Agricultural Bank of China Limited ($1288)

Ladies and gentlemen, good afternoon. I'm the President of ABC. Welcome to the annual results announcement of ABC. It's a great pleasure to meet with the friends, online, offline investors and analysts and friends from the media. I'd like to take this opportunity to express my appreciation for your support, trust and interest in the development of ABC. With that, I'd like to present to you the management of ABC. Vice President of ABC and Executive Director, [ Mr. Ling Li]; Mr. [ Wang Wing], Vice President of ABC; and Mr. [ Wang], Vice President of ABC; and Board Secretary, Ms. Liu Qing. And some of the senior management are participating from meeting online. With that, I'd like to present to you the business performance, business strategies and the outlook for 2026 of ABC. In terms of the business highlights, which you are interested in, 2025 is the last year of the 14th 5-year plan. It is a year for the new progress for ABC. In the past year, we guided by the [indiscernible] thought on socialism with the Chinese characteristics and strengthen overall leadership of third party and implement the relevant decisions arrangement of the [ CPC Central Committee ] and the State Council, deeply practiced the political and people-oriented nature of financial work and firmly grab the main line of preventing risks, promoting high-quality development, made overall efforts in our aspects, providing more powerful and effective service to the real economy, achieving steady progress in business, achieving steady progress in business operations with the high effective service main characteristics of our business our steady improvement and steady progress in the business operations. First, stable profit, ABC's net profit and operating income continue to maintain a double-digit growth, reaching CNY 292 billion and CNY 725 billion, respectively, a growth rate of 3.3% and 2.1%, respectively. Compared to first 3 quarters, growth rates increased by 2 bps and 0.1 points, respectively. Net NIM, 1.28% among topping the peers and average return on total assets, 0.63%. Weighted average return on net assets at 10.16% with a capital adequacy ratio of 17.93% with excellence of our business. Total assets reached CNY 48.8 trillion with a growth rate of 12.8%. New loans and financial investment in local foreign currencies totaled CNY 4.7 trillion. Intensity of story economy is a leading industry and the loan growth rate was 8.9% liability business continues to maintain a good development with a deposit growth rate of 7.7%. An average daily increase in RMB deposits went the first among the comparable [ peer steady ] deposits is considerably improving and division of local foreign currency deposits in the end of last year was 0.58% based among the comparable peers. We are the only bank to achieve the positive growth in RMB loans for 7 consecutive years with high-quality loans. NPL ratio of domestic banks declined for 5 [ concept ] years and further decreased by 3 basis points in 2025 remained a relatively low level of 1.7% -- 1.27% industry. And provisional -- and the [ special machine ] ratio 1.39% and overdue loan ratio, 1.25%. The difference between the NPL and overdue loan ratio was registered a negative growth and which was also the only bank in comparable peers, with exhibited a loan ratio lower than the nonperforming loan ratios, ABC. The loan balance is continued above [ CNY 1 billion], an increase of CNY 39.6 billion over the previous year. Provision coverage ratio was 292.5%, with both indicators -- of the balance of loan provision and provision coverage ratio rank among the first one the comparable peers. The fourth return is very high since its listing in 2010, considering comprehensive return on stock price increase in the dividend. The annualized average returns of investors in nature and shares reached 12% and 10%, respectively. In the next 3 years, that is from 2023 to 2025. The [indiscernible] and to 48 and 41%, respectively. In terms of dividends, the Board of Directors proposed a distribution in final dividend for 2025 with a rate of CNY 1.3 per share in tax included, inclusive together with the dividends already distributed in the range from the total dividend of the whole year amounts to on HKD 2.495 per share and [ CNY 2.495 ] per share tax included. Dividend payout ratio was 30%. We'll have a more resilient and a more sustainable development last year, we did the work in the last following 5 aspects. First, we stick to our men businesses that is providing service for the agriculture that is agricultural areas and farmers. We consolidated the foundation for business development and improve the quality and efficiency of providing services rural-related areas and build a differentiated competitive advantage [indiscernible] regions in your balance reached CNY 1 trillion for 4 consecutive years and the balance reached CNY 10.9 trillion. And the balance accounted for more than 40% of the total loans and the balance in the county levels has doubled during the 14th 5-year plan period. And the deposit balance was a CNY 14.3 trillion increase of CNY 1.23 trillion over the end of the previous year and concluded it contributed more than 52% to the increase of deposits of the whole bank. Specifically, our channels for [indiscernible] clients have been further improved among the [indiscernible] branches of the bank is 56% are locating county-level cities and rural towns or townships. ABC is only large state-owned bank with full coverage of county level outlets in recent years, we have further shifted the focus of our service to the grassroots level [ existing ] the reach of our services continuously improving, completing them. And we have a 161 service system, namely our physical outlets, subservice missions, mobile banking, rural service stations, mobile service, [indiscernible] and remote banks to form them into one, which continuously enhance our service capabilities to provide a service to every villages and household. And last year, we moved another 179 outlets [indiscernible] ships build 1,742 road service stations in which our product shelves. And also, we have also made a great effort to build a product and a service system to 10 major financial areas, including growing finance and targeted property, alleviation finance, innovative and promoted inclusive products such as [ agripark ] loans, technology loans and professional farmer loans basically serving the differentiated, diversified financing needs of agricultural areas and farmers, and we can develop -- we have developed 43 products across all industries and the 208 regional characteristics products and dedicated products to cover key areas of rural revitalization. By leveraging total means we have continuously optimized loan application process for farmers actively promoting on-site and remote work mode further enhancing the convenience and accessibility of rural financial services with the balance of the [indiscernible] reaching CNY 1.84 trillion fourfold increase during the [ 14 5-year ] plan period and growing important agricultural products have been increased. Long inroad industries for development and related sales grew by 23% to 19.5% and 9.6%, respectively, and 832 [ poverty-striken ] counties and 60 key counties for over vitalization have seen faster loan growth than the average growth rate of the entire bank. Second, we sticked into the essence of finance and building new advantages in business development by implementing national strategies and serving the real economy. We insist on the [indiscernible] economy as our fundamental purpose since the trend of new and old driving forces transformation and industrial upgrading [indiscernible] while serving the high-quality development of the economy also strive to load our own high-quality development. In the 2025, the loan balance of IBC reached CNY 27.13 trillion, an increase of CNY 2.3 trillion over the end of the previous year. Among the personal loans, inclusive of loans and private enterprise loans took their leading seating CNY 9 trillion, CNY 4 trillion and CNY 7 trillion, respectively. Our financial investment was CNY 16.3 trillion, an increase of CNY 2.47 trillion over the previous year. We made every effort to serve the stable investment and consumption with the supporting of financing to heavy -- that is the implementation of the national strategy and the key areas in ensuring national strategy projects, we also are going in the front and the cut projects are ranked the best in the comparable industry. Increase of growth rate of the consumer loans were also ahead of the peers. Personal consumption loans, including credit cards, have growth have a growth rate of 9% and a balance range to CNY 1.45 trillion. We continue to strive the 5 priorities of finance, promote more financial resources, invest in the productivity, growing development, inclusiveness and provide loans to the SMEs, other key areas was strength in the key areas and [ weaklings]. The balance of the technology in or financial inclusive finance loan reached CNY 4.7 -- CNY 5.93 trillion, CNY 4.35 trillion respectively, a growth rate of 20.1%, 18.7% and 2.9%, respectively. A number of inclusive and known clients ranked first among comparable peers. Total supply of inclusive finance is the largest with wide service coverage further consolidating the leading bank's position with the strongest sustainable development capability. In the field of pension finance, a number of fiscal and electronic social security card users rank first among peers and to the number of clients and the amount of individual pension service are also among the best in the comparable peers. The loan pension industry reached [indiscernible] and were 108.5%. We actively serve higher level of opening up introduce work planned to stabilize for trade investment active support, the cross-border use of RMB. It helps to diversify by the trade markets and integrated domestic and foreign trade. Third is to focus put the kind for us to expand the new space for business development while enhancing client service capabilities. Clients are the foundation of our bank always take client development as a fundamental and strategic as we will press ahead with the project to expand the client base, improve service for our corporate clients with a group and tier management personal loans to improve the service model driven by [ Digital Plus ] model and continuously enhanced refined and comprehensive client service. Client base has been expanding, reaching CNY 896 million for personal clients and remaining the largest in the industry. nonbank financial assets for personal clients amounting to CNY 24.7 trillion, an increase of CNY 2.4 trillion at end of previous year with 13.29 million corporate clients, an increase of 1.01 [indiscernible] million is from the end of previous year and ranked the top in the peers. We had 10 million personal mobile banking clients with over 276 million monthly active users and over 292 million monthly active user on mobile devices maintaining industry-leading growth rates on both metrics. The quality and efficiency of customer service continues to improve with a focus on better meeting customers' financial needs, we continuously enrich and expand our product offerings and portfolios in areas such as deposit credit, wealth management, strengthened service, [indiscernible] between commercial banks and investment banks and domestic foreign currencies, financial and nonfinancial service and advancing the rural service project, we have steps in promoting customers right and interest, making our customer service more diverse and personalized. We have strengthened our professional service capabilities. We have improved our employee training system provided a classified professional [indiscernible] to strength and the team on wealth management and providing solid support for client service. Our total number of wealth management advisers have reached like 119,000 increase of 6,000 from the end of last year for us. So we have deepened reforming and innovation by deeply integrating business technology data. We have created a new impetus for business development. We have activity in based the new round of [indiscernible] revolution deeply amongst the construction and smart banks intensify the data empowerment and AI applications driving to transform [indiscernible] innovation [indiscernible] into the greatest increment for high-quality development, making the application base for our technologic innovation more solid, accelerating the building of AI+ capability systems such as data technology, security, providing strong support for the larger scale and inclusive application by making the approach of a digital operation is more mature, effectively reducing the burden and workload powering grassroots outlets have become more significant. For strengthen bottom line thinking and thickening and strengthen the safety cushion and a buffer for business development. We always take risk management and control as our long stop task and continues to enhance professional capability and building risk management serve the balance for maintaining financial stability. We continue to improve the comprehensive risk management system strengthen forward-looking risk identification and enhance risk disposal of response in key areas and consolidating foundation of internal control and compliance management. And third, an outlook for 2026, we have confidence from 2 sources or aspects. First, the economic performance, macroeconomic performance is stable and growing, creating a favorable macro environment for the development of ABC. The outline of a 15th 5-year plan have provided a deadline for our development. And then China's is -- has a solid foundation many -- with many advantages and a strong resilience and long-term positive support conditions and basic trends with great potential have not changed. With the implementation of the supporting measures of the 15th 5-year plan are gradually implemented, the economic growth rate will continue to maintain within a high reasonable rate and we will continue to have a strong foundation. This has laid a solid foundation for us to make further breakthroughs. Over the past 5 years, we have thoroughly studied and implemented [ General Secretary Jim ] important explanations on the financial work, and we have actively pursued this path of financial development with Chinese characteristics. And we have also expanded our product and service quality and also optimized our team building capacities and also cemented or risk control efforts. This has given us a very good starting point. [indiscernible] ABC's defining feature is agriculture. This year marks our 75 anniversary. During the past of 75 years of ups and downs, we have always been resonating with our national strategy and also standing in unity with billions of customers and sharing value with broad investors. 2026 is the first year of the 15th plan and the new era calls for new responsibilities and also the new journey requires new actions, ABC will continue to strengthen our party leadership and uphold a correct view of achievements. We will continue to lay a solid foundation and contribute the starting chapter of the 5-year plan and create more value for shareholders, customers and investors in all sectors of society. Next, let's head into the Q&A session. I would like to invite the Secretary of BoD Ms. Liu Qing to be the moderator.

