Earnings Call: H1 2021

Aug 25, 2021

Good morning. Good morning, everyone. Dear investors, analysts and media friends, very good morning. I'm the General Manager of Capital Market and Investor Relations and of Fostering International. I'm Son Lu. Welcome to Fostering International 2021 Interim Results Announcement. First of all, please allow me to introduce our senior executives and also classmates on Fostering International. They are the Chairman of Fostering International, Mr. Guo Guang Chang the Executive Director and Co Chairman of Fosun International, Mr. Wang Qingpi the Executive Director and Co CEO of Fosun International, Mr. Chenxi Yu Executive Director and Co CEO of Fosun International, Mr. Xishao Liang Executive Director, Executive President and the CFO of Fosun International, Mr. Gong Ping. Today, we have morning session to announce the interim results and also we have our foreman in the afternoon session. In the morning session, the senior executives will give us the announcements on the interim results and to communicate with our analysts and investors. And over the past nearly 3 decades, especially over the past 1 decade, Fozi International has accomplished its global footprint. We have happiness and health and wealth and also manufacturing these 4 business lines. And we also have C2M, customer to maker. And over the past journey, we have earned achievements. And also, we have made a lot of contribution. Most importantly, and it's the time for us to reap the fruit. And going forward, we are going to embrace the exponential and explosive growth. First of all, we would like to invite Executive Director, Executive President, CFO of FOSING International, Mr. Gong Ping, to introduce the financials. And FOSING International, the floor is yours. Mr. Gong, Alex. Dear investors, good morning, everyone. First of all, on behalf of the Board of Directors of Folsing International, we would like to give you the announcement of our interim results in the first half of this year. You can also take a look at our slides, and you can also see some of the key indicators. And in the 1st 6 months in 2021, we can see total revenue, RMB70.4 billion. And due to the challenge of the pandemic, you can see our results. You can see that up by 11% year on year. And it is contributed by Folsom Pharma and also Fidelity and also on a peak rig. And we can see that and we have nearly JPY600,000,000 and also for our intelligent and manufacturing and FFT. And currently, it's called a CSUN Technology and has also been consolidated. And they have also made a contribution to our performance compared with the same period of 2019. And you can see 3% increase excluding Fosun Tourism Group. As we all know that because of the pandemic, we have seen the loss of FTG. Excluding FTG, you can see that by 14% from the first half of twenty nineteen. Here you can see that for all our management and we have overcome all the difficulties and we have seen significant rebound performance. At the same time, and in terms of our profit and we have also seen very solid liquidity and we have seen the uplift of NAV. And also for Fosun International as a whole, at the end of June, and we have more than JPY 700,000,000,000 and basically, it is slightly increased by the end of June. And you can also see that we can see around the earnings per share is around HKD18 dollars and also in terms of our deposit and also liquidity, you can see that it is KRW106 billion for our cash bank balances in terms of deposits. And we also have the unutilized banking facilities and it was more than JPY 170,000,000,000. And you can also see we have reduced average cost of debt and that is around 4.4%. And the adjusted NAV is $31,600,500 per share, up by 21% year on year. This is thanks to the listed company of Fosun Pharma and Yu Yuan and Hainan Mining and also the improved market cap of Fosun Tourism. And then in terms of our leverage ratio, you can see it is rather healthy compared to with 2020. And you can see that in terms of the debt and the maturity, it is also healthy and also safe. As we all know that Focusing International and we are focused on the health, happiness and the wealth and manufacturing, these and the 4 business segments. For these 4 businesses, it's over the past 3 decades, particularly in the past 10 years. And based on the optimization, we entered the new markets and also the niche markets and also the new segments. And for all these four businesses in terms of the mix, we have strike the balance. And also you can see that excluding the HONAFOSAN tourism, you can see in terms of the net profit, we have also seen very good structure. As you can see that in terms of the operating profit, and we have more than JPY 5,600,000,000 for the operating profit, you can see up by 40%. So it is contributed by the health. Take the Fosun Pharma, for example, you can see its contribution is much higher. And also due to the centralized sourcing, especially for our Fosun Pharma, we have optimized our structure. And we also have Glander Pharma with more than 30% of the business increase. For the intelligent manufacturing, thanks to the price hike of commodities, we have made invested in Nanjing Steel and Hainan Mining and Tianjin, Tianlong. And you can see that profit and contribution is also very robust. And you can see for the Intelligent Manufacturing, you can see that there are more than JPY 1,500,000,000 increase. And also for their health, take on Fideladat and P Korea and also for the Xinhua Insurance, you can see their profit has also been increased dramatically Over the past years, we have also been impacted by the pandemic, particularly for the Fosun Tourism, for happiness. And due to the loss by Fosun Tourism, there is some negative impact. But we're also very confident for the Fosun Tourism in terms of the product and also business model and also our implementation. We had still see very sound growth potential. So that's why we are also very confident for the Fosun Tourism. And we can also see that for all our 4 business segments and also for the 10 product lines, particularly in terms of health, for health segment, so we have the pharmaceutical devices and diagnostics and healthcare services and products, these 3 sub segments. And also for the happiness, we have the tourism and culture and brand consumption. And you can see they contribute 80% and less than 20%, respectively. And for the wealth, we have insurance and also our Hive and also our Asset Management and Investment. For these in the 3 sub segments in the first half of this year, they contributed to nearly 80% and 12% and 9%, respectively. Therefore, our manufacturing, we have resources in environment and technology and intelligent manufacturing. These are two segments and particularly over the past nearly 10 years. And thanks to the expansion and also optimization, we have secured our position. And going forward, you can see this is quite an optimistic. And then let's take a look at our portfolio companies. So you can see the top 5 subsidiaries. For the top 5 subsidiaries, they contribute a lot, yuan, Fosun Pharma and Fideladat and P. Greer and FTG. And for these top 5, they contributed to nearly 80% of total revenue to be exact 79%, especially for Yue, you can see that in the first half, they have grown dramatically, thanks to the fashion and jewelry and also the acquisition of Jinhui Liquor. At the same time for Fosun Pharma, as I mentioned just now, and you can see that the year on year growth is more than 20% for FideliTAD. It is our overseas insurance firm. Focusing Insurance and Protocol, you can see year on year base increase is more than 7% and for PGRE and the increase is also 22%. So you can see that for the Focusing Tourism, we have a negative impact. But this year and also next year, we are looking forward to the positive growth. And when we review the over past 3 years, particularly over the past 7 to 8 years in terms of financials. And also in terms of CAGR, you can see that it is well done in terms of our revenue or EBITDA and also our profit or our NAV per share. And on the book or the adjusted NAV, you can see the 2 digits of the growth for our CAGR because we are advocating the values under stable growth, particularly over the past 10 to 50 years for Fosun International, we put a lot of financial resources into the initiatives to ensure the sustainable new business segments. We have completed the global footprint. And from scratch, we have found our insurance and tourism segments and for health and in terms of innovative pharmaceuticals and also for the iron and the steel and also mining. And we have also expanded our business into the intelligent manufacturing. We have very sound achievements. And I have to say that we have the long term global footprint And particularly, under