Waterdrop Inc.

Good morning, ladies and gentlemen, and thank you for standing by for WaterDrop, Inc.' 's first quarter 2022 earnings conference call. At this time, all participants are in a listen-only mode. After the management's prepared remarks, there will be a Q&A 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. Please proceed, Ms. Xiaojiao.

Thank you, all participants. Hello, everyone. Thank you for joining WaterDrop's first quarter 2022 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 to differ materially from our current expectations. Potential risks and uncertainties include but are not limited to those outlined in our public findings with SEC. The company does not undertake any obligation to update any forward-looking statements 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 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, everyone. I would like to thank everyone for attending the first quarter of the Q&A conference in 2022. Since 2022, the capital market has gone down further. The political and economic movements in the past areas have brought new challenges to the domestic epidemic. Since last year, changes have been made in the global capital market and the financial environment. The company is also moving in the direction of re-adjusting the route to seek better development in the future. We have encountered challenges and adjusted strategies. Hello, everyone. Thank you for joining our first quarter 2022 earnings conference call. Since the beginning of this year, the capital markets have further plunged amid a volatile geopolitical environment