Huize Holding Ltd (HUIZ) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Huize's second-half and full-year 2025 earnings conference call. (Operator Instructions) Today's conference call is being recorded, and the webcast replay will be available on Hotel's IR website at ir.huize.com under the Events and Webcast section.

各位女士、先生，感謝您耐心等候，歡迎參加慧擇 2025 年下半年及全年業績電話會議。(接線員指示) 今天的電話會議將被錄音，網路直播回放將於慧擇投資者關係網站 ir.huize.com 的「活動與網路直播」欄目提供。

I'd now like to hand the conference over to your speaker host today, Mr. Kenny Lo, Huize, Investor Relations Director. Please go ahead, Kenny.

現在我想把會議交給今天的主持人、慧擇投資者關係總監 Kenny Lo 先生。Kenny，請開始。

Thank you, operator. Hello, everyone, and welcome to our second-half and full-year 2025 earnings conference call. Our financial and operational results were relisted earlier today and are currently now available on both our IR website and Globe Newswire services. Before we continue, we will like to refer you to our Safe Harbor statement in our earnings press release, which also applies to this call as we will be making forward-looking statements. Please don't note that we will discuss non-GAAP measures today, which are more thoroughly explained in our earnings release and filings with the SEC.

謝謝接線員。各位好，歡迎參加我們 2025 年下半年及全年業績電話會議。我們的財務及營運結果已於今日稍早重新發布，目前可在我們的投資者關係網站以及 Globe Newswire 服務上查閱。在繼續之前，我們請您參閱我們在業績新聞稿中的「安全港」聲明；由於我們將作出前瞻性陳述，該聲明同樣適用於本次電話會議。另請注意，我們今天將討論非 GAAP 指標，相關內容在我們的業績新聞稿及向美國證券交易委員會（SEC）提交的文件中有更完整的說明。

Joining us today are Founder and CEO, Mr. Cunjun Ma; Co-CFO, Mr. Minghan Xiao; and Co-CFO, Mr. Ron Tam. Mr. Ma will start the call by providing an overview of the company's performance and operational highlights. Both (inaudible) who will go our financial results for the year 2025. Then we'll open the call for questions. I will now turn the call over to Mr. Ma.

今天與會的有創辦人兼執行長馬存軍先生；聯席財務長肖明翰先生；以及聯席財務長譚榮先生。馬先生將首先概述公司表現與營運亮點。兩位（聽不清）將為我們解讀 2025 年的財務結果。之後我們將開放提問。現在我把電話交給馬先生。

(interpreted) Welcome to Huize second-half and full-year of 2025 earnings conference call. In 2025, Chinese insurance industry underwent profound structural changes. As bank deposit rates continued to decline household while allocation shift fundamentally with capital accelerating to long-term stable assets such as insured anticipating products that offer both protection and wealth accumulation emerged as the core growth engine for the industry.

(口譯) 歡迎參加慧擇 2025 年下半年及全年業績電話會議。2025 年，中國保險業經歷了深刻的結構性變化。隨著銀行存款利率持續下行，居民資產配置發生根本性轉移，資金加速流向長期穩健資產；同時，兼具保障與財富累積功能的保險產品需求上升，成為行業的核心成長引擎。

Furthermore, (technical difficulty) the generated AI and AI agent capabilities is the way we're shaping the industry ecosystem and operating models, driving a factor towards greater efficiency and intelligence. Internationally, Southeast Asia insurance markets expecting accelerating digital penetration. (technical difficulty) happens in a growing middle class, creating compelling structural opportunities. Our proactive forward-looking strategy as positioned us to cap on these dynamics and deliver a strong performance in 2025.

此外，（技術問題）生成式 AI 與 AI 代理能力正在重塑行業生態與營運模式，推動行業朝更高效率與更高智能化方向發展。在國際市場方面，東南亞保險市場預期數位滲透將加速。（技術問題）在中產階級擴張的背景下，帶來了具吸引力的結構性機會。我們前瞻且主動的策略定位，使我們能把握這些趨勢，並在 2025 年交出強勁表現。

Both GWP and FYP facilitated on our platform in 2025 reached record highs of RMB7.4 billion and RMB4.6 billion, searching 21% and 35% year over year, respectively. Total revenue for the year came in at RMB1.6 billion, growing approximately 27% from last year, driven by strong top-line mineral caused efficiency improvement from the strategy strategic deployment of AI solutions across our organization. we delivered non-GAAP net profit of RMB22.6 million. This marks the first consecutive year of non-GAAP profitability, a testament to our resilient execution in a dynamic market and the long-term sustainability of our business model.

