Q2 2022 Puyi Inc Earnings Call
Ladies and gentlemen, welcome to Inc's first half of the fiscal year 2022 earnings Conference call.
and gentlemen, welcome to Puyi Inc's first half of the fiscal year 2022 earnings conference call. At this time, all participants
At this time, all participants are in listen only mode.
Following managements prepared remarks, there will be a Q&A session.
Today's conference call is being recorded this conference call is also being broadcast live over the Internet and will be available for replay purposes on the company's website.
I'd like to turn the meeting over to your first speaker today Ms Jing, He who is general.
General manager financial reporting Department. Thank you. Please go ahead.
Thank you operator, good evening welcome to our earnings conference call for the first half of the fiscal year 'twenty constitute.
Speaker Change: Thank you, operator. Good evening. Welcome to our earnings conference call for the first half of the fiscal year 2022. Before we continue, please know that the discussion today will contain forward-looking statements made under the safe harbor provisions of the United States Private Security Litigation Reform Act of 1995. The accuracy of these statements may be impacted by a number of risks and uncertainty.
Before we continue please note that the discussion today will contain forward looking statements made under the safe Harbor provisions of the United States Private Securities Litigation Reform Act of 1995. The accuracy of these statements may be impacted by a number of risks and uncertainties that could cause our actual results to differ materially.
Speaker Change: that could cause our actual results to defer materially from those projected or anticipated. Such risks and uncertainties include, but not limited to, those are highlighted in our file links with the SEC, including our 20F registration document every.
Clearly from those projected or anticipated.
Such risks and uncertainties include but are not limited to those outlined in our filings with the SEC, including our 20-F <unk> document every we do not undertake any obligation to update these forward looking information, except as required under applicable law.
Speaker Change: We do not undertake any obligation to update this for looking information except as you cry under the thick of a law.
Speaker Change: Joining us today are our Chief Executive Officer, Mr. Yong Ren and Chief Financial Officer, Mr. Anning Hu. Mr. Ren will first walk you through our business and financial conditions of the first half of the fiscal year 2022, and then there will be a Q&A section. Now I will turn the call over to Mr. Ren.
Joining us today are chief Executive Officer, Mr. Joel again, and Chief Financial Officer, Mr. <unk>. Mr. <unk> will first of all what you for our business and financial conditions of the first half of the fiscal year 2022, and then there will be a Q&A section now I will turn the call over to Mr. Burton.
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Speaker Change: First of all, I would like to introduce the business and financial frameworks for the first half of the year, 2022, and talk about the management team's vision for the future.
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Speaker Change: We will have a Q&A session in a moment.
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Speaker Change: Good evening, everyone. Thank you for joining us today on the conference call for the first half of the fiscal year 2022. Here with me is our chief financial officer, Mr. A Min Hu. We will begin today's call with an overview of financial and operational results of our first half of the fiscal year 2022, then followed by a brief discussion of our business outlook for the future. We will take your questions after the prepared remarks.
Good evening, everyone. Thank you for joining us today on the conference call for the first half of the fiscal year 2022.
Here with me is our Chief Financial Officer Masonic, who.
We will begin today's call with an overview of financial and operational results of our first half of the fiscal year 2022.
Then followed by a brief discussion of our business outlook for the future.
We will take your correction after the prepared remarks.
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Speaker Change: In the first half of 2022, the global COVID-19 pandemic continues to spread. China's GDP has increased by more than 1 billion.
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Speaker Change: In addition, the number of companies has increased by 5.3%. The number of companies has increased by 1.6%. In this case, we mainly want to...
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Speaker Change: First of all, let's take a look at our business development in the reporting period.
First of all let's take a look at our business development in the reporting period.
Speaker Change: During the first half of the fiscal year 2022, the COVID-19 pandemic
During the first half of the fiscal year 2022, the COVID-19 pandemic.
Speaker Change: kept sparing globally and the growth of China's GDP with also lowering the speed.
Spanning globally and the growth of China's GDP was also lowering his feet.
Speaker Change: Under the influence of all those unfavorable circumstance, the management made great effort, and we still had an overall growth during this reporting period.
