Agricultural Bank Of Chin

Ladies and gentlemen, good afternoon. Welcome to the annual results announcement of ABC. It's a great honor to meet our online, on-site, international, domestic investors, analysts, and media friends. With that, I'd like to express my appreciation to your active participation, and my thanks go to your long-term support and interest in the development of ABC. Thank you. Today we are with us Mr. Wang Zhi, Mr. Lin Li, Vice President of ABC, Vice President of ABC Liu Hong, and Vice President of ABC, Mr. Wang Wenjing, and Vice President of ABC, Meng Fanjun, and Mr. Liu Jin, Board Secretary of ABC, and some other directors are joining us online. I'd like to present some of the basic facts, three aspects. The first one is operation results. In 2024, ABC implemented the strategies from the government and provide support to the agricultural development as well as every economy, optimize our management strategies, major operating indicators are performing good. First, the growth rate in the first half of 2024, turning from negative to positive, and in the second half of 2024, we'll continue to optimize the total net profit, $220 2.7 or 4.8 percent and operating income, 711.4 billion or 2.3 percent, interest income, 580.7 billion, 1.6 percent. And the second, newly growth loan, 2.29 trillion or 10.13%. The growth of corporate and individual loans or personal loans are leading our peers and also the Individual loan, or the discrepancy, is 0.42%, and also leading among the peers. As the quality was sound, NPL ratio, 1.3%, down by three bits from the year end of last year. Special mention loan ratio, 1.4%, down by two basis points. And overdue loan ratio, 1.18%. And the ratio of overdue loan to NPL, 98.98%. And provision coverage ratio 299% and remain well capitalized and risk resilience. Capital adequacy is increased. We issued around 320 billion TLAC and a capital bond. And CAR increased by 1.05%. A CT1 car was issued 11.42%, and also the return to investors has been increased. The dividend ratio and the potential and the performance has been recognized by the investors. In 2004, the stock price of A-shear and H-shear has been increased by 55% and 58% respectively, and also ranking first among the comparable peers. Recommended by the Board of Directors, based on the interim dividend payout, and there will be 1.255 RMB per 10 shares, plus the interim, so we'll have 2.419 RMB per 10 shares, and we have around 90% 80 billion of dividends payouts. Measures we have taken, the operating results for performance are attributable to the strong leadership of the CP Central Committee and the government. It is also possible because of the interest in the customers, paid by the customers and the private sectors, we achieve to the high-quality development. More specifically, our job were done in the following five aspects. First, We focus on our main business and continue to strengthen our financial service to the agriculture, farm, and rural areas. And the strategy's development has brought room for the development of ABC. We focus on the agricultural area and county level and enhance our service capacity in the county level areas. In terms of the business growth scale, the county level growth exceeds $1 trillion balanced 9.85 trillion, accounting for more than 40% of the domestic loan balance. And the annual growth rate of the daily balance, 1.1 trillion, and balance, 12.53 trillion, accounting for 44% of the total loan balance. So the county level has provided a more and more important role in the development of ABC. We focus on food security and also consolidate the poverty alleviation and enhance our financial support, green and the loan balance to the important agricultural products, more than $1 trillion, and also we have more than 15% growth rate of the agricultural area. And then in farmers, we also increased our coverage of the loan to farmers to help the farmers. Huilong Yi alone reached 1.49 trillion, 37.7 percent of growth. And the second focus on the real economy, to the five key chapters of finance, we focus on the real economy, continue to in-house our financial supply. With the reasonable growth rate of the volume, we focus on the five key areas of finance and enhance the investment in the key areas of the weak links of the economy to enhance the quality of financial service. And in fintech, we actively innovate our financial products as well as the service mechanisms that focus the fintech where the technology companies will establish the specific credit service system. And for the technology companies at different development stage, We built a whole lifecycle matrix of the products, and we rolled out the empowerment loan as well as the loan as well as external direct investment loan. And also we established the equity investment pilot fund, and we signed a strategic agreement with the cities and relevant businesses were put into operation by the end of 2024. ABC's loan balance to strategic areas more than 2.5 trillion, growth rate more than 22%. And in green finance, we implemented the green finance strategy focused on the clean energy and upgrading of infrastructures as well as energy conservation, enhancing our asset supply, our credit supply. And based on the features of ABC, we wrote out the three agricultural integrated development enhancers, green agricultural development, as well as the improved of the environment in rural areas enhance our credit supply as well as the service to the green investment and we originate the green bond and also enhance the appropriate green bond investment and innovate the ESG-themed WMP. The green bond balance, 4.97 trillion, an increase of 22.9% from the year end of last year. In green finance, inclusive finance, we established ABC featured online, offline, integrated as development model, create multi-scenario credit products to meet the inclusive finance borrowers demand. And we implemented the support to small and micro borrowers and visited the credit and the boroughs we visited, those indicators were ranking number one among the comparable peers. By the end of 2024, Inclusive finance, loan balance increase rate more than 30 percent for six consecutive years, and balance 4.66 trillion, number one among the peers. The largest coverage and the sustainable development is the best among the peers. In pension finance, We support the multipolar pension fund development, the real social interest card and the QR code. That number has been leading the peers. And the management scale and the number of the pension fund is increasing rapidly. And we actively... the supply, product supply, newly added 140 pension fund products and also pension funding finance has been developed. The loan has been grown at 68%. In digital finance, We use a digital plus algorithm. We rolled out and as well as other innovative products. We use the enterprise level architecture as well as the digital tools to provide the bottom line just to support to the customers. So we have an online-offline and agricultural the balance reached 5.73 trillion and 34.8% growth rate. ABC actually responded to the financing mechanism in the real estate sector. We approved more than 1,000 white list projects and provided $400 billion loan balance and promptly reached the major projects equipment upgrading as well as we signed around $130 billion and also loan balance is $28.5 billion and support And they cross-border as R&B settlement, and the growth rate is 13.7 percent. And the third, we focus on the people's livelihood. Finance for people's livelihood is the basic feature of finance. While maintaining its own sustainable development, CCB is true to its mission to serve people's well-being, to serve the environment. immediate problems and interests of people's livelihood. To provide people's livelihood, we enhance financial support in education, medical care, and housing, and the loan balance has been, individual loan has been increased by around 