the current circumstances, we will continue to go deeper into industrial operation. And we are also very confident for the rapid growth in terms of industrial operation. You can see we have already seen a very good score card of our industrial operation. For example, take a shared spirits and Hainan Mining and also Cisiran Medical as well as our newly acquired Wang Shen. And you can see they have achieved the growth of 3 digits. And I didn't put our 2 digits. Actually, we have a lot of 4 companies achieving 2 digits of growth. You can see that for these core growth will be contributed by these industrial players. And also for our group and we have the balance in both investment exit to reduce the cost of debt in order to optimize our capital structure. And we are very happy to see for the rating agencies in February and also yesterday Moody's and also Standard Put according to their rating and the outlook of our Fosun International has been upgraded to stable and 1 notch higher. So it is also based on a steady growth. And thirdly, and for a lot of businesses, actually, we made investments from 0 to 1. And also for a lot of businesses, and they have been acquired in huge amounts. And there were some doubts in the past, but now we have seen less and less and less and doubt. And in 2017, we acquired Glang Pharma. In India, there were a lot of doubts. A lot of people caused the doubt on our reputation, but you can see the successful IPO of Glam Pharma and also its share price is also going up. So there's no doubt anymore. And we also made a lot of investments on our Fosun Care. And at the end of last year and also in the first half of this year, we have also completed a Series A funding. There are also a long queue of investors. And also we acquired FFT in Germany. And we have also completed Series A funding and we are looking forward to Series B funding. Thanks to the support by the external investors and also thanks to the securitization. It also represents that we have already completed the incubation and the development from 0 to 1. And then going forward, we are going to go from 1 to 10 to 100 and higher growth and take our Fashion Group and also by Hejiaoyuan Group and in the next one to 2 years. So we're also planning the IPO for these listed companies and they are also going forward. And it is also well recognized by the equity investors, for example. And in the secondary and also the primary level subsidiaries, we have completed 2 private placements. 1 is Sittran, the other one is Hainan Mining. We have completed a private placement. And with our deeper industrial operation and also the higher profit from our core industries and also better rating, and we are going to see more transparent assets, and we are going to have clearer pricing in order to remove our investors' worries. And at the end of our financial reporting, I would like to emphasize that in the past, we made a lot of investments on the sustainability. Now we are going to reap the fruit. And we are very happy about the sustainability. We are also confident for the return on investment. And now I would like to switch the gears. I would like to invite Mr. Xu Xiaoliang, our Co CEO, to talk about our business performance. Thank you, Alex. Next, we would like to invite the Executive Director and Co CEO of Host International, Mr. Xu Xiaoliang, to give us the introduction to our 4 business segments. Mr. Xu Xiaoliang. Good morning, everyone, and how time flies. And we have already seen the ending of the first half of twenty twenty one. And next, I would like to give you some elaboration about the health and happiness, the wealth and intelligent manufacturing. And let's take a look at some of our highlights and our performance in the first half of this year. And first of all, let's take a look at our Health Business segment in the first half of this year. And based on the global health needs. And we have also set up our portfolio covering pharmaceutical medical devices and diagnostics and health services and products And also based on the C2M for our health segment and for our customer end, we have also set up the one stop and full scenario health and ecosystem in medical grade. And in the business segment and we have now innovative product matrix. And through R and D and innovation, we try to cater for the diversifying needs from our customers. To be more specific, in the first half, and you can see that we achieved revenue of JPY 16,900,000,000, up by 21%. The growth is primarily driven by 3 pillars. 1 is driven by the innovative pharmaceutical products. And at the same time, and in terms of its medic and the beauty, which is also growing exponentially, and we have also seen it is driven by the medical equipment. And also for the offline medical services, we have also seen a very rapid recovery. And also in terms of recovery. And also in terms of Pharmaceutical segment, and in addition to the increased revenue, we have also seen the optimization of product mix and for our Hanli Kong and also Hanxue You and Xuqexin and DAPILIT and for these innovative drugs. And it is a very important driver. And also in terms of the high margin business segments, particularly our Glend Pharma in India in the first half. And you can see the sales revenue grew by 32% for Glat Pharma. And also for Pharmaceutical, in addition to the excellent results, it is also contributed by the continuous R and D investment in the first half for Fosun Pharma. And you can see that we have made investment by JPY 1,700,000,000. You can see up by 50% for the R and D. And also in terms of the innovative drug, you can see 60%. And also thanks to the R and D investment, we have also seen that the first China's mRNA COVID-nineteen vaccine, Commernati, was launched in Hong Kong and Macau. And also for CAR T, which is the first cell recipe or the cell therapy in China actually has got launched as well. And also in terms of our medical cosmetology and also respiratory and also professional medical, these are the 3 pillars for our business. So in terms of Medical Cosmetology, and for instance, we have CisRAM Medical and it has already gained market share. And now it also moved into, for instance, injection filling and also dentistry. And also we have DaVinci Surgical Robots. In terms of installation and also in terms of the number of surgeries performed, actually, we have seen wonderful performance. And in terms of Health Care Management and also Medical Service Delivery, this is the 3rd pillar for our Health segment. And for instance, now we have focused on the highly professional departments and also businesses, and we have organic and also inorganic growth combined together. And currently, now we have 10 hospitals in our portfolio, and we have about more than 4,000. And also now we have upgrade Folsom Healthcare into Folsom Health. And we'd like to provide a full scenario and also omni channel and also one stop for our customers around the globe, not only in China. So this is about Health. And now let's switch gear and look at our happiness business and segment. And of course, we focus on our family customers and we have a lot to offer in our ecosystem for our happiness segment, not only for our domestic clients, but also for our overseas clients. And here, we have 2 pillars. 1 is Consumer Brands and the second is Leisure and Tourism. And in the first half of twenty twenty one, we focus on our customers' operation. So as you can see here, this is the total revenue we have new growth. So the total revenue for H1 is RMB 28.76 billion. And also, Yuan has announced its interim performance yesterday. And the total revenue is RMB 22.72 billion. And also we have a 12.7 percent year on year. And also we see that for the profit attributable to parent companies actually has a year on year growth of 31%. And if we look at its industrial operation income, actually, it has a 58.5% growth year on year. And also, the proportion continued to increase to RMB79.2 billion to RMB18 1,000,000,000. So if we break down and take a closer look, first of all, it's about Jewelry and Fashion. And it has achieved revenue of JPY 15,290,000,000,000. And also, it has a newly added boutiques of JPY 2.35 in the first half of twenty twenty one. And also for our Asian Gold or Guyun series, actually, the GMV in the first half of twenty twenty one is JPY 1,600,000,000. And last year, the annual number is JPY 1,000,000,000. So as you can see, for our Asian Gold series, it really has an exponential growth this year. And also, we have created a new diamond brand called Lusent, and it was launched as well. And also in terms of food beverage, for instance, we have Songho restaurant noodle. And now it has 32 boutiques. And also we have 27 in our pipeline about to be launched. And this year, the total number of