Q3 2025 Noah Holdings Ltd Earnings Call

November 26, 2025

Speaker #1: Good morning,

Speaker #1: Afternoon and evening, and welcome to the Noah Holdings Ltd. third quarter 2025 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

Speaker #1: After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded. I would now like to turn the conference over to Doreen Chu, Companies Investor Relations.

Speaker #1: Please go

Speaker #1: ahead. Thank you,

Doreen Chu: Thank you, Dave. Good morning, afternoon, and evening to everyone, and welcome to Noah's Q3 2025 Earnings Conference Call. Joining me today are Ms. Jingbo Wang, our co-founder and chair lady, Mr. Zhe Yin, co-founder, director, and CEO, and Mr. Grant Pang, the CFO. Mr. Yin will begin with an overview of our recent business highlights, followed by Mr. Pang, who will discuss our financial and operational results. They will all be available to take your questions in the Q&A session that follows. Please note that the discussion today will contain forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially from those in our forward-looking statements. Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the SEC and the Hong Kong Stock Exchange.

Doreen Chiu: Thank you, Dave. Good morning, afternoon, and evening to everyone, and welcome to Noah's Q3 2025 Earnings Conference Call. Joining me today are Ms. Jingbo Wang, our co-founder and chair lady, Mr. Zhe Yin, co-founder, director, and CEO, and Mr. Grant Pang, the CFO. Mr. Yin will begin with an overview of our recent business highlights, followed by Mr. Pang, who will discuss our financial and operational results. They will all be available to take your questions in the Q&A session that follows. Please note that the discussion today will contain forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ materially from those in our forward-looking statements. Potential risks and uncertainties include, but are not limited to, those outlined in our public filings with the SEC and the Hong Kong Stock Exchange.

Speaker #2: Dave. And good morning, afternoon, and evening to everyone. Welcome to Noah's third quarter of 2025 earnings conference call. Joining me today is Huang Dingbo, our co-founder and chairlady.

Speaker #2: Mr. Sandy Ying, co-founder, director, and CEO. And Mr. Grant Pang, the CFO. Mr. Ying will begin with an overview of our recent business highlights, followed by Mr. Pang, who will discuss our financial and operational results.

Speaker #2: They will all be available to take your questions in the Q&A session that follows. Please note that the discussion today will contain forward-looking statements that are subject to significant uncertainty.

Speaker #2: That may cause actual results to differ materially from those in our forward-looking statements. Potential resistance uncertainties include, but are not limited to, those outlined in our public filings with the SED and the Hong Kong Stock Exchange.

Speaker #2: Noah does not undertake any obligation to update any forward-looking statements, except as required under applicable law. With that, I would like to pass the call over to Mr. Ying.

Doreen Chu: Noah does not undertake any obligation to update any forward-looking statements except as required under applicable law. With that, I would like to pass the call over to Mr. Yin. Mr. Yin, please go ahead.

Noah does not undertake any obligation to update any forward-looking statements except as required under applicable law. With that, I would like to pass the call over to Mr. Yin. Mr. Yin, please go ahead.

Speaker #2: Mr. Ying, please go

Speaker #2: ahead. Thanks,

Zhe Yin: ?, thanks, Doreen. ????????????????????????????2025??????????????????????????????????????????????????????????????????????non-GAAP?????????50%?????????????????????????????????????????? booking center??AI?????????????????????????????????????????????????

Speaker #3: Doreen. 2025年第三季度的业绩发布会。对于诺亚来说，这个季度我们有三个非常清晰的变化。第一个是在收入仍然承压的情况下，公司利润和利润率都实现了明显的改善。Non-GAAP净利润同比增长超过50%。第二个，投资类的产品增长加快，在新增收入中的占比进一步的提升。第三，在我们海外四大booking

Speaker #3: center以及AI相关的关键项目上，都从规划走下了落地。这三个变化让我们更有信心地看到诺亚的转型的方向，正在发挥作用。 Good morning to

Zhe Yin: Good morning to everyone, and thank you for joining us today. During the quarter, we are seeing three very clear trends emerge. First, despite ongoing revenue pressure, our profitability and margins improved significantly, with non-GAAP net income increasing by over 50% year on year. Second, investment products have seen accelerated growth, and are accounting for a larger share of new revenue. Lastly, key initiatives, including the establishment of four overseas booking centers and the rollout of AI-related projects, have transitioned from planning to actual implementation. These three trends give us greater confidence that our transformation strategy is making solid progress.

[Translator]: Good morning to everyone, and thank you for joining us today. During the quarter, we are seeing three very clear trends emerge. First, despite ongoing revenue pressure, our profitability and margins improved significantly, with non-GAAP net income increasing by over 50% year on year. Second, investment products have seen accelerated growth, and are accounting for a larger share of new revenue. Lastly, key initiatives, including the establishment of four overseas booking centers and the rollout of AI-related projects, have transitioned from planning to actual implementation. These three trends give us greater confidence that our transformation strategy is making solid progress.

Speaker #2: Everyone, thank you for joining us today. During the quarter, we are seeing three very clear trends emerge. First, despite ongoing revenue pressure, our profitability and margins improved significantly, with non-GAAP net income increasing by over 50% year on year.

Speaker #2: Second, investment products have seen accelerated growth and are accounting for a larger share of new revenue. Lastly, key initiatives—including the establishment of four overseas booking centers and the rollout of AI-related projects—have transitioned from planning to actual implementation.

Speaker #2: These three trends give us greater confidence that our transformation strategy is making solid progress.

Speaker #3: Well, I will表现来看，集团第三季度净收入达到6.3亿人民币，同比略有下降，但环比小幅提升，实现了两个季度的环比增长。收入同比下降主要是来自于境外境内外的保险业务的持续回来。这与我们年初的判断2025年到2026年是收入结构调整期的预期是完全一致的。值得关注的是，集团新增收入质量明显提升，投资类产品收入占比从去年同期的18%增长至28%。未来我们将继续推动投资类收入的占比提升。

Zhe Yin: ???????????????????6.3?????????????????????????????????????????????????????????????????????2025??2026???????????????????????????????????????????????????????18%???28%??????????????????????????????????????????????????non-gap????2.3???????????50%?????non-gap????????5.9??????????????????????????????

Speaker #3: 在这样的背景下，公司依然交出了一份稳健的财务报告。第三季度Non-GAAP净利润为2.3亿人民币，同比提升超过50%。前三季度Non-GAAP累计的净利润达到5.9亿人民币，这说明我们的审慎投资策略和成本管控确实在发挥效果。 Financially, net revenues

Zhe Yin: Financially, net revenues for Q3 reached RMB 633 million, down slightly year on year but up sequentially, marking the second consecutive quarter of sequential growth. The year-on-year revenue decline was mainly due to continued softness in both domestic and overseas insurance businesses, in line with our expectations that 2025-2026 would be a period of revenue mix adjustment. Notably, our revenue mix continues to improve significantly, driven by growing investment products revenues, which accounted for approximately 28% during the quarter, compared to 18% a year ago, a clear improvement compared to the same period last year, and something we will continue to focus on going forward. As a result, our bottom line delivered a solid performance with non-GAAP net income for Q3 up more than 50% year on year to RMB 229 million.

[Translator]: Financially, net revenues for Q3 reached RMB 633 million, down slightly year on year but up sequentially, marking the second consecutive quarter of sequential growth. The year-on-year revenue decline was mainly due to continued softness in both domestic and overseas insurance businesses, in line with our expectations that 2025-2026 would be a period of revenue mix adjustment. Notably, our revenue mix continues to improve significantly, driven by growing investment products revenues, which accounted for approximately 28% during the quarter, compared to 18% a year ago, a clear improvement compared to the same period last year, and something we will continue to focus on going forward. As a result, our bottom line delivered a solid performance with non-GAAP net income for Q3 up more than 50% year on year to RMB 229 million.

Speaker #2: For the third quarter, revenue reached RMB 633 million, down slightly year-on-year but up sequentially, marking the second consecutive quarter of sequential growth. The year-on-year revenue decline was mainly due to continued softness in both domestic and overseas insurance businesses, in line with our expectations that 2025 to 2026 would be a period of revenue mix adjustment.

Speaker #2: Notably, our revenue mix continues to improve significantly, driven by growing investment products revenues, which accounted for approximately 28% during the quarter compared to 18% a year ago. This represents a clear improvement compared to the same period last year and is something we will continue to focus on going forward.

Speaker #2: As a result, our bottom line delivered a solid performance, with non-GAAP net income for the third quarter up more than 50% year-on-year to renminbi 229 million.

Speaker #2: This brings non-GAAP net income for the first three quarters of 2025 to RMB 587 million, a clear reflection of the results our prudent investment strategy and cost controls are delivering.

Zhe Yin: This brings non-GAAP net income for Q3 2025 to RMB 587 million, a clear reflection of the results our prudent investment strategy and cost controls are delivering.

This brings non-GAAP net income for Q3 2025 to RMB 587 million, a clear reflection of the results our prudent investment strategy and cost controls are delivering.

Speaker #3: 从业务板块来看，境外和境内的表现各有自动点不同。境外端的整体继续维持投资强保险弱的格局。ARC的境外财富管理板块第三季度实现净收入1.5亿人民币，由于境外保险销售减弱，同比下降22.7%，但环比增长13%。截止三季度末，美元的AUA达到93亿美元，同比增长6.8%。其中美元私募二级产品前三季度目的表同比增长近2.5倍，达到6.9亿美元。Audio境外资产管理板块第三季度实现净收入1.2亿人民币，环比上升8.6%。主要得益于AUM的持续增长带来的管理费提升，截止三季度末，美元AUM规模已经达到59亿美元，同比增长5.3%。Glory Fabric Heritage综合服务板块第三季度实现净收入0.5亿人民币，同比增长19.8%。我们再聚焦投资业务主线的同时，也通过无底薪经纪人模式，以轻资产方式继续推进保险业务。净值端则呈现出二级市场强劲一级市场聚焦退出，保险处于调整期的一个特征。诺亚证型受惠于A股市场的活跃，前三季度人民币私募二级产品目的表同比增长206%，累计目的规模89.7亿人民币。诺亚证型三季度实现净收入1.2亿人民币，同比增长8.7%。这正是我们以投资能力带动AUA增长的一个方向性的一个成果。格非资产板块实现净收入1.9亿人民币，同比增长4.9%。在存量退出过程中，保持稳定。荣耀保险经纪板块实现净收入471万人民币，同比下降44.8%。符合我们对境内保险业务调整与转型的规划的节奏。总体来看，境外与境内的组合调整正在发挥平衡的作用。投资驱动已成为全集团新的增长引擎。

Zhe Yin: the entire group.

Speaker #2: The formant of our overseas and domestic operations are each following distinct trends. For overseas operations, it has maintained a pattern of strong investment product growth and soft insurance product distribution.

Zhe Yin: Performance of our overseas and domestic operations are each following distinct trends. For overseas operations, it has maintained a pattern of strong investment product growth and soft insurance product distribution. Net revenues from ARK, our overseas wealth management business, were RMB 146 million in Q3, a year-on-year decrease of 22.7%, due primarily to a decline in revenue contribution from the distribution of insurance products. Sequentially, however, revenues were up 13%. By the end of Q3, overseas AUA reached $9.3 billion, up 6.8% year on year. Notably, transaction value of $ private secondary products in Q1 increased nearly 2.5x year on year to $688 million. Net revenues from AULIV, the overseas asset management arm, were RMB 118 million in Q3, up 8.6% sequentially, driven primarily by growth in AUM and recurring service fees. By the end of Q3, overseas AUM was $5.9 billion, up 5.3% year on year.

[Translator]: Performance of our overseas and domestic operations are each following distinct trends. For overseas operations, it has maintained a pattern of strong investment product growth and soft insurance product distribution. Net revenues from ARK, our overseas wealth management business, were RMB 146 million in Q3, a year-on-year decrease of 22.7%, due primarily to a decline in revenue contribution from the distribution of insurance products. Sequentially, however, revenues were up 13%. By the end of Q3, overseas AUA reached $9.3 billion, up 6.8% year on year. Notably, transaction value of $ private secondary products in Q1 increased nearly 2.5x year on year to $688 million. Net revenues from AULIV, the overseas asset management arm, were RMB 118 million in Q3, up 8.6% sequentially, driven primarily by growth in AUM and recurring service fees. By the end of Q3, overseas AUM was $5.9 billion, up 5.3% year on year.

Speaker #2: Net revenues from ARC are overseas wealth management business, where renminbi 146 million in the third quarter, a year-on-year decrease of 22.7%, due primarily to a decline in revenue contribution from the distribution of insurance products.

