Q4 China's trade-in program generated over 2.6 trillion yuan in sales in 2025, alongside the "Shopping in China" and "Export to China" initiatives. China's exports grew 6.1 percent year-on-year. How is your company aligning its China strategy to capture both domestic consumption upgrades and export-oriented opportunities? Do you see China increasingly as a global production and innovation base serving international markets? How are you balancing local demand expansion with China's role in your global export ecosystem?

Dreyer: China's trade-in programs act as a catalyst for the automotive after-market. They accelerate vehicle upgrades and increase consumer willingness to invest in quality maintenance. We are capturing this domestic consumption upgrade by offering tailored solutions that extend engine life and support new energy vehicles.

We also leverage China as a hub for our global operations. We don't just export products, we globalize local partnerships. By collaborating with leading Chinese OEMs, we support their overseas expansion strategies and supply our products to international markets.

Shih: China is promoting high-quality development by advancing consumption growth while maintaining stable foreign trade. This approach is creating new opportunities for companies to connect domestic market growth with global collaboration. Building on this, Rockwell works to meet local market demand in China while also supporting Chinese companies in expanding into overseas markets. Rockwell's lifecycle services cover early-stage consulting, operational and technical support, as well as after-sales services, helping Chinese enterprises achieve efficient deployment and stable operations in overseas markets. Going forward, Rockwell will continue to leverage its global network and technological expertise to expand the application of smart manufacturing and industrial digitalization across more industrial scenarios, supporting broader value chain collaboration.

Tsao: Red Hat regards the China market as an important hub for innovation and application, while also focusing on the digitalization needs of Chinese enterprises expanding abroad. As a provider of enterprise-grade open source solutions, one of our key strategies is to support Chinese companies going global in building unified and open technology platforms, enabling consistent application deployment, operations management and security governance across different countries and regions. Through hybrid cloud and AI platforms, enterprises can maintain standardized yet flexible technology architectures in multicloud and cross-regional environments, allowing them to expand their global business more efficiently.

King: China has always been one of Treasury Wine Estates' key markets, and we continue to have a long-term presence in China. In 2022, we launched our first China-made wine, One by Penfolds, followed by CWT 521 in 2023 — the first Chinese wine to join the Penfolds Collection. In 2025, we completed the acquisition of the Stone & Moon Winery in the Ningxia Hui autonomous region, which is a major step in our goal to promote high-quality Chinese wines globally while deepening Penfolds' roots in China.

With China advancing high-level opening-up and building a unified national market, a more transparent, stable and predictable business environment provides stronger certainty for foreign businesses.