Dear investors and analysts, good morning. Welcome to Fosun International 2025 annual results announcement.

I am the General Manager of Investor Relations Department, Sun Lu. Now please allow me to introduce you to the participants here.

We have Chairman of Fosun International, Mr. Guo Guangchang; Co-Chairman of Fosun International, Mr.

Wang Qunbin; Executive Director and Co-CEO of Fosun International, Mr. Chen Qiyu; Executive Director and Co-CEO of Fosun International, Mr.

Xu Xiaoliang; Executive Director, Executive President and CFO of Fosun International, Mr. Gong Ping.

Today we will have morning session and afternoon session. In the morning, Fosun International's management team will brief us on Fosun International's business operations and strategy, and in the afternoon, the head of the four business segments will share their business review and future outlook.

Now let's give the floor to Mr. Gong Ping to share on the financial part.

Dear investors and analysts of Fosun International, good morning. On behalf of Fosun International's management team, I will now report to you on Fosun's business results in 2025.

In 2025, Fosun International made progress under pressure. The total revenue reached 173.43 billion RMB, down by 9.7% year-on-year, mainly due to decline in Yuyuan revenue and changes in consolidated scope.

For the revenue from four core subsidiaries, it remained steady with 128.24 billion RMB, accounting for 74% of total group revenue, maintaining stable. We are seeing a highlight: the overseas revenue reached 94.86 billion RMB, accounting for 55% of total revenue, up by 6 percentage points year-on-year, demonstrating the group's solid progress in globalization.

As for investment in technology and innovation, the total investment reached 7.8 billion RMB, and we focused on R&D system optimization, R&D efficiency improvement, focusing on input-output ratio. As for the group's industrial operating profit, it reached 4 billion RMB, excluding non-cash impairment provisions from subsidiaries, remaining stable.

We will also like to report on the net profit attributable to owners of the parent is -23.4 billion RMB. For this result, we also express our regret.

As for 2025 net profit attributable to owners of the parent -23.4 billion RMB, what does it mean? This is the practice based on prudent principle, and it is a practice for us to build a solid foundation for our future progress.

The impairment of real estate account for about 55%, mainly from the loss of real estate project under Yuyuan and impairment provisions on real estate project held by the group. Another 45% come from impairment of non-core assets due to changing consumer behavior, shifts in industry dynamics, and valuations of secondary market financial investment positions are affected by share price fluctuations.

It's worth mentioning that the impairment is mainly non-cash impairment charges. It does not have an impact on the fundamentals of our core businesses and operations.

We are unlocking portfolio value with a clear path to value recovery. By the end of 2025, the group portfolio value maintained at 207 billion RMB, with 60% coming from listed assets and insurance core assets.

The adjusted net asset value was maintained at 133.5 billion RMB, with adjusted NAV per share reaching 18.1 Hong Kong dollars, so that's 0.24 of P/NAV ratio. By the end of 2025, our book value per share reached 12.7 Hong Kong dollars, and the PB ratio was 0.34, which shows our huge potential for value recovery.

In the future, the management team will take multiple approaches to drive a leaner, more transparent portfolio to accelerate value recovery. As a mid-term target, the group's net profit attributable to owners of the parent will reach 10 billion RMB or above.

We will accelerate divestment of heavy assets and non-core subsidiaries to optimize portfolio and reduce group-level interest-bearing liabilities to below 60 billion RMB. We will also accelerate spin-offs to unlock asset value.

As mentioned in the announcement, REIT application has been submitted to SSE backed by Atlantis Sanya, and the Ease-Joy Technology A-share IPO filing has been submitted to Shanghai Securities Regulatory Bureau. Fosun Pharma also announced spin-off plan for its subsidiaries, such as Fosun Antecbio.

As for listed companies, we will strengthen investor communications to improve market cap of listed subsidiaries. We are very happy to see that our four core subsidiaries continue to drive growth, building a resilient profit base.

For Fosun Pharma, we are seeing innovation with global expansion driving innovative drug growth, and we are seeing revenue growth from the innovative drug with double-digit growth. In 2025, Fosun Pharma's net profit attributable to owner of the parent reached 3.37 billion RMB, with 22% year-on-year growth.

Yuyuan suffered short-term pressure, but we are still seeing recovery. We are also seeing strong highlights in Q1 2026.

As for the gold jewelry business, it's still ranking the top among its industry, and Laomiao jewelry opened three new stores overseas in Macau and Kuala Lumpur, that's global expansion breakthrough. Overseas sales of gold and jewelry surged by 229% year-on-year.

Yuyuan Phase 1 achieved 4.29 billion RMB GMV in 2025 with 40 million-plus visits and improved occupancy rate. Fidelidade maintained market leader in Portugal, and it is steadily going for global expansion, expanding into Europe, Latin America, and Africa, and overseas total premium contribution exceeding 30%, solvency ratio maintained at 190%.

In 2025, its net profit attributable to owners of the parent reached 1.63 billion with 16% of year-on-year growth. As for FTG, the adjusted EBITDA reached 3.61 billion RMB with 15% of CAGR in the past three years, and the last four-year CAGR reached 9% in terms of the revenue.

