Dear investors, analysts and friends from the media, good afternoon, and welcome to ICBC's 2026 Interim Results Announcement. I am Dong Yang.

Our interim results have been released. We'd like to thank global shareholders for your recognition and support for our investment value.

We've attached great importance to IR media relations and market capitalization management. We've been maintaining open, candid and efficient communication with global investment research institutions and the media.

For 20 years since our listing, we've always worked together with our investors. Here, I'd like to express our sincere thanks to all shareholders and friends from the media for your long-term support.

Today's announcement is held both on site in Beijing and through a global webcast. We are also pleased to have some investors, analysts and media friends here with us in person.

First, let me introduce the members of our senior management and the directors attending today's announcement. President, Liu Jun; SEVP, Mr.

Wang Jingwu; [indiscernible] Zhang Shouchuan and Zheng Guoyu. Board Secretary, Mr.

Tian Fenglin; and our Directors, Mr. Dong Yang, Ms.

Zhong Mantao, Liu Fang and Ms. Walter Horn and Mr.

Chen Guanting and Li Weiping. Now I'd like to invite our Board Secretary, Mr.

Tian Fenglin, to present our interim results.

Investors, analysts and friends from the media, good afternoon. Welcome to ICBC's 2026 interim results announcement.

Thank you for the continued interest and support. Let me walk you through the highlights of our operations for half 1.

This year, guided by party building and driving our transformations, we've had a strong start to the first half of the 5-year plan. The traits of being large, stable, excellent and strong the foundation for high-quality development and high-level security is more solid.

Our value creation, market competitiveness, market influence and risk management capabilities keep improving, resulting in a high-quality midyear sheet that shows clear upward momentum. First, steady progress in business with stronger resilience.

By the end of June, our total assets were CNY 57 trillion for half 1. Operating revenue was CNY 446 billion, up 9% Y-o-Y.

Fee income CNY 69 billion, up 3.3% and net profit reached CNY 176 billion, up 4.54%. Our NIM was at 1.29%, up 1 bp from last year.

NPL ratio was 1.29%, down 2 bps from the end of last year, showing improvement in asset quality. Capital adequacy ratio was 18.57% provision coverage ratio 217.5%, keeping our risk buffering capacity solid.

On the balance sheet side, loans reached nearly CNY 32 trillion. Investments hit CNY 18.63 trillion, up CNY 1.73 trillion 10.2% Deposits were CNY 39 trillion, up CNY 1.86 trillion or 5%.

To give investors an even better sense of reward and backed by the strong results, we raised our interim cash dividend payout ratio to 31% for 2026 after corporate governance procedures will pay out CNY 1.51 per 10 shares, tax inclusive, totaling about CNY 53 billion based on the average share price in half 1. The dividend yield for A and H shares at 4.22% and 5.36%.

This sustainable shareholder returns underscores our long-term investment value, second solid progress in 5 transformations. On intelligent risk control, we are speeding up the shift to smart risk management.

Following the path of comprehensive management, proactive prevention and intelligent control, we are strengthening our nine prospects risk management framework, constantly improving our forward-looking early warning and bottom line controls, building out a comprehensive risk management system. Our enterprise-level smart risk control platform is now fully live.

We use measurement, early warning and decision-making, the 4 centers are established. Our NPL ratio was 1.29%.

The loan provision ratio was 2.8%. Provision coverage ratio was 217.5%, up 3.8 percentage points, keeping our risk defense robust.

Among this, we are strengthening core responsibilities to unlock growth potential. We are going deep into 5 major articles.

In tech finance, our loans hitting -- our loans to the tech companies hitting RMB 3 trillion. In inclusive finance, the balance reached almost CNY 4 trillion.

In inclusion finance, total assets under management hit CNY 6.52 trillion, up 10.29% in digital finance. Loans to core digital economy industries reached CNY 1.26 trillion, up almost 20%.

We rolled out our RMB CFS. We were also approved by jointly serve as the RMB clearing bank in Africa with Standard Bank of South Africa, extending our RMB clearing network to 19 African countries where the Standard Bank Group operates.

In half 1, cross-border RMB business volume hit CNY 5.5 trillion. On digital and intelligent momentum, we are fast tracking the building of AI ICBC and creating 1 plus 1 plus 3 system.

The first one is enhancing ICBC Zhiyong Tech Foundation, rolling out the pilot AI+ initiative so that ICBC stays in the top tier of domestic fintech development. The second one is building up the ICBC data vault space, forming an enterprise-level data application ecosystem supporting our business.

The 3 refers to building 3 smart platforms forming an ICBC AI agent matrix for corporate clients, retail clients and our employees while giving our 400,000 employees a new tool to boost economy. The exclusive AI agent for personal relationship manager delivered over 22 million service interactions in half 1.

On comprehensive services, we're centering on client needs to provide a CFS, the incremental growth in loan and bond investment up CNY 3 trillion. We're deepening the ICBC Tech Finance equity service brand and pushing the AIC equity pilot business, our custody scale hit CNY 33.7 trillion, ranking first in the industry of securities investment, insurance assets, pensions and QD products.

