Waterdrop Inc.

Good morning, ladies and gentlemen, and thank you for standing by for Waterdrop Inc.' 's fourth quarter and fiscal year 2021 earnings conference call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question and answer session. As a reminder, today's conference call is being recorded. I would now like to turn the meeting over to your host for today's call, Ms. Xiaojiao Kui. Please go ahead, Ms. Coy.

Thank you, operator. Hello, everyone. Thank you for joining WaterDrop's fourth quarter and fiscal year 2021 earnings conference call. Please note that the discussion today will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities and the Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results differ materially from our current expectations. Potential risks and uncertainties include but are not limited to those outlined in our public findings with ICC. The company does not undertake any obligation to update any forward-looking statement except as required under applicable law. Also, this call includes discussion of certain non-GAAP measures. Please refer to our earnings release for a reconciliation between non-GAAP and GAAP. Joining us today on the call are Mr. Shen Peng, our founder, chairman, and CEO, Mr. Yang Guang, co-founder, director, and the general manager of the insurance marketplace, Mr. Hu Yao, co-founder, director, and the general manager of medical crowdfunding and healthcare, and Mr. Kevin Shi, our CFO. We will be available for a Q&A session after the remarks. Now I would like to turn the call over to our CEO, Mr. Shen Peng. Please go ahead.

Hello. Thank you for participating in the fourth quarter of 2021. Since the third quarter of 2021, the capital market has been shaking. At the same time, the insurance industry is growing rapidly. However, no matter how the market changes, we use technology to continue to improve the efficiency of insurance and the medical industry, and do our best to do our job patiently. We continue to create long-term value for ordinary people, and we are determined to make changes.