Speaker #2: Sequentially, however, revenues were up 13%. By the end of the third quarter, overseas AUA reached $9.3 billion, up 6.8% year-on-year. Notably, the transaction value of U.S. dollar private secondary products in the first three quarters increased nearly 2.5 times year-on-year to $688 million.

Speaker #2: Net revenues from Olive, the overseas asset management arm, were renminbi 118 million in the third quarter, up 8.6% sequentially, driven primarily by growth in AUM and recurring service fees.

Speaker #2: By the end of the third quarter, overseas AUM was $5.9 billion, up 5.3% year-on-year. Net revenues from Glory Family Heritage, which provides overseas insurance and comprehensive services, were RMB 47 million in the third quarter, up 19.8% year-on-year.

Zhe Yin: Net revenues from Glory Family Heritage, which provides overseas insurance and comprehensive services, were RMB 47 million in Q3, up 19.8% year on year. While investment services remain our core focus, we shall continue to serve clients with insurance products through our capital-light, commission-only broker model. On the domestic side, we are seeing strong momentum in the secondary market, a continued focus on exits in the primary market, and the insurance segment entering an adjustment phase. For Noah Upright, our domestic public securities business continued to benefit from a rebound in the A-share market. Transaction value for RMB-denominated private secondary products in Q3 grew 206% year on year to RMB 8.97 billion. Net revenues from domestic public securities for Q3 were RMB 116 million, up 8.7% year on year, underscoring the strategic direction we are headed in with growing AUA, and expanding investment capabilities.

Net revenues from Glory Family Heritage, which provides overseas insurance and comprehensive services, were RMB 47 million in Q3, up 19.8% year on year. While investment services remain our core focus, we shall continue to serve clients with insurance products through our capital-light, commission-only broker model. On the domestic side, we are seeing strong momentum in the secondary market, a continued focus on exits in the primary market, and the insurance segment entering an adjustment phase. For Noah Upright, our domestic public securities business continued to benefit from a rebound in the A-share market. Transaction value for RMB-denominated private secondary products in Q3 grew 206% year on year to RMB 8.97 billion. Net revenues from domestic public securities for Q3 were RMB 116 million, up 8.7% year on year, underscoring the strategic direction we are headed in with growing AUA, and expanding investment capabilities.

Speaker #2: While investment services remain our core focus, we shall continue to serve clients with insurance products through our capital-light, commission-only broker model. On the domestic side, we are seeing strong momentum in the secondary market, a continued focus on exits in the primary market, and the insurance segment entering an adjustment phase.

Speaker #2: For knower upright, our domestic public securities business continued to benefit from a rebound in the A-share market. Transaction value for renminbi-denominated private secondary products in the first three quarters grew 206% year-on-year to renminbi 8.97 billion.

Speaker #2: Net revenues from domestic public securities for the third quarter were renminbi 116 million, up 8.7% year-on-year, and underscoring the strategic direction we are headed in with growing AUA and expanding investment capabilities.

Speaker #2: Net revenues from domestic asset management, GOFA, were Renminbi 189 million in the third quarter, up 4.9% year-on-year, as it maintained stable profitability and continues to facilitate exits from existing assets.

Zhe Yin: Net revenues from domestic asset management, GOFA, were RMB 189 million in Q3, up 4.9% year on year as it maintained stable profitability and continues to facilitate exits from existing assets. Net revenues from domestic insurance business, GLORY, were RMB 5 million in Q3, down 44.8% year on year. The pace of the fall in net revenues was in line with our planned pace of consolidation and transformation to domestic insurance business. Overall, the rebalancing of our overseas and domestic operations is making solid progress, with investment product growth increasingly acting as a new growth driver.

Net revenues from domestic asset management, GOFA, were RMB 189 million in Q3, up 4.9% year on year as it maintained stable profitability and continues to facilitate exits from existing assets. Net revenues from domestic insurance business, GLORY, were RMB 5 million in Q3, down 44.8% year on year. The pace of the fall in net revenues was in line with our planned pace of consolidation and transformation to domestic insurance business. Overall, the rebalancing of our overseas and domestic operations is making solid progress, with investment product growth increasingly acting as a new growth driver.

Speaker #2: Net revenues from the domestic insurance business, Glory, were Renminbi 5 million in the third quarter, down 44.8% year-on-year. The pace of the fall in net revenues was in line with our planned pace of consolidation and transformation for the domestic insurance business.

Speaker #2: Overall, the rebalancing of our overseas and domestic operations is making solid progress, with investment product growth increasingly acting as a new growth driver.

Speaker #3: ????????????????????????????????????????????????????? booking center??????????????? broker-dealer ??????????????????????????????????????????????????????????????????????????????????????????????????????????????

Zhe Yin: future cross-regional client services and asset allocation.

Speaker #2: In the third quarter, we continued to make solid progress in our overseas expansion with the establishment of full booking centers, which form the foundation of our global operational system.

Zhe Yin: In Q3, we continue to make solid progress in our overseas expansion with the establishment of four booking centers, which form the foundation of our global operational system. In the United States, we officially obtained a US broker dealer license and will continue to steadily build our business there in accordance with local regulatory requirements. In Singapore, we continue to strengthen our capabilities and build out our team. In Hong Kong and Shanghai, we continue to serve as a core hub for operations, compliance, and support systems. Our global operations framework is gradually improving, providing an important foundation for future cross-regional client services and asset allocation.

[Translator]: In Q3, we continue to make solid progress in our overseas expansion with the establishment of four booking centers, which form the foundation of our global operational system. In the United States, we officially obtained a US broker dealer license and will continue to steadily build our business there in accordance with local regulatory requirements. In Singapore, we continue to strengthen our capabilities and build out our team. In Hong Kong and Shanghai, we continue to serve as a core hub for operations, compliance, and support systems. Our global operations framework is gradually improving, providing an important foundation for future cross-regional client services and asset allocation.

Speaker #2: In the United States, we officially obtained a U.S. broker-dealer license and will continue to steadily build our business there in accordance with local regulatory requirements.

Speaker #2: In Singapore, we continue to strengthen our capabilities and build out our team. Meanwhile, in Hong Kong and Shanghai, we continue to serve as a core hub for operations, compliance, and support systems.

Speaker #2: Our global operations framework is gradually improving, providing an important foundation for future cross-regional client services and assets.

Speaker #2: Our global operations framework is gradually improving, providing an important foundation for future cross-regional client services and asset allocation. The AI

Zhe Yin: ? AI ??????AI ??????????????????????????????AI ????????????????????????????????????????????????? AI ????? AI ????????????????????????????????????????????????? AI ?????????????? IARC ? APP ??????????? AI ?????????????? AI ????? AI ?????????????????AI ???? PPT ??????????????????????????????? AI ??????????

Speaker #3: ??????AI ??????????????????????????????AI ???????????????????????????????????????????????? AI ?????? AI ????????????????????????????????????????????????? AI ?????????????? IARC ? APP ??????????? AI ?????????????? AI ????? AI ?????????????????AI ???? PPT ??????????????????????????????? AI ?????????

Speaker #2: AI is a disruptive force in the wealth management industry with immense future potential and serves as our second strategic growth driver for the future. Over the past few months, we have begun implementing our AIRM plus AI operation system plan.

Zhe Yin: AI is a disruptive force in the wealth management industry with immense future potential and serves as our second strategic growth driver for the future. Over the past few months, we have begun implementing our AI RM plus AI operation system plan. Initial pilots were launched during the quarter to improve client outreach, content generation, and backend operations, as well as cross-departmental collaboration in Singapore specifically. In the latest update to our app, we officially launched our AI RM Noia, providing clients with deeper engagement and interaction. I want to emphasize, however, AI is not simply a PPT concept for us, it is an institutionalized operational capability. We will continue to develop AI capabilities across the entire value chain in a steady and pragmatic manner.

[Translator]: AI is a disruptive force in the wealth management industry with immense future potential and serves as our second strategic growth driver for the future. Over the past few months, we have begun implementing our AI RM plus AI operation system plan. Initial pilots were launched during the quarter to improve client outreach, content generation, and backend operations, as well as cross-departmental collaboration in Singapore specifically. In the latest update to our app, we officially launched our AI RM Noia, providing clients with deeper engagement and interaction. I want to emphasize, however, AI is not simply a PPT concept for us, it is an institutionalized operational capability. We will continue to develop AI capabilities across the entire value chain in a steady and pragmatic manner.

Speaker #2: Initial pilots were launched during the quarter to improve client outreach, content generation, and backend operations, as well as cross-departmental collaboration in Singapore specifically. In the latest update to our app, we officially launched our AIRM Noia, providing clients with deeper engagement and interaction.

Speaker #2: I want to emphasize, however, AI is not simply a PPT concept for us; it is an institutionalized operational capability. We will continue to develop AI capabilities across the entire value chain in a steady and pragmatic manner.

Speaker #3: ???????????????????????????????????????????????????????????????????????????????????????????? AI ??????????? RM ???????? AI ???????? AI ??????? DNA ??????????????? Booking Center ??????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? CFO?

Zhe Yin: Next, I would like to invite our CFO, Qing Pan, to give you a detailed introduction to the group's financial performance.

Speaker #3: 潘青先生为大家详细介绍集团的财务的表现。 Looking ahead, we

Zhe Yin: Looking ahead, we remain firmly committed to advancing our three core strategies. First, strengthening our core capabilities in investment product selection, fundraising, and co-investment to increase the proportion of investment products in our revenue mix, drive product innovation, and create a differentiated, competitive advantage. Second, establishing AI as our second strategic growth driver by strengthening the development and deployment of AI tools across relationship management, operations, and investment research to firmly embed it into our organizational DNA and operational systems. Lastly, leveraging our four overseas booking centers as the foundation for a globally coordinated service platform that delivers a consistent wealth management experience for global Chinese clients. At the same time, we will continue to maintain prudent operations and drive quality growth, striving to improve shareholder returns.

[Translator]: Looking ahead, we remain firmly committed to advancing our three core strategies. First, strengthening our core capabilities in investment product selection, fundraising, and co-investment to increase the proportion of investment products in our revenue mix, drive product innovation, and create a differentiated, competitive advantage. Second, establishing AI as our second strategic growth driver by strengthening the development and deployment of AI tools across relationship management, operations, and investment research to firmly embed it into our organizational DNA and operational systems. Lastly, leveraging our four overseas booking centers as the foundation for a globally coordinated service platform that delivers a consistent wealth management experience for global Chinese clients. At the same time, we will continue to maintain prudent operations and drive quality growth, striving to improve shareholder returns.

Speaker #2: We remain firmly committed to advancing our three core strategies. First, we will strengthen our core capabilities in investment product selection, fundraising, and co-investment to increase the proportion of investment products in our revenue mix, drive product innovation, and create a differentiated competitive advantage.

Speaker #2: Second, we are establishing AI as our second strategic growth driver by strengthening the development and deployment of AI tools across relationship management, operations, and investment research. This will firmly embed AI into our organizational DNA and operational systems.

Speaker #2: And lastly, leveraging our four overseas booking centers as the foundation for a globally coordinated service platform that delivers a consistent wealth management experience for global Chinese clients.

Speaker #2: At the same time, we will continue to maintain prudent operations and drive quality growth, striving to improve shareholder returns. By improving capital efficiency, optimizing our cost structure, and strengthening cash flow, we will continuously enhance our competitiveness and market share in the global Chinese wealth management market.

Zhe Yin: By improving capital efficiency, optimizing cost structure, and strengthening cash flow, we will continuously enhance our competitiveness and market share in the global Chinese wealth management market. Thank you. Now, I'll hand over to our CFO, Grant, to provide a detailed overview of the group's financial performance.

By improving capital efficiency, optimizing cost structure, and strengthening cash flow, we will continuously enhance our competitiveness and market share in the global Chinese wealth management market. Thank you. Now, I'll hand over to our CFO, Grant, to provide a detailed overview of the group's financial performance.

Speaker #2: Thank you. Now, I'll hand over to our CFO, Grant, to provide a detailed overview of the group's financials.

Speaker #2: performance. Thank you,

Qing Pan: Thank you, Xander, for the comprehensive strategy and market overview. Warm greetings to everyone joining us today. For those of you that are in the United States, happy Thanksgiving and holiday season. I also want to make instruction of the AI RM Noia; she actually did the English translation just now, if you have noticed. I'm very pleased to share Noah's financial performance for Q3 2025 and resource allocation priorities from a financial perspective. During this quarter, we delivered solid profitability supported by prudent investment decisions and disciplined cost management. Non-GAAP net income reached RMB 229 million, up 52.2% year over year and 21.2% sequentially, with a margin of 36.2%. For the first nine months of 2025, Non-GAAP net income totaled RMB 587 million, a 40.5% increase from the same period last year. This was achieved despite a 7.4% year-over-year decline in total net revenues.

