Noah Holdings Ltd (NOAH) 2022 Q4 法說會逐字稿

Hi. Good morning, everyone, and welcome to Noah's Fourth Quarter and Year-end Conference Call. I'm Melo Xi, Director of Investor Relations in Noah Group. The presenter today -- joining us today are Ms. Wang Jingbo, our Co-Founder, Chairlady and CEO; and Mr. Qing Pan, our CFO.

你好。大家早上好，歡迎來到諾亞第四季度和年終電話會議。我是諾亞集團投資者關係總監 Melo Xi。今天的主持人——今天加入我們的是我們的聯合創始人、董事長兼首席執行官王靜波女士；以及我們的首席財務官潘慶先生。

Before we start, we would like to kindly remind you that during today's call, we may make forward-looking statements based on our current expectation of the business. Please keep in mind that these statements are subject to risks and uncertainties that may cause Noah's actual results to differ from these statements. We do not undertake any duty to update these statements. For a discussion of some of the risks that could affect results, please see the safe harbor statement section of our 6-K filing.

在我們開始之前，我們想提醒您，在今天的電話會議中，我們可能會根據我們目前對業務的預期做出前瞻性陳述。請記住，這些陳述存在風險和不確定性，可能導致諾亞的實際結果與這些陳述不同。我們不承擔更新這些聲明的任何義務。有關可能影響結果的一些風險的討論，請參閱我們的 6-K 文件的安全港聲明部分。

We also refer to certain non-GAAP measures, and you will find reconciliations in our -- the 6-K report made available on the Financial Reports section of Noah's Investor Relations website. Also, please note that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase an interest in any Noah or Noah-affiliated products. This call is copyrighted material of Noah and may not be duplicated without consent. Also, we will appreciate for you to change your display name to first and last name plus your institution name.

我們還參考了某些非 GAAP 措施，您會在我們的 6-K 報告中找到對賬，該報告在諾亞投資者關係網站的“財務報告”部分提供。此外，請注意，本次電話會議的任何內容均不構成出售要約或購買任何諾亞或諾亞附屬產品權益的要約邀請。此電話是諾亞的版權材料，未經同意不得複制。此外，如果您將您的顯示名稱更改為名字和姓氏加上您的機構名稱，我們將不勝感激。

With that, I would like to welcome our Chairlady and CEO, Ms. Wang Jingbo. Chairlady, handing to you now.

在此，我要歡迎我們的董事長兼首席執行官王靜波女士。主席女士，現在交給你。

(foreign language)

（外語）

[Interpreted] For the agenda of today's conference call, I'd like to start by discussing the macroeconomic landscape and update on our globalization strategy then report on Noah's overall performance and the development of various business segments in 2022. Mr. Pan will then present the financial information for the year and conclude with the Q&A session.

[解讀]今天電話會議的議程，我想首先討論宏觀經濟格局和我們全球化戰略的最新進展，然後報告諾亞在2022年的整體業績和各業務板塊的發展。潘先生隨後將介紹今年的財務信息，並以問答環節結束。

Year 2022 was an extraordinary year with an extremely complex global macroeconomic environment. The extreme market gyrations caused by the Russian and Ukraine conflict during the first quarter, Shanghai lockdown during the second, and the rapid fed rate hike spanning almost the entire year has far exceeded our expectations. In other words, we have seen the most drastic drop in investor conference -- confidence in decades. Domestically, the Chinese lockdown index reached its highest level twice since the first outbreak of COVID-19 in 2020. Stricter lockdown severely restricted economic activities with the household savings rate reaching its highest level since the beginning of the outbreak and consumer confidence hitting rock bottom.

2022年是不平凡的一年，全球宏觀經濟環境極其複雜。一季度俄烏衝突、二季度上海封城、美聯儲幾乎全年的快速加息等引發的市場劇烈震盪，遠超我們的預期。換句話說，我們在投資者會議上看到了幾十年來最急劇的信心下降。在國內，中國封鎖指數自 2020 年首次爆發 COVID-19 以來兩次達到最高水平。更嚴格的封鎖嚴重限制了經濟活動，家庭儲蓄率達到爆發以來的最高水平，消費者信心觸底。

Turning to the global market. Since the subprime financial crisis in 2008, prolonged qualitative easing and abundant liquidities have led to a significant level of global asset inflation. With global supply chain severely disrupted over the past 3 years by the raging pandemic, coupled with the impact of surge in commodity prices due to geopolitical conflicts, we have seen the most acute global inflation in decades. In order to tame the inflation, the world's major central banks, led by the U.S. Federal Reserve, moved quickly to raise interest rate at the fastest pace in almost 40 years. The sudden quantitative tightening measures and escalating risk free rate of return led to huge losses in risk assets with both equity and bond markets experiencing their worst year since 2008.

轉向全球市場。自2008年次貸金融危機以來，長期的質化寬鬆政策和充裕的流動性導致全球資產通脹水平顯著上升。過去三年來，全球供應鏈因疫情肆虐而嚴重中斷，加上地緣政治衝突導致大宗商品價格飆升的影響，我們看到了幾十年來最嚴重的全球通脹。為抑制通脹，以美聯儲為首的全球主要央行以近40年來最快的速度加息。突如其來的量化緊縮措施和不斷攀升的無風險收益率導致風險資產遭受巨額損失，股票和債券市場都經歷了自 2008 年以來最糟糕的一年。

The significant shift in investor segment led to a decrease in preference for high-yield products and an increase in demand for assets with lower volatilities and higher liquidity. As a wealth and asset management firm focusing on serving global Chinese [network of] clients, Noah's mission is to understand and gain insight into the ever-changing needs of our clients.

投資者群體的重大轉變導致對高收益產品的偏好下降，對波動性較低、流動性較高的資產的需求增加。作為一家專注於服務全球華人[網絡]客戶的財富和資產管理公司，諾亞的使命是了解和洞察客戶不斷變化的需求。

(foreign language)

（外語）

[Interpreted] In the CIO report published at the beginning of 2022, based on our assessment of the macroeconomic and capital market environment, we propose our clients to adopt a protection-before-growth asset allocation strategy, advising them to protect and diversify their portfolios using various wealth management tools against the upcoming uncertainties. We recommend our clients to increase their allocations in absolute return-oriented, multi-strategy funds and private equity funds in order to reduce asset volatility and capture cross-cycle growth opportunities, which effectively helped our clients to protect their wealth in turbulent capital market environment.

【解讀】在2022年初發布的CIO報告中，我們基於對宏觀經濟和資本市場環境的評估，建議客戶採用先保護後增長的資產配置策略，建議客戶保護和分散投資組合使用各種財富管理工具來應對即將到來的不確定性。我們建議客戶增加絕對收益導向型、多策略基金和私募股權基金的配置，以降低資產波動性並抓住跨週期增長機會，有效幫助客戶在動蕩的資本市場環境中保護自己的財富.

We have become increasingly aware that the concept and the understanding of wealth management through the lens of Chinese high-net worth individuals -- is undergoing fundamental changes with safety and security becoming the #1 demand. The need for global asset allocation also increased.