1.9.4 percent. Number one in the majors, personal consumption loan and growth at 28.3 percent or so, number one, among the comparable peers. For the key customers, we optimize the aging population as well as the international friends living in China. We provide the China optimization as well as other areas to provide a more inclusive and a more convenient environment for payment and provide the wealth of the people put out of poverty and we provide the people, we provide the benefits to around 580 million. And for the consumer rights protection, the mechanism for the whole life cycle of the products as well as the service provide the rights to know as well as other legitimate rights of consumers. In 2024, for 1,000 outlets and for 10 million complaints are the least, and also the regulators' comments or feedback has been improved. For the consumer finance, and also we responded to the jobs. We enhanced our headcounting in higher meant and to supplement the vacancy since 2001 for each year. The newly added employees are among the peers and they are first. And in 2024, we hire 32,000 employees. In the future, we'll continue to hire more employees. In 2025, we will increase our headcount. Recently, we noticed that the spring hirement, the hirement or headcount plan is an annual plan. please look at the figure at the whole year so that they'll be more comprehensive and to get a paramount picture about the employment by ABC. We focus on the risk control, focus on the development as well as risk control. Risk control is the top priority of ABC. Risk management focuses on three areas. The first one is the key area, risk control, market risk, and technology risk control. For the key areas, risk control, ABC focuses on the preemptive deployment. It has more active and intelligent risk management mechanism focused on emerging areas, industries, and retail and the inclusive finance to We have the borrower or the customer specific to do the risk mitigation and also province specific mitigation measures. And also enhance the platform market risk control and enhance the oxygen see-through monitoring and also optimize the risk exposure and enhance the market risk monitoring. It's more targeted and really effective. And for the technology risk control, we put forward the three areas, risk discovery or recovery, and also we completed the distributive architecture, final accounting, and enhanced the cybersecurity mechanism, protection mechanism, and also the daily transaction has been $1.5 billion, and also the service availability rate and the important time has been 99.9%. And the focus on the reform and innovation. The new driving force of businesses in 2024, ABSC implemented the spirit of the third plenary of the 20th Synthesis Committee at Explore. In technology innovation, we built the intelligent banking system and we put in the digital and AI application. While at the same time, Explore, the application of large language models using it to empower our internal management, improve efficiency internal management control. For business management, we deepen our reform of the agricultural development to ensure the support, and we coordinate the pricing and volume, and make the pricing more targeted, and also enhance the credit review, improve the credit granting efficiency. And for the first service efficiency, enhance the CRM team. CRM has been increased to 113,000 and the queuing time at the outlets has been reduced by 20%.

Now I'd like to report to you on the third part that is in 2025 our outlook for 2025. So in 2025, with the economy turning for the better and the momentum remain good, so we believe that with the continually releasing of the consumption boosting policies, we think that the consumption will remain stable and investment will continue to maintain fast growth. For infrastructure investment, it will be supported. The housing market will continue to be improved. In terms of export, although there are some uncertainties, we estimate that it will remain resilient. And in the meantime, we will also have more proactive policies, monetary policy and fiscal policy that will be strengthened or enhanced. management and control. So all this will actually provide a very good external environment for us. And also for 2025, it is also the end year of the 14th five-year plan, so the ABC will continue to strengthen risk management, promote growth to continuously improve our development and to serve the real economy and maintain the stability of the financial sector and also to provide sustainable and tangible return to our shareholders. Specifically, firstly, we will stick to our main business and to strengthen the county-level agro-related development. And secondly, to support the macroeconomy policy and to further strengthen enhance the five priorities in the financial sector, and certainly to strengthen risk management control and keep the bottom line of risk management control, and also to improve customer satisfaction and improve reform and innovation. So much for my presentation, and now we're going to enter into the Q&A session. Ms. Liu will be hosting the session. Thank you. Thank you, President Wang. Now we're going into the interaction session. So for this session, one delegates are limited to only one question. Before raising question, please identify yourself. So now the first question, the gentleman, please. Thank you. Thank you for this opportunity. I'm from CIC. I'm Lin Qi. in 2024 operating income and the profit growth is the first among the peers. So I'm wondering what's the reason behind this and what is your expectation for this sustainability of such a good momentum this year? Thank you. I'll take this question. Actually, in my presentation, I've already talked about the five focuses of our work. which to some extent have explained the reasons why we have such a good momentum in business growth. And also I would like to share with you some specific experiences. So in the past year, We have done a lot of work in the following aspects. The first one is to improve the credit structure. For example, we try to further strengthen the support to the real economy. And in 2024, the real economy loans have increased by 10.1%, which accounts for 93.8% of the total domestic loans. So you can see that this improved credit structure have actually improved the returns for those loans. So this is part of the reason. And secondly, It's about the pricing and quantity balance. So while improving our quality of service, we try to optimize the pricing of our assets and also to implement relevant requirement and also in order to maintain the name decline within a reasonable range. Last year is 1.4, 2 percent. So we can see there has like three bips decline compared with that of last year, previous year. And also for non-interest income, well, against the background of fee concession, we're trying to seize the opportunity of consumption upgrading and focus on the consumption and needs of customers. We can see that. Currently, the non-fee income is around $75.6 billion. And for our investment business, revenue increased by 8.5%. Credit card businesses, 3.8% growth. And wealth management business have also maintained very prudent growth. And also, we see the opportunity in the bound market. The other non-interest income have also maintained growth. And fourthly is we've controlled the risk cost. In 2024, the asset quality has been improved. The MPL is 1.3%, which is a little bit down, like 0.03% compared to the year beginning. Credit loans have also increased a lot, decreased a bit. And for loan provision, it exceeded $100 billion. The risk compensation capability has also remained high. So that is why or what drives our operating income and also profit growth. Looking to 2025, as I've just mentioned, What's our expectation for the market? As I just mentioned, we still have confidence in the future that we will maintain the profitability growth. And we will also try to do