Grant Pan: Thank you, Xander, for the comprehensive strategy and market overview. Warm greetings to everyone joining us today. For those of you that are in the United States, happy Thanksgiving and holiday season. I also want to make instruction of the AI RM Noia; she actually did the English translation just now, if you have noticed. I'm very pleased to share Noah's financial performance for Q3 2025 and resource allocation priorities from a financial perspective. During this quarter, we delivered solid profitability supported by prudent investment decisions and disciplined cost management. Non-GAAP net income reached RMB 229 million, up 52.2% year over year and 21.2% sequentially, with a margin of 36.2%. For the first nine months of 2025, Non-GAAP net income totaled RMB 587 million, a 40.5% increase from the same period last year. This was achieved despite a 7.4% year-over-year decline in total net revenues.

Speaker #3: Zander, thank you for the comprehensive strategy and market overview. Warm greetings to everyone joining us today, and for those of you in the United States, happy Thanksgiving and holiday season.

Speaker #3: I also want to make an instruction of the AIRM Noah. She actually did the English translation just now, if you have noticed. I'm very pleased to share Noah's financial performance for the third quarter of 2025 and resource allocation priorities from a financial perspective.

Speaker #3: During this quarter, we delivered solid profitability, supported by prudent investment decisions and disciplined cost management. The gap net income reached RMB 229 million, up 52.2% year over year and 21.2% sequentially, with a margin of 36.2%.

Speaker #3: The first nine months of 2025, the gap net income totaled RMB 587 million, a 40.5% increase from the same period last year. This was achieved despite a 7.4% year-over-year decline in total net revenues.

Speaker #3: For the quarter, as we continue to optimize our revenue structure by emphasizing investment products, as mentioned by Zander, we have consciously reduced our dependence on insurance-related revenue.

Qing Pan: For the quarter, as we continue to optimize our revenue structure by emphasizing investment products, as mentioned by Xander, and consciously reduce dependence on insurance-related revenue, total revenue for Q3 was RMB 633 million, reflecting a year-over-year decline primarily driven by lower insurance income amid intensified competition in both domestic and overseas insurance markets. Yet, it still recorded modest sequential improvement overall, marking our second consecutive quarter of growth. Total transaction value remained high at RMB 17 billion, maintaining the same elevated level as the previous quarter, and rising 19.1% year over year. RMB-denominated products increased 28.7% year over year, while US dollar-denominated products grew 9.6% year over year. The strength in investment-led transactions helped offset softness in insurance and domestic management fees, which continued to weigh on overall revenue.

For the quarter, as we continue to optimize our revenue structure by emphasizing investment products, as mentioned by Xander, and consciously reduce dependence on insurance-related revenue, total revenue for Q3 was RMB 633 million, reflecting a year-over-year decline primarily driven by lower insurance income amid intensified competition in both domestic and overseas insurance markets. Yet, it still recorded modest sequential improvement overall, marking our second consecutive quarter of growth. Total transaction value remained high at RMB 17 billion, maintaining the same elevated level as the previous quarter, and rising 19.1% year over year. RMB-denominated products increased 28.7% year over year, while US dollar-denominated products grew 9.6% year over year. The strength in investment-led transactions helped offset softness in insurance and domestic management fees, which continued to weigh on overall revenue.

Speaker #3: Total revenue for the third quarter was RMB 633 million, reflecting a year-over-year decline primarily driven by lower insurance income amid intensified competition in both domestic and overseas insurance markets.

Speaker #3: Yet, it still recorded modest sequential improvement overall, marking our second consecutive quarter of growth. Total transaction value remained high at RMB 17 billion, maintaining the same elevated level as the previous quarter, and rising 19.1% year over year.

Speaker #3: RMB denominated products increased 28.7% year over year, while US dollar denominated products grew 9.6% year over year. The strength in investment led transactions helped offset softness in insurance and domestic management fees, which continued to weigh on overall revenue.

Speaker #3: One-time commissions related to investment products grew 85.5% year-over-year, supported by stronger client sentiment and an expanded range of quality global investment solutions offered to our clients.

Qing Pan: One-time commissions related to investment products grew 85.5% year over year, supported by stronger client sentiment, expanded range of quality global investment solutions offered to our clients. Overseas net revenues for Q3 remained robust at RMB 311 million, contributing 49.1% of total net revenues. Our revenue type, one-time commissions, were RMB 159 million, up 2.2% sequentially. For the first three quarters, the transaction value of RMB private secondary products, which surged 206% to RMB 9 billion, and US dollar private secondary products, excluding cash management, climbed 244% to $688 million. Recurring service fees exceeded expectations, rising 4.7% year over year and 3.6% sequentially to RMB 421 million. The increase was supported by higher overseas product management fee contributions, and some extensions of domestic PE funds. When domestic exit activities were slower than expected, we do not view this as a structural issue.

One-time commissions related to investment products grew 85.5% year over year, supported by stronger client sentiment, expanded range of quality global investment solutions offered to our clients. Overseas net revenues for Q3 remained robust at RMB 311 million, contributing 49.1% of total net revenues. Our revenue type, one-time commissions, were RMB 159 million, up 2.2% sequentially. For the first three quarters, the transaction value of RMB private secondary products, which surged 206% to RMB 9 billion, and US dollar private secondary products, excluding cash management, climbed 244% to $688 million. Recurring service fees exceeded expectations, rising 4.7% year over year and 3.6% sequentially to RMB 421 million. The increase was supported by higher overseas product management fee contributions, and some extensions of domestic PE funds. When domestic exit activities were slower than expected, we do not view this as a structural issue.

Speaker #3: Overseas net revenues for the third quarter remained robust at RMB 311 million, contributing 49.1% of total net revenues. Our revenue type one-time commissions were RMB 159 million, up 2.2% sequentially.

Speaker #3: For the first three quarters, the transaction value of RMB private secondary products surged 206% to RMB 9 billion, and US dollar private secondary products, excluding cash management, climbed 244% to $688 million.

Speaker #3: Recurring service fees exceeded expectations, rising 4.7% year over year and 3.6% sequentially to RMB 421 million. The increase was supported by higher overseas products management fee contributions and some extensions of domestic PE funds.

Speaker #3: When domestic exit activities were slower than expected, we do not view this as a structural issue. We acknowledge that recurring income may face some pressure in the near term, but we're proactively managing our portfolio and strengthening overseas product fee contributions to mitigate the impact.

Qing Pan: We acknowledge recurring income may face some pressure in the near term, but we're proactively managing our portfolio and strengthening overseas product fee contributions to mitigate the impact. Performance-based income remained stable from last quarter, stood at RMB 22 million. Our overall operating expenses declined 1.6% sequentially to RMB 461 million. For the first three quarters, it has dropped 6.5% year over year, reflecting improved efficiency across the organization. This discipline enabled us to expand our operating margin to 27.6% for the first nine months from 25.5% a year ago, with operating profit reaching RMB 519 million, up 4.6% year over year. In the third quarter alone, operating profit was RMB 172 million, with a 27.2% margin. Non-GAAP net income rose to RMB 229 million, up 52.2% year over year, and 21.2% sequentially, reflecting continuing operational strength and solid investment performance.

We acknowledge recurring income may face some pressure in the near term, but we're proactively managing our portfolio and strengthening overseas product fee contributions to mitigate the impact. Performance-based income remained stable from last quarter, stood at RMB 22 million. Our overall operating expenses declined 1.6% sequentially to RMB 461 million. For the first three quarters, it has dropped 6.5% year over year, reflecting improved efficiency across the organization. This discipline enabled us to expand our operating margin to 27.6% for the first nine months from 25.5% a year ago, with operating profit reaching RMB 519 million, up 4.6% year over year. In the third quarter alone, operating profit was RMB 172 million, with a 27.2% margin. Non-GAAP net income rose to RMB 229 million, up 52.2% year over year, and 21.2% sequentially, reflecting continuing operational strength and solid investment performance.

Speaker #3: Performance-based income remained stable from last quarter, standing at RMB 22 million. Our overall operating expenses declined 1.6% sequentially to RMB 461 million. For the first three quarters, they have dropped 6.5% year over year, reflecting improved efficiency across the organization.

Speaker #3: This discipline enabled us to expand our operating margin to 27.6% for the first nine months, from 25.5% a year ago. With operating profit reaching RMB 519 million, up 4.6% year over year.

Speaker #3: In the third quarter alone, operating profit was RMB 172 million, with a 27.2% margin. The gap net income rose to RMB 229 million, up 52.2% year over year and 21.2% sequentially, reflecting continuing operational strength and solid investment performance.

Speaker #3: That said, we may encounter a moderation in the fourth quarter as market conditions evolve. As of September 30, 2025, total assets under management (AUM) stood at RMB 143.5 billion.

Qing Pan: That said, we may encounter a moderation in the fourth quarter as market conditions evolve. As of 30 September 2025, total assets under management, AUM, stood at RMB 143.5 billion. US dollar-denominated AUM grew 5.3% year over year and 2.6% sequentially to $5.9 billion, while US dollar-denominated assets under advisory, the AUA, increased 6.8% year over year and 2.0% sequentially to $9.3 billion. This ongoing expansion in overseas assets highlights Noah's success in capturing offshore investment demand and strengthening our international footprint. Our overseas client base continues to grow, with registered clients up 13.1% year over year, and active clients reaching 3,561 by the end of Q3. The number of newly acquired golden clients, defined as professional investors, has reached over 1,000 by the end of Q3, reflecting our ability to attract and retain high-quality clientele. Our balance sheet remains strong and debt-free.

That said, we may encounter a moderation in the fourth quarter as market conditions evolve. As of 30 September 2025, total assets under management, AUM, stood at RMB 143.5 billion. US dollar-denominated AUM grew 5.3% year over year and 2.6% sequentially to $5.9 billion, while US dollar-denominated assets under advisory, the AUA, increased 6.8% year over year and 2.0% sequentially to $9.3 billion. This ongoing expansion in overseas assets highlights Noah's success in capturing offshore investment demand and strengthening our international footprint. Our overseas client base continues to grow, with registered clients up 13.1% year over year, and active clients reaching 3,561 by the end of Q3. The number of newly acquired golden clients, defined as professional investors, has reached over 1,000 by the end of Q3, reflecting our ability to attract and retain high-quality clientele. Our balance sheet remains strong and debt-free.

Speaker #3: US dollar denominated AUM grew 5.3% year over year, and 2.6% sequentially, to US dollar 5.9 billion. While US dollar denominated assets under advisory, the AUA increased 6.8% year over year and 2.0% sequentially to US dollar 9.3 billion.

Speaker #3: This ongoing expansion in overseas assets highlights Noah's success in capturing offshore investment demand and strengthening our international footprint. Our overseas client base continued to grow, with registered clients up 13.1% year over year and active clients reaching 3,561 by the end of the third quarter.

Speaker #3: The number of newly acquired golden clients, defined as professional investors, has reached over 1,000 by the end of the third quarter, reflecting our ability to attract and retain high-quality clientele.

Speaker #3: Our balance sheet remains strong and debt-free. As of September 30, 2025, cash and short-term investments totaled RMB 5.0 billion, even after a dividend payout of RMB 555 million.

Qing Pan: As of 30 September 2025, cash and short-term investment totaled RMB 5.0 billion, even after a dividend payout of RMB 550 million. With zero interest-bearing liabilities, we remain significant in liquidity and flexibility to support global growth and technology investments. In closing, even under softer revenue conditions, our disciplined operating model and prudent investment approach delivered solid profitability and margin expansion. With a strong balance sheet, growing global presence, and ongoing digital transformation and AI application, we remain confident in Noah's ability to deliver sustainable growth and create long-term value for all stakeholders. Thank you for your trust and continued support, and we'll now open the floor for questions.

As of 30 September 2025, cash and short-term investment totaled RMB 5.0 billion, even after a dividend payout of RMB 550 million. With zero interest-bearing liabilities, we remain significant in liquidity and flexibility to support global growth and technology investments. In closing, even under softer revenue conditions, our disciplined operating model and prudent investment approach delivered solid profitability and margin expansion. With a strong balance sheet, growing global presence, and ongoing digital transformation and AI application, we remain confident in Noah's ability to deliver sustainable growth and create long-term value for all stakeholders. Thank you for your trust and continued support, and we'll now open the floor for questions.

Speaker #3: With zero interest-bearing liabilities, we maintain significant liquidity and flexibility to support global growth and technology investments. In closing, even under softer revenue conditions, our disciplined operating model and prudent investment approach delivered solid profitability and margin expansion.

Speaker #3: With a strong balance sheet, a growing global presence, and an ongoing digital transformation and AI application, we remain confident in Noah's ability to deliver sustainable growth and create long-term value for all stakeholders.

Speaker #3: Thank you for your trust and continued support. We'll now open the floor for questions.

Speaker #3: questions. We will

Speaker #2: Thank you, Graham.