我們越來越意識到，中國高淨值人士對財富管理的概念和理解正在發生根本性的變化，安全保障成為第一需求。全球資產配置的需求也增加了。

Since the opening of the Hong Kong office in 2012, and gradual establishments in foreign markets, including the U.S., Singapore, Canada and Australia, Noah International has accumulated a decade of experience and capabilities in the overseas segment. In the past, we serve our overseas Chinese clients with our overseas staff, which mainly consisted of investment, product selection, operation and middle and back office professionals. In 2022, we further reshaped Noah's international capabilities by building an international wealth management team based in the overseas market, creating new overseas products in order to better serve the asset allocation needs of Chinese high-net worth individuals living abroad on top of the capabilities and systems we have already built in the past.

自2012年開設香港辦事處，逐步佈局美國、新加坡、加拿大、澳大利亞等海外市場，諾亞國際在海外板塊積累了十年的經驗和能力。過去，我們服務海外華人客戶的主要是海外人員，主要由投資、選品、運營和中後台等專業人士組成。 2022年，我們進一步重塑諾亞的國際化能力，打造一支立足海外市場的國際化財富管理團隊，打造新的海外產品，以更好地服務海外中國高淨值人群的資產配置需求。我們過去已經建立的系統。

By the end of 2022, Noah's international clients increased 8.4% year-over-year. The overseas segment generated net revenues of RMB 828 million for the year, accounting for 26.7% of the group's revenue, an increase from 23.5% in 2021, with this figure further increasing to 32.2% in the fourth quarter.

截至2022年底，諾亞國際客戶同比增長8.4%。海外分部全年實現淨收入人民幣8.28億元，佔集團收入的26.7%，較2021年的23.5%有所上升，第四季度這一數字進一步提升至32.2%。

(foreign language)

（外語）

[Interpreted] In 2022, the company delivered solid financial performance by proactively adjusting our business strategy. Achieving our annual net revenues of RMB 3.1 billion and non-GAAP net income of RMB 1 billion, meeting the annual non-GAAP earnings guidance, operating income margin improved to 35.1% from 27.9%, driven by more efficient cost management and less travel activities due to COVID lockdowns.

[解讀]2022年，公司通過積極調整經營戰略，實現了穩健的財務業績。實現年度淨收入 31 億元人民幣和非 GAAP 淨收入 10 億元人民幣，符合年度非 GAAP 盈利指引，營業利潤率從 27.9% 提高到 35.1%，這得益於更高效的成本管理和更少的差旅活動由於 COVID 封鎖。

Wealth Management segment reported net annual net revenues of RMB 2.2 billion, down 31.1% year-over-year, primarily due to clients leaning towards -- leaning more towards products with higher liquidity, such as money market funds and fixed income -- fixed-term deposits, leading to a decline in onetime commissions. Transaction value was RMB 70.3 billion for the year, down 27.7% year-over-year. In 2022, with significant volatilities in the global public markets, with the MSCI World Index down 17.8%, the S&P 500 Index down 18.7% and the MSCI China Index down 21.2%. Noah's strategy was to capture and maintain clients' wallet share and help clients preserve their wealth instead of trying to chase higher revenues and profits through pushing products with higher risk profiles.

財富管理板塊報告全年淨收入為人民幣 22 億元，同比下降 31.1%，這主要是由於客戶傾向於 - 更傾向於流動性更高的產品，如貨幣市場基金和固定收益 - 固定 -定期存款，導致一次性佣金下降。全年成交金額703億元，同比下降27.7%。 2022年，全球公開市場大幅波動，MSCI世界指數下跌17.8%，標普500指數下跌18.7%，MSCI中國指數下跌21.2%。諾亞的策略是獲取和維持客戶的錢包份額並幫助客戶保護他們的財富，而不是試圖通過推銷具有較高風險預測的產品來追逐更高的收入和利潤。

Mutual fund transaction value increased by 16% year-over-year, driven by the launch of our Smile Treasury SaaS platform, specifically targeting corporate and institutional clients' treasury management needs. In the past, corporate treasury management from mid and small enterprises like specialized and systematic services. Capitalizing on Noah's existing mutual fund platform and asset allocation capabilities, we have offered services to more than 5,000 -- 4,500 mid to small-sized corporate and institutional clients who opened accounts and transacted through Smile Treasury platform during the year.

在我們推出 Smile Treasury SaaS 平台的推動下，共同基金交易額同比增長 16%，該平台專門針對企業和機構客戶的資金管理需求。以往，中小企業的企業財資管理都喜歡專業化、系統化的服務。依托諾亞現有的公募基金平台和資產配置能力，年內服務了超過5000-4500家通過微笑財寶平台開戶交易的中小型企業和機構客戶。

In terms of clients, the number of Diamond and Black Card clients reached 9,689, an increase of 18.2% year-over-year with a 22.2% increase in Black Card clients, in particular. Growing our core client base has always been a key strategic objective. Over the past year, we have effectively enhanced our client experience by improving our client interface and branding, improving our clients' reward system and enhancing the integrity of our clients' asset allocation through the introduction of a star rating system. Furthermore, we recovered over 1,000 lost or dormant accounts. And after the Camsing Incident in 2019, many lost clients have started to turn back to us.

客戶方面，鑽石、黑卡客戶9689戶，同比增長18.2%，其中黑卡客戶增長22.2%。擴大我們的核心客戶群一直是一個關鍵的戰略目標。在過去的一年裡，我們通過改善客戶界面和品牌、完善客戶獎勵制度以及通過引入星級評級系統提高客戶資產配置的完整性，有效地提升了客戶體驗。此外，我們還恢復了 1,000 多個丟失或休眠的帳戶。而在2019年Camsing事件之後，許多流失的客戶開始回頭找我們。

In 2022, through better client segmentation strategies and personalized asset allocation advices, we recognize over 3,000 potential Diamond and Black Card clients during the year. Through referrals of our existing clients, we gained over 1,000 new clients that became gold-level or above. Winning client's trust through care and professionalism has always been the source of Noah success.

2022年，通過更好的客戶細分策略和個性化的資產配置建議，我們在這一年內識別了超過3,000名潛在的鑽石和黑卡客戶。通過現有客戶的推薦，我們獲得了1,000多個成為金級或以上的新客戶。以細心和專業贏得客戶的信任一直是諾亞成功的源泉。

(foreign language)

（外語）

[Interpreted] Asset Management segment recorded net revenues of RMB 835 million, down 19.9% year-over-year, primarily due to a 66% decline in performance-based income caused by capital market volatility and limit exit opportunities in the primary market. Through our subsidiary, Gopher Asset Management, AUM reached RMB 157.1 billion by the end of 2022, up 0.7% year-over-year. On the other hand, the overseas AUM reached RMB 32.5 billion, up 14.7% year-over-year, thanks to the successful fundraising of Gopher's actively managed overseas real estate and private equity funds as well as the launch of our U.S. dollar cash management and fixed income products.