We have provided treasury services to 17,000 core enterprises. Overseas institutions had total assets of USD 511 billion and pretax profit of USD 3 billion, up 15% Y-o-Y.

The net profit was CNY 12.9 billion, up 55%. On the ecological system, we are making solid strides in fundamental GBC+ projects.

To drive balanced growth, we saw a net increase of 2.9 million retail clients with AUM over CNY 10,000. Our average per branch general deposits and profit are leading the industry.

Through our 10,000-mile journey marketing campaign, the 3 ends of GBC are driving traffic to each other and mutually empowering one another, building a great internal circulation of funds. We are organically integrating ESG and sustainable development into our operations.

Looking ahead, ICBC will step up as a leading bank as main force serving the real economy, the ballast for financial stability, the trailblazer for operational excellence and the benchmark for strengthening core responsibility. We'll keep our strategic focus, step up execution.

We will make sure we get the 5-year plan off to a great start to ensure a sustainable value return for domestic and overseas shareholders. To give you more opportunity to raise questions, please suggest each question for 1 guest and please identify yourself before raising questions.

Thank you very much. I'm [indiscernible] from Huatai Securities.

Congratulations. ICBC achieved impressive results.

My question is, could you highlight the highlights for half 1 and for the full year, what is your outlook for revenue and net profits? We have seen that since this year the banking has entered into deposit repricing trends.

Could you share with us the change? And what is your outlook for NIM trajectory?

Thank you for your question. Regarding the half 1 results, the Board and management rate them as proactive and progressive.

This is not only because we further consolidated our operational foundation in a complex environment but also because of our strategic transformation is continuously turning potential into momentum. Here, I'd like to expand on Board Secretary, Tian Fenglin's, overview.

First, this progress benefits from the full recovery of our value engine. In half 1, the group achieved operating revenue of RMB 446 billion, up 9.1% Y-o-Y, approaching double-digit growth on such a high base is not easy.

While deposit repricing helped, it is fundamentally the result of synchronized revenue boosting measures across the [chain]. Structurally, NII noninterest income and net fee income all rebounded.

All 4 segments, domestic overseas subsidiaries in head office and retail corporate, institutional and markets achieved positive revenue growth. Behind the strong restart of this value engine is our consistent principal of shared responsibility of business lines and regional blocks.

We anchor the business orientation of both lines and blocks on value creation. We built a strong link between process and results.

We earn the trust of the market, shareholders and employees. Second, our proactive approach demonstrates confidence and disciplined risk management.

From the data in half 1, we earmarked RMB 1.9 billion of resources for NPL write-offs, representing the strongest efforts in recent years. As a result, NPL ratio was reduced to 1.29%.

Provision coverage ratio increased by nearly 4 percentage points. Our attitude is that we do not seek short-term gains.

We focus on addressing existing risks. We do not pursue absolute targets alone, we aim for sound and stable fundamentals.

We do not seek 0 risk. We pursue a rational balance between returns and risk cost finance ultimately reflects the real economic changes in the real economy will inevitably be reflected in bank's financial statements.

With an asset base of CNY 57 trillion, our approach to balancing development and security is fundamentally not about speculative bets. It's about comprehensive allocation.

The Ultimate reference framework for our asset allocation a national balance sheet. This means ICBC has embedded the stabilizing foundation of the Chinese economy into the core of our asset allocation framework, allowing us to capture the long-term growth opportunities arising from China's development.

Third, this progress is rooted in the conversion of growth drivers through reform and transformation as growth rely more on scale, future developments rely on deepening reform to reshape the growth equation through the steady rising contribution of noninterest income overseas and subsidiary revenue in recent years, a clear trajectory has emerged. ICBC is accelerating its shift away from the single growth curve of traditional credit seeking new drivers in the vast blue oceans of comprehensive international and digital intelligence operations.

Diversified operation converts licensing advantages into capabilities to serve the real economy. We have made the -- for example, we support charging stations, energy storage and computing power procurement via financing plus leasing.

We convert network advantages into financial infrastructure that serves RMB internationalization and facilitate the dual circulation. We broke the deadlock with a direct RMB conversion through a syndicated loan, cutting the clients' comprehensive financing costs from over 20% to 5.7% relying on the group's self-built clearing system.

We achieved second level instant cross-border RMB clearing. We have seen the changes in 1980s or '90s, if internationalization means the flow of other currencies.

Now the internationalization means the efforts around RMB and the going global of RMB. ICBC is providing financial escort for enterprises going global.

Digital intelligent operation converts technological variables into core constant that reshape productivity. The fully self-controlled ICBC large model platform has not only taken root in over 600 scenarios, but also spills over to industry partners, helping SMEs harness AI at a lower threshold from the point of self-empowerment to point of eco empowerment.

This is the underlying code for our digital intelligence drive to convert old and new growth drivers. These factors are not just vivid photos to ICBC's transformations, but also mark true growth matrix on our financial statements.

