'Dual circulation' to boost growth (VI)

A1: For Pierre Fabre, China is our largest international market. Despite the influence of COVID-19, Pierre Fabre China recovered rapidly by implementing an omnichannel strategy and balancing our offline and online business. The efficiency and agility of our team contributed to our success for the year with strong online growth. We are very proud of our team and are confident in our development in China for the future.

A2: China's development in 2020 spoke for itself. Its economy achieved 2 percent year-on-year growth amid the global pandemic, which in our view, resulted from the reasonable implementation of national policies and the unremitting efforts from its people. We will dig further into the market, and constantly bring innovative and high-quality products, looking after Chinese consumers in terms of everything from hair to skin.

Under the guideline of dual-circulation, this cooperation will lift our promise to Chinese consumers to the next level and help us to better satisfy consumers' demands.

A3: The directive effectively protects multinational corporations' investment and stable development. It offers a high-quality platform for multinational corporations' further investment and expansion in China. A stable environment is one of the most important aspects for enterprise development. Currently, in terms of enterprise operation and investment, China offers the safest environment in the world. This offers multinational corporations, like Pierre Fabre, great confidence to infuse more energy into its development in China.

A4: When COVID-19 swept across the world, the Chinese government effectively curbed the epidemic. This not only contributed to the quick recovery of the Chinese economy, but also enabled the healthy and stable development of foreign enterprises in China. As the second-largest economy in the world, China's economic recovery played a critical role in the revival of the global economy and industrial chain.

Thanks to China's policy of recovery and restoration, our business quickly returned to normal in Q2 last year. We shared our experience with our colleagues all over the world to help them better balance business priorities and employees' safety.

A5: China's development is a miracle for world economic development. There's no doubt China is leading the world's economy with strong growth, cutting-edge technology and innovations. E-commerce and digitization are transforming the market and the world in which we live. Chinese consumers become more and more demanding and sophisticated. Pierre Fabre is fully committed to embracing the challenges by listening to our consumers, transforming our business and following the fast-changing market trends.

A7: The new plan emphasized high-level opening-up, green development and improvement of people's lives. Each of these areas echo our group's purpose. Pierre Fabre will continue to expand and deepen our footprint in China market by providing more innovative and efficient products and solutions to Chinese consumers. Based on our core strategy, we will make localized adjustments. We will stick to a consumer-oriented strategy, and continue to create employment and focus on domestic issues including education and women rights, in order to fulfill our corporate social responsibility in China.