Qing Pan: Thank you, Grant.

Operator: Thank you, Grant. We will now begin the question and answer session. To ask a question, you may press star, then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time you want to withdraw your question, please press star and then two. If you would like to state your question in Chinese, you may do so, but then please also restate your question in English. The first question comes from Helen Lee with UBS. Please go ahead.

Operator: We will now begin the question and answer session. To ask a question, you may press star, then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time you want to withdraw your question, please press star and then two. If you would like to state your question in Chinese, you may do so, but then please also restate your question in English. The first question comes from Helen Lee with UBS. Please go ahead.

Speaker #1: now. We will now begin. The question and the answer session. You ask a question. You may press star, then one on your touch tone.

Speaker #1: Phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time you want to withdraw your question, please press star and then two.

Speaker #1: If you would like to state your question in Chinese, you may do so, but then please also restate your question in English. The first question comes from Helen Lee with UBS.

Speaker #1: Please go ahead.

Speaker #3: Thanks. Can you hear

Helen Lee: Thanks. Can you hear me?

Helen Li: Thanks. Can you hear me?

Speaker #3: me? Yes, please go

Qing Pan: Yes, please go ahead.

Doreen Chiu: Yes, please go ahead. Helen, we lost you. You still there? Hello.

Speaker #2: Ahead. Helen, we lost you. You still there? Hello?

Helen Lee: Helen, we lost you. You still there? Hello.

Speaker #1: The next question comes from Peter Zhang with J.P. Morgan. Please go ahead.

Operator: The next question comes from Peter Zhang with JPMorgan. Please go ahead.

Speaker #4: Hi. Thank you for AI, thanks for congratulations on the very strong result, and thanks for giving me the opportunity to ask questions. I have two questions.

Peter Zhang: ?????????????????????????????????????????????????????????? investment product ????? AI????? booking center???????????????????????????? track ???????????? progress????????????????????????????????????????????????????????????????????????????? AI ??????????? cost ??????????????????????????????? potential increase????????? booking center?????????????????????????? 2026 ???????????????????????????????????????? RM ??????????????????? coverage ?????????????????????????????????????????????????????????????????????????????????????????????This is Peter Zhang from JPMorgan. Thanks for a congratulation on the very strong result, and thanks for giving me the opportunity to ask questions. I have two questions. First is Megan gave very clear guidance on Noah's three strategies on AI, on increasing the investment product proportion, and on the four booking centers. I have two follow-up questions. First is, can we understand what will be the potential financial impact from these strategies? For example, with the adoption of AI, will we see any cost saving on the operating plan side, or will we see any improving in revenue?

This is Peter Zhang from JPMorgan. Thanks for a congratulation on the very strong result, and thanks for giving me the opportunity to ask questions. I have two questions. First is Megan gave very clear guidance on Noah's three strategies on AI, on increasing the investment product proportion, and on the four booking centers. I have two follow-up questions. First is, can we understand what will be the potential financial impact from these strategies? For example, with the adoption of AI, will we see any cost saving on the operating plan side, or will we see any improving in revenue?

Speaker #4: First, there is very clear guidance on Noah's three strategies on AI, on increasing the investment product proportion, and on the four booking centers. I have two follow-up questions.

Speaker #4: First, can we understand what the potential financial impact will be from these strategies? For example, with the adoption of AI, will we see any cost savings on the operating side, or will we see any improvements in revenue?

Speaker #4: And regarding the booking center, particularly the U.S. booking center, will we see very strong upfront investment into 2026 when we fully launch this business?

Peter Zhang: Regarding the booking center, particularly on the US booking center, will we see very strong upfront investment into 2026 when we fully launch this business? The second follow-up question is, we also wish to understand from the investor perspective, is there any matrix we can track on Noah's progress in his strategy in the, say, coming one or two years? My second question is on the overseas relationship manager and the domestic coverage city. I observed that overseas relationship manager headcount have dropped in Q3, while the domestic coverage city has increased in Q3. The third trend is a bit different from the trend we have been observing in the, I think, past two years. We wish to understand what's the rationale behind.

Regarding the booking center, particularly on the US booking center, will we see very strong upfront investment into 2026 when we fully launch this business? The second follow-up question is, we also wish to understand from the investor perspective, is there any matrix we can track on Noah's progress in his strategy in the, say, coming one or two years? My second question is on the overseas relationship manager and the domestic coverage city. I observed that overseas relationship manager headcount have dropped in Q3, while the domestic coverage city has increased in Q3. The third trend is a bit different from the trend we have been observing in the, I think, past two years. We wish to understand what's the rationale behind.

Speaker #4: And the second follow-up question is we also wish to understand from the investor perspective, is there any metric we can track on Noah's progress in this strategy in the, say, coming one or two years?

Speaker #4: And then my second question is on the overseas relationship manager and the domestic currency team. I observed that the overseas relationship manager headcount has dropped in the quarter, while the domestic currency team has increased in the quarter.

Speaker #4: And the trend is a bit different from the trend we have been observing in the past two years, where we wish to understand what's the rationale behind.

Speaker #4: Is there any major change in our company strategy, or is this just due to some market or, say, RM headcount fine-tuning? I will stop here.

Peter Zhang: Is there any major change in our company strategy, or is this just due to some market or, say, RM HECON fine-tuning? I will stop here. Thank you.

Is there any major change in our company strategy, or is this just due to some market or, say, RM HECON fine-tuning? I will stop here. Thank you.

Speaker #4: Thank

Speaker #4: you. Okay.

Qing Pan: Okay. Thank you, Peter, and thanks for actually asking a pretty comprehensive question. I'll try to take the first question, and our vendor will supplement on the second one. For the first question, especially on the three significant measurements, especially for the strategy of optimizing revenue structure, I think a couple of things that the investor could track or pay attention to is, one, the weight of revenue that's coming from investment-related products. We do believe that both revenue and top line will continue to grow, but at the same time, the structure that comes from investment-related products, given the actual expansion on product shelf and how the recovery of sentiment relating to investing from our clients, we believe that that's one of the things obviously we could attract. Secondly, obviously, we want to see a meaningful accumulation on investment-related AUM and AUA as well.

Grant Pan: Okay. Thank you, Peter, and thanks for actually asking a pretty comprehensive question. I'll try to take the first question, and our vendor will supplement on the second one. For the first question, especially on the three significant measurements, especially for the strategy of optimizing revenue structure, I think a couple of things that the investor could track or pay attention to is, one, the weight of revenue that's coming from investment-related products. We do believe that both revenue and top line will continue to grow, but at the same time, the structure that comes from investment-related products, given the actual expansion on product shelf and how the recovery of sentiment relating to investing from our clients, we believe that that's one of the things obviously we could attract. Secondly, obviously, we want to see a meaningful accumulation on investment-related AUM and AUA as well.

Speaker #5: Thank you, Peter. And thanks for actually asking a pretty comprehensive question. So I'll try to take the first question, and our vendor will supplement on the second one.

Speaker #5: So for the first question, especially on the three significant measurements, particularly for the strategy of optimizing the revenue structure, I think a couple of things that the investor could track or pay attention to are, one, the weight of revenue that's coming from investment-related products.

Speaker #5: We do believe that both revenue and top line will continue to grow; but at the same time, the structure that comes from investment-related products, given the actual expansion on the product shelf and the recovery of sentiment relating to investing from our clients, we believe that that's one of the things, obviously, we could attract.

Speaker #5: Secondly, obviously, we want to see a meaningful accumulation in investment-related AUM and AUA as well. I believe our chairlady, Nora, could also elaborate on the topic of AI investment.

Qing Pan: Secondly, to your question, I believe our chair lady Nora could also add on is the AI investment. It's not a small optimization or extracurricular activity in terms of AI investments. We're actually looking to innovate the business model on top of the traditional offline or physical RM team, if you will, by actually adding two teams. One is the AI RM that will continue to activate the existing client group to activate sort of the non-active clients or new clients. We believe that AI actually provides a more structured method, and a more tailor-made capability to activate the new client leads. Secondly, we're actually trying to see if we could, as Noah actually does have a pretty established infrastructure in terms of systematic infrastructure, as well as the capability of offering various products.

Secondly, to your question, I believe our chair lady Nora could also add on is the AI investment. It's not a small optimization or extracurricular activity in terms of AI investments. We're actually looking to innovate the business model on top of the traditional offline or physical RM team, if you will, by actually adding two teams. One is the AI RM that will continue to activate the existing client group to activate sort of the non-active clients or new clients. We believe that AI actually provides a more structured method, and a more tailor-made capability to activate the new client leads. Secondly, we're actually trying to see if we could, as Noah actually does have a pretty established infrastructure in terms of systematic infrastructure, as well as the capability of offering various products.

Speaker #5: It's not a small optimization or extracurricular activity in terms of AI investments. We are actually looking to innovate the business model on top of the traditional offline or physical RM team, if you will, by actually adding two teams.

Speaker #5: One is the AI RM that will continue to activate the existing client group to engage the non-active clients or new clients. We believe that AI actually provides a more structured method and a more tailor-made capability to activate the new client leads.

Speaker #5: And secondly, we're actually trying to see if we could, as Noah, actually do have a pretty established infrastructure in terms of systematic infrastructure as well as the capability of offering various products.

Speaker #5: We want to see if we could use, with the help of AI, to consolidate or aggregate some of the EM services that seem to be pretty mature in overseas markets.

Qing Pan: We want to see if we could use, with the help of AI, to consolidate or aggregate some of the EAM services that seem to be pretty mature in the overseas market. Basically, in short, we're trying to see if the AI capabilities that we'll continue to invest in will increase the capability on several fronts. One is obviously client acquisition, new client acquisition, and two is to upgrade the business model in the future. We have been doing that, especially the design organization structure this year, and we'll have a strategic investment in AI starting from 2026. To your question on the booking center, yes, we will have a little bit of infrastructure construction, obviously, in the US booking center, but we already had presence in the US market for the past few years. Many of the teams are actually already out there.

We want to see if we could use, with the help of AI, to consolidate or aggregate some of the EAM services that seem to be pretty mature in the overseas market. Basically, in short, we're trying to see if the AI capabilities that we'll continue to invest in will increase the capability on several fronts. One is obviously client acquisition, new client acquisition, and two is to upgrade the business model in the future. We have been doing that, especially the design organization structure this year, and we'll have a strategic investment in AI starting from 2026. To your question on the booking center, yes, we will have a little bit of infrastructure construction, obviously, in the US booking center, but we already had presence in the US market for the past few years. Many of the teams are actually already out there.

Speaker #5: So, basically, in short, we're trying to see if the AI capabilities that we will continue to invest in will increase the capability on several fronts.

Speaker #5: One is obviously client acquisition, new client acquisition, and two is to upgrade the business model in the future. So we have been doing that, especially the design organization structure this year, and we'll have a strategic investment in AI starting from 2026.

Speaker #5: To your question on the booking center, yes, we will have a little bit of infrastructure construction, obviously, in the U.S. booking center. But we've already had a presence in the U.S. market for the past few years.

Speaker #5: So many of the teams are actually already out there. Obviously, we'll be adding some of the mid-back office capability for the broker-dealer business, but from the budget standpoint, it's actually not going to be a very significant addition in terms of operating expenses.

Qing Pan: Obviously, we'll be adding some of the mid-back office capability for the broker-dealer business. From the budget standpoint, it's actually not going to be a very significant addition in terms of operating expenses, but basically the necessary infrastructure for the year of 2026. Okay. Peter, that's the first question.

Obviously, we'll be adding some of the mid-back office capability for the broker-dealer business. From the budget standpoint, it's actually not going to be a very significant addition in terms of operating expenses, but basically the necessary infrastructure for the year of 2026. Okay. Peter, that's the first question.

Speaker #5: But basically, the necessary infrastructure for the year 2026. Okay. So, Peter, that's the first.

Speaker #5: question. What I

Jingbo Wang: Overall, we believe our balance sheet is still very strong and can support the development of this business.

Zhe Yin: Overall, we believe our balance sheet is still very strong and can support the development of this business.

Speaker #4: put

Speaker #1: What did . When you . Open the a balance sheet . Let me do a quick translation . Search . So CEO just mentioned for the three strategies .

Speaker #1: It's actually very correlated because the key thing that is to do is to drive the company as an AUM driven company . So during this structural changes and we've been trying to more because in the past few years , the clients are more conservative in terms of investment .

Speaker #1: But the recent years we've seen that it has been changed and clients have been more active in investment now . So that's why we believe that that AUM driven structure , in terms of our revenue is the is the key engine for the company .

Speaker #1: in the near Growth future . And when we're talking about AUM driven revenue growth , that is why we needed to think about the AI development .

Speaker #1: Also, the different booking centers that we've been in, in having globally, because of AI investment, that can help to enhance our business efficiency.