New tracks are continuing converting to revenue inflows, hedging against the headwinds of narrow interest rate margin and building new pillars for ICBC's future development. Regarding margin, the data shows a trend of marginal stabilization with deposits repricing being the most crucial supporting factor.

This is a common value factor for the banking industry and large banks with their fundamentals of scale, channels and customer base can more smoothly achieve synergy among volume, price and risk. Of course, as the maturity volume of existing time deposits decreases and the interest rate spread between old and new products narrows, the supporting effect of the repricing dividend on NIM will gradually weaken.

Therefore, we'll continue to deepen the proactive management of assets and liabilities by optimizing the structure and tapping the potential for liability cost reduction, we will strive to consolidate margins to trend. We are confident for the full year in continuously forging long-term value that cycles for our shareholders and investors.

Thank you.

I will take the second question. Sir, on the row 2 in the middle.

Thank you for the opportunity. I am with Everbright Securities.

My question is about asset quality. What is the overall asset quality in the first half of the year?

Can you elaborate on the situation of the asset quality, especially on the retail banking and inclusive finance? What risk control measures have you taken regarding that?

And can you also elaborate us on your risk control transformation and there is any new measures taken for the enterprise-level intelligent risk control platform.

SEVP, Mr. Wang will take your question.

Thank you for your question. In the first half of this year, although the international environment remains complex with many uncertainties, the China's economy has demonstrated strong resilience and vitality.

Against the macroeconomic backdrop of new driving force and optimizing structure, ICBC has deeply implemented the spirit of the Central Economic Work Conference, adhere to the main working line of preventing risk, strengthening compliance and promoting high-quality development. Anchored the goal of becoming first class and persisted in seeking progress while maintaining stability and improving quality and efficiency.

We align with the national strategies to lay our total asset, optimize credit structure and advance various tax of asset quality control. The core integrators steadily improved with the NPL ratio at 1.29% at the end of H1 this year, a decrease of 2 bp from the beginning of the year, further consolidating the foundation of high-quality development.

And in the corporate sector, the asset quality continues to improve. At the end of H1, NPL ratio of corporate loans was 1.2%, dropping another 9 bp on the base of the 21 bp decrease in the previous year.

We continue to focus on serving a national modern industrial system. We conduct in-depth research on industrial planning and supporting policies and fully support development of advanced manufacturing.

We have an investment in financing policy system for the manufacturing industry covering 7 major sectors and 22 key areas, layout, technological innovation industrial chains such as AI and connected with many projects of the 15th, 5-year plan, such as 6 networks. The credit structure is deeply integrated into the national strategy for coordinating regional development, and we have the structure of large, medium, small micro individual has been further improved.

And for the retail and inclusive finance segment, judging from the current situation, there is still pressure on the asset quality control, which is a common problem faced by the banking industry as a whole. From the perspective of internal management, we implement the stabilizing growth, expanding the domestic demand and preventing risk philosophy and adopted serious measures such as institutional mechanism optimization, full process risk control.

And at the institutional mechanism level, we adopted -- we optimized the organizational structure and the assessment constraints, continue to train high-quality talents adapted to the transformation development, comprehensively strengthened promotion from customer acquisition to risk control, implemented intensive post lending management and advanced the construction of integrated collection system for retail and inclusive finance. The front, middle and back office head office and branches and various business segments have jointly formed a synergy for control.

And the foundation for high quality development. At the through process risk control level, we continue to strengthen these 3 passes and 7-color pool risk control system.

In the access phase, we optimize product risk control design, connect innovative services with high-value business scenarios, improve the access management and evaluation mechanism for partner institutions to deepen the applications of large models and perfect multidimensional credit strategies. By improving the accuracy of risk identification and response efficiency, we make every effort to screen and block risk at the entrance.

In the duration management phase, we strengthen the iterative optimization of risk monitoring models, investigate potential risk hidden hazard through various methods such as negative behavior identification and cross verification of key indicators, improved the quality and efficiency of front-end risk screening and reduce existing risk exposure. At the same time, we continue to depend the classification, management of retail and inclusion finance credit assets and move the risk resolution gateway forward by setting differentiated risk control strategies.

In the risk disposal phase, we accelerate the disposal of nonperforming assets, broaden market oriented disposal channels and use multiple disposal method to speed our risk clearance. At present, China continues to introduce policies to benefit people's livelihoods, expand domestic demands and promote consumption.

And we built a new model for real estate development and vigorously promoting high quality development of inclusive finance and continue to improve the market environment. The asset quality of retail inclusive finance loans expected to remain within a reasonable range.

And for the intelligent risk control transformation, we continue to iterate and upgrade our platform and constantly improve integrity, synergy and systematicity of risk management. After the platform successfully transitioned from focusing on construction to paying equal attention to construction and application in '25.