2025 年，我們平台促成的總保費（GWP）與首年保費（FYP）均創新高，分別達人民幣 74 億元與人民幣 46 億元，同比分別增長 21% 與 35%。全年總收入為人民幣 16 億元，較去年增長約 27%，主要受強勁的營收增長以及在全組織推進 AI 解決方案帶來的效率提升所驅動。我們實現非 GAAP 淨利潤人民幣 2,260 萬元。這標誌著我們連續第一年實現非 GAAP 盈利，體現了我們在動態市場中的韌性執行力，以及商業模式的長期可持續性。

We remain deeply committed to our customer-centric strategy, serving our high-quality customer base across the full insurance life cycle. In 2025, we added approximately 1.7 million new customers bringing the total to over 12 million by year end. The average age of long-term insurance policyholders was (inaudible) years with 65.8% residing in Tier 2 cities or above, reflecting our focus on high-quality customer demographic segments.

我們始終堅持以客戶為中心的策略，面向高品質客群，覆蓋保險全生命週期提供服務。2025 年，我們新增約 170 萬名新客戶，使年末客戶總數超過 1,200 萬。長期保險保單持有人平均年齡為（聽不清）歲，其中 65.8% 居住在二線及以上城市，反映我們聚焦高品質客群的人口結構分層。

The average FYP take size for long-term which is approximately RMB7,900 in 2025, a 38% increase year over year. As of year end, each of our teas and 25-month persistency ratios for long-term insurance products remained at industry-leading levels of over 95%, highlighting our strong retention capabilities and fully validating the quality of our service and the competitiveness of our product offerings.

2025 年長期險的平均首年保費客單價約為人民幣 7,900 元，同比增長 38%。截至年末，我們長期保險產品的第 13 個月與第 25 個月續保率均保持在行業領先的 95% 以上，凸顯我們強大的客戶留存能力，並充分驗證了服務品質與產品競爭力。

By year end, our partner ecosystem grew to 150 insurer partners allowing us to continue expanding the differentiated customized products we offer. To address the growing demand for wealth management and financial planning solutions in an aging society.

截至年末，我們的合作生態已擴展至 150 家保險公司合作夥伴，使我們能持續擴大差異化、定制化產品供給。以應對老齡化社會中日益增長的財富管理與財務規劃解決方案需求。

We launched Data 2.0, a participating annuity product designed to provide premium diversified retirement planning solutions -- we also launched two customized million medical insurance products in 2.0 and Changing and 3.0, which overran differentiated features, including 20-year guaranteed renewal and simplified help underwriting that cater to the diverse health protection needs of different customer segments.

我們推出了「大德 2.0」分紅年金產品，旨在提供更為多元的退休規劃解決方案——同時，我們也推出了兩款定制化的百萬醫療險產品 2.0 與「長青 3.0」，具備差異化特點，包括 20 年保證續保與簡化健康核保，以滿足不同客群多樣化的健康保障需求。

Together, these largest reinforced our core competitiveness in the medical insurance segment and a solid foundation for our long-term sustainable growth.

上述舉措進一步強化了我們在醫療保險領域的核心競爭力，並為我們長期可持續成長奠定了堅實基礎。

We began fostering an AI-native culture across the organization during the year. deploying AI solutions across the insurance service value chain. This significantly improved our expense to revenue ratio which fell 5.9 percentage points year over year to 26.3% and was a key contributor to our turn to full year profitability.

年內，我們開始在全組織培育 AI 原生文化，並在保險服務價值鏈各環節部署 AI 解決方案。這顯著改善了我們的費用收入比，該比率同比下降 5.9 個百分點至 26.3%，並成為我們全年轉為盈利的關鍵貢獻因素。

We also deployed our AI solutions across the entire customer journey covering intent recognition, product recommendations and writing place. This meaningfully enhance the user experience and supported a (inaudible) year-over-year increase in e-driven self-service policy plan new users in 2025.

我們亦將 AI 解決方案部署於完整的客戶旅程，涵蓋意圖識別、產品推薦與出單環節。這顯著提升了使用者體驗，並支持 2025 年由 e 驅動的自助式保單方案新用戶同比（聽不清）增長。

Our AI systems are now capable of independently completing sales conversion. The launch of our AI financial plan highlights this evolution into a full life cycle financial planning partner for our customers. AI cannot directly generate personalized family issuance plans directly from individual user profiles.

我們的 AI 系統目前已能夠獨立完成銷售轉化。AI 財務規劃師的推出，凸顯我們正演進為客戶的全生命週期財務規劃夥伴。AI 現在可以直接基於個別使用者檔案，生成個人化的家庭保障配置方案。

More recently, we launched our AI claims service with our AI agent fully embedded across core claim system. The first AI review of the claims were settled in just 23 minutes and Mark's first full end-to-end agent-driven claims settlement in China's student major sector and the completion of our intelligent closed-loop service capability.