【解讀】資產管理板塊實現淨收入8.35億元，同比下降19.9%，主要原因是資本市場波動導致業績收益下降66%，一級市場退出機會受限。通過我們的子公司歌斐資產管理，截至 2022 年底，資產管理規模達到人民幣 1,571 億元，同比增長 0.7%。另一方面，得益於歌斐積極管理的海外房地產和私募股權基金的成功募集以及美元現金管理和基金的推出，海外資產管理規模達到人民幣325億元，同比增長14.7%。固定收益產品。

The U.S. real estate investment team, focusing on multifamily residential development investments, have achieved excellent investment performances on the first 2 series of funds on separate account with 2 successful and profitable exits. They launched Series 3 fund raising in the second half of 2022. The Silicon Valley early-stage, tech-focused investment team has achieved multiple profitable exits for LPs through investing in a number of unicorn companies. They launched their Series 4 fund raising during the second half of 2022 as well. We believe that the current economic cycle, which is close to bottoming out, provides a very rare entry opportunity for VC and PE funds. As a result, we have also launched the VC fund of funds managed by our Silicon Valley team as well in Q4 2022, aiming to further enhance Gopher's ecosystem in the overseas market.

美國房地產投資團隊，專注於多戶住宅開發投資，前2系列獨立賬戶基金取得了優異的投資業績，2次成功退出並獲利。他們於2022年下半年啟動了Series 3 fund raising。矽谷早期，專注於技術的投資團隊通過投資多家獨角獸公司，為LP實現了多次獲利退出。他們也在 2022 年下半年啟動了第四輪融資。我們認為，當前接近觸底的經濟周期，為VC和PE基金提供了非常難得的進入機會。因此，我們也在2022年第四季度推出了由我們矽谷團隊管理的VC fund of funds，旨在進一步提升歌斐在海外市場的生態。

In terms of cash management and fixed income products, as U.S. dollar yields continue to rise due to the Fed's rate hike, our product team developed and launched our U.S. dollar cash management and fixed income products in a timely manner, effectively increasing our client's share of overseas wallets with Noah. By year-end, overseas AUA grew by 25.2% year-on-year, accounting for total 21.6% of the total AUA, comparing to 16.3% at the end of 2021.

現金管理及固定收益產品方面，隨著美聯儲加息導緻美元收益率持續走高，我們的產品團隊及時開發推出了美元現金管理及固定收益產品，有效提升了客戶的收益份額。海外錢包與諾亞。截至年底，海外AUA同比增長25.2%，佔總AUA的比重為21.6%，而2021年底為16.3%。

(foreign language)

（外語）

[Interpreted] In terms of ESG, Noah has been voluntarily publishing sustainability report since 2014. We also formulated and initiated the supply chain ESG management guidelines and receive 100% of the signatories of the ESG letter of acknowledgment for suppliers at Noah's very first supplier conference, bringing awareness to our supplier partners to better create a sustainable ecosystem. Noah has cooperated with nonprofit organizations for many years in projects such as 100 million Saxauls trees and Noah's Ark. Since 2014, Noah's Heart Forest has planted over 387,000 Saxauls trees in Alxa region in China, covering over 8,000 acres of land, achieving about 3.8% -- 3.8 square kilometers of sand stabilization and 7,000 tons of carbon stabilization, helping restore the local desert system and slowdown desertification while increasing local herders income.

【解讀】在ESG方面，諾亞從2014年開始主動發布可持續發展報告，我們還制定並啟動了供應鏈ESG管理指引，並在諾亞首屆供應商大會上獲得100%簽署供應商ESG確認書，讓我們的供應商合作夥伴意識到更好地創建可持續發展的生態系統。諾亞多年來與公益組織合作的項目有億棵梭梭、諾亞方舟等。2014年至今，諾亞之心森林在中國阿拉善地區種植梭梭38.7萬餘株，佔地8000餘畝，實現約3.8%的種植面積。 ——固沙3.8平方公里，固碳7000噸，幫助恢復當地荒漠系統，減緩荒漠化，增加當地牧民收入。

(foreign language)

（外語）

[Interpreted] I'm also pleased to announce that the company has successfully completed the conversion to primary listing status on the Hong Kong Stock Exchange on December 23, 2022, becoming the first Chinese wealth management company to have dual primary listing status in both the U.S. and Hong Kong, also completely eliminating the potential delisting risk of ADR stocks. At our Board meeting earlier this month, the Board has approved the annual dividend plan to pay out 17.5% of non-GAAP net income of RMB 1 billion for 2022. The final dividend proposal will be evaluated at the upcoming AGM in mid-June. We are committed to creating value for our shareholders in a stable and sustainable manner through a long-term cash dividend plan.

【解讀】我司亦欣然宣布，公司已於2022年12月23日在香港聯交所順利完成轉為第一上市地位，成為首家同時在港交所同時擁有雙重第一上市地位的中國財富管理公司。美國和香港，也徹底消除了ADR股票潛在的退市風險。在本月早些時候的董事會會議上，董事會已批准年度股息計劃，派發 2022 年非美國通用會計準則淨收入 10 億元人民幣的 17.5%。最終股息方案將在即將於 6 月中旬召開的年度股東大會上進行評估。我們致力於通過長期的現金分紅計劃，以穩定、可持續的方式為股東創造價值。

(foreign language)

（外語）

[Interpreted] Reaching common sense and consensus, which are scarce qualities to possess, is oftentimes consuming and costly. In 2022, some common sensors and consensus are beginning to ignite. Successful wealth management and investment returns are the reflection of correct perceptions of the future. Bridging the gap between perception and reality requires the fine-tuning of decision-making skills. The probability of making the right decision is positively correlated with one's understanding of the world.

[解釋] 達成常識和共識，這是稀缺的品質，通常是費力且代價高昂的。 2022年，一些常見的傳感器和共識開始點燃。成功的財富管理和投資回報是對未來正確認知的體現。縮小感知與現實之間的差距需要對決策技能進行微調。做出正確決定的概率與一個人對世界的理解呈正相關。

Today, in 2023, the consensus of clients need has been mostly clear. The foundation of this top process framework is what shapes Noah CIL enhanced view, our advices on client allocation solutions and our core values, which distinguish Noah from other wealth management institutions. We are committed to becoming a leading name by capturing at least 1% of the market share in the wealth management industry for Chinese high-net worth clients around the world, a goal that has tremendous room for growth, but also requires us to always maintain our founding principle and work hard towards achieving it. Finally, we hope that the pain of 2022 will become the gain of 2023.

2023年的今天，客戶需求的共識已經基本明朗。這個頂級流程框架的基礎是諾亞CIL增強的觀點、我們對客戶分配解決方案的建議和我們的核心價值觀，這使諾亞有別於其他財富管理機構。我們致力於成為全球華人高淨值客戶財富管理行業至少1%市場份額的領先品牌，這一目標具有巨大的增長空間，但也需要我們始終保持我們的基本原則並努力實現它。最後，希望2022年的痛苦能成為2023年的收穫。

Now I'd like to pass to our CFO, Mr. Pan, to give you a detailed walk-through of this year's results. Thank you all.

現在我想請我們的首席財務官潘先生為您詳細介紹一下今年的業績。謝謝你們。

Thanks, Melo, and thank you, Chairlady. Welcome, investors and analysts. Looking back at 2022 as obviously, undoubtedly a challenging year. The United States Federal Reserve has raised interest rates by cumulative 425 bps to 4.4% as of the end of last year, the rapidest hike in decades, coupled with geopolitic conflicts and ongoing increasing global inflation rate from 4.7% to 8.8%, creating volatilities in both the equity and bond markets.