In the H1 of this year, we continue to improve platform functions, deepen the application of AI technology, strengthen coverage of retail business scenarios and empower asset quality monitoring and risk prevention control. First, we upgrade the risk control toolbox, strengthen the asset quality monitoring of retail businesses, such as inclusive finance, personal loans and cards, enhanced cross-selling, cross-default warnings, improved risk screening efficiency, optimize risk control strategy deployments.

And second deepening the application of AI technology, we put into production, the risk control AI agent, providing digital and intelligence services such as risk knowledge Q&A, intelligent customer health checks and risk control data analysis for the first lines of defense, risk officers, risk managers, reducing the workload at the front line. And third, strengthening full scenario coverage.

Currently, the enterprise level, intelligent risk control platform has been promoted and applied in all domestic branches, some subsidiaries and overseas institutions covering 323 business scenarios such as fund trading, product access, channel touch points and risk resolution and encompassing various business processes such as product access, credit granting, lending and collections. It has achieved practical risk control results in multiple aspects such as risk prevention and control.

Thank you for your question.

The third question, lady on the right in the first row.

I'm from Phoenix team. How did ICBC's international business perform in half 1?

Recently, PBOC has been stepping up offshore RMB liquidity support and expanding offshore asset supply and ICBC's overseas clearing network has also been expanding. Could you share what measures ICBC has taken to help drive internationalization of RMB and what results you've achieved?

ICBC has been aligning our internationalization with the country's opening up strategy. We are balancing growth with security and doing our part to support the domestic international circulation.

This shows in 3 areas. First, our international business has been growing steadily.

By the end of June, our overseas network reached 69 countries and regions with branches in 32 Belt and Road countries covering 6 continents and major global financial hubs. By the end of June, our total overseas assets topped USD 500 billion, up 11% Y-o-Y and 4% in the year beginning.

Pretax profit made up around 10% of the group's total. The contribution to the group is steadily going up and asset quality remains stable.

Second, global service capabilities keep getting better. We are steadily boosting our ability to provide global, integrated coordinated services.

We are giving business CFS, we've rolled out signature products like ICBC speed remittance, ICBC instant transfer. All this helps companies speed up their settlement and fix the financing pain points when expanding overseas.

Using our clearing settlement, payments and custody services, along with new platforms like QR codes and third-party payments, we are constantly improving experience of the customers. The total credit balance for foreign trade companies grew by 12%.

The international settlement handled by our domestic branches jumped 41% Y-o-Y. The FX hedging ratio for corporate clients climbed to 36%, ranking first among the big 5.

Our global pay direct overseas service now covers 42 countries. Our cross-border and offshore custody assets broke the CNY 3 trillion mark.

Third, we've continued to deepen our international cooperation platform. We've actually -- we've performed our role as the Chinese Chair of the BRICS Business Council facilitating cooperation.

We've also kept expanding and upgrading the China-Europe Business Union, which covers 136 countries across 20 countries, including 51 Fortune Global 500 firms. Through BRBR, we are supporting the high-quality development of the Belt and Road initiative.

Our members and observers have grown to 216 institutions covering 79 countries and regions. Like the CIIE, the Canton Fair, the China Fair, we leverage major international expos.

We are helping build the export China brand. About RMB internationalization, this has always been a strategic priority for our international business.

Since this year, we've been pushing hard on 3 main fronts. First, we keep broadening the use cases of cross-border RMB.

We launched the campaigns, rolled out comprehensive cross-border RMB financial solutions, including 10 major service services, focusing on new quality productive forces, digital trade and Chinese companies going global. For key clients groups like SOEs, commodity traders, multinationals and SOE, we have tailored services plans.

In half 1, our group handled RMB 55.5 trillion in cross-border RMB. The cross-border RMB settlement jumped by RMB 299 billion, a 34% increase, ranking first among Big 4.

For central SOEs, the settlement volume grew by 34%. And for bulk commodities, it surged by 70%.

Second, we keep improving the cross-border RMB payment and clearing network. We're building up our clearing infrastructure, upgrading our service capabilities, strengthening the role our RMB clearing bank play in nurturing offshore RMB market.

We already had RMB clearing banks in 12 countries. In June, we were approved to serve as a joint RMB clearing bank for Africa, meaning our clearing network now stretches into 19 African countries where Standard Bank operates.

Our clearing capacity keeps growing year-by-year. In half 1, the clearing volume handled by us rose by 16% Y-o-Y.

Third, we keep stepping up our ability to serve the offshore RMB market. We closed first offshore bond investment deal in the Shanghai FTZ involving investors from trade -- free trade accounting units, boosting Shanghai's push to become international financial center.

We ranked top in the market for trading volume, number of participating institutions. We have won our group's offshore RMB ForEx market making and client-driven trading volume grew by 36%.

client base expanded by 16%. We are actively serving overseas institutional investors across 70 countries and regions.

We -- the volume of interest rate of ForEx trades we made with these investors jumped by 23%. Our market share hit 15%, up almost 1 percentage point.

We've also been actively involved in building Hong Kong International Gold Trading Center as a direct clearing institution for Hong Kong gold. We executed the very first batch of trades.