近期，我們推出了 AI 理賠服務，並將 AI 代理全面嵌入核心理賠系統。首筆由 AI 審核的理賠僅用 23 分鐘即完成結案，並實現中國（聽不清）領域首個由代理驅動的端到端理賠結算，標誌著我們智能閉環服務能力的落地完成。

Looking ahead, we will collaborate with insurance carriers to build connected ecosystem, spanning users, issuers and agents embedding AI across every stage of insurance services in financial planning to fully realize our vision of an AI-driven insurance platform.

展望未來，我們將與保險公司合作共建互聯生態，覆蓋用戶、保險公司與代理人，並在保險服務與財務規劃的每個階段嵌入 AI，全面實現我們打造 AI 驅動保險平台的願景。

Our international business continued to deliver strong performance. In Singapore, Hakoranta we obtained a financial adviser and exempt insurance proteins from the Monetary Authority of Singapore, formally establishing our local operational footprint.

我們的國際業務持續交出強勁表現。在新加坡，Hakoranta 我們已取得新加坡金融管理局核發的財務顧問牌照及豁免保險經紀人資格，正式建立我們在當地的營運據點。

Simultaneously, we are actively expanding our proprietary AI solutions to Singapore to offer an innovative and differentiated insurance experience. Demand for our insurance products in Hong Kong remained robust in 2025, with revenue increasing more than 2 holded year over year, driven by the differentiated product features.

同時，我們正積極將自有的 AI 解決方案拓展至新加坡，以提供創新且差異化的保險體驗。2025 年香港市場對我們保險產品的需求仍然強勁，在差異化產品特性帶動下，營收年增超過 2 倍。

In Vietnam, Global Care generated a 106% year-over-year increase in full year GWP and an 84% increase in revenue growth. Notably, the GCL business line has a standout performance with platform users call tripling drilling the year-end premiums growing more than threefold year over year. strongly validating the scalability of our digital distribution model in Southeast Asia.

在越南，Global Care 全年總簽單保費（GWP）年增 106%，營收年增 84%。值得一提的是，GCL 業務線表現突出，平台用戶數在年末前成長至三倍，保費年增超過三倍，有力驗證我們在東南亞數位分銷模式的可擴展性。

Looking ahead, we will continue to focus on three strategic priorities to drive high-quality growth. First, we will continue to deploy AI growth business to deep in service quality and improve user experience. By using AI to streamline workflows, we deploy freed up resources towards further improving service quality and expanding AI application scenarios. -- facilitating technology and creating real value for our customers.

展望未來，我們將持續聚焦三項策略重點，以推動高品質成長。第一，我們將持續部署 AI 以推動業務成長，深化服務品質並提升使用者體驗。透過運用 AI 精簡工作流程，我們將釋放出的資源投入於進一步提升服務品質並擴大 AI 應用情境——以科技賦能，為客戶創造真實價值。

Second, we will deepen product innovation in our core growth areas, develop and differentiated and innovative products catered to specific customer segments. Our focus will remain on participating products in long-term health insurance to address demand for comprehensive coverage across both health care and wealth management.

第二，我們將在核心成長領域深化產品創新，開發差異化且具創新性的產品，以滿足特定客群需求。我們仍將聚焦長期健康保險中的分紅型產品，以回應客戶對醫療保障與財富管理雙重需求的全面保障。

Third, we will accelerate and deepen our international expansion through Positec, growing the proportion of overseas revenue contrition and delivering sustainable long-term value for our shareholders.

第三，我們將透過 Positec 加速並深化國際擴張，提高海外營收貢獻占比，並為股東帶來可持續的長期價值。

This concludes my prepared remarks for today. I will now turn the call to our CFO, Mr. (inaudible), who will provide an overview of our key financial highlights.

以上為我今天的準備發言。接下來我將把電話會議交給我們的財務長（聽不清），由他概述我們的主要財務亮點。

Thank you, Mr. Ma and Kent -- good evening, everyone.

謝謝馬先生與 Kent——各位晚上好。

First of all, we closed out the year very strongly with another solid performance despite a volatile macroeconomic and geopolitical landscape. On a full year basis, both gross written premiums and first year premiums facilitated on our platform has reached record highs of RMB7.4 billion and RMB4.6 billion, respectively. (technical difficulty) representing year-over-year increases of 21% and 35%, while total revenue grew 27% year over year to RMB1.6 billion.

