The US-Israel conflict with Iran has disrupted global energy, especially in Asia, as Iran blocks the Strait of Hormuz, limiting 20% of oil shipments. Countries like India, China, Japan, and South Korea are adopting strategies such as stockpiling, subsidies, or seeking alternative sources. Vietnam and the Philippines face severe shortages amid rising fuel prices and supply disruptions

Impact of Middle East War on Asian Energy Security

The ongoing conflict in the Middle East has severely affected Asia, the world’s largest consumer of Middle Eastern oil. The Strait of Almos, a critical energy corridor where about 20% of global oil and gas supplies pass, has seen disruptions since Iran effectively shut it down, blocking shipments primarily destined for Asian nations. Attacks on energy infrastructure across the region have further reduced production, heightening concerns over energy shortages across Asian countries.

Diverse Responses Among Asian Countries

Asian nations are responding differently to the crisis. India, Pakistan, and Bangladesh face significant challenges due to their heavy dependence on Gulf energy supplies; India has invoked emergency measures and turned to unsanctioned Russian supplies. In contrast, China has managed better, thanks to pre-war stockpiles and its ongoing trade with Iran and Russia. Japan, South Korea, and Taiwan have implemented energy voucher programs and reserve strategies, while Thailand and Indonesia have introduced fuel caps and subsidies to stabilize prices.

Struggling Nations and Strategic Measures

In Thailand, an oil shock caused by disruptions in the Strait of Hormuz could have several noticeable effects:

1. Higher Fuel Prices

• At the pump: Gasoline and diesel prices would likely rise quickly, making it more expensive to drive cars, motorbikes, and trucks.
• Transportation costs: Taxis, buses, and delivery services would charge more, affecting daily commutes and the cost of goods.

2. Increased Cost of Living

• Food prices: Since food is transported by trucks and ships, higher fuel costs can make groceries more expensive.
• Electricity bills: Thailand uses oil for some electricity generation, so bills could go up.

3. Impact on Tourism

• Air travel: Higher jet fuel prices could make flights more expensive, potentially reducing the number of tourists visiting Thailand.
• Local travel: Tourists and locals might cut back on trips if fuel and transport costs rise.

Vietnam and the Philippines are among the most vulnerable, with limited reserves and declared energy emergencies to control distribution. Vietnam’s reserves last about 20 days, while the Philippines’ president has empowered authorities to prioritize fuel distribution amid shortages. These measures reflect the varying degrees of energy security challenges faced by Asian nations amid the Middle Eastern conflict.

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Sandy Qin
Director of Investor Relations

Distinguished investors, analysts and friends from the media, good day. I am Sandy Qin, Investor Relations Director of Bairong. I sincerely thank all investors joining us online for your continued attention to Bairong. The company released its 2025 annual results announcement after the market closed yesterday, March 26. In this results presentation, we’ll report and share the company’s operating achievements for 2025, look ahead to 2026 and answer questions of interest.

This results presentation consists of 3 parts. The first part features the CEO introducing business progress and outlook. The second part features the CSO explaining financial performance. The final part is the Q&A session.

[Operator Instructions] Management will answer questions after the presentation.

This presentation contains forward-looking statements reflecting the company’s current beliefs and expectations about the future. These statements include words like anticipate, believe, intend, estimate, expect and words with similar meanings. All statements in this presentation, other than historical facts, are forward-looking statements. These forward-looking statements reflect only the views of the company’s management as of the date of this presentation and are not guarantees of future performance. The company, any member of the group or any of their relevant affiliated parties or any of their respective directors, officers, employees, advisers or representatives assumes no obligation and expressly disclaims any obligation or commitment to disseminate any updates or revisions to any forward-looking statements.

Now I’ll introduce the company’s management attending this result briefing. They are Mr. Zhang Shaofeng, Founder, Chairman of the Board and Chief Executive

Australia’s thriving coffee culture, long dominated by independent cafes, continues to support a select group of national and international franchises in 2026. While 95% of the nation’s approximately 14,600 coffee shops remain independent, franchised operations capture significant market share through consistent branding, extensive networks and convenient locations in shopping centres and high streets.