We are also seeing Club Med hitting new high in terms of business volume. As for Atlantis Sanya, it reached 124 million RMB of business volume over nine days during Spring Festival in 2026 with 98% average occupancy, making a record Spring Festival performance.

We are also happy to see strong growth at Aster core companies, unlocking profit upside. Peak Re reached $2.2 billion of total premium in 2025 with 25% of year-on-year growth, and there's nearly $200 million annual net profit for three consecutive years.

In 2025, it also established North America subsidiary and India branch. For Pramerica Fosun Life Insurance and Fosun United Health Insurance, we also saw strong results.

In 2025, Pramerica Fosun Life Insurance reached over 13 billion RMB in total premium with 42% year-on-year growth, reaching 615 million in terms of net profit, and net profit increased by five times year-on-year. For Fosun United Health Insurance, the total premium reached 7.84 billion RMB with 50% year-on-year growth, and 140 million RMB of net profit.

As for Millennium BCP in 2025, it reached €1.02 billion of net profit with 12% year-on-year growth, 14.1% ROE in 2025, maintaining sound balance sheet with strong capital adequacy ratio and CET1 ratio. As for Hainan Mining, it reached 4.42 billion RMB in revenue with 8.6% year-on-year growth, and 430 million of net profit.

It is still leveraging global M&A to accelerate development of mineral plus energy network across Africa, Middle East, and Southeast Asia, and profit growth is expected to accelerate with ramp-up of lithium and oil and gas production. For Fosun Pharma, it achieved multiple licensing deals and co-development partnership in 2025 with potential milestone payment exceeding $4 billion.

Henlius has 10 products approved globally covering about 60 countries and regions. Apart from Yuyuan gold jewelry business, Fidelidade also achieved international business contributing 30% of total premium.

As for Hainan Mining, it is also actively exploring global resources through projects like Mali lithium mine and Oman oil field. As for our overseas revenue share, it grew from 49% in 2024 to 55% in 2025.

We are also embracing AI across different industries. For example, Fosun Pharma launched Pharma-AI, and FTG introduced AI G.O., the world's first AI travel agent across all scenarios, and Fidelidade's digital customer base now approached nearly 22% of Portugal's population.

As for capturing unicorn opportunities through PE/VC, Maccura Semiconductor, a portfolio company of Fosun Capital, successfully listed on STAR Market, becoming the first listed semiconductor probe card company. Zhiyi AI and Quantum Group, portfolio companies of Fosun RZ Capital, successfully completed their IPO in Hong Kong, and Fosun Health Capital ranked among top 20 investors in biopharmaceuticals.

We are also stepping up investment in tech innovation. Fosun Pharma has devoted R&D investment reaching nearly 6 billion RMB, and Henlius' HLX43 will become the world's first PD-L1 ADC to enter phase II clinical trials, and it is a very promising product with tens of billions of US dollars in terms of value.

We are diversifying financing channels, steadily reducing the cost of debt. In 2025, the group's public market financing reached 27.8 billion, and the average cost of debt in 2025 dropped from 5.6% to 5.0%.

We are also deepening collaboration with financial institutions. We have signed strategic cooperation agreements with multiple financial institutions, including Citi Group, HSBC, Postal Savings Bank of China, China Minsheng Bank, and BNP Paribas.

We also signed another strategic cooperation agreement yesterday. We also successfully arranged offshore syndicated loan for nine consecutive years, raising about US dollar 1 billion with support from nearly 20 major banks.

Last week, we also had new achievements. In terms of expanding financing channels, we successfully issued US dollar bonds in January and September, returned to Eurobond market in November, and issued 4.2 billion Japanese yen bonds in November.

Fosun High Tech also issued the world's first U.S. dollar bond by a private enterprise in September.

As for declining financing cost, the cost of the group's commercial paper decreased by about 200 bps, and coupon rates on long-term public bonds declined by around 110 bps, and our offshore public bond coupon rates dropped from about 8.5% to 5.875%, and Japanese bond issued a coupon rate of 3% at Q4 2025. It's also worth mentioning that this morning we also made an announcement: for the $200 million, we will have cash offer.

The group will continue to divest non-core assets. In 2025, the cash flow at the group level from asset disposal and subsidiary dividend reached 14 billion RMB, and signed disposal of heavy assets and non-core non-strategic assets across subsidiaries reached 12 billion RMB.

We also received optimistic ratings. In March 2026, S&P maintained our current rating and outlook in a rating commentary, that is BB- rating with stable outlook.

We will further reduce group interest-bearing debt. In 2025, the number dropped to about 90 billion, and our mid-term target is to drop interest-bearing debt to below 60 billion RMB.

The group will sharpen its focus on existing businesses while enhancing shareholder returns. First, we will improve subsidiary operating efficiency, enhance ROE, and strengthen dividend management.

Secondly, we will accelerate disposal of non-core assets to generate cash and unlock profits. Thirdly, as a general principle, the group will refrain from large-scale investments and M&A.

We will also take multiple measures to enhance shareholder cash returns. Firstly, as announced, starting today till the June AGM, we have announced...