Noah Holdings Limited

Good day, and welcome to the NOAA fourth quarter and full 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 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 Shi, Senior Director. Please go ahead.

Thank you, operator. Good morning and welcome to NOAA's fourth quarter and full year 2024 earnings conference call. Joining me today on the call are Ms. Wang Jingbo, our co-founder and chairlady, Mr. Xander Ng, our co-founder, director, and CEO, and Mr. Grant Pan, our CFO. Mr. Yin will begin with an overview of our recent business highlights, followed by Mr. Pan, who will discuss our financial and operational results. You'll all be available to take your questions in the Q&A session that follows. Starting this quarter, we'll begin disclosing net revenues for each domestic and overseas business unit to better reflect the organizational restructuring we have undergone and provide a clearer understanding of the financial performance and strategic process progress each unit has made. Domestically, we've broken down revenue into domestic public securities under NOAA Upright, domestic asset management under Gopher Asset Management, and domestic insurance brokerage under Glory. Overseas businesses have been broken down into overseas wealth management under ARC Private Wealth, overseas asset management under Olive Asset Management, and oversees insurance and comprehensive services under Glory Family Heritage. In addition, 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 findings with the SEC 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.

Thank you, Melo. Good morning, investors and analysts of NOAA. I will share with you the agenda of today's phone conference, which is a summary of the overall market situation and NOAA's business results in 2024. Next, we will talk about the performance of foreign and domestic business development strategies and division blocks. Finally, we will report on the plans for 2025. 2024 is a challenge for us, but it is also full of opportunities. The challenge is the low price of the customer investment hospital brought by the macroeconomic situation. The opportunity is due to the change of major organizations and businesses when the market is not good. Opportunity costs are relatively controllable. In 2024, we firmly promoted the change of the organization in the domestic sales team, and did the branching business fully according to the requirements of supervision. Noya Formation, Gefei Wealth, and Glory Insurance Economy have all completed the organization of independent sales teams and achieved the completion of the end-to-end business. In addition, we firmly promote the construction of new financial teams in Hong Kong, Singapore, the United States, and other places. to recruit and train sales teams. At the same time, in the insurance business, we can start to build a team of top-notch managers. After 2024, these strategies have begun to show good results. 2024 is a year full of challenges. But as managers, we are also full of confidence. After 2024, We felt once again that our business model is very resilient. The cash flow is strong, and the security barrier is relatively high. Currently, we are in the early stages of building an outdoor sales system. It may take a while for it to grow significantly, but I have already felt the momentum of the early days of entrepreneurship. And this time, it is a double-edged sword between indoor and outdoor business. and the ability to serve customers around the world.