Maase Inc (MAAS) 2023 Q4 法說會逐字稿

Ladies and gentlemen, welcome to Puyi Inc.'s fiscal year 2023 earnings conference call. At this time, all participants are in a listen only mode. Following management's prepared remarks, there will be a question-and-answer session. For your information, today's conference call is being recorded. This conference call is also being broadcasted live over the internet and will be available for replay purposes on the company's website. I would like to turn the meeting over to your first speaker today, Ms. Jing He, Puyi's General Manager of Financial Reporting Department.

女士們、先生們，歡迎參加溥儀集團 2023 財年財報電話會議。此時，所有參與者都處於只聽模式。在管理階層準備好的發言之後，將舉行問答環節。謹供參考，今天的電話會議正在錄音。此次電話會議也將透過網路進行現場直播，並將在公司網站上進行重播。今天的會議請第一位發言者，溥儀財務報告部總經理何靜女士發言。

Thank you, please go ahead.

謝謝，請繼續。

Thanks, operator. Good evening and welcome to our earnings conference call for the fiscal year 2023. Our annual report on Form 20-F has been uploaded to the website of US Securities and Exchange Commission earlier today and is also available on our IR website. Before we continue, please note that the discussion today will contain forward-looking statements made under the Safe Harbor provisions of the United States Private Security Litigation Reform Act of 1995. The accuracy of these statements may be impacted by a number of risks and uncertainties that could cause our actual results to differ materially from those projected or anticipated.

謝謝，接線生。晚上好，歡迎參加我們 2023 財政年度的收益電話會議。在我們繼續之前，請注意，今天的討論將包含根據1995 年美國私人安全訴訟改革法案的安全港條款做出的前瞻性陳述。這些風險和不確定性可能會影響這些陳述的準確性。

Such risks and uncertainties include, but are not limited to, those outlined in our filings with the SEC, including our 20-F. We do not undertake any obligation to update these forward-looking statements, except as required under the applicable law. Joining us today, are our Chairman of the Board and Chief Executive Officer, Mr. Yong Ren; and Chief Financial Officer, Mr. Anlin Hu. Mr. Ren will first walk you through our business and financial conditions of the fiscal year 2023. And then, together with Mr. Hu, he will answer your questions after the prepared remarks.

此類風險和不確定性包括但不限於我們向 SEC 提交的文件中概述的風險和不確定性，包括我們的 20-F.除適用法律要求外，我們不承擔更新這些前瞻性聲明的任何義務。今天加入我們的有我們的董事會主席兼執行長任勇先生；胡安林先生和財務長。任總將首先向大家介紹我們2023財年的業務和財務狀況。

Now I will turn the call over to Mr. Ren.

現在我把電話轉給任先生。

Good evening, everyone. Welcome to our 2023 fiscal year earnings conference call. Here with me is our Chief Financial Officer, Mr. Anlin Hu. First of all, I will give you an overview of our financial and operational convictions for the fiscal year 2023. Then, I will discuss briefly our business outlook for future. Finally, we will have a question-and-answer session to answer any questions you may have. Now, let me present an overview of our operational results and business initiatives in the fiscal year 2023.

各位晚上好。歡迎參加我們的 2023 財年財報電話會議。和我在一起的是我們的財務長胡安林先生。首先，我將向您概述我們 2023 財年的財務和營運信念。最後，我們將舉行問答環節來回答您的任何問題。現在，讓我概述一下我們 2023 財年的營運表現和業務舉措。

In the fiscal year 2023, insurance by various factors such as strict control measures due to the COVID-19 pandemic in May 2022, the trade tension between US and China, and geopolitical conflicts, the economic situation has been complex and challenging. The capital market has shown a volatile trend, resulting in a lack of investor confidence and relatively weak overall investments sentiments.

2023財年，受2022年5月COVID-19大流行導致的嚴格管控措施、中美貿易緊張局勢、地緣政治衝突等多種因素影響，經濟情勢複雜嚴峻。資本市場呈現震盪走勢，投資人信心不足，整體投資情緒相對疲軟。

Against this backdrop, our management team has adhered to the principle of prudent management in the fiscal year 2023. On the one hand, we focused on our core business and rigorously developed institutional price prejudice. With transaction value of our publicly raised fund products, contributed by institutional clients existing RMB5 billion, representing a year-on-year growth of approximately 266%. On the other hand, we explore the demands of high net worth clients and expanded family office business by promoting insurance premium trust products.