謝謝 Melo，也謝謝主席女士。歡迎投資者和分析師。回顧 2022 年，顯然無疑是充滿挑戰的一年。截至去年底，美聯儲已累計加息 425 個基點至 4.4%，為數十年來最快加息，加上地緣政治衝突和全球通脹率從 4.7% 持續上升至 8.8%，造成市場波動無論是股票市場還是債券市場。

Consequently, the MSCI World Index, S&P 500 and MSCI China Index have all dropped 18%, 19% and 21% throughout the year, respectively. In China, the prolonged COVID-19 restrictions during almost the entire year of 2022 greatly affected economic activities. With the China Effective Lockdown Index, a third-party index that measures the level of COVID-related restrictions, reaching highest level wise, since 2020. The Chinese household saving rate climbed significantly from 30% pre-COVID up to 37% by end of that year, with Chinese consumer confidence index at a decade low. Capital market activities and investor sentiments also became more conservative, evidenced by a 50% year-over-year decrease in new issuance of mutual funds across the; board.

因此，MSCI 世界指數、標準普爾 500 指數和 MSCI 中國指數全年分別下跌了 18%、19% 和 21%。在中國，幾乎 2022 年全年延長的 COVID-19 限制措施極大地影響了經濟活動。中國有效封鎖指數是衡量 COVID 相關限制水平的第三方指數，達到 2020 年以來的最高水平。到年底，中國家庭儲蓄率從 COVID 之前的 30% 大幅攀升至 37%那一年，中國消費者信心指數處於十年低位。資本市場活動和投資者情緒也變得更加保守，整個新發行的共同基金同比下降 50% 就是明證；木板。

Meanwhile, Noah has been investing to improve our research capabilities to counter this adversity, and our COO office published the investment outlook for 2022 at the beginning of the last year, recommending the strategy of preservation before growth to our clients. Looking back at the capital market fluctuations, our recommendation helped preserve client assets and our dedication and efforts on enhancing investment abilities paid off.

與此同時，諾亞一直在投資提升我們的研究能力以應對這種逆境，我們的首席運營官辦公室在去年初發布了2022年的投資展望，向我們的客戶推薦先保後增的策略。回顧資本市場的波動，我們的建議有助於保全客戶資產，我們在提升投資能力方面的付出和努力得到了回報。

As a result, although 2022 was a tough year, we still achieved an increase in number of core clients up 18% year-over-year, that's Diamond and Black Card line. And overseas AUM also increased by 15% year-over-year. Due to stricter cost management measures and higher operational efficiency, Noah's operating margin grew from 27.9% to 35.1%. On top of that, we have met our annual non-GAAP net income profit guidance, absorbing the impact of an unexpected and unfavorable outcome of legal proceedings towards the end of last year.

因此，儘管 2022 年是艱難的一年，但我們仍然實現了核心客戶數量同比增長 18%，即鑽石和黑卡線。而海外AUM也同比增長了15%。由於更嚴格的成本管理措施和更高的運營效率，諾亞的運營利潤率從 27.9% 增長到 35.1%。最重要的是，我們已經達到了我們的年度非 GAAP 淨收入利潤指導，吸收了去年底法律訴訟意外和不利結果的影響。

Now please let me walk you through the detailed financial results of the year and the fourth quarter. Full year net revenues were RMB 3.1 billion, down 28% year-over-year, primarily due to the decrease in onetime commissions and performance-based income. Onetime commissions fell by 46% year-over-year to RMB 678 million due to lower transaction values and the change in product mix partially as a result of our proactive direction away from public security-based products in the face of volatile market conditions last year that usually bear high take rates for that type of product.

現在請讓我向您介紹一下今年和第四季度的詳細財務業績。全年淨收入為人民幣 31 億元，同比下降 28%，主要是由於一次性佣金和績效收入的減少。一次性佣金同比下降 46% 至人民幣 6.78 億元，原因是交易金額下降以及產品組合發生變化，部分原因是我們在去年面對動蕩的市場環境時主動放棄了基於公安的產品通常對這種類型的產品有很高的接受率。

Performance-based income fell by 61% year-over-year to RMB 308 million, as expected in the face of the bumpy capital market environment. Recurring service fees remained relatively stable at RMB 1.9 billion, down 9%. Operating costs and expenses were RMB 2 billion, decreased 35% year-over-year, due to lower relationship manager compensation expenses as transaction values decreased, combined with lower selling and G&A expenses resulting from a decrease in traveling and offline client activities, both affected by COVID-19 restrictions. Corresponding annual operating income margin increased 7.2% year-over-year to 35.1%.

業績收益同比下降 61% 至人民幣 3.08 億元，這與資本市場動盪環境下的預期一致。經常性服務費保持相對穩定，為人民幣 19 億元，下降 9%。營業成本和費用為人民幣 20 億元，同比下降 35%，這是由於交易價值下降導致客戶經理薪酬費用減少，加上差旅和線下客戶活動減少導致銷售和 G&A 費用減少，兩者均受到影響受 COVID-19 限制。相應的年度營業利潤率同比增長 7.2% 至 35.1%。

With regard to nonoperating results, we incurred a one-off contingent expense of RMB 99 million due to the provision of legal proceeding related to one of our subsidiaries that we disclosed on December 12, 2022. We believe that the associated first instance ruling was reached based on incomplete factor information and have already initiated appealing process and intend to vigorously defend against the civil claim from the plaintiff. Equity and earnings of affiliates decreased 71% year-over-year attributed to the downward yield of fund of funds that we manage and invest in as the general partner or manager.

在非經營業績方面，由於我們在 2022 年 12 月 12 日披露的與我們的一家子公司相關的法律程序的提供，我們產生了一次性或有費用人民幣 9900 萬元。我們認為相關的一審判決已經達成基於不完整的因素信息，已經啟動上訴程序，並打算積極抗辯原告的民事訴訟請求。由於我們作為普通合夥人或經理管理和投資的基金的基金收益率下降，附屬公司的權益和收益同比下降 71%。

In spite of nonoperating costs, our non-GAAP net income of RMB 1 billion still achieved annual non-GAAP net income profit guidance with its margin up to 32.5%. Growth in core clients, Diamond and Black Card clients, still remains as a top strategic priority throughout the year, benefiting from our continuous strategic investments, expanding our core client group, Diamond and Black Card clients grew to 9,689, an 18% year-over-year increase overall, among which the number of Black Card clients increased by 22% year-over-year. We also have an innovative program to recognize potential Diamond and Black Card clients, and grand trial benefits invest for a limited period of time to attract new clients, which enabled us to identify over 3,000 high-potential core client needs.

