As for China, I had anticipated growth there, but it was minimal—around 0.5%—despite easy comps that should have shown 5-6%. This suggests there may be underlying challenges in the Chinese market.

Jeanne: Fair question—where will future growth come from? Talking about technology, we can look at Apple’s intelligence features. Chinese consumers might buy the iPhone 16 expecting that Apple will eventually make the platform available in China, despite current regulatory restrictions. How are you modeling that?