[Operator Instructions] Now the first question, please, on site. The lady on my left. First row, please.

I'm from [indiscernible] News Agency. After hearing the introduction, we can see that even though the overall external environment has been quite complicated, but ABC has reaped very good operating outcome and especially in the capital market. I'm just wondering, what is the outlook of ABC in next year, such as in NIM and also in the net profit? What are the main driving forces?

Well, I will take that question. I have just shared with you in 2025, even though we have a very complex business environment, our revenue growth has remained resilient and also operating income has maintained positive growth for 2 years running. Our net profit has also been maintaining positive growth as well. And also, it is now on an upward trajectory for better growth. If we look at this over the long term, the performance or the financial performance of ABC is quite good and also remarkable. Our net profit growth has been leading the industry for 6 years and operating income has also been leading among our peers creating new historical highs, and this has showing the growth and the bonus of the market. And we believe that the 15th 5-year plan has given us even more confidence. I have just shared with you that the senior management is quite confident about better operating performance in 2026. So from the performance of the first 2 months of 2026, we're operating income or [indiscernible] overall operations have maintained stable growth and also positive trend. Our physical loans increased by RMB 1.1 trillion, achieving a year-on-year growth and NIM has or say net interest income has also turned positive year-on-year, which is an inflection point in the first quarter. This has further confirmed that our operating income will continue to be put on an upward trend, laying a solid foundation for the profitability across the entire bank. In the next phase, we will keep our strategic focus while providing better financial services, we'll continue to coordinate our presence strategies while deepening where efforts to drive down cost and improve efficiency and continue the current solid momentum, and we will focus on the following 3 aspects. First of all, we will continue to drive the positive growth of net interest income, and we also strengthened our efforts to make sure that we have a positive growth in line interest income. In terms of scale, we will continue to issue more loans and also contribute to the real economy, and we will also optimize the structure of our asset and also strengthen refined management and improve the marginal returns of the assets. We will continue to consolidate our customer base and flexibly arrange next efforts in driving down cost of deposits. And secondly, we'll continue to expand the growth space of noninterest income. We will leverage the consumption policies and [indiscernible] to satisfy the diverse demands of our customers and see the opportunities of the capital market and amplify the service supply for wealth management products. On the other hand, we will also strengthen our analysis of the market and flexibly determine on where trading or transaction strategies as well as the allocation of different categories of assets. And thirdly, we will better control risks and costs to better record development and security and ensure that we put credit risks under control and travel best to drive down risk and cost. We will also strengthen our intensive and refined management model to reduce nonessential expenses. Anyway, we will try to achieve higher profits to better cost. So we are fully confident about the performance in 2026.

Next question, please, on site. The friend on my right, please?

I would like to ask a question about loans. In 2025, the credit loans has increased pretty fast. And in retail and country level loans, we have seen very good growth. Could you walk us through the plans or, say, the growth target for credit loans in 2026? And what are the key areas that you will focus on?

I will continue to take your question. In 2025, we have actively implemented major strategies at a national level. We have aligned ourselves with demands of the real economy and the overall volume for loans has shown better structure and also bigger volume. In terms of the total amount, I've shared with you that we have a total of CNY 2.23 trillion newly added loans. And in terms of structure, we have invested more in agriculture-related loans as well as real retaliation services and we have also injected a greater momentum into 5 priorities and improving quality and efficiency. This year is the starting year of the 15th 5-year plan. And in the government work report, we have a GDP growth target of 4.5% to 5%. And we also want to build a strong domestic market to achieve technological software lines and also self stressing efforts. There are a series of supporting projects as well as measures for realization, I believe that these are opportunities for commercial banks and credit placement. We will maintain our current intensity of credit to support the real economy and the average growth rate will be roughly the same as last year in the first 2 months of 2026, where economy is now rebounding, so we will seize the opportunity to focus on our national major strategies and credit deployment or credit placement has also achieved a very good start. By the end of February or bank-wide physical loan growth has achieved a year-on-year positive growth and also this is signing of good momentum for sure or grain technology or agriculture-related loans have registered positive growth, maintaining average levels for comparable peers. And in the future, we will continue to highlight the agriculture and rural areas and also farmers related fees. We will focus on improving the large area grain yield improvement and also ensure that we produce new quality productive forces and strengthen financial services for links across the [ whole field ] chain focused on specialty industry and key sectors and also big customers and important projects, we will make it bigger and better, especially in financial services such as the issuance of farmer loans to ensure that we have stable growth in loans in 2026. And secondly, we will focus on 2 different areas, such as domestic demand. We will continue to lend more support to major projects on transportation and energy, ensure that we have supporting financing services for a new round of policy, financial tools or instruments. We will also align our efforts with traditional consumption models and also emerging new consumption models such as green consumption. And we will implement the physical policies to maintain a leading growth momentum for consumer loans. And thirdly, we'll support the construction of a modern industrial systems such as we will sort out the customer list and then cultivated new quality productive forces, step up or speed up for technological innovation to support or contribute to emerging industries development. We will also focus on industry, green transformation, green development, low carbon and great transition of energy and other key sectors. This will mean that we will improve the credit placement in green sectors and also the proportion of green loans. And fourthly, we will focus on inclusive SME loans and establish a work coordination mechanism. We'll continue to increase support for SMEs and coordinated development and security, consolidate our leading advantages in inclusive finance and make sure that we cater to the demands of our residents in education, health care and so many others.