儘管有非營業成本，我們 10 億元人民幣的非美國通用會計準則淨收入仍達到年度非美國通用會計準則淨收入利潤率指引，利潤率高達 32.5%。核心客戶的增長，鑽石和黑卡客戶，仍然是全年的首要戰略重點，受益於我們持續的戰略投資，擴大我們的核心客戶群，鑽石和黑卡客戶增長到 9,689，同比增長 18%年整體增長，其中黑卡客戶數同比增長22%。我們還有一個創新的計劃來識別潛在的鑽石和黑卡客戶，並在有限的時間內進行大試用利益投資以吸引新客戶，這使我們能夠識別 3,000 多個高潛力核心客戶需求。

Our total active clients during the year was 35,877, down 16% year-over-year due to the transformation to standardized products starting from 2019. We have also been making efforts on reactivating dormant accounts and retrieving lost accounts. As of December 2022, reactivated and retrieved accounts amounted to more than 1,000. At the same time, we have gained significant growth in a new tier of clients, i.e., corporate and institutional clients. We launched the Smile Treasury platform to facilitate corporate institutional client strategy management efforts with over 4,500 new corporate and institutional clients who have opened accounts and transacted with us in 2022.

由於2019年開始向標準化產品轉型，我們年內活躍客戶總數為35,877戶，同比下降16%。我們也一直在努力激活休眠賬戶和找回丟失的賬戶。截至2022年12月，重新激活和找回賬戶達1000多個。與此同時，我們在新客戶群（即企業和機構客戶）中取得了顯著增長。我們推出了 Smile Treasury 平台，以促進企業機構客戶戰略管理工作，2022 年有超過 4,500 家新的企業和機構客戶在我們這裡開立賬戶並進行交易。

With respect to transaction value, we distributed RMB 70.3 billion of products during the year, down 28% year-over-year, among which mutual funds were RMB 43.1 billion, up 16% year-over-year, thanks to the aforementioned increase in corporate and extension of clients. Albeit secondary products were RMB 13.1 billion, down 65% year-over-year as we proactively decreased allocation and distribution of equity-linked public market products due to heightened market volatilities.

成交金額方面，年內分銷產品703億元，同比下降28%，其中公募基金431億元，同比增長16%，得益於上述增長。公司和客戶的擴展。二級產品為人民幣 131 億元，同比下降 65%，這是由於市場波動加劇，我們主動減少股票掛鉤公開市場產品的配置和分銷。

In terms of segmented results, full year net revenues from Wealth Management business were RMB 2.2 billion, down 31% due to the decrease in transaction value accounting for 71% of total net revenues for the group. The revenues from asset management business were RMB 834 million, down 20% due to a decrease in performance-based income from private equity fund products, accounting for 27% of total net revenues of the group. Gopher's AUM was RMB 157.1 billion as of the end of the year, slightly higher than last year due to increase in private equity.

分部業績方面，全年財富管理業務淨收入為人民幣22億元，下降31%，原因是交易金額減少，佔集團總淨收入的71%。資產管理業務收入為人民幣8.34億元，由於私募基金產品業績收益下降，下降20%，佔集團總淨收入的27%。截至年底，歌斐的資產管理規模為人民幣1571億元，由於私募股權的增加，略高於去年。

As mentioned by Chairlady, we have started to establish our international wealth management team with relation managers based in overseas markets catering to our overseas class asset allocation needs. Our overseas AUM grew 15% year-over-year and 7% quarter-over-quarter contributed by the successful fundraising activities of Gopher's real estate investment team and venture capital investment team in the States and the launch of U.S. dollar cash management and fixed income products. Besides, we have also been cooperating with 9 of the top 25 international private equity, GPs and look forward to expanding that list. Overall, full year overseas net revenue was RMB 828 million, accounting for 27% of total net revenue compared to 24% in the year before.

正如董事長所說，我們已經開始建立我們的國際財富管理團隊，客戶經理常駐海外市場，以滿足我們海外類資產配置的需求。我們的海外資產管理規模同比增長15%，環比增長7%，主要得益於歌斐房地產投資團隊和風險投資團隊在美國的成功融資活動以及美元現金管理和固定收益的推出產品。此外，我們還與前 25 名國際私募股權、GP 中的 9 家合作，並期待擴大這一名單。總體而言，全年海外淨收入為人民幣 8.28 億元，佔總淨收入的 27%，而去年同期為 24%。

When it comes to our fourth quarter results, net revenues were RMB 882 million, down 30% year-over-year and recovered quickly by 29% from the quarter 3. Onetime commissions were RMB 269 million, down 44% year-over-year, but up 170% quarter-over-quarter due to increase in insurance distributions. Recurring service fees were RMB 472 million, down 15% year-over-year but slightly increased 4% quarter-over-quarter, mainly due to the service fees generated from liquidity and certain credit products with higher fee rates during the corresponding period in last year.

談到我們第四季度的業績，淨收入為人民幣 8.82 億元，同比下降 30%，比第三季度快速恢復 29%。一次性佣金為人民幣 2.69 億元，同比下降 44% ，但由於保險分配的增加，環比增長 170%。經常性服務費4.72億元，同比下降15%，環比微增4%，主要是去年同期流動性及部分費率較高的信貸產品產生的服務費所致年。

Performance-based income was RMB 80 million, down 54% year-over-year due to a decrease in carrying from public security products and private equity fund products. [Builds up] 191% quarter-over-quarter due to exits generated from some of the private equity funds products in this quarter. Total operating costs and expenses were RMB 662 million, down 41% year-over-year, but up 46% quarter-over-quarter, mainly due to increased expenses related to off-line client activities after COVID-19 restrictions were lifted as well as increased relationship manager compensation, performance fee compensations in the quarter. On top of that, operating income were RMB 220 million, up 66% year-over-year, but down 5% quarter-over-quarter. Quarterly non-GAAP net income was RMB 149 million, down 49% year-over-year -- or 22% quarter-over-quarter increase due to onetime contingent expenses.

業績收益為8,000萬元，同比下降54%，主要是公安產品和私募基金產品的承載減少。 [累積] 由於本季度部分私募股權基金產品退出，環比增長 191%。總運營成本和費用為人民幣 6.62 億元，同比下降 41%，但環比增長 46%，主要是由於取消 COVID-19 限制後與線下客戶活動相關的費用增加由於增加了客戶關係經理的薪酬，本季度的績效費薪酬。除此之外，營業收入為人民幣2.2億元，同比增長66%，但環比下降5%。由於一次性或有費用，季度非美國通用會計準則淨收入為人民幣 1.49 億元，同比下降 49%，環比增長 22%。

Regarding the balance sheet, our cash increased to RMB 4.4 billion and total assets stood at RMB 11.8 billion as of December 2022. The current ratio was 3.3 multiple, and debt-to-asset ratio was 19.5%, with no interest-bearing debt, implying a very healthy and strong liquidity position and balance sheet. Supported by a healthy balance sheet and continued strong cash flow generating capabilities pursuant to the dividend policy announced on August 10, 2022, the annual dividends to be declared and distributed for year 2022 will be 17.5% of the group's non-GAAP net income of 2022, approximately amounting to RMB 176.5 million, implicating USD 0.40 per ADS and HKD 6.25 per share equals to 2 ADS, subject to final approval of our AGM on June 12, 2023, this year. We look forward to providing stable and sustainable returns to the shareholders with the growth of our business.

