In 2023, the Company actively addressed the challenges brought by the wide fluctuation of oil prices and the significant narrowing of margins for some refining products, and insisted on optimisation and integration of production and marketing. Annual crude throughput hit new high. We enhanced coordination among procurement, storage and transportation as well as production to reduce procurement cost. Closely following the market demand, we flexibly adjusted the utilisation rate and product slate. We optimised the rhythm of carrying forward the “oil to chemicals” and “oil to specialties” projects, and increased production of market-oriented products such as refined oil products and lubricating grease. We scaled up export volume and optimised arrangement for exports. Structural adjustment projects were proceeding in an orderly manner. In 2023, the Company processed 258 million tonnes of crude, up by 6.3% and produced 156 million tonnes of refined oil products, up by 11.3% with kerosene output up by 60.7% year on year.