Songholo restaurant to noodle restaurant will be increased to near 100. And also for our liquor, the shode and also Jinhui, they have a wonderful performance. For instance, shode has increased about 133%. And also the net profit attributable to the parent increased by 348 percent. And also for Jinkui, the number is 56% year on year growth in the first half of twenty twenty one. And Alex has talked about the FOLIDAY. Well, FOLIDAY or FTG, well, it really take a hard blow from the pandemic. It has faced a lot of negative ramification. So in the first half of twenty twenty one, the revenue is JPY 2,700,000,000 and also with a year on year decrease of 38.6%. However, now we see a lot of markets and geographies are riding out of the pandemic. We forecast the markets and geographies are riding out of the pandemic. We forecast a huge rebound or recovery and especially in our domestic market. And if we look at the operating cash flow, actually, last year, it is negative JPY 726,000,000. However, this year, it become a positive it has become a positive number. And also in terms of profit and loss, and we can see that in the next year or in the future several years, Yiwu has a very quick rebound. And also for our FTG in terms of ClapMeds, they have a wonderful performance. So the 1H1 increased about 171.9%. And also if we look at July's number, actually Club Med's capacity has recovered to 73.2% of the same period in 2019. And also for the business volume of Atlantis Sanya has increased by 152.1 year on year. And also, we have welcomed more than 2,600,000 customers and tourists. And also for Thomas Cook, well, we have the digitalization journey rolled out for Thomas Cook. And if we look at Thomas Cook platform, actually, the download time the download times was more than 1,500,000. And now let's switch gear and to look at our Fashion business. So on Air Force and Fashion, we have several major businesses. For instance, we have LOVING. And LOVING in H1 2021 compared with 2020, actually it has achieved 110% of growth in terms of business and compared with 2019, yet the number is 40%. So now we have the twin driver or the dual engine. And for Lavin in domestic China, actually, its growth in H1 2021 is more than 300 percent of growth. So it is really furious. And also in our Fashion business, although in a lot of markets and geographies, we still have the ramification from the pandemic, but still we're priced ahead with our M and A. And for instance, we acquired Sajou Rossy and it is a luxury brand for footwear. And this is complementary to our current business. And also if we look at Baihe Jiaoyan, and its revenue achieved RMB528 1,000,000. And in 2021, we believe it will breakeven and then it will open a new chapter for its next stage of development. And now let's switch gear and look at wells. And we have a global footprint in well, around the globe and we have wonderful asset management capabilities and we have enough dry powder. And for instance, in the long run. And also in terms of assets, we're in the long run. And also in terms of assets, we have top notch assets around the globe and we have, for instance, financial asset and also high property asset. And then we match the assets together with the source of funding. It is a nice matchmaking. And we can to marry the wonderful assets with the steady and stable source of funding. So the total revenue is JPY 19,650,000,000 in H1 2021. And also the profit attributable to the parent company is JPY 2,400,000,000. And also, we have a 102% year on year growth. And insurance is one of our major pillars. And for instance, the profit has increased about 172% year on year. And also for Hyve, actually compared with 2020, the AUM has increased by 7.6%. And for our Insurance segment, Insurance business, it is very important for Fosun International. And if we look at the gross insurance premium for the first half of twenty twenty one, it is at TWD27 1,000,000,000 and also investable assets is at TWD170 1,000,000,000. And also the combined ratio for our insurance business is only declined and also the return on investment is increasing. So for the 2021, for our Global Asset Management, well, the total revenue is JPY 1,79,000,000,000 and also the AUM is JPY 150,000,000,000. And in the future, our Financial Asset Management will continue its globalization and internationalization journey and to unleash its full potential and also to improve our bottom line and also our top line. And also we will focus on the new economy sector and to improve our AUM continuously and also to collaborate with the Citi Fund and to close collaboration with government. And also, we will focus on, for instance, the non debt financing and also investment. And therefore, in the future, we will continuously to have a good match between the assets and also the funding and to form a sustainable growth path. And also in terms of asset management, for our Property business, well, actually, we can see that we have a 5 domestic. For the 5 domestic, its AUM is more than KRW 400,000,000,000. And also in the first half of this year, we have a newly investment of JPY 9,100,000,000. And also in Xuhui Binjiang, we have wonderful projects as well. And if we look at Hive Overseas, while we focus on Asia Pacific and North America and also EU, the AUM is more than JPY 13,200,000,000. And also the year on year growth is around 10% compared with 2020. And also we have made investment in the first half of this year at JPY 0,62,000,000. And now we have the dual headquarters. We have one headquarter in Shanghai and another in Singapore. And we believe it is a very important way to go forward to provide us with a stable and steady lifeblood. And also it is vital for us to go on to a sustainable development. And now let's look at the last business we have that is the Intelligent Manufacturing. And we take a closer look at the upper stream and also middle stream and also downstream layout. So in terms of the upper stream and we lowered the cost and improved efficiency and we focus on, for instance, raw material, we have made new requirement. And for instance, the Wansheng Company, which is a leading company producing phosphorus flame retardant. And also in the midstream, again, we have internal incubation together with inorganic growth M and A and to better serve the downstream platforms. So the total revenue is JPY 3,57,000,000,000 and we can see we have a huge year on year growth of JPY 200 and 2.2%. And also, we have the profit attributable to owners of the parent is RMB 1,63,000,000, and it is mainly due to the growth from NISCO and also Hainan Mining. NISCO really has a wonderful performance in the first half. For instance, the revenue year on year increases 58.4% and the profit year on year 102 point 7%. And also for Hainan Mining, well, now we are in the up moving cycle and also we implement lean management. So as you can see here, the revenue has increased by 61.02 percent and also profit has increased by more than 2000 nearly 3000%. So for NISCO for Hailiang Mining, we are also focused to align our goal with our national goal in terms of carbon peak and also carbon neutrality. So in terms of profit and also revenue, as I have talked about, NISCO has a wonderful growth in the first half of twenty twenty one. And in the future, it will also move into the new material industry and it has acquired Wansheng Company. And Wansheng, as I have said, it is a leading platform for phosphorus fire retardant. And also on the other hand, we are making new investment in terms of plants and also factories and facilities to enhance our output capacity. And also Hainan Mining, we are focused on the oil and gas businesses and also ground mining to collaborate with Hainan Government and to provide a complementary role in our total business. And also in terms of profit, it has a huge improvement. And it has the existing platform as ore mining. And also for the Rockalloy has made successful acquirement for a patch of a tight gas. And also it has finished a private placement and we see over subscriptions from the market from our investors. And this shows that the market is having a very booming well phase in the performance. And also we have Bassino and also FFT and also JV Power and also Wansheng. So if you look at their top line and also bottom line, both are increasing and also their capacity is expanding. And also they have a consolidated they are putting in place a consolidated supply chain and industrial chain. And also for all these enterprises, they are talking with the investors. And they have thought highly by the primary market and also they have introduced the strategic investors on going forward. So this is about Fosun's performance in terms of health, wealth, happiness and also Intelligent Manufacturing's highlights regarding