Noah Holdings Ltd (NOAH) 2025 Q3 法說會逐字稿

Good morning, afternoon, and evening, and welcome to the Noah Holdings Limited third quarter 2025 earnings conference call. (Operator Instructions). Please note this event is being recorded.

早安、下午好、晚上好，歡迎參加諾亞控股有限公司2025年第三季業績電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Doreen Chiu, company's Investor Relations. Please go ahead.

現在我將把會議交給公司投資者關係部的Doreen Chiu女士。請繼續。

Thank you, Dave, and good morning, afternoon and evening to everyone, and welcome to Noah third quarter of 2025 earnings conference call. Joining me today, Ms.

謝謝戴夫，各位早安、下午好、晚上好，歡迎參加諾亞公司2025年第三季財報電話會議。今天和我一起的還有女士。

Hung Dingbo, our Co-Founder and Chair Lady, Mr. Zander Yin, Co-Founder, Director, and CEO, and Mr. Grant Pan, the CFO. Mr. Ying will begin with an overview of our recent business highlights, followed by Mr. Pan, who will discuss our financial and operational results.

洪定波先生（共同創辦人兼董事長）、尹先生（共同創辦人、董事兼執行長）和潘先生（財務長）。應先生將首先概述我們近期的業務亮點，隨後潘先生將討論我們的財務和營運業績。

They will all be available to take your questions in the Q&A session that follows. Please note that the discussion today will contain forward-looking statements that are subject to resistant uncertainty. That may cause actual results to differ materially from those in our forward-looking statements. Potential risks and uncertainties include but are not limited to those outlined in our public filings with the SEC and the Hong Kong Stock Exchange.

他們都將在隨後的問答環節中回答您的問題。請注意，今天的討論將包含前瞻性陳述，這些陳述存在很大的不確定性。這可能導致實際結果與我們的前瞻性聲明中的結果有重大差異。潛在風險和不確定性包括但不限於我們在美國證券交易委員會和香港聯合交易所公開文件中列出的風險和不確定性。

Noah does not undertake any obligation to update any forward-looking statements except as required under applicable law. With that, I would like to pass the call over to Mr. Yin, [Mr. Disco].

除適用法律要求外，Noah不承擔更新任何前瞻性聲明的義務。那麼，我把電話轉給尹先生。[迪斯可先生]

(interpreted) Good morning to everyone and thank you for joining us today. During the quarter we are seeing three very clear trends emerge. First, despite ongoing revenue pressure, our profitability and margins improved significantly with non-GAAP net income increasing by over 50% year on year. Second, investment products have seen accelerated growth and are accounting for a larger share of new revenue.

（翻譯）大家早安，感謝各位今天參加我們的節目。本季我們看到了三個非常明顯的趨勢。首先，儘管收入持續承壓，但我們的獲利能力和利潤率顯著提高，非GAAP淨收入年增超過50%。其次，投資產品成長加速，在新收入中所佔份額越來越大。

And lastly, key initiatives including the establishment of four overseas booking centers and the rollout of AI related projects have transitioned from planning to actual implementation. These three trends give us greater confidence that our transformation strategy is making solid progress.

最後，包括建立四個海外預訂中心和推出人工智慧相關項目在內的關鍵措施已從規劃階段過渡到實際實施階段。這三大趨勢讓我們更加確信，我們的轉型策略正在取得穩定進展。

Financially, net revenues for the third quarter reached RMB633 million, down slightly year on year, but up sequentially, marking the second consecutive quarter of sequential growth. The year-on-year revenue decline was mainly due to continued softness in both domestic and overseas insurance businesses in line with our expectations that 2025 to 2026 would be a period of revenue mix adjustment.

財務方面，第三季淨收入達人民幣6.33億元，較去年同期略有下降，但季增，連續第二季實現季增。年比收入下降主要是由於國內外保險業務持續疲軟，這與我們先前預期2025年至2026年將是收入結構調整期相符。

Notably, our revenue mix continues to improve significantly, driven by growing investment products revenues which accounted for approximately. 28% during the quarter compared to 18% a year ago, a clear improvement compared to the same period last year and something we will continue to focus on going forward.

值得注意的是，我們的收入結構持續顯著改善，這主要得益於投資產品收入的成長。本季投資產品收入約佔總營收的28%，去年同期為18%，與去年同期相比有明顯提升，這也是我們未來將持續重點關注的領域。

As a result, our bottom line delivered a solid performance with non-GAAP net income for the third quarter, up more than 50% year on year to RMB229 million. This brings non-GAAP net income for the first three quarters of 2025 to RMB587 million, a clear reflection of the results our prudent investment strategy and cost controls are delivering.

因此，我們的獲利表現穩健，第三季非GAAP淨利年增超過50%，達到人民幣2.29億元。這使得 2025 年前三個季度的非 GAAP 淨收入達到 5.87 億元，這清楚地反映了我們審慎的投資策略和成本控制所取得的成果。

Performance of our overseas and domestic operations are each following distinct trends. For overseas operations, it has maintained a pattern of strong investment product growth and soft insurance product distribution. Net revenues from Mark, our overseas wealth management business, were RMB146 million in the third quarter, a year on year decrease of 22.7% due primarily to a decline in revenue contribution from the distribution of insurance products.

我們的海外和國內業務的業績分別呈現不同的趨勢。在海外業務方面，該公司一直保持著強勁的投資產品成長和較為溫和的保險產品分銷模式。第三季度，我們海外財富管理業務Mark的淨收入為人民幣1.46億元，較去年同期下降22.7%，主要原因是保險產品分銷收入貢獻下降。

Sequentially, however, revenues were up 13%. By the end of the third quarter. Overseas AUA reached USD9.3 billion up 6.8% year on year. Notably, transaction value of US dollar private secondary products in the first three quarters increased nearly 2.5 times year on year to USD688 million. Net revenues from Olive, RMB11 in the third quarter, up 8.6% sequentially driven primarily by growth in AM and recurring service fees. By the end of quarter, overseas AUM USD5.9 billion up 5.3% year on year.

但環比來看，營收成長了 13%。到第三季末。海外資產管理規模達93億美元，年增6.8%。值得注意的是，前三個季度美元私人二級市場產品的交易額年增近 2.5 倍，達到 6.88 億美元。Olive 第三季淨收入為 11 元，季增 8.6%，主要得益於 AM 和經常性服務費的成長。截至季末，海外資產管理規模達59億美元，年增5.3%。

Net revenues from Glory Family Heritage, which provides overseas insurance and comprehensive services RMB47 million in the third quarter, 19.8% year on year.