在此背景下，我們的管理團隊在2023財年堅持審慎經營的原則，一方面聚焦核心業務，嚴防制度性價格偏見。公募基金產品交易額中，機構客戶貢獻人民幣50億元，較去年成長約266%。另一方面，我們透過推廣保費信託產品，挖掘高淨值客戶需求，拓展家族辦公室業務。

As of June 30, 2023, we had assisted an aggregate of 366 affluent family clients to set up trust accounts. We've entrusted assets of RMB4.1 billion for our trust consulting service. Furthermore, we continuously work on using courses and increasing efficiency, while enhancing professional skills by providing internal training. In the fiscal year 2023, we were able to reduce our operating cost by 34% compared to the previous year, and our operating loss also reduced by 28% as well.

截至2023年6月30日，我們已累計協助366位富裕家庭客戶設立信託帳戶。我們的信託諮詢服務受託資產達41億元。此外，我們不斷致力於利用課程和提高效率，同時透過提供內部培訓來提高專業技能。 2023財年，我們的營運成本比前一年降低了34%，營運虧損也減少了28%。

Our main business operations and strategy during the fiscal year 2023 are reported as follows: firstly, we focused on our core business of distributing market-oriented funds to individual investors, and strengthen our professionalism to meet individual investors' needs. On the one hand, by our company investors for the uncertainties, we aim to strengthen long-term relationships with them. Since January 2023, China has entered a post-epidemic era, but the expected economic re rents rise did not come as expected, followed by a poor economic and capital market performance, which has an effect in investor confidence.

現將2023財年主要業務經營及策略報告如下：一是聚焦個人投資者市場化資金分銷核心業務，強化專業化滿足個人投資者需求。一方面，我們公司投資者針對不確定性，我們旨在加強與他們的長期關係。自2023年1月以來，中國進入後疫情時代，但預期中的經濟租金上漲並未如期而至，隨之而來的是經濟和資本市場表現不佳，影響了投資人信心。

To address this issue, we adhere to investment education of long-term in investment mechanism with our clients' investment sentiment, at the same time, collaborating with outside professionals, we introduced our investment advisory service to our clients, to improve elements of our fund product portfolios, to reduce product volatility under the current weak market performance, and to stabilize our clients' investment sentiment. We are pleased to see that, after carrying out this initiative, we have gained trust and faith of our clients. As of June 30, 2023, most of our clients who hold portfolio products were willing to purchase our investment advisory service, which could bring us new source of revenue growth.

針對這個問題，我們在投資機制上堅持長期的投資教育，結合客戶的投資情緒，同時與外部專業人士合作，向客戶推出我們的投資顧問服務，以改善我們的基金要素調整產品組合，在當前市場疲軟的情況下減少產品波動，穩定客戶的投資情緒。我們很高興地看到，在實施這項措施後，我們贏得了客戶的信任和信心。截至2023年6月30日，大多數持有投資組合產品的客戶都願意購買我們的投資諮詢服務，這能為我們帶來新的收入成長來源。

On the other hand, we have enriched our fund product lineup and implanted precise marketing strategies. We seem to be understood the importance of enhancing our own investment research capabilities and providing more fund product, to meet the diverse needs of investors. In terms of publicly raised fund products, we further expanded our publicly raised fund product portfolios by increasing the number of public fund companies we source products from, which increased from 89 as of June 30, 2022, to 103 as of June 30, 2023, including a total of approximately 7,646 publicly raised fund products.

