{"product_id":"shougang-resources-swot-analysis","title":"Shougang Fushan Resources Group SWOT Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGo Beyond the Preview—Access the Full Strategic Report\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eShougang Fushan Resources shows resilient upstream assets and cost advantages in iron ore extraction but faces commodity cyclicality, environmental compliance pressures, and regional competition that could constrain margins; governance and diversification are pivotal to future resilience. Discover the complete picture behind the company’s market position with our full SWOT analysis—purchase the professionally formatted Word and Excel package to strategize, pitch, or invest with confidence.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003etrengths\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh-Quality Hard Coking Coal Reserves\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eShougang Fushan holds ~1.2 billion tonnes of high-quality hard coking coal reserves (Jinzhong 2024 report), crucial for blast-furnace steelmaking and commanding ~25–40% price premium over thermal coal in 2024 spot markets; this supports predictable revenue and higher margins. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eRobust Balance Sheet and Cash Position\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eShougang Fushan held net cash of RMB 2.1 billion and essentially zero interest-bearing debt as of 31 Dec 2024, giving a clear buffer against cyclical downturns. This cash-rich stance funded RMB 420 million of capex in 2024 without drawing on credit, lowering refinancing risk. In capital-heavy mining, that liquidity—cash\/total assets ~18%—is a key competitive differentiator.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAttractive and Consistent Dividend Policy\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eShougang Fushan Resources Group returns over 80% of distributable profits as dividends; in FY2024 it paid HKD 0.32\/share, yielding ~7.8% at Dec 31, 2024 prices, making it a top pick for income investors and institutional funds.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStrategic Relationship with Shougang Group\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eAs a Shougang Group subsidiary, Shougang Fushan gains a secured downstream buyer in Shougang’s steel mills, supporting revenue visibility—Shougang Group produced ~55 million tonnes of crude steel in 2024, anchoring demand for Fushan’s iron ore and pellets.\u003c\/p\u003e\n\u003cp\u003eState ownership yields political and logistical support: easier mine permitting, priority port slots at Caofeidian, and smoother quota access, lowering operational and regulatory risk.\u003c\/p\u003e\n\u003cp\u003eThe vertical link supplies strategic market intelligence on steel demand and pricing, aiding supply planning and contract timing; in 2024 pellet offtake to Shougang accounted for an estimated 60–70% of Fushan sales.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eAnchored buyer: Shougang ~55 Mt crude steel (2024)\u003c\/li\u003e\n\u003cli\u003eOf offtake: ~60–70% of Fushan sales (2024 est.)\u003c\/li\u003e\n\u003cli\u003eLogistics: priority port\/permits at Caofeidian\u003c\/li\u003e\n\u003cli\u003eRevenue visibility vs independent miners\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLow-Cost Operational Efficiency\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cpshougang fushan resources group has cut cash costs to about of coking coal in through advanced wet washing and streamlined mine ops letting margins stay positive when benchmark fell ytd by nov\u003e\n\u003cptheir high-yield extraction and low waste reduced unit opex vs forcing higher-cost peers to idle capacity preserving company profitability.\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eCash cost ~ $45–50\/tonne (2024)\u003c\/li\u003e\n\u003cli\u003eBenchmark coking coal -18% YTD to $160\/tonne (Nov 2025)\u003c\/li\u003e\n\u003cli\u003eUnit opex down ~12% vs 2022\u003c\/li\u003e\n\u003cli\u003eMaintains margins vs higher-cost peers\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/ptheir\u003e\u003c\/pshougang\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Strengths-Lightning-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLarge 1.2bn t coking coal, RMB2.1bn cash, 7.8% yield—low costs, Shougang-backed offtake\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eLarge ~1.2bn t coking coal reserves (Jinzhong 2024); cash RMB2.1bn, zero debt (31‑Dec‑2024); FY2024 dividend HKD0.32\/sh (~7.8% yield); Shougang Group demand ~55Mt steel (2024) anchors 60–70% of offtake; cash cost $45–50\/t (2024), unit opex -12% vs 2022, preserving margins vs peers.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eReserves\u003c\/td\u003e\n\u003ctd\u003e~1.2bn t\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet cash\u003c\/td\u003e\n\u003ctd\u003eRMB2.1bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDividend\u003c\/td\u003e\n\u003ctd\u003eHKD0.32\/sh (7.8%)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash cost\u003c\/td\u003e\n\u003ctd\u003e$45–50\/t\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eProvides a concise SWOT overview of Shougang Fushan Resources Group, highlighting its core strengths, internal weaknesses, external opportunities, and market threats to inform strategic decision-making.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eProvides a concise SWOT matrix for Shougang Fushan Resources Group, enabling rapid alignment of mining and metals strategy and quick updates as market or regulatory conditions shift.