Next, I would like to ask for the gentleman on the right -- the lady on the right for your questions.

I know that commercial banks are under pressure, but ABC has maintained very stable asset quality. What measures have you taken in order to manage and prevent risks? And I would like to know about the NPL formation rate as well as your key focus in both retail and also corporate sectors.

So Vice President [indiscernible], please take that question.

Thank you for that question. From the perspective of the commercial bank in the future in 2 to 3 years, I think that the water shut should lie in the ability of risk management because the products can be very [indiscernible] and also the services can also be quite similar and even AI models can be pretty much the same in the future, but there will be definitely differences between commercial banks in risk management and provision efforts. So that's why we think that we should do a good job in risk prevention and management. For ABC, what did we do in that regard? Well, I think that it can be summarized in the following points. [indiscernible] speaking, it can be summarized as really doing hard work and getting our foot or feet on the ground. ABC has placed risk prevention and management as an internal theme of our financial work and we have been building our strong foundation and also cementing the current base for risk management. We have been quite prudent in our operations. We think that it can say that the commercial banks are too careful or too much careful in their operations. And also, firstly, we have highlighted the role of quality and efficiency -- and firstly, we have to be problem oriented. And safely, we have to uphold our bottom lines. By integrated risk management and control and also with a forward-looking reflection capabilities, we can proactively control our risks rate and ensure good asset quality overall. And just now President Wang has shared with us the overall business where the overall situation at ABC and 2025, where NPL ratio stood at 1.27%, down by 0.3% compared with the end of last year, the NPL ratio for 5 years running has been on a downward trend. Well, the special mention loan ratio was 1.39%, down by 1 bp from the beginning of the year. Overdue loan ratio, 1.25%, maintaining the lowest among the comparable peers. And the difference between the NPO and overdue loan was always at negative. And also, we our credit balance of CNY 1.057 trillion. And we believe ABC is only bank with a credit back balance exceeding CNY 1 trillion. And from a prudent perspective, our credit prevention increased by CNY 39.6 billion. The provision for loan loss ratio reached 292.55% maintaining ABC and a strong risk resilient position. And from -- in terms of the nonperforming loan formation, the formation ratio of corporate loans decreased compared to last year, and the NPL ratio of inclusive retail loans has increased compared to last year NPL ratio of the whole bank for the whole year was 0.89%. We do believe in the asset quality is well under control and the similar of last year. And also the formation ratio of NPL has been maintained below 1%, which is quite relatively quite low. For the loans for the SMEs, balance reached CNY 3.93 trillion, an increase of CNY 700 billion from the year beginning and NPL formation ratio, 1.54%. For the enclosed finance were the credit cards, including [ rural house, house], which is the key of our risk control. So if we also incorporate then, there are -- the balance of our retail loan balance loan was CNY 9.26 trillion, an increase of CNY 448.5 billion from the year beginning with NPL ratio of 1.34%. The many indicators of inclusive retail loans in leading position among their peers. It is worth notable that credit card business in terms of serving consumption, boosting development and advancing quality and quantity has performed quite well. And also, our credit card loan increment or increase in asset quality are the best among our peers. And also, we apply the innovation and also the systematic thinking and relative philosophies and to build a new management measures for the credit businesses and also further build a comprehensive risk management system for the inclusive retail business, we have done in the following 6 aspects for inclusive retail business. The first one is to build a stratified marketing system and also to promote or roll out the new business models and also have the top level design of the head office from the [ provincial ] branch, and we have the [ Sandbox ] operation at the city level branches. And we have the template of marketing for our outlets and branches focus on local conditions in industrial clusters and professional markets and also have a county-specific system and also we draw our financial ecosystem map or road map adapting to the needs of a different areas adapting to the local conditions and also the formulating credit plans. We [ scoring ] high-quality customers, and we have SLP. So as to change the scattered, inefficient and a passive customer acquisition model, and we build an active batch [indiscernible] and second, [ would here ] to the idea of minimization or focused on a [ paddy ] loan accounts and also match in the credit line was and the customers' demands and also expand our business while also have system control so as to enhance our serviceability or quality to the small and medium-sized [ commercers ] to enhance the actability and the coverage of our financial service. While at the same time, we give up using a simple model to measure or calculate the credit line, so as to put our risk within our risk tolerance. And we take the households at our center or as a priority and also build a new vision of management. We have a unified credit approval and also according management, to be more specific, for the same family business, for the SME legal persons and the business owners and our relatives, where friends were in the personal or individual business, consumption and credit card businesses are putting under the same umbrella of management, we have a cross line and across product coordination, so as to effectively prevent the under standard eligibility of big customers for certain products because for some of the products, we have the differentiated threshold for the eligibility of the customers. So we also prevent the overlap of the credit granting, but also prevent the risk of excessive credit granting. Fourth, we integrated online and off-line businesses. We leverage on the models were the digital tools, but we are not over relying on the digital tools. We insist on the principle of enhancing people's awareness, understanding and also have an [indiscernible] investigations for due diligence. Well, at the same time, home businesses, tax credit history, provident fund as well as other third-party data to do the customer or KYC business, we have a cross check of the authenticity of our customers so as to ensure that the fund they use is for the real purpose or business. And we are not just following the trend. We also used [ open claw ] to process and analyze the data automate and to generate the KYC report so as to make our credit approval and a very few of business more efficient and also have a process and procedure constraints and build our business mechanism. What is key here is to separate the approval from the credit granting and also we separate the [ rose ] because impressive for some of the inclusive retail loan brand team, the approval and the lending are put together. But in our practice, we insist for the online SME inclusive loan, we separate in the amount of the business and also we separate the rows in the -- between the approval and the loan or disbursement so as to form checks and balances in the process of credit granting. And we'll also make up for the shortcomings of the decisions, [ Friday ] models. And also we prevent when people have to say for everything. And we say no to any form of intermediary person participating in the marketing or doing the -- handling the business. If some of the illegal or inappropriate intermediaries or agents is participating, that they will bring a lot of shock to the business of the bank. Six, we empower on the technology and also between hence, our risk management capabilities empowered by technologies many on their model process, [ edification ] and system real time, early warning or [indiscernible], recognition and GPS positioning and also cash flow clearing and AI intelligence and other technologies to do the improvability of anti-fraud and also rely in the big data or a large language model, we focus in the new loans, professional debtors or the intermediary loan companions and other risk characteristics, constantly [indiscernible] optimizing the risk control model. And during -- before, during and after the lending to improve the accuracy of our early alerting. So as to ensure the stability of our asset to quality, and we will further enhance our risk management and mitigation in a more systematic way inclusive of retail business, moving forward to a firmly established appropriate attitude to our performance and do our own job well for the right purpose. We were sticking to a prudent and steady risk appetite and also put the risk prevention and management as a priority. It is very promising that asset quality will be -- continue to be stable and maintained a relatively leading position among our peers. Why we are so confident? First, we have a more profound and comprehensive full-fledged risk management control system. To be more specific, we have a credit management we have online, offline coordination and separate the credit approval and credit granting business. And we also have unified credit management and also to enhance accountability, we use in the smart tools and to have a unified monitoring and supervising. In Chongqing, ECB set up a head office level, digital risk management center for the purpose of enhanced our monitoring of the early warning identification and also early check and dispose of the credit risk of inclusive retail business and also to enhance our management over to loans and enhance the disposal of NPAs and also [indiscernible] notification of the overdue or when the loans come and due. Here, we enhance the smart disposal platform, 2.0 version and also to enhance the dispatch to transfer our disposal of NPA enhance efficiency of the diversified NPA disposal channels. Please rest assured though inclusive retail loan are small, scattered or there are a lot of amount of them, but we will further make a health check. So as to clarify and also have an order well organized management of this type of business. And also for the risk management of the key areas, that has been further improved in terms of the efficiency. In terms of the real estate loan by the end of -- as at the end of 2025, our ratio in the industry remain unchanged from the previous year and newly NPL has been crazy year-on-year. We'll continue to adhere to a household, a specific policy and approach, project-specific plan and step up risk control for large clients focus on key [indiscernible] managing the account presale funds and separating the operations from product funds. And [indiscernible] us in the 16 financial policies for [ Rose ] and white list long continuation and also, we will enhance where we will provide our credit support for the high-quality or better housing projects and also will enhance the credit measures, we will not expand our business or lending in this area in a blended way and also use the policies and to replace in the implicit debt. And also we have to optimize the structure of the existing debt to lower down our risk exposure and also have a market-oriented rule-based and appropriate finance approach to increase our finance in these areas. So as to safeguard the bottom line of not increasing the implicit debt. And also, we will enhance our structures in a preemptive way that is very important. And also, we will reduce in the low-quality or inefficient customers. But at the same time, support the building of the modernized industrial system. We'll focus on the structural risks and we will take preemptive measures for the overcapacity. We will not do the evolution, so as to ensure the credit quality.