our work in the following aspects. The first one is we'll continue to seize the opportunity in the economic development and promote high quality. growth of ABC and also there are a lot of package of policies issued. This will actually bring us a lot of new growth points. So the key is whether we can actually seize this opportunity to seize these development points. This is quite important. And also we need to build a modern industrial system, the green finance and all these are opportunities for us in the future. So while serving the national strategy, we're trying to realize our own high-quality development. So for the first two months of 2025, we can see that the loans and the deposits have maintained very good growth with improved operating efficiency. So basically, we can see that the growth in the key areas have been higher than the average. And here I'd like to share with you some data. The first one is recently for PBOC financial inclusive loan, we have exceeded $5 trillion threshold. And for personal loans, we're the first among our peers to realize the $9 trillion. And also for private-owned enterprise loans, we've also exceeded $7 trillion threshold. For county-level loans, we can see that the growth rate has become 47 percent. So from this we can see that in the first two months of this year, in 2025, we have really done a lot while serving the national economy. That is to say we've realized our own growth. Apart from the opportunities, we also try to strengthen management. So as I mentioned balance the pricing and the quantity and also to ensure the interest bearing assets grow and to improve the interest gaining assets structure and to also seize the opportunity of the market and to strengthen the deposit base. So also we need to balance the price and quantity and try to ensure the stable growth of NIM. And thirdly, we need to strengthen our judgment and analysis and to promote the growth of non-interest income. So we need to ensure the fee-based income to grow and to improve its contribution to our total income. And we can see that there has been huge room for the non-interest income. And also we need to strengthen the management to ensure the asset quality stability. So we need to balance our business and try to strengthen the risk management control, specifically in specific key areas, so as to provide a sound foundation for the long-term and sustainable growth of our profitability. Thank you. Thank you, President Wang. Now, the next question. The friends on the right. Thank you. I'm from Xinhua News Agency. My question is about deposit. Last year, the deposit growth in the banking sector is actually under pressure. So what's your judgment and estimates for the deposit this year And are there any further room of decline in terms of the interest of bearing assets? And also, under such circumstances, in terms of what are the measures you will take in terms of optimize your liability side assets, liability? Thank you. Thank you for your question. To balance asset and liability business, this is quite critical for us. So I think the key is to ensure match and also through constant internal pricing ability to promote the high-quality operation and development. In 2024, we have been supporting marigold control, and we actively conform to the rules on changes of the market to promote the deposit growth. So this high-quality development of deposit shows three matching features. The first one is loan reserve increase, which is in line with the such needs. So we can see that the deposit growth is around 2.2 trillion. We can see that we're still ranking among the top among our peers. And for personal loans, daily average volume have been increased by 1.74 trillion. So this data actually shows that we provided a strong support to the real economy. Secondly, deposit growth is in line with the requirements. Last year, we've been continuously consolidating the development to promote deposit growth. At the year end of 2024, loan deviation rate is zero point down by 0.1 percentage point. So this is quite uneasy for us because we've done a lot of work. This deviation and the improvement in deviation ratio is also the best among our peers. Deposit growth can actually ensure our credit extension in a balanced way. And the third one is the asset utilization and return. So we can see last year the interest paying ratio 1.56%, that is 0.15 percentage points compared with the previous year. And for interest, there has been a reasonable difference between the interest bearing and interest paying. And for the future trend of deposit growth, for us, we think that last year, at the end of last year, the central government raised that we need to implement the moderately easy monetary policy. So we can see there's been moderately monetary growth. And the deposit growth have also created very good monetary and physical policy. So we estimate that this year the deposit will still maintain the balanced growth and we will continue to build customer base to promote deposit growth so as to better serve the rural rich nation and the real economy. In terms of the interest cost, last year, we can see there have been twice the lending rate downward adjustment. So we can see that has been improved mechanism in this aspect. So we estimate that the cost will be reduced to some extent, mainly based on the following three reasons. The first one is that since last year, the deposit rate downward policies will be further unleashed. And secondly, the After these policies have been managed, we think that this will actually further reduce the pressure in this aspect. And secondly, there has been interest cut cycle. So we can see that the foreign currency interest cost has been decreasing. So to some extent, we think that the interest paying or cost will be still going down. And last year we can see the time deposit accounts for an increasing percentage. This increase has been not as much as previously. But how do we look at this figure? This means that there has been more resilience in deposit. But if we look at the maturity, it actually relates to the train of interest rate. When there is low interest rate, the long duration of a deposit will be better for us to manage the full cycle of the deposit. And also, we can see it reflects the changes in people's wealth management behaviors and also in the financial market. So with economy turning for the better, consumers' confidence in the market.

It would be better for the adjustment of the liability structures in the future, ABC, to meet the customer's requirement. And demand will continue to optimize the liability structure to support the credit supply to the real economy, major four aspects. The first one is to focus on the customer-based development needs. This is a priority of the priority. And to be more specific, I want to expand the customer scale while at the same time I want to optimize the customer structure. And third, to promote the deep-rooted customer and to enhance the customer experience, use high-quality products as well as a convenient financial service to enhance the goodness or loyalty of the customers. And also to strengthen the core competitiveness, to be more specific, and include this finance, pension finance, to continue to consolidate ABC's, the county business as well as retail business that is a comparative advantage. And third, we need to enhance the IT management to have a stratified management of the customer so as to enhance the deposits, products into the service, to enhance the revenue of the sources of low cost. and it also will lead to the digitalization transformation in the digital development of ABC to participate and promote the digitalization application in the rural areas so as to provide a comprehensive and a diversified financial service so as to enhance the high-quality development of the deposit business. Thank you. Thank you, Ms. Rutling, for the answer. Next question, please.

Online question.