榮耀家族傳承（Glory Family Heritage）提供海外保險及綜合服務，第三季淨收入為人民幣4,700萬元，較去年同期成長19.8%。

While investments services will remain a co-focus, we shall continue to serve clients with insurances product through our capital light commission (inaudible) model. On the domestic side we are seeing strong momentum in the secondary market a continued focus asset in the primary market and ensuring the segmenting an adjustment phase.

儘管投資服務仍將是我們重點關注的業務之一，但我們將繼續透過輕資本佣金（聽不清楚）模式為客戶提供保險產品。國內方面，我們看到二級市場勢頭強勁，一級市場持續關注資產，並確保市場區隔進入調整階段。

For Noah upright, our domestic public securities business continued to benefit from a rebound in the share market. Transaction value for RMB denominated private secondary products in the first three quarters grew 206% year on year to RMB8.97 billion.

對諾亞來說，我們的國內證券業務持續受益於股市的反彈。前三季人民幣計價私人二級市場產品交易金額較去年同期成長206%，達到人民幣89.7億元。

Net revenues from domestic public securities for the third quarter were RMB116 million up 8.7% year on year and underscoring the strategic direction we are headed in with growing AUA and expanding investment capabilities. Net revenues from domestic asset management RMB189 million in the third quarter, up 4.9% year on year as it maintains stable profitability and continues to facilitate exits from existing assets.

第三季國內公募證券淨收入為人民幣1.16億元，年增8.7%，凸顯了我們透過增加資產管理規模和擴大投資能力所採取的策略方向。第三季國內資產管理淨收入為人民幣1.89億元，年增4.9%，維持了穩定的獲利能力，並繼續推動現有資產的退出。

Net revenues from domestic insurance business Glory were RMB5 million in the third quarter, down 44.8% year on year. The pace of the fall in net revenues was in line with our planned pace of consolidation and transformation to domestic insurance business. Overall, the rebalancing of our overseas and domestic operations is making solid progress with investment product growth increasingly acting as a new growth driver.

第三季國內保險業務榮耀的淨收入為人民幣500萬元，較去年同期下降44.8%。淨收入下降的速度與我們計劃的整合和轉型為國內保險業務的速度相符。整體而言，我們海外和國內業務的重新平衡正在穩步推進，投資產品的成長日益成為新的成長動力。

In the third quarter, we continue to make solid progress in our overseas expansion with the establishment of four booking centers which form the foundation of our global operational system. In the United States, we officially obtained a US broker dealer license and will continue to steadily build our business there in accordance with local regulatory requirements.

第三季度，我們繼續在海外擴張方面取得穩步進展，建立了四個預訂中心，這些中心構成了我們全球營運體系的基礎。在美國，我們已正式獲得美國經紀交易商牌照，並將繼續按照當地監管要求穩步發展我們的業務。

In Singapore, we continue to strengthen our capabilities and build out our team. While in Hong Kong and Shanghai, we continue to serve as a core hub for operations, compliance, and support systems. Our global operations framework is gradually improving, providing an important foundation for future cross-regional client services and asset allocation.

在新加坡，我們將繼續加強自身能力並擴充團隊。在香港和上海，我們繼續作為營運、合規和支援系統的核心樞紐。我們的全球營運框架正在逐步完善，為未來跨區域客戶服務和資產配置提供了重要的基礎。

AI is a disruptive force in wealth management industry with immense future potential and serves as our second strategic growth driver for the future. Over the past few months, we have begun implementing our AIRM plus AI operation system plan.

人工智慧是財富管理產業的一股顛覆性力量，具有巨大的未來潛力，並將作為我們未來的第二大策略成長驅動力。在過去的幾個月裡，我們已經開始實施我們的 AIRM 加 AI 作業系統計畫。

Initial pilots were launched during the quarter to improve client outreach, content generation, and back-end operations, as well as cross-departmental collaboration in Singapore specifically. In the latest update to our app, we officially launched our AIRM Noah, providing clients with deeper engagement and interaction.

本季度啟動了初步試點項目，旨在改善客戶拓展、內容生成和後端運營，以及在新加坡的跨部門協作。在我們的應用程式的最新更新中，我們正式推出了 AIRM Noah，為客戶提供更深入的參與和互動。

I want to emphasize however, AI is not simply a PPT concept for us.It is an institutionalized operational capability. We will to develop AI capabilities across the entire value chain in a steady and pragmatic manner.

但我要強調的是，人工智慧對我們來說不僅僅是PPT上的概念，它是一種制度化的運作能力。我們將以穩健務實的方式，在整個價值鏈中發展人工智慧能力。

Looking ahead, we remain firmly committed to advancing our three core strategies. First, strengthening our core capabilities in investment product selection, fundraising, and co-investment to increase the proportion of investment products in our revenue mix, drive product innovation, and create a differentiated competitive advantage.

展望未來，我們將持續堅定不移地推進三大核心戰略。首先，加強我們在投資產品選擇、籌資和共同投資方面的核心能力，以提高投資產品在我們收入組合中的佔比，推動產品創新，並創造差異化的競爭優勢。

Second, establishing AI as our second strategic growth driver by strengthening the development and deployment of AI tools across relationship management, operations, and investment research to firmly embed it into our organizational DNA and operational systems. And lastly, leveraging our four overseas booking centers as the foundation for a globally coordinated service that delivers a consistent wealth management experience for global Chinese clients.

第二，透過加強在關係管理、營運和投資研究領域開發和部署人工智慧工具，將人工智慧確立為我們的第二大策略成長驅動力，從而將其牢固地嵌入到我們的組織基因和營運系統中。最後，我們將利用我們的四個海外預訂中心作為基礎，提供全球協調的服務，為全球華人客戶提供一致的財富管理體驗。

At the same time, we will continue to maintain prudent operations and thrive quality growth, striving to improve shareholder returns by improving capital efficiency, optimizing cost structure, and strengthening cash flow. We will continuously enhance our competitiveness and market share in the global Chinese wealth management market.

同時，我們將繼續保持穩健的經營，追求高品質的成長，並努力透過提高資本效率、優化成本結構和增強現金流來提高股東回報。我們將持續提升我們在全球華人財富管理市場的競爭力和市場份額。

Thank you. Now I'll hand over to our CFO Grant to provide a detailed overview of the group's financial performance.

謝謝。現在我將把發言權交給我們的財務長格蘭特，讓他詳細概述一下集團的財務表現。

Thank you, Xander, for the comprehensive strategy and market overview and warm greetings to everyone joining us today. For those of you that in the United States, happy Thanksgiving and holiday season. I also want to make an introduction of the AIRM Noah. She actually did the English translation, just now if you have noticed. I'm very pleased to share Noah's financial performance for the third quarter of 2025 and resource allocation priorities from a financial perspective.

