A：Okay, thank you very much. At present, the real estate sector as a whole is in the bottoming stage, with large differences in different regions. From the group level, the impairment loss in the first half of this year has been significantly narrowed compared with last year. In the future, we will pay close attention to the market situation and expect the impairment of the real estate sector to gradually improve. The company also hopes that the real estate sector can get rid of the loss state as soon as possible, but this not only requires the company's own efforts, but also is closely related to the overall market environment.

A：It is estimated that the impact on income due to the transformation will be about 17 million per year. After the completion of the reconstruction and expansion, we will discuss with the competent government departments to extend the charging period, and this extended charging period will bring us a certain reasonable return. However, the specific fee price adjustment is determined by the government, which will directly affect the coverage of the investment, that is, the adjustment is made through the length of the fee period.

A：The project is currently in the stage of handing over and dismantling the original hotel facilities. It is planned to officially start in October and is expected to start generating revenue by October next year. The company expects a return of about 4% on the business.

A：The profitability of the consumer goods sector is affected by regulatory policies and the market. The first quarter may be the lowest profit period of the year, but it has increased since the second quarter. Through new product promotion and product structure adjustment, we have made significant breakthroughs in the duty-free market and the Macau market. We hope to do our best to keep the overall revenue and profit levels in line with last year by the end of the year, but this depends on the final situation of the overall market.

A：The company's primary task is to do a good job in business performance, the green health industry as the core development direction. The company will actively seek high-quality projects and make every effort to do a good job in existing operations. This is the most important market value management tool at present.

A：The strategic direction of the company's listed holdings is clearly green and healthy, including the two main tracks of environmental health and life health. In the field of green health, we have laid out sewage and solid waste treatment, and have launched environmental health funds. In addition, we also plan to invest in hydrogen green energy, and the associated companies will continue to make efforts in the field of green energy, while paying attention to and seizing relevant investment opportunities.

A：we have been working hard to include these two highways in the government's new round of the 15th five-year plan to extend the toll period. With regard to other financial investment plans, the company will continue to focus on and invest in the green health industry track, especially around the core technologies and new industries in the areas of environmental health and green health.

A：Listed companies participate in and initiate the establishment of the Green Technology Fund, which focuses on leading technology companies in the field of green health and environmental health. For high-quality projects, consideration will be given to market conditions, project characteristics and the needs of listed companies. The fund's investment will focus on the core technologies and industries of environmental health, green and healthy, such as water treatment, solid waste treatment, new energy, power market transactions, virtual power plant energy storage, etc.

A：From the perspective of green environmental protection business, the current rate of return of water treatment business is generally about 6 to 8. As for the company's loan situation, from the point of view of the listed holding headquarters, we have 5 billion cash and zero loans, and our financial situation is very healthy, which has laid very good conditions for the transformation and development to capture investment opportunities. Our liabilities are mainly divided into two parts, about 60% concentrated in the real estate sector, this part of the financing structure has been effectively adjusted, the duration is generally more than three years, the balance of funds has been effectively guaranteed. In addition, liabilities for environmental operations, through the role of internal procurement centres, have reduced the cost of financing from over 3.0 per cent to 2.6 per cent, and the current funding structure is relatively healthy, although accounts receivable are one of the market's concerns, but the overall longevity is healthy. Projects such as Nanyang Tobacco, Yongfa Parrot and Highway are cash-only deposits and no loans.