資產負債表方面，截至2022年12月，我們的現金增至人民幣44億元，總資產為人民幣118億元。流動比率為3.3倍，資產負債率為19.5%，無有息債務，意味著非常健康和強大的流動性頭寸和資產負債表。根據 2022 年 8 月 10 日公佈的股息政策，在健康的資產負債表和持續強勁的現金流產生能力的支持下，2022 年宣布和分配的年度股息將佔集團 2022 年非美國通用會計準則淨收入的 17.5% ，約合人民幣 1.765 億元，涉及每股美國存託憑證 0.40 美元和每股 6.25 港元，相當於 2 個美國存託憑證，取決於我們今年 2023 年 6 月 12 日的年度股東大會的最終批准。我們期待隨著業務的增長為股東提供穩定和可持續的回報。

Looking back to 2022, obviously, great challenges stemmed from global macroeconomic uncertainties and domestic difficulties, including 0 carbon limitations. [Overall], that we completed the secondary listing on the main board of Hong Kong Stock Exchange. And within the same year, with the effort of the team also completed, voluntary conversion to primary listing in Hong Kong within the same year.

回首2022年，顯然，全球宏觀經濟的不確定性和國內困難，包括零碳限制，都帶來了巨大的挑戰。 [總體而言]，我們完成了在香港聯交所主板的第二上市。並於同年，在團隊的努力下，亦於同年完成自願轉為香港第一上市。

Due to the regulations of Hong Kong Stock Exchange, by the way, I would also like to kindly inform investors that Noah would not be able to publish annual non-GAAP net income profit guidance going forward.

由於港交所的規定，順便提一下，諾亞未來將無法發布年度非美國通用會計準則淨利潤指引。

Looking forward to 2023, we'll continue to invest talents and resources into expanding our global footprint and improving our client service experience and quality. At the same time, we'll also be mindful of both cost controls and growth initiatives. Again, we sincerely appreciate all shareholders for ongoing trust and support and strive to create long-term value for clients and shareholders. And thank you, everyone, for listening. And I will now open the floor for questions. Thank you.

展望 2023 年，我們將繼續投入人才和資源，擴大我們的全球足跡，提升我們的客戶服務體驗和質量。同時，我們也會注意成本控制和增長計劃。再次，我們衷心感謝所有股東一直以來的信任和支持，努力為客戶和股東創造長期價值。謝謝大家的聆聽。現在我將開始提問。謝謝。

Thank you, Grant. (Operator Instructions) And now I believe we have Helen from UBS.

謝謝你，格蘭特。 （操作員說明）現在我相信我們有瑞銀的海倫。

(foreign language) Okay. Let me translate my question. This is Helen from UBS. Two questions, if I may. One, for insurance product distribution, since the fourth quarter 2021, the growth momentum was very strong. Insurance products seemed to be the key driver for onetime commission fee. It's been 5 quarters since the fourth quarter of 2021. So what's the insurance product penetration rate for existing clients? Do you think the strong growth momentum could persist this year and next year? If not, what types of product or services may bridge the revenue gap? And could you please give us more color on transaction value outlook this year, both in terms of growth outlook and product mix?

（外語）好的。讓我翻譯我的問題。我是瑞銀的海倫。兩個問題，如果可以的話。一是保險產品分銷，2021年四季度以來，增長勢頭十分強勁。保險產品似乎是一次性佣金的主要驅動力。 2021年四季度到現在已經5個季度了，那麼保險產品的存量滲透率是多少呢？您認為今明兩年強勁的增長勢頭能否持續？如果不能，什麼類型的產品或服務可以彌合收入差距？您能否在增長前景和產品組合方面給我們更多關於今年交易價值前景的顏色？

My second question is on Gopher AUM. I noticed that back to 2015 to 2016, private equity products were a major driver for transaction value. And this product may enter the redemption period very soon, I guess. So what's the impact on Gopher AUM? Will Gopher AUM decline in the next 1 to 2 years? And what's Gopher's product strategy this year in the coming 2 to 3 years?

我的第二個問題是關於 Gopher AUM。我注意到，回到 2015 年到 2016 年，私募股權產品是交易價值的主要驅動力。而且這款產品估計很快就會進入贖回期。那麼對Gopher AUM有什麼影響呢？未來1-2年Gopher AUM會下降嗎？歌斐今年在未來2-3年的產品策略是什麼？

(foreign language)

（外語）

Thank you, Helen. I'll supplement some data points and also do a quick summary of what Chairlady has mentioned. So I guess, when you look at this allocation of product mix from a slightly different angle that basically, we don't necessarily just voluntarily put out a product mix or recommendation to our clients without understanding the clients' need. So throughout 2022, the sentiment of the entire market is actually preservation and risk averse. So the demand from insurance products actually grew throughout the board in the market. We are not manufacturing any insurance products. So basically just having an insurance brokerage and are responsible for taking the right products for our clients.

謝謝你，海倫。我將補充一些數據點，並對主席提到的內容做一個快速總結。所以我想，當你從一個稍微不同的角度來看這種產品組合分配時，基本上，我們不一定會在不了解客戶需求的情況下自願向我們的客戶提供產品組合或推薦。所以整個2022年，整個市場的情緒其實是保本和避險。所以保險產品的需求實際上在市場上是全面增長的。我們不生產任何保險產品。所以基本上只是擁有一家保險經紀公司，負責為我們的客戶提供合適的產品。

So as mentioned by Chairlady, the coverage of penetration rate, especially in the Diamond, Black Card line group, is relatively low, 21% for overseas insurance products and 24% for the domestic one. And the contribution with the total revenue by interest-related revenue for 2022 is about 77%, slightly higher than 60% in 2021 as well. So we still believe that still abundant room to grow in terms of insurance products if the client still considers that insurance product becoming a very fundamental, important layer of the asset allocation strategy.

所以正如主席所說，滲透率的覆蓋率，尤其是鑽石，黑卡線組，覆蓋率相對較低，海外保險產品為21％，國內保險產品為24％。而2022年利息相關收入對總收入的貢獻約為77%，也略高於2021年的60%。因此，我們仍然認為，如果客戶仍然認為保險產品成為資產配置策略的一個非常基本、重要的層面，那麼保險產品仍有很大的增長空間。

In terms of Gopher's AUM, domestically, we believe that our fund of funds portfolio will benefit greatly from the registration scheme, Asia stock market, that provide more exciting opportunities for these portfolio companies to become IPO companies and provide better exiting routes for this type of funds.

就歌斐的資產管理規模而言，在國內，我們相信我們的fund of funds投資組合將大大受益於亞洲股票市場的註冊計劃，這為這些投資組合公司成為IPO公司提供了更多激動人心的機會，並為此類公司提供了更好的退出途徑。資金。

And in terms of the secondary market, public security products within Gopher, we actually also invest heavily into our R&D team. We have a team of about 40 people focused on the macro and also micro researches on different kind of stocks and strategies for multiple strategy sort of fund. And for overseas, we are investing heavily both in budget and talent actually for 2023 to make sure that we'll be able to meet the demand for our clients, especially for the overseas allocation of more products, more public market type of products that, in the past, the market probably provides a lot of volume, but we weren't able to provide too much on the U.S. dollar-denominated public markets, and we're assembling a team to focus on that selection, and I believe that we'll be able to provide more on that type of products for our clients. Helen, back to you.

