Summary of WeLong MeiWei Conference Call Company Overview - WeLong MeiWei is a company in the food and beverage industry, listed in December 2022, with a revenue of 4.87 billion yuan and a profit of 880 million yuan by the end of 2023. The company expects revenue to exceed 6 billion yuan in 2024, representing a year-on-year growth of approximately 25% [3][6]. Market Performance - The company faced challenges in 2023 due to reforms, leading to a decline in market attention, especially among domestic institutions. However, it is one of the few companies in the food and beverage sector to raise its full-year earnings forecast for 2024 [3][4]. - WeLong MeiWei is expected to re-enter the Hong Kong Stock Connect in 2025, with its inclusion in the Hang Seng Index indicating a strengthening market position [3][4]. Core Business and Revenue Streams - The core business consists of vegetable products and noodle products, contributing over 95% of total revenue. The main growth driver is the flavored noodle products, while vegetable products (e.g., konjac snacks) have emerged as a strong secondary growth curve due to health consumption trends [4][6]. - The company has a high gross margin, high expense ratio, and high net profit margin, reflecting strong brand value and ongoing investments in R&D and marketing [4][19]. Channel Strategy - WeLong MeiWei has adopted an omnichannel strategy, with approximately 90% of sales from offline channels. However, traditional distribution channels have decreased to below 50%, while the share of bulk snacks has increased to around 20% [4][16]. - The company has significantly enhanced its offline channel management through a supplementary sales model, increasing the number of actively covered retail points from 121,000 in 2022 to 350,000 by mid-2024 [4][22]. Financial Performance - From 2018 to 2023, the company achieved a compound annual growth rate (CAGR) of 12.1% in revenue. Despite a temporary decline of 6.8% in 2022 due to reforms, revenue growth has resumed, with expectations of exceeding 20% growth in the first half of 2024 [9][4]. Competitive Landscape - The snack food industry is highly fragmented, with WeLong MeiWei holding a 6.2% market share in the spicy snack segment, which has been growing faster than the overall market [10][11]. - The company faces competition from established brands but has adopted strategies to strengthen its market position, including a focus on product innovation and brand modernization [15][18]. Risks and Challenges - Key risks include potential market competition affecting the growth of major products like konjac snacks, fluctuations in raw material prices impacting profitability, and the risk of major shareholders realizing profits [34]. Future Outlook - The company is projected to maintain a revenue growth rate of 15%-16% and a net profit margin above 18% from 2025 to 2026. Current valuations are considered reasonable and below 10 to 15 times earnings [33]. Conclusion - WeLong MeiWei is positioned as one of the most promising companies in the snack food industry, with a robust business model, strong growth potential, and a proactive approach to market challenges and consumer trends [5][27].

Summary of Huahong Semiconductor Conference Call Company Overview - Huahong Semiconductor is the second-largest wafer foundry in mainland China, following SMIC, with multiple production bases including Shanghai Huahong Hongli, Wuxi Plant 7, and Plant 9. The overall capacity utilization rate is expected to remain above 100% in 2025 [4][5]. Historical Development - The company's history can be divided into three phases: 1. Formation of Huahong NEC with Japan's NEC, focusing on low-profit businesses. 2. Completion of mergers and acquisitions, listing on the Hong Kong Stock Exchange in 2014, and gradual expansion. 3. Expansion beyond Shanghai and listing on the A-share market in 2023. Revenue growth was stable before the chip shortage, which significantly increased during the shortage [3]. Core Business and Market Position - Huahong focuses on mature process technologies, including non-volatile memory, power devices, analog and power management ICs, and logic and RF components. Power devices are the largest revenue segment, with a strong push into the automotive market [4][6]. Future Growth Drivers - Key growth drivers include: - Recovery in terminal demand in 2025. - Increased domestic substitution demand due to U.S. sanctions. - Expansion in the automotive market, particularly in MCU and power device segments [7]. Financial Performance and Projections - The company anticipates improvements in profit and gross margins by 2025, despite rising depreciation costs. The gross margin for 8-inch wafers is approximately 30%, with a target of 40% by 2025. The target price based on a 1x PB valuation for 2026 is projected at HKD 30.1, and HKD 45.1 based on a 1.5x PB valuation [4][13]. Recent Stock Performance - Recent stock price increases are attributed to the global semiconductor cycle, positive sentiment in the Hong Kong market, and the company's proactive positioning across various product lines [8]. Impact of Market Recovery - The recovery in the Chinese market is occurring earlier than in Europe and the U.S., benefiting Huahong, especially in the automotive sector where semiconductor content in electric vehicles is increasing [9]. Integration of Huahong Plant 5 - The integration of Huahong Plant 5 is expected to enhance overall profitability, although the gross margin for 12-inch wafers remains negative. The company aims to improve margins significantly by 2025 [11]. Development of Huahong Plant 6 - Huahong Plant 6 focuses on more advanced processes, such as 28nm and 24nm technologies, which have potential for further development and could enhance the company's technological capabilities [12]. Risks and Challenges - Key risks include slower-than-expected ramp-up at Wuxi Plant 2, weaker-than-expected recovery in downstream markets, intensified competition in the mature process foundry sector, and potential impacts from U.S. sanctions [14].