另一方面，豐富基金產品陣容，置入精準行銷策略。我們似乎意識到提升自身投研能力、提供更多基金產品以滿足投資人多元需求的重要性。公募基金產品方面，我們透過增加產品來源的公募基金公司數量，進一步擴大公募基金產品組合，由截至2022年6月30日的89家增至截至2023年6月30日的103家，共約7,646隻公募基金產品。

In addition, we added two new funds product portfolios, according to the needs of clients in the market, including the automatic redeem product, a target yield product which automatically redeems when reaching the target profit rate; and a smart regular investment product, a smart product which periodically advise investor to contribute different amounts of investments, based on the current market conditions. For the new products bring in new investment strategy, is to differentiate it and customize products to meet the needs of clients and stabilize the balance of publicly raised fund products.

此外，我們根據市場客戶的需求，新增了兩款基金產品組合，其中包括自動贖回產品、達到目標收益率自動贖回的目標收益產品；智慧定期投資產品是一種根據當前市場狀況定期建議投資者提供不同金額投資的智慧產品。對於新產品帶來新的投資策略，就是要差異化、客製化產品，滿足客戶的需求，穩定公募基金產品的餘額。

And regarding privately raise fund products, we have further enhanced the diversity of our private fund strategies, particularly by timing launching convertible bonds and commodity future strategies, based on market demand. These strategies can capture profit opportunity for clients in volatile market conditions. Secondly, we upgraded the institution transaction platform based on our core transaction system, to achieve breakthroughs and growth of institutional business. Institutional investors possess characteristics, such as large capital size, stable investment, and high performance business, claiming favor from institutional investors, plays an important role in the next phase of the development for our company's publicly raised fund business.

在私募基金產品方面，我們進一步增強私募基金策略的多樣性，特別是根據市場需求，適時推出可轉債和大宗商品期貨策略。這些策略可以在波動的市場條件下為客戶捕捉獲利機會。二是圍繞核心交易系統升級機構交易平台，實現機構業務的突破與成長。機構投資人具有資金規模大、投資穩定、業務績效高等特點，受到機構投資人的青睞，對公司公募基金業務下一階段的發展扮演重要角色。

In the fiscal year 2023, we have increased investment in the transaction platform designed for institutional investors based on our core system, and have attracted a number of institutional investors. We believe that the upgrade and construction of the institutional transaction platform will soon bring returns to the growth of the publicly raised fund business. In fiscal year 2023, our institutional business in the financial institution market, a trade for Brexit. We currently have institutional clients carrying most types of financial institutions, including banks, insurance companies, security companies, future companies, and trust companies. In the fiscal year 2023, the transaction value of publicly raised fund products, contributed by institutional clients, existing RMB5 billion.

2023財年，我們加大了基於核心系統為機構投資者設計的交易平台的投入，吸引了一群機構投資者。我們相信機構交易平台的升級和建設很快就會為公募基金業務的成長帶來回報。 2023財年，我們在金融機構市場的機構業務，是英國脫歐的交易。目前，我們的機構客戶涵蓋銀行、保險公司、證券公司、期貨公司、信託公司等大多數類型的金融機構。 2023財年，機構客戶貢獻的公募基金產品交易金額現有50億元。

Thirdly, we will rigorously develop our family office business by promoting insurance premium trust products, and the number of completed trust consulting service projects reached a new record high. As of June 30, 2023, we had assisted an aggregate of 366 affluent family clients to set up trust accounts, with entrusted assets existing RMB4.1 billion for our trust consulting service. At the same time, we have diversified and will continue to diversify our service offerings for our high net worth clients, for establishing cooperation with education service providers, tax firms, law firms, healthcare service providers, and other professional firms. We believe that, through our comprehensive service offering, our capability in serving high net worth clients will continue to improve, creating greater value for clients, and achieving a more stable and sustainable development.

第三是大力發展家族辦公室業務，推廣保費信託產品，完成信託諮詢服務計畫數再創新高。截至2023年6月30日，我們的信託諮詢服務已累計協助366名富裕家庭客戶設立信託帳戶，受託資產達人民幣41億元。同時，我們已經並將繼續為高淨值客戶提供多元化的服務，與教育服務提供者、稅務事務所、律師事務所、醫療服務提供者和其他專業公司建立合作。我們相信，透過我們的綜合服務，我們服務高淨值客戶的能力將不斷提升，為客戶創造更大的價值，實現更穩定、可持續的發展。

We've developed our staff to develop IT infrastructure to assist in the continuous improvement of our core business. In fiscal year 2023, we have concentrated our resource on supporting the development of our core business. We have pressed emphasize on upgrading the Puyi Fund app, an institutional transaction platform, family office business internal system, and our core transaction system. For the Puyi Fund app, we further improved it as a personal online transaction processing service platform. We successfully upgraded its intelligent investment advisor system for digitalization and artificial intelligence, integrating companionship and adviser service to the client's entire investment lifecycle.