而在二級市場，歌斐內部的公安產品方面，我們其實也對我們的研發團隊投入了很大的資金。我們有一個約 40 人的團隊，專注於宏觀和微觀研究，研究不同種類的股票和多種策略類型基金的策略。對於海外，我們實際上在 2023 年在預算和人才方面進行了大量投資，以確保我們能夠滿足客戶的需求，特別是在海外分配更多產品，更多公開市場類型的產品，過去，市場可能提供了大量的交易量，但我們無法在以美元計價的公開市場上提供太多，我們正在組建一個團隊來專注於這一選擇，我相信我們將能夠為我們的客戶提供更多關於該類型的產品。海倫，回到你身邊。

Thank you, Helen. I believe we have Chiyao from Morgan Stanley.

謝謝你，海倫。我相信我們有來自摩根士丹利的 Chiyao。

(foreign language) Let me translate. The first question is the market volatility, we've seen in the fourth quarter of 2022 and in both equity and fixed income markets. So I was wondering what -- how does the reaction from Noah's clients in the fourth quarter? And what reaction Noah has been taking to stabilize the AUM in the fourth quarter last year?

（外語）讓我翻譯。第一個問題是市場波動，我們在 2022 年第四季度以及股票和固定收益市場都看到了這一點。所以我想知道第四季度諾亞客戶的反應如何？諾亞在去年第四季度採取了什麼措施來穩定資產管理規模？

And second question is on the outlook for 2023 in terms of the client demand and the revenue opportunity for Noah.

第二個問題是關於 2023 年客戶需求和諾亞收入機會的展望。

(foreign language)

（外語）

So thanks, Chiyao. I think those are great questions. And also, we want to stress that the strategy in terms of recommending our clients to preserve first then pursue growth opportunities didn't start in quarter 4 actually. Actually, we published the [CSR] report in the first quarter when we sensed a very highly volatile market of the entire year. So actually, a majority of the allocation, as we just mentioned in the market actually and also consistently our client strategy are highly liquid products, including money market funds, including the U.S. dollar-denominated deposit type of funds towards the end of last year when the Fed actually raised the interest rate very quickly.

所以謝謝，千瑤。我認為這些都是很好的問題。而且，我們要強調的是，建議我們的客戶先保留然後尋求增長機會的策略實際上並不是在第 4 季度開始的。實際上，當我們感覺到全年市場波動非常大時，我們在第一季度發布了[CSR]報告。所以實際上，正如我們剛才在市場上提到的那樣，大部分配置實際上也是我們的客戶策略是高流動性產品，包括貨幣市場基金，包括去年年底以美元計價的存款類型的基金美聯儲實際上很快就加息了。

In terms of overseas, we have about over USD 1.1 billion AUM for clients to put their money in the actual deposit type of products. And we're seeing actually very good increase in the fourth quarter alone. That's about 1.6 billion raised in that single quarter. And in the face of a very complex market situation, Noah actually never pushed out any products that we don't even believe in. So we still try to recommend the more conservative and safe strategy for our clients to actually place on. We're actually seeing a huge influx of repatriating clients last year.

在海外方面，我們有大約超過11億美元的AUM供客戶將資金投入到實際存款類型的產品中。我們實際上僅在第四季度就看到了非常好的增長。那個季度籌集了大約 16 億美元。而且面對非常複雜的市場情況，諾亞其實從來沒有推出過我們不相信的產品。所以我們還是盡量推薦更保守和安全的策略給我們的客戶實際投放。實際上，去年我們看到大量遣返客戶湧入。

As mentioned in the press release, we're seeing probably around 1,000 clients either reactivated from longtime dormant accounts or repatriate back to Noah from other platforms. I believe that clients are very impressed with Noah's strategy that we actually didn't have any exposure in our AUM or AUA to real estate type of products to the nonstandard credit products. And we have a very clean and light AUM for our clients.

正如新聞稿中提到的，我們看到大約 1,000 名客戶要么從長期休眠的賬戶中重新激活，要么從其他平台返回諾亞。我相信客戶對諾亞的策略印象深刻，因為我們實際上沒有在我們的 AUM 或 AUA 中接觸到房地產類型的產品到非標准信貸產品。我們為我們的客戶提供了一個非常乾淨和輕便的資產管理規模。

In 2023, we continue to hold a very conservative view, especially for our clients, but probably we'll more emphasize on the provision and supply of overseas assets for our clients to carry out the global allocation strategy, and we're putting a lot of effort also budget actually in developing our overseas businesses. We believe that the opening up of new tier or new group of clients overseas, the high net worth Chinese individuals overseas will actually provide very strong growth driving factors behind the incremental revenue in 2023, if you will. Thank you, Chiyao.

2023年，我們繼續持非常保守的看法，尤其是對我們的客戶，但我們可能會更加強調為客戶提供和提供海外資產，以執行全球配置策略，我們正在投入大量資金在發展我們的海外業務方面，我們也付出了實際的努力。我們相信，如果你願意的話，海外新層次或新客戶群的開放，海外的高淨值中國人實際上將為 2023 年的增量收入提供非常強大的增長驅動因素。謝謝你，千瑤。

Thank you, Chiyao. We also have Peter from JPMorgan.

謝謝你，千瑤。我們還有摩根大通的彼得。

(foreign language) Let me translate. [As far] WM sales and Gopher's AUM [beat 8 banks'] AUM in fourth quarter. How does Noah differentiate from leading banks in China when it comes to strategy and product? In 2023, there is talk of release of excess savings in China. How do you think Noah will benefit from the trend, if any?

（外語）讓我翻譯。 [截至目前]第四季度 WM 銷售額和 Gopher 的 AUM [擊敗 8 家銀行] AUM。諾亞在戰略和產品方面與中國領先銀行有何不同？ 2023年，中國有釋放過剩儲蓄的說法。如果有的話，您認為諾亞將如何從這一趨勢中受益？

The second question is about do you expect more spillover risk from SCB and the CS AT1 writedown? And 2023 is going to be volatile. Then how does Noah position for this? Does Noah offer investment products like AT1 issued by banks to your clients?

第二個問題是關於您是否預計渣打銀行和 CS AT1 減記會帶來更多溢出風險？ 2023 年將動盪不安。那麼諾亞是如何定位的呢？諾亞是否向您的客戶提供銀行發行的AT1等投資產品？

(foreign language)

（外語）

Thanks, Peter. Great questions again. Yes, we actually don't have -- didn't have any AT1 or [coupon bond-related] products to our clients. I guess part of the reason is because we're still relatively small in terms of providing U.S. dollar and offshore products for clients. Like we've mentioned in the past that we focus on pretty much product maintenance capabilities in overseas offices. In the U.S., we have 2 investment teams. In Hong Kong, pretty much mid back office for the U.S. dollar asset management.