謝謝 Xander 為我們帶來的全面策略和市場概覽，也請他向今天到場的各位致以親切的問候。身在美國的各位，感恩節快樂，節日快樂！我還想介紹一下AIRM Noah。如果你注意到的話，她剛才確實做了英文翻譯。我非常高興與大家分享 Noah 公司 2025 年第三季的財務表現以及從財務角度出發的資源分配重點。

During this quarter, we deliver solid profitability supported by prudent investment decisions and disciplined cost management. Non-GAAP net income reached RMB229 million Up 52.2% year over year and 21.2% sequentially, with a margin of 36.2%. The first nine months of 2025, non-GAAP net income totaled RMB587 million, a 40.5% increase from the same period last year.

本季度，我們憑藉著審慎的投資決策和嚴格的成本管理，實現了穩健的獲利能力。非GAAP淨利達人民幣2.29億元，年增52.2%，季增21.2%，利潤率為36.2%。2025 年頭九個月，非公認會計準則淨利潤總計 5.87 億元，比去年同期成長 40.5%。

This was achieved despite a 7.4% year over year decline in total net revenues. For the quarter as we continue to optimize our revenue structure by emphasizing on investment products, as mentioned by Xander and consciously reduce dependence on insurance related revenue.

儘管總淨收入年減了 7.4%，但仍實現了這一目標。本季度，我們將繼續優化收入結構，專注於發展投資產品（如 Xander 所提到的），並有意識地減少對保險相關收入的依賴。

Total revenue for the third quarter was RMB633 million, reflecting a year over year decline primarily driven by lower insurance income amid intensified competition in both domestic and overseas insurance markets. Yet it still recorded modest sequential improvement overall, marking our second consecutive quarter of growth.

第三季總收入為人民幣6.33億元，較去年同期下降，主要原因是國內外保險市場競爭加劇，導致保險收入減少。但總體而言，業績仍實現了小幅環比成長，連續第二季實現成長。

Total transaction value remained high at RMB17 billion, maintaining the same elevated level as the previous quarter and rising 19.1% year over year. RMB denominated products increased 28.7% year over year. While US dollar denominated products grew 9.6% year over year.

交易總額維持在高位，達人民幣170億元，與上一季保持了相同的較高水平，年增19.1%。人民幣計價產品較去年同期成長28.7%。以美元計價的產品年增 9.6%。

The strength in investment-led transactions helped offset softness insurance and domestic management fees, which continue to weigh on overall revenue. One-time commission's related investment products grew 85.5% year over year, supported by stronger client sentiment, expanded range of quality global investment solutions offered to our clients.

投資主導型交易的強勁表現有助於抵消保險和國內管理費的疲軟，這些費用繼續對整體收入構成壓力。一次性佣金相關的投資產品年增 85.5%，這得益於客戶信心增強以及我們為客戶提供的優質全球投資解決方案範圍擴大。

Overseas net revenues for the third quarter remained robust at RMB311 million, contributing 49.1% of total net revenues. A revenue type, one-time commission or RMB159 million, up 2.2% sequentially. For the first three quarters, the transaction value of RMB private secondary products, which surged 206% to RMB9 billion and US dollar private secondary products, excluding cash management, climbed 244% to USD688 million.

第三季海外淨收入維持強勁成長，達人民幣3.11億元，佔總淨收入的49.1%。收入類型為一次性佣金，金額為人民幣1.59億元，較上季成長2.2%。前三季度，人民幣私人二級市場產品交易額飆升206%至人民幣90億元，美元私人二級市場產品（不含現金管理）交易額攀升244%至6.88億美元。

Recurring service fees exceeded expectations, rising 4.7% year over year and 3.6% sequentially to RMB421 million. The increase was supported by higher overseas product management fee contributions and some extensions of domestic PE funds.

經常性服務費超出預期，年增 4.7%，季增 3.6%，達到 4.21 億元。此次成長得益於海外產品管理費收入增加以及國內私募股權基金的部分延期。

When domestic exit activities were slower than expected, we do not view this as a structural issue. We acknowledge and recurring income may face some pressure in the near term. We're proactively managing our portfolio and strengthening overseas product fee contributions to mitigate the impact.

當國內退出活動比預期緩慢時，我們並不認為這是結構性問題。我們承認，短期內經常性收入可能會面臨一些壓力。我們正在積極管理我們的產品組合，並加強海外產品費用貢獻，以減輕其影響。

Performance based income remained stable from last quarter, stood at RMB22 million. Our overall operating expenses declined 1.6% sequentially to RMB461 million. For the first three quarters, it has dropped 6.5% year over year, reflecting improved efficiency across the organization.

業績收入與上季相比保持穩定，為人民幣2,200萬元。我們的整體營運費用較上季下降1.6%至人民幣4.61億元。前三個季度年減 6.5%，反映出整個組織的效率有所提升。

This discipline enabled us to expand our operating margin to 27.6% for the first nine months from 25.5% a year ago, with operating profit reaching [RMB519] million up 4.6% year over year.

這種自律使我們今年前九個月的營業利潤率從去年同期的 25.5% 提高到 27.6%，營業利潤達到 5.19 億元人民幣，年增 4.6%。

In the third quarter alone, operating profit was RMB172 million with a 27.2% margin. No- GAAP net income rose RMB rose to RMB229 million up 52.2% year over year and 21.2% sequentially, reflecting continuing operational strength and solid investment performance.

光是第三季度，營業利潤就達到人民幣1.72億元，利潤率為27.2%。非GAAP淨利潤成長至人民幣2.29億元，年增52.2%，季增21.2%，反映出持續的營運實力和穩健的投資績效。

The asset, we may encounter a moderation in the fourth quarter as market conditions evolve. As of September 30, 2025, total assets under management, AUM stood at RMB143.5 billion. USD denominated AUM grew 5.1, 5.3% year over year and 2.6% sequentially to USD5.9 billion. While USD denominated assets under advisory, the AUA increased 6.8% year over year and 2.0% sequentially to USD9.3 billion.

隨著市場狀況的變化，該資產價格在第四季度可能會有所回落。截至2025年9月30日，管理資產總額（AUM）為人民幣1,435億元。以資產管理規模計價，年增 5.1%、5.3%，季增 2.6%，達 59 億美元。以美元計價的諮詢資產規模年增 6.8%，季增 2.0%，達到 93 億美元。

This ongoing expansion in overseas assets highlights Noahs success in capturing offshore investment demand and strengthening our international footprint. Our overseas client base continues to grow, with registered clients up 13.1% year over year and active clients reaching 3,561 by the end of the third quarter.

