Moderator Xiang Feng: Mr. Liu, the transformation of Dinghao has been remarkably successful, and I have long followed the development of both Hailong and Dinghao. In the current market environment, how do the tenant demands, revenue logic, and operational logic of a successful tech-focused building like Dinghao differ from those of traditional commercial office buildings? And what insights can this offer to the broader industry?

Liu Xudong: Thank you for the introduction. We are Zhaotai Group, a private enterprise deeply rooted in Beijing, unlike companies such as China Overseas. Our self-owned office properties are primarily located in the Financial Street area, the East Second Ring Road, and Zhongguancun. The moderator has highlighted our Dinghao project, which in recent years has gained recognition from both municipal and district governments, and has also attracted visits from industry peers. Reflecting on our experience, it has indeed been a gradual process. We began managing this project around 2018 after acquiring the equity from Taiwan's ASE Group. In 2019, we started to reposition the project in Zhongguancun, setting two key themes at the time: interaction for tech enterprises and a tech ecosystem. Looking back, that positioning proved quite accurate. However, the implementation phase was fraught with challenges. We completed construction in early 2022, and the first year or two were not smooth sailing. Many of you familiar with the market know we experienced setbacks, such as losing a potential deal with Tencent, and later Microsoft, which had planned to lease a significant amount of space but ultimately did not. Through these learning experiences, we gradually developed our own operational logic tailored to the region.

As operators, our foundation is the ecosystem, continuously focused on serving tech companies, which has been a crucial factor in our success. Additionally, we must acknowledge that we have ridden a favorable trend. While we hold assets in the East Second Ring Road and Financial Street, over the same cycle, our Zhongguancun assets have clearly outperformed. This aligns well with the current emphasis on new quality productive forces and hard tech, which is a significant trend in industrial real estate. Building on what Mr. Cunli mentioned earlier, we come with our own inherent factors, which was evident during our acquisition. Furthermore, we made high levels of investment, dedicating immense effort to this project. As an urban renewal project, it is even more complex than a new build. We continuously upgraded the software, hardware, and content, benchmarking against high-quality assets in Japan and Singapore to position Dinghao at a high standard for future success. On the operational side, we integrated intellectual resources, leveraging Zhongguancun's core strength. With numerous universities nearby, we focused on commercializing their research outcomes, drawing on our past experience.

To summarize, our success factors are: first, operating in alignment with trends; second, having clear positioning, which enables effective implementation; third, achieving top-tier hardware; and fourth, committing to continuous operational improvement—we weren't perfect from the start but improved through ongoing effort.

Moderator Xiang Feng: A second question: the Financial Street area is about to deliver some high-standard standalone headquarters projects. From your perspective, what kind of industrial spaces and scenarios might emerge in the future? Do you have any plans or visions?

Liu Xudong: The Zhaotai Financial Center project serves as the crowning achievement for Zhaotai Group. Founded in the Financial Street in 1992, we aim to complete our development journey with a sense of purpose. This project has had an exceptionally long gestation period, spanning over a decade, making the financial calculations difficult. Yet, even after all these years, we remain steadfast in our commitment to develop it through continuous ownership. We have maintained a mysterious and low-key approach to this project, not intending to publicly promote it at such an event. However, following discussions with the Industry Promotion Association and the Xicheng District government, we agreed that as the final piece of the Financial Street area, it deserves public introduction. This morning, we were honored to receive the designation of "Financial Headquarters Reception Hall" from the Xicheng District government and the Industry Promotion Association.

Speaking of the project itself, the Financial Street is clearly synonymous with the financial industry. The challenge for us is how to build an industry within such an established financial hub, which is highly mature. Approaching this high-dimensional operation from a relatively simpler real estate perspective was difficult. Our solution, drawing from the Dinghao experience, was to avoid rigid industrial labels, such as specific financial sub-sectors or tech combinations. Instead, we view this project as a link between finance, technology, and business services—three themes for Zhaotai. I see it as a connector: all financial channels can directly empower technology, and can also support businesses in the East Second Ring Road. In turn, these businesses can feed back, and technology can continuously create new growth. Internally, Zhaotai's approach to industry is to foster a closed-loop, self-operating industrial ecosystem. This has been our focus and capability building since 2024.

Based on this, we have implemented changes across three dimensions in recent years. First, we have elevated our asset management capabilities to industrial operation capabilities. Previously, we emphasized asset management—focusing on leasing, operations, and property management. Now, we require our personnel to understand industry dynamics, business development logic, how to support enterprise growth, and how to effectively allocate resources. This shift represents a change in our personnel capability structure. The second change involves our organizational culture at the cognitive level. Previously, we focused on management; now we emphasize service, and in the future, industry. We are exploring how to achieve better development within the industry. The third dimension is a shift in our profit model. In the past, we operated a space-based business. As industry leaders have noted, the current environment is making the space market increasingly competitive, driving down rental yields. The question is where additional returns can come from. We believe it lies in the value appreciation generated through industrial upgrades.

To support these changes, we have implemented three internal practices. First, we have elevated our "Zhaojian" IP system from community management to industrial operations. Second, we have transformed our past single-core industrial entities into a connected, multi-dimensional network of industrial players. Third, we have shifted our focus from new developments to enhancing existing urban renewal projects. In our view, while physical space may depreciate over time, the industrial ecosystem will inevitably appreciate. Through our operations, we aim to create added value beyond the basic space, which represents our ideal state. Thank you.