Speaker #1: And also it provide better experience to our clients and which would be that it can further reinforce our momentum in terms of giving clients a better service and our sales performance .

Speaker #1: And also for Brookings Center, basically, it's the same idea we've been trying with our clients as well, because we have more global demand in terms of the investment need. And that's why we needed to build the platform and the infrastructure to support our clients.

Speaker #1: So and also , yes , it may have a little impact on our on the but that we believe that with our strong balance sheet , we've been able to keep a very prudent investment theme .

Speaker #1: But at the same time, to support our development.

Speaker #2: With . You the . I am the . The aim I am . Eager . Are . I am the . I am .

Helen Lee: Let me do a quick translation first. CEO just mentioned for the three strategies, it's actually very correlated. The key thing that they're trying to do is to drive the company as an AUM-driven company. During these structural changes, we've been trying to more because in the past few years, the clients are more conservative in terms of investment. The recent year, we've seen that it has been changed, and clients have been more active in investment now. That's why we believe that AUM-driven structure in terms of revenue is the key engine for the company growth in the near future. When we're talking about AUM-driven revenue growth, that is why we needed to think about the AI development and also the different booking centers that we've been having globally.

[Translator]: Let me do a quick translation first. CEO just mentioned for the three strategies, it's actually very correlated. The key thing that they're trying to do is to drive the company as an AUM-driven company. During these structural changes, we've been trying to more because in the past few years, the clients are more conservative in terms of investment. The recent year, we've seen that it has been changed, and clients have been more active in investment now. That's why we believe that AUM-driven structure in terms of revenue is the key engine for the company growth in the near future. When we're talking about AUM-driven revenue growth, that is why we needed to think about the AI development and also the different booking centers that we've been having globally.

Speaker #2: The capacity . And the . The . The . Your m plus n the . I . For the the the . The .

Helen Lee: For AI investment, it can help to enhance our business efficiency, and also it provides a better experience to our clients, which we believe that it can further reinforce our momentum in terms of giving clients a better service and our sales performance. For booking center, basically it's the same idea. We've been trying our clients' plan as well because we've seen more global demand in terms of the investment need. That's why we needed to build up the platform and provide these infrastructures to our clients. Yes, it may have a little impact on our clients unavoidably, but we believe that with our strong balance sheet, we've been able to keep a very prudent investment theme, and at the same time, been able to support our development.

For AI investment, it can help to enhance our business efficiency, and also it provides a better experience to our clients, which we believe that it can further reinforce our momentum in terms of giving clients a better service and our sales performance. For booking center, basically it's the same idea. We've been trying our clients' plan as well because we've seen more global demand in terms of the investment need. That's why we needed to build up the platform and provide these infrastructures to our clients. Yes, it may have a little impact on our clients unavoidably, but we believe that with our strong balance sheet, we've been able to keep a very prudent investment theme, and at the same time, been able to support our development.

Speaker #2: The the .

Speaker #1: Zero. To your second question, Peter, the CEO emphasized that we didn't change any of our focus on developing our overseas market.

Speaker #1: When you have seen that the number of our overseas... I would also say that it's more like an active adjustment internally.

Speaker #1: Instead of other reasons, it's because we need to have the right approach. It actually requires a lot of investment and time, and I mean we will need to have the right outcome.

Qing Pan: with the local clients, we can have better connection and experience, mainly in this aspect. From the overall strategy, we have not made any adjustments. Thank you.

Zhe Yin: with the local clients, we can have better connection and experience, mainly in this aspect. From the overall strategy, we have not made any adjustments. Thank you.

Speaker #1: And that's the reason why we've been started to invest in our development and try to introduce the AI concept AI that you've just that is met .

Speaker #1: actually our one of the AI that we are It's having . And because when we look at the efficiency , they can actually cover the number of clients will be a lot more .

Speaker #1: And that is what the CEO mentioned: the capacity that AI could have compared to any human beings. Also, you may have seen that the number of cities in the domestic market we cover seems to have increased.

Speaker #1: But again , that's not exactly the same , same type of office that we've been having in some of the major cities . Those we increases are mainly just at the end .

Speaker #1: Plus, we will call it more like it's a clubhouse for client relationships, and it's for our elite clients. Better experience with us.

Speaker #1: We want to emphasize that our focus on developing overseas markets remains the same.

Speaker #3: Can you hear me ?

Speaker #2: Yes .

Speaker #1: Yes .

Speaker #3: Will I ? The one that AI the Qing Pan . So you can . AI so you can . Women's I . Champion all of the champions from the champions .

Helen Lee: To your second question, Peter, CEO emphasized that we didn't change any of our focus on developing our overseas market. When you have seen that they dropped the number of our overseas RM, I would also say that it's more like an active adjustment internally instead of other reasons. It's because to have the right RM, it actually requires a lot of investment and time. I mean, we will need to have the right RM. That's also the reason why we've been started to invest in our AI development and try to introduce the AI RM concept. Now, this Noia that you've just met is actually one of the AI RM that we are having. Because when we look at the efficiency, they can actually cover the number of clients will be a lot more.

[Translator]: To your second question, Peter, CEO emphasized that we didn't change any of our focus on developing our overseas market. When you have seen that they dropped the number of our overseas RM, I would also say that it's more like an active adjustment internally instead of other reasons. It's because to have the right RM, it actually requires a lot of investment and time. I mean, we will need to have the right RM. That's also the reason why we've been started to invest in our AI development and try to introduce the AI RM concept. Now, this Noia that you've just met is actually one of the AI RM that we are having. Because when we look at the efficiency, they can actually cover the number of clients will be a lot more.

Speaker #3: All the . The AI . So that . On a . Typekit . I am on the . AI . I don't on the full .

Helen Lee: That is what CEO mentioned, the capacity that AI RM could have compared to any human beings. You may have seen the number of cities in domestic markets we cover seems to have increased. Again, that's not exactly the same type of office that we've been having in some of the major cities. Those we increased are mainly just at the N+. We will call it more like a clubhouse. It's more for client relationship, and it's for our elite clients' better experience with us. We wanted to emphasize that our focus on developing overseas markets remains the same.

That is what CEO mentioned, the capacity that AI RM could have compared to any human beings. You may have seen the number of cities in domestic markets we cover seems to have increased. Again, that's not exactly the same type of office that we've been having in some of the major cities. Those we increased are mainly just at the N+. We will call it more like a clubhouse. It's more for client relationship, and it's for our elite clients' better experience with us. We wanted to emphasize that our focus on developing overseas markets remains the same.

Speaker #3: The . The . Champion . The AI full , full . The AI . The . The . I'm . When I'm on the phone for winning the .

Qing Pan: ??????????

Jingbo Wang: ??????????Can you hear me?

Peter Zhang: Can you hear me?

Qing Pan: Yeah.

Grant Pan: Yeah.

Peter Zhang: Yes.

Speaker #3: I am the champion. I win, so you can rely on my success. You can trust in our results. I'm not just speaking; the numbers speak for themselves. I'm the champion.

Operator: will shift from RM-driven to platform operations-driven. At Noah, we hope to move ahead and at a faster pace. This is what I want to express. I think today, as we stand here discussing Noah's business model, we are definitely more confident than before. We know which direction to go, and it is relatively clear. These are the points I wanted to add.

Jingbo Wang: will shift from RM-driven to platform operations-driven. At Noah, we hope to move ahead and at a faster pace. This is what I want to express. I think today, as we stand here discussing Noah's business model, we are definitely more confident than before. We know which direction to go, and it is relatively clear. These are the points I wanted to add.

Speaker #3: I'm the . I'm the . AI . The only the the . The . I'm the . Ecosystem . That . The . The .

Speaker #3: Your booking center for the AI. I'm the one on the winning team. The focus for this segment is on the performance of Noah Holdings Ltd.

Speaker #1: me do a Let very quick translation . So what our challenge been mentioned . We've been started to invest in different types of AI or investment related fund .

Speaker #1: Since 2020 , 2016 . And we've been staying for close to a lot of top tier high tech company and why we bring this up we've been is because trying to demonstrate where do all these logic about AI and technology ?

Speaker #1: We've been adopting, and for example, investors or analysts could be seen that we've been launching all this type of infrastructure fund and our olive, all of our brand as well.

Speaker #1: So we've been trying to demonstrate that we have a very deep knowledge about AI and that we believe it's going to have very structural changes to the wealth management industry in the past.

Speaker #1: It's more like a arm driven , human driven model . But we believe that going forward , it's more like a operational , driven model .

Speaker #1: What is our operational driven model ? We believe this is depends on I mean , it's a depends on development of AI , which is , for example , we can have a AI wealth management team .

Speaker #1: It could have people still to do the data analysis. And some people may hold licenses, but at the end of the day, it's about AI.

Speaker #1: They've been able to help and enhance human beings knowledge about different investment products and needs their client . And so that they can come up and they can cover a lot more clients per person .

Speaker #1: in the Unlike past . And that what we call this operational driven and also when we are developing the overseas market , what we've seen is it's hard to rely on human being at the sense that because the cost could be high and also the loyalty or the the stability may not be as high or not be that high .

Speaker #1: And that's why the company believe that using operational driven wealth management system is a more efficient way of running this business . And that not only is happening Norway , we in believe that it's going to be very it's going to be a new development in the entire industry in the coming 3 to 5 years time .

Helen Lee: Let me do a very quick translation. What our challenge has been mentioned, we've been started to invest in different types of AI or investment-related funds since 2016, and we've been staying very close to a lot of top-tier high-tech companies. Why we bring this up is because we've been trying to demonstrate where do all this knowledge about AI and technology we've been adopting. For example, investors or analysts could have been seen that we've been launching all this type of infrastructure funds and our Olive brand as well. We've been trying to demonstrate that we have a very deep knowledge about AI, and that we believe that's going to have very structural changes to the wealth management industry. In the past, it's more like an RM-driven, a human-driven model, but we believe that going forward it's more like an operational-driven model.

[Translator]: Let me do a very quick translation. What our challenge has been mentioned, we've been started to invest in different types of AI or investment-related funds since 2016, and we've been staying very close to a lot of top-tier high-tech companies. Why we bring this up is because we've been trying to demonstrate where do all this knowledge about AI and technology we've been adopting. For example, investors or analysts could have been seen that we've been launching all this type of infrastructure funds and our Olive brand as well. We've been trying to demonstrate that we have a very deep knowledge about AI, and that we believe that's going to have very structural changes to the wealth management industry. In the past, it's more like an RM-driven, a human-driven model, but we believe that going forward it's more like an operational-driven model.

Speaker #1: But we've been trying to take advantage of. We've been trying to stay a step ahead of the industry so that the company can be ahead of the industry in adopting this operationally driven model. To supplement this, we've been introducing the E.M.

Speaker #1: Or, what we call the IAF system in the USA. Additionally, we've been hiring this commission-based agency for our insurance products.

Speaker #1: That said , overall , we are talking about or from the company's point of view , it's about building the global platform . The infrastructure for all these operational driven models , being able to deliver good results for the company .

Helen Lee: What is an operational-driven model? We believe that it depends on, I mean, it depends on the development of AI, which is, for example, we can have an AI wealth management team. It could have people still to do the data analysis, and some people may hold licenses. At the end of the day, it's about AI. They've been able to help and enhance human beings' knowledge about different investment products and their client needs, so that they can come up and they can cover a lot more clients per person, unlike in the past. That's what we call operational-driven. Also, when we are developing the overseas market, what we've seen is it's hard to rely on human beings in the sense that because the cost could be high, and also the loyalty or the stability may not be as high or not be that high.

What is an operational-driven model? We believe that it depends on, I mean, it depends on the development of AI, which is, for example, we can have an AI wealth management team. It could have people still to do the data analysis, and some people may hold licenses. At the end of the day, it's about AI. They've been able to help and enhance human beings' knowledge about different investment products and their client needs, so that they can come up and they can cover a lot more clients per person, unlike in the past. That's what we call operational-driven. Also, when we are developing the overseas market, what we've seen is it's hard to rely on human beings in the sense that because the cost could be high, and also the loyalty or the stability may not be as high or not be that high.

Speaker #3: What's woman the the the . AI . Or the . For the . AI the the for . The . For the . In the .

Speaker #3: The the AI . The ecosystem . An . For the . For the . The for the . The .

Helen Lee: That's why the company believes that using an operational-driven wealth management system is a more efficient way of running this business. That not only is happening in Noah, we believe that is going to be a new development in the entire industry in the coming three to five years' time. We have been trying to take advantage, or we have been trying to take a step ahead of the industry so that the company can be ahead of the industry to adopt this operational-driven model. To supplement this also, we have been introducing the EAM or what we call IAS system in the United States, and also we have been hiring this commission-based agency doing our insurance products.

