Waterdrop Inc.

Good morning, ladies and gentlemen, and thank you for standing by for WaterDrop, Inc.'s second quarter 2026 Financial Results Earnings Conference Call. At this time, all participants are in a listen-only mode. After the 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 Ms. Tracy Lee. Please proceed, Ms. Lee.

Thank you, Operator, the Ambassador and Analyst.

This is Tracy Li from Waterdrop Investor Relations. Please note that discussion today will contain forward-looking statements made under the Safe Harbor Provision of U.S. Private Securities and the Litigation Reform Act of 1995. Forward-looking statements are separate from risks and incentives that may cause actual results differ mutually from our current expectations. Potential risk and uncertainties include but not limited to those outlined in our public findings with the SEC. 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 matters. Please refer to our release for reconciliation between non-GAAP and GAAP. Joining us today on the call are Mr. Shen Peng, our founder, chairman, and CEO, Mr. Yuan Wei, director and GM of insurance business, Mrs. Li Jie Ru, finance VP, head of strategy and capital markets. Certain members of our management team will deliver their remarks in Mandarin, followed by an English translation. Moreover, a webcast reply will be available on our investor relations website. I will now turn the call over to our CEO, Shen Peng. Please go ahead.