首先，儘管宏觀經濟與地緣政治環境波動，我們仍以非常強勁的表現為全年畫下句點。以全年計，我們平台促成的總簽單保費與首年保費（FYP）分別達到人民幣 74 億元與人民幣 46 億元的歷史新高。（技術問題）分別年增 21% 與 35%，同時總營收年增 27% 至人民幣 16 億元。

Notably, we gained profitability with net profit of RMB4 million and non-GAAP net profit of RMB23 million. Our financial position remains solid with cash and cash equivalents of RMB251 million as of the year end.

值得注意的是，我們實現獲利，淨利為人民幣 400 萬元，非 GAAP 淨利為人民幣 2,300 萬元。截至年末，我們的財務狀況仍然穩健，現金及現金等價物為人民幣 2.51 億元。

This exceptional performance was driven by our omnichannel distribution network, expanding high-quality customer base and efficiency gains on the strategic deployment of our advanced proprietary AI solutions, underpinned by continued progress in the execution of our international expansion strategy.

這一卓越表現主要受惠於我們的全通路分銷網路、高品質客戶基礎的擴張，以及策略性部署先進自研 AI 解決方案所帶來的效率提升，同時也得益於我們國際擴張策略執行的持續進展。

Looking at our core business. long-term insurance products continue to be our strategic focus, which accounts for over 90% of our total GWP in 2025. FYP from long-term savings products surged 48% year over year to RMB3.5 billion in 2025. Notably, FYP for annuity products more than doubled year over year to RMB1 billion, which is driven by robust demand for wealth management and financial planning solutions in a lowering interest rate environment in China.

回到我們的核心業務，長期保險產品仍是我們的策略重點，2025 年其占我們總簽單保費（GWP）超過 90%。2025 年長期儲蓄產品的首年保費（FYP）年增 48% 至人民幣 35 億元。其中，年金產品的首年保費年增逾一倍至人民幣 10 億元，主要受中國降息環境下，市場對財富管理與財務規劃解決方案需求強勁所帶動。

We have capitalized on the national strategic guidance to build a multi-tiered health care protection system and the release of National Commercial Insurance innovative drug catalog with a launch Olin UN medical insurance products to address the long-term comprehensive health production needs of mid- to high-income families.

我們把握國家建構多層次醫療保障體系的戰略指引，以及《國家商業保險創新藥品目錄》的發布，推出 Olin UN 醫療保險產品，以滿足中高收入家庭對長期、全面健康保障的需求。

By leveraging our well-established omnichannel distribution network and advanced AI solutions, we have significantly enhanced customer acquisition and engagement. Our total customer base has reached $12.3 million as of December 31, 2025, reflecting an increase of approximately 1.7 million customers over the full year. The repurchase ratio for our long-term insurance products remained solid at 36%, highlighting our opportunity to grow customer lifetime value through effective upselling and cross-selling.

藉助我們成熟的全通路分銷網路與先進 AI 解決方案，我們顯著提升了獲客與客戶互動。截至 2025 年 12 月 31 日，我們的客戶總數達到 1,230 萬，全年淨增約 170 萬名客戶。我們長期保險產品的復購率維持在 36% 的穩健水準，凸顯我們可透過有效的加售與交叉銷售提升客戶終身價值的機會。

I would like to highlight several key operational achievements for the year that further demonstrate this progress. The FYP from our IFA business has increased by 44% sequentially to RMB215 million in the second half of 2025, reflecting the impact our AI solutions are happening in enhancing the productivity of both our internal and independent financial advisers.

我想重點分享幾項年度關鍵營運成果，以進一步展現上述進展。2025 年下半年，我們 IFA 業務的首年保費（FYP）較上半年成長 44% 至人民幣 2.15 億元，反映我們的 AI 解決方案正在提升內部與獨立財務顧問的生產力。

FYP from short-term health and accident insurance grew 12% year over year to RMB613 million, demonstrating our ability to innovate and deliver an increasingly diverse range of product offerings.

短期健康與意外險的首年保費（FYP）年增 12% 至人民幣 6.13 億元，展現我們持續創新並提供更為多元產品組合的能力。

As of December 31, 2025, our 13th and 25th month persistency ratios for long-term life and health insurance has remained at industry-leading levels of over 95% and underscoring the strong customer loyalty we attract with these diverse product offerings and the effectiveness of a post-sales servicing. The average ticket size of our long-term savings products rose 37% year over year to RMB103,000 in 2025 driven in part by the increased sales of premium products internationally.

截至 2025 年 12 月 31 日，我們長期壽險與健康險的第 13 個月與第 25 個月續保率維持在業界領先水準，均超過 95%，凸顯我們以多元產品組合所吸引的強勁客戶黏著度，以及售後服務的有效性。2025 年長期儲蓄產品的平均客單價年增 37% 至人民幣 10.3 萬元，部分受惠於國際市場高端產品銷售增加。

In 2025, we have implemented our systematic three-pillar AI strategy to enhance internal operational efficiency to improve customer experience and to drive platform transformation. Internally, we are fostering an AI-native culture across the organization. deploy AI solutions tailored to various business units that automate routine tasks and optimize workflows.