That's why the company believes that using an operational-driven wealth management system is a more efficient way of running this business. That not only is happening in Noah, we believe that is going to be a new development in the entire industry in the coming three to five years' time. We have been trying to take advantage, or we have been trying to take a step ahead of the industry so that the company can be ahead of the industry to adopt this operational-driven model. To supplement this also, we have been introducing the EAM or what we call IAS system in the United States, and also we have been hiring this commission-based agency doing our insurance products.

Speaker #1: Thanks. So, as a conclusion, we believe that with AI, currently what we are having is that in all of our operations, they have their own AI assistant.

Speaker #1: And we believe that that can enhance the capacity to become one. People become three arms, and more importantly, it's about the new business unit or business line that we've been setting up.

Speaker #1: So another one would be AI wealth management that we mentioned previously, which is within the AI wealth management team. They've been able to provide a better experience for new clients, and they've also been able to dig into our client base and try to reconnect with those clients who may not have been very active in the past few years.

Helen Lee: That said, overall, we are talking about, from the company's point of view, it's about building the global platform, the infrastructure for all these operational-driven models being able to deliver good results for the company.

That said, overall, we are talking about, from the company's point of view, it's about building the global platform, the infrastructure for all these operational-driven models being able to deliver good results for the company.

Speaker #1: And business like we've been trying to or we have , we developing . Its this AI ecosystem team , which is that they be focusing to serve the M business that we've been mentioned .

Operator: ??????????????????????? RM ???????????? RM ???? AI ???????????????????????????????? RM ???????? RM ???????????????????????????????????? ?????????? AI ?????????????????????????????????????????????????????????????????????? ??????????? AI ? ecosystem ??????????????? EM??????????????????????????????????????????????????????????????????????????????????????????????????

Jingbo Wang: ??????????????????????? RM ???????????? RM ???? AI ???????????????????????????????? RM ???????? RM ???????????????????????????????????? ?????????? AI ?????????????????????????????????????????????????????????????????????? ??????????? AI ? ecosystem ??????????????? EM??????????????????????????????????????????????????????????????????????????????????????????????????

Speaker #1: And also this commission based agency that will be supplement the companies development . Any more questions ?

Speaker #4: Thank you. We're very clear. Thank you.

Speaker #5: Again, if you have a question, please press star and then one. Our next question comes from Calvin Wang with Citi.

Speaker #5: Please go ahead .

Speaker #1: Yes . Yes Kevin .

Speaker #6: For Calvin for . The 20 . Utah . 13 . So thanks for taking this and congrats on the . Solid premier in third quarter .

Helen Lee: Thanks. As a conclusion, we believe that with AI, currently what we are having is that all of our RM, they have their own AI assistant, and we believe that can enhance the capacity to become one people become three RMs. More importantly, it's about the new business unit or business line that we've been setting up. Another one would be AI wealth management that we mentioned previously, which is within the AI wealth management team. They've been able to give better experience to the new clients, and also they've been able to help to dig into our client base and try to reconnect with those clients who may not be very active in the past few years.

[Translator]: Thanks. As a conclusion, we believe that with AI, currently what we are having is that all of our RM, they have their own AI assistant, and we believe that can enhance the capacity to become one people become three RMs. More importantly, it's about the new business unit or business line that we've been setting up. Another one would be AI wealth management that we mentioned previously, which is within the AI wealth management team. They've been able to give better experience to the new clients, and also they've been able to help to dig into our client base and try to reconnect with those clients who may not be very active in the past few years.

Speaker #6: This is coming from the city. And I have a question on investment product sales, which sustained robust growth in the quarter.

Speaker #6: What measures have we taken to specifically focus on investment product sales in the fourth quarter across domestic and overseas markets? Are there any particular products that will be our focus?

Speaker #6: Thanks .

Speaker #2: The . The . The . The . Hong Kong Hong Kong . And . That you in the AI . The AI the you .

Helen Lee: Another business side we've been trying to, or we have been developing, is also this AI ecosystem team, which is that they've been focusing to serve the EAM business that we've been mentioning, and also this commission-based agency that will be supplementing the company's development. Peter, ?????????????? Any more questions?

Another business side we've been trying to, or we have been developing, is also this AI ecosystem team, which is that they've been focusing to serve the EAM business that we've been mentioning, and also this commission-based agency that will be supplementing the company's development.

Jingbo Wang: Peter, ?????????????? Any more questions?

Qing Pan: All right, thank you.

Peter Zhang: All right, thank you.

Operator: Thank you.

Qing Pan: Very clear, thank you.

Jingbo Wang: Thank you.

Peter Zhang: Very clear, thank you.

Jingbo Wang: Again, if you have a question, please press star and then one. Our next question comes from Calvin Wang with Citi. Please go ahead.

Operator: Again, if you have a question, please press star and then one. Our next question comes from Calvin Wang with Citi. Please go ahead.

Qing Pan: ???????

[Analyst] (Citi): ???????

Helen Lee: Yes, yes, you can tell us.

Jingbo Wang: Yes, yes, you can tell us.

Qing Pan: ????????????????????????????? Citi ? Calvin?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? Thanks for taking this and congrats on the solid premium in third quarter. This is Calvin from Citi, and I have a question on investment product sales, which sustained a robust growth in the quarter. What measures have Noah taken specifically and looking into fourth quarter? What is our strategy in investment product sales across domestic and overseas markets? Are there any products that would be our key focus? Thank you.

[Analyst] (Citi): ????????????????????????????? Citi ? Calvin?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? Thanks for taking this and congrats on the solid premium in third quarter. This is Calvin from Citi, and I have a question on investment product sales, which sustained a robust growth in the quarter. What measures have Noah taken specifically and looking into fourth quarter? What is our strategy in investment product sales across domestic and overseas markets? Are there any products that would be our key focus? Thank you.

Speaker #2: Her . The AI . Will be . The . Champion . Champion . And the . You . AI . The the . Champ .

Speaker #2: You . A woman . Champion . Are the . Champion . . Champion . Champion . The AI . Hedge fund . You .

Operator: in layout and promotion. Overall, our overseas product line is continuously being strengthened, centered around our CL report, especially in AI-related assets and technology-deflation assets brought by technological progress. In this area, we will have a strong focus.

Zhe Yin: in layout and promotion. Overall, our overseas product line is continuously being strengthened, centered around our CL report, especially in AI-related assets and technology-deflation assets brought by technological progress. In this area, we will have a strong focus.

Speaker #2: then the And . The . The . You . Are . The . The . And . The champion . The are the the .

Speaker #2: AI and the . The .

Speaker #1: So it's . You may aware that in this company , we have this a CIO . CIO report , which has been issued every half year .

Speaker #1: And during the recent publish, we talked about these three types of products that we believe should be paid more attention to.

Speaker #1: So for the third type , is there some fund or investment that is been able to fight inflation , which would be more traditional types of fund , including those property fund or maybe gold or material related types of fund .

Speaker #1: And secondly would be more technology related , which is using technology to fight to fight inflation . For example , these AI that we've been mentioned , not only for the companies , the adopting of the using , but also related type of investment as well .

Speaker #1: And the third one would be some newly developed business. It's more like the crypto we've been paying attention to, or we've been advising our clients to pay more attention to.

Speaker #1: I mean, Chairlady mentioned that, luckily, we've been connecting with the U.S. product market since 2016, and we have developed the team there to source different types of funds or investment products for our clients.

Speaker #1: that's And why we've been able to be enhancing our product share in the past few years . And that's why starting from the last few years , you may have been able to see reflecting on our financial performance instead of just PE fund being able to sell to clients , we have seen a very substantial improvement in selling hedge funds .

Speaker #1: That is the secondary market , secondary market types of funds have been able to sell to , to , to our investors or to our clients .

Helen Lee: You may be aware that in this company we have this CIO report, which has been issued every half year. During the recent publish, we talked about there are three types of product that we believe should be paid more attention to. For the first type, it's some fund or investment that has been able to fight inflation, which would be more traditional types of fund, including those property fund or maybe gold or material related types of fund. Secondly, it would be more technology related, which is using technologies to fight inflation. For example, these AI that would be mentioned not only for the company's adopting of the using, but also related type of investment as well.

[Translator]: You may be aware that in this company we have this CIO report, which has been issued every half year. During the recent publish, we talked about there are three types of product that we believe should be paid more attention to. For the first type, it's some fund or investment that has been able to fight inflation, which would be more traditional types of fund, including those property fund or maybe gold or material related types of fund. Secondly, it would be more technology related, which is using technologies to fight inflation. For example, these AI that would be mentioned not only for the company's adopting of the using, but also related type of investment as well.

Speaker #1: So and also really about the renminbi market , we may have to say that yes , because of the performance of our Asia's market , we we have seen a lot of interest in our client for renminbi related products .

Speaker #1: However , the companies still keep a very prudent and conservative beliefs towards the renminbi type of product . We still believe that strength our or our focus is more on overseas investment products is more particularly these technology related type AI related type products .

Speaker #2: The app. The. The, the, the.

Helen Lee: The first one would be some newly developed business, it's more like the crypto that we've been paying, or we've been advising our clients to pay more attention to. I mean, as Chair Lady mentioned, luckily we've been connecting with the US product market since 2016, and we have developed a team there to sourcing different types of funds or investment products for our clients. That's why we've been able to be enhancing our product shell in the past few years. That's why starting from the last few years, you may have been able to see reflecting on our financial performance. Instead of just PE fund being able to sell to clients, we have seen a very substantial improvement in selling hedge funds. That is the secondary market, secondary market types of fund that have been able to sell to our investors or to our clients.

The first one would be some newly developed business, it's more like the crypto that we've been paying, or we've been advising our clients to pay more attention to. I mean, as Chair Lady mentioned, luckily we've been connecting with the US product market since 2016, and we have developed a team there to sourcing different types of funds or investment products for our clients. That's why we've been able to be enhancing our product shell in the past few years. That's why starting from the last few years, you may have been able to see reflecting on our financial performance. Instead of just PE fund being able to sell to clients, we have seen a very substantial improvement in selling hedge funds. That is the secondary market, secondary market types of fund that have been able to sell to our investors or to our clients.

Speaker #3: The . Solution . Focus that . The . The parking center . For . The . The . The . The . You a arc or arc ?

Speaker #3: Is the . The arc . Not only the in . The Zhe Yin woman . Glory . The the . What the woman .

Helen Lee: Really about the renminbi market, we may have to say that yes, because of the performance of our Asia market, we have seen a lot of interest in our client for the renminbi related products. However, the company still keeps a very rather prudent and conservative belief towards the renminbi type of product. We still believe that our strength, or our focus, is more on overseas investment products, particularly these technology related type, AI related type products.

Really about the renminbi market, we may have to say that yes, because of the performance of our Asia market, we have seen a lot of interest in our client for the renminbi related products. However, the company still keeps a very rather prudent and conservative belief towards the renminbi type of product. We still believe that our strength, or our focus, is more on overseas investment products, particularly these technology related type, AI related type products.

Speaker #3: The . Woman . The . Woman . The . What the . The . Woman . AUM . The driven . Woman . Woman .

Operator: ???????????APP?????????????????????????????????????????????????????????????????????????

[Analyst] (Citi): ???????????APP?????????????????????????????????????????????????????????????????????????

Speaker #3: Feel the . I am the . One . The . So . The woman . Don't worry , don't worry . The full .

Qing Pan: with $150,000, we will start serving you. With our AI empowerment, I am very confident that the quality of our service, I even think, exceeds private banks. Okay, I will add this. Thank you.

Jingbo Wang: with $150,000, we will start serving you. With our AI empowerment, I am very confident that the quality of our service, I even think, exceeds private banks. Okay, I will add this. Thank you.

Speaker #3: Woman . Are . Woman . Who ? The KYC , the the the . Woman . When the AI woman . The fool .

Speaker #3: The .

Speaker #1: Lady, so what? She mentioned wanting to do. The answer is that we probably shouldn't just look at a particular type of products. When we've been doing answering these questions, it's more about the company's position.

Speaker #1: also about our own DNA , is we've been which able to serve all the global Chinese . We understand them , and we know how to give them better services .

Speaker #1: And also it's about the infrastructure that we have . The Brookings centers globally and also the , the , the , the different business units .

Speaker #1: For example , Arc in Hong Kong , in Singapore , they've been provide services for opening accounts , buying equities , buying bonds products , related .

Speaker #1: And also we have our Olive asset management, which has been strong traditionally in private equity (PE) funds. We are now introducing hedge funds, along with our brand, Glory.

Speaker #1: We've been able to provide trust services or even insurance advice for family planning. So, it's about the infrastructure that we've been having.

Speaker #1: And means that we've been always able to meet clients needs . So for our example , that's why what we've been keep on saying , we want it to be an AUM driven revenue model .