Company and Industry Summary Company Overview - The company, established in 2009, has developed 240 standardized modules by 2015 and achieved a gross margin of 88.3% in the first half of 2024, indicating a strong position in the industry [3][4] - The company operates in the SaaS sector, targeting both small and medium enterprises (SMEs) and large enterprises, with a dual growth strategy [3][4] Industry Insights - The marketing landscape is evolving towards more precise targeting, with a strong trend towards enhancing various aspects of marketing strategies [2] - The company focuses on sectors such as consumer goods, automotive, finance, healthcare, and manufacturing, indicating a diversified industry approach [4][8] Key Points - The SaaS revenue from SMEs typically accounts for about 60% of total revenue, with average customer spending around 30,000 yuan [3][4] - The company utilizes a prepayment model for its products, with pricing ranging from 19,800 to 12,800 yuan based on module quantity [4] - The marketing content generation tool allows clients to produce a significant volume of marketing materials, enhancing lead generation for B2B clients [5][6] - The company is leveraging AI technology to improve customer management and operational efficiency, particularly through its AI Agent product line [9][11] Financial Performance - The company reported a renewal rate exceeding 100% for its large clients in the first half of 2024, indicating strong customer retention [27] - The company’s revenue from precision marketing was 5.3 billion yuan in 2023, with 3.4 billion yuan in the first half of 2024 [28] Market Trends - The shift towards a focus on existing customer management (CIM) is noted, as companies increasingly recognize the value of managing existing customer relationships rather than solely acquiring new ones [18][19] - The competitive landscape in the CIM sector is described as fragmented, with many companies still relying on basic tools like Excel for customer management [14][19] Strategic Initiatives - The company aims to double its overseas revenue in 2024, focusing on helping domestic companies expand internationally and developing its own localized products [16] - The company is also investing in AI-related personnel to enhance its product offerings and improve operational efficiency [31][33] Challenges and Opportunities - The company faces competition from larger ERP vendors entering the CIM space but believes its specialized focus on marketing and sales gives it a competitive edge [13] - There is a significant opportunity in the domestic market, as many companies have yet to adopt CIM systems, indicating potential for growth as businesses modernize their operations [14][19] Conclusion - The company is well-positioned in the SaaS market with a strong focus on AI-driven solutions and customer management, while also exploring international expansion and addressing the evolving needs of its clients in a competitive landscape [9][16][19]

Company and Industry Summary Company Overview - The company is involved in the renewable energy sector, specifically focusing on wind and solar power generation. The management team includes Chairman Liu Shunqing, CEO Niu Wenhui, and Finance Director Liu Ningyu, who presented the 2024 performance report during the earnings call [1]. Key Financial Highlights - Total assets increased from RMB 31.24 billion at the end of 2023 to RMB 32.13 billion in 2024, a year-on-year growth of 2.9% [2]. - Net assets rose by 5.6% to RMB 8.906 billion [2]. - The company's revenue from power generation increased by 11.4% year-on-year, reaching RMB 1.433 billion, while total revenue from other businesses decreased by 28.3% to RMB 236 million [3]. - Earnings per share (EPS) fell to RMB 1.005, a decline of 11.8% compared to the previous year [3]. Operational Performance - The company maintained a steady growth in power generation, with a 10.5% increase in equity power generation volume [4]. - The installed capacity of wind and solar power plants reached 4,615 MW, with wind power accounting for approximately 81% and solar power for 19% [4]. - New projects added in 2024 included 566 MW, with 266 MW from wind and 300 MW from solar [4]. Market and Industry Dynamics - The renewable energy sector is experiencing a shift due to ongoing policy reforms in the electricity market, with a focus on market-driven pricing mechanisms [10][11]. - The average utilization hours for the company's wind and solar plants were reported to be higher than the national averages, indicating strong operational performance [7]. - The average comprehensive electricity price for wind power decreased by RMB 0.0055 per kWh, while solar power saw a decline of RMB 0.0638 per kWh [8]. Strategic Adjustments - The company