Thank you for the opportunity. I'm from the Liam Security Analysis. I have a question is about the increase of the credit in 2020 for the credit in trying to fast growth, the speed. ABC, what is the reason? And what will be the growth rate of the credit supply and the key areas of the credit granting? Thank you for the question. I'd like to give the floor to Mr. Liu Hong, Vice President of ABC, to take your question. Thank you for the question in 2024. The strategy deployment of the country focused on business and focused on two missions, focused on key areas and key where the weakness of the economies provide high-quality service for the high-quality development of the economy, credit granting, maintain the stable growth in terms of skill, and also optimize the structure. First, providing service to the rate economy, increase of the coverage and scale loan balance reached 24.9 trillion, 2.3 percent, 10.1 percent. Corporate loan, 1.4 trillion growth, 10.6 percent. And the customer was loaned. 85,000 growth rates of 9.4 percent volume and speed are higher than that of the previous or leading among the peers and a newly added customer 785 percent contribute to the The county-level balance reached the newly county-level balance more than $1 trillion, accounting for more than 47 percent, and the growth rate, 12.3 percent, and 22 percent points higher than the average of the ABC. And the rural and county-level growth rate, 21 percent, and 14.8 percent higher than the average growth rate of the bank-wide, and rural loan 36.6 percent. And the five key areas of financial sector growth, growth fast and strategic emerging growth, grain credit more than 22 percent, and manufacturing growth rate 22.2 percent higher than the average loan growth rate of the bank. Inclusive and sector loan balance 4.6 trillion, nearly added more than 1 trillion. Private sector loan balance 6.353% balance and the growth rate or volume higher than the peer and also pension loan more than $10 billion. And also fast response to the stimulus packages, implementing the financing mechanism on the rural areas, and also enhancing the credit revenue, provide more than $400 billion to the whitelist relative projects and provide in the SMEs finance in 2024, provide the companies within the list $704 billion and also provide services to the major infrastructure projects and to provide in total more than 740 billion infrastructure contractor volume is ranking among the top of the peers. And a credit card and an individual or personal loans growth speed and volume are also ranking among the top. Retail credit advantage has been consolidated and also with leverage on our outlets, what coverage in the areas to optimize the individual long businesses and a credit card and a business card increase by more than 94.8 billion and also the credit card increase more than 650 billion by the end of Q1 this year. The credit card balance exceeds 9 trillion RBM. And this year, there will be a more active monetary fiscal policy and accommodative monetary policy. So there will be a credit amount in the real economy. ABC will seek steady growth while at the same time seek innovation for the key areas to enhance the financial service to the key areas and also to enhance the volume structure and the pace of credit granting. The total credit volume will grow in a steady and balanced way, provide service to the rural areas and provide financial service to the planting spring and also provide the credit support to the key areas of the agricultural development and accelerate the loan to the farmers as well as enhance the percentage of the county level loan balance and also provide financial service to the domestic demand consumption stimulation, provide service to the water system, urban infrastructure as well as transportation. And also to explore the traditional consumption and new consumption models, consumption demands such as tourism and pension and also enhance the benign growth of consumption loan and also meet the first-time buyers as well as credit demand for the replacement demand of the housing needs. And third, promote inclusive development as well as financial service to the private sectors and leverage our advantages in the rural areas and the group-wide leverage advantages as well as technologies to provide the need to the private sectors and small and medium-sized enterprises and enhance the demand where the sector for the grain finance focus on the traditional grain upgrading as well as the grain development provide the credit supply to the environment clean up as well as ecological protection sectors to enhance the grain credit in the county levels as well as the grain credit to the small and medium-sized enterprises. Thank you. Thank you for the answer. Next on site. question, please. Thank you. Hong Kong. After listening to the opening remarks about the asset quality in 2024, by the way, saw some risk in some areas of management. What is the outlook for the asset quality management and what are the sources and pressures and what kind of measures will be taken to mitigate those risks? Thank you. Thank you for the question. ABC has always put risk prevention and management at the top of the agenda of their work. We focus on key areas, risk management, and enhance the risk management base. And its asset quality has been ranking among the top among the peers. In overall, NPO ratio 1.3%, special mention loan ratio 1.4% down from the year beginning. And the difference between overdue loans and POs has been negative for 18 months and also mitigated the risks. And the provision coverage ratio is high. So we have maintained a high and a strong risk offset capacity. Corporate loan asset quality is good, NPR ratio 1.58%, and that has been maintained as a downward slope for four consecutive years. Individual loan 1.03, a little bit upward from the year beginning, but the overall asset quality is at a good level. We do believe that the trend is in line with the overall banking industry sector as well as our expectations. And for the key sectors, asset quality is stable while getting to the better. For real estate sector, NPR ratio has been down two pips from the year beginning. And in promoting the rally-up and some development to real estate sector as well as combined with the risk management, we have achieved overall stable NPR ratio and local government debt-to-risk within the package some of these measures from the central government and the Venison vehicle customers ratio and the number has been going down and as the quality has been stable overall. outlook for this year as the quality of ABC will continue to be maintained at a stable level. NPO ratio will be kept at a good level among the peers. And then the indicators like overdue ratio and NPO ratio, special mention loan ratio, will also be kept at a control level and also will have a sufficient risk resilience. To be more specific, for external environments, we do believe that China's macroeconomy is Moving forward, that is a fundamental, such kind of fundamental has not been changed and has provided more favorable condition for the operation of ABC for the as a quality management for ABC We'll continue to work on the developmental while manage the risk. Risk management always goes first, and also to provide support to the strategic development of China, and also we will be very stringent in terms of the customer eligibility and lending underwriting. And we'll continue to focus on risk management in key areas. based on what we have done last year to enhance the key area management of the real estate sector and also to manage the large exposure with borrower-specific policies. And for local government debt, we'll have a provincial-specific policy to mitigate the local government debt. And also we are doing the sweeping risk health check of the large customers, and we'll have a more proactive and a more smart risk management system. Well, at the same time, we'll continue to enhance our risk management-inclusive finance and retail business. In those areas, risk management has got a high attention priority from the bank. For example, eligibility management, optimize our product model, and also diversify our data source and also optimize our processes and policies, procedures, and the organic integration between online and offline operation as well as procedures at the same time. We enhance the collection as well as the disposal. We do believe that with those above-mentioned measures, we are capable of keeping stable asset quality. ABC will continue to work hard to work within the best asset quality and the most sound development. Thank you. Next question, please. Thank you, Economic and Daily. In the last two days, we mentioned the personal loan balance has reached $9 trillion as a retail large bank. What are the development philosophy and strategy in retail business? I know consumption stimulus is a very important national policy. So based on this macro policy background, what is the outlook and a growth point of the retail business of ABC? Thank you. Thank you for the question. Thank you. Thank you very much for your interest in the retail business development of ABC. Retail business is related to the households and the people, and retail business is the most important part of inclusive finance. In recent years, ABC Retail business, so we focus on high-quality development while complying with the one main business line and the two ones, the business model. So the main business line is they focus on customer management. Large wealth management and digitalization transformation are the two supportive pillars. So focus on the customer-oriented management operation and also focus on on three transformations. First, the operation focus on the product itself to the customer management experience enhancement and for the management has been shifted from the traditional finance to new finance and also operation method has been shifted to digital driven. Well, so Focus will do a good job in the five key chapters of finance and provide service domestic amount as well as consumption so that we'll have a reasonable volume growth as well as improvement of the service quality so as to refresh their brand of people's finance for the people.