to our business and the performance. And now I'd like to hand over the microphone to Mr. Chen Qi Yu. And he will talk about, for instance, our organizational involvement and also our strategy optimization. So now without further ado, well, I'd like to hand over the microphone to Mr. Chen. Hi. Thank you, Mr. Xu Xiaoliang. And now I'd like to invite Mr. Chen Qi Yu, the Executive Director and also Co CEO of Hwasong International to talk about corporate governance. Now it's my turn. Well, I will talk about corporate governance, but not only about corporate governance, but more about our development plan, how can we develop it better and also faster on going forward. So basically, here, I'd like to talk about the 3 aspects that is multiple growth, entrepreneurship and also greater responsibility. In terms of multiple growth, we'd like to center around our investors and to make ourselves a great company, to become a great company not only in the eyes of our customers but also for the market and also for the investors. And in terms of entrepreneurship And we'd like to become the best employer and also for the greater responsibility, great accountability that is we want to interweave ourselves into the intricate network of that of the society and to contribute more to the society as a whole. So in terms of multiple growth, well, next year will be the 30 years anniversary for FOSEM International, And we can divide our journey into 4 phases. So from 1992 to 2000, and basically, we put down our roots in China and also the overseas market. And in 2,001 to 2,007, we focused on the Chinese market, but also we fastly rapidly expand to the overseas market. And then and by then, we already have our Real Estate business and also Health business and also our Gas and Mining business. And also in 2018 to 2018, here, we put together Chinese momentum with our global resources and we have the twin driver for our future growth. And then we have the framework for our investment and philosophy. And since 2019, here, we focus on Industrial Operation. We need to deepen our Industrial Operation. And in the past one and a half years since the pandemic, actually, we focus on Industrial Operation. This is the top priority for our current business. And also, our investment is to serve the industrial operation to play a complementary role. And then we have made our intelligent manufacturing into a standalone segment. Well, in terms of strategy, we always think about how we can create an ecosystem that can serve more than 1,000,000,000 family customers. And we focus on, of course, industry operation and with industrial investment. Well, this is something that remain unchanged going to the future. And also, we have the FES system. The second is to create an Appc2M ecosystem, as you can see on the right. And now we're in the middle of the Internet era. And when we look into the future, well, before for some only focus on AMN, but ongoing to the future, we will also put C and on top and then to form the FCGM ecosystem. And also the third is about innovation driven and to have not only product innovation but also management innovation. And fourthly, and we would like to build our second version of globalization in the future process of globalization. So this is also very rare for Chinese enterprises to be globalized. And talking about the FES, our Fosun system, and we continue to focus on the technology and innovation and also investment and industrial operation. And talking about FES, E refers to entrepreneurship as well as our ecosystem. Under FES, we have 5 basic models. 1 is growth. Strategically speaking, we have to plan and also advocate the sustainable growth for our business segments. And second, we need to have our organization or our mechanism to ensure the growth. And thirdly, we need to have a very effective ecosystem and based on now the global families and then we can come up with our ecological synergies to serve our global families and customers. Of course, we are tasked with a great importance to risk control. And also the lean operation and from top to bottom, we are going to guide the evolution of all our business. And also, first of all, talking about the twin drivers of Industrial Operation and Investment, the first thing is about Industrial Operation. Over the particularly the past 20 years, we already have closed the loop of operational management. And we have our strategic planning and also our budgeting and talent planning and also the evaluation and also the rewards and punishment and also the operational supervision. And we have both a short term and a long term mechanism. And we also have 1 plus 2 plus 7 and we have a long term of 10 years planning. And also we focus on the short term synergies and also improvement. And in terms of our industrial investment, this is also a very important driver. Talking about industrial operation and investment, they cannot be separated from each other. And we are using the global competency to empower our growth in operation. And in the past, for Versant Pharma, we always said that one is an internal growth and also external growth and also the integrated growth. So that is also the essence of the twin drivers of industrial operation and investment for all our business segments. So you can see that in 2017, we acquired Glanair Pharma. And for our global footprint and also in the global generic drugs, we have also boosted our global presence. And also for Glanair Pharma, and it is the top 5 pharmaceutical company in the Indian market and also in the happiness. As mentioned by Xu Xiaoyang, we have acquired the spirits and also the liquor. And you can see that these are the implementation of our strategic planning. And also for Teledade, we have acquired the company in Peru. So they moved from a European based insurance firm to expand into the South American market and also for FFT and also JV Power. And we are also engaged in the automotive landscape. And also for the FC2M, first of all, we always put the CN on the top because for our Fosun growth in the past, we put a lot of emphasis on the M. That is more about the M and A and for our product services. And for the C end, it was also very strong in the past. But due to the impact by the Internet and if we want to continue to center on the Internet and online marketing, and that is still less capable. That's why. And we also try to push forward the FC2M, particularly C and ONTAP. Over the past couple of years in terms of integrating marketing and digital marketing and also the product co creation. We already have more than 376 and many registered users and 200,000 and a total number of high quality users. And also the satisfaction rate is 75%. It is still on the rise. Of course, we have to create good products and by different means, for example, BD, R and D and investment and also business driven or incubation, etcetera, we try to create more good products. Maybe you can already feel that in Fosun ecosystem that is more about our good products and also biosimilar for Hulus and also the CAR T from Kite and Atlantis and Harvard, Med, etcetera. And you can tangibly view these products and services. In terms of globalization, over the past many years since 2007 and 2008, we always adhere to this core competitiveness and we started from both industrial operation and investment. And Fosun has already developed a very truly global landscape covering all these continents. In the process of globalization, there are 2 trajectories. And one is for the China's market development. We acquired global resources and brands and introduced them into the China's market, including club Med and etcetera. At the same time, we also have our Chinese businesses going global. For example, for our artemisinin and our pharmaceutical and also our pharmaceutical and registration and marketing in Europe and America and also for innovative drug and license out, etcetera. Of course, we also introduced the innovative drugs into China's market such as licensing both licensing in and out and also in different business segments for our fashion and also our sports businesses. We have both introduced global brands into China's market and also go global. When we introduce these brands into China, we put a lot of emphasis on our direct contribution. And we have the dual headquarters and this is also part of the innovative mechanism. And in order to grow rapidly, it's also about our multiple growth and we are going to emphasize on the marketing and products and also globalization and also the ecosystem multiplier. So here you can see by means of the multiplier effects, we are going to add more values and then we are going to contribute more corporate values. And also for our organization, and we have to ensure the vision in order to ensure the multiplier growth, for