is adapting its development strategy in response to changing market conditions, focusing on optimizing asset quality rather than merely increasing capacity [20]. - A total of 1,399 MW of new wind and solar investment projects were secured globally, with 720 MW in China and 679 MW in other countries [5]. - The company is also enhancing its operational efficiency by reducing management costs by 15%, from RMB 404 million to RMB 344 million [10]. Challenges and Risks - The decline in net profit is attributed to reduced asset transfer income and increased operational costs due to market conditions [17]. - The company faces challenges from regional resource limitations and fluctuating electricity prices, which could impact profitability [5][8]. Future Outlook - The company plans to maintain a capital expenditure of approximately RMB 4 billion in 2025, focusing on project development and operational efficiency [25]. - Management emphasized the importance of quality over quantity in project development, indicating a shift in strategic priorities [20]. Additional Insights - The company has maintained a strong ESG rating, reflecting its commitment to sustainable practices and corporate governance [15]. - The management team is optimistic about the long-term prospects of the renewable energy sector, despite current market fluctuations [23]. This summary encapsulates the key points from the earnings call, highlighting the company's financial performance, operational metrics, market dynamics, strategic adjustments, challenges, and future outlook.

Summary of Xinyi Energy Conference Call Company Overview - **Company**: Xinyi Energy - **Year**: 2024 - **Revenue**: CNY 3.99 billion, a decrease of 12% year-on-year, primarily due to electricity price adjustments [2][3] Key Points Financial Performance - **Electricity Sales**: Increased by 17% year-on-year, reaching 4.7 billion kWh, equivalent to a reduction of 3.67 million tons of CO2 emissions [3] - **Net Profit**: Approximately CNY 790 million, a decrease of 12% year-on-year [3] - **Operating Capacity**: 46 large ground power stations with a total approved capacity of 4.5 GW, of which 62% are grid-parity projects [2][3] - **Cash Flow**: Operating cash flow improved significantly from CNY 670 million in 2023 to CNY 950 million in 2024 [5] Financial Management Adjustments - Transitioned a significant amount of Hong Kong dollar loans to domestic long-term loans, reducing the effective interest rate from 6% at the end of 2023 to 3.5% by the end of 2024 [7][8] - Anticipated significant reduction in interest expenses in 2025 due to this financial restructuring [8] Policy and Market Dynamics - The new electricity reform policy has minimal impact on existing projects but requires further evaluation for new projects once provincial details are clarified [6] - The decline in costs for photovoltaic components and energy storage solutions may facilitate smoother output curves, but the specific impact will depend on provincial policy implementation [2][6] - Market-based trading ratio increased from 12% in 2023 to 37%-38% in 2024, though this had a limited impact on electricity prices [21] Subsidy and Project Development - Of the 4.5 GW projects, 1.7 GW are eligible for subsidies, with 1 GW already on the national subsidy compliance list [4] - The company is interested in acquiring a 890 MW grid-parity project from Xinyi Solar, pending provincial policy clarity [4][19] - Plans to expand into overseas markets, including a joint venture for a 100 MW project in Malaysia, which is expected to boost photovoltaic demand due to upcoming price increases [4][27] Future Outlook - Anticipated electricity price adjustments in 2025, with improvements expected in provinces like Hubei due to favorable policy changes [24][25] - The company does not have rigid development or acquisition requirements, focusing instead on projects that provide reasonable returns for shareholders [9] - Future investments in energy storage systems will depend on market conditions and the economic viability of such projects [12][13] Challenges and Considerations - The company faces challenges related to electricity consumption and supply, with a projected electricity consumption growth rate exceeding GDP growth [5] - The impact of electricity price adjustments on subsidy projects has led to fluctuations in revenue from these projects [14] Conclusion - Xinyi Energy is navigating a complex landscape of policy changes, market dynamics, and financial restructuring, with a focus on sustainable growth and strategic investments in both domestic and international markets. The company remains optimistic about future opportunities in the renewable energy sector, particularly in light of evolving policies and market conditions.

