Noah Holdings Limited

Good day and welcome to the NOAA Holdings Limited fourth quarter and full 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 your telephone keypad, and to withdraw your question, please press star then two. Please note today's event is being recorded. I would now like to turn the conference over to Dorian Hsu. Please go ahead.

Dorian Hsu Thank you, Rocco, and good morning and welcome to NOAA Holdings' 4th Watson Full Year 2025 Earnings Conference Call. Joining me on the call today are Ms. Noa Wen, Co-Founder and Chairlady, Mr. Sander Ying, the Co-Founder, Director and CEO, and Mr. Grant Pang, the CFO. Mr. Ying will begin with an overview of our recent business highlights and strategic development followed by Mr. Pang, who will review our financial and operational results. After management's prepared remarks, we will open the call for questions. Before we begin, please note that today's discussion will contain forward-looking statements that are subject to risks and uncertainties, which may cause actual results to differ materially from those expressed in such statements. Potential risks and uncertainties include but are not limited to those described in our public filings with the U.S. Security and Exchange Commission and the Hong Kong Stock Exchange. NORA undertakes no obligation to update any forward-looking statements except as required by law. Without further ado, I would now turn the call over to Mr. Yin. Please go ahead. Thank you.

Thank you. Dear investors and analysts, good morning. NORA has been established for 21 years. In a market environment that is constantly changing and repurchasing, our strategic direction is much clearer. We focus on serving customers of high and ultra-high quality in China, and provide long-term financial management services in different judicial areas through local holding institutions. More importantly, we are making a key change. From financial management institutions that focus on product sales, a comprehensive platform that focuses on asset configuration, global architecture, and AI systems. In 2025, this change will begin to be reflected in the results of the business. This is not only a step-by-step business adjustment, but also a resumption of the fundamentals of the business model.