Looking ahead, we'll keep focusing on serving the real economy and the new development paradigm. We'll strengthen our integrated operations at home and abroad and keep enhancing our ability to provide global allocation.

Through all this, we aim to contribute even more to the country's high center opening up. Thank you.

The first question. We'll take questions online.

This is BofA Securities, I'm Winnie. Congratulations on your first half results.

I have a question for the fee-based or the noninterest income. What are the main driving factor of the growth in the fee in the first half of the year?

How about other noninterest income? What is the outlook for noninterest income for the whole year?

What are the core revenue-generating parts and growth strategy of ICBC Wealth Management business?

SEVP, Mr. Yao will take your question.

Thank you for your question. In the first half of this year, our bank responded to the changes in the complex external environment, continuously improved financial services, comprehensive financial services capabilities and seize face market opportunities, achieved noninterest income of RMB 104.9 billion, Y-o-Y increase of 9.9%.

In terms of fee and commission income, we achieved income RMB 69.2 billion in the first half, a Y-o-Y increase of 3.3%. The total volume manifested, maintained its market first position and increment achieved leading position.

First, the wealth management sector continued to lead in efficiency enhancement. Our bank deeply cultivated the comprehensive plus digital and intelligent and synergistic wealth management system sees opportunities to capital market recovery in the warming gold allocation strengthened core investment research capability.

The income from corporate wealth management and personal wealth management and the private banking business increased by 24% and 15% Y-o-Y, respectively. Among them, income from agency, precious metal business, fund sales agency and WM sales agency increased by 103%, 60% and 7%, respectively.

Scale of pension business expanded rapidly, driving a 38% increase in related income. Second, the basic product sector built a solid and stable support, relying on the huge channel network and customer base.

The basic product sector continue to consolidate of the bank serving the real economy, people's livelihood. The income from settlement and cash clearing and cash management business increased by 0.9%, mainly because our bank sees opportunity of exchange rate fluctuations actively responding to complex changes in international situations and in international situations.

And the income from the foreign exchange settlement and sales for customer foreign exchange trading increased by 7%. Income from the bank acceptance bills and letters of credit, corporate international settlements and international and domestic factoring increased by 20%.

In additional, the scale of asset custody grew well with income increasing by 8%. Third, asset service sector transformed and upgraded its quality.

In the first half of 2026, the group securitization service income increased by 7% Y-o-Y. Bond underwriting and issuance income increased by 1.4%.

Income from investment banking and advisory and consulting syndicated loans, et cetera, remained stable. In terms of other noninterest income, we achieved noninterest income of RMB 35.7 billion, significant Y-o-Y increase of 25.3%.

In terms of bond investment, liquidity condition may lose in the first half and the center of the bond yields moved down. Taking a 10-year government bond as an example, the yield dropped by 11 bps from 1.85% at the beginning of the year to around 1.73%.

Our index rose by 19.8%, and the Shanghai Composite Index rose by 3.2%. Our bank strengthened the guidance of investment research focused on key areas.

We focused on key areas such as the 5 major priorities and new quality productive forces to optimize the equity investment layout, achieved income of RMB 15 billion, while serving the real economy well an increase of RMB 9 billion compared to the same period, a Y-o-Y increase of 140%. Looking ahead, opportunity and challenges for development of noninterest business are intertwined.

On the one hand, proactive macro policy continue to expect force, the support for stabilizing growth and expanding domestic demand concerning increasing, driving the transformation and upgrading the real economy. The fundamentals of the capital market is generally improving and the pace of domestic consumption recovery is certainly advancing.

So the foundation for the development of noninterest business continue improving. At the same time, the patient capital investment is in hot technology sectors are gradually entering the harvest period and supporting role of equity investments become increasingly significant.

On the other hand, affected by the continuous implementation of policy to reduce corporate comprehensive financing costs. And regarding the development of WM business, we will focus on buying thinking, adjusted transformation, online, offline integration to create new growth engines and enhance revenue contribution of WM business promote high-quality development of the WM business.

In terms of transformation actions, first, transform from a product-oriented seller thinking to a customer demand-driven buyer thinking focused on the customers' real demand rather than one-sided institutional supply. We combine the use of diversified tools such as WM bond insurance and private equity to achieve dynamic adoption of the customers' all-dimensional needs, such as asset preservation appreciation.

And we adhere to the overall requirement of promoting the synergistic transformation of the WM business from product sales to account business, customer management and brand management, build a value system of panoramic insights, particular research and selection, intelligence allocation, long-term companionship, actively advanced renewal and upgrade the ICBC Wealth brand and comprehensively enhance the brand recognition, professional approval and customer perception of our bank's wealth management business. Second, digital empowerment and optimized companionship guided by better meeting customer asset allocation needs, taking the construction scenario-based full life cycle companionship as the mainline relying on the digital tools to empower the service chain sticking to our original aspiration of inclusive finance.

Third, upgrade platform strengthen support with a 4-dimensional comprehensive wealth management platform. Take products, investment, research and brand as a core service pillars, enhance efficient development capabilities, continuously strengthen customer stickiness and drive high-quality development.