Under the influence of autos unfavorable circumstance the management make great effort and we still had an overall growth during this reporting period.
Speaker Change: During the first half of the fiscal year 2022, we generated total revenue of RMB 101.5 million, increasing by 21.5% as compared to the same period of the fiscal year 2021.
During the first half of the fiscal year 2022, we generated total revenue of RMB $101 five.
5 million.
<unk> by 21, 5% as compared to the same period of the fiscal year 2021 of which the revenue generated from the sales of public raised fund products increased by five 3% and revenue.
Speaker Change: of which the revenue generated from the sales of public raised fund products increased by 5.3% and the revenue generated from the sales of privately raised fund products increased by 91.6%. Our progress during the reporting period is listed as follows.
Revenue generated from the sales of privately raised fund products increased by 91, 6% our progress during the reporting period is listed as follows.
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Speaker Change: At the same time, the total number of customers of the public fund has increased by 21.6% from 315,000 last year to 383,000.
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Speaker Change: The military and military personnel have continued to increase. The military personnel have continued to increase. The military personnel have continued to increase.
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Speaker Change: In addition, the construction of the main management of the company is a core product of the construction of the company. The construction of the company is a core product of the construction of the company.
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Speaker Change: First, our transaction to stabilize products was smooth, and outstanding any balance of various products continued to grow steadily.
First our transition to stabilized products was smooth and outstanding earnings.
<unk> products continue to grow steadily.
Speaker Change: As of December 31st, 2021, the outstanding ending balance of public rates from products amounted to RMB 8.7 billion, increased by 48.1% from RMB 5.9 billion as of December 31st, 2020.
December 31st 2021, the outstanding balance of public raised fund products amounted to RMB eight 7 billion increased by 48, 1% from RMB five 9 billion as of December 31, 2020. Meanwhile, as of December 31, 2021, the number.
Speaker Change: Meanwhile, as of December 31st, 2021, the number of active clients for our public restaurant products was 383,000, increasing by 21.6% from 315,000 as of December 31st, 2020.
Of active clients for our public restaurant product was 383000, increasing by 21, 6% from 315000 as of December 31, 2020 in the first half of the fiscal year 2022, the growth of the outstanding balance of our public.
Speaker Change: In the first half of the fiscal year 2022, the growth of the outstanding ending balance of our public-raised-fund product
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Speaker Change: I'll pay the growth of the number of active clients for our public raise fund portal.
The growth of the number of active clients for our public raised fund products.
Speaker Change: and ascending any balance of our public race fund products per tyrant continue to increase.
The outstanding balance of our public raised fund products per tie in continuing to increase demonstrating the global effect profile automatic investment on a dollar cost averaging base management system highly recommended by the company.
Speaker Change: demonstrating the slowball effect thought by the automatic investment on a dollar cost averaging base management system highly recommended by the company.
Speaker Change: Particularly, portfolios of public-raised-fund products are our core products. As of December 31, 2021, the outstanding earnings balance of our portfolios of public-raised-fund products amounted to RMB 7.2 billion, accounting for 83.1% of the total outstanding earnings balance of our public-raised-fund products as of the same day.
Particularly portfolios of public Reits on products, our core products.
As of December 31, 2021, the outstanding balance of our portfolios.
Some products amounted to RMB seven 2 billion.
Counting for 83, 1% of the total outstanding balance of our public Reits Fund products.
The same day.
Speaker Change: And the number of active clients for our portfolios of public raised fund products were 336,000 as of December 31st, 2021, accounting for 87.7% of the total number of our active clients for our public raised fund products as of the same day. In the first half of the fiscal year 2022, the transaction value of private...
And the number of active clients for our portfolios probably already some products were 336000 as of December 31, 2021 accounting for 87, 7% of the total number of our active clients for our public raised some products as of the same day.
In the first half of the fiscal year 2022.
The transaction value of privately raised fund products, all of which were primarily due to race security investment fund products with RMB $882 6 million each increasing by 69, 7% as compared to the same period of the fiscal year 2021.
Speaker Change: all of which were private race security investment fund products with RMB 882.6 million, increasing by 69.7% as compared to the same period of the fiscal year 2021, demonstrating our effort in cross-selling private race fund products to clients of our public race fund products.
