Maase Inc (MAAS) 2024 Q2 法說會逐字稿

Ladies and gentlemen, welcome to Highest Performance Holdings Inc.'s first half of fiscal year 2024 earnings conference call. (Operator Instructions)

女士們先生們，歡迎參加 Highest Performance Holdings Inc. 2024 財年上半年收益電話會議。（操作員說明）

Today's conference call is being recorded, and this conference call is also being broadcast live over the internet and will be available for replay purposes on the company's website.

今天的電話會議正在錄製中，該電話會議還將透過網路進行現場直播，並將在公司網站上進行重播。

I would like to now turn the meeting over to your first speaker today, Mr. Doris Wu, HPH Manager of Financial Reporting Department. Thank you. Please go ahead.

現在我想請今天的第一位發言者，HPH 財務報告部經理 Doris Wu 先生來發言。謝謝。請繼續。

Thank you. Good morning and good evening, everyone. Welcome to our earnings conference call for the first half of the fiscal year 2024. Our half year report on Form 6-K has been uploaded to the website of US Securities and Exchange Commission earlier today, and is also available on our IR website.

謝謝。大家早安，晚上好。歡迎參加我們 2024 財年上半年的收益電話會議。我們的 6-K 表格半年報告已於今天早些時候上傳到美國證券交易委員會的網站，也可在我們的投資者關係網站上取得。

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 Securities 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.

在我們繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。這些陳述的準確性可能會受到許多風險和不確定性的影響，這些風險和不確定性可能導致我們的實際結果與預期或預期的結果有重大差異。

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 this forward-looking information except as required under the applicable laws.

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，我們不承擔更新此前瞻性資訊的任何義務。

Joining us today are our Vice Chairman, Chairman of the Board and Chief Executive Officer, Mr. Yinan Hu; and Chief Financial Officer, Ms. Yuanfen Yang. Mr. Hu will walk you through our recent strategic initiatives and business overview of the first half of the fiscal year to 2024, and together with Ms. Yang will answer your questions after the prepared remarks.

今天加入我們的是我們的副主席、董事會主席兼執行長胡一南先生；財務長楊元芬女士。胡先生將向您介紹我們最近的策略舉措以及截至2024財年上半年的業務概覽，並在準備好的發言後與楊女士一起回答您的問題。

Now I will turn the call over to our Vice Chairman and CEO, Mr. Hu. Mr. Hu, you may begin.

現在我將把電話轉給我們的副董事長兼執行長胡先生。胡先生，您可以開始了。

(spoken in foreign language)

（用外語說）

(interpreted) Good evening and thank you for joining us on the Highest Performance Holdings Inc. earnings conference call for the first half of the fiscal year 2024. Today, the conference call will be co-hosted by me, and our Chief Financial Officer, Mr. Yuanfen Yang.

（翻譯）晚上好，感謝您參加我們的 Highest Performance Holdings Inc. 2024 財年上半年收益電話會議。今天的電話會議將由我和我們的財務長楊元芬先生共同主持。

For starters, I will walk you through the company's recent strategic adjustments and corresponding initiatives. Then we will give a business overview for the first half of the fiscal year 2024 and the management outlook. And we will have a Q&A section at the end to take questions from participants.

首先，我將帶您了解公司最近的策略調整和相應舉措。然後我們將給予2024財年上半年的業務概述和管理展望。最後我們將有一個問答部分來回答參與者的問題。

(spoken in foreign language)

（用外語說）

(interpreted) Firstly, I will elaborate on the company's recent strategic initiatives. We have implemented a strategic transformation and upgrade successfully acquisitions (inaudible) have led to 2.3 fold year-on-year increase in total market value and 13 fold in that asset.

（解說）我先介紹一下公司近期的策略舉措。我們成功實施了策略轉型升級，收購（聽不清楚）導致總市值年增2.3倍，資產較去年同期成長13倍。

Amidst current macroeconomic downtime and diminished risk appetite among investors, we have proactively responded to market changes by implementing a series of strategic initiatives aligned with company's long-term development vision, aiming to sustain solid growth in this complex and evolving environment.