The next question, please.

From Economic Daily. My question about wealth management, the personal customer is around CNY 896 million, which is leading among the peers and over the several -- past several years, have high demands on wealth management with the fluctuations of the capital fluctuation and also people have a demand of the capital allocation. As [ Michel ] said, ABC rolled out a lot of innovative measures in wealth management. Could you please elaborate more on the innovative measures on wealth management? And what are the plans moving forward.

Thank you for the question. So as an entity or a bond in connecting people saving or household saving to the circulation of economy, there is a lot of room for us to -- or potential for us to tap into in wealth management. This is an important measure to serve to boost China's strength in finance. Wealth management is an important part for the financial system. By developing strength in wealth management will help to [ corregate ] potential capital increase the direct financing and also to enhance the efficiency and quality of the financial service to the role quality and the high-quality development. It also projected for people's well-being. Next, it can also improve the residence income. Wealth Management can expand their income generation channels and it can also get the public to participate more broadly in the capital market and then share in the fruits of economic development. And thirdly, it is an intrinsic requirement for high quality development of commercial banks, wealth management features light capital, stable trends in sustainability. It is an important path for commercial banks to transition from scale expansion to value creation. ABC has been people oriented in recent years, and we placed wealth management business development as a very important priority, and we have deepened our strategy integrated and 2-way approach of retail development. And basically, it's all about customer development. So the 2 ways refers to wealth management and digital transformation were transition. And with our forward-looking layout, we have a driven financial development system to cement the development for operating income. First of all, we have upheld value-driven approach and also a people-oriented model. The nature of our management approach is to have an asset allocation with customer at the center. We want to create value and also provide allocation service strategies. We hope that we want to strive to become a reliable planner or say, family, financial adviser or clients. And another one is comprehensive service capability. By the end of 2025, the personal financial assets across the entire bank has reached CNY 24.7 trillion. During the 14th 5-year plan period, the number has increased by nearly 10 trillion, ranking ourselves at the forefront of the industry. If we look at the latest figures, we can see that is now exceeding CNY 25.4 trillion. In terms of assets and liabilities, ABC's personal asset, deposits and also personal loan scale, all renters in the industry. So we have the most deposits, loans and also the largest number of customers. So we should be a very big and preferred bank for a large number of customers. And secondly, we have optimized the asset allocation of customers and integrate that with advancing 5 priorities. In that regard, we have created an agricultural pension financial service platform. And in ESG, we have made comprehensive breakthroughs crossing the CNY 100 billion threshold across different product lines. And thirdly, we have achieved the breakthroughs on multiple friends. In the past 5 years, we have seen that our VM has currently reached CNY 3.65 trillion. And also during the 14th 5-year period, the total customer volume has increased by nearly 2 trillion. So all of this has put us also at the forefront of the entire banking industry. The wealth management products in agriculture sector has also exceeded CNY 2.2 trillion, leading comparable peers. And more importantly, we have created over CNY 340 billion for investors. We are also doing best to satisfy our consumer demands and also insurance demands. In terms of premiums and the agency, we have ranked the first among our peers. ABC Life Insurance and also other institutions under ABC, have all maintained a leading position among comparable peers. We have also adhered to a reform-driven progress approach. Wealth management and resource integration and innovation have all followed a similar path. So we have 896 million individual customers and also 22,800 outlets, and we also have very big advantages in channels and customers. All of these have turned into the driving forces for ABC. First, we are dedicated to create a full spectrum of portfolios to leverage the advantages of integrated operations. We need to build a multifunctional portfolio or is a matrix that covers different diversified strategies, wealth management products such as trust phones, precious metal investments and more. Secondly, we have upgraded the market open platform. We have to keep ourselves open to work with third-party institutions and improve our coordination and step-up management in scientific evaluation mechanisms, introduce quality resources from the market and satisfy diversified and customized demands of the customers. [ Thirdly ], we have to provide full life cycle customer companionship at different stages. We can ensure that we provide the rent services such as wealth management and also family protection. Throughout the life cycle, we have to focus on developing comprehensive services for private businesses and in this way, we can also have cross-border wealth management and also so many other options to satisfy our customers diversified demands at multiple levels and also improve the accessibility and inclusiveness of our financial management services. And thirdly, we have been persisting in organizational-driven efforts to forge wealth management service capabilities. We ensure that professional matters, a professional team can improve our efficiency and core competitiveness, which is in investment research and customer service. First of all, we have created an open integrated professional research system. We have also strengthened the group's investments through integration mechanism built a multidisciplinary expert team and gained market insights. With the forward-looking and culture of study progress forward, we have implemented a very sound strategy for research, product introduction, marketing support and asset allocation, evaluation and final review. And we have also been insisting in reasonable expectations and qualified interactions. We know that for our wealth management subsidiaries, we require them to have a realistic pricing expectations. We also worked with these joint venture financial companies, I would check their figures to ensure that we have the best delivery with our customers. This can help us to ensure that we have a sound interaction between customer and the market. And on the other hand, we also need to ensure that our team is also customer oriented. There are many things involved in ABC's business and our unique advantage is, of course, in [indiscernible] or agriculture-related services, but internally, we want to really interpret this service brand as improving results every day. It's not that we want to just do easy work or just shut out empties [indiscernible], but is that we want to see small improvements every day. And next, we insist on precision management and strengthen our structural optimization and capacity development. We have [indiscernible] professional compromising 119,000 customer manager and 6,000 wealth advisers. We have also focused on the [ anti River ] data, the [ Pro River ] delta and emerging potential areas. We have implemented differentiated strategies according to local conditions, but benchmark. And also in a total of 500 branches, we have [ Denso ] in private banks. And also in some wealth management centers, we have definitely ensure that there is a tiered system for training to empower their training system and also service or professional service capabilities on the ground. Sometimes we can go at bottom up. But other times, we think that top-down approach is also a very effective channel. Now we have [ 12 120,000 ] customer managers and 6,000 financial advisers. They should be working like seeds and they are providing services across the bank and serving our customers with their expertise. And fourthly, we have to uphold a digitalization-driven approach and led wealth management be one of our growth engines. By using digital means and intelligent approaches, we can ensure that we have online and offline wealth management coordination efforts and a multidimensional service network. On one hand, we can improve our online and off-line service efficiency and these digital means can also empower our business, and we will continue to advance this all channel convenient and intelligent platform building. And we will also make sure that we improve our capacity for all whether we're on the clock responsiveness. We are also actively using AI. We're applying different scenarios. We have an employee who is an AI model, and we will strengthen customer insights and intelligent as well as post investment companionship throughout the entire life cycle. From the performance in 2025, we can see the great growth management income has reached CNY 35.7 billion and financial management fee income reaches CNY 51 billion, and we should say that this is a very big resilience market. Basically, we have shown strong resilience in our business and also high market recognition and also, our business has maintained very stable growth with little fluctuations. And many of our joint venture wealth management companies have proper expectations for their products. So we have talked so much about what work we have done and data and statistics. At the end of the day, high-quality development should be an all hands on deck effort which involves not only counter managers and also customer managers and wealth management managers and consultants and advisers and even site personnel. Here, I would like to take this opportunity to -- on behalf of the senior management, express or have felt gratitude to our staff who have weathered through many hardships and difficulties. And with their expertise and hard work, you have been fighting right at the forefront. Thank you so much for your diligence and hard work.