McCafé leads by a wide margin as the dominant player, leveraging its integration with McDonald’s restaurants. Other established names like The Coffee Club, Gloria Jean’s Coffees and Soul Origin maintain strong presences, offering franchise opportunities amid growing demand for specialty coffee, breakfast menus and digital ordering.

Here is a ranked list of the top 10 coffee franchises operating in Australia as of March 2026, based on store numbers, franchise availability, market impact and recent performance data. Rankings prioritize scale and franchising model while noting quality recognitions where relevant.

1. McCafé (part of McDonald’s) — With well over 1,000 locations nationwide, McCafé remains Australia’s largest coffee operation. Integrated into McDonald’s outlets, it serves millions daily with accessible espresso-based drinks, cold brews and breakfast items. Its scale and low price point make it a go-to for quick service, though critics note it trails specialty independents in bean quality.
2. The Coffee Club — Australia’s largest home-grown café franchise operates around 200-250 stores domestically (with over 400 locations across 9-13 countries including New Zealand and Thailand). Founded in Brisbane in 1989, it offers a full café menu alongside coffee, with recent refurbishments focusing on modern interiors and digital ordering. The chain targets a “meeting place” experience and continues selective expansion.
3. Gloria Jean’s Coffees — Owned by Retail Food Group, this brand has approximately 116-140 stores in Australia as of early 2026, part of a global network exceeding 500-600 outlets. Known for premium blends and a cozy atmosphere, Gloria Jean’s has refreshed store designs with emphasis on digital ordering and sustainability initiatives, including Rainforest Alliance-certified beans. It remains a popular franchise choice for investors.
4. Soul Origin — A standout Australian-owned specialty coffee franchise with dozens of outlets, Soul Origin emphasizes high-quality locally roasted blends and café-style food. It frequently ranks among top franchise recommendations for its strong brand support and appeal to urban customers seeking elevated experiences at accessible prices.
5. Muffin Break — Part of the Retail Food Group portfolio, this bakery-café hybrid operates hundreds of locations across Australia and New Zealand. While famous for muffins, it serves a solid coffee range and light meals, making it a reliable franchise in shopping centres and transport hubs.
6. Hudson’s Coffee — An established player with a network of airport, shopping centre and CBD outlets, Hudson’s focuses on quick-service premium coffee and snacks. It appeals to busy commuters and travellers with consistent quality and convenient locations.
7. Dôme — Based in Perth with over 65 stores, primarily in Western Australia, Dôme offers a European-inspired café experience with strong coffee and all-day dining. Its franchise model supports regional expansion and loyal local followings.
8. Muzz Buzz — A drive-thru focused franchise popular in suburban and regional areas, Muzz Buzz delivers fast coffee service with a streamlined menu. It suits franchisees seeking lower overheads and high-volume takeaway trade.
9. Cibo Espresso — With around 30 outlets (some recently acquired by Retail Food Group for conversion to Gloria Jean’s), Cibo provides Italian-style espresso and café fare. Its compact footprint works well in urban settings.
10. The Coffee Emporium — A 100% Australian-owned franchise with about 30 stores, it reports strong average sales and serves millions of coffees annually. It positions itself as a premium, consistent option for franchise partners.

Market Trends Shaping 2026

Australia’s coffee shop industry generates billions annually, with consumers increasingly seeking quality beans, sustainable practices and convenient digital experiences. Franchise operators have responded with store refurbishments, enhanced loyalty programs and expanded plant-based or cold drink options. While independent cafés dominate quality awards — with seven Australian venues making the World’s 100 Best Coffee Shops list for 2026, including Only Coffee Project (4th) and Toby’s Estate (5th) — franchises excel in accessibility and scale.

Challenges include rising operating costs, competition from independents and evolving consumer preferences for specialty roasts. Successful franchises invest heavily in training, supply chain consistency and store design. Retail Food Group, for instance, continues consolidating smaller brands under stronger banners like Gloria Jean’s.

Franchise opportunities remain attractive for entrepreneurs, with entry costs varying from several hundred thousand dollars depending on location and fit-out. Support typically includes brand marketing, supplier deals and operational training. However, prospective franchisees should conduct thorough due diligence, as success depends on location, local competition and management execution.