Speaker #1: That's also why we've been starting to build up the commission-based insurance agency team, because we've been trying to lower the running costs.

Speaker #1: But at the same time, we still provide comprehensive services to meet our clients' needs, and I guess that's our advantage as a company.

Speaker #1: So it's not just about picking what products to sell to the clients, but we've also been able to provide whatever our clients need and meet their demand.

Speaker #3: Well , what ? Cannot . Would you . The . Are . The . The . AI The the the the g the .

Helen Lee: Thank you, Chair Lady. What she mentioned promoting to DO's answer is we probably shouldn't just look at a particular type of product when we've been answering this question. It's more about the company's position. It's also about our own DNA, which is we've been able to serve all the global Chinese. We understand them, and we know how to give them better services. It's about the infrastructure that we have, the booking centers globally, and also the different business units. For example, ARK in Hong Kong and in Singapore, they've been able to provide services for opening accounts, buying equities, buying bond-related products. We have Olive, our asset management arm that's been strong traditionally in PE funds, and we're now introducing hedge fund. Our brand Glory, we've been able to provide trust services or even insurance advice and family planning.

[Translator]: Thank you, Chair Lady. What she mentioned promoting to DO's answer is we probably shouldn't just look at a particular type of product when we've been answering this question. It's more about the company's position. It's also about our own DNA, which is we've been able to serve all the global Chinese. We understand them, and we know how to give them better services. It's about the infrastructure that we have, the booking centers globally, and also the different business units. For example, ARK in Hong Kong and in Singapore, they've been able to provide services for opening accounts, buying equities, buying bond-related products. We have Olive, our asset management arm that's been strong traditionally in PE funds, and we're now introducing hedge fund. Our brand Glory, we've been able to provide trust services or even insurance advice and family planning.

Speaker #3: The the the . The . The the . The what ? The the . The the the . The the . Independent . Financial advisor M .

Helen Lee: It's about the infrastructure that we've been having and means that we've been always able to meet our clients' needs. For our example, that's why what we've been keep on saying, we wanted to be an AUM-driven revenue model. That's also why we've been starting to build up the commission-based insurance agency team, because we've been trying to lower the running cost, but at the same time still provide comprehensive services to meet our clients' needs. I guess that's our advantage of the company. It's not about picking what products to be sold to the clients, but we've been able to provide whatever our client needs and meet their demand.

It's about the infrastructure that we've been having and means that we've been always able to meet our clients' needs. For our example, that's why what we've been keep on saying, we wanted to be an AUM-driven revenue model. That's also why we've been starting to build up the commission-based insurance agency team, because we've been trying to lower the running cost, but at the same time still provide comprehensive services to meet our clients' needs. I guess that's our advantage of the company. It's not about picking what products to be sold to the clients, but we've been able to provide whatever our client needs and meet their demand.

Speaker #3: Multi-family office or the the. The the.

Speaker #1: So explain the the strategy . So since our starting this year , I mean for we wanted to focus on the Chinese high net worth .

Speaker #1: So it's no longer about competing by providing what type of products, but about the services we've been able to provide. She emphasized again the team that we've been building at the center.

Speaker #1: We've been able to have a globally so that we've able been to provide services across different time zones and across different geographical restrictions , and also when we've been serving these high net worth , one thing is different .

Qing Pan: them, establish our infrastructure, and build our financial product supply chain capability. This gives us more long-term competitiveness.

Jingbo Wang: them, establish our infrastructure, and build our financial product supply chain capability. This gives us more long-term competitiveness.

Speaker #1: They no just are longer related to one geographical places . They've been speaking different languages . And when we been entering different markets , we also face the difficulties of regulatory requirement .

Speaker #1: And that is one of the lowest competitive edges, because if any wealth management company with a smaller scale, that may be a very difficult thing to override.

Speaker #1: And that's why we've been the in right size to be able to set our up global infrastructure platform , being able to to cooperate with local EA , IAF so that team able to provide global services to any potential high net worth Chinese client that we've been reach able to .

Speaker #3: Was that . The . Shanghai . Center . For the high net worth , the Chinese family , the . The . The olive .

Helen Lee: Chair Lady sort of explained the strategy. Since starting this year, I mean we wanted to focus on the Chinese high net worth, so it's not no longer complaining by providing what type of product, but about we've been able to provide the services. She emphasized again about the RM team that we've been building, the booking center we've been able to have globally, so that we've been able to provide services across different time zones and across different geographical restrictions. Also, when we've been serving this high net worth, one thing is different. They no longer just are related to one geographical place. They've been speaking different languages. When we've been entering different markets, we also face the difficulties of regulatory requirement.

[Translator]: Chair Lady sort of explained the strategy. Since starting this year, I mean we wanted to focus on the Chinese high net worth, so it's not no longer complaining by providing what type of product, but about we've been able to provide the services. She emphasized again about the RM team that we've been building, the booking center we've been able to have globally, so that we've been able to provide services across different time zones and across different geographical restrictions. Also, when we've been serving this high net worth, one thing is different. They no longer just are related to one geographical place. They've been speaking different languages. When we've been entering different markets, we also face the difficulties of regulatory requirement.

Speaker #3: Glorious . I m the the the ecosystem . The . The . The .

Speaker #1: I guess the lady wanted to further share her confidence and happiness.

Speaker #3: AI . The . You can't do that . I am . Sorry .

Speaker #1: No, I guess she's very excited, and everyone can sense that we've been able to find the right strategy going forward to develop this company.

Speaker #1: So again , she emphasizes about the global platform . It's about the different business units that we have already developed and in fact , in the previous years .

Helen Lee: That is one of the lowest competitor edge because if any wealth management company with a smaller scale, that may be a very difficult thing to override. That's why we've been in the right size to be able to set up our global infrastructure platform, being able to cooperate with local EMI AF team so that we've been able to provide global services to any potential high net worth ten clients that we've been able to reach.

That is one of the lowest competitor edge because if any wealth management company with a smaller scale, that may be a very difficult thing to override. That's why we've been in the right size to be able to set up our global infrastructure platform, being able to cooperate with local EMI AF team so that we've been able to provide global services to any potential high net worth ten clients that we've been able to reach.

Speaker #1: And it's also about the new development like ecosystem and AI . Together , we've been able to serve globally and meet all the clients , all the particularly Chinese high net worth need in this global market so that she's a very confident and has a very high hope about the development strategy for the company .

Speaker #6: Thanks on my end. Thank you.

Qing Pan: ?????????????????????????????????????????????????????????????? booking center????????????????????????????????????? 60,000 ? high net worth ? Chinese family ?????????????????????? Olive ????????????????Glory ??????????ARK ???????????????? IFA ? EM ??????????????????? ecosystem ??????????????????????????????????????????????????????????????????????

Jingbo Wang: ?????????????????????????????????????????????????????????????? booking center????????????????????????????????????? 60,000 ? high net worth ? Chinese family ?????????????????????? Olive ????????????????Glory ??????????ARK ???????????????? IFA ? EM ??????????????????? ecosystem ??????????????????????????????????????????????????????????????????????

Speaker #1: Thank you .

Speaker #5: And the next question comes from Jin Yong Yan with Sick. Please go ahead.

Speaker #3: The you tissue can.

Speaker #7: Just on the investment income and income from equity in affiliates. Thanks for taking my question. My first question is about the investment income and income from equity in affiliates.

Helen Lee: I guess the Chairlady wanted to further share her confidence and happiness.

[Translator]: I guess the Chairlady wanted to further share her confidence and happiness.

Qing Pan: ??? AI IM ??????????? IM ?????

Jingbo Wang: ??? AI IM ??????????? IM ?????

Helen Lee: Yes, sorry. No problem. I guess she's very excited and everyone can sense that. We've been able to find the right strategy going forward to develop this company. Again, she emphasizes about the global platform. It's about the different business units that we have already developed and invested in the previous years. It's also about the new development like ecosystem and AI RM. Together we've been able to serve globally and meet all the clients, all the particularly Chinese high net worth needs in this global market. She is very confident and has a very high hope about the development strategy for the company.

Speaker #7: I see that both these items have significant , meaningful contribution to the growth of . Net profits . I would like to . Or could you please share the reasons behind and the trend in the fourth quarter and the second question is the about active clients .

[Translator]: No problem. I guess she's very excited and everyone can sense that. We've been able to find the right strategy going forward to develop this company. Again, she emphasizes about the global platform. It's about the different business units that we have already developed and invested in the previous years. It's also about the new development like ecosystem and AI RM. Together we've been able to serve globally and meet all the clients, all the particularly Chinese high net worth needs in this global market. She is very confident and has a very high hope about the development strategy for the company.

Speaker #7: I see that the active clients increased both double digits year-over-year and quarter-over-quarter. Could you please share what you have observed from the clients' behavior?

Speaker #7: Impact on the financial statements and the trend in the fourth quarter? Thanks.

Speaker #2: Yeah. You go to the . On the . To . The . To . The . The . The ranking.

Peter Zhang: ???????? Thanks. That's all from my end. Thank you.

[Analyst] (Citi): ???????? Thanks. That's all from my end. Thank you.

Helen Lee: Thank you.

[Translator]: Thank you.

Jingbo Wang: The next question comes from Jin Zhong Yan with CICC. Please go ahead.

Operator: The next question comes from Jin Zhong Yan with CICC. Please go ahead.

[Analyst] (CICC): ?????????????

Zhong Jin: ?????????????

Helen Lee: ??????

Jingbo Wang: ??????

[Analyst] (CICC): ????????????????????????????????????????????????????????????????Q4??????????????????????????????????????????????????????????????????????????????????????????????????????????????? Thanks for taking my question. My first question is about the investment income, that income from equity in affiliates. I see that both these items have significant meaningful contribution to the growth of net profits. I would like to, could you please share the reasons behind and the trend in the fourth quarter? The second question is about the active clients. I see that the active clients increased both double digits, YY and QQ. Could you please share what you have observed from the client's behavior, the impact on the financial statements, and the trend in the fourth quarter? Thanks.

Zhong Jin: ????????????????????????????????????????????????????????????????Q4??????????????????????????????????????????????????????????????????????????????????????????????????????????????? Thanks for taking my question. My first question is about the investment income, that income from equity in affiliates. I see that both these items have significant meaningful contribution to the growth of net profits. I would like to, could you please share the reasons behind and the trend in the fourth quarter? The second question is about the active clients. I see that the active clients increased both double digits, YY and QQ. Could you please share what you have observed from the client's behavior, the impact on the financial statements, and the trend in the fourth quarter? Thanks.

Speaker #2: And the . Order . You . You know . The the .

Speaker #3: Oh, sorry.

Speaker #1: So, about the investment game that we've been having. One of the major reasons is due to the previous investments that companies are making, particularly being the GP for some of these PE funds.

Speaker #1: And we've been seeing some in the recent years during the market. And the good also is that we can have a valuation gain for some of the investments as well.

Speaker #1: And in terms of exit plans , we've been able to have a better result because we've been now more focusing on investment products and which for investment products , unlike insurance clients , may have repeat buying without that , we've been able to enhance our health or maintain a rather stronger relationship with them .

Peter Zhang: AUM continue to grow, this number should remain steady.

Zhe Yin: AUM continue to grow, this number should remain steady.

Speaker #1: And that CEO emphasis—that's the reason why we would like to be more focused as an AUM-driven company.

Speaker #3: Zhe Yin . The market to market and . The . The . Long time view has . Just just .

Speaker #1: Sure . So . So , chairman . Lady . Further explained that the other because one of these I mean the investment gain that we've been able to have is because the right decision that we've made in the So past .

Qing Pan: ??????sorry??????

Zhong Jin: ??????sorry??????

Helen Lee: About the investment gain that we've been having, one of the major reasons is due to the previous investment the company is having, particularly being the GP for some of these PE funds. We've been seeing some exit in the recent years during the good market. We can have a valuation gain for some of the investment as well. In terms of active clients, we've been able to have a better result because we've been now more focusing on investment products, which for investment products like insurance, clients may have repeat buying with us. We've been able to enhance or maintain a rather stronger relationship with them. The CEO emphasized why that's the reason why we would like to be more focused as an AUM-driven company.

[Translator]: About the investment gain that we've been having, one of the major reasons is due to the previous investment the company is having, particularly being the GP for some of these PE funds. We've been seeing some exit in the recent years during the good market. We can have a valuation gain for some of the investment as well. In terms of active clients, we've been able to have a better result because we've been now more focusing on investment products, which for investment products like insurance, clients may have repeat buying with us. We've been able to enhance or maintain a rather stronger relationship with them. The CEO emphasized why that's the reason why we would like to be more focused as an AUM-driven company.

Speaker #1: being invested in different types of PE fund or also even listed in the USA , we may have some in the hurdles previous year , but that we've been seeing good results .

