To improve the corporate climate management and the ability to cope with climate change risks, Modern Dairy has incorporated climate risks as a key indicator into the Company's overall risk management. We have established a climate risk governance structure with the Board of Directors as the top leadership, and clarified the climate risk-related responsibilities of all managers from top to bottom. The board of Modern Dairy are responsible for coordinating and supervising the Company's sustainable development issues, and regularly receiving the management's report on climate change and dual-carbon issues and providing recommendations accordingly. In this way, we ensure the effective operation of the Company's climate risk management and internal defense system. As an essential bridge connecting the Board of Directors and the executive team, the CEO of Modern Dairy is responsible for the overall planning and promotion of the Company's dual-carbon efforts. For example, the CEO coordinates the formulation of policies and strategies including climate change related issues, and clarifies the authority, responsibility and objectives of the climate change departments of each division. With these efforts, the CEO monitors ESG performance and related progress, and directs the execution team to manage the delivery of sustainable development strategies. The relevant business divisions of Modern Dairy enforce the Group's strategies and execute the Group's dual-carbon actions. All relevant departments formulate the dual-carbon strategy plan and related management documents based on their departmental responsibilities. For example, each department breaks down major strategic objectives into specific initiatives such as carbon reduction, emissions reduction and climate risk defense, quantifies the effect of emission reduction, and reports to the Board of Directors on the effectiveness of the carbon reduction efforts and the progress of related projects.