謝謝，彼得。又是好問題。是的，我們實際上沒有——沒有向我們的客戶提供任何 AT1 或 [息票債券相關] 產品。我想部分原因是因為我們在為客戶提供美元和離岸產品方面仍然相對較小。就像我們過去提到的那樣，我們非常注重海外辦事處的產品維護能力。在美國，我們有兩個投資團隊。在香港，幾乎是美元資產管理的中後台。

And in 2023, you can probably look at a year 0 for our overseas piece of business, and we plan to actually really increase the number of relationship managers in Hong Kong to probably 100 compared to what we have is about 20 professionals. And for Singapore team is from 0 basically from scratch to 20, and we're in the process of actively hiring talent in those 2 places and also looking at opportunities potentially to be able to actually access to local market to serve the Chinese nationals in those nations, including in the U.S. and probably other popular destinations where Chinese immigrants are -- conventionally will go and work.

到 2023 年，您可能會看到我們海外業務的 0 年，我們計劃實際上將香港的客戶經理人數增加到大約 100 人，而我們擁有的專業人員約為 20 人。對於新加坡團隊來說，基本上是從 0 人到 20 人，我們正在積極招聘這兩個地方的人才，同時也在尋找機會真正進入當地市場，為那些地方的中國人服務包括美國在內的其他國家，可能還有中國移民所在的其他熱門目的地——通常會去工作。

In terms of wealth management, for the past 8 months, folks pretty much on U.S. dollar products and also spend quite a bit of time and investment to establish global insurance platform, and we're moving on to the primary market and secondary market products, both denominated in the U.S. dollars.

在財富管理方面，過去8個月，人們非常關注美元產品，也花費了相當多的時間和投資來建立全球保險平台，我們正在轉向一級市場和二級市場產品，均以美元計價。

And just to supplement on the numbers when you mentioned that the growth in the fourth quarter, I think, still benefited greatly from products that we have in the Silicon Valley. We raised about more than USD 1 billion in the fourth quarter alone that actually fit the clients' need for more exposure to a deeper and probably more stronger markets in terms of -- for overseas products. And the focus for 2023 is to expand the interfaces where we can reach out to our clients in different ways, including, for example, institutional client sales group, the online platform and also including direct sales, our direct distribution from Gopher manager, especially the screening of the global products and to be able to actually put them into a portfolio for our clients.

當你提到第四季度的增長時，我認為這仍然大大受益於我們在矽谷的產品，只是為了補充數字。僅在第四季度，我們就籌集了超過 10 億美元的資金，這實際上滿足了客戶對海外產品更多地接觸更深入、可能更強大的市場的需求。 2023 年的重點是擴大我們可以通過不同方式接觸客戶的界面，例如，包括機構客戶銷售團隊、在線平台，還包括直接銷售、我們來自 Gopher 經理的直接分銷，尤其是篩選全球產品，並能夠真正將它們放入我們客戶的產品組合中。

And in terms of domestic development strategy, we focus on continue to heighten investment in both branding talents in large cities, first-tier cities. But in terms of the probably third, fourth tier cities, we used to have network and branch offices that we're looking at to consolidate these offices into the nearby hub cities. One is to obviously control the cost efficiency; and two is actually to ensure that we'll provide better quality service to our clients as you would probably understand that majority of the high-net worth individuals will probably gradually move to the nearby big cities for better life quality. So we also want to make sure that our service team is also there to be able to serve our clients. Peter, back to you.

而在國內發展戰略方面，我們重點繼續加大對大城市、一線城市品牌人才的投入。但就可能的三四線城市而言，我們曾經有我們正在尋找的網絡和分支機構，以將這些辦公室整合到附近的樞紐城市。一是明顯控製成本效益；二是實際上是為了確保我們會為我們的客戶提供更優質的服務，因為您可能會理解大多數高淨值人士可能會逐漸搬到附近的大城市以獲得更好的生活質量。因此，我們還希望確保我們的服務團隊也能夠為我們的客戶提供服務。彼得，回到你身邊。

Maybe I'll add 1 more question about the investment sentiment. So in 2023, do you see improvement in household investment segment in your clients? And how does this compare to the 2022 or 2021 level?

也許我會再添加 1 個關於投資情緒的問題。那麼在 2023 年，您是否看到客戶的家庭投資部分有所改善？這與 2022 年或 2021 年的水平相比如何？

(foreign language)

（外語）

(foreign language)

（外語）

(foreign language)

（外語）

(foreign language)

（外語）

Yes. So Peter, I think just to supplement, obviously, in the fourth quarter, we benefited quite a bit of, I guess, heightened interaction with our clients. We actually held a pretty big client conference in Singapore towards end of December. Actually, before the official open up of China market last year, about 300 clients flew over to Singapore. And also we held a very large conference last week in Hong Kong, and about 600 clients came over and joined the conferences. And we're providing views from different GPs, our own GP and also economics, just to share the outlook of the capital market to our clients. So we're able to actually interact, I guess, at a better quality and better interaction frequency with the clients.

是的。所以彼得，我想只是為了補充，很明顯，在第四季度，我們從與客戶的互動中受益匪淺。我們實際上在 12 月底在新加坡舉行了一次相當大的客戶會議。事實上，在去年中國市場正式開放之前，約有300名客戶飛往新加坡。上週我們在香港舉行了一個非常大的會議，大約有 600 名客戶前來參加了會議。我們提供來自不同 GP 的觀點，我們自己的 GP 和經濟學，只是為了向我們的客戶分享資本市場的前景。因此，我想我們能夠以更好的質量和更好的交互頻率與客戶進行實際交互。

And in terms of the sentiment, we actually published a white paper with PwC for 2022 high net with individual sentiment index. This is the first year we're doing this white paper. And I think it's actually a great way for us to understand what people are thinking, especially the very unique group of high-net worth individuals in China, mostly actually are private business owners and entrepreneurs. It seems that, obviously, after the reopening up, alleviated quite a bit, but I think the overall sentiment towards investment in wealth management or asset allocation will continue to be conservative towards RMB type of products. But we think that they probably were looking -- continue to look to further diversifying their asset allocation across the board and also in the product mix. Peter?

而在情緒方面，我們實際上與普華永道發布了一份帶有個人情緒指數的2022年高淨值白皮書。今年是我們編寫這份白皮書的第一年。我認為這實際上是我們了解人們在想什麼的好方法，尤其是中國非常獨特的高淨值人群群體，實際上大多數是私營企業主和企業家。看起來，顯然，在重新開放之後，緩解了很多，但我認為整體投資理財或資產配置的情緒將繼續對人民幣類型的產品持保守態度。但我們認為他們可能正在尋找 - 繼續尋求全面和產品組合進一步多樣化他們的資產配置。彼得？

Thank you, Peter. We have no more -- we have no further questions from the audience. So with that, we would like to conclude this quarter and year-end earnings call. For our most updated financial reports, please refer to the financial statements section within our Investor Relations website. So thank you all for listening and have a great day.

謝謝你，彼得。我們沒有更多 - 我們沒有聽眾的進一步問題。因此，我們想結束本季度和年終的收益電話會議。有關我們最新的財務報告，請參閱我們的投資者關係網站中的財務報表部分。所以感謝大家的聆聽，祝你有美好的一天。

Thank you very much.

非常感謝。

Thank you. Bye.

謝謝。再見。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[此記錄中標記為 [已翻譯] 的部分由現場通話中的口譯員說出。]