Speaker #1: For example , this investment income that is one of the example showing that the company has been able to make right decision in the in the years and and also reason thus explain why .

Speaker #1: I mean , when we have good result investment , that is an attraction point to our clients . That's that made them a more to willing invest with us .

Speaker #7: Very clear. Thank you.

Speaker #2: Thank you .

Qing Pan: bit down, we are already seeing very good trends, so we are still very confident.

Jingbo Wang: bit down, we are already seeing very good trends, so we are still very confident. ?????????????????????????????

Speaker #5: And the next question comes from Helen Li with UBS. Please go ahead.

Speaker #1: Helen .

Speaker #8: I .

Speaker #3: Wanted . I .

Speaker #8: I . Have . I . Would . The . I don't . Well I , I have a follow up question regarding AI application .

Helen Lee: ??

Qing Pan: ???????????????????????????

Helen Lee: ??. Chair Lady further explained that that is because one of these, I mean the investment gain that we've been able to have is because the right decision that we've made in the past. Being invested in different types of all these PE funds or also even listed in the USA, we may have some hurdles in the previous year, but we've been seeing good results. For example, this investment income, that is one of the examples showing that the company's been able to make right decisions in the previous years. That's also the reason explained why. I mean when we have good result investment, that is an attraction point to our clients. That's made them more willing to invest with us.

[Translator]: Chair Lady further explained that that is because one of these, I mean the investment gain that we've been able to have is because the right decision that we've made in the past. Being invested in different types of all these PE funds or also even listed in the USA, we may have some hurdles in the previous year, but we've been seeing good results. For example, this investment income, that is one of the examples showing that the company's been able to make right decisions in the previous years. That's also the reason explained why. I mean when we have good result investment, that is an attraction point to our clients. That's made them more willing to invest with us.

Speaker #8: How will AI support client acquisition in the overseas market, given the recent decline in overseas relationship managers? Does this success suggest a strategic shift towards preserving existing clients' overseas investment needs rather than focusing on expanding local client acquisition?

Speaker #8: And if the reduction in headcount primarily affecting mid to back office ? R.M. or does it also affect client facing front office , do you still plan to expand the client facing front office ?

[Analyst] (CICC): Very clear, thank you.

Zhong Jin: Very clear, thank you.

Speaker #8: R.M. team ? Previously , the target was to grow the overseas team to 300 . In the medium term . With the adoption of AI , has there been any change to these medium term target ?

Helen Lee: Thank you.

Grant Pan: Thank you.

Jingbo Wang: The next question comes from Helen Lee with UBS. Please go ahead.

Operator: The next question comes from Helen Lee with UBS. Please go ahead.

[Analyst] (CICC): ????????

Helen Li: ????????

Speaker #8: Thank you .

Helen Lee: ???Helen?

Jingbo Wang: ???Helen?

[Analyst] (CICC): ??????????????? AI ??????????????? AI ???????????????????????????????????????? RM ??????????????????????????? AI ??????????????????????????????????????????????????????????????????????????????????????????????????????????? RM???????????? RM?????????????????????? RM???????????????????????? RM ?????? 300 ???????? AI ??????????????????????????????????? I have a follow-up question regarding AI application. How will AI support client acquisition in the overseas market? Given the recent decline in overseas relationship managers, does this success suggest a strategic shift towards serving existing clients' overseas investment needs rather than focusing on expanding local client acquisition? Is the reduction in headcount primarily affecting meeting back office RM, or does it also affect client-facing front office RM? Do you still plan to expand the client-facing front office RM team? Previously, the target was to grow the overseas RM team to 300 in the medium term. With the adoption of AI, has there been any change to these medium-term targets? Thank you.

Helen Li: ??????????????? AI ??????????????? AI ???????????????????????????????????????? RM ??????????????????????????? AI ??????????????????????????????????????????????????????????????????????????????????????????????????????????? RM???????????? RM?????????????????????? RM???????????????????????? RM ?????? 300 ???????? AI ??????????????????????????????????? I have a follow-up question regarding AI application. How will AI support client acquisition in the overseas market? Given the recent decline in overseas relationship managers, does this success suggest a strategic shift towards serving existing clients' overseas investment needs rather than focusing on expanding local client acquisition? Is the reduction in headcount primarily affecting meeting back office RM, or does it also affect client-facing front office RM? Do you still plan to expand the client-facing front office RM team? Previously, the target was to grow the overseas RM team to 300 in the medium term. With the adoption of AI, has there been any change to these medium-term targets? Thank you.

Speaker #3: Well . UBS . For . You the high net worth Chinese family . AI . Who ? The AI . High net worth .

Speaker #3: For the high VC, PE, and AI, you.

Speaker #2: I .

Speaker #3: I woman . Just . A two days ago . The . Woman was a woman . Woman . Woman . Two . Woman .

Speaker #3: And woman . UBS . Woman . The woman . UBS . UBS .

Qing Pan: ?????????????????? UBS ????????????????????????????????????????????????????????????? high net worth ? Chinese family????????????? AI ?????????????????????????????????????????????? AI ????????????????????????????????? high net worth ??????????????????????????????????????? AI?????????????????????????????????????????????????????????????????????????????????????????????? VC ? PE ??????????????????????????????????????????? AI ??????????????????????????????????????????????????? 25 ???23 ??????????????????????

Jingbo Wang: ?????????????????? UBS ????????????????????????????????????????????????????????????? high net worth ? Chinese family????????????? AI ?????????????????????????????????????????????? AI ????????????????????????????????? high net worth ??????????????????????????????????????? AI?????????????????????????????????????????????????????????????????????????????????????????????? VC ? PE ??????????????????????????????????????????? AI ??????????????????????????????????????????????????? 25 ???23 ??????????????????????

Speaker #1: And China . Wall . So answer your question . The chairman . The challenge . Is just joking about . We want to .

Speaker #1: We don't want to share the secret of how we've been able to get clients . But that's more like a joke , because , I mean , ultimately , it's about how many clients that we have already been served .

Speaker #1: We have already served more than 400,000 clients over the last 22 years . And also with all these different types of PE fund that we have invested , we have met a lot of potential high net going to be high net worth or have become high high net worth individuals by their business development so that companies are the very confident that we have already had the database .

Speaker #1: But that in the past , one of the difficulty is that if we have the capability or if we are capable to serve these types of clients in a good way , with but then the AI assistants , we believe believe that we've been able to deliver better services and solutions to all our clients .

Speaker #1: That's why, with this kind we blaze that have already, we've been able to give the right service to them with the AI.

Helen Lee: It was 2022.

Qing Pan: difficult for us to compete with UBS. We want to learn from UBS.

Speaker #1: assistance of So she also provided one example . We had this client in Singapore . We met him and he became a client .

Speaker #1: He invest with us only took five days and that is impossible . In the past . It may take more than two months in the past , but now with the assistance of AI that is providing solutions , explanation and different types of understanding .

Speaker #1: And that's the reason why it has enhanced the company's efficiency in acquiring potential clients.

Speaker #2: the AI , AI , the . AI . AI has has . The . The . AI . The . The . AI .

Helen Lee: analyst. They have China questions. To answer your question, the Chair Lady was just joking about not wanting to share the secret of how we've been able to get clients, but that's more like a joke. Ultimately, it's about how many clients we have already served. We have already served more than 400,000 clients over the last 22 years. Also, with all these different types of PE funds that we have invested in, we have mapped a lot of potential high net worth, or going to be high net worth, or have become high net worth individuals by their business development. The company is very confident that we already have the database, but in the past, one of the difficulties is whether we have the capability, or if we are capable, to serve these types of clients in a good way.

[Translator]: They have China questions. To answer your question, the Chair Lady was just joking about not wanting to share the secret of how we've been able to get clients, but that's more like a joke. Ultimately, it's about how many clients we have already served. We have already served more than 400,000 clients over the last 22 years. Also, with all these different types of PE funds that we have invested in, we have mapped a lot of potential high net worth, or going to be high net worth, or have become high net worth individuals by their business development. The company is very confident that we already have the database, but in the past, one of the difficulties is whether we have the capability, or if we are capable, to serve these types of clients in a good way.

Speaker #2: The Benefit . The . The . . You The .

Helen Lee: With the AI's assistance, we believe that we've been able to deliver better services and better solutions to all of our clients. That's why, with this kind of place that we already have, we've been able to give the right service to them with the assistance of AI. She also provided one example. We have this client in Singapore, we met him and he became our client, he invested with us in only five days. That is impossible in the past. It may take more than two months in the past, but now, with the assistance of AI that is providing solutions, explanation, and different types of understanding, that's the reason why it has enhanced the company's efficiency in getting potential clients.

With the AI's assistance, we believe that we've been able to deliver better services and better solutions to all of our clients. That's why, with this kind of place that we already have, we've been able to give the right service to them with the assistance of AI. She also provided one example. We have this client in Singapore, we met him and he became our client, he invested with us in only five days. That is impossible in the past. It may take more than two months in the past, but now, with the assistance of AI that is providing solutions, explanation, and different types of understanding, that's the reason why it has enhanced the company's efficiency in getting potential clients.

Speaker #1: So . The just CEO further explained how AI is affecting the company . We believe that everyone's talking about AI . Every company wants to use AI , but it's about if they have the basic to be able to really adopt AI .

Speaker #1: That is AI using AI, and it is efficient. The reason we've been able to talk about two different topics is that we are ahead in this competition because we have adopted digitalization.

Speaker #1: I mean, in the early stage, we have developed the right system. Internally, we all have these data analysis or system built up.

Operator: ?????????? AI ?????? AI ???????????????? AI??????????? AI ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? AI ?????????????????????????????????????????????????????????????????????? AI ??????????????????????????????????? benefit ???????????????????????????????????????????????????????????????

Zhe Yin: ?????????? AI ?????? AI ???????????????? AI??????????? AI ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? AI ?????????????????????????????????????????????????????????????????????? AI ??????????????????????????????????? benefit ???????????????????????????????????????????????????????????????

Speaker #1: Always the even structure that... And been that, we've been able to adopt AI at a pace faster compared to some of our peers.

Speaker #1: And also when Helen was asking how AI has been able to help the company, the CEO's answer was, "We have already seen some benefits arise, but the adoption of AI could exceed our imagination."

Speaker #1: So the benefit that we've been experiencing could be a lot more in the future.

Speaker #2: Ahead .

Speaker #1: Yes . What .

Speaker #5: This concludes our question and answer session. I would like to turn the back over to Doreen Chu for any closing remarks.

Speaker #1: thanks , Yes , Dave , and thank you very much for joining us today . And if anyone has any further questions , please contact our team as usual .

Speaker #1: Thank you very much .

Helen Lee: The CEO just, I mean, further explained how AI is affecting the company. We believe that everyone's talking about AI, every company wants to use AI, but it's about if they have the basics to be able to really adopt AI. That is because using AI and using AI efficiently is two different topics that we've been talking about. Why Noah has been able to have in this competition is because we have adopted digitalization. I mean, in the earlier stage we have developed the right system, we internally have all this data analysis, our system build-up, even the OA structure and all that. Because of that we've been able to adopt AI in a faster pace compared to some of our peers.

[Translator]: The CEO just, I mean, further explained how AI is affecting the company. We believe that everyone's talking about AI, every company wants to use AI, but it's about if they have the basics to be able to really adopt AI. That is because using AI and using AI efficiently is two different topics that we've been talking about. Why Noah has been able to have in this competition is because we have adopted digitalization. I mean, in the earlier stage we have developed the right system, we internally have all this data analysis, our system build-up, even the OA structure and all that. Because of that we've been able to adopt AI in a faster pace compared to some of our peers.

Helen Lee: When Helen is asking how AI has been able to help the company, CEO's answer was, yes, we have already seen some benefits being arrived using AI, but that AI's adoption could be out of our imagination. The benefit that we've been experiencing could be a lot more in the future.

When Helen is asking how AI has been able to help the company, CEO's answer was, yes, we have already seen some benefits being arrived using AI, but that AI's adoption could be out of our imagination. The benefit that we've been experiencing could be a lot more in the future.

Qing Pan: Hi, Helen?

Grant Pan: Hi, Helen?

[Analyst] (CICC): Yes, question.

Helen Li: Yes, question.

Jingbo Wang: This concludes our question and answer session. I would like to turn the conference back over to Doreen Chu for any closing remarks.

Operator: This concludes our question and answer session. I would like to turn the conference back over to Doreen Chu for any closing remarks.

[Analyst] (CICC): Yes, thanks, Dave. Thank you very much for joining us today. If anyone has any further questions, please contact our team as usual. Thank you very much.

Doreen Chiu: Yes, thanks, Dave. Thank you very much for joining us today. If anyone has any further questions, please contact our team as usual. Thank you very much.

Jingbo Wang: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

Operator: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

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