Summary of Sunshine Insurance Conference Call Company Overview - Sunshine Insurance Group was established in 2005 and includes subsidiaries such as Sunshine Property Insurance, Sunshine Life Insurance, Sunshine Asset Management, Sunshine CITIC Insurance, and Sunshine Digital Technology. Despite being the 79th insurance company established in the industry, it has grown to rank among the top ten in terms of comprehensive strength after years of development. Sunshine Property Insurance achieved profitability within 23 months of establishment and has maintained profitability for 18 consecutive years. Sunshine Life Insurance became profitable six years after opening and has seen positive growth in new business value for 11 consecutive years. Sunshine Asset Management has become a leading asset management company within five years of establishment. The group successfully listed on the Hong Kong Stock Exchange on December 9, 2022, marking the first private insurance listing in nearly 18 years after Ping An. Currently, the H-share circulation is 3.478 billion shares, accounting for 30.25% of the total shares, with a dividend yield close to 7%, making it an attractive investment opportunity [4][5]. Business Development and Strategy - In early 2025, Sunshine Insurance's business development met expectations, with new single premiums achieving double-digit growth, outperforming benchmark companies. The company is actively promoting dividend insurance and personal pension products, optimizing product structure, and reducing policy liability costs. Although individual insurance business is under pressure from overall industry growth, the decline is minimal, and good development is expected for the year [2][6]. - The bancassurance channel is a significant advantage for Sunshine Insurance, with new single submissions growing at a double-digit rate from January to February. The company plans to reduce short-term payment strategies, focusing on increasing regular premium growth and transitioning the bancassurance channel towards dividend insurance, which currently accounts for a double-digit percentage [2][7]. - Sunshine Insurance emphasizes a multi-channel strategy, valuing both individual and bancassurance channels. The bancassurance channel accounts for approximately 70% of premiums, while individual insurance accounts for about 30%. In terms of new business value, individual insurance contributes around 60%, and bancassurance contributes about 40% [2][10]. Product Strategy - The company focuses on long-term regular premium business in its dividend insurance strategy, reducing the bancassurance channel's one-time premium dividend business, which has minimal value. This adjustment significantly enhances overall margins. The design of product types determines duration rather than whether they are dividend-type products [2][9]. - Sunshine Insurance is committed to enhancing the professionalism and efficiency of its agent team through internal adjustments and technology empowerment, aiming to improve sales efficiency and customer management capabilities [3][11]. Investment Strategy - Sunshine Insurance has gradually increased its allocation to high-dividend stocks, which accounted for nearly 70% of its stock investments as of June 30, 2024. The company places these stocks in OCI accounts to ensure capital safety and stable dividend income. The overall investment assets are approximately 60% in OCI assets, which helps match the liability side of traditional insurance products [4][12][13]. - The company maintains a cautious attitude towards real estate investments, with related investments accounting for about 1.7% to 1.8% of total investment assets, amounting to less than 10 billion [19][22]. - Sunshine Insurance plans to respond to regulatory encouragement for long-term funds to enter the market by increasing equity investments, with a current equity asset ratio of 24.9%. The company has about 5% room for additional equity allocation, but it expects to maintain the equity ratio around 25% to avoid urgent adjustments in case of solvency issues [14][15]. Risk Management - The company defines liability costs as new single liability costs below 3%, with the latest figures dropping to below 2.5%. This improvement is attributed to the reduction in preset interest rates and proactive optimization of the business structure [20]. - Sunshine Insurance adopts a prudent strategy regarding alternative assets like REITs, ensuring balanced asset allocation to mitigate overall investment risks while monitoring the real estate market closely [21][22].

