Yuanbao Inc.

Ladies and gentlemen, good day and welcome to Yuan Bao Inc. second quarter 2026 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Ms. Stella Liu, Investor Relations and Strategy Associate Director. Please go ahead.

Thank you, Operator. Please note that today's discussion will contain four looking statements made under the safe harbor provisions of the U.S. private securities litigation Reform Act of 1995. Such statements are not guarantees of future performance and are subject to certain risks and uncertainties, assumptions, and other factors. Some of these risks are beyond the company's control and could cause actual results to differ materially from those mentioned in today's press release and discussion. A general discussion of the risk factors that could affect Yuan Bao's business and financial results is included in certain filings of the company with the Securities and Exchange Commission. The company does not undertake any application to update this forward-looking information, except as required by law. During today's call, management will also discuss certain non-GAAP financial measures. For definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the earnings release issued earlier today. Joining us today on the call from Yuanbao Senior Management are Mr. Rui Fang, our Chairman and Chief Executive Officer, and Mr. Rui Wan, our Chief Financial Officer. Mr. Fang will deliver his remarks in Chinese, followed by an English translation. All figures will be in RMB, unless otherwise noted. We will conclude the call with a Q&A session. As a reminder, this conference is being recorded. In addition, a webcast replay of this conference call will be available on Yuanbao's investor relations website. I will now turn the call over to our chairman and CEO, Mr. Fang. Please go ahead, sir.

Hello, everyone. Welcome to Yuanbao's second quarter of the fiscal year. In the second quarter of the fiscal year, the company's business has maintained a steady growth pattern. In this quarter, the income and profit capacity have increased simultaneously. The total revenue of the company is RMB 13.92 billion, which is 30.1% of the net profit. The net profit is RMB 4.13 billion, which is 35.6% of the net profit. The net profit is 29.7%. As of the end of the second quarter, the company's cash reserves are RMB 51.6 billion, which continues to invest in AI technology research and development for us.