And most trading our effort in cross selling privately raised fund products to clients of our public raised some products.
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Speaker Change: At the same time, we are also working on companies that do not meet our expectations.
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Speaker Change: to ensure the company's long-term, healthy and stable development. In terms of customer channels, we will speed up the classification and selection of customers.
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Speaker Change: In short, the total number of customers has increased from 7.7 on December 31, 2022 to 12.3 on December 31, 2021.
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Speaker Change: Second, we optimize the development strategy all up of our branch office and accelerate the professionalization and specialization of financial advisors.
Second we optimize the development strategy all of our branch office and accelerate the professionalization and specialization of financial advisors.
Our mission is making early February in China has its own financial asset allocation advisors.
Speaker Change: Our wish is making every family in China has its own financial asset allocation of the visor, which can be achieved by a large group of our professional financial advisors and see clients. By leveraging the company's power, phone asset allocation platform to effectively expand their personal service capabilities.
Which can be achieved by a large group of our professional financial advisors and clients.
Leveraging the Companys power for asset allocation platform to effectively extend their personal service capabilities.
Speaker Change: For the first half of the fiscal year 2022, our target was to strengthen our capability of family financial assets allocation to achieve this target. On the one hand, we continue to optimize our recruitment system, training system, and operation system for professional financial advisor to facilitate the expansion of our financial advisor team and to further grow our business.
For the first half of the fiscal year 2022, our target was to strengthen our capability of family financial asset allocation to achieve these targets on the one hand, we continue to optimize our equivalent system training system and operational operation system for professional financial advice.
To facilitate the expansion of our financial advisor team and to further grow our business.
Speaker Change: Meanwhile, we assess and optimize our geographical focus from time to time to ensure our sustainable development.
Meanwhile, we assess and optimize our York ethical focus from time to time to ensure our sustainable development.
On the other hand, it also accelerate the selection classification and training process of our <unk> clients, resulting in the increase of the number of active price per seat Cayenne from seven seven as of December 31, 2020 to $12 three as of December 31 2021.
Speaker Change: On the other hand, we also accelerate the selection, classification and training process of our SIG clients, resulting in the increase of the number of active clients per SIG client from 7.7 as of December 31, 2020, to 10.3 as of December 31, 2021.
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Speaker Change: will also help the Chinese people to reintegrate in their faith and religious belief.
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Speaker Change: The company has been moving for 22 years, and the company has been moving for 22 years, and the company has been moving for 22 years.
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Speaker Change: As of December 31, 2021, we have provided insurance and family support to more than 60 high-risk families.
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Speaker Change: We believe that with the increase in partners and customers and the strengthening of the company's professional operations, the family office will be a great boost to the company's future in the field of financial management.
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Speaker Change: Third, we talk the initiatives in the development of our family's office business. The market demand of which is strong. Based on the strong demand from other front families in China for wealth preservation and appreciation in inheritance and their related and surgery service, we launch family office service beforehand in October 2020.
First we took the initiative in the development of our family office business the market demand of which is strong based on the strong.
Demand from mass affluent families in China for wealth preservation and appreciation inheritance and they're related.
History very service, we launched family office service beforehand.
Robert <unk> till now we have established cooperation with trust companies insurance companies.
Speaker Change: Till now, we have established cooperation with trust companies, insurance companies, education service providers, tax firms, and law firms, and initially we complete the setup of our professional service and operation system for insurance premium trust, family trust, overseas education, tax service, and other service for master firm family.
<unk> service providers.
Firms and law firms and initiative is complete the setup of our professional service and operation system for insurance premiums Trust family Trust.
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As of December 31st 2021, we have provided insurance Trust and family Trust service to more than <unk> 60, <unk> families of high net worth clients.
Speaker Change: As of December 31, 2021, we have provided insurance trust and family trust service to more than 560 families of high net worth clients. We believe that with the increase of partners and clients and the enhancement of their
We believe that with the increase of partners and clients and the enhancement of the.
Professional operation capabilities, our family Office service will become another growth driver for our future wealth management service business.
Speaker Change: Professional operation system capabilities, our family office service will become another growth drive for our future wealth management service business.