諾亞公司海外資產的持續擴張凸顯了其在滿足海外投資需求和加強國際影響力方面的成功。我們的海外客戶群持續成長，註冊客戶年增 13.1%，截至第三季末，活躍客戶達 3,561 人。

The number of newly acquired golden clients defined as professional investors has reached to over 1,000 by the end of the third quarter, reflecting our ability to attract and retain high-quality clientele. Our balance sheet remains strong and debt free. As of September 30, 2025, cash and short-term investment totaled RMB5.0 billion, even after a dividend payout of RMB550 million.

截至第三季末，新獲得的黃金客戶（定義為專業投資者）數量已超過 1,000 人，這反映了我們吸引和留住高品質客戶的能力。我們的資產負債表依然穩健，且無任何債務。截至 2025 年 9 月 30 日，現金及短期投資總額為人民幣 50 億元，即使支付了人民幣 5.5 億元的股息後也是如此。

With zero interest-bearing liabilities will remain significant liquidity and flexibility to support global growth and technology investments. In closing, even under software revenue conditions, our disciplined operating model and prudent investment approach delivered solid profitability and margin expansion.

由於沒有計息負債，公司將保持充足的流動性和靈活性，以支持全球成長和技術投資。總之，即使在軟體收入狀況不佳的情況下，我們嚴謹的營運模式和審慎的投資方法也實現了穩健的獲利能力和利潤率成長。

With a strong balance sheet, growing global presence, and ongoing digital transformation and AI application, we remain confident in Noah's ability to deliver sustainable growth and create long-term value for all stakeholders.

憑藉強勁的資產負債表、不斷增長的全球影響力以及持續的數位轉型和人工智慧應用，我們仍然對諾亞公司實現可持續成長並為所有利益相關者創造長期價值的能力充滿信心。

Thank you for your trust and continued support, and we'll now open the floor for questions.

感謝大家的信任與持續支持，現在我們開始接受提問。

(Operator Instructions)

（操作說明）

Helen Li, UBS.

海倫李，瑞銀集團。

Yeah, can you hear me?

嗯，你聽得到我說話嗎？

Yes, please go ahead.

好的，請繼續。

He, we lost you. Yours?

他，我們失去你了。你的呢？

Peter Zhao, JPMorgan.

Peter Zhao，摩根大通。

(spoken in foreign language) Let me translate my question. Congratulation on the very strong result and, thanks for giving me the opportunity to ask questions. I have two questions. First is, [Magma] gave very clear guidance on Noah three, strategy, AI, Increasing the investment product proportion and on the four booking center and I have two follow-up questions.

（用外語說）讓我翻譯一下我的問題。恭喜你取得如此優異的成績，也謝謝你給我提問的機會。我有兩個問題。首先，[Magma] 就 Noah 三、策略、人工智慧、提高投資產品比例以及四個預訂中心給出了非常明確的指導，我有兩個後續問題。

First is, can we understand what will be the, potential financial impact from these strategies. For example, with the adoption of AI will we see any cost saving on the operating or will we see any improving in revenue and regarding the booking center, particularly on the US booking center, will we see very strong upfront investment into the 2026 where we fully launched this business.

首先，我們能否了解這些策略可能帶來的財務影響？例如，採用人工智慧後，我們能否在營運方面節省成本，或是能否在收入方面有所提高？關於預訂中心，特別是美國預訂中心，我們能否在 2026 年全面啟動這項業務之前獲得非常強勁的前期投資？

And the second follow-up question is we also wish to understand from the investor, perspective, is there any matrix we can track on Noah's progress, in his strategy in the, say, coming, one or two years.

第二個後續問題是，我們也想從投資人的角度來了解，是否有任何指標可以追蹤諾亞在未來一兩年內的策略進展。

And then my second question is, on the overseas relationship manager and the domestic cur city. I observed that overseas relationship manager has drop in third quarter while the domestic coverage city has increasing in third quarter and the third trend is a bit different from the trend we have been observing in the, I think past two years.

我的第二個問題是，關於海外關係經理和國內城市。我觀察到，第三季海外客戶經理人數有所下降，而第三季國內覆蓋城市人數有所增加，第三季的趨勢與我們過去兩年觀察到的趨勢略有不同。

We wish to understand what's the rationale behind, is there any major change in our company strategy or this is just due to some, market or say I'm head of fine tuning. I will stop here, Thank you.

我們想了解背後的原因，公司策略是否有重大變化，或者這只是由於某些市場因素，或者說，我是負責人，正在進行微調。我就說到這裡吧，謝謝。

Thank you, Peter, and thanks for actually asking a pretty comprehensive question. So I'll try to take the first question and our [vendor] will supplement on the second one.

謝謝你，彼得，也謝謝你提出了一個非常全面的問題。所以我先回答第一個問題，我們的[供應商]會補充回答第二個問題。

So for the first question, especially on the three, significant measurements, especially for the strategy of optimizing revenue structure, I think a couple of things that investors could track or pay attention to is one is the weight of revenue that's coming from investment-related products.

所以對於第一個問題，特別是關於三個重要的衡量指標，特別是對於優化收入結構的策略，我認為投資者可以追蹤或關注的兩件事是，一是來自投資相關產品的收入佔比。

We do believe that, both revenue and top-line will continue to grow, but at the same time, the structure, that comes from investment-related products, given the actual expansion on product shelf and how the recovery of sentiment relating to investing from our clients, we believe that that's one of the things obviously we could attract.

我們相信，收入和營收都將繼續成長，但同時，鑑於投資相關產品的實際擴張以及客戶投資情緒的復甦，我們認為這顯然是我們能夠吸引的因素之一。

Secondly, obviously, we want to see a meaningful accumulation on investment related AUM, and AUA as well.

其次，顯然，我們希望看到投資相關資產管理規模（AUM）和資產管理規模（AUA）的顯著成長。

Secondly, to your question, I believe our chair Lady Noah could also add on is the AI investment. It's not a small optimization or extracurricular activity in terms of AI investments. We're actually looking to innovate, the business model on top of the traditional, offline or physical RM team, if you will, by actually adding two teams. One is, the AIRM that will continue to activate.