Summary of the Conference Call for MaiFushi Company Overview - MaiFushi is the largest marketing and sales SaaS solution provider in China, established in 2009, with 15 years of data accumulation and 240 standardized modules [4][5] - The company achieved a gross margin of 88.3% in the first half of 2024, attributed to its self-developed four-tier marketing model and AI agent platform [2][4] Business Segments - The company operates in two main segments: SaaS business and precision marketing business [4] - Customer segmentation includes: - Small and Medium Enterprises (SMEs): 60% of SaaS revenue, average transaction value around 30,000 yuan, comparable to HubSpot [2][5] - Large Enterprises: 40% of SaaS revenue, average transaction value reached 700,000 yuan in the first half of 2024, comparable to Salesforce [2][7] Services Offered - For SMEs, MaiFushi provides: - TFE marketing model to generate marketing content and intelligent sales lead management tools to enhance online order conversion rates [2][6] - For large enterprises, services include: - Customized CRM solutions, data integration, unified customer profiles, automated marketing plans, and intelligent algorithm recommendations, particularly in sectors like consumer goods, automotive finance, and healthcare [2][7] AI Technology Application - AI technology is crucial in the CRM field, with a trend towards concentration among leading companies due to the importance of data accumulation [2][10] - MaiFushi is developing AI agents to meet the customized needs of large clients, aiming to reduce costs and improve efficiency by replacing manual customer service roles [8][9] Market Dynamics - The CRM industry in China is relatively fragmented, with many companies yet to adopt any CRM systems, presenting significant market opportunities [12][15] - The shift from an incremental to a retention-focused market is driving the adoption of CRM systems as companies seek to enhance customer value and repeat purchases [16] International Expansion - MaiFushi's international business consists of assisting domestic companies in going global and its own overseas expansion, with a target to double revenue by 2025 and launch localized SaaS products in the Middle East [14] Financial Insights - The company’s IPO shareholders were unlocked on February 16, 2025, leading to a share placement to support projects, with 40% of funds allocated to AI agent development and 30% for acquisitions [3][23] - The expected revenue from the AI agent project in 2025 is approximately 100 million yuan [24] Operational Data - The renewal rate for large clients exceeded 100% in the first half of 2024, indicating growth in existing customer spending [20] - The company plans to adjust its sales structure, with some sales roles being replaced by AI, while expanding its focus on key accounts [25] Marketing and Advertising Model - MaiFushi's precision marketing business operates similarly to advertising companies, generating revenue through media platform rebates based on advertising spend [22] Future Outlook - The company anticipates a better economic environment in 2025, which is expected to positively impact marketing and IT budgets, indicating resilience in its sector [19]

Summary of Key Points from Conference Call Records Industry or Company Involved - Japanese financial sector, specifically the three major financial groups in Japan - Chinese energy storage market - Innovative pharmaceutical industry Core Points and Arguments Japanese Financial Sector - The EC measurement indicators in Japan have rebounded, benefiting from overseas business interest margins, especially after the Federal Reserve's interest rate hikes, which significantly contributed to overseas business and offset the domestic monetary policy's downward impact on interest margins [1][2] - The three major financial groups in Japan have increased their dividend payout ratio to 40% and intensified stock buybacks, with dividends and buybacks now accounting for 60%-70% of profits, which is a key driver for valuation recovery [3][4] - Future risks for the Japanese banking sector include potential negative impacts from rising US Treasury yields on overseas bonds and the risk of prematurely exiting loose monetary policy, which could adversely affect the economy and inflation [5] Chinese Energy Storage Market - Strong demand in China's energy storage market is expected, with renewable energy generation projected to exceed 30% by 2024, and wind and solar generation expected to surpass 23% and 35% by 2025 and 2030, respectively [6] - Lithium batteries remain the mainstream technology for energy storage in the short term, with costs around 500 RMB per kilowatt-hour, while the commercialization of compressed air storage and flow batteries is expected to accelerate, depending on cost