Last year, the personal loan customers exceeded $880 million. and personal loans financial assets scale exceeded 32.3 trillion, maintaining a leading position among our peers for the whole year. The retail business income is 390 or so billion. So we have realized the fee income of retail business is 40 or so billion. And the personal loan deposit is around 18.7 trillion yuan. the interest, there has been five key indicators maintaining the top among the peers. For personal loans, have also been increased for five consecutive years, leading among our peers. For wealth management, private banking, credit card business, mobile phone business, these have also been maintained very good momentum. And in terms of the channel integration and et cetera. We have also maintained new achievements in this aspect. Among the international authoritative assessment, APC has been, for the past consecutive years, been awarded the top of the best retail banking. And with China, still central government continue to promote consumption. We can see that many people are very – pay a lot of interest in personal loans. So now I'd like to introduce to you ABC's personal loan businesses. For personal loan business, we mainly focus on steady growth. expanding demand, improve people's welfare, and serve the rural regionalization. And also we have wide coverage in terms of services. So we actually achieved progress amidst stability and also seek optimization of our business amidst stability to satisfy customers' needs for consumption, the small and medium-sized enterprises and private-owned businesses, their needs. Last year, we extended personal loans, 6.8 trillion yuan, and with a The total share is around 53% of the market. And we can see there have been 9.4% in terms of the growth rate. MPL is 1.03%. Provision coverage ratio, 296%. Generally speaking, the asset quality remains stable. And also about home loan, that is 600 or so billion for operational loan. 3.2 trillion, increased by 600 billion, or 35%. So excluding credit card business, the residential consumption loans is around 500 billion, increased by 39.8%. For credit card business, The increase is around $150 billion, so increasing a lot. For credit card consumption, it exceeded $2 trillion. NPL is around 1.46%, also leading among our peers, the best among our peers. So we can see there has been good momentum in our economy. and there's been favorable conditions, which will actually enable us to better serve the real economy. And also from this year's development, we can see the personal business has actually been maintaining very good momentum. So previously, on March the 17th, You may know that we have already exceeded a certain number in our business, but there is another information that has not been disclosed. Actually, our liability, the personal side, we are also the first to exceed 19 trillion RMB yuan. So up to now, we have accumulated extended 2.07 trillion. In 2025, the focus of our personal business is on the following four aspects. The first one is to serve the customers with greater power. We also will implement a lot of the central government policies and further enrich or diversify our financial products to enhance the financial supply. And we organize these credit backup or enhancement plan. And secondly, to ensure the resource guarantee. So in terms of the loan maturity, the interest rate, we are trying to provide more convenience for them. And thirdly, we'll try to incorporate this product plus ecology for our key products. We will also try to do more in order to expand the new customer demands. And first is to serve the real economy, the private-owned enterprises and the rural development. On one hand, we implement the central government's policies on the private-owned enterprises, which is mainly to promote or uphold the philosophy of financial neutrality. And on the other hand, we hope that through city plus county to promote and optimize the agro-related products to upgrade and iterate the product model and to strengthen or enhance the credit extension in this aspect. And thirdly, to improve the business processes and procedures. So we will have the policies provided to different regions and areas so as to improve our service to these small and medium-sized enterprises, private-owned enterprises, and et cetera, to improve the financial availability to them. And thirdly, to actively promote the recovery of the housing market So, seeing the opportunity of the housing market development, we will try to actually provide and optimize our product policies and improve our services procedures so as to actually to enhance the mortgage loans in the first time or second time mortgages and to further assist the opportunity of the potentials of the housing market. also to balance the development and security. So we will rely on the digitalization, the intelligent development, so as to build a more secure or safer system. We will also strengthen risk management control and to improve the full process, full cycle risk management system, so as to make it more effective and well coordinated. And thirdly, For personal loan pricing, what are comments on it? Well, in terms of balancing development and security, we will stick to balance the management between pricing and quantity. and we will also try to stick to the risk pricing policy. For large banks, we should shoulder our responsibilities. We will try to maintain the benign development environment, and also we will try to ensure the authenticity in the loan extension. We know that if there is the real customer with the real needs and then the risk can be controlled actually. So the key is to ensure the projects, the borrowers are real and authentic rather than there is like fraud. So much for me. Thank you. Thank you. Thank you. The gentleman, please. Thank you. Thank you for this opportunity. So my question is about non-interest income. We noticed last year the fee income is turning for the better. I'm wondering what's your expectation for it in 2025? Where are the growth points? And for other non-interest income, they have also been growing really good. So what's your expectation for that this year? Thank you for your question. I would like to invite our Vice President to ask your question, Mr. Wang. Thank you for your question. For 2024, ABC has been serving the real economy and to stay customer-centered philosophy and to improve our comprehensive financial service, and also we try to rise to the challenges of the financial volatilities or turmoil. As you mentioned, the net fee income is turning for the better. So the total net income is 75.6 percent, although there has been a slight drop, but it's like two bips drop from the previous quarter. In 2025, we'll keep track of the market development. We will try to see the needs of customers in wealth management and provide them with integrated wealth management so as to promote the high-quality development of our interest income. So firstly, we will try to stick to our consumption-oriented development. We will try to expand the consumption scenarios, deepen our cooperation with e-commerce platforms, and also to consolidate our valuation of our consumption-related business. Secondly, we will also try to seize the development opportunity of the capital market to better deploy a product leveraging AI and also to better allocate our assets and improve our service. Thirdly, for integrated business, we will continue to build a modern service system and to to provide the syndicated loans, the consultancy, the bond underwriting and custody and etc. such as to improve the integrated service capabilities of the bank for the fee income or non-interest income. Last year, under the easy monetary policy, we can see there has been decrease in bond use. And in September, there has been a lot of policy issued which actually drive the market to go up. But we can see that the fee income, the contribution to our profit has been increasing. For the whole year, we have realized 53.4 billion in terms of the fee income. with a growth rate of 26%. So we can see that there has been 1.4 percentage points growth in year-on-year. In 2025, while implementing easy monetary policy and to promote the stock market development with the launch of the package of policies, it will actually promote the financial market to turn for the better. But we are also aware that with The increasing complexity, both domestically and internationally, there has been like dual-way fluctuation in the market as well. So we will seize the market opportunity to keep track of market changes and also to dynamically adjust our asset allocation and to enhance our revenue generation capabilities. Thank you. Thank you. Thank you, Mr. Wong. Thank you. So we have a video – we have a question from a video analyst. Thank you. I'm from Morgan Stanley. I'd like to ask a question about the county-level business, which is an advantage of ABC. For ABC, what kind of opportunities will such county-related business bring to ABC so as to maintain your advantage in the market? And what can we do to better actually improve this business's contribution to our profit? Thank you. Thank you for your question. would like to invite Mr. Wen to ask a question. Thank you. Thank you for your attention to the county level related business. The total loans is 9.85 trillion RMB yuan. So the total increasing amount accounts for over half of the total incremental loans. That is 47% or so. So in 2024, the Agro-loan growth is 36.6%. This is a really fast growth.