其次，關於您的問題，我認為我們的主席諾亞女士還可以補充一點，那就是人工智慧投資。從人工智慧投資的角度來看，這並非一項小型的優化或課外活動。我們實際上正在尋求創新，在傳統的線下或實體RM團隊的基礎上，透過增加兩個團隊來革新商業模式。其中之一是將繼續啟動的AIRM。

The existing client group to activate sort of the non-active clients or new clients, we believe that AI actually provide a more structured method and a more, tailor-made capability to activate the new client leads and secondly, we're actually trying to see if we could, as no actually do have a pre-established infrastructure in terms of systematic Infrastructure as well as the, capability offering various products we want to see if we could use with the help of AI, to consolidate or, aggregate some of the EAM services that seems to be pretty mature in overseas market.

對於現有客戶群，為了啟動非活躍客戶或新客戶，我們相信人工智慧實際上提供了一種更結構化的方法和更客製化的能力來啟動新的客戶線索。其次，我們正在嘗試看看，由於我們目前還沒有預先建立的系統基礎設施以及提供各種產品的能力，我們想看看是否可以藉助人工智慧來整合或聚合一些在海外市場似乎相當成熟的企業資產管理 (EAM) 服務。

So basically, in short, we're trying to see if the AI capabilities they'll continue to invest in. We increase the capability on several fronts. One is obviously client acquisition, new client acquisition, and two is to upgrade the business model in the future. So we have been doing that, especially the design organization structure this year and we'll have a strategic investment AI starting from 2026.

簡而言之，我們想看看他們是否會繼續投資人工智慧技術。我們在多個方面提升了能力。一是顯而易見的客戶獲取，新客戶的獲取；二是未來商業模式的升級。所以，我們一直在這樣做，尤其是今年的設計組織結構，我們將從 2026 年開始對人工智慧進行策略性投資。

To your question on the booking center, yes, we will have a little bit of infrastructure construction, obviously, in the US booking center, but we already have presence in the US market for the past few years, so, many of the teams are actually already out there.

關於您提出的預訂中心的問題，是的，我們顯然會在美國預訂中心進行一些基礎設施建設，但我們在過去幾年裡已經在美國市場佔有一席之地，所以很多團隊實際上已經在那裡了。

Obviously we'll be adding, some of the mid back office capability, for the broker dealer business, but, from the budget standpoint, it's actually not going to be a very significant addition in terms of operating expenses, but basically, the necessary infrastructure for the year of 2026. Okay, so Peter, that's the first question.

顯然，我們將為經紀交易商業務增加一些後台中層辦公能力，但從預算角度來看，就營運費用而言，這實際上不會是一個非常重大的增加，而基本上是 2026 年所需的必要基礎設施。好的，彼得，這是第一個問題。

(spoken in foreign language) (interpreted) Let me do a quick, translation first. So CEO just mentioned for the three strategies it's actually very correlated because, the key thing we're trying to do is, to drive the company as the a driven company. So during this, structural changes and, we've been trying to more -- because in the past few years, the clients are more conservative, in terms of investment, but the recent year we've seen that it has been changed and has been more active in the investment now.

（外語）（翻譯）讓我先快速翻譯一下。所以CEO剛才提到的這三個策略其實是高度相關的，因為我們努力做到的關鍵是，要把公司打造成為一家有驅動力的公司。因此，在此期間，我們進行了結構性調整，並且一直在努力——因為在過去幾年裡，客戶在投資方面比較保守，但最近一年我們看到情況發生了變化，現在他們在投資方面更加積極了。

So that's why we believe that AUM driven structure in terms of our revenue is, the, is the key engine for the company growth, in the near future. And when we're talking about AUM driven revenue. Growth that is why we needed to think about the AI development and also the different booking centers that we've been having in globally because for AI, investment that it can help to enhance our business efficiency and also it provides better experience to our clients and which we believe that it can further, reinforce our momentum.

因此，我們認為，在不久的將來，以資產管理規模 (AUM) 為驅動的收入結構是公司成長的關鍵引擎。當我們談論資產管理規模驅動的收入時。正因如此，我們才需要考慮人工智慧的發展，以及我們在全球各地設立的不同預訂中心。因為對人工智慧的投資可以幫助提高我們的業務效率，並為我們的客戶提供更好的體驗，我們相信這可以進一步鞏固我們的發展勢頭。

In terms of, giving clients a better service and, our sales, performance and also for booking center basically it's, the same idea we've been trying our clients for plan as well because we've seen more global demand, in terms of the investment needs and that's why we needed to build up the platform and provided this.

就為客戶提供更好的服務而言，我們的銷售業績以及預訂中心基本上都遵循同樣的理念，我們也一直在嘗試為客戶制定計劃，因為我們看到了全球範圍內更大的投資需求，這就是為什麼我們需要建立這個平台並提供這項服務的原因。

The infrastructures to our clients. So-- and also, yes, it may have a little impact on our unavoidably, but that, we believe that with a strong balance sheet we've been able to keep a very prudent, investment team but at the same time being able to support our development.

為客戶提供基礎設施。所以——而且，是的，這可能會對我們產生一些不可避免的影響，但我們相信，憑藉強勁的資產負債表，我們能夠維持一支非常謹慎的投資團隊，同時也能夠支持我們的發展。

(spoken in foreign language) (interpreted) To your second question, Peter, you emphasize that we didn't change any of our, focus on developing our overseas market. When you have seen that they dropped the number of our overseas RM. I would also say that it's more like an active adjustment internally.

（外語）（翻譯）彼得，關於你的第二個問題，你強調我們沒有改變任何政策，專注於開發海外市場。當你看到他們減少了我們海外RM的數量。我還要說，這更像是一種內在的主動調整。

In terms of, other reasons. It's because, to have the right RM is actually require a lot of investment and time and, I mean -- we will need to have the right [Amid] and that's also the reason why we've been started to invest in our AI development and try to introduced the AIRM concept.

至於其他原因。這是因為，要擁有合適的資源管理（RM）實際上需要大量的投資和時間，我的意思是——我們需要合適的[Amid]，這也是我們開始投資人工智慧開發並嘗試引入AIRM概念的原因。

Now let's know that you've just met, it's actually our one of the AIRM that we are having. And because when we look at the efficiency, they can actually cover the number of clients will be a lot more and that is what CEO mentioned, the capacity that AIRM could have compared to any human beings. And also, you may have seen the number of cities in domestic market recover seems have increased.

現在讓我們知道，你們剛剛見面，這實際上是我們正在舉辦的 AIRM 活動之一。因為從效率來看，他們實際上可以服務更多的客戶，正如CEO所提到的，AIRM的能力遠遠超過任何人類。此外，您可能已經注意到，國內市場復甦的城市數量似乎有所增加。

But again, that's not exactly the same same types of office that we've been having, in some of the major cities. Those we increases are mainly just at the end plus, we call it more like a clubhouse. It's more for client relationship and it's for our, elite clients, better experience with us. So we wanted to emphasize that our focus on developing overseas market remains the same.