Thank you.

The fifth question, let's come back to the audience here in the room. The lady in the middle in the second row.

Xinhua News Agency. How is your half 1 investments in financing?

What specific steps you've taken to enhance support for tech finance? How will you further tailor your services to better support hard tech companies, start-ups and other innovative tech businesses?

I'll invite SVP, Mr. Zhang Shouchuan to answer this question.

In half 1, we actively implemented countercyclical and cross-cyclical adjustment policies. Aligning with the real economy's financing needs, we act early and precisely to help stabilize employment businesses, markets and expectations.

Our investment and financing business showed 3 main features with high quality. First, steady growth in total volume with both credit lending and bond investments, our 2 investments growing faster than last year by the end of June.

Our onshore RMB 2 investments reached nearly RMB 47 trillion, up by over RMB 3 trillion from the end of last year and 11.1% Y-o-Y, which is 3.5 percentage points higher than the national average. Total onshore RMB loans grew by over RMB 1.4 trillion, a 6.4% Y-o-Y increase, 1.2 percentage points ahead of the national average, providing strong financial backing for the real economy.

We also boosted financial supply in areas like consumer business and auto finance, personal business loans topped CNY 2 trillion and personal consumer loans surged by 22%. Second, precise and well-adapted allocation, keeping us ahead in 5 major article loans.

We deepened our modern corporate credit layout, consolidating our traditional base while creating new growth drivers, making our credit structure better match the broader economy. Our 5 major article loans were CNY 14.5 trillion, ranking first among peers, up over 1 trillion.

We also wrapped up support for major projects in key areas like the Two Heavies, Two News and Six Networks using mega projects to anchor investment. Loans for the Two Heavies exceeded CNY 70 billion, putting us at the top of the industry and equipment renewal loans reached nearly CNY 200 billion.

We also effectively rolled out the joint fiscal financial policy package to boost domestic demand. By the end of June, loans in the 4 fiscal subsidy areas grew by over 10% year-on-year.

Third, consolidating our core business advantages, leading the industry in multiple manufacturing metrics. On industry side, we served manufacturing clusters called ICBC Huiqun initiative covering all 80 national level manufacturing clusters.

Our manufacturing loans balance exceeded CNY 5.8 trillion, leading comparable peers in both balance and growth. Both our corporate manufacturing loans and mid- to long-term manufacturing loans are market leading.

On the commerce side, we teamed up with the Ministry of Finance, Ministry of Commerce and PBOC and key commercial enterprises and associations to host events that boost circulation and consumption, helping build a robust domestic market. Our trade finance balance topped over CNY 1.2 trillion.

We served over 9 million commercial clients and our applications for service consumption and pension relending ranked first among peers. We will take the lead in implementing both existing and new policies in the future.

We will focus on major national strategies, key areas and weak spots, making sure we precisely match high-quality corporate projects. Through high-quality investment and financing services, we aim to contribute more to high-quality economic and social development.

We'll keep innovating in retail products and boosting our digital finance capabilities to unlock consumer potential. Regarding our specific actions and highlights in tech finance and how we will further target hard tech start-ups, we pay high attention to tech finance.

We refine our 5 special survey mechanism featuring specialized institutions, targeted campaigns, exclusive products, dedicated risk control safeguards. First, we serve national strategies and boost high-level text self-reliance.

We're taking the initiative to serve the 3 major international tech innovation centers among emerging pillar industries. We've strengthened our industry research, product innovation and marketing, constantly improving our ability to spot promising tech and pick the right tracks.

We are deeply involved in the national major tech breakthrough systems, strongly supporting tech R&D. Among the companies that won the 2025 National Science and Technology Awards, our service coverage reached over 90%.

We are actively aligning with national key P&D plans by tilting more towards basic research and reaching the financial supply for major national tech tasks. We stick to the concept of investing in people and have set up an entrepreneur scientist service framework to provide customized services for tech start-up teams.

Second, driving the innovation, the integration of tech finance and manufacturing finance to support a modern industrial system. Leveraging our synergies, we're focusing on our core manufacturing business to help tech innovation and industrial innovation merge deeply.

We are optimizing credit supply by innovating credit products. We've refined star products like R&D loans, cultural e-loans, IP-based credit loans and special loans for disruptive tech innovation, keeping our tech loan scale at the top of the market.

We are strengthening investment loan linkages, implementing the 4 investment requirements. We're working closely with VC and industry funds to step in early in the company's life cycle.

ensuring we can lend when we see an investment and use lending to boost investments. In half 1, our group's subsidiaries provided over CNY 100 billion in equity financing to tech companies.

We are also using the financing plus leasing feature of financial leasing to strongly support the rapid growth of companies in integrated circuits, computing power, aviation and distributed energy. in half 1, our tech financing, financial leasing disbursement surged by over 150 Y-o-Y%.

First facilitating the commercialization of tech achievements by building a tech finance ecosystem platform. This can draw the channels, products, tech.

