Noah Holdings Limited

Good morning, afternoon, and evening, and welcome to the NOAA Holdings Limited Third Quarter 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. Please note this event is being recorded. I would now like to turn the conference over to Doreen Chu, Companies Investor Relations. Please go ahead.

Thank you, Jason. Good morning, afternoon, and evening to everyone, and welcome to NOAA's third quarter of 2025 Earnings Conference Call. Joining me today are Ms. Huang Jingbo, our co-founder and chairlady, Mr. Sander Ying, co-founder, director, and CEO, and Mr. Grant Payne, the CFO. Mr. Yin will begin with an overview of our recent business highlights, followed by Mr. Peng, who will discuss our financial and operational results. They will all be available to take your questions in the Q&A session that follows. Please note that the discussion today will contain forward-looking statements that are subject to resisting uncertainty. 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 highlighted in our public filings with the SEZ and the Hong Kong Stock Exchange, nor does it 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, Mr. Yin, please go ahead.

Thanks, Lori. Good afternoon, investors and analysts. Thank you very much for participating in the third quarter of NOEA Control Group in 2025. For NOEA, we have three very clear changes this quarter. The first is that the company's profit and profit rate have clearly improved under the pressure of income. Non-GAAP net profit has increased by more than 50%. The second is that the growth rate of investment-related products has increased further in the increase in new income. The third is that overseas, Good morning to everyone and thank you for joining us today.