在當前宏觀經濟下行、投資者風險偏好下降的背景下，我們積極應對市場變化，實施了一系列符合公司長期發展願景的策略性舉措，力求在複雜多變的環境中保持穩健成長。

(spoken in foreign language)

（用外語說）

(interpreted) Based on the company's long-term vision and strategic positioning at the end of 2023, we've completed a share transactions with certain shareholders of Fanhua Inc., following which HPH holds 50.1% of Fanhua's equity interest, becoming its controlling shareholder.

（解讀）基於公司長遠願景和2023年底策略定位，我們與泛華股份部分股東完成了股權交易，HPH持有泛華50.1%股權，成為其控股股東。

As a result of the financial statement consolidation as of December 31, 2023, HPH total net assets amounted to RMB4.98 billion with net asset of RMB3.12 billion. HPH total market value exceeded USD1.5 billion, laying a solid foundation for the company to pursue its acquisitions strategy.

截至2023年12月31日合併財務報表，及PHH淨資產總額為人民幣49.8億元，淨資產為31.2億元。羥丙基甲基纖維素總市值突破15億美元，為公司實施收購策略奠定了堅實的基礎。

(spoken in foreign language)

（用外語說）

(interpreted) In February 2024, the company signed a framework agreement with Singapore White Group Private Trading Enterprise Limited, aiming to leveraging White Group's strengths in financing and M&A on a global scale to accelerate its intelligence and global development strategies and to initiate a new phase of strong growth. We are currently working closely with White Group and its partners on implementing several investment projects.

（解讀）2024年2月，公司與新加坡懷特集團私人貿易企業有限公司簽署框架協議，旨在藉助懷特集團在全球範圍內的融資和併購優勢，加快推進智能化和全球化發展戰略，開啟新階段的強勁增長。我們目前正在與懷特集團及其合作夥伴密切合作，實施多個投資項目。

(spoken in foreign language)

（用外語說）

(interpreted) In the second part, I will give an overview of the company's business performance for the first half of the fiscal year 2024. Our core business is a fund retail business.

（解讀）第二部分，我將概述公司2024財年上半年的營運表現。我們的核心業務是基金零售業務。

In the first half of the fiscal year 2024, we have solidifying our core business and seeking innovation in fund business. Institutional business expansion resulted in a 129% and 456% year-on-year increase in transaction value and outstanding balance of the publicly raised fund products by institutional clients, respectively.

2024財年上半年，我們夯實核心業務，尋求基金業務創新。機構業務拓展，機構客戶公募基金產品交易金額及餘額較去年同期分別成長129%及456%。

(spoken in foreign language)

（用外語說）

(interpreted) For our Puyi fund retail business, we pursue a long-term strategy and suitability principle, focusing on enhancing product selection and marketing service and strengthening operation and system support. Despite significant market fluctuations, we have successfully stabilized both our customer base and business volume.

（解讀）普益基金零售業務奉行長期策略和適宜性原則，重點加強產品選擇和行銷服務，強化營運和系統支援。儘管市場波動較大，我們仍成功穩定了客戶群和業務量。

(spoken in foreign language)

（用外語說）

(interpreted) We have continued to diversify our product offerings by increasing the number of publicly raised fund product suppliers that we collaborate with from 103 to 107 covering over 90% of the products currently available in the market.

（解讀）我們持續豐富產品種類，合作公募基金產品供應商由103家增至107家，涵蓋目前市場90%以上的產品。

(spoken in foreign language)

（用外語說）

(interpreted) We have built a multi account system with functional investment advisory products to enhance clients' investment experience, resulting in a 13% increase in per capita investments amounting from RMB29,500 to RMB33,500.

（解讀） 打造多帳戶體系，提供功能性投資顧問產品，提升顧客投資體驗，人均投資額由29,500元提升至33,500元，成長13%。

(spoken in foreign language)

（用外語說）

(interpreted) We implement a tiered management system for financial advisors facilitating targeted marketing efforts, which helped us stabilize the number of our financial advisors at approximately 20,000.

（解讀）我們實行財務顧問分級管理制度，精準行銷，財務顧問數穩定在2萬人左右。

(spoken in foreign language)

（用外語說）

(interpreted) We further enhanced and upgraded Puyi fund platform and i financial planner platform with a focus on digitalization and intelligent exploration. New features like financial planners dashboards and credit system has been introduced to elevate the user experience for both customers and financial advisors.