我們培養了員工來開發 IT 基礎設施，以協助我們核心業務的持續改善。 2023財年，我們集中資源支持核心業務發展。我們專注於普益基金APP、機構交易平台、家族辦公室業務內部系統、核心交易系統進行升級改造。對於普益基金APP，我們進一步完善其作為個人線上交易處理服務平台。我們成功升級了數位化、人工智慧的智慧投資顧問系統，將陪伴和顧問服務融入客戶的整個投資生命週期。

And in terms of the institutional transaction platform, we have launched a smart port system to connect with other financial institutions systems, to support the development and expansion of our financial institutional clients. We have also optimized and integrate the functionality of the institutional transaction platform, further enhancing our service level. For our family office business internal system, we have a cost focus on three key aspects. We have integrated our IT infrastructure to connect with other trust companies' systems and their information network, achieving information from digitalization and improving trust process efficiency. And we have strengthened our digitalization construction by opening self-service channels and allowing our financial advisors real-time checking of trust progress and status.

在機構交易平台方面，我們推出了智慧口岸系統，與其他金融機構系統進行對接，支援金融機構客戶的發展與壯大。我們也優化整合了機構交易平台的功能，進一步提升了我們的服務水準。對於我們的家族辦公室業務內部系統，我們的成本重點在於三個關鍵方面。我們整合IT基礎設施，與其他信託公司的系統和資訊網路對接，實現資訊數位化，提高信託流程效率。我們也加強了數位建設，開通自助服務管道，讓財務顧問即時查看信託進度和狀態。

Lastly, with overall optimized and improved our family office business internal system to better support the development of our family office business. Last, in terms of core transaction system, we had replaced and integrate the functionality by expanding the existing functional system, such as adding payments systems and investment advisory systems. Fifth, we deeply optimize our organization and expense management, achieving a significant cost reduction. In terms of marketing expense control, considering the current external operating environment and the company's yet to achieve product visibility, we have changed our marketing initiative for publicly raised funds product portfolio, from stimulating the growth of new accounts to stimulating the growth of new investments.

最後，全面優化並改善家族辦公室業務內部製度，更好地支持家族辦公室業務發展。最後，在核心交易系統方面，我們透過擴展現有的功能係統，例如增加支付系統、投資顧問系統等，對功能進行了替換和整合。五是深度優化組織和費用管理，成本大幅降低。在行銷費用控制方面，考慮到當前的外部經營環境以及公司尚未達到的產品知名度，我們改變了公募基金產品組合的行銷策略，從刺激新帳戶成長轉變為刺激新投資成長。

And in terms of our organizational structure, we direct our one subsidiary and closed several branch offices with long-term losses and minimal business activity, in conjunction with personnel optimization. As of June 30, 2023, the number of employees decreased by approximately 48% compared to that on June 30, 2022, while the office area of the headquarters decreased by approximately 40%, and the office area of the branch office decreased by approximately 60%. In all, during the fiscal year 2023, we have significantly alleviate resource consumption, resulting in a 44% year-on-year decrease in operating costs.

在組織架構上，我們直接管理一家子公司，關閉了幾個長期虧損、業務活動很少的分支機構，同時進行了人員優化。截至2023年6月30日，員工人數較2022年6月30日減少約48%，總部辦公面積減少約40%，分公司辦公面積減少約60% %。總的來說，2023財年，我們顯著緩解了資源消耗，營運成本較去年同期下降了44%。

Next, I will briefly discuss the financial condition of our company in the fiscal year 2023. Our net revenue for the fiscal year 2023 were RMB114.4 million, USD15.8 million, which is a decrease of [29.4%] year-on-year as compared to RMB188.7 million in the fiscal year 2022. Now let's turn to each individual business line. First, for our wealth management service, net revenues generated from our wealth management service decreased year-on-year by 44.6% from RMB171.5 million in the fiscal year 2022, to RMB95 million, USD13.1 million.