Improve the integrated environmental areas and urban areas system and also implement the new type of urbanization stretch layout. In the third millennium of the 20th CPC, I was a government worker this year. have laid out important policy developments that have provided the business development of the county levels of ABC. Those are the policy windows as well as very favorable market opportunities for ABC. First, the new matured customers, for example, like broadcasting, as well as rural-related tourism, as well as other experiences at CBC, have more opportunities, has more opportunities and to combine with the new entities in the county levels and the areas to grow together with them. And second, the new quality development of rural areas, for instance, special government bond and local government has going into the high standard of farmland as well as the urbanization of the rural where the people living in the rural areas and it will provide key areas of the rural vitalization. there is a huge potential for us to develop. And also for the federal policies and two news as well, major projects, for example, the EVs and smart home appliance, as well as rural area and tourism's potential has been revitalized. And also the demand will be very huge in rural areas. As a major state-owned bank providing service to revitalizations, it is working to force some businesses and also further tap into the rural areas and county areas and provide a better service, more focused and more solid and a more balanced service to rural areas. Now we need to do our job well in the following four aspects. First, continue to enhance our financial supply in the county areas and implement the development policy of the rural areas and of the country and also provide financial resources to the county level areas and also enhance the proportion of agro-related loans and provide surveys to the rural vitalization and also the comprehensive rural vitalization, provide the full life cycle supply chain and ultra-long-term government treasury bond and special bond to sink down into the rural areas and also work strongly to consolidate our poverty alleviation work and also implement the no refinancing policy and a balanced and by strong support and also no systematic falling back into poverty to provide support to those people who have been alleviated out of poverty and also work comprehensively to provide consumption-targeted health assistance as well as talent support and also the coordination between the eastern coast area and the western area of China. And also consolidate the key areas financial service to provide a service to the high standard of farmland as well as the model innovation in providing service to the farm agricultural machines and provide support to the full supply chain of the agricultural development and provide the dedicated financial service plan for the integrated development of rural areas and urban areas. And also provide credit support to the batched as well as the chained and group-based service model to provide the new product forces of the agricultural areas. And also we'll continue to focus on the channel person to sink down to the county and rural areas and also to the newly built outlets will be moved or tilted to the rural areas and also explore on the mobile or roaming or flow the service outlets and also upgrade our service models provided financial service to the township areas. and also enhance the county or the CRM team building in providing service to rural areas to enhance the capacity and the level and the standards of ABC in providing service to the rural areas. Thank you. Next question, please, in the front row. Thank you. First, finance. Now, with the application of technology, with the business operation of the bank. My question is in the smart bank development, are there any new progress? Last year, ABC wrote out AI plus development measures. So in AI and smart bank building, are there key outlines or key strategies? Thank you for the question. I'll take this question. ABC. continuously promoting the smart bank development as well as integrate into the digital China development initiative and also enhance the application of AI and accelerate development of technology digital management of the bank and also improve the quality efficiency of digital finance. and the initial results have been achieved. Four areas. First, digital products and the scenario ecosystem has been improved. For example, long-year loan has been increasing in terms of the scale. By the end of last year, long-year loan balance was 5.73 trillion RMB yuan, an increase of 34.8% from the year beginning of 2024 and also put out Weijie Long 3.0 as their torch long as well as other creative products and also online finance and smart parks and pension projects financial service and also deepen our service in the healthcare government service as well as other scenarios. Also financial service digitalization in the financial service in the rural areas by the end of 2024, 1.5 trillion RMB yuan. We upgraded Huilong E loan service, and it includes grain, cotton, tobacco, as well as a husbandry, as well as other data, and to creatively roll out a series of products to the farmers. And also have the ABC Huilong cloud service platform. By the end of last year, this platform have 264 institutions and also provide 6.5 million covering 2,657 counties and provide total volume of around 10 million. And another one is online and offline channel coordination. And the mobile banking development, we are the first one of my peers to match it to the Harmony OS system, and I wrote out a 10.01 system. And the MAU for personal banking, $215 million, and this is leading among our peers. And also improving the super work desk of CRM and also provide service to the mobile working and also provide all of the demand of our CRMs in providing better service to our customers. And also have our mobile or the centralized handling process. And also we have around centralized 21 businesses which can save money around 140,000 working hours of our workers. And also the digital base as well as the technology base has been further improved. We enhanced the enterprise level digital access organization and also built a tagging center decision engine as well as other digital tools and lowered down the threshold of digital application. And we also strengthened the technology security management and also build our basic algorithm as well as the maintenance of production as well as the cybersecurity management to enhance the business continuity. Your second question is about the AI plus one policy, AI plus policy. AI now is a hot topic now, and this policy wrote out by ABC has described the integration between AI and the banking system, including the Roadmap measures as well as strategies. There are two ways out, eight areas and six aspects and three phases. So this is a systematic layout to deploy AI plus work. To be more specific, first scenario development to build eight smart areas. We focus on improving efficiency and quality, lower down the cost, as well as enhance risk prevention, use the digital sensitivity of AI to provide decision-making, as well as the content generation support in credit management and risk management channel operation, as well as marketing and maintenance and work space. In those eight scenarios, we deploy the AI Plus application, enhancing the content operation as well as a service to our customers to provide a service to the high-quality development of the bank. And systematically build and implement AI plus the whole scenario application on six aspects. We build ABC application of system of AI business and to accommodate or adapt to the changes brought by AI to build robot hand-on-us plus manual processing. In digital application, we use a high-quality data as well as in the knowledge process to lay the foundation for the deep and comprehensive application of AI. and also build compatible AI computing infrastructure, build AI plus data-driven structure. In model, we build multi-mode and multi-type model matrix and build one-stop model development and maintenance and monitoring so that the multi-decision making as well as operating of model in terms of security, AI application infrastructure security, model security, data security, and application security system to ensure the data will go out of the domain, the model will not be connected to the Internet. And in terms of ecosystem, based on the smart bank development to build, we enhance open development so as to promote the AI application in financial sector. And so we are face-based development by the end of 2025 and in the middle of 2027 and the end of 2029 will be a three-time milestone to implement this policy. According to this time schedule, with the high-performance model, DeepSeq rolled out, and the financial sector also paid a lot of attention to this, and ABC also followed very closely to this, and we put the integration of DeepSeq in the bank. For example, smart workplace and smart marketing, we have applied DeepSeq. and initial results have been achieved. Looking forward, we will, based on the guidance of this policy, to form an AI multi-scenario, deep and wide application, and will further provide strong support to the development of ABC. Thank you. Thank you, Ms. Wang, for your explanation of the smart bank development of ABC. Next question, please. Thank you. securities analysis. I have a financial pension fund, pension finance. We've noticed that aging population is a feature of China. and that has brought the opportunities for the pension finance of financial institutions. So in providing service, doing a good job in the key five chapters of finance, what are the measures in pension finance and what are the key work areas in terms of pension finance? Thank you for the question. I'll give the floor to Ms. Ling to take this question. Thank you for the question. for doing a good job in the 5K chapters of NS. Those are the missions of the major state-owned banks of China. And we have a deep understanding of the five key chapters. So the great tradition of China is to ensure the old have a good toilet life and ensure the young or the children are well-nurtured. And we implement the strategy of the national policy. And also we looked into it and also formulated an implementation plan of the high-quality fundamental financial finance strategy. which is based on the foundation, and for the long-term development, we have around 190 implementation policies, as well as the branding development of pension finance, and the positive progress has been achieved. In our specific work, there are three aspects. First, value-driven. We implement people-centered values. First, enhance the three pillars of pension fund coverage. ABC outlets as well as the real social insurance as well as the $280 million, $180 million, and $70 million. and leading among the peers in terms of the fiscal social insurance card and health care QR code, as well as their scale in those pension fund areas has been growing rapidly to 24% and 34.4%. And we actively promote and explore the Pillar 3 pension fund, and we have provided service for $24 million. And we enhanced the upgrading of the infrastructures and formulated the dedicated work plan and invested in the ring-fenced fund. And we have 20, all of the outlets have been upgraded to make it elderly-friendly.

