**Evaluating Key Ratios**

I've calculated the business and management expenses to operating income ratio, which is exactly 29.23% according to the 2025 Annual Report [384]. I'm also now comparing 2024 and 2025 capital adequacy ratios, noting the Core Tier 1 is at 11.42% and I'll use [434] to verify that it meets regulatory requirements. I'm noting the dividend payout ratio has been above 30% for thirteen years [401].

I'm now focusing on reinvestment and new business by the Shanghai home court and other initiatives.
I'm also paying close attention to tech investments, including over 56 billion RMB over five years, >5% of revenue [359], and AI deployment. I'm noting the accounting changes, particularly the shift in fair value hierarchy.