接下來，我將簡要討論我們公司2023財年的財務狀況。 1.887 億元人民幣。首先，就我們的財富管理服務而言，我們的財富管理服務產生的淨收入年減44.6%，從2022財年的人民幣1.715億元降至人民幣9,500萬元（1,310萬美元）。

Net revenues generated from distribution of privately raised fund products decreased year-on-year by 58.2% from RMB61.6 million in the fiscal year 2022 to RMB25.7 million, USD3.6 million, in the fiscal year 2023. The decrease was primarily due to: first, the investors' negative sentiments for privately raised fund products and other high risk products, and with investors' willingness to redeem funds has increased due to market volatility. Therefore, during the reporting period, both the transaction value and outstanding balance of our privately raised fund products have decreased, resulting in a decrease in commission income, including management fees; and second, the performance-based income of RMB1.8 million, USD0.3 million, in the fiscal year 2023, as compared to RMB 3.1 million in the fiscal year 2022, representing a year-on-year 40.2% decrease.

私募基金產品發行淨收入年減 58.2%，從 2022 財年的 6,160 萬元降至 2023 財年的 2,570 萬元（360 萬美元）。產品的負面情緒，以及投資人因市場波動而贖回基金的意願增強。因此，在報告期間內，我們私募基金產品的交易金額和餘額均有所下降，導致包括管理費在內的佣金收入有所減少；其次，2023財年績效收入為180萬元人民幣（30萬美元），而2022財年為310萬元人民幣，較去年同期下降40.2%。

Second, for our asset management service, net revenue generated from asset management service in the fiscal year 2023 was RMB2 million, USD0.3 million, representing a 66.3% year-on-year decrease from RMB5.9 million in the fiscal year 2022. The decrease was primarily due to a 96% decrease in performance-based fees generated by our actively managed fund of funds, from RMB2.4 million in the fiscal year '22 and to RMB96,000, USD 13,000, in the fiscal year 2023. Last, for our other service, revenue from other service in the fiscal year 2023 was RMB17.4 million, USD2.4 million, increased by 54.2% year-on-year from RMB11.3 million in the fiscal year 2022. The increase was mainly attributed to the growth in trust consulting service and insurance service.

其次，就我們的資產管理服務而言，2023財年資產管理服務產生的淨收入為人民幣200萬元（30萬美元），較2022財年的人民幣590萬元年減66.3%。是由於我們主動管理的基金中的基金產生的績效費用減少了96%，從22 財年的240 萬元人民幣減少到2023 財年的96,000 元人民幣（13,000 美元）。 2023財年其他服務的收入為人民幣1,740萬元（240萬美元），較2022財年的人民幣1,130萬元年增54.2%。

Last but not least, let's elaborate on our strategy, trends, and outlook for the future. Against the backdrop of the current unfavorable environment, we will strive for sustainable developments through the efforts of management and all employees. Despite intense challenges, there are also factors, such as favorable policies, that provide us with prime long-term prospects. For example, in July 2023, the 2023 July politic bureau meeting and the state council executive meeting, make consecutive payments to increase the capital market and boost investor confidence.

最後但並非最不重要的一點是，讓我們詳細說明我們的策略、趨勢和未來展望。在當前不利的環境下，我們將透過管理階層和全體員工的努力，爭取永續發展。儘管面臨嚴峻挑戰，但政策利好等因素也為我們提供了良好的長期前景。例如，2023年7月，2023年7月政治局會議及國務院常務會議，連續發文加大資本市場力度，提振投資人信心。

Then, in August, multiple positive news were released, including the announcement by the Ministry of Finance to have the stern duty, the announcement by China's Security Regulatory Commission, to slow down the pace of IPOs in China and control the reduction of shareholdings for large shareholders and encourage margin financing. We will closely follow the national policies and focus on the following key areas in the future: first, to further enrich the product portfolio to seize opportunities for development.