2025 年，我們落實系統性的三支柱 AI 策略，以提升內部營運效率、改善客戶體驗並推動平台轉型。在內部方面，我們在全組織培育 AI 原生文化，並部署針對各業務單位量身打造的 AI 解決方案，以自動化例行工作並優化流程。

On the customer front, we have upgraded our AI app with multi-agent architecture that facilitates integrated end-to-end user journeys with product recommendations, insurance underwriting and policy servicing. Additionally, we also unlocked new revenue opportunities through AI-driven product and service innovations. For instance, our AI financial planner is capable of designing tailored family insurance solutions based on client-specific information. Collectively, these AI solutions have delivered meaningful cost savings and productivity gains.

在客戶端方面，我們以多代理（multi-agent）架構升級 AI App，促成涵蓋產品推薦、核保與保單服務的一體化端到端使用者旅程。此外，我們也透過 AI 驅動的產品與服務創新，開拓新的營收機會。例如，我們的 AI 財務規劃師可基於客戶特定資訊，設計量身打造的家庭保險方案。整體而言，這些 AI 解決方案帶來了可觀的成本節省與生產力提升。

Our total operating expenses increased at a slower pace than revenue rising by just 3.4% year over year to RMB415 million. And consequently, our expense-to-income ratio improved significantly by 5.9 percentage points year over year to 26.3% for the full year of 2025.

我們的營運費用增速低於營收，年增僅 3.4% 至人民幣 4.15 億元。因此，2025 年全年費用收入比年減 5.9 個百分點，顯著改善至 26.3%。

Furthermore, our AI-driven self-directed policy purchases grew by 50% year over year in 2025 underscoring the effectiveness of our AI agents. Pollinate, our international arm delivered another strong performance and remains a key pillar of our long-term growth strategy. In Vietnam, our majority-owned subsidiary, Global Care achieved impressive growth with the number of insurance policies issued increasing by 31% year over year, driving a surge of 106% and 84% year-over-year growth in GWP and revenue, respectively.

此外，我們以 AI 驅動的自助式保單購買在 2025 年同比增長 50%，凸顯了我們 AI 代理的有效性。Pollinate 作為我們的國際業務部門，再次交出亮眼成績，並仍是我們長期成長策略的關鍵支柱。在越南，我們的控股子公司 Global Care 取得令人印象深刻的成長，簽發保單數量同比增加 31%，帶動總保費（GWP）與收入分別同比大增 106% 與 84%。

Our IFA business in Vietnam had a particularly standout year with a number of active platform users contributing and parts issued going by (inaudible). threefold year over year in 2025. While GWP and revenue from this channel also grew significantly over 3.8x and 2.5x, respectively. Global Care also onboarded new merchant partners and launched Vietnam's first issuance influencer platform in July, a proven distribution model that's pioneered by Prezi China, further extending our digital reach in the local market.

我們在越南的 IFA 業務表現尤為突出，活躍平台用戶數的貢獻以及簽發件數在 2025 年同比增長（聽不清）三倍。同時，該渠道的總保費（GWP）與收入亦分別大幅增長超過 3.8 倍與 2.5 倍。Global Care 亦新增商戶合作夥伴，並於 7 月推出越南首個「簽發影響者平台」，此為由 Prezi 中國率先開創並已驗證的分銷模式，進一步擴大我們在當地市場的數位觸達。

In Singapore, we obtained approval from the MAS to upgrade as a financial advisory and example insurance broker, marking a significant milestone in our regional expansion. This license reinforces our dual regional hub strategy across Singapore and Hong Kong, positioning us to attract cross-border assets and deliver premier protection and wealth management solutions to consumers across Asia. Collectively, the continued expansion of Pony Incotec will diversify our revenue streams and create new growth drivers, enhancing long-term shareholder value for Huaze.

在新加坡，我們獲得新加坡金融管理局（MAS）批准，升級為金融顧問及（例示）保險經紀，標誌著我們區域擴張的重要里程碑。該牌照強化了我們以新加坡與香港為雙區域樞紐的策略，使我們能吸引跨境資產，並向亞洲消費者提供一流的保障與財富管理解決方案。整體而言，Pony Incotec 的持續擴張將使我們的收入來源更多元並創造新的成長動能，提升華澤的長期股東價值。

In conclusion, we are confident in our ability to capitalize on the opportunities arising from China's evolving industry landscape and the broader Asian market. Domestically, prevailing low time deposit rates are expected to continue to encourage retail depositors to reallocate the world towards high-yield savings and participating insurance products.