reduction [6] - Hydrogen energy is anticipated to commercialize post-2030 due to its current high costs and technological maturity issues [6] Innovative Pharmaceutical Industry - Recent favorable policies for the innovative pharmaceutical industry include comprehensive support for innovative drugs and adjustments to the drug pricing mechanism, with more favorable policies expected to be introduced [9] - Leading innovative pharmaceutical companies like BeiGene have reported better-than-expected performance, with adjusted operating profits turning positive for the first time, and many companies expected to achieve breakeven by 2025 [10][11] - The collective profitability of leading companies without one-time income will provide strong evidence for the industry's potential, reinforcing optimism for both short-term and long-term development in the innovative pharmaceutical sector [12] Other Important but Possibly Overlooked Content - Budweiser's performance in the current economic environment shows a slight decline in revenue and a more significant drop in profits, attributed to weak consumer spending and market conditions in China, although overseas markets are performing well [13] - Mengniu Dairy's stock price has shown improvement, with a significant increase in net profit excluding one-time impairments, and plans to raise the dividend payout ratio to 50% [14][15] - The Hong Kong data center market is experiencing strong demand driven by AI applications and increased power needs, with stable growth expected despite potential benefits for remote areas [16]

Summary of Zai Ding Pharmaceutical Conference Call Company Overview - **Company**: Zai Ding Pharmaceutical - **Year**: 2024 - **Revenue**: $93.6 million, with a strong performance from core product Aigamod and significant progress in domestic pipelines [2][3] Key Industry Insights - **Market Performance**: Aigamod achieved $93.6 million in sales, becoming one of the most successful immunotherapy products in the domestic market [3][7] - **Product Launches**: Multiple new products launched, including subcutaneous injections for GNG and CIDP, and treatments for ROS1-positive non-small cell lung cancer and infections [2][3] Financial Projections - **Revenue Goals**: Targeting $2 billion in revenue by 2028, with expected revenue of $560 million to $590 million in 2025 and a path to profitability by the end of 2025 [2][6] - **Cost Structure Optimization**: Significant reduction in R&D and SDAI expenses, with R&D costs down 12% year-over-year and operational losses down 23% [2][8] Research and Development Highlights - **R&D Progress**: Positive data readouts for schizophrenia (CT-102), pancreatic cancer, and cervical cancer treatments, laying the groundwork for multiple new product launches by 2026 [4][5] - **Cash Reserves**: Approximately $880 million in cash reserves to support ongoing projects and explore new opportunities [4][9] Future Product Pipeline - **Innovative Therapies**: Plans to launch new therapies for atopic dermatitis and solid tumors, with expectations for FDA approval for new therapies by 2027 [10][12] - **Clinical Trials**: D-L3 ADC drug has enrolled over 75 patients, with key clinical trials expected to start soon [4][12] Market Strategy and Competitive Position - **Market Coverage**: Aigamod's market penetration is expected to increase from 65% to 85% by 2025, with a significant rise in long-term treatment adherence among patients [7][10] - **Product Differentiation**: Zai Ding's products are noted for high safety and rapid efficacy, creating strong competitive barriers [34][36] Regulatory and Approval Updates - **Regulatory Submissions**: Multiple drug applications are expected to be submitted in 2025, including for treatments for schizophrenia and gastric cancer [15][21] - **Pricing Strategy**: Pricing for new products will consider government procurement advantages and patient accessibility [23][24] Conclusion and Outlook - **Growth Confidence**: Zai Ding is optimistic about achieving its revenue targets and maintaining a strong growth trajectory through innovative product launches and strategic market positioning [6][37] - **Stock Performance**: Anticipation of positive changes in stock performance by Q4 2025, reflecting the company's growth and market strategies [38]

大家其实经验以来看到的新房成交量很一般同比是下降的然后再加上有春节效应我们认为不应该只看新房要把一二月份加起来同时再把新房和二手房同时加起来看其实这个数据还是可以的一直到二月末我们可以看到44个新房也是实现了同比的增长接近1%然后二线城市二手房同比增加28% 同时有新房和二手房的面积的城市一共有19个 同比增长24%所以在量方面已经实现了同比直接回升的这么一个态势然后这里面的一线城市会更好一些 一线城市同比增长29%二线城市增长6%然后三四线城市下降4%如果只是聚焦在春节后 我们不看一月份 只看春节后对齐之后 这个现象速度会更加明显,我们观察到一个现象就是这个新房加二手房成效面积同比增加66%,然后呢这里面这个二手房呢是在劫后的成效面积放下了过去4年以来最好的这么一个权益,所以这其实已经体现出来一个热度,是第一个,然后呢也也因为成效量不错啊,我可以看到这个 80个城市取证的代售库存量比9月底呢减少了7%计划月数呢加快了2.9个月所以现在这个大家的整个库存量都出现了一定的减少这也是比较积极的现象第二个为重的就是前端指标就是我们其实在1月初的时候跟大家做录演大家也会提出一个问题就是说确实10 11 12月份的时间 ...