Noah Holdings Limited

Good day, and welcome to the NOAA Holdings Limited first quarter 2026 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 telephone keypad. 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 Doreen Chiu, Investor Relations. Please go ahead.

Thank you, and welcome and good morning, everyone, to NOAA's first quarter of 2026 earnings conference call. Joining me on the call today are Ms. Wong Ting-Po, the co-founder and chairlady, Mr. Sander Yin, the co-founder, director, and CEO, and also Mr. Grant Pang, 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 section that follows. Please note that the discussion today will contain forward-looking statements that are subject to risks and uncertainties. That may cause actual results that worry 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 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. Please go ahead.

Good morning, investors, analysts, and friends. Thank you for attending NOAA's first quarter of the first quarter of the year. The transition pace into June of 2026 is clearer than in the past. In the first quarter, we observed three clear trends. First, profit structure continues to improve. Our operating profit rate has reached the high point of the third quarter in recent years. Second, domestic business is returning to investment and supply. Active customers and supply scale realize a double-edged sword. Third, overseas business continues to advance according to our initiative to adjust the strategy of income structure. the globalized and AI-driven new business model is gradually being formed. Before we go into more detail, I would like to share two globalized milestone cups that we have achieved in this quarter. The Japanese office officially started operation on May 4. At the same time, our US brokerage dealer brand has completed the final approval process. The core key team will also officially join in June. Investors and analysts, and thank you for joining NOAA Holdings' first quarter 2026 earnings conference call.