example, partnership mechanism and incentive mechanism and also the key talents training. And also for our partnership since 2015 2016 when we first launched a global partnership on the top and you can see it is deepened and we have more than 100 global partners, so 108 to be exact. And going deeper, we have innovation and also industry segment and investment and also function line partners. And also for our portfolio companies, we also have partners for the operation and the business units. And we also try to optimize this mechanism, and we also have specific requirement. And for example, we have the culture value assessment. This is very important for our partners. Then the performance and innovation driven assessment, etcetera, they are also very clear criteria. And also for the coal creation and also it is very important about the sharing of the benefits and the incentive for the past years and of evolution. We have short term, mid term and the long term and also by cash and by equity and also multi level incentives. And we put more emphasis on to the short term and the term incentive should be launched in short term. And in order to retain our talents, we should share more our profit and benefits. And on the top, we have for the partnership incentive. And also the key talent is also a very important pillar. It is also about how strong we are going to be in the future. And of all these key talents from our new graduates and from the universities and these excellent graduates And step by step, we have set up the development mechanism for key talents. For all these key and excellent talents from the new graduate and also we have also acquired these entrepreneurs and we hope that we can share our development and growth targets with them. And ultimately and it is hoped that they can become our partners in different levels. And then it is about a greater responsibility. And we hope that we can achieve the common prosperity and the self improvement, the teamwork and the performance and contribution to society. That is our initial value initiated by Mr. Guo Fosun. And even now, these values are very important for our sustainability, particularly and over the past 3 decades and we already set up a very solid foundation. And for us, we are more than willing to make a more contribution to the society. And in terms of responsibility as a corporation, we always talk about sustainability. And let's take a look at MSCI rating. And it is also our focal point over the past years. And you can also see the MSSEI and we have A rating, HSI A plus and the rating by different international organizations. So we are involved in all these ratings. Our purpose is and when we're involved in this rating, and we can also push forward the upgrading of our cooperation and in different indications you can see very good ratings. And when we talk about carbon neutrality and also the carbon peak, carbon neutrality And last year and also this year, for Fosun, in multiple times, we organized the workshops to talk about how to help reach the carbon peak and neutrality and for Hainan Mining and Nanjing Steel. They have their models and the portfolio and also for our Pharmaceutical and they have different models. But ultimately speaking, we try to make progress for carbon neutrality. And we have also set up our strategic planning for the carbon peak by 2,030 and the carbon neutrality by 2,060. In terms of other initiatives for responsibilities, you can see we are always involved in these initiatives. And since the beginning of pandemic, we are one of the first, probably the first one. And we support the global fight against the pandemic. And in the most difficult time after the outbreak of pandemic and we have 500,000,000 medical suppliers to be purchased into China. And also these 3,000,000 medical supplies are not the urgent needed. And also in the global fight against the pandemic and Fosun has also set up a benchmark for the support for the global fight and also in the 1st place. And Fosun is one of the first batch of companies to protect Hainan in the flooding. And also for the 0 malaria in Africa and also for the rural doctors. And we are also engaged in all these social activities. For corporate governance, we promote sustainability, responsible operation, responsible investment and responsible procurement. We have set up an ESG commitment in the level of board level. So that is my presentation. Thank you for your listening. Thank you, Mr. Qiu. Next, now is the time for management Q and A and we would like to open the floor to questions both online and off line, please. And we would like to invite our first guest in the first row. The second one in the first row. Good morning. Ani from Hong Kong. We have focused on the Fosun International for a long time. My question is for Mr. Kuo. For Fosun, over the past nearly 30 years, particularly over the past 10 years and in terms of our strategy and also for your evolution and also for your growth, what's your observation? And what's your forecast? And also currently and also going forward, what is your expectation for FOCE International? And maybe you can give us some of your idea. So actually, Mr. Chen Qi Yu has already give us the summary. And because in his slide, there's a form. And next year is also a very important year because next year marks the 30th anniversary of the founding of Nfosun. And now we are going to have our own memory. Well, but we will continue to look ahead. We cannot just review the history. We are not an old guy. We are still a young guy. We are still a start up. And to look ahead, Recently, as mentioned and we talked about the 30th anniversary, but of course, we want to review what happened particularly in the past 10 years. And we have both experience and lessons and also achievements and results. And one of the highlights here that we have our footprint now. And we are playing the chairs and now the presence, the layout is already done. Yes, that is our global footprint is already made. And there is also a process of anti globalization. How about our globalization? But now we have a very strong force of anti globalization. But now we are taking deep root in China. If we go global, it is more valuable going forward. Because if you can really take a deep root in China and you can also integrate in global resources, there are not many of the companies like this. I think it is a good timing. We want to mobilize our force of globalization to make more contribution to our customers and to the nation. We want to bring into play for our globalization to create more values for our shareholders. And next, we have the layout of our industrial operation. We have health and wealth and also happiness and also manufacturing. And we also completed a lot of businesses from 0 to 1. Take Yuan, for example. And like one bowl of noodle and 2 steamed buns and Primerica and also our health insurance and also peak reinsurance. For all these businesses in the past we made a of investments without output. So we did a lot of process from 0 to 1. But starting from now on and now we have started to reap the fruit and create more values for our shareholders. And next, in the whole process of development, in addition to the investment on the spirits and liquor, we have also made investments on the turnaround in order to make a lot of endeavors for turnaround. So over the past years, maybe they have not been reflected on the profit in our statement. And we made a lot of investment taken by Hejiaoyuan and BabyTree, etcetera. However, for all these investments in our ecosystem, we have to make these investments, especially if you want to complete on FC2M. They are very important vertical sectors. That's why we have made a lot of investments and also initiatives. So over the past years, we completed the global footprint and industrial operation footprint and then we have also explored our FC2M. We have done a lot of business from 0 to 1. But now it is the time for faster track and faster growth. So that's why you can see very rapid growth this time. It doesn't mean that we have done an excellent job. But I think that after the years on our growth and of course, everyone is making utmost endeavors and efforts. I think that is also result of our accumulated efforts and we have already seen the time fall fruits. And in the future, we will continue to bring into play our global capabilities and also unleash our capabilities for 4 business segments and also develop our capabilities of Fc2m and make more values for our customers. And we believe that we are going to enter into a stable and also rapid phase. And we will continue to stick to industrial operation and investment. These are twin drivers. We will continue to develop our FES system. And Mr. Chen Qi Yu has already gave us a very