隨後，進入8月，財政部宣布嚴肅問責、證監會宣布放緩境內IPO步伐、控制大企業減持等多項利好消息相繼傳出。未來我們將緊跟國家政策，重點抓好以下幾個重點領域：一是進一步豐富產品結構，搶抓發展機會。

The description of publicly raised fund product portfolios is our core and main business, characterized by publicly raised fund product liability and transparency, we believe that publicly raised fund product portfolios will become the preferred financial products for clients seeking stable returns. As bank interest rates decline and the traditional insurance annuity products which have 3.5%; and new compound interest rate becomes history, investors, particularly middle-class investors, are more inclined to products with lower volatility or more pronounced returns. Timely utilizing our own research and investment capabilities, along with the long-term accumulation of diversified publicly raised fund products, we have developed a portfolio product with an expected yield of 4.5%, which has been launched in September 2023. We believe that this product will meet the urgent needs of investors and can serve as an faculty to maintain and expand our client base.

公募基金產品組合的描述是我們的核心和主要業務，以公募基金產品責任和透明度為特點，我們相信公募基金產品組合將成為客戶尋求穩定收益的首選金融產品。隨著銀行利率下降，傳統保險年金產品有3.5%；隨著新複利成為歷史，投資者尤其是中產階級投資者更傾向於波動性較低或回報更顯著的產品。我們及時運用自身的研究和投資能力，加上長期累積的多元化公募基金產品，開發了預期收益率為4.5%的組合產品，並已於2023年9月推出。的迫切需求，並可以作為維持和擴大我們的客戶群的教師。

Looking ahead, as the financial market continues to develop and the demand of investors was stable returns increase, the publicly raised fund product portfolios will become and continue to play an important role in the business of third-party fund distribution companies alike. On the other hand, we will continue to upgrade the offering of privately raised fund products and replace the old products with the new exceptional and distinctive fund products, enriching our equity investment strategies and enhancing the generation of excess returns for our clients. Indeed, the recent reduction in subscription and management fees by publicly raised fund companies has had an impact on our future revenue.

展望未來，隨著金融市場的不斷發展和投資者穩定收益需求的增加，公募基金產品組合將成為並將繼續在第三方基金銷售公司的業務中發揮重要作用。另一方面，我們將繼續升級私募基金產品，以優質、有特色的新基金產品取代老產品，豐富我們的股權投資策略，增強為客戶創造超額收益的能力。確實，最近公募基金公司認​​購費和管理費的下調，對我們未來的收入產生了影響。

However, in the long run, we will listen carefully to the needs of our clients, continuously optimize our product strategies, provide professional investment service, and launch more stable products, to provide clients with a sense of sustainability and well-being. At the same time, this will have to maintain our foundation and achieve continuous growth in our client base, ensuring steady development of our company. Second, to strengthen the mindset of serving large institutional clients and actively expand institutional business, the continuous development of the financial market, the institutional business holds tremendous potential for a party fund distribution companies like ours. In particular, banks and insurance companies as clients, process significant scale and extensive influence in the financial sector, making them to be the important partners for our company.

但從長遠來看，我們將認真傾聽客戶的需求，並不斷優化產品策略，提供專業的投資服務，推出更多穩定的產品，為客戶提供持續感和幸福感。同時，也要維持我們的根基，實現客戶群的不斷成長，確保我們公司的穩健發展。二是強化服務大機構客戶的思路，積極拓展機構業務，金融市場的不斷發展，機構業務對於我們這樣的一方基金分銷公司來說蘊藏著巨大的潛力。特別是銀行、保險公司作為客戶，在金融領域規模較大、影響廣泛，是我公司重要的合作夥伴。

In the future, we will strengthen the mindset of serving large institutional clients, establish deep partnership with key institutional clients, and sign dedicated teams for institutional clients maintenance. For the cooperation with outside investment research teams, professionals of fully family office department and other resource, we expect to empower our institutional clients, given our percent in the banking and insurance industry, to achieve multi-dimensional and profound strategy cooperation, expand business scale with key institutional clients, and to stabilize the foundation of our institutional business.

