Driver 3. We see long-term potential in developing private-label products potential margin upside over the long term. Private labels—referring to products marketed under a retailer's own brand or a brand created by the retailer, developed into retailers with brands, differentiating them through quality and exclusivity. While the development of private labels in China lags developed markets such as the US, we note accelerated development in recent years, led by leading chain retailers such as Sam's Club's Member's Mark, Aldi's multiple brands, FamilyMart's Yummy Selection, Yonghui's YH Selection and Pangdonglai's DL series. According to China Shopper label products represented 1.9% of FMCG sales in China in Q325, up from just 0.9% To address this trend, Busy Ming launched the sale of private-label items such as oolong tea and beef jerky, starting in 2025. The initiative aims to deliver high-quality, cost- - s,uedo au ra pauuidiapun si yodde si 'shansuon o saou aaa driven insight,s such as purchasing behaviours and shifting consumer preferences, to pinpoint market gaps where current products fail to meet demand. Although revenue from_ private-label products remained insignificant during 9M25, we recognise significant growth opportunities for Busy Ming to expand its private-label portfolio, which has the potential to boost both sales and GM.