good introduction. We will continue to develop our global partnership system for a corporate growth. Mr. Chen Qi Yu also said that and the thickness, the robustness of your talents will determine your width and also the height of your corporation. That is about how strong your talent is. Of course, we have a very strong talent now, but it is still far from enough. We will continue to work harder. Thank you. Thank you, Mr. Guo, for your answer. And so for our second question, for the gentleman with the glasses. Thank you. So what is your take on the future development of your white wine or the white wine market? And also what is the forecast for the white wine market? And also the strategy on going forward? And not only the white wine, do you have any future underlying targets to be included in your portfolio, not only for the white wine? So actually in August, well, we see that the government has a panel discussion with the representatives from the major white wine companies in China. And basically, it's to better to it is to better regulate the white wine market in China and to have to step away from indiscrete investment. Otherwise, there will be unburdled competitions and also there this will lead to bubbles in this market. And as we can see that in the future, we will continue to have a very close communications with the government in terms of the policy to align towards the same goal and to put everyone on the same page. And for Folsom Group, well, we are quite upbeat about the market, especially the white wine. Well, basically, we believe it is a very important part of our family reunion and also family gathering. And now Fosun has made investment in Shode and also Jinhui. And we have a very clear cut strategy and tactics going forward. And basically, for Shode, well, of course, we need to be patient to have the good line, we need to wait. And therefore, for Shode, basically, they will have the more or less the same strategy going forward and to focus on the products and to focus on the quality of the products. And for Jinhui, well, first of all, we need to well, they are based in Gansu, which is in the western part of China. And for their strategy, of course, we will encourage them to go beyond the original market, to go beyond Western China and to move into other markets and geographies as well. And of course, during the way, we will follow-up we'll keep a tab on the changing policies and also strategies around the government. And during the way I'm going forward, we will, for instance, to allocate personnels onto Shode and Jinhui and to encourage an orderly competition in the market. And now the lady in the first row. I come from Meroe Economic News, and I have a question. So for Sun Group, could you update us with the information regards to Combinati and our vaccine? Well, maybe Mr. Kuo can provide some information here. Why I'm the most suitable person to answer this question? Well, first of all, in the first half of twenty twenty one, we have a wonderful performance out of our Health segment. Well, it is due to our layout and also business arrangements beforehand. And on the way, it is not a smooth ride. However, we charge ahead and we make the investment. We do the cooperation and this lay a solid foundation going forward. And now in China, especially well, in our domestic market, actually, we really rein in the pandemic. And also for our food and beverage and also for our tourism industry in domestic China, we have a very strong development. And first of all, we need to well, think highly of the rain in condition on the pandemic. Will this provide us with a solid foundation to develop our business? And secondly, not only we contain the pandemic, but also we are the trailblazer. For the Chinese market, we are also the trailblazer in terms of vaccine and also vaccination, and we have several pipelines in sync. Well, now for Folsom Group, we have a commonality. This is the result of the cooperation between us and also BioNTech from Germany. Apart from vaccine, actually for some international, we're always focused on the drug R and D for pandemic. And for instance, we have the multiple antibodies and also we have the small molecule drugs and also we have the license in drug also in licensed out drug for African market and also for Indian market. And regarding to Combinati's clinical trial and also approval, well, actually, we are collaborating with, for instance, the NMRPA and also CTE and also the central government and the Shanghai municipal government. Well, the only thing I can say is that we are pressing ahead the vaccine approval and vaccination according to our schedule. So BioNTech yesterday announced that for this vaccine in the U. S, it has again official approval from the United States government. This is the first one in its kind. And I think this is a milestone for our vaccine. And of course, we are looking forward to gain approval from the NFPA as soon as possible and to launch it into the Mainland China. And we firmly believe in its efficacy and performance in fighting against the pandemic. So many thanks to our teams and also kudos to Biontech. And in May 2019, 2021, and Fosun has already signed the exclusive agreement with Biontech. We will invest in a joint venture company in Shanghai to have a local production and a local commercialization going forward. So we are pressing ahead with all the well, with this agenda in a timely manner and according to our schedule. Thank you. Well, thank you, Mr. Kuo. So the gentleman in the red T shirt. My question goes to Mr. Kuo. So actually, I see a very clear cut financial strategy that is to lower the financing cost and to improve the credit rating and also to maintain a balance between investment and divestment. So what is the financial rationale behind all these? And also, for instance, could you elaborate on, for instance, the future goals? What is the balance of investment and divestment? And also, what is the different proportion of different financing tools? Well, actually, in our report, we have talked about our financial goals that is the first of all is to improve our credit rating and also to use our financial management to drive the core competency improvement of our core businesses. And we have the so called 3, 6, 1 strategy that is in the current existing businesses. Well, especially for our large companies to achieve a 30% of a year on year growth and also for the companies that in the high growth period, they need to achieve 60% of growth. And also we have different target for our incubate for our enterprises still in the incubation period. So this is a very clear cut strategy and also goal. Actually, if we look back 5 years, our core businesses, our subsidiaries, their top line design their top line growth and also bottom line growth has been very strong. And also, if we look at our dividend payout ratio in the past several years, they are all very stable. And also for our dividend payout last year is more than JPY 4,000,000,000 and this year, it will be more than JPY 4,000,000,000 annually in terms of a dividend payout. And we will continuously to promote the stable TAP structure. And currently, our leverage ratio is around 50%. We believe it is healthy and also comparable. And we will continue to lower our financing cost and also to venture into innovative financing. But for the 50% of the leverage ratio, we believe it is very healthy right now. And actually, for Mr. Guo and also Mr. Qiu, they have already talked about in the past 3 decades development, especially in the last 10 years, we're moving to a lot of new products, new segment, new business and also new geography. We have done a lot of R and D. And actually, the investment is from the group level, the headquarter level. And however, now in the future, actually, the investment major investment will be made by our core businesses and also subsidiaries, but not from the headquarter level. And also for our main businesses, actually, they have already traveled. They have completed the 0 to 1 phase. They are now in the 1 to end phase. And they have their own capability to do new layout, to do new asset allocation and also investment. That is the why we say that we are now in a period to reap the fruits. And in the past several years, we have the twin driver that is investment plus industrial operation. And now for instance, Yuea has made proactive investment in Shode and Jingwei and also Nangong Nisco has acquired Wansheng. And for Hailiang Mining, well, they have acquired for instance the tighter gas and to further enhance their internal capability. And also for DelaDAD, they have made acquirements into a company in Peru. And all these investments have been done by our subsidiary areas and core businesses. And at a group level, actually, we maintained a balance