Noah Holdings Limited

Good day and welcome to the NOAA Holdings Fourth Quarter and Full Year 2023 Earnings Conference Call. All participants will be in a 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 will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To withdraw your question, Please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Melo He, Director of Investor Relations. Please go ahead.

Thank you, operator. Good morning, and welcome to NOAA's 2023 Fourth Quarter Earnings Call. Joining me on the call today are Ms. Wang Jingbo, our co-founder and chairlady, Mr. Xander Ng, our co-founder, director, and CEO, and Mr. Grant Pan, our CFO. Ms. Wang will begin with an overview of our recent business highlights, followed by Mr. Pan, who will discuss our financials and operating results. They will all be available to take your questions in the Q&A session that follows. Before we begin, please note that the discussion today will contain forward-looking statements that are subject to risks and uncertainties and may cause actual results to differ materially from those in our forward-looking statements. Potential risks and authenticity include, but 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 the 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 any 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 over to Ms. Wang. Please go ahead.

From product-driven to solution-driven service for customers, Helping us and our customers to maintain survival and development in a market environment full of challenges. We started in 2016. We took the initiative to withdraw Chinese residential and commercial real estate assets in advance. In 2019, we also withdrew products that were not listed. These two decisions won us the trust of our customers. In the past three years, our new CIO reports and CPI models have shown our potential every half year. And more and more, we have gained the attention of our financial advisors and customers. In the face of a very challenging economic and market environment, Moia mainly revolves around three aspects to prepare the organization well. One, to survive in the economic recession. Two, to continue to fight for the priority in the future slow recovery. Three, to build core capabilities that can rise when the opportunity comes in the future. Moia has positioned itself as a solid entry-level company to find the right balance in defense and attack. The so-called real estate is to continue to improve operating efficiency, ensure the quality of the employees, selectively reduce costs, and maintain continuous investment in the new market and new channels, firmly expand the international market, build a global product and service system, and develop technological capabilities. In the past year, our focus has been to strengthen Luoya's ability to provide financial management solutions to Chinese customers around the world. One of the key points is to improve the other asset products in Luoya overseas. We observed that the global other fund management companies are actively paying attention to the private wealth channels that have not been fully developed and actively promoting the possibility of its new door of financing as a first-class market. As a private wealth management company with a wide range of Chinese high-end professional investment and network of private wealth management companies, we believe that this trend is conducive to the development of Luoya in the international market. In 2024, we will continue to invest more in the global scope, from network construction to investment and product selection technology.