In 2016, the company's business development, as well as the Chinese machine-processing market, went through a process of early suppression. In the first half of the year, the market situation was still weak, and we faced a lot of challenges and a lot of pressure. In the second half of the year, China's manufacturing sector gradually released positive signals, and the machinery sector began to recover, especially in the fourth quarter. A series of macroeconomic data has given us great confidence, the manufacturing purchasing managers index, the industrial production index is clearly improving. More worth mentioning is the producer price index stayed downward trend year by year, for the first time in years from negative to positive, suggesting that China's efforts have made great achievements to production capacity. And the cutting tool industry is closely related to the two figures also exciting, auto industry in the second half of the abnormal strong growth is well known, machine tool industry also flagging situation out of last year, production begin to climb. We expect the machinery market to continue this growth in 2017.

         Our sales have been excellent in recent months. Of course thanks in large part to the market's recovery and the growth of customer demand, but from our own endogenous power is the decisive factors in sales growth. From the segment in the industry, we serve the aerospace is one of the most rapid industry we development, in recent years has been the star of our growth in our overall business structure proportion rises year by year. Both local Chinese aerospace enterprises and multinational companies are actively involved in the production of new generation engine parts manufacturing, a series of new aircraft in China is about to enter mass production stage. China's aerospace industry has vast prospects. The aerospace industry is a technical high point for metal cutting, whether from the material of the parts, the complexity of the structure or the rigor of quality. And the fact that sandvik is full of its undoubted strength has shown its rightful place in the field. On the one hand, the positioning of our high quality, high performance products highly fit the unique needs of customers, on the other hand, our ability to process service also is the main factor that customers choose to cooperate with us. Now, our service is no longer limited to provide the cutting tool, help customers to solve the problem of processing, we are increasingly involved in customer's programming, planning, etc, are upstream of the production value chain to the customer service category. The car industry is the largest in any large tool company. National policy has driven the boom in car markets in 2016, and has led to growth in the cutlery market. There is still a lot of uncertainty about how long the policy will last. And the positive and positive emotions that we feel in the mines and in the construction machinery market are very clear and definite. The country's investment in roads, high-speed rail, and other areas of the industry has been sweeping the sector for years, pushing the industry's bottom line.

         In 2017, there is a lot of uncertainty in the market environment, and we predict that the tool market will be a modest growth even if it grows. But growth in individual industries, such as the aerospace industry, will continue to outpace the average. The company will launch a series of blockbuster innovative products and solutions in 2017. In the spring, we will introduce a completely different approach to the cutting process. Our innovation will have a fundamental impact on the development of the future turning process. In addition, we have made major breakthroughs in the process of digitizing the machinery industry. Our digital platform will link processing, cutting process analysis and process design to planning. This truly integrated solution will greatly benefit the customer to optimize the processing process, and support the customer to make the right production decision. We hope that you will come to the booth at CIMT during the CIMT exhibition, and understand the two new technologies and the charm of innovation.