未來，我們將強化服務大機構客戶的思維，與重點機構客戶建立深度合作關係，並簽約專門的機構客戶維護團隊。透過與外部投研團隊、全家族辦公室部門專業人士等資源的合作，我們期望賦能機構客戶，以我們在銀行保險業的比例，實現多維度、深層的策略合作，擴大業務規模。機構客戶合作，穩定機構業務基礎。

First, to continuously optimize our IT system to support the development of our core business, in the future, we will place on business development needs and with a focus on serving financial advisors concentrate on the digitalization and intelligence construction of core business operations, key aspects included. For our core transaction system, we will work on effectively allocate resource and systematically advance self-developed process and press emphasized on paying routing system. This includes connecting with multiple banks for direct channels.

一是不斷優化IT系統支撐核心業務發展，未來，我們將圍繞業務發展需求，以服務理財顧問為重點，聚焦核心業務運營的數位化、智慧化建設，重點抓好核心業務的數位化、智慧化。包括。對於我們的核心交易系統，我們將致力於有效配置資源，系統推進自主開發流程，並專注於支付路由系統。這包括與多家銀行建立直接管道的聯繫。

First, maximizing efforts to reduce the payment fees and enhance the user experience. And for our Puyi Fund app, we will serve an instant digitalization and intelligence construction, enhance operational capabilities, improve our asset allocation and recommendation system, and increase user stickiness and activities, drawing fund transaction value and pay the outstanding balance to grow. For our institutional transaction platform, we will fully support the development of institutional business by improving platform functionality, based on the needs of our institutional clients. Building upon our self-developed cost transaction system, we will construct a platform that supports various business developments, including fascinating the transaction of privately raised fund products for institutional clients.

一是全力降低支付費用，提升使用者體驗。而我們的普益基金APP，將服務即時數位化、智慧化建設，提升營運能力，完善資產配置和推薦體系，增加用戶黏著度和活躍度，提取基金交易價值和支付餘額來成長。對於機構交易平台，我們將根據機構客戶的需求，完善平台功能，全力支持機構業務的發展。基於我們自主開發的成本交易系統，我們將建立一個支援各種業務發展的平台，包括吸引機構客戶私募基金產品的交易。

Last, for our [I financial primer app], we will continuously enhance the involvement and management of financial advisors. On the one hand, we will gradually establish a financial advisor membership management system to optimize the financial advisors experience and increase their loyalty. On the other hand, we will develop data visualization capability to track and analyze fund transaction data, thereby better supporting the financial advisors and fund sales business. Based on the long-term positive outlook for China's economic development and the government's favorable policies towards the capital market, we believe that there will be sustainable benefits for this wealth management industry in the future. We will lead all our partners to expect risk fee and no challenges, work together with unity and determination, operate in compliance and deliver high quality service.

最後，我們的【I理財入門APP】，我們將持續加強理財顧問的參與與管理。一方面，我們將逐步建立理財顧問會員管理體系，優化理財顧問體驗，提升理財顧問忠誠度。另一方面，我們將開發數據視覺化能力，追蹤和分析基金交易數據，從而更好地支援財務顧問和基金銷售業務。基於中國經濟發展的長期向好前景以及政府對資本市場的利多政策，我們相信財富管理產業未來將持續受益。我們將帶領所有合作夥伴有風險、無挑戰，團結奮進，合規經營，提供優質服務。

That ends with today's prepared remarks. Now, we are open for questions. Operator --?

今天準備好的發言就到此結束。現在，我們歡迎提問。操作員 - ？

Thank you. We will now begin the question-and-answer session. (Operator Instructions) There are currently no questions on the line. I'd like to hand the call back to management for closing.

謝謝。我們現在開始問答環節。 （操作員說明） 目前線路上沒有任何問題。我想將電話交還給管理層以結束。

Thank you very much for attending today's conference call. If you have any questions, please feel free to contact us any time. Thank you. And we have no other comments. Operator?

非常感謝您參加今天的電話會議。如果您有任何疑問，請隨時與我們聯繫。謝謝。我們沒有其他評論。操作員？

Certainly. Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

當然。謝謝。會議現已結束。感謝您參加今天的演講。現在您可以斷開線路。

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.

此文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。口譯員由贊助本次活動的公司提供。