但話說回來，這和我們在一些大城市裡看到的辦公室類型並不完全相同。我們增加的那些東西主要只是在最後，我們稱之為更像一個俱樂部。這更多是為了維護客戶關係，也是為了給我們的高端客戶更好的體驗。因此，我們想強調的是，我們對開發海外市場的重視程度依然不變。

Can you hear me?

你聽得到我嗎？

(spoken in foreign language) (interpreted) But, let me do a very quick translation. So what our [Kelly] has been mentioned, we've been started to, invest in different types of AI or investment related fund since, 2016, and we've been staying so close to a lot of top tier, high tech company.

（外語）（翻譯）不過，讓我快速翻譯一下。正如我們[Kelly]所提到的，我們從2016年開始投資不同類型的AI或投資相關基金，並且我們一直與許多頂尖的高科技公司保持著密切聯繫。

And why we bring this up is because we've been trying to demonstrate where do all this knowledge about AI and technology we've been adopting. And, for example, investor or analyst could been seen that we've been launching all these types of, infrastructure funds in our all of -- all, and our old brand as well.

我們之所以提出這個問題，是因為我們一直在試圖證明，我們所採用的所有這些關於人工智慧和技術的知識最終會應用到哪裡。例如，投資者或分析師可能會注意到，我們一直在推出各種類型的基礎設施基金，包括我們先前的品牌。

So, we've been trying to demonstrate that we have a very deep knowledge about AI and that we believe that that's going to have a very structural changes to the wealth management industry. In the past, it's more like RM and driven, a human-driven, model, but we believe that going forward it's more like an operational driven model.

因此，我們一直在努力證明我們對人工智慧有著非常深刻的了解，並且我們相信這將為財富管理行業帶來非常結構性的變化。過去，它更像是資源管理驅動的、以人為本的模式，但我們相信，未來它更像是以營運驅動的模式。

What is the operational driven model we believe that this, depends on, I mean, it's a, depends on development of AI which is, for example, we can have an AI wealth management team. It could have, people. To do the data analysis and some people may hold license but at the end of the day it's about AI.

我們認為，營運驅動型模式取決於人工智慧的發展，例如，我們可以擁有一個人工智慧財富管理團隊。本來可能會這樣，各位。進行數據分析，有些人可能持有執照，但歸根結底，這都與人工智慧有關。

They've been able to help and enhance human beings' knowledge about different investment products and their client needs and so that they can come up and they can cover a lot more clients per person, unlike in the past and that's what we call this operational driven.

他們能夠幫助和提升人們對不同投資產品及其客戶需求的了解，從而使他們能夠服務更多的客戶，這與過去截然不同，這就是我們所說的營運驅動。

And also when we are developing the overseas market, what we've seen is it's hard to rely on human being at the sense that because the cost could be high and also, the loyalty or the possibility may not be as high or not be that high.

而且，我們在開發海外市場時也發現，很難依靠人，因為成本可能很高，而且忠誠度或可能性可能不高。

And that's why the company believes that that, using operational driven wealth management system is a more, efficient way of running this business. And that's not only happening in Noah, we believe that that it's going to be a very -- it's going to be a new development in the entire industry in the coming three year to five years' time.

正因如此，該公司認為，採用營運驅動的財富管理系統是一種更有效率的業務運作方式。而且這種情況不僅發生在諾亞，我們相信，在未來三到五年內，這將是整個產業的一個非常新的發展。

But that we've been trying to take advantage, or we've been trying to take step ahead of the industry so that the company can be ahead of the industry to opt, adopt this operational driven model and, to supplement this also we've been introducing the EAM or what we call IS system in the USA and also we We've been hiring this, commission-based agency during our insurance, products.

但我們一直在努力利用，或者說我們一直在努力走在行業前面，以便公司能夠走在行業前面，選擇並採用這種運營驅動的模式，為了補充這一點，我們還在美國引入了 EAM 或我們稱之為 IS 的系統，而且我們還一直在我們的保險產品中聘用這種基於佣金的代理機構。

That said, overall, we are talking about -- from the company's point of view, it's about building the global platform, the infrastructure for all these, operational-driven, models being able to deliver good results for the company.

也就是說，總的來說，從公司的角度來看，我們談論的是建立全球平台，建立所有這些以營運為導向的模型的基礎設施，從而為公司帶來良好的業績。

(spoken in foreign language) (inaudible) Thanks. So that's the conclusion, we believe that that with AI, so currently what we are having is that in all of our RM they have their own AI assistant, and we believe that can enhance the capacity to like become one people become three RM.

（用外語說）（聽不清楚）謝謝。所以這就是結論，我們相信，借助人工智慧，目前我們所有的RM都有自己的AI助手，我們相信這可以增強一個人變成三個RM的能力。

And more importantly is about the new business unit of business line that we've been setting up. So, another one would be AI wealth management that, we mentioned previously, which is, within the AI wealth management team.

更重要的是，這關係到我們正在籌建的新業務部門或業務線。所以，另一個面向就是我們之前提到的AI財富管理，它屬於AI財富管理團隊。

They've been able to give better experience to the new clients and also they've been able to help to stick into our client base and try to reconnect with, those clients may not be. Active in the past few years and another business that we've been trying to, or we have been developing is also this AI ecosystem team which is that they've been focusing to serve the EAM business that we've been mentioned and also this, commission-based agency that will be supplement the company's development.

他們能夠為新客戶提供更好的體驗，並且能夠幫助我們留住客戶群，並嘗試與那些可能不再是我們的客戶重新建立聯繫。在過去幾年裡，我們一直在積極發展另一項業務，那就是人工智慧生態系統團隊，他們專注於服務我們提到的企業資產管理 (EAM) 業務，以及這家佣金制代理機構，這將促進公司的發展。

(Operator Instructions)

（操作說明）

[Calvin] Wang, Citi.

[卡爾文]王，花旗銀行。

Thanks for taking this and congrats on the solid premier in third quarter. This is Calvin from Citi, and I have a question on investment product sales which sustain a robust growth in the quarter. What measures has Noah taken specifically and looking into the fourth quarter?

感謝你抽出時間，恭喜你在第三季取得了穩健的成績。我是花旗銀行的卡爾文，我有一個關於投資產品銷售的問題，該季度實現了強勁增長。諾亞具體採取了哪些措施，並著眼於第四季？

What is our strategy in investment product sales across domestic and overseas markets? Are there any products that would be our key focus, this year? Thanks.