（解讀）我們進一步完善升級普益基金平台、i理財師平台，重點進行數位化、智慧化探索。引入了財務規劃師儀表板和信用系統等新功能，以提升客戶和財務顧問的使用者體驗。

(spoken in foreign language)

（用外語說）

(interpreted) Our institutional business achieved significant breakthrough with channel models validated. Our one-stop trading platform equipped with up to date systems and functionalities, has gained traction amongst institutions, resulting in transaction value of publicly raised fund of over RMB4.8 billion, this outstanding balance of RMB2.85 billion, representing a 1.3 times and 4.6 times increase year on year, respectively.

（解讀）機構業務取得重大突破，通路模式得到驗證。我們的一站式交易平台配備了最新的系統和功能，受到機構的青睞，公募基金交易額超過人民幣48億元，未償餘額達人民幣28.5億元，是去年同期的1.3倍。倍。

(spoken in foreign language)

（用外語說）

(interpreted) We have successfully introduced external channel resources while ensuring cost control to facilitate cooperation in reaching the target client of banks and insurance companies.

（解讀）我們在控製成本的同時，成功引進外部通路資源，促進銀行、保險公司目標客戶合作。

(spoken in foreign language)

（用外語說）

(interpreted) Custodian bank transition have been successfully completed as we have established long-term strategic partnerships with the large listed banks such as Ping An and Minsheng banks, with actual investment amount exceeding RMB3.1 billion, laying a solid foundation for more financial institution access.

（解讀）託管銀行轉型順利完成，與平安、民生等大型上市銀行建立長期策略夥伴關係，實際投資金額超31億元，為更多金融機構入駐奠定了堅實基礎使用權。

(spoken in foreign language)

（用外語說）

(interpreted) Internal management, efficient management drive cost reduction and compliance operation ensures growth and efficiency. We have established a sustainable mechanism for cost reduction and unearthing savings.

（解讀）內部管理，高效率管理帶動成本降低，合規營運保成長效益。我們建立了可持續的降本增效機制。

The company has reduced management and sales expense by 40.7% year on year through marketing strategies adjustments, upgraded payment methods, workforce and office space reduction and so on, without compromising management efficiency.

公司透過行銷策略調整、升級支付方式、減少人員和辦公場地等，在不影響管理效率的情況下，管理和銷售費用較去年同期下降40.7%。

(spoken in foreign language)

（用外語說）

(interpreted) We have taken an active role in complying with the regulation and compliance policy by providing strict compliance training, enforcing compliance discipline, clarifying responsibility at all levels to ensure that the business, staff, business facilities and internal controls of our headquarters and all branches fully complying with relevant laws and regulations.

（解讀）我們積極遵守監管合規政策，透過提供嚴格的合規培訓、強化合規紀律、明確各級責任，確保總部及各部門的業務、員工、營業設施和內部控制分支機構完全遵守相關法律法規。

(spoken in foreign language)

（用外語說）

(interpreted) Faced with economic challenges, we will continue to embrace market changes with a steady stance and execute our strategic plan. By fostering business synergy with Fanhua and expanding our wealth management and institutional business. We will continuously enhance the company's competitive edge and market influence, providing customers with high quality and more diverse financial and non-financial service.

（解讀）面對經濟挑戰，我們將持續以穩健的姿態迎接市場變化，執行策略部署。與泛華加強業務協同，拓展財富管理與機構業務。我們將持續增強公司的競爭優勢和市場影響力，為客戶提供優質、更多元化的金融和非金融服務。

Meanwhile, we will persist in driving digitization and intelligent development to improve service experience, ensuring sustainable growth and long-term development of the company.

同時，我們將堅持推動數位化、智慧化發展，提升服務體驗，確保公司持續成長和長遠發展。

(spoken in foreign language)

（用外語說）

(interpreted) We appreciate your attention and support and look forward to jointly witnessing the future success of the company.

（解讀）感謝您的關注與支持，並期待與您共同見證公司未來的成功。

(spoken in foreign language)

（用外語說）

(interpreted) Now the floor open for the Q&A section.

（解釋）現在開始問答部分。

(Operator Instructions) There are currently no questions from the line, I'd like to hand the call back to management for closing.

（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。

Okay. Thank you very much for attending today's conference call. If you have any questions, feel free to contact us any time. Thank you.

好的。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。

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

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。