Okay. Thank you so much, Mr. [indiscernible], for that well, very encouraging words. And next, I would like to invite next question.

[indiscernible], a financial analysis. Wondering about the situation in international business, we are now paying attention to business going global and also foreign trade, especially the growth structure and also the overall layout with a new market environment and also new customer demands. ABC, how will ABC support key foreign trade enterprises to go global? And how will this contribute to your operating revenue and also your efforts for high-level opening up?

Thank you so much for that question. I would like to invite President [indiscernible] for a response.

Thank you so much for your interest in international business. ABC has been honestly implementing the decisions and arrangements of the [ Party Central Committee]. And with that, we have been cementing the interplay between domestic and overseas market and optimize our cross-border financial comprehensive service system, the international settlement business volume has reached about USD 16,400, an increase of 8% year-on-year. And the international trade financing business volume has increased by 30% year-on-year. The growth rate is still very impressive. So I think that, first of all, we have been helping we're supporting businesses to go global. In ABC, we have a presence in 18 countries and 21 overseas institutions, and we also have 1 joint venture bank. More than half of them are in building road countries and regions. So this has aligned with where efforts to help businesses to go global. In 2025, we have continued to ensure that the interplay between domestic and overseas institutions is well underway. Our interplay business has reached USD 118 billion, an increase of 13%, and we have seen the financing business of BRI countries has reached USD 340 billion. We will continue to focus on semi areas and ensure that this leading business in this area can go global, and we will also lend support to international corporation projects. Across the year, the agricultural-related financing business has been handled for CNY 69 billion. And second, we strengthened our product innovation to support the development of our new forms and new models of trade. It is safe to say that in recent years, the scale of the main players in the new firms and models for trade has been accelerated, become an important support for foreign trade and in response to the new characteristics of men players in new forms and new models of trade, ABC has empowered with technology to innovate innovative cross-border payment products, and many branches have completed the registration with [ SAFE ] and the qualification for direct cross-border e-commerce collection, scale of our direct cross-border e-commerce collection business ranks among the top and the -- among the peers. And third, we have strengthened implementation of regulation, our regulatory policies, and we have enhanced the level of cross-border financial service, the reform of foreign exchange business development is an important measure for the institutional opening up of financial sector of China. ABCs continuously promoted the reform and foreign change business development, expanded its scope business volume and a customer base count for a large proportion of the whole bank approaching to 40%. The ability of promoting facility prevent risks has been further enhanced. And also we're having supported the international use of RMB. Cross-border RMB settlement volume reached 3.8 trillion, an increase of 8.7% year-on-year. ABC will combine the relevant arrangements for expanding high-level paying off in the 15th 5-year plan period continue in-house, our support for the [indiscernible] foreign trade and build across close loop for cross-border financial service. And to serve the high-quality joint development of the [indiscernible] initiative, and we will optimize the linkage mechanism at how many [ abroad ] enhance apply cross-border linked products and strengthen financial support for key overseas investment projects and introduce a special work plan to support the development of the new land and sea passage in the West. We will also strengthen the service capability for settlement exchange of small currencies with neighboring countries and we will optimize our cross-border financial service system and support stable scale and optimal structure for in trade improved the service mechanism for customers and certified enterprises and strengthen support for cross-border financial business in high quality agricultural and rural entities continue to support [indiscernible] under the financing correlation mechanism for SMEs and the [indiscernible] innovation and application cross-border e-commerce financing products, building diversified payment channels, and third, strengthen the supply cross-border financial services in handset level cross-border trade investment and financing. And will further reach the system of exchange risk management products support SMEs spending foreign trade markets, and we will support the cross-border use of RMB in the economy play a more active role. So we will also provide strong support for high-quality development of the entire bank.

And from [ Sinha ] Asset Management, I'm [indiscernible]. My question is about inclusive finance. In the presentation, you mentioned inclusive finance, inclusive finance as one of the 5 priorities of finance about China. It is also a highlight of the business performance of ABC. Looking forward to 2026, how ABC alone maintain the good momentum in closer finance for sustainable development for every question.

I'd like to invite Mr. Wang [ Dathi], Vice President of ABC to take this question.

[indiscernible]. Inclusive balance covering a lot of industries covering a lot of households. One of the priorities of finance of China is also an important aspect of practicing, we're maintaining the political nature and people oriented the nature of the financial work. By 2025, ABC has thoroughly implemented decisions, arrangements of the [ CP Seasonal Committee ] and the central government depend the coordination mechanisms for supporting the financing of SMEs and also enhanced ability of our inclusive financial service in a comprehensive way, we have promoted the increase of expansion improvement of our inclusive finance. And we also achieved a high-quality development and the quality and efficiency of providing inclusive financial service. Many were elected on 3 aspects. First, we are -- we have the largest supply of inclusive credit supply. As at the end of 2025, the balance of inclusive finance loan registered CNY 4.35 trillion increase. And also, we have -- compared with in the beginning of this year, the includes finance loan to SME, CNY 3.93 trillion. And also, this year, we reached or exceeded CNY 4 trillion. The balance of the imbalance and also increase of inclusive finance loan are the first among the peers. And also, we have the widest customer service coverage as at the end of 2025, ABC is inclusive SME customer within the long firm and the bank, we have 5.24 million, an increase of 606,000 from the year beginning. The total number and increase of the customers has been first among the peers for 3 consecutive years. So we are providing the true -- truly inclusive finance service. Third, we excel in sustainable development capabilities. And we shifted from the digitalization. We are leading among the peers to do so. The asset quality of inclusiveness alone are also leading among the peers. The evaluation from the regulators leading amount of peers, for 2026, as in the first year of the 15th 5-year plan period, will work on the following 3 fronts, so as to ensure the inclusive finance business to maintain our good business momentum. To be more specific, first, we will make good use of the policy tools of the country. In the beginning of this year, [indiscernible] of China rolled out the one package policy to support the correlation between fiscal and monitor finance, in particular, the fiscal subsidy for the SMEs and also the private investment guarantee plan that has brought new opportunities for the inclusive finance development. We will -- in [indiscernible] cooperation between the banks and governments between the banks and guarantee agencies, focus on new policy tools, optimize our business process and rolled out feature products and offerings. So as a lower on the cost of financing of and increase their convenience. So as to transform the policy benefits into the growth drivers for inclusive finance. Second, we'll make a good use of the institutions and mechanisms. ABC will continue give our role of the on San long or the rural business departments and inclusive finance department and taking advantage of the due will drive organized structure. It is -- we are the only bank that has such kind of a do well drive. That is a cooperation between the inclusive finance department and the rural business department. And we will continue to leverage our banks across urban rural areas with a large number of branches, outlets and extensive outlet coverages at the county level cities. And also, that is also the uniqueness or the feature of ABC. We will continue to demonstrate where the mechanism advantage that provide us ways in the wellness ability and also expertise and also the courage of provide credit service to rural areas or related businesses. And also, we will promote digitalization in our inclusive finance. We have the iteration upgrading and further enrich and improve our -- the [indiscernible] or agricultural bank e-loan platform and also build [indiscernible] outlets and the includes finance loan to build an ecosystem in [indiscernible] balance and also roll out AI intelligent credit-related business and also consistently improve the digital risk control system. And ABC [indiscernible] is for this purpose. And also, we will solve with the problems of the asymmetric information in closer finance and also for the -- further enhance our risk control and management, provide a high-quality service with a lower cost. And in 2026, ABC will continue to adhere to the general key of seeking progress for maintaining stability and coordinate risk prevention development and to serve people's well-being focused on major strategies, key areas, weakness, so as to ensure the high-quality development of our enclosed finance business. I'll stop here.