總結而言，我們有信心把握中國產業格局演進以及更廣泛亞洲市場帶來的機遇。在國內，普遍偏低的定期存款利率預計將持續促使零售存款人將資金重新配置至高收益儲蓄及分紅型保險產品。

In parallel, aligned with the national strategic directive to establish a multi-tiered production system, demand for long-term commercial insurance protection for health is expected to grow steadily, underpinning healthy and sustainable development across the entire value chain.

同時，配合國家建立多層次保障體系的戰略指引，對健康領域長期商業保險保障的需求預計將穩步增長，從而支撐全價值鏈的健康與可持續發展。

Internationally, through Pony -- in trade, we are replicating our proven model in China and proprietary AI solutions to drive our expansion into high-growth Southeast Asian markets. with a particular focus on the young and fast-growing middle-class demographic in the region.

在國際方面，透過 Pony -- in trade，我們正複製在中國已驗證的模式及自有 AI 解決方案，推動我們向高成長的東南亞市場擴張，並特別聚焦於該地區年輕且快速壯大的中產階級族群。

We remain steadfastly committed to strengthening our positioning as Asia's leading Infratech platform by harnessing our advanced data analytics, fully integrated AI solutions and a proven market penetration strategy. Our vision remains focused on building an AI-driven intelligent ecosystem that seamlessly connects consumers our carrier partners and distribution partners, while consistently delivering and driving value to all stakeholders.

我們將堅定不移地運用先進數據分析、全整合 AI 解決方案以及已驗證的市場滲透策略，強化我們作為亞洲領先 Infratech 平台的定位。我們的願景仍聚焦於打造以 AI 驅動的智慧生態系，無縫連結消費者、承保合作夥伴與分銷合作夥伴，並持續為所有利害關係人創造與驅動價值。

And with that, we will conclude the opening remarks and open up the call to questions. Thank you very much, and over to you, operator.

以上為開場發言，我們現在結束並開放提問。非常感謝，交給主持人。

(Operator Instructions) Kenny Lim, UOB.

(主持人指示) Kenny Lim，UOB。

First of all, congestion on a strong result. So a few couple of questions from my end. First, your OpEx was well condemned by I noticed that the operating costs grew faster than the revenue. So could you give us more color on this? And how are you going to improve this?

首先，恭喜你們取得強勁的業績。我這邊有幾個問題。第一，我注意到你們的營運費用（OpEx）控制得不錯，但營運成本的增速快於收入增速。能否就此提供更多說明？以及你們將如何改善？

And second question will be, we know that few regulatory schedules in Hong Kong, like the broker, referee, cap and also content spreading are taking effect this year. So how does -- who is the plan to suspend the promoter in Hong Kong, (inaudible) these two questions of mine. Thanks.

第二個問題是，我們知道香港今年有幾項監管安排開始生效，例如經紀轉介費上限以及佣金分攤等。那麼這將如何影響——公司在香港暫停推廣員的計畫是什麼，（聽不清）以上兩個問題。謝謝。

Okay. Great. Thank you, Jenny, for your two questions. On the first question regarding the -- your observation on the operating costs growing faster than revenue growth. I think in the effect that would mean that there's a depressed gross margin year over year.

好的。很好。謝謝你，Jenny，提出兩個問題。關於第一個問題，你觀察到營運成本增長快於收入增長。我認為其影響是同比毛利率受到壓抑。

The main reason for this has to do with the makeup of our revenue for the domestic market and also the international markets. The domestic market revenue contribution has declined because of the high growth of our international revenues.

其主要原因與我們在國內市場及國際市場的收入結構有關。由於國際收入高速增長，國內市場的收入貢獻有所下降。

And our international revenue segment current a slightly lower gross margin and therefore -- but that is the observation that you've made that the operating costs has -- the growth of that has surpassed revenue growth. And that's the die of the makeup of the revenue as adjusted explains. So that's the first question.

而我們的國際收入分部目前的毛利率略低，因此——這也就解釋了你所觀察到的：營運成本的增速超過了收入增速。這是由收入結構變化所致，正如我剛才所說。以上是第一個問題的回應。

We do expect that the gross margin or operating margin to remain at this level, and we do expect a slight improvement over the course of this year. Your second question on the Hong Kong market, we start to the regulatory cap on the referral fees and also on the commission spreading that has been in effect since the first of this year -- first of June of this year.

我們預期毛利率或營運利潤率將維持在目前水準，並預期在今年內會有小幅改善。至於你第二個關於香港市場的問題，轉介費上限以及佣金分攤的監管上限已自今年——今年 6 月 1 日起生效。

We do expect and which has been seen in the market that there's been a dampening effect on the growth momentum of the overall brokerage market channel in Hong Kong, specifically coming from the MCV segment, which obviously, I think most of the China base focus on -- focus on. However, we do note that the underlying growth drivers for customers to seek out offshore product in Hong Kong remains very robust.