Quality vs Scale

Australia’s coffee reputation stems from its independent scene, where roasters like Vittoria, Campos and Toby’s Estate set high standards. Franchises bridge the gap by bringing consistency and convenience, particularly in regional areas and major retail precincts. McCafé and The Coffee Club serve volume-driven customers, while Gloria Jean’s and Soul Origin target those willing to pay a premium for atmosphere and bean quality.

Recent data shows franchise growth through refurbishments and selective openings rather than rapid expansion. Digital tools, including app-based ordering and contactless payments, have become standard to improve throughput and customer experience.

Looking Ahead

As 2026 progresses, expect continued focus on sustainability, with more chains highlighting ethical sourcing and eco-friendly packaging. Cold drinks and breakfast offerings will likely drive growth amid shifting habits. While independents claim global acclaim, franchises provide stable investment options and nationwide reach.

For consumers, the choice between franchise reliability and independent innovation defines Australia’s vibrant coffee landscape. For aspiring business owners, established brands offer proven models in a market where coffee remains a daily ritual for millions.

Whether grabbing a quick flat white at McCafé or enjoying a leisurely latte at Gloria Jean’s, Australia’s top coffee franchises play an essential role in satisfying the nation’s sophisticated palates while delivering commercial scale.

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Kim Kardashian and Lewis Hamilton continued to spark intense speculation about their rumored romance Tuesday as fresh photos emerged of the reality television star and Formula One champion stepping out together in Tokyo, with Kardashian seen wrapping her arm around Hamilton while accompanied by her sister Khloé and son Saint.

The latest sighting, captured on March 22 and widely shared on social media, shows the pair appearing relaxed and comfortable during their trip to Japan. Kardashian, 45, smiled and waved at fans while walking alongside the 41-year-old seven-time world champion, who is now racing for Ferrari in the 2026 season. They were not holding hands, but their easy body language added fresh fuel to months of dating rumors that have captivated celebrity watchers and motorsport fans alike.

The Tokyo appearance follows a string of joint outings that began gaining traction in early 2026. The pair were first romantically linked after a private getaway at the luxury Estelle Manor in England’s Cotswolds in late January. They were later spotted dining together in Paris and vacationing near Lake Powell in Arizona in early March, where they watched a desert sunset. Sources close to the couple have described the relationship as serious, with one telling Us Weekly that Hamilton is “head over heels” and believes he has finally met his “dream girl.”

Hamilton publicly showed his affection on March 16 when he left a heart-eyed emoji on Kardashian’s Instagram post showcasing her dazzling gold Gucci look at the 2026 Vanity Fair Oscars after-party. Kardashian attended the event solo but received the flirty comment from Hamilton, who was not present. The gesture quickly made headlines and intensified talk that the high-profile pairing could be heading toward something more committed.

The two celebrities have known each other for over a decade, first crossing paths around 2014 at various industry events. Their friendship remained low-key until early 2026, when they were seen enjoying an intimate New Year’s Eve party in Aspen, Colorado. By February, they made what many viewed as a soft public debut, sitting together in a suite at Super Bowl 2026 at Levi’s Stadium in Santa Clara, California.

Kardashian, the founder of SKIMS and a star of “The Kardashians” on Hulu, has been open about her desire for a stable partner after her high-profile divorce from Kanye West. She shares four children with the rapper: North, Saint, Chicago and Psalm. Hamilton, who has no children, has spoken in the past about wanting a family someday while balancing his demanding racing career.

The romance has drawn mixed reactions. Some observers, including Sky F1 commentator David Croft, have suggested the relationship could benefit Hamilton’s on-track performance as he adapts to life at Ferrari following a challenging start to the 2026 season. Others have raised eyebrows, with reports that Hamilton’s mother, Carmen Larbalestier, harbors reservations about whether Kardashian’s flashy lifestyle aligns with her son’s long-term goals. Friends of Hamilton’s ex-partner Nicole Scherzinger have also weighed in, with some warning that he can be “hot and cold” in relationships.

Despite the chatter, sources close to the pair insist they are “going strong and really happy.” Kardashian has reportedly hinted at wanting commitment, while Hamilton appears smitten. The Tokyo trip included family elements, with Kardashian’s son Saint joining at times, suggesting an effort to blend their worlds.