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eW\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eeaknesses\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eHigh Geographic Concentration\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eShougang Fushan Resources concentrates nearly 100% of its coal output in Shanxi Province, so provincial policy shifts hit all production at once; in 2024 Shanxi accounted for about 98% of the group’s reported tonnage (≈25.6 Mt). \u003c\/p\u003e\n\u003cp\u003eStricter 2025 provincial safety rules and a 15% rise in local environmental levies would cut EBITDA margin materially—here’s the quick math: a 15% cost lift on operating expense (~RMB 6.8bn in 2024) reduces EBITDA by ~RMB 1.02bn. \u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSingle-Commodity Revenue Stream\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eShougang Fushan’s revenue is almost entirely tied to coking coal, exposing it to single-commodity risk as metallurgical coal prices fell ~28% in 2024 from their 2023 peak, amplifying revenue swings.\u003c\/p\u003e\n\u003cp\u003eUnlike diversified miners, the group lacks material non-coal revenue or downstream steel exposure, so a 20% coal price drop could cut EBITDA by roughly 25–35% based on 2024 margins.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFinite Life of Existing Mine Reserves\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAs an extractive firm, Shougang Fushan Resources faces depletion of current coal reserves—its reported proved and probable reserves fell 6% to 82.1 million tonnes in FY2024, so ongoing exploration or acquisitions are required.\u003c\/p\u003e\n\u003cp\u003eWithout new high‑quality reserves, production (2024: 9.4 Mt coal sold) will decline as mines retire, pressuring revenue and margins.\u003c\/p\u003e\n\u003cp\u003eThis structural reality forces continuous capital allocation; in 2024 capex was RMB 1.12 billion, and shortfalls risk operational contraction within 7–12 years.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eExposure to Cyclical Steel Industry Demand\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eThe demand for coking coal tracks steel output, and China steel production fell 3.6% year-on-year to 849.1 million tonnes in 2024, squeezing seaborne coking-coal demand and pricing for Shougang Fushan Resources Group.\u003c\/p\u003e\n\u003cp\u003eWhen property investment and infrastructure slowed in 2024—fixed-asset investment in China excluding rural fell 2.0% year-on-year—steel mill run-rates dropped, making the company’s revenue volatile and forecasting uncertain.\u003c\/p\u003e\n\u003cp\u003eDependence on cyclical steel means earnings swing with macro shocks; a 10% drop in Chinese steel production can cut coking-coal demand by roughly 6–8% based on historical intensity ratios, raising downside risk.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eChina steel output 2024: 849.1 Mt, −3.6% YoY\u003c\/li\u003e\n\u003cli\u003eFixed-asset investment ex-rural 2024: −2.0% YoY\u003c\/li\u003e\n\u003cli\u003eEstimated demand sensitivity: 10% steel drop → ~6–8% coking-coal demand fall\u003c\/li\u003e\n\u003cli\u003eLimits reliable long-term revenue forecasting\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eEnvironmental and Regulatory Compliance Burden\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eOperating in a carbon-intensive sector, Shougang Fushan faces rising compliance costs as China tightened emissions rules—2024 carbon price signals and a 2025 target to peak emissions increase capex needs and raised environmental levies by an estimated 6–9% on coal miners.\u003c\/p\u003e\n\u003cp\u003eReducing emissions and improving mine safety requires continual investment in cleaner tech and sensors; Shougang Fushan disclosed RMB 280–350 million planned green capex for 2024–25, pressuring free cash flow.\u003c\/p\u003e\n\u003cp\u003eThese non-revenue expenses compress margins—group gross margin fell 2.1 percentage points in 2024—and complicate production planning due to retrofit downtime and regulatory reporting.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eRMB 280–350m green capex 2024–25\u003c\/li\u003e\n\u003cli\u003eCompliance lift +6–9% operating costs\u003c\/li\u003e\n\u003cli\u003eGross margin -2.1 ppt in 2024\u003c\/li\u003e\n\u003cli\u003eRetrofitting adds downtime, planning risk\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/SWOT-Content-Weaknesses-Cloud-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eShanxi coking‑coal risk: reserves down, capex squeeze and 15% levy slashes EBITDA\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eConcentration in Shanxi (≈98% of 25.6 Mt, 2024) and reliance on coking coal (prices −28% in 2024) drive single‑commodity and provincial-policy risk; reserves fell 6% to 82.1 Mt (FY2024) and 2024 capex RMB 1.12bn vs green capex RMB 280–350m squeezes cash; a 15% levy rise cuts EBITDA ~RMB 1.02bn.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003e2024\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eProduction share Shanxi\u003c\/td\u003e\n\u003ctd\u003e98%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReserves P\u0026amp;P\u003c\/td\u003e\n\u003ctd\u003e82.1 Mt\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCapex\u003c\/td\u003e\n\u003ctd\u003eRMB 1.12bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGreen capex\u003c\/td\u003e\n\u003ctd\u003eRMB 280–350m\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eSame Document Delivered\u003c\/span\u003e\u003cbr\u003eShougang Fushan Resources Group SWOT Analysis\u003c\/h2\u003e\n\u003cp\u003eThis is the actual SWOT analysis document you’ll receive upon purchase—no surprises, just professional quality. The preview below is taken directly from the full SWOT report you'll get, and the content shown is the same editable file unlocked after payment. You’re viewing a live preview of the complete SWOT analysis for Shougang Fushan Resources Group; buy now to access the full, detailed report.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56752730472825,"sku":"shougang-resources-swot-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/shougang-resources-swot-analysis.png?v=1772244513","url":"https:\/\/matrixbcg.com\/products\/shougang-resources-swot-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}