Noah Holdings Limited

Good day and welcome to the NOAA holding second quarter and half year 2024 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 your touch tone phone. And to withdraw your question, please press star then two. This event is being recorded. I would now like to turn the conference over to Mr. Melo Si, Investor Relations Director. Please go ahead, sir.

Thank you, operator. Good morning and welcome to NOAA's 2024 Second Quarter Earnings Call. Joining me today on the call today are Ms. Wang Jingbo, our co-founder and chairlady, and Mr. Zander Ng, our co-founder, director, and CEO, and Mr. Grant Pan, our CFO. Mr. Ng will begin with an overview of our recent business highlights, followed by Mr. Pan, we'll discuss our financial and operational results. They'll all be available to take your questions in the Q&A session that follows. Before we begin, please note that this discussion today will contain forward-looking statements that are subject to risk 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. With that, I would like to pass the call over to Mr. Yin. Please go ahead.

Thank you, Melo. Good morning, NOAA investors and analysts. In the past few days, we have made a more clear distinction between domestic and international business. The operating model and organizational structure, financial teams, and other changes in business models China has undergone a major change compared to the past. Starting from this quarter, we will report financial data based on the new organizational structure and business structure, which is more in line with our actual situation. Therefore, on the agenda of today's phone conference, I will directly divide the performance of the second quarter of 2024 into domestic and international reports, and then share with you our strategy for domestic and international business development. In the past few years, the domestic sector They can only run their own main business and customers. At the asset level, we are responsible for promoting company brand market activities, revenue and investment education, but do not recommend specific financial products. At the international level, we have launched a new wealth management brand called ARK Wealth Management, which continues to expand the team of private bankers in Hong Kong, Singapore, the United States, etc., to provide comprehensive wealth management services to local Chinese people. Currently, we have 113 financial advisors in ARK at the international level. At the international asset management level, we have launched a new brand, OLIO Asset Management. Currently, the main task is to build a more complete product system of different asset categories around the world. We have also established the U.S. Product Center and gradually established a large customer sales team. Currently, there are nine sales teams and institutional sales teams. We can see that this year's first half of the year, the work done by Olive has produced certain results. In the second half of the year, the first quarter of the year, the U.S. dollar level 1 product achieved 3.4 billion US dollars, which increased by 40.2%. The U.S. dollar level 1 AUM and AUA also achieved 14.9% and 5.5% respectively. On the insurance and comprehensive service side, we launched a new brand, Glory Family Heritage, mainly focusing on building global insurance trust and identity planning product capabilities. Glory has also started to establish a new overseas non-profit agent team, and has also made some progress. Currently, there are about 20 non-profit agents, and there is a lot of performance. At the international online financial management, we have established an independent business team, focusing on online customer service. Through iARC and IHP, we have established an online service team, including the latest version of Singapore, to serve local Chinese, Chinese institutions, and IFA and EAM. After achieving better results at some operating points, there will be special output. In the domestic market, although investment and monitoring environment are more and more challenging, the demand for high-tech customers' renminbi is still abundant. We still have confidence in the future of this industry.