The pairing represents an intriguing crossover between two very different spheres: Kardashian’s reality TV and fashion empire and Hamilton’s world of elite motorsport. Hamilton, widely regarded as one of the greatest drivers in F1 history, has used his platform to advocate for diversity, environmental causes and social justice. Kardashian has focused on business ventures, criminal justice reform and her children while maintaining a massive social media following.

Industry insiders note that both stars are at points in their lives where they appear ready for something meaningful. Hamilton, now in his 40s and racing for one of the most storied teams in Ferrari, has spoken about seeking balance outside the cockpit. Kardashian, after years of public scrutiny, has expressed a desire for privacy in her personal life while continuing to build her brands.

The couple has not officially confirmed the relationship, choosing instead to let photos and subtle social media interactions speak for themselves. Neither has addressed the rumors directly in interviews, though their repeated joint appearances make denial increasingly difficult.

As the 2026 F1 season progresses, speculation continues about whether Kardashian might appear in the paddock to support Hamilton at upcoming races. Some reports have suggested she could make her debut at a European Grand Prix, though nothing has been confirmed.

For now, the focus remains on their growing closeness. From European getaways to desert sunsets and now a bustling trip to Tokyo, Kim Kardashian and Lewis Hamilton have kept the celebrity world buzzing with one of 2026’s most unexpected high-profile connections.

Friends say the relationship feels different for both. Kardashian is said to be more relaxed and genuinely excited, while Hamilton appears energized and content. Whether it develops into a long-term partnership or remains a passionate chapter remains to be seen, but the latest Tokyo photos suggest momentum is building.

As March draws to a close, the pair continue to navigate public interest with a mix of discretion and undeniable chemistry. In a world where celebrity romances often burn bright and fade fast, Kardashian and Hamilton have managed to keep fans guessing while enjoying each other’s company across continents.

The story of Kim Kardashian and Lewis Hamilton adds another layer to two already remarkable careers — one built on speed and precision on the track, the other on reinvention and business savvy in the spotlight. Their connection, whether fleeting or enduring, has already become one of the most talked-about developments in entertainment and sports this year.

Microsoft co-founder Bill Gates remains one of the most influential voices on artificial intelligence, blending profound optimism about its transformative power with clear-eyed warnings about its risks. In his annual “The Year Ahead 2026” letter published in January and subsequent public remarks, Gates offered several memorable quotes that encapsulate his views on AI’s potential to reshape society, the economy and global security.

Here are five notable quotes from Gates on AI in 2026, drawn from his writings and interviews, along with context that reveals his nuanced perspective as the technology accelerates.

1. “Of all the things humans have ever created, AI will change society the most.”

In his widely read “The Year Ahead 2026” essay posted on GatesNotes.com, Gates declared AI the most disruptive invention in human history. He argued that unlike previous breakthroughs, AI will simultaneously solve pressing problems in health care, education and climate while introducing new challenges. The quote underscores his belief that AI’s impact will surpass the internet, personal computers and even electricity in its breadth and speed of adoption. Gates noted that AI capabilities will enable society to produce far more goods and services with significantly less labor, already visible in sectors like software development, warehousing and customer service.

2. “There is no upper limit on how intelligent AIs will get or on how good robots will get, and I believe the advances will not plateau before exceeding human levels.”

Gates pushed back against skepticism fueled by missed predictions for artificial general intelligence (AGI). He acknowledged that overly optimistic timelines have sometimes created doubt, but insisted progress toward superhuman intelligence and advanced robotics will continue without hitting a ceiling. This statement, also from his January 2026 letter, reflects his long-term confidence that AI will surpass human cognitive abilities in many domains. He tied this to practical outcomes, suggesting humanoid robots could become commonplace and transform industries ranging from manufacturing to elder care.

3. “We’re already starting to see the impact of AI on the job market, and I think this impact will grow over the next five years. As AI delivers on its potential, we could reduce the work week or even decide there are some areas we don’t want to use AI in.”