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Speaker Change: is financial literacy, responsibility, and warmth.
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Speaker Change: In August 2015, the company did not forget to be recognized by the society. The company was announced in October 2021. The experts of the company had already signed the contract.
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Fourth we insist that financial industry should be good responsible and wall as we develop our business. We are always dedicate to our social responsibility.
Speaker Change: Fourth, we insist that financial industry should be good, responsible, and warm. As we develop our business, we are always dedicated to our social responsibility. In October 2021, we visited various schools in Ganji, Tibetan Autonomous Region in Sichuan province to provide thick cotton clothes and school supplies to students and teachers, hoping that the attitude of...
Tober time at only one we visited various SKU in Garanti Tibet.
Numerous region.
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Speaker Change: Next, I will briefly discuss our financial condition for the first half of the fiscal year 2022.
Next I will briefly discuss our financial condition for the first half of the fiscal year 2022.
For this period net revenues increased period on period by 21, 5% from RMB $68 5 million.
Speaker Change: For this period, net women news increased period on period by 21.5 percent from R&B 68.5 million to R&B 101.5 million, US dollar 15.9 million. Now, next turn to each individual business line.
RMB 101, 5 million U S dollar $15 9 million now next turn to each individual business lines.
Speaker Change: The first is the wealth management business. This year's wealth management business revenue is RMB 9,423.2 million yuan, which is 28.8% higher than last year's RMB 7,318.8 million yuan.
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Speaker Change: The income of the public fund products is RMB 5546.5 million yuan, which is 5.3% higher than the RMB 5265.5 million yuan in the same period last year. The increase is mainly due to the public fund's
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Speaker Change: The growth of the stock size has led to an increase in management costs. The income of Shimo Fund products is RMB 3876.7 million yuan, which is RMB 2,000 less than last year.
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Speaker Change: to increase its total charge to 1.3%. The growth came mainly because of the risking the gain.
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First our wealth management service.
Speaker Change: Now I have a news generated from our welfare management service, increased peer-on-peer by 2020.
Revenues generated from our wealth management service increased peer on period by 20.
Speaker Change: 28.8% from RMB 73.2 million to RMB 94.2 million, U.S. dollar 14.8 million. In particular, net revenues generated from distribution of public-raised fund products for the reporting period were RMB 55.5 million, U.S. dollar 8.7 million, representing a 5.3% period-on-period increase from RMB.
28, 8% from RMB $73 2 million to RMB 94 point.
2 million U S dollar.
<unk> $14 8 million in particular net revenues generated from distribution of public raised some products for the reporting period were RMB 55.
5 million U S dollar eight seven medium representing a five 3% period on period increase from RMB $52 7 million. The increase was primarily due to an increase in management fee from the outstanding daily balance of public Reits Fund products.
Speaker Change: $52.7 million. The increase was primarily due to an increase in management fee from the outstanding daily balance of public rates on products.
Net revenues generated from distribution of privately raised some products for the reporting period were RMB.
Speaker Change: Net revenues generated from distribution of privately raised fund products for the reporting period were RMB...
Speaker Change: 38.8 million USD 3.1 million representing a 91.6% period-on-period increase from RMB 20.2 million.
$38 eight medium you saw a $3 1 million, representing 91, 6% period on period increase from RMB 22 million.
Speaker Change: The increase was primarily due to, first, the increase in transaction value of private raised fund products, and second, performance-based fees of RMB 3.0 million recognized in the first half of the fiscal year 2022, as compared to nil in the first half of the fiscal year 2021. Net revenues generated from distribution of other financial products for the reporting period were nil, compared to RMB 3.0 million.
The increase was primarily due to first the increase in transaction value of private restaurant products and second performance based fees of RMB 3.0 million recognized in the first half of the fiscal year 2022, as compared to nil in the first half of the fiscal year 2021, net revenue was generated from distribution of auto.
Financial products for the reporting period were nil compared to RMB.
Speaker Change: $299,000 for the same period of the fiscal year 2021. The decrease was primary because we focused on the distribution of fund products and ceased to offer new exchange-administered products since October 2019, and we had no existing exchange-administered products for this reporting period. Second, next is the asset management business.