We've built over 300 age-friendly outlets. Thirdly, we will promote the economic development. The head office have issued 12 differentiated credit policies in terms of pension, finance, the credit approval, pricing, performance evaluation. We will actually have certain consideration in terms of the policy side. Pension loans, it is around $11 billion, up by 68%, among which for private-owned enterprises accounts for 61%. So we can see that the private enterprises have actually played a very important role in the pension finance area. So ABC has supported the pension-related equity investments exceeding $21.6 billion. And then we need to strengthen the reform-driven and focus on innovation so as to serve the needs of the customers in terms of financial or in terms of the pension finance. And also, we hope that we can make progress in this aspect. In the past year, for online, we have accepted 100 million of customers for such services. And our hotline have also been trying to offer the one-click transfer service of the customers. And in terms of mobile banking, we also have this online finance plus non-finance scenario service philosophies. And also, considering ABC's philosophy, we have like hui nong tong service station. This actually is located in different villages and counties and also we have like specific task forces just to improve the service coverage in rural area. In terms of the product, we focus on customer needs, and we also cover insurance, bus management, found, precious metal, and et cetera, so as to cover various types of products in terms of pension finance. So currently, we have a wide range of products offered to our customers. And also, we have launched... different types of products in order to meet customers needs in this aspect. And then for digital driven, we will keep customer centered and use the AI and also data to promote the digital development of the pension finance. So we will try to build the intelligent pension homes and also we would like to actually implement this smart or intelligent pension system. So we will take into consideration the features of the life stage and their needs. We have like 16 subgroups in terms of the product configuration. And also for our staff, experts in digital cloud, which is one clear, which means if you ask them, then you will get to understand quickly. So we will have such staff so as to actually better serve the customers. Going forward, we'll continue to be dedicated to promote the full product development and the full coverage. And also, we would like to serve our customers through multiple dimensions. So we think it's like a very full and comprehensive, extensive coverage to our customers. So we would like to join hands with the public to better build a community for the elderly, such as to provide quality service for them, to improve their experiences, so as to, you know, improve service in this aspect. Thank you. Thank you, Mr. Lin, for your answer or responses. The next question, please. Thank you. Thank you for this opportunity. I would like to ask not long ago We have this seminar on private enterprises by the central government. We know that private enterprises accounts for 90 percent of our economy, and ABC has been leading force in serving these two groups. So I'm wondering, last year, in terms of financial inclusion and serving the private enterprises, what have you done? And also, for this year, what is your targets and strategies for serving this group of customers? Thank you. Thank you for your question. Thank you. Thank you for your question. So for ABC we implement the spirit of the central government meetings and also the financial work conference. We implement the policy to serve the rural economy and the real economy and to also deepen the agro-related development. Specifically, we will try to be better adapted to improve our service in serving the small and medium-sized enterprises and also to meet the diversified financing needs and also to improve the financial affordability and availability issue. And also for ABC, our loan balance is $6.5 trillion, financial inclusive loans $4.6 trillion. So we can see that this loan has been growing a lot. And for the borrowers for small and medium enterprises has increased by 104 borrowers. And for private-owned enterprise, their loan balance is $6.53 trillion up by $1.08 trillion. So we're also trying to better coordinate our service for these two customer groups. And also... We will look at different indicators, and these indicators also rank top among our peers. And recently, we have also been implementing the spirits of President Xi Jinping in this private business seminar. So for private enterprises, their loan growth has been increasing compared with year beginning. And the loans have also exceeded the 7 trillion threshold. Financial inclusion loans have also exceeded the 5 trillion threshold. And the borrowers have also exceeded 5 million. So for these two types of loans, we have the largest coverage. And the sustainable development of these two businesses have also been strengthening. In 2025, we will continue to implement the important spirit of the President Xi Jinping and also the guiding opinions of the State Council in improving five priorities in the financial sector. We will do the following work. First, focus on the key areas to strengthen credit extension, especially for the private enterprises and also the financial inclusion or SMEs. So we believe that the loans to private enterprises will exceed 7.5 trillion. And we'll also focus on rural rejuvenation, expand domestic demand, and boost consumption and improve the financial availability and accessibility in key areas. We'll also try to promote the coordination mechanism with the housing market and also make private enterprises, fintech, foreign trade enterprises be included into the SME. and we will also expand the service coverage for them. In addition, we'll also have dedicated credit resources And also we'll have more granular pricing capabilities and to improve the non-principal payment policy. And also for SMEs, we're trying to provide them with fast track or convenient services. On the other hand, in terms of the service model innovation and also the system development and also talent training, We will improve our service capabilities to private enterprises and SMEs to improve our service for them. Thirdly, we will have this bottom line philosophy to strengthen risk management control. We will also promote risk provision and also to promote our growth. so as to seek a new model in this aspect for ABC. Most also consolidate the risk management control foundation and also to ensure compliance and risk management. Thank you. Thank you. Thank you so much. So now we have this opportunity to the online participants. Please, the working staff, choose a question that is of public concern or interest. So I'd like to announce the internet questions. The first one is fintech. Fintech is actually a very important aspect. In 2024, what is the fintech development? And going forward, how can we better support technology companies? or tech companies. Still, Mr. Liu, please. Thank you. Thank you for your question. So for fintech or technology innovation is quite important. It also plays a very important role in the development of modern enterprises. ABC is a large state-owned enterprises in China so we are also a leading force in serving the real economy. We'll try to follow the general layout and also we will make it a strategic priority for us. We also allocate a lot of resources to it and we have differentiated supporting policies as well. By the end of 2024, the strategic emerging industry loans is around 2.6 trillion, up by around 470 billion. Growth rate, 2.2%. Compared with the other loan growth, it's 12.3 percentage points higher. So we will also try to build the integrated service system. We'll try to follow this 19 scientific innovation center and also try to build. We have the special team and department