chinese market?

CHEN: As the Chinese chemicals market is projected to continue its growth over the next 8-10 years, Syensqo sees opportunities in contributing to the high-quality development of China with green initiative as a major driver. We will continue investing in clean energy infrastructure and research and development, which enable us to provide innovative sustainable solutions that help industries lower emissions through electrification, lightweighting, advanced connectivity, resource efficiency, improving quality of life and sustainable sourcing. There will be plenty of opportunities to grow for an innovative company in China as we have a strong partnership pipeline in active discussions with local companies, which will enable Syensqo to maximize our R&I capabilities and localize the supply chain. We believe our business operations, with a more focused strategy targeting the local region, will bring us more opportunities and lead to faster and more impactful decarbonization along the Chinese path to promote high-end manufacturing, the digital economy, and upgraded services.

XIA: China remains a cornerstone of Evonik's global growth, and we are proactively expanding our footprint with a particular focus on sustainability across sectors such as e-mobility, renewable energy, and healthcare. These efforts align with China's ambitions toward high-end manufacturing and an enhanced digital economy. Notable projects for production capacities include our specialty-grade hydrogen peroxide plant in Sichuan province's Leshan, which supports industries such as solar panels and semiconductors, as well as the specialty amines production expansion in Jiangsu province's Nanjing, which caters to construction, automotive, and furniture sectors.

Key initiatives in R&D include establishing a medical device solutions center in Shanghai, serving as our largest hub for Asia, and opening innovation centers like the Asia Skin Research Center for personal care industry, high-performance material application center for EV industry, and Hydrogen Competency Center for green hydrogen. Through these strategic expansions and partnerships, Evonik aims to play a significant role in supporting China's progress toward high-quality industrial and economic development.

MACHADO: Our China investments follow four clear pillars. First, customer-focused investments to enhance their production capabilities with our bio-based materials. Second, R&D investments through projects at our Shanghai Innovability Hub, aiming to expand market applications and improve product sustainability. Third, developing Chinese suppliers — we're systematically identifying high-quality manufacturers to join our global supply chain, leveraging China's strong equipment manufacturing base. Fourth, financial ecosystem engagement, building on our landmark Panda Bond issuance to explore new sustainable financing tools. Each pillar reflects our long-term commitment to China and belief in mutual growth opportunities. The supplier development is especially strategic — we've found Chinese manufacturers often offer both technological sophistication and competitive pricing. Similarly, China's dynamic financial markets enable innovative instruments to support our green investments. These parallel efforts — strengthening local partnerships while integrating China into our global operations — demonstrate how we're growing with China's economy while contributing to its high-quality development goals.

ZHAO: Having deeply cultivated the Chinese mainland market for over 30 years, Astellas is committed to long-term development in China, by strengthening local collaborations and accelerating the introduction of innovative products to China. In 2021, Astellas China completed an organizational upgrade, establishing our regional headquarters in Beijing. Astellas has continually deepened its strategic partnerships with local partners, such as Baheal and Elpiscience. Recently, Astellas announced a strategic cooperation with Shanghai Pharma, further expanding its local collaboration ecosystem.