299000 for the same period of the fiscal year 2021. The decrease was primarily because we focus on the distribution of <unk> products and sees to offer new exchange added Mr products. Since October 2019, and we had no existing exchange at a Mr product for this reporting.
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Speaker Change: Second, our Asset Management Service. Net revenues generated from Asset Management Service for the reporting period were RMB 3.7 million, U.S. dollar 0.6 million, representing a 64.2% period-on-period decrease from RMB 10.3 million. The decrease was primarily due to a 74.3% decrease in performance-based fees generated by our active amount of funds to RMB.
Our asset managed service net revenues generated from SMA or service for the reporting period were RMB three seven medium.
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6 million, representing a 64, 2% period on period, a decrease from RMB 10, 3 million. The decrease was primary due to a 74, 3% decrease in performance based fees.
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U S dollar <unk> 3 million for the first half of the fiscal year 2022 from RMB six nine medium for the same period of the fiscal year 'twenty one.
Speaker Change: U.S. dollar 0.3 million for the first half of the fiscal year 2022, from RMB 6.9 million for the same period of the fiscal year 2022.
Speaker Change: 3. Last but not least, other services.
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Speaker Change: Last, our other service. Net revenues generated from other service for the reporting period will RMB $3.5 million, installed at $0.6 million.
That all auto service net revenues generated from auto service for the reporting period were RMB three $5 million.
And there was no other service revenue for the same period of the fiscal year 2021 auto service revenues of the reporting period were primarily service fees from marketing service for an insurance agent agency.
Speaker Change: and there was no other service revenue for the same period of the fiscal year 2021. Other service revenues of the reporting period were primarily service fees from marketing service for an insurance agency.
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Speaker Change: Finally, I will talk about the company's plans for the future.
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Speaker Change: In 2022, the company will focus on the core business goal of reducing losses and achieving profits as soon as possible. In terms of market development, the basic strategy is to use professional platforms and start-ups to promote the recruitment and training of independent workers. In the next few months, the company will focus on the core business goals of reducing losses and achieving profits as soon as possible.
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Speaker Change: Last but not the least, let's elaborate on our strategy planning and outlook for the future. In fiscal year 2022, we will focus on reducing losses and achieving profit as soon as possible as our core business goal. In terms of market development, professional platform
Last but not least let's say elaborate on our strategy planning and outlook for the future.
Fiscal year 2022.
Focus on reducing losses, and achieving profit as soon as possible as our core business go in terms of market development.
Actually no platform and Elliot.
Speaker Change: Entrepreneurship as our basic strategy to fully promote the cooperation with and cultivation of independent office and independent family office. Our next major business initiatives are as follows.
So, but no strip S. Our basic strategy to fully promoter cooperation with and calculation of independent office and independent family Office.
Our next major business initiatives are as follows.
Speaker Change: The first is to use the balance of profits and losses as the core goal, and to promote the development of independent workplaces. The second is to use the balance of profits and losses as the core goal, and to promote
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Speaker Change: to fully modernize the Chengshi branch office. In 2022, Chengshi branch office will continue to be the core target and continue to maintain the deep roots strategy.
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Speaker Change: Your Gal judge come to a million B tip.
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Speaker Change: Is undjine timeun, and we deties her assimpsin.
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Speaker Change: Secondly, we will work hard to develop an independent studio, especially an independent office studio, to develop a one-stop home financial asset configuration.
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Speaker Change: First, we will take big events as our core goal, fully promote the construction of cooperation with independent offices.
First we will take breakeven.
Go fully promoter construction of cooperation with independent office.
Speaker Change: and comprehensively upgrade and optimize the branch office.
Comprehensively operate and optimize the branch office.
Full year 2022, all branch office will adhere to the court co op profit ability and we will continue to finding and dedicatedly develop our existing branch office first improve the equivalent standard of in house financial advisors.
Speaker Change: So, year 2022, our branch office will adhere to the court goal of profitability and we will continue to finally and delicately develop our existing branch office.
Speaker Change: First, we improve the recruitment standard of in-house financial advisors.
Speaker Change: Strengthen the training and assessment of existing in-house financial advisors, and take capital production capabilities as our core evaluation index of our in-house financial advisors.
