Noah Holdings Limited

Good day and welcome to NOAA Holdings' third quarter 2023 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. After today's presentation, there may be an opportunity to ask questions. Please note that this event is being recorded. I'd like to turn the conference over to Melo Zee, Investor Relations Director. Please go ahead.

Thank you, operator, and good morning and welcome to NOAA's 2023 Third Quarter's Earnings Call. Joining me on the call today are Ms. Wang Jingbo, our co-founder, chairlady, and CEO, and Mr. Graham Pan, our CFO. Ms. Wang will begin with an overview of our recent business highlights, followed by Mr. Pan, who will discuss our financial and operational results. They will both be available to take your questions in the Q&A session that follows. I'd like to generally remind you that we just held our annual investor day on November 14 in Hong Kong, where NOAA's executive management team provided an in-depth review of the business and laid out our strategic priorities for the future. The presentations and the panel discussions focused on our resilient standardized product offering, overseas expansion plans, solution-driven advisory services, global product leadership, as well as the client service strategies. A full replay of the event and presentation materials can be found on our Investor Relations website, which I encourage all of you to watch. Before we begin, please note that 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 ICC and the Hong Kong Stock Exchange. NOAA does not undertake any obligation to update any forward-looking statements, except as required under applicable law. In addition, today's call will include discussions of certain non-GAAP financial measures. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures can be found in our earnings release. Lastly, this call should not be interpreted as a solicitation to sell or purchase an interest in any NOAA or NOAA-affiliated products. Please also be aware that the link to a live webcast with presentation materials is available on our Investor Relations website. With that, I would like to pass the call to Ms. Wang. Please go ahead.

Today's call meeting, I would like to first share with you the observation of the recent face-to-face exchange with Loya customers, as well as the development of the overseas business in the financial management industry, and report the development of the three-season results and several major business models. Over the past two months, we have held a number of Roya customer meetings. Starting in Shanghai, we have received more than 1,200 domestic customers in our new headquarters. We have also conducted medical check-ups for the health of the family assets. According to the actual situation of the customers, we have provided suggestions for the adjustment of the asset allocation for the customers. Later, in Hong Kong and Singapore, we have had meetings and exchanges with more than 150 and 800 international black cards and super black customers to understand their understand and analyze their needs and promote Loya International Services. Based on our close observation and communication, we can see that high-quality customers of Loya Services are becoming more and more mature in their demand for wealth management and asset allocation. In the past, they focused on specific products, focused on revenue, and are now changing to consider asset security, the production plan of enterprises and families, and the strategic asset allocation of the world. Especially Loya International's customers basically went from product-driven to asset-driven wealth management needs. In the past two or three years, It is also the transition period from product drive to solution drive. We set up a CIO office at the international tax office, a customer strategy CSO office, and a product solution ITS office. Through the CCI system, we have moved from the red-light house to the customer demand configuration. The combination of product and service solution solutions has increased the service quality of all financial services through organizational construction and increased the satisfaction of customers. Thank you all for joining us. I would like to begin today's call by sharing some recent insights gleaned from the face-to-face interactions I had with NOAA clients