In 2016, we witnessed a further slowdown in the real estate market, and we experienced another reshuffle in the industry. In that year, with 20 years of development invested and continuous technical innovation, we set the world record for the world's fastest elevator in China. With joint efforts from all staff and the support of our customers, Hitachi Elevator realized operating revenue of 19 billion Yuan, and has achieved No. 1 in domestic revenue of the industry in five consecutive years.
In 2016, Hitachi Group established the "Medium-Term Operating Plan for 2018", and put forward the target of "Maximizing the Advantages of Hitachi in OT (operation technology) and IT (information technology)”, at the same time furthering development of social innovation, accelerating co-innovation with customers, and becoming an "innovative partner" subject in the IoT (Internet of Things) era.
Based on "Collecting Ideas to Create the Future", Hitachi Elevator introduced the innovative concept of "HUMAN FRIENDLY", and achieved the first cross-border cooperation with independent design master, Mr. Naoto Fukasawa. In today's Made-in-China 2025, smart manufacturing, large data, new generation information technologies such as cloud computing, big data, and so on, are being deeply integrated with the traditional elevator manufacturing industry which expedites generation of a new operation mode, and a new type of operation. These new changes, like a catalyst, speed up revolution of the entire elevator market in China, releasing new vitality and power. We hope to build an independent, leading, value chain and industrial chain through collaborative innovation, to lead the elevator industry to a new height, and better respond to various complex social issues. This is also the best way to fulfill our social responsibility.
In the new year, we will keep going on with collaborative innovation, break the bottleneck of industry development, use innovative technologies to speed up transformation of the traditional industry, and assist social development under the large background of the internet, and the nation's support by strongly promoting innovation.