Next question, please.

I'm [indiscernible] from the [indiscernible] Business News, serving the rural revitalization is a positioning of ABC and also, that is what ABC is good at. How ABC will enhance your competitive edge in providing service to the county level areas?

Thank you very much for the question. Yes, provide revitalization is our MIM business, and it is also our highlights. And by the same time, it is a key focus area in our strategic development. In the past year, we stick to our main business and also to seize opportunity of the integrated development of the urban and rural areas provide financial supply or credit supply and also enhance our the quality and efficiency of providing service to the agricultural areas and country economy. And also in the several aspects, first, with the contribution of county level for our average daily deposit and loan increment has been exceeded CNY 1 trillion. Proportion of increase increased by the 10.5% and 1.4 percentage points, respectively, compared with the previously with this better structure, balance of [indiscernible] CNY 1.8 trillion with an increase of CNY 337.7 billion or 22.4% and loans for key areas, growing production rural industries. The growth rate of loans in these key areas is higher than the growth rate of all loans, better quality and better efficiency. NPL ratio in county level agents was very low with stable asset quality moving forward. We will have the document from the 15th 5-year plan and there are systematic arrangement for the [indiscernible] by aligning our development to the national strategy. We wrote to consolidations and to insurance of providing service to rural-related businesses. We need to consolidate the proportion of the county level loan in our overall loan portfolio and also considering our advantage of providing risk to the county levels. And also, we ensure that we'll maintain the same intensity and also the overstable asset quality. In the new year, or we continue to enhance the policy, resource investment enhance our ability of providing financial service. And to be more specific, we'll do a good job well in the following 5 aspects in the first -- we will provide service into the major process and county levels and the net growth of the county level loan growth will continue to exceed CNY 1 trillion. In our businesses, in the agricultural-related business will work with the improved and the agriculture-related projects and national water networks and also comprehensive agricultural production capability, and also taking the counties as a major [ Viacom], we will provide service with major projects and also have list-based service and supporting financing. In terms of the agricultural enterprises, we'll focus on the leading agricultural industries and also leading agricultural technology companies providing full cycle financial service. In terms of the farmers who are forming households, we thoroughly carry out information, finding or information collection for the farmers, expand the toolbox of farmers loans try to have more than 2 trillion of farmer balance -- CNY 2 trillion of balance of loans providing to farmers this year. And second, we'll further enhance our financial service capabilities, and we'll have a [ 16-system ] and we were also further promote relocation of inefficient outlets to townships, accelerating sink financial service to more rural areas. And this year, we strive to relocate 180 outlets to 10 ships and also we're further increasing development of agricultural system service stations throughout the combination of the service stations, mobile service further enhance our base financial service. And this year, in short we will build around 3,000 -- last year, we have already built around 1,700. This year, we hope to have around 3,000 agriculturists and service stations, and it will innovate the innovation -- innovative financial products and models for agricultural businesses, and we will roll out some new and diversified products and also use the smart bank tools in providing service to the rural areas for rural businesses and build half the promoted application of a smart bank tools in the field of agricultural areas, farmers promote on-site plus remote investigations and build a system covering satellite, UAV and ground IoT and other agricultural data enhance our support data supply capabilities for agricultural businesses. And firstly, we will ensure that this normalized financial systems will be at a permanent position, and we have already formulated a package of differentiated policies, and we will try to ensure that we lend targeted support or especially policy support to people who have just been lifted out of party and to ensure they would not return to the previous state. We will focus on a provincial level rural realization strategies and projects support underdeveloped areas and carrying out initiatives and form internal motivation for these assistant projects. [indiscernible] will ensure the compliance and risk management work of the country-level regions and ensure that we manage or prevent risks at the source and ensure that the loans will have a very strict risk identification and monitor process and also a series of risk monitoring models.

Next question please. You may ask your question.

I'm from JPMorgan Chase and banking analysis. My question is about the bond market. We have noticed that last year, the contribution of bond investment is actually pretty prominent. So what is your plans for this year's bond investment? And also what is your judgment on the bond interest rate for 2026?

President [ Li], please.