and also like specific dedicated technologies, sub-branches and et cetera, in order to actually invest enough resources in this aspect. Our technological outlets is around 300 or so. And also we'll improve our service capabilities and model. We focus on the key enterprises and also try to innovate the dedicated credit service system, optimize customer assessment or evaluation. And for different customers, we will offer diversified financing products. and also we will try to serve the technology companies throughout the life cycle. We've also launched a series of detailed rules, strengthen the performance appraisal and also put in place a lot of mechanisms in place so as to improve the service quality for them. By the end of 2024, the total loan borrowers exceeded 2.4 trillion and We can see there has been fast growth, that is like 90% or so. And then for equity investment supply, so we know that actually credit services are advantageous for commercial banks, but actually tech companies also have interest in equity investment. So we were trying to cover our customers in this aspect to gradually established a dedicated team in this aspect. We have 18 trial of pilot cities. We have signed the framework agreement with them. like in Suzhou, Hangzhou, and etc., we will continue to accelerate the establishment of fund and also the project launch. And the fourth one is agro-related development or technology. We will still focus on the key areas in agro-related business, such as to strengthen credit support and integrated services. We also have plans in place as to better serve the agro-related economy through technology innovation. And we also have been awarded one of the ten innovation models in China.

For the agricultural tech parks, we rolled out the agricultural park loan products. And also for the first batch of customers, we have already granted the loans to them looking for a focus on the financial service, high-quality service for technology development, and provide a service to development of the technology in the country as a whole, and also optimize our portfolios offering, and also leverage on AI and big data to cultivate expertise and personnel to enhance our service in financing support to the tech companies as well as other financial services. First, promote the high quantity of the financing. In 2025, we'll have the dedicated policies and also provide resources, more resources, so that the water of the finance will be flown to the tech companies and also promote the credit granting as well as the equity investment. And also improve the quality of the financial services. This year, we have optimized the fintech organization based on a three-tiered service network and provide a dedicated financial service plan to the tech companies and different levels will provide the service personnel that are knowing technology as well as have a finance background, so as to make the financial service more convenient to the tech companies. And also enhance the coverage of financial service. ABC, based on the different kinds of development stage of the financial leads of the companies to provide more suitable offerings to the companies and also promote the online, dedicate the online credit products for tech companies and also provide the individual personal financial services to the people working the tech companies for the investment bond and consulting as well as other whole package financial service. So as to make the financial service more inclusive to the thin tech companies and will build an ecosystem. This will build a systematic philosophy so that the tech companies will play a very major role in innovation will work with the research institutes, equity investment funds, as well as the other universities so that we'll build upon the synergy to provide a full lifecycle comprehensive financial service to the tech companies. Thank you for the answering. We have a very productive session. For the sake of time, we will ask one last question. Please. Thank you for the opportunity. I'm from Securities Daily. My question is how to prospect the NIM trend of this year while the NIM hit the bottom, and what are the measures taken by ABC to stabilize NIM? Ms. Liu will take this question. Thank you for the question. ABC's group in 2021 NIM was 1.42%. down by three pips from the second half. In terms of the trend, the decline has been slowed down, which reflects the ABC's adjustment of their policies, benchmarking to the policies and optimize the balance sheet structure and also enhance the pricing management and realize the asset liability according to the development in terms of the quantity and the pricing, looking towards 2025, macroly speaking, the support and fundamentals of the economy to going for sound way will not change, but there are also externalities For example, weak domestic amount as well as other potential risks are still there. And the business operation of commercial banks are facing some challenges. So in 2025, the name of the banking industry will still be under pressure. For ABC, the change of a name will also be the same or similar way than the banking industry. In terms of the change of the name, because in 2024, the existing the lowering down of the interest rate of housing loan as well as a downward movement of LPR and also the yield on loan will also be going down but also on the other hand the liberalization of the deposit interest rate has also been paid off and also there will also be room for the lowering down of interest paid on deposits. And that in the liability side, also the interest paid on loans will also be moving down. Finance are living together with the economy. The name of the bank is still the way for the bank to yield the interest or concession to the re-economy. But while at the same time, we also balance the sustainable development of the bank with the development and moving upward and rally up of the economy, the name of the bank will also be bounce back and maintain a stable level. In 2025, ABC will be more proactively the concession to the re-economy while there's some time, benchmarking to combine with the demand of the economy, optimize our balance sheet structure, and continue to enhance the management of our balance sheet structure, and also enhance the stability of providing source of re-economy. To be more specific, in the asset side, we'll continue to do a good job in balancing the volume, pricing, and risk management, as the leaders said. The county level rural area and the five key chapters of finance will enhance the balance sheet structure and also enhance the proportion of the high yield assets and also enhance effectiveness and targetness of the pricing to balance the structure as well as the volume. Also balancing the pricing and volume in terms of liability with the digital management to enhance the grouping management and the discriminated management of the customer basis so as to give more resources with low cost and also leverage on the liberalization of the interest rate and also optimize the term structure of loans and also to lower down the cost of deposits in terms of portfolios offering when enhancing the dynamic management of asset liability use the volume as well as pricing tools to coordinate the duration and structure of asset liability in terms of the interest rate risk and FX risk as well as manage the credit risk to enhance the yield. Ladies and gentlemen. Thank you very much for your participation in 2024 Annual Result Announcement of ABC. Thank you, investors, analysts, and friends from the media for your long-term support and interest in the development of ABC. Thank you very much for the senior management of ABC. for your interpretation and sharing of the results. If you have any questions, please contact our investment relations team as well as our media or press team. With that, I will draw today's announcement conference to a close. Please leave the conference room from the right side of the conference room. Thank you very much.