The training and assessment of existing in House financial Advisors and per capita production type capabilities as our evaluation index of our in house financial advisors.
Speaker Change: Second, we will vigorously develop cooperation with independent offices based on branch offices.
Second we will rigorously developed cooperation is independent office based on branch office, especially with independent family office, which are more professional than independent offices.
Speaker Change: especially with independent family offices, which are more professional than independent offices.
Speaker Change: can carry out one stock family financial effort on location service. All right, Qiao Hua, join in.
And carry our one stop family financial asset allocation service.
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Speaker Change: inwork the end of the dble down to bangladistshire before the tips were conted.
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Speaker Change: But in terms of operating efficiency, professional performance, and output, we are not far from the company's requirements to continue to strengthen. In 2022, we will improve in several areas. First,
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Yes.
Speaker Change: On March 3rd, the company has officially launched the Half-Night Operating System. It is expected to complete the first phase of the launch on May 30th. The launch of the system is expected to greatly improve the operating efficiency of the company's trust in the family. Second, the operation...
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Speaker Change: In the future, we will continue to introduce excellent trust companies in China and abroad and expand our business scope based on the trust of Beijing and the trust of Yuecai.
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Speaker Change: This fiscal year, we will provide legal and health management services to law firms and health management companies according to customer needs and the best law firms to choose at the right time.
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Yes.
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Speaker Change: yeah it doesn't look exactly support
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Speaker Change: However So the also SPO to the who the scan can the essis pices or get is for looking for alices. Have P the giantces, damand power jfam.
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Bob what Dr. Pamela Washington, Chonko Chi.
Speaker Change: and first share with our professional capability and rigorously promote family office business. After more than one year of preparation, we have established the basic service capabilities of our family office service. The operational efficiency and professional empowerment output to the clients still need to be satisfied.
And we will sharpen our professional capability and vigorously promote family office business.
More than one year of preparation we have established the basic service capabilities of our family Opex service.
The operational efficiency and professional empowerment output to the Chi is still need to be.
That is our internal requirements.
Speaker Change: In the fiscal year 2022, we plan to improve our family office service from several aspects. First, in terms of operation system construction, on March 3rd, 2022, we officially started the construction of family office business operation system.
In the fiscal year 2092, we plan to improve our family office services from several aspects first in terms of operation system construction of much Bert 'twenty 'twenty. Two we officially started the construction of family office business operations system.
Speaker Change: Such operation system is expected to be launched on May 30, 2022.
The operation system is expected to be launched on May 32022.
Speaker Change: The operation system is expected to significantly improve the operation as efficiency of our family trust service.
The operation system is expected to significantly improve the operational efficiency of our family Trust service.
Speaker Change: Second, we target to strengthen the connectivity between upstream and downstream market participants.
We target to strengthen the connectivity between upstream and downstream market participants based on their existing cooperation with Beijing truck and yes High Trust, we will continue to cooperate with more domestic and international reputation of trust companies expand the scope of our service.
Speaker Change: Based on the existing corporation with Beijing Trust and US High Trust, we will continue to operate with more domestic and international reputation-note trust companies to expand the scope of our service. Previously, we have established cooperation with KPMG in terms of tax service and with commercial education in terms of overseas education service.
Obviously, we have established cooperation with KPMG in terms of Tech service and if Mercer education in terms of overseas Education service fiscal.
Speaker Change: fiscal year 2022, we will select high-quality law firms to provide legal service and have management companies to provide health service according to the needs of our clients.
Fiscal year 2022, we will select high quality law firms to provide legal service have management companies because of I have service. According to the needs of our clients.
Speaker Change: Third, in terms of professional ability improvement, we require all investment advisors and frontline financial advisors to combine good professional knowledge, such as insurance trust, family trust, and last.
Brooke terms of professional liability improvement we could invest.
Investment advisors, and frontline financial advisors, who combined good professional knowledge, such as insurance Trust family of products.
Large asset allocation, but training and assessment to fully grasp the rapid growth window or family office service.
Speaker Change: asset allocation for training and assessment to fully grab the rapid growth window of family office service.
