Q4 China's trade-in program generated over 2.6 trillion yuan in sales in 2025, alongside the "Shopping in China" and "Export to China" initiatives. Exports grew 6.1 percent year-on-year. How is your company aligning its China strategy to capture both domestic consumption upgrades and export-oriented opportunities? Do you see China increasingly as a global production and innovation base serving international markets? How are you balancing local demand expansion with China's role in your global export ecosystem?

Machado: Suzano's China strategy aligns closely with China's focus on boosting and upgrading consumption while strengthening foreign trade. Our China procurement hub plays an increasingly important role in sourcing Chinese technologies, equipment, production lines, raw materials and inputs for deployment across our global operations, contributing to China's export competitiveness. At the same time, our innovability hub (Suzano's first innovation center in the Asia-Pacific region) and partnerships with local customers enable us to co-develop bio-based solutions that support ongoing product upgrading for Chinese consumers. This integrated approach, combined with deep localization of our operations, allow us to capture rising domestic demand while leveraging China's advanced manufacturing capabilities to improve global efficiency. Together, these initiatives reinforce Suzano's long-term commitment to China's dynamic economic environment and its dual role in both domestic and international value chains, whilst also bringing competitiveness and more business opportunities to our company in China and globally.

Cheng: For Payoneer, the key is that domestic consumption upgrading and export-oriented growth are increasingly linked: brands that win at home tend to invest more in product, compliance and supply chain discipline — capabilities that translate directly into stronger global competitiveness. Our job is to reduce the friction in cross-border trade so that Chinese companies can participate and scale confidently. Practically, we align by strengthening three pillars that matter most to Chinese exporters and globalizing brands. First, we help build a stable global operating base through our one-stop financial stack. Second, we ensure safety and compliance through regulated infrastructure and localized capabilities, which are essential as sellers expand into more markets and face increasingly complex regulatory requirements. Finally, we support companies in diversifying trade corridors and operationalizing localized market entry through ecosystem partnerships and market programs that connect sellers with e-commerce platforms and resources in emerging growth regions.

Wu: We have witnessed and deeply participated in China's parallel development of promoting consumption and stabilizing foreign trade, which directly mirror and drive our B2C and B2B businesses. We are strategically expanding our aviation network and upgrading infrastructure, such as in Shanghai and Shenzhen, to ensure the rapid and efficient inbound flow of high-quality international goods, directly supporting the nation's consumption upgrading trends. For the "Export to China" initiative, we fully leverage our unparalleled logistics network covering over 220 countries and regions. Through continuous and significant investment in cargo aircraft capacity and the enhancement of our digital platforms for greater visibility and ease of use, we provide Chinese enterprises — from SMEs to large corporations — with stable, compliant and highly reliable international time-definite delivery services, effectively empowering them to access and expand in overseas markets.