我們在國內外市場的投資產品銷售策略為何？今年我們有哪些重點產品？謝謝。

(spoken in foreign language) (interpreted) So, it's, you may be aware that in this company we have this CIO report which has been issued every half year and during the recent, published, we talked about that the three types of products that we believe that that should be paid more attention to.

（外語）（翻譯）所以，您可能知道，我們公司每半年都會發布一份首席資訊長報告，在最近發布的報告中，我們討論了我們認為應該更加關注的三種產品類型。

So for the first time is a some, fund or investment that has been able to fight inflation, which, would be more traditional types of funds, including those property funds or maybe, gold or material related types of funds.

所以，這是第一次出現能夠對抗通貨膨脹的基金或投資，而通貨膨脹通常是更傳統的基金類型，包括房地產基金，或黃金或實體相關類型的基金。

And secondly, would be, more technology-related, which is using technology to fight, inflation. For example, these, AI that was been mentioned, not only for the companies that adopting of the using, but also related type of investment as well.

其次，更偏向技術面，即利用科技對抗通貨膨脹。例如，文中提到的這些人工智慧，不僅適用於採用人工智慧的公司，也適用於相關的投資類型。

And the first one would be some, newly developed that, business is more like the crypto, that we've been paying, or we've been advising our clients to pay more attention to. And I mean, as the chair Lady mentioned, luckily we've been connecting with the US product market since 2016 and we have developed a team there to sourcing different types of funds or investment products for our clients and that's why we've been able to, been enhancing our product share in the past few years.

第一個是一些新開發的，這種商業模式更像是加密貨幣，我們一直在關注，或者說我們一直在建議客戶更加關注。正如主席女士所提到的，幸運的是，我們從 2016 年以來就與美國產品市場建立了聯繫，並在那裡組建了一支團隊，為我們的客戶尋找不同類型的基金或投資產品，這就是為什麼我們在過去幾年中能夠不斷提高我們的產品份額。

And that's why starting from the last few years you may been able to see reflecting on our financial performance, instead of just PE fund being able to sell to clients, we have seen a very substantial improvement in selling hedge funds.

因此，從最近幾年開始，您可能會注意到，從我們的財務表現來看，不僅僅是私募股權基金能夠向客戶銷售產品，我們對沖基金的銷售也取得了非常顯著的進展。

That is the secondary market -- secondary, market types of funds have been able to sell to our investors or to our clients. So, and also really about the re RMB market, we may have to say that -- yes, because of the, performance of our Asia's market, we have seen.

這就是二級市場——二級市場類型的基金已經能夠出售給我們的投資者或客戶。所以，關於人民幣市場，我們可能不得不說——是的，因為我們已經看到了亞洲市場的表現。

A lot of interest in our clients for the RMB related products. However, the companies do, keep a very rather prudent, and conservative, belief towards the RMB, type of product. We still believe that, our strength or our focus is more on, overseas, investment products more particularly, these technology-related type, AI related type products.

我們的客戶對人民幣相關產品表現出濃厚的興趣。然而，這些公司對人民幣類產品仍保持著非常謹慎和保守的看法。我們仍然認為，我們的優勢或重點更在於海外投資產品，特別是這些與科技相關的、人工智慧相關的產品。

(spoken in foreign language)

（用外語說）

(spoken in foreign language) (interpreted)

（外語）（口譯）

Oh thank you Chair Lady. So, what she mentioned, promoting to CEO's answer is, we probably shouldn't just look at, particular type of products when we've been, doing answering this question. It's more about the company's position. It's also about our own, DNA which is we've been able to serve all the global Chinese. We understand them and we know how to give them better services.

哦，謝謝主席女士。所以，她提到的，向CEO提出的答案是，我們在回答這個問題時，可能不應該只專注於特定類型的產品。這更關乎公司的立場。這也關乎我們自身的基因，那就是我們能夠服務全球所有華人。我們了解他們，也知道如何為他們提供更好的服務。

And also it's about the infrastructure that we have the Booking centers globally and also the different business units, for example, [arc] in Hong Kong, in Singapore, they've been able to provide services for opening accounts, buying equities, buying bond-related products, and also we have [OLE], our asset management, that's been strong traditionally in PE funds and we're now introducing hedge funds.

此外，這也關乎我們的基礎設施，包括遍布全球的預訂中心以及不同的業務部門，例如香港和新加坡的[arc]，他們能夠提供開戶、購買股票、購買債券相關產品的服務，此外，我們還有[OLE]，我們的資產管理部門，傳統上在私募股權基金方面實力雄厚，現在我們正在引入對沖基金。

And also, our brand Glory, we've been able to provide trust services or even insurance, advice and family planning. So it's about the infrastructure that we've been having and means that we've been always able to meet our clients' needs.

此外，我們的品牌 Glory 還能夠提供信託服務，甚至包括保險、諮詢和家庭計劃。所以，這關乎我們一直以來擁有的基礎設施，也意味著我們始終能夠滿足客戶的需求。

So, for, example, that's why -- what we've been keep on saying we want it to be an AUM driven, revenue model. That's also why we've been starting to build up the commission-based insurance agency team because, we've been trying to lower the running cost but at the same time.

所以，舉例來說，這就是為什麼我們一直說我們希望它成為一個以資產管理規模 (AUM) 驅動的收入模式。這也是我們開始組建佣金制保險代理團隊的原因，因為我們一直在努力降低營運成本，但同時。

To provide comprehensive services to meet our clients' needs and, I guess, that's our advantage of the company. So it's not about picking what products to be sold to the clients, but we've been able to provide whatever our client needs and meet the demand.

提供全面的服務以滿足客戶的需求，我想，這就是我們公司的優勢。所以，關鍵不在於選擇向客戶銷售哪些產品，而是我們能夠提供客戶所需的一切，並滿足市場需求。

(spoken in foreign language) (interpreted)

（外語）（口譯）

So, [Charlidyor] explained that the strategy. So since, or starting this year, I mean, for we wanted to focus on, the Chinese high network. So it's not no longer completing by providing what type of products, but about we've been able to provide the services.

所以，[Charlidyor]解釋了這個策略。所以從今年開始，我的意思是，因為我們想專注於中國高端網路。所以，競爭不再只是提供什麼樣的產品，而在於我們能夠提供什麼樣的服務。

So she emphasized again about the RM team that we've been building. The provoking center we've been able to have, globally so that we've been able to provide services across different time zone and across different geographical, restrictions.

所以她再次強調了我們一直在組建的RM團隊。我們已經在全球範圍內建立了一個推動變革的中心，以便我們能夠跨越不同的時區和不同的地理限制提供服務。

And also When we've been serving this height network, one thing is different. They no longer just related to one geographical places. They've been speaking different languages and when we, been entering different markets, we also face the difficulties of regulatory requirement.