Speaker Change: 3. Complete the institutional business system construction as soon as possible and upgrade the block to become a new business growth point through a year of market research and system construction.
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Speaker Change: It's a very effective development mode. 2022 is the year of the year. It's the year of the year of the year of the year of the year of the year of the year of the year of the year.
Our Tainan guide back pipeline.
Speaker Change: Sit up with banking chammening will sit up for that. Each roomp a COP would three funia ecop on the door. St bunch also beenenred that the consumer bning.
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Speaker Change: I going to chur, I'm going, and why you have the hotalk about some? Why, how?
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Speaker Change: In terms of external expansion clients, we have identified bank clients, especially small and medium-sized agricultural and commercial airlines that lack public funds for transactions.
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Speaker Change: But also has short-term needs and does not have the main subject of development
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Speaker Change: Sources from customers to quality and income, there are widespread developments.
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Speaker Change: We will complete the construction of institutional business operation system as soon as possible and try to make this business a new growth driver.
First we will complete the construction of institutional business operation system as soon as possible and try to make this business a new growth driver for one with market research and system construction, our institutional client departments to establish an effective business model.
Speaker Change: For one year's market research and system construction, our institutional client department has to establish an effective business model.
Speaker Change: In fiscal year 2022, our institutional service business will strive to develop the market with the help of the institutional master system, the operation system for our institutional business. In terms of existing client resource, we rely on our own partners, such as public and private fund managers, asset management companies, security companies, and regulatory banks to explore cooperation opportunities.
Fiscal year 2022, our institutional service business will strive to divide the developed market with the help of the institutional Master system. The operation system for our institutional business in terms of existing client, we source, who rely on our own partners such as public and private fund managers.
Management companies security companies, and we have a greater impact to explore cooperation opportunities in terms of external client expansion. We are determined to focus on bank customers, especially small and medium sized municipal commercial bank's.
Speaker Change: In terms of external client expansion, we have determined the focus on bank customers, especially small and medium-sized, municipal, commercial banks and rural roads.
Rural.
Commercial bank.
Speaker Change: lack public fund trading systems, but have public fund investment needs.
Select public trading system will have public fund investment needs.
Speaker Change: Institutional business has great business potentials in terms of quantity, quality and income of clients.
The <unk> business has great business potentials in terms of quantity quality and income with clients.
Speaker Change: Both countries follow the product culture and customers' needs The company will continue new products in 2022
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Speaker Change: The public transportation industry is continuing to have the cooperation between the public and the public. The service has become a common point. The public transportation industry has become a common point. The public transportation industry has become a common point.
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Speaker Change: We refer to diversified products offering space on Kaini. In the fiscal year 2022, we will continue to adhere to the strategy of standardized products. In terms of public waste fund products, we will continue to focus on the existing portfolio of public waste fund products strategy.
We will further diversify product offerings based on kayak.
The fiscal year 2022, we will continue to adhere to the strategy of standardized products in terms of public raised some products. We will continue to focus on the existing portfolio of some product strategy.
Speaker Change: submitted by the sale of high-quality single-crows and public-risk fund products. In order to cultivate clients' habit of holding products for a long period, deal with structure and shop.
Commanded by the sale of high quality single close and public with some products in order to cultivate habits upholding products for a long period, there was a short term shop.
Speaker Change: in the market, and improve clients' investment experience. In terms of primary-race fund products, we will continue to increase our activity, manage fund or fund products, and cooperate with external leading primary-race fund product providers simultaneously to ensure that each primary-race fund strategy has at least two or more products available in our offerings.
In the market and improve clients westman experience in terms of pirate raised fund products will continue to increase our activity managed fund of funds products and cooperate with external leading privately raised fund product providers simultaneously to ensure that each privately raised from scratch.
Strategy.
Two or more products available in our offerings.
Speaker Change: At the same time, we will strive to improve our efficiency and effectiveness.
At the same time, we will strive to improve our efficiency and effectiveness.
Speaker Change: in matching the investment needs of trust clients with all of that offering.
If I can see in matching the investment needs of truck tires with our product offerings.
Yes.
Speaker Change: 5. Cooperate with the strategy to push the IT system forward.
We'll pay for it.
