Noah Holdings Limited

and welcome to NOAA Holdings Second Quarter and Half Year 2025 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 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 2. Please note this event is being recorded. I would now like to turn the conference over to Doreen Chu, Senior IR Director. Please go ahead.

Thank you. Good morning and good afternoon, and welcome to NOAA's second quarter and half year 2025 earnings conference call. Joining me today, we have Ms. Wangting Bao, the co-founder and chairlady. Mr. Sander Yin, co-founder, director and CEO, and also Mr. Grant Pang, CFO. Mr. Yin will begin with an overview of our recent business highlights, followed by Mr. Pang, who will discuss our financial and operational results. They will all be available to take your questions in the Q&A section that follows. Please note that the discussion today will contain forward-looking statements that are subject to risk and uncertainties. that may cause actual results to dissolve materially from those in our forward-looking statements. Potential risks and uncertainties included but are not limited to those highlighted in our public filings with the SEC and the Hong Kong Stock Exchange, nor does not undertake any obligation to update any forward-looking statements, except as required under applicable law. With that, I would now like to pass the ball over to Sandra. Mr. Ying, please go ahead.

Okay, good morning to everyone, and thank you for joining NOAA's Second Court 2025 Earnings of Conference Call. In the second quarter of 2025, the global financial market was in a dynamic. The Trump administration introduced a new tax policy. The geopolitical risk turned from background music to the main melody. It was inspired by the pre-release of the NOAA's CIO report in the first half of the year. Noya's customers achieved better investment performance in the second quarter. As of the end of the second quarter, Noya's black card customers have a profit margin of more than 95%. After a few years of international expansion, we have completed the construction of global product governance. VCPE Fund, another modern fund,基建基金,对冲基金,全球公募基金,港美股结构化产品,以及资产传承方面的 Our net income reached 6.3 billion yuan. Our net profit increased by 20.2%. Non-GAAP net profit increased significantly by 78.2%. The net profit increased by 12%, reaching 1.9 billion yuan. In the first half of the year, the total net income was 12.4 billion yuan. Non-GAAP net profit was 3.6 billion yuan. More importantly, our income structure has been further optimized. The income of investment-related products has been further increased. The ratio of investment-related products has risen to a new high of more than 30%. In the field of inbound business, our strategy is to focus on increasing the motivation of financial investors to activate and sleep customers and expand new customers. In the field of inbound business, we focus on expanding the front desk financial team and local new customers. In the first half of the year, the number of new qualified investors was 627. We continue to make internal adjustments and optimization. Each B.U. requires to promote from products to the self-sufficiency construction of sales. At the same time, we promote cross-sales through customer service, which leads to a continuous improvement in the overall activity of customers. We insist on the investment in platform and ability construction, improve customer satisfaction through AI service finance and customers, and gradually improve the construction of various booking centers and digital platforms. In customer access, product accumulation, digital support,