We've built a digital platform for the commercialization and ecosystem services directly targeting pain points of turning research into reality. It creates an integrated ecosystem combining all these sectors so that this pushes our finance services from single point breakthroughs to ecosystem building, expanding the bank's role from a credit intermediary to a resource intermediary, from a financial provider into an ecosystem enabler.

Right now, 12 top-tier institutions have signed on, including key universities like Zhejiang University and Wuhan University of Technology, 2 high-tech zones and 6 tech companies and more. We have a lot of reserves that is to sign.

Looking ahead, ICBC will keep optimizing our investments and financing logic, continuously improving our risk control and proactively deepening our service transformation to support the hard tech and start-ups. First, we will use CFS to provide all around financial services, comprehensive financial solutions, staying client-centered and market-oriented supported by innovation and talent.

we tackle the pain points of the tech companies. We are accelerating our shift from just offering traditional credit to providing a full suite of services that cover financing, advisory tech support and connectivity for integrations.

The CFS is an important part of 5 transformations. It's also a big -- an important channel for serve our clients.

Second, we are perfecting a full chain full life cycle tech finance product system. We are refining innovative financial products and really leveraging the synergies across equity, loan bonds, insurance, leasing and advisory businesses.

This helps us better serve tech companies of different types and at different stages, especially guiding more financial resources toward early-stage start-ups. Third, we are comprehensively upgrading our digital and intelligent risk control and serve capabilities at identifying a company's tech capabilities and refining our tech company evaluation models, which are based on tech innovation metrics, investments and financing behaviors and business growth indicators.

We use AI and big data to run smart evaluations on tech innovators, ensuring risks and returns are well matched and using smart finance to serve hard tech. That's all from me.

Let's take the sixth question in the row 3, please.

I am with Shanghai Securities News. I want to know what are the key application scenarios for ICBC current fintech investment?

How does ICBC leverage AI technology to empower business transformation? What measures are taken regarding the reserve and cultivation of tech talent?

This is SEVP, Mr. Zhao answering your questions.

Thank you. I will answer your question from 3 aspects.

First, in the building of AI ICBC and advanced technology platform system in the is the foundation. ICBC profoundly grasp the general trend of the digital network and intelligent development and actively integrated international AI+ initiative.

We have upgraded digital ICBC to AI SCBC focusing on building a 1 plus 1 plus 3 system. The first one is to consolidate ICBC Zhiyong technology foundation.

We continue to implement the pilot AI plus initiative so make forward-looking layouts for computing power supply, enhance professional capabilities of large models, build an AI agent factory, create full tech, independently controllable large model, technology system in response to endogenous defect and external attack risk of large models and to ensure that artificial intelligence is safe, reliable and controllable. Second one is to strengthen the ICBC data repository data space, consolidate the data foundation, deepen data management, build high-quality data assets, optimize the development application tool platform, expand the high-value data product matrix, build an enterprise-level trusted data service platform, create an open and integrated data ecosystem, promote compliance sharing and efficient circulation of data elements.

The 3 is to build 3 types of platforms for corporate, personal and employee services, relying on ICBC Zhiyong and ICBC data space, focusing on serving customers empowering employees, we actively create new paradigms of one customer, one adviser, financial services and a new weapon for improving quality and efficiency of host one system, continuously creating more incremental value for customer employees. Second, business innovation application is a key in building AI ICBC.

We adhere to application orientation, strengthen value guidance and overall application of AI technology, maintain a leading position in the industry. At present, more than 600 large model scenarios have been implemented and the workload undertake by AI in the first half reached 30,000 person years.

promoting more precise service to the real economy. First, improving transaction efficiency.

In financial market sector, we built the global dealing intelligent dialogue trading system, achieving an intelligent closed loop for the entire transaction link with the intelligent inquiry transaction ratio exceeding 96%. In asset liability sector, we have AI+ asset liability intelligent management hub, assisting in accurately predicting the trend and capital changes and promoting efficiency, capital allocation.

Second, innovating customer services, online and offline channels, we upgraded and launched the unified customer-facing assistant, ICBC Xiaozhu. Taking the leading among peers in the mobile banking online platform, we created conversation as service one-stop convenient experience and third, optimizing marketing and customer acquisition.

In the personal finance sector, we deepened the new model for human machine, cooperative search marketing, the intelligent assistant for personal customer managers assist searching data making analysis and generating plans. We -- the number of service exceeding 22 million.

In the private banking sector, we built a comprehensive financial service agent, deeply mining customers' potential financial needs and shortening the time for generating service plans from several days to 3 hours. Fourth, strengthening risk prevention and control.

In intelligence review assistant output, 360,000 compliance reviews suggested in the first half of the year. Number of the review of opinions proposed by compliance personnel assisted increased by 130% improving operational efficiency.

The processing speed of single entry 25x faster than manual work and review procedent efficiency 5x before application. Third, talent team is a guarantee for AI ICBC.