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Speaker Change: In order to meet the company's strategic and development needs, the construction of tech platforms will focus on the investment of Puyi Funding App, the institutional business system, the family business system, and the four major systems of integrated asset configuration platforms. At the same time, we will optimize and improve the Puyi Business School App, Puyi Cloud Service App, and Puyi Business School App.
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Speaker Change: In line with our strategy, we continue to optimize and improve our IT system to keep our IT system updated and innovated. In the fiscal year 2022, in order to meet our strategy and development needs, we plan to further enhance our technology platform, focusing on the construction of four systems, including QE Fund app.
Well I believe our strategy will continue to optimize and improve our it system to keep our IV system updated and innovated.
In the fiscal year 2022 in order to meet our Shadow development leads we plan to further enhance our technology platform focusing on construction construction of full systems, including we from that.
Speaker Change: Institutional business operation system, family office business operation system, and comprehensive asset allocation platform, and optimizing PUI business school app, e-cloud service, and other systems.
The fusion of business operation system family Office business operation system, and comprehensive asset allocation platform and optimizing <unk> business School App because service and other systems.
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Speaker Change: The company will continue to do what is right and what is difficult, and will not be afraid of short-term hardships and make friends with time. The management team will always do our best to create opportunities for customers, shareholders, and employees.
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Speaker Change: sex and the last, we will optimize our organization, streamline our organization, and strictly control unusual growth of expense.
And the last we will optimize our organization streamline administration and strictly controlled unusual growth of expense.
Speaker Change: In the fiscal year 2022, we will continue to strictly control cost growth, first in terms of human resource cost.
Fiscal year 'twenty to 'twenty, two we will continue to strictly control cost growth first in terms of humor as source coal.
Speaker Change: If the improvement of the particular efficiency as our court goal will implement the rank and gain mechanism to rigorously improve the competency of employees.
Improvement of Capex efficiency as our cargo we will implement the rank and game mechanics to vigorously improve the competency of employees and control the growth of labor cost of fund administration staff within 5% for the year second in terms of administrative.
Speaker Change: and control the growth of labor cost of administration staff within 5% throughout the year. Second, in terms of administrative...
<unk> expenses.
Speaker Change: We will promote diligence and prison needs to control travel and entertainment expense and prohibit a normal large expense.
It will promote diligence and frequently to control travel and entertainment expense and prohibit abnormal large expense.
Speaker Change: The pandemic will eventually disfade, and the world economic will eventually regain its growth. We'll continue to the heart and the right things.
<unk> will eventually dissipate and the world economic will eventually regain its growth will continue to the to the high end, but right things.
Speaker Change: and to be a friend of time, despite of short-term hardships. Our management team will always strive to create greater value for our clients, shareholders and employees.
And to be a friend of time despite of short term hardships our management team, we will always strive to create greater value for our clients shareholders and employees.
Speaker Change: And that ends with the prepared re-bub. Now we will open for corrections. Operator, please.
And that and with the prepared remarks, we will open for questions operator. Please.
Thank you to ask a question you will need to press star one or you touched on telephone to withdraw your question press the pound key please standby, while we compile the Q&A roster.
Speaker Change: you to ask a question you will need to press star one or your touchstone telephone. So withdraw your question, press the pound key. Please stand by when we compile the Q&A roster.
Once again Thats star one to ask a question at this time.
As a reminder to ask a question at this time. Please press Star then one.
Yeah.
And I'm showing no questions I'd like to turn the call back over to Jim <unk> for closing remarks.
Okay. No question at this time.
Speaker Change: Okay seems no question at this time. We'll upload the full transcript on our website. Please go to our website for the full transcript if you are interested. And we have no other comments. Thank you everyone for attending our fiscal year 2022 earnings call.
The full transcript on our website. Please go to our website for the full shots if youre interested and we have no. Other comments. Thank you everyone for attending our fiscal year 2022 earnings call.
Speaker Change: If you have any further questions, please feel free to contact us. Thank you very much, operator, please. Thank you, the conference.
If you have any further questions. Please feel free to contact us. Thank you very much operator piece.
Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.
Yeah.
Yeah.
Speaker Change: Thanks for watching!
Okay.
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