Thank you for the question. From the perspective of the overall operation and management, we attach great importance to the financial market. And with our understanding about inherent laws of the financial market, basically 3 positioning. First of all, the level of the market and the level of the professionalism and also the level of talent that's through positioning. And if we want to summarize this or the characteristics of ABC, the financial market business, I think that it can be summarized in 3 key words. First, peak; second, stable; and thirdly, good. So first, large or big, it means that we are big in scale and stable means that we have been upholding prudent operations. So we are also very unwavering on that. And the third point is good or good quality. That means that we have a pretty good outcomes. And it is also sustainable in the long term. You are interested in bond investment business. Here at ABC, we have been committed to serving the real economy we focus on improving our capabilities and optimizing asset allocations and better promoting and controlling risks to achieve high-quality development. You have mentioned bond investment has contributed a lot to the performance of ABC last year. I think that's inseparable from the external environment and also at the head office, the investment decision-making committee as well as the overall investment team have made a very good analysis on the market, and they have a very targeted and precise investment strategy. Looking back on 2025. At ABC, we have done 3 things right. First of all, with our strategic focus, we have cemented our investment foundation. While serving the real economy, we have improved our ability to make evaluations of the entire market as a core participator of the bond market. The financial market managers of ABC has over CNY 10 trillion in bond assets. Therefore, we really value our ability to make macro assessment of the financial market. And we have been adhering to national policies as the [indiscernible] principle and also the economic loss as were guidance. And we have been making proper evaluations of the macro policy curves as well as the dynamics of the economic environment, so that in the ups and downs or fluctuations of the market, we can identify opportunities and effectively rise up to the place to manage in prevent risks. We have to seize the opportunity of interest rate fluctuations and to really understand is [indiscernible]. And this ups and downs and range fluctuations. Take, for example, before the interest rate rebound window, we proactively compressed or duration and to cushion against the risk of rising interest rates with professional capabilities in practice, we can effectively stabilize market expectations. And secondly, in our work, we have been serving strategic situation with for precise allocation. In dynamic balance, we have achieved a due increase in scale and efficiency, facing international economic and trade landscape adjustment in 2025, the global financial market has been facing an increasingly complex environment. So we have to focus our strategic focus and the strive to proactively or more proactively use a sophisticated and refined management strategies and approaches to prevent and control risks. In particular, with our comprehensive income target as the goal, the RMB bond scale has increased by CNY 2.4 trillion compared with the beginning of last year, and we have achieved a due growth in revenue and profit and also we have a better revenue structure or duration allocation has been more balanced. This has given us an edge and [indiscernible] against the cyclical fluctuations of the market. Here, I think that it is important to highlight flexible or dynamic management and optimization of duration as well as the duration structure. We have to constantly strengthen the monitoring of potential risks coming from interest rate and exchange rates, so as to improve the forward-looking analysis and prevention of bond investment or credit risks. Thirdly, as a major bank in China, we have been acting on national strategies and serving the real economy, we have advanced the 5 priorities. In the year 2025, ABC has taken a lead in underwriting national bonds and local government bonds and credit bonds and altogether, more than JPY 3.7 trillion, a year-on-year increase of 20 percentage points roughly. So it is fair to say that we have supported implementation of active physical policy and the real economy. We have also been focusing on 5 major priorities. We have been continuing increasing our investment in industrial bond in grain and low-carbon areas and technology relations these directions represent our top priorities. And by the end of last year, the green financing 2 balance has maintained a leading position, and we have also [ anchored reference in euro retaliation ] strategy. Our investment in that regard has increased by 300% and or underwriting share rent first in the market for this year. And especially in the [indiscernible] longer agriculture-related sectors, we have precisely allocated or investment portfolios. And you're also interested in the bond strategy for 2026. We deeply feel that because it is the starting year for the 15 5-year plan, it is a pivotal year for us to build momentum and step into high-quality development as China's economy transforms itself. Here at ABC, we have served the real economy and we have coordinated development and security and ensure we have a better coordination at a macro level. We have been maintaining stability while seeking progress in our financial market operations. But all at the same time, we emphasize that we have to really delve into structural opportunities in these cycles. First of all, we have to improve our ability to assess different situations and support proper investment decision-making. So I think that you are also an expert in that regard. So I will not go into any details here. I believe that logic of global asset pricing has been undergoing profound changes. I should say that all of you might feel it to some extent. And internally, we say domestically, or economy is now building momentum and the pricing signals are expected to recover and the mandatory policy remains not really accommodative. The government bonds has increased and supply has increased, and the issuance has been also significantly front loaded. And since the beginning of this year, the curve of the bond market yield has been more steeper. So we estimate that the bond market will take on a volatile trend. Credit bond as well as grain and [indiscernible] bond will be even more active. The flat [ 218 ] were volatile transaction or trading opportunities will coexist with those low volatility assets. And also in foreign markets, there will be increasing interplay between exchange rates, bond stock and commodity markets, so we have to have the overall picture in mind. One important part of our work is to integrate all platforms at and pull together the research power to conduct research across different markets, cycles, sectors and asset categories so that even in complex fluctuate scenarios, we can really landlords uncertainty. And secondly, we focus on national strategies to accurately empower the real economy. First of all, we have used -- or adopted a proactive physical policy. We have been deeply integrated into modern industrial system. So here, we're focused on some of the modern and strategic emerging industries and also, we will intensify efforts to allocate more resources to high-quality industries. And thirdly, we will advance 5 priorities, especially in patient finance, inclusive finance and grain finance and so on. And next, we will continue to optimize our investment portfolio while controlling and preventing risks will ensure prudent growth. Thirdly, we will give full play to our advantage as a major bank in China. We will deepen services for domestic and overseas investors, and we will continue to cement our core commercial functions piggybacked on a full range of [indiscernible] and pricing capabilities. We will continue to improve bank market liquidity and stability and improve our cross-market allocation capabilities. On the other hand, piggybacked on the [ Bond Connect, Swap Connect ] and so many others or other mechanisms, we will ensure we provide better services for cross-border investors and leverage the voltages of domestic and international linkage and supports high-quality Chinese businesses to go global and expand their development channels. And fourthly, we will empower or digital transformation with science and technologies. So we have to uphold the leading role of science and technology and digital means and risk control and prevention, bond and research and also so many other areas we have to have whole chain integration, and we ensure that AI is applied in different application scenarios, such as physician management and pricing and trading so that we can improve for quantitative analysis and also intelligent investment decision-making and empower development or high quality development of ABC.

Thank you so much, Mr. [indiscernible]. [indiscernible]. Next question, please.

I am a financial analysis from [ CICC ]. What ABC has done in supporting the development of [ Scitec ] businesses what are your best practices? And how will better develop the [ Sitech ] finance business or the fintech business, okay?

I think that I would like to take this question. We know that the technological finance is a very important part of our self-reliance and also the construction of a technological strong nation, and it also involves the construction of a modern industrial system and new quality predictive forces here at ABC. As of the end of 2025, we have already provided services to over 350,000 technology-based businesses and the balance for loans is CNY 47,000. The annual growth rate is more than 20%. The coverage and overall loan volume has been at the forefront at this industry. To be more specific, we [indiscernible] of a technology and financial service and ABC continue to carry the special actions enhanced capability of [indiscernible] financial service in the whole bank. Focus on Beijing [indiscernible] area, [indiscernible] Delta area, [ Guangdong, Hong Kong, Macau Greater Bay Area, Tonggu Consing ] and other high lines of technological innovation establishing 25 provincial and municipal level technology and financial service centers and building more than 300 specialized technology and financial branches established professional talent pool for technology events. We have allocated professional equity investment personnel to each subsidiary and build a large number of financial technological and industrial professionals in the ABC Group. Second, we expanded the coverage of products and the services we have taken the lead, introducing guidelines for our technology and finance credit policies promote the 5 [indiscernible] capabilities and 7 abilities on credit evaluation model inclusive to technology and enterprise -- technology enterprises in a build of full life cycle credit service system covering the institutes and the [ Scientech ] parks and also the technology workers in total around 50 specific products and customers. For example, in providing service to the agricultural technologies we rolled out in the agricultural park [ science ] enterprise alone, special they also have the agricultural machinery loan effectively providing service to the leading agricultural technology enterprises. And also, we provide in the seed industry revitalization and also make use of various policy tools. We know that 25 additional bank and other 7 departments issued a series of policy tools to support technology balance and ABC actively connected and implemented those policies. We support the creation of a technology innovation board in the bond market. The first batch of CNY 20 billion of commercial banking age innovation bonds were issued while we increased the underwriting and investment in various market entities in science and technology, innovation bonds also underwrite an investment are at the forefront of the industry. And also we implemented the policy monetary policy was. And also, we signed a contract amount of loans and technology innovation, technological transformation has been achieved. And also, we participate in the policy pilot projects. We were the first to sign a CNY 50 billion of social security, science and talent, innovation fund in [indiscernible] and also established 30 various types of science and knowledge innovation funds, including establishment of 18 AIC equity investment policy city funds, and we have a full coverage of investment. The cumulative lending MI technology-based enterprise exceeded CNY 25 billion. Those measures have supported the development of tenge innovation. 2026 is the first year of the 15th 5-year plan period and we will fully focused and we will fire on all cylinders in terms of the technology finance and to empower the new productive forces and provide services for the economy. So as to contribute to accelerate the strength of China's China strength in science and technology. First, we will provide a risk with the modernized industrial system, promote innovation technology to combine what we're integrated with the industrial innovation, focus on the upgrading of traditional industries, focused on the new and future industries, focus on the modernized infrastructure focused on the major national [ Scientech ] projects, to seize in our targeted industries and customers, enhance our policy and resource support and enhance our professional service capabilities so as to accelerate the formation of new product forces. And second, we have a full chain life cycle comprehensive or one-stop service by adapting to the loss and patterns of the innovation and also the growth pattern of the enterprises, we will invest early, investing is small and investing in the long term and invest in the hard technologists and also continue to enhance our policy and support system. And also, we upgrading the tire chain and entire cycle of the technology finance or financial service solution of ABC, we have the -- based on the advantage of ABCs full license investment, lending bonds and leasing, consulting for play to the role of [ AI ] in serving technological innovation equity investment. We work with government agencies and also to research institutes and [indiscernible] firms and other financial institutions to meet the comprehensive financial service of the enterprise to our customers. We accelerated the promotion and application of our data tools to adapt to the trend of digital and intelligent development, we deepened the AIs empowerment of technology and financial service. We coordinated the deployment of our large language models and development of intelligent agents, optimize the service platform for industrial [indiscernible], which has registered now 5 million high-quality technology enterprises, enabling precise service capabilities and also make in-depth user of innovation, external data, such as innovation points, intellectual property and investment and long linkages optimize the precise evaluation model for technology enterprises and also use AI agent system that enhance our quality in providing service.