between the investment and the divestment. And also that is the why that Moody has upgraded twice our credit rating. So for the improved credit rating and also the investment made by our business core businesses, well, this enable us to lay a very solid foundation on going forward. And also our NAV per share is more than 30. And actually, we have more than the market cap is JPY 160,000,000,000, including the shareholding from OSUN Pharma. And also, we have a huge number of non listing assets as well. And also if you look at our cash reserve, our liquidity, it's really good right now. And also with the efforts from our CEO, we have a very good relationship with more than 100 banks, and we have a large amount of our own use bank line of credit. And also since last year 2020, we began to focus on the equity financing as well. Due to the fact that we have the exponential growth in business, we already demonstrate our capability and we are hold highly by the investors for Fosun Care and also for Handys and FFT and also for holidays IPO. And also this year, we will have Fruhui and also Haines Mining's private placement. And also we have other projects that will be supported by equity financing. And you can see the market face and also confidence for our business. So this is all I can say for this question. Thank you for your question. Thank you, Mr. And for the next question, well, I'd like to invite the lady in the back row. Hi. I'm from First Finance. So in the interim report, you talked about FES. So what is FES and how to implement it into your business? And also, what can this FES bring to our investors? Well, thank you. Thank you for your question about FES. Well, first of all, when we talk about FES, we need to go back to the past 30 years. In the past 30 years, well, we have the twin driver, industrial operation plus industrial investment. And during the past 30 years, we have a lot of best practice. And we'd like to galvanize these best practice and to cascade down to record them and also cascade down to every level of our company and to provide a guidance for our daily operation and to support mutual enabling across different segments. And not only we have internal best practice, but also we are in a learning curve. We learn from well, the top notch companies around the globe, we learn from our competitors. And so to combine with our internal best practice and that is about FBS system. So ongoing to the future for the FES system will continue to be supported by industrial operation and industrial investment. And here, actually, it is a high level summary of our global mission and vision, just like Mr. Guo has talked about right now. And also how to implement FES or how to package down this FES system? Well, FES focus on organizational structure and also talents. And we believe this is our most precious asset because without talents, we cannot travel better and also further. So talents and also our organization is the best asset that we need to have and also to encourage, for instance, the co creation spirit, co entrepreneurship spirit among our talents. This is the first level. And the second level, well, is about the growth. We not only we need to have the absolute growth in numbers, but also in value in value creation. And we hope that for some international, for some group, when we talk about value growth, we can also have quantitative measures or just like Mr. Gong has talked about. And also the 3rd level or the 3rd aspect for FES is about ecosystem. We are a huge conglomerate, and we have a jungle like ecosystem, so how to mutually enable each other. And 4th is about lean management. And 5th aspect or the 5th level is about risk control and also compliance. And for instance, to have a better risk control over legal affairs and also to take a closer look at the monitoring risk and also policy risk and also maintain a financial discipline. So this is about the 5 aspects or the 5 levels of FES. So during the implementation of FES, well, FES is not only a theory. The important thing is how to put theory into practice. So we encourage everyone to participate to pitch in the implementation of FES. And at the headquarter level, we will have the FES implementation task force. And the ultimate goal is to create added value and to improve the satisfaction level of our investors, our planners and also our employees. Thank you very much. Well, thank you, Mr. Wang. And next question, the lady in the yellow shirt. Hi. Dear classmates from Fosun Group, well now a lot of global investors, they focus on ESG issues, environment, society and also governance corporate governance. And for a lot of markets and also geographies, well, we received the negative ramification from pandemic. And ESG seems much more important than ever. And for a lot of investors, they focus on corporate governance in the post pandemic era. And we believe that to have a better cooperative governance, we will have a better resilience. So my question is for some group in terms of ESG, what is your goal for the ESG rating? Well, in terms of ESG rating target for Fosun Group, of course, we want to be among the best. So on the one hand, well, for some, we are a Chinese company, but also we have a global presence in different markets and geographies. ESG is a focal point for global investors. And as a global corporate citizen, we need to hold up ourselves against the benchmark or the criteria of ESG and for a lot of investors. Well, ESG is also a very important part in their final decision. And we're always talking about the growth in our profit and also revenue, but not only they focus on the profit and the revenue growth, but also they will try to see what is your corporate governance and also what is your social contribution? In terms of the waste management and also for your employees, whether they live a good and a relatively bad life. And is it possible that you have very low wages for employees? That's why you have very high revenue. Or how about your input into your employees for all your employees for the next 3 to 5 10 years? How about the employee growth? And how about the contribution to the communities and in terms of the charity, etcetera? That's why we need to make some input and also planning and also execute these plans. So this is a very high requirement and also a very high criteria. And for example, we have 100 portfolio companies and maybe you have high requirements on 80 portfolio companies and less strict requirement on 20 companies, then it doesn't work. So that's why if some of your business do not do well in ESG, then the investors will not value your whole group. So that's why we want to have a consistent criteria on ESG covering the entire business. We hope that wherever we are in the world, we have very consistent and high and stricter requirement on ESG, environment and the social responsibility and also the corporate governance. If you can do well in these three pillars coupled with a very good financial results, so if you have these two good results on ESG and the financials, then you can become a sustainable company. So I think that is our observation on ESG. Thank you. Due to time limit, the last question, the second row on the left, that gentleman, yes, that's your turn to ask the question, the last one. Yes, I have actually three questions in total. And first, I would like to thank our senior executives to give us the introduction to the results. The first question, it is still about the vaccine. I do not want to ask the timing. It's still a lot of question about when it can be launched. But my question is either for Mr. Guo and you all referred to the Chinese and Buffett and you put a lot of emphasis on investment. And for our fund, we have also acquired 100,000,000 shares in Fosun. And for me, the safety and uncertainties are very important. So my question for Mr. Guo on vaccine is that I do not want to ask the timing. How about the probability to get approved? Because for me, I want to bet the probability. So for you, what is the probability to get your vaccine approved? Maybe you can ask all these three questions together. So it is not a question, it is a questioning. Well, the second question and another hot topic is about our common prosperity like pdd.com and test and just wanted to answer this question. Fosun is also a very important private enterprises in China. So what's your observation on this topic for common prosperity? The third question for Fosun Pharma in Asia and the market has already be lower than the share price and also the debt rate is also very low and we also have very good results. Of course, we hope that maybe we can also have higher confidence. Maybe you can convey a very clear message. Even without the vaccine, you are very optimistic about the future prospect of Fosun