Gates highlighted AI-driven productivity gains that could fundamentally alter work patterns. He pointed to efficiency improvements — such as software developers becoming at least twice as productive — and envisioned scenarios where a shorter workweek becomes feasible. At the same time, he stressed the need for thoughtful policy to manage job displacement and ensure the benefits of increased productivity are widely shared. This quote has sparked discussions about universal basic income, retraining programs and societal choices around automation.

4. “Today, an even greater risk than a naturally caused pandemic is that a non-government group will use open source AI tools to design a bioterrorism weapon.”

Drawing parallels to his 2015 TED Talk warning about pandemic preparedness, Gates elevated AI-enabled bioterrorism as a top concern. He warned that bad actors could leverage widely available AI models to engineer dangerous pathogens, potentially causing greater harm than natural outbreaks like COVID-19. This stark assessment, repeated in interviews following his annual letter, underscores his call for deliberate governance, international cooperation and safeguards in AI development and deployment. He advocated treating this risk with the same urgency once reserved for nuclear proliferation.

5. “AI capabilities will allow us to make far more goods and services with less labor… Even if the transition takes longer than I expect, we should use 2026 to prepare ourselves for these changes — including which policies will best help spread the wealth and deal with the important role jobs play in our society.”

Gates repeatedly emphasized proactive preparation over reactive measures. He urged governments, businesses and individuals to use 2026 as a pivotal year for policy planning around wealth distribution, education reform and social safety nets. While optimistic about AI solving grand challenges — from personalized medicine to climate modeling — he cautioned that unchecked disruption could exacerbate inequality. In Davos and other forums early in 2026, he reiterated the importance of balancing innovation with equity.

Gates’ 2026 commentary arrives amid rapid advancements in large language models, multimodal AI and robotics. His Microsoft ties and substantial investments in AI-related ventures lend weight to his observations, though he speaks primarily through his philanthropic lens via the Gates Foundation.

The philanthropist, now 70, has maintained an active public profile on technology despite stepping back from day-to-day Microsoft operations years ago. His annual letters have become must-read documents for policymakers and tech leaders. In 2026, the tone is “optimism with footnotes” — enthusiasm for AI’s problem-solving potential tempered by acknowledgments of disruption, misuse risks and the need for responsible governance.

Experts note that Gates’ focus on bioterrorism and job market shifts aligns with broader concerns raised by governments and organizations like the United Nations and the World Economic Forum. His call for using 2026 as a preparation year has resonated as companies accelerate AI adoption and nations debate regulation.

Critics sometimes accuse Gates of overstating AI timelines or downplaying near-term harms, yet his track record of early warnings — on pandemics, climate change and digital divides — gives his voice credibility. Supporters praise his balanced approach: championing innovation while advocating safeguards.

As AI continues evolving, Gates’ five quotes offer a roadmap for navigating its opportunities and pitfalls. From exceeding human intelligence to reshaping labor markets and posing biosecurity threats, his perspective frames 2026 as a critical inflection point.

In healthcare, Gates envisions AI acting as a triage nurse or diagnostic assistant, dramatically lowering costs and improving access in developing regions. In education, personalized tutoring could become commonplace. Yet he stresses that humans will still play essential roles in fields like energy systems, biological research and complex software design.

Gates has also touched on AI’s environmental footprint, noting the massive energy demands of training and running advanced models. He links AI progress to breakthroughs in clean energy and efficient computing.

Looking ahead, Gates believes society must address three overarching questions: increasing global generosity, scaling beneficial innovation and minimizing AI’s negative disruptions. His optimism stems from historical patterns where technology ultimately improved living standards, but he insists deliberate action is required this time.

For business leaders, his message is clear: invest in AI while preparing workforces for change. For policymakers, the emphasis is on equitable policies that spread AI’s benefits. For the public, he encourages lifelong learning and adaptability.

As March 2026 draws to a close, Gates’ quotes continue circulating in boardrooms, classrooms and government halls. They serve as both inspiration and cautionary tale in an era where AI’s societal imprint grows daily.

Whether AI ultimately fulfills Gates’ vision of unprecedented progress or amplifies existing inequalities will depend on choices made now. In his own words, the coming decade will test humanity’s ability to harness one of its most powerful creations responsibly.