The key to digital and intelligent transformation lies in people. We strengthen innovation drive adhere to talent leadership, promote deep integration of business technology and data and build a financial technology and data management talent team with an adaptable scale, reasonable structure and excellent professionalism.

In terms of total value, we promote steady growth of talent team scale, continuous increase in construction talent in key areas such as AI, data science and cybersecurity, strengthen the cultivation of composite talent in business technology and data, adopt measures tailored to individual to promote person post fit. In terms of mechanism, we implement the IT business partnership program to promote 2-way empowerment between technology and businesses.

At present, AI is accelerating its evolution. Digital finance is booming ICBC here to long term maintain strategic determination, continue to deepen the building in AI ICBC, create long-term sustainable value for the vast numbers of investors to make greater contribution to a financial powerhouse.

Last question, I'd like to invite the gentleman on the left in the second row.

Congratulations. I'm [indiscernible].

My question concerns dividend. Could you walk us through ICBC's dividend policy and the thinking behind raising the payout ratio this time?

Can we maintain this dividend level going forward? And how do the management view the balance between capital management and shareholder returns?

I'll invite Board Secretary, Mr. Tian Fenglin, to answer your question.

To give investors a better sense of reward, we've raised our interim dividend payout ratio to 31% which comes to 1.51 per 10 shares, tax inclusive. Rewarding investors has always been a top priority for us and through consistent and stable cash dividends, we're committed to sharing the fruits of our growth with shareholders.

It's been 20 years since our IPO in 2006, and our annual total dividends have kept -- we have paid out over RMB 1.64 trillion in cash dividends in total, the top dividend payer in the A share market by total amount. Our annual total dividends have kept growing steadily.

Our total dividends far exceed the total amount we've raised from ordinary share issuances over the years, and we've won the best shareholder return award multiple times. Meanwhile, we are constantly improving our dividend mechanism since 2024, following the regulator's call, we started paying dividends twice a year, combining interim and annual payouts.

We also now give H-share investors with the option to receive their dividends in RMB. All of this has made our dividends much more timely and flexible.

As for why we are raising the payout ratio here is what we went into our thinking. First, we want to actively address what the market investors are asking for.

Dividends are a key metric the market watches closely. As a large cap blue-chip stock, our management team has always prioritized giving investors a fair return and listening to what the listening to the voice of capital market.

Raising the interim payout ratio is a big step for us in optimizing how we reward shareholders while keeping our dividends consistent and stable. Second, our solid performance growth gives us a strong foundation for this.

Since this year, we've adapted well to market changes and stepped up our support for the real economy. Deposits and loans are growing steadily.

Fee income is bouncing back and our key operating metrics for half 1 are looking much better than the same period last year. This upward trend in our performance and our solid capital base are exactly what makes it possible for us to comfortably raise the dividend ratio.

Third, we need to strike a balance between rewarding shareholders and our long-term growth. When we set our policy, we always try to find the sweet spot between shareholder interest business growth and capital adequacy.

A reasonable amount of retained earnings is a crucial part for our internal capital reserves and vital for our long-term future. The decision to raise the payout ratio was made very clearly.

We made sure it wouldn't hurt our capital adequacy or our ability to keep growing sustainably. Looking ahead, our dividend policy is a stepping stone.

It needs to adapt dynamically to the broader economy, regulatory guidance and how our business is actually doing. Capital management and shareholder returns go hand-in-hand and support each other.

Capital is a bedrock for a bank to manage risk, serve the real economy and grow over the long haul. Without enough capital, shareholder returns are like a well running dry on the supply stable and predictable returns are key to keeping our market value steady and boosting investor confidence, which actually opens up more channels for us to raise external capital when we need to.

Going forward, we'll keep striking balance between capital management and our policy and work hard to keep our business on a steady footing. We'll look at the whole picture, fair shareholder returns, retained earnings and external capital raising to figure out the right payout ratio.

By doing so, we will keep sharpening our financial services and competitive edge, making sure investors share in the fruits of ICBC's high-quality growth. Thank you for the answers.

Dear investors, analysts and friends from the media, due to the interest of time, we'll conclude the Q&A session. Thank you for your insightful questions, and thank you to our management team for the detailed and professional answers -- today's announcement has provided a comprehensive review of our operating performance in half 1 as it has also been an in-depth dialogue on long-termism and value investing time proves value we have created through dedicated work.

We'll continue to move forward. This interim balance sheet shows our progress towards higher quality and stronger performance reflects our confidence in driving high-quality development.

We will continue to stay true to the fundamentals of finance and improve our operating performance. We will continue to create long-term stable returns for global investors through investor communication meetings, reverse roadshows, global roadshows and press conferences.

We will maintain close and ongoing interaction with the market. If you have any further questions, our IR and PR team will be available at any time.

Thank you for your continued trust and support. We look forward to continuing to work together with you and writing more new chapters of shared value and mutual success.

We look forward to seeing you again. That's all for today's announcement.

Thank you. [Statements in English on this transcript were spoken by an interpreter present on the live call.]