Pharma. Optimistic about the future prospect of Fosun Pharma, especially in terms of the share price. And maybe I have another request, a personal request. As I know that for Mr. Kuo, I know that you have very busy schedule and you will also practice golf and as a minority shareholder. So maybe if you have free time, I hope that I can invite you to play golf with you. So this is my request. Thank you for the three questions and one request. We only have 4 minutes left. So I would like to give the floor to Mr. Guo to answer this question. So maybe 1 by 1. And then in terms of the private placement on the Fosun Pharma. And actually, now you can see that we go deeper to all these portfolio companies for the group to increase investment because actually, you can see that we have already increased a lot of share. And for example, around KRW 1,000,000,000. And we increased the shareholding of Fosun Pharma by KRW 1,000,000,000. So actually, you know that in terms of the time window for our Fosun International, we have very limited window. Of course, our Fosun International is more than willing to increase their shareholding. Of course, it should be in compliance with the laws and regulation. We are very optimistic about the value of Fosun Pharma. So we are willing to increase the shareholding. So let me answer the question for the topic on common prosperity. When we talk about common prosperity, this is also our goal for Fosun, our core value. And at the very beginning of startup and the self improvement and the teamwork and the performance and contribution to society, we are more than willing to create the values for the society, And we hope that we can do more for our society. So this is our original aspiration. And for common prosperity or commonwealth, I think there are 2 dimensions in our consideration. We hope that we can grow our corporate business to promote the common prosperity, particularly recently. And as mentioned by our Chinese leaders, we hope we can promote the common prosperity by means of high quality growth. And for example, we can grow our business to enable our employees and to have better and also more reasonable and of course legal income. So that is one dimension. The second dimension that in addition to our employees, we hope that our customers can also be more prosperous. And we also have very important business to make our customers healthy. So that's why and we put emphasis on the 4 businesses segments and health and happiness, wealth and intelligent manufacturing. Wealth, it is also to enable our customers to be wealthy. We have insurance and wealth management businesses. And also in terms of products, we also hope that we can let our customers to enjoy our products to have the spiritual wealth on top of the physical wealth in addition to the employees and customers. We also hope that we can grow our business to create the prosperity for our investors and shareholders. And then we can help you to increase the wealth. That is also part of common prosperity and also for all our partners in our ecosystem for all our stakeholders. So we hope that we can grow together and that we can create and innovate together to achieve common prosperity. So you can see that through the high quality corporate growth to make our employees and customers and shareholders and also all our partners to become prosperous together. And also, we are using our Fosun Foundation to actively get involved in the social and charity campaigns and initiatives. For example, we have a rural doctors program now. And you can see and through this program, our rural doctors, and we want to promote the development of these rural areas and biculture and also the young people's startup and also through different charities and CSR initiatives, especially for their poverty alleviation and the rural doctors programs. And we have also been awarded as the excellent company for the poverty alleviation by the government. We will continue to strengthen our efforts to promote the programs and often all these CSR, including the rural doctors and etcetera, to achieve common prosperity. So this is part of our ideas on this question. And of course, we will continue to make evolution. Well, first of all, I would like to thank you for being the investor for Fosun Pharma. For Fosun Pharma, you cannot just take a look at our vaccine. We have a lot of good products. And we have hand use, that is good. And Gland Pharma, that is good. And also we have CAR T. We have many good products. And also DaVinci robots. And you can already see that in China, we want to set up a joint venture for DaVinci and Robot. It is already public announced. And the second response and last March, we cooperated with Biotech for the vaccine development. So what's your question again? One is certainty, the other is safety for investment. So you know that it is the least safe and the least certain investment at that time. So at that time, maybe the shareholder is not a top priority for this vaccine cooperation with Biotech. And our top priority is to have one more option for the country. We hope that we can have all the optional technologies to help the fight against the pandemic. So at that time, we didn't think about to use the vaccine to increase the value for Fosun Pharma. And for Fosun Pharma, it does mean that vaccine is all of the equation. And the vaccine is only part of our portfolio. It's part of the equation. And the vaccine development is only one of our directions for Fosun Pharma. It is not the huge contributor. Our original aspiration for vaccine is that we can go back to normal and to have one more option to everyone, to the nation. That is what we want to do. And no matter what is the result is, whatever the result is, we are going to do this. And next, And currently, the whole process is going forward very normally. And we are a country of rule of law. Everyone everything is very transparent and also just and equitable in the national level. And in terms of the prevention for the COVID-nineteen and also for all the government and authorities, they have given us sufficient guidelines and support. I have not seen any intentional delay of the approval, just we follow the legitimate process and formalities, and we are facilitating the approval. And we have already been supported by the local and national support. There's no doubt about that for the whole nation, for all of us and also for our national future. We are always very optimistic. Then talking about the common prosperity, it was already said by Mr. Deng Xiaoping. And first of all, some people can be wealthy first and then we have to reach common prosperity. This is part of the national strategy. And common prosperity is also our original aspiration from the side up. We talked about this at the very beginning, self improvement and team spirit and performance and contribution to the society. Our ultimate goal is to make contribution to the society. Talking about the contribution to society is not just to distribute the money or to do charity by the bank loans. So first of all, we have to create the values for our customers and for our partners, for the country and society. And we have to do the right thing. And we have to do something right for the whole environment at the same time. And we have to do more CSR campaigns. So that's why I'm very supportive of Rural Doctors Program. For common prosperity, there are 2 scenarios. And sometimes maybe we have less capability of less intention. Maybe we can use education to empower them to let them to become prosperous. It doesn't mean that we have to teach them how to become rich and not just to give the money to them. And second, it's not about the capability or the intention. Maybe it is because of we have no probability. Maybe they have the intention, but they don't have the capabilities. For example, we are using rural doctor programs to help them maybe because of the disease for a lot of kids and older people who are living in the villages. And if they are sick, then maybe these young people have to go back to the villages, then they cannot become prosperous. And for those people who are not capable of becoming rich, we can help them. And for Fosun, we want to do a lot of CSR and the charity initiatives. And we also hope that we can effectively help people with common prosperity for all the value created. Is not an easy job. For each penny, it's not an easy job. We cannot waste the money and we have to maximize the value. Thank you. So I would like to thank all our management and also thank you for your participation. FOSS International 2021 interim results announcement morning session ends. The afternoon session will begin at 1:30. And we are also going to introduce 4 business segments about First International with the batch and you can come back.