我們確實預期，且市場也已觀察到，這對香港整體經紀渠道的成長動能帶來一定抑制，尤其是來自 MCV 分部——顯然多數以中國客為主的機構都聚焦於此。不過，我們也注意到，客戶在香港尋求離岸產品的底層成長驅動仍然非常強勁。

And the momentum has not decrease year over year. We do see that with the substantive maturity of time deposits in the onshore market, which is to the tune for various estimates are putting that at around RMB3 billion to RMB5 trillion and a meaningful proportion of this could be allocated to offshore markets and Hong Kong would definitely be a natural recipient of this outflow.

而且這一動能並未同比下降。我們看到，境內市場有大量定期存款到期，按不同估算約為人民幣 3 兆至 5 兆，其中相當比例可能配置至離岸市場，而香港無疑將是這些資金外流的自然承接地。

And therefore, the underpinning growth momentum should remain relatively robust. (technical difficulty) for the Hong Kong savings plan, which is the main products that are being distributed by brokers in Hong Kong.

因此，支撐性的成長動能應仍將相對強勁。（技術問題）就香港儲蓄計畫而言，這是香港經紀主要分銷的核心產品。

So with that, we do believe that we would expect that strong growth momentum would persist for our Hong Kong business in 2026.

因此，我們確實相信，2026 年我們香港業務的強勁成長動能仍將延續。

Kenny, any further questions?

Kenny，還有其他問題嗎？

(inaudible)

(聽不清)

(Operator Instructions) [Mona Wang], Greenridge Global.

(操作員指示) [Mona Wang]，Greenridge Global。

Hello, everyone. This is Mona from Greenest Global. And it's great to see the company delivering several pegative development regionally. And there are two questions. One question, there was some more gross margin comparison in the first half of 2020 as compared to the same period in 2024, when looking at brokerage income against the cost of revenue, so except the AI, is there opportunity or another opportunity for the margin expansion?

大家好。我是來自 Greenest Global 的 Mona。很高興看到公司在區域層面帶來了幾項正面的發展。我有兩個問題。第一個問題是，將 2020 年上半年與 2024 年同期相比，在經紀收入相對於營業成本的情況下，毛利率比較方面似乎有一些變化；因此，除了 AI 之外，是否還有機會或其他機會推動毛利率擴張？

And the second question, you saw strong top line growth and throwing back to profitability in 2025, but the stock still shade below cash value. So we do think the stock is not moving with the fundamentals. Thank you.

第二個問題是，你們看到營收端強勁成長，並在 2025 年回到獲利，但股價仍低於現金價值。因此我們認為股價並未反映基本面。謝謝。

Great. Thank you for the question, Mona, and thanks for joining us for the first time I appreciate your attendance. And -- with respect to your two questions, I believe the first question was about the compression of gross margin as it compares across '25 and '24 and whether AI could have a positive effect on improving gross margins. So I think two fronts here. I think, as I explained to Kenny just now, in his first question.

好的。謝謝你的提問，Mona，也謝謝你第一次參加我們的會議，我很感謝你的出席。關於你的兩個問題——我理解第一個問題是，毛利率在 '25 與 '24 之間比較時出現壓縮，以及 AI 是否能對提升毛利率帶來正面影響。我認為這裡有兩個面向。我想，正如我剛才在回答 Kenny 的第一個問題時所說。

The gross margin depression in 2025 has to do with the makeup of our revenue and specifically, the contribution of our international revenue to the overall revenue pool. -- which has increased substantially over the course of 2025.

2025 年毛利率下滑與我們收入結構有關，具體而言，是我們國際收入對整體收入池的貢獻——在 2025 年期間大幅提升。

And as a result, the gross margin has decreased because the international revenue carries a margin as compared to domestic or Mainland China revenue segment. So therefore, as a result of the 2, the gross margin has been decreased. However, as you know they're very accurately with the deployment of AI solutions and the initial results that we are seeing. Obviously, AI deployment has a significant cost savings or by efficiency improvement in the business flow in the mid to back office.

因此，毛利率下降是因為相較於國內或中國大陸收入分部，國際收入所承載的毛利率較低。所以，基於這兩點，毛利率有所下降。不過，正如你也非常清楚的，隨著 AI 解決方案的部署以及我們目前看到的初步成果。顯然，AI 的部署能在中後台的業務流程中帶來顯著的成本節省或效率提升。

As you can see, the expense ratio has improved by almost 6 percentage and that's more to do with the expense or cost savings point of view. But on a gross margin level, I think that what we can potentially envisage over the course of the next few years as AI continues to be deployed in the front line, i.e., in terms of customer acquisition into lead generation, we do believe that there could be a potential for a significant rerating or upgrade of our gross margin going forward. For example, we have noted in our opening remarks that AI has been driving a 50% year-over-year increase in self-service policy purchases by our customers in 2025.