A question online, please take a common question that we haven't touched upon.

Well, this year is the first year for mandatory [ Systemair ] information disclosure. And investors in the capital markets are very interested in the sustainability of listed companies. Also ABCs performing very well in ESG work. So what has progress of the development -- sustainable development and what are the next steps?

Thank you for the question. Well, we will disclose 2025 sustainability development in line with our annual report by line was and the new regulators and a benchmark into the international initiatives, demonstrating the performance of ABC in our sustainable development. We actively implement a national strategy in sustainable development and incorporating the in responding to climate change and our day-to-day work management and business operations, enhance resilience to a sustainable development, enabling the benefits to all stakeholders. To be more specific, first, we focus on improving our governance and implement Chinese characterized financial governance. We incorporated a party leadership and to our work and also enhance our sustainable the topic scope of the disclosure of this number development. The BOD is supervising senior management is implementing and also executive level effectively implementing the policies forming a connected governance and enabling the concept of sustainable development into the top level design of business operations in the 15 5-year plan. And further stimulating the quality and the momentum, high-quality development. Second, we're fully implemented the green finance strategy. We certainly promote our own energy conservation and carbon rig in carbon emission reduction, [indiscernible] the concept and take carbon peaking and carbon neutrality as our guide and actually guided capital towards key areas such as carbon induction, pollution reduction, grain expansion and growth in terms of green finance, balance of green loan is nearly CNY 6 trillion and equivalent to an annual reduction of CNY 170 million tons of CO2 and a CNY 66 billion of growing financial bonds have been issued in China ranking first in the industry. The balance of inbound investment has increased by 37%. In terms of ESG risk management, we have built ESG evaluation indicator. We're [indiscernible] trade system for our clients long to ESG evaluation function for proper clients. We also explored and conducted climate, risk stress test for agricultural, personal housing and wind power enterprise loans applying the result of climate risk, not necessity investment and financing management. And also in terms of our operations, we actively practiced green office grain procurement and in grain travel and the total carbon emission per capita of the whole group in 2025 have decreased compared with the previous year. We always put people at the first place, enhance our -- to improve our people, employees well being. It is will have a wide range of stakeholders. We take customer satisfaction, employee satisfaction at our core or as our priorities strive to give back to our shareholders, give back to the society -- contribute to the society, continues to expand the accessibility of financial service mentioned, and ABC will provide service outlets to cover or more than 2,800 county-level areas and making it the only bank to achieve a full coverage of accounting level institutional store outlets. In 2025, ABC has relocated and built 179 new outlets in areas where [indiscernible] fulfilling the rural areas with insufficient financial service and also in regular provision for mobile financial service has community served 120,000 rural households go-to-service projects is significantly enhanced service capabilities, we built 3,300 elderly friendly service outlets [indiscernible] remote banking hotline providing service to senior customers throughout the year. We have 22,000 warm hearted union service stations providing considerate service for outdoor workers and new citizens. More than 9,900 public [ warfare ] activities were held were launched. ABC has also thoroughly implemented a talent in empowerment strategy. For professionals frontline young employees, we have implemented major talent projects for key groups selecting over 2,200 young talents and adding 47,000 talents to talent pools of different levels and types building 6,116 facilities for workers strive to create realize greater value for our shareholders. We also enhanced a 2-way interaction in the capital market for 3 to 5 years, Absa latest peers in terms of the total market capitalization growth. We have maintained a high dividend payout ratio. We continue to shine the brand ABC philanthropy with full employment -- incremental 4 major actions of revitalization, protection, care fulfillment and [indiscernible], volunteer service mutual assistance and other means to provide a generation or a benefit to the general public. And also we have volunteer service hours exceeding 50,000 hours, and that has also given a recognition and a branding for ABC moving forward. We'll continue to further [indiscernible] strategy of national system of development, keeping the development of the title management system and provide better service to our customers and to our employees as well as respond to the concerns of stakeholders to ensure high-quality development through the sustainability practices to create a better value to our shareholders through the good sustainable practices. I'll stop here.

We had a very thorough discussion today for the sake of time, we will have one last question from the [ Beijing venue ].

And for [indiscernible], I have a question on AI. Now AI is applied widely in banking sector in the management and business expansions and a lot of results have been achieved Mr. Wang also said, ABC will vigorously promote application with smart AIs in smart banks. So what achievements has been made and what measures have been taken?

Thank you for the question. My colleagues just now in their presentation also touched upon a little bit on the application of AI in smart banking development. AI is as for now, ABC also seized the opportunities of AI development. We set up the specific office for smart banking development and also in [indiscernible] coordination also, we will focus on the AI agent application focused on the project and also, we will build AI+ capability system to ensure the smart inclusive or wide-range use of AI past year achievements are reflecting the following aspects. First, the accelerated our service, innovation and product innovation, we keep the accelerating the research and development of digital products. We have launched a [ fly handbag ] in way to provide the loans for drone operators, we also have a farmer loan also at the same time, we innovated technology finance credit products. We call that tech loan. And also scale of online credit business have has increased. As at the end of last year, the balance of agriculture loan was CNY 8 trillion, an increase of 18.7% over the end of previous year, also improve the quality of efficiency of online service. The monthly active users of personal mobile banking have been leading among their peers. We also rolled out the new version -- 5.0 version of the inclusive financial station build an online inclusive business covering multiple channels. And also, we have increased in the efficiency and effectiveness of smart risk control. In terms of credit risk management, we have the on-site and off-site pending due diligence can also depend automatic identification and comparison of GPS positioning, image information applied a backlog such as generated strengthening multidimensional verification of a [indiscernible] people, rail events and real scenarios. We also continue to strengthen centralized monitoring. For the 5 group of customers in terms of the group customers and large medium-sized customers, small SME customer personal loans and cultural loans and also enhance our smart disposal platforms. We have also achieved [indiscernible] or disposal of these cases. so that we have promoted NPL disposal. AI can also empower anti-fraud efforts as well as anti-money laundering. The quality innovation have both been improved. And this can also help us to reduce our business burdens. For example, customer service, we can deepen application of AI models to fill in the forms, for example, and effectively reduce the burdens of frontline agents. The average time required has been shortened to 176 seconds from more than 200 seconds. And we have also speed up the construction or the development of intelligent investigation review report templates. The automatic generation ratio of this report data exceeds over 70% for small enterprises, credit recipients and group credit. This has reduced the many workload of credit personnel in drafting and just now where AI model mentioned by our senior management can also fulfill the smart or intelligent and this function can also empower the consumer protection or compliance and other processes. And this AI model immune has also won many awards, for example, in the recent Consumer Protection Day, the 15th of March has also announced that it has won the financial consumer protection golden award for 10 outstanding cases in financial technology innovation services. So it is quite popular within our bank. And fourthly, AI is a systematic work especially in terms of the application in ABC, we have been systematically promoting the application of -- we already [indiscernible]. We mapped out a blueprint for application and compound the AI capability map and with a platform dedicated to AI application, we can promote it capacity building of computer power to [indiscernible] successfully deploy in multi-industry leading edge motos, and this will also help us to develop even more [ motometrics ] regarding AI. Next step, with intelligence level, we will best improve the accuracy and convenience of financial service.

Ladies and gentlemen, very big thanks from a bottom of heart for all of you in participating in this 2025 annual result announcement of ABC. We have implemented regulatory requirements and implemented an investor-oriented management approach and also clarified were mechanisms, targets and approaches for market capitalization management. We have appealed highly development and highlighted or features as well as serve the real economy as one of the major banks in China and strive to create more value for investors and shareholders and disclosure information in a tally manner, stock prices and also valuation have all achieved the improvement. Thank you again, our investors, analysts and friends from the media for your continued interest and support in ABC. And also like to thank the senior management for your sincere sharing of the operating performance of ABC today. If you have any questions in the future, you are the most welcome to contact ABC's team. So that's all for today's Result Announcement Conference. Thank you so much.