如你所見，費用率改善了接近 6 個百分點，這更多是從費用或成本節省的角度來看。但在毛利率層面，我認為未來幾年隨著 AI 持續在前線部署，也就是在客戶獲取與線索生成方面，我們相信未來毛利率有可能出現顯著的重估或上調。例如，我們在開場發言中提到，AI 在 2025 年推動客戶自助購買保單的年增率達到 50%。

Our AI systems are capable of independently completing sales conversions and we have been generating over millions of RMBor premiums already through the AI engines. So this -- obviously, we do have the high hopes and high expectations that AI will continue to drive and scale our revenue-generating capabilities to the tune that we don't need any human interaction. (inaudible) or involvement in the entire customer acquisition and conversion process.

我們的 AI 系統能夠獨立完成銷售轉化，我們已經透過 AI 引擎產生了數百萬人民幣的保費。因此——顯然，我們對 AI 持續推動並擴大我們的創收能力抱有很高的希望與期待，達到在整個客戶獲取與轉化流程中不需要任何人工互動（聽不清）或介入。

So I think that's something that we are continuing to work hard towards, and that probably is the whole grill in terms of how AI can scale our profitability over the next foreseeable future. So that's something that we have already proven to the market, and we will continue to invest in driven growth in 2026.

所以我認為這是我們持續努力的方向，而這可能也是 AI 在可預見的未來如何擴大我們獲利能力的核心所在。這一點我們已經向市場證明，我們也將持續投資，以在 2026 年推動成長。

With respect to your second question about the fundamentals somehow is not tying with our share price performance. We do note that the market has been relatively pessimistic, I believe, on the performance of our company. It may have to do with the switch of our reporting schedule since the second half last year, we have migrated to a half yearly announcement schedule.

至於你的第二個問題，關於基本面似乎未能反映在股價表現上。我們確實注意到市場對我們公司的表現相對悲觀。這可能與我們自去年下半年起調整了報告節奏有關，我們已改為半年一次的公告節奏。

And therefore, the market may have certain concerns on the continued sustainable growth and performance of the company. But as we have shown in this earnings release, we have delivered strong growth, not in terms of just top line and or premium growth, but also in terms of bottom-line profitability. We have demonstrated that we are able to operate a very set business model.

因此，市場可能對公司能否持續、可持續地成長與表現有所疑慮。但正如我們在本次財報發布中所展示的，我們實現了強勁成長，不僅是營收端和/或保費成長，也包括底線獲利能力。我們已證明我們能夠運行一個非常成熟的商業模式。

And with the advances in AI and our strong investment in AI-related proprietary products, across our business value chain, both in the front end and us. We do expect that altogether, we are looking at a very much a robust growth momentum in 2026.

並且，隨著 AI 的進展以及我們在 AI 相關自研產品上的強力投入，覆蓋我們業務價值鏈的各個環節，包含前端以及（聽不清）。我們確實預期，綜合來看，2026 年我們將具備非常強勁的成長動能。

So that would hopefully drive a rating in our share price. You've noted that our share price right now is trading even below our net asset value, and therefore, there's significant room for us to rerate our share price to the more of an intrinsic value.

因此，希望這能推動我們股價的估值提升。你也提到我們目前股價甚至低於淨資產價值，因此我們的股價重估至更接近內在價值仍有很大空間。

There are no further questions for today. I would now like to hand the conference over to your speaker, Mr. Kenny Lo Houses IR Director, for any closing remarks.

今天沒有其他問題了。我現在想把會議交回給你們的發言人——IR 總監 Kenny Lo Houses 先生，請他做結語。

Thank you, operator. In closing, on behalf of its management team, we would like to thank you for your participation in today's call. If you require any further information, feel free to reach us reach out to us. Thank you for joining us today. This concludes the call.

謝謝，操作員。最後，我謹代表管理團隊，感謝各位參與今天的電話會議。如需任何進一步資訊，歡迎隨時與我們聯繫。謝謝各位今天加入。本次電話會議到此結束。

This concludes today's conference call. Thank you for participating. You may now all disconnect. Have a nice day.

今天的電話會議到此結束。感謝各位參與。各位現在可以掛線。祝各位有美好的一天。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本逐字稿中標註為（口譯）的部分，由現場電話會議中的口譯員所說。口譯員由主辦本活動的公司提供。