而且，當我們為這個高度網路提供服務時，有一件事有所不同。它們不再僅僅與一個地理位置相關。他們說著不同的語言，當我們進入不同的市場時，我們也面臨著監管要求的困難。

And that is, one of the lowest competitive edge because if any, wealth management company with a smaller scale that may be a very difficult thing to override. And that's why we've been in the right side to be able to set up our global infrastructure platform. Be able to cooperate with local EAM IAF team so that we've been able to provide global services to any potential high net worth, clients that we've been able to reach.

也就是說，這是競爭優勢最低的領域之一，因為對於規模較小的財富管理公司來說，即使存在競爭優勢，也很難被超越。正因如此，我們才有幸站在正確的一邊，建立起我們的全球基礎設施平台。能夠與當地 EAM IAF 團隊合作，以便我們能夠為我們所能接觸到的任何潛在的高淨值客戶提供全球服務。

(spoken in foreign language) (interpreted)

（外語）（口譯）

I guess, the Chair Lady wanted to further share her confidence and happiness.

我猜，主席女士是想進一步分享她的自信和喜悅。

(spoken in foreign language) (interpreted)

（外語）（口譯）

No dialogue. I guess, she's very excited and everyone can sense that, we've been able to find the right strategy going forward to develop, this company. So again, she emphasizes about the global platform. It's about the, different business unit that we have already developed and in fact in the previous. Years and it's also about the new development like ecosystem and AIRM.

沒有對話。我想她非常興奮，每個人都能感受到這一點，我們已經找到了發展這家公司的正確策略。所以她再次強調了全球平台的重要性。這是關於我們已經開發的不同業務部門，實際上也是在之前。多年來，它也與生態系統和AIRM等新發展有關。

Together we've been able to serve globally and meet all the clients, all the particularly Chinese high network needs, in this global market. So that, she's a very confident and has a very, high hope about this development strategy for the company.

我們攜手合作，服務全球客戶，滿足全球市場中所有客戶，特別是中國客戶對高網路需求的迫切需求。因此，她對公司的這項發展策略充滿信心，並寄予厚望。

[Jinhongyan with CICC].

[金紅岩與中金公司合作]

(spoken in foreign language) (interpreted) Thanks for taking my question. My first question is about the investment income. Income from equity in affiliates. I see that both these items have significant meaningful contribution to the growth of net profits. I would like to -- could you please share the reasons behind the trend in the fourth quarter

（用外語說）（翻譯）謝謝您回答我的問題。我的第一個問題是關於投資收益的。來自關聯公司股權的收入。我認為這兩項都對淨利潤的成長做出了顯著而有意義的貢獻。我想請您分享一下第四季度這一趨勢背後的原因。

And the second question Is about the active clients. I see that the active clients increase both double-digits Y-Y and q-q. Could you please share, what you have observed, from the client's behavior, the impact on the financial statements, and the trend in the fourth quarter. Thanks.

第二個問題是關於活躍客戶的。我看到活躍客戶數量同比和環比均實現了兩位數成長。請您分享您從客戶行為、對財務報表的影響以及第四季度的趨勢方面觀察到的情況。謝謝。

(spoken in foreign language) (interpreted) So about the investment, gain that we've been having, so one of the major reason is, due to the previous investment. The companies are having, particularly being the GP for some of these PE funds, and we've been seeing some exit, in the recent years during the good market and also, the, we can have a valuation gain for some of the investment as well.

（外語）（翻譯）關於投資，我們獲得的利益，其中一個主要原因是由於先前的投資。這些公司，特別是作為一些私募股權基金的普通合夥人，近年來在良好的市場環境下，我們看到了一些退出，而且，我們也可以從一些投資中獲得估值收益。

And in terms of active plans, we've been able to have a better result is because we've been now more focusing on investment products and which for investment products like insurance, clients may have repeat buying with us, that we've been able to enhance or help or maintain a rather stronger relationship with them. And that, CEO emphasis why, that's the reason why we would like to, be more focused as an AUM driven company.

就積極的計劃而言，我們之所以能夠取得更好的結果，是因為我們現在更加專注於投資產品，而對於保險等投資產品，客戶可能會重複購買，因此我們能夠加強或幫助他們，或與他們保持更牢固的關係。執行長強調，這就是為什麼我們希望成為一家以資產管理規模為導向的公司，並且更加專注於此。

(spoken in foreign language) (interpreted) So that, so Chairman Lady for, explained that that that is because, one of these -- I mean the investment game that we've been able to have, is because, the right decision that we have made in the past. So, being, invested in different types of all these PE funds or also even listed in the USA, we may have some, hurdles in the previous year.

（用外語說）（翻譯）所以，主席夫人解釋說，這是因為，其中一個原因是——我的意思是，我們能夠進行的投資遊戲，是因為我們過去做出了正確的決定。因此，由於我們投資了各種類型的私募股權基金，甚至在美國上市，我們去年可能會遇到一些障礙。

But that we've been seeing good results. For example, this investment, income, that is one of the example showing that the company's been able to make right decisions in the previous years. And that's also the reason explain why -- I mean, when we have good resal investment that is an attraction point to our clients that's that made them more willing to invest with us.

但我們已經看到了良好的效果。例如，這項投資和收入就是一個例子，顯示該公司在前幾年就做出了正確的決策。這也是原因所在——我的意思是，當我們有好的二手房投資項目時，這對我們的客戶來說是一個吸引點，這使他們更願意與我們一起投資。

(spoken in foreign language)

（用外語說）

Thank you.

謝謝。

Helen Li, UBS.

海倫李，瑞銀集團。

(spoken in foreign language) (interpreted) What I find is about, I have a follow-up question regarding AI application. How will AI support client acquisition in the overseas market, given the recent decline in overseas relationship managers, does this, suggest a strategic shift towards serving existing clients overseas investment needs rather than focusing on, expanding, local client acquisition?

（外語）（翻譯）我發現的內容是關於人工智慧應用的，我有一個後續問題。鑑於近期海外客戶經理人數的下降，人工智慧將如何支援海外市場的客戶獲取？這是否意味著策略重心將從專注於擴大本地客戶獲取轉向服務現有客戶的海外投資需求？

And is the reduction in headcom primarily affecting mid to back-office RM, or does it also affect client facing from Office RM? Do you still plan to expand the client facing front office RM team? Previously, the target was to, grow the overseas RM team to 300 in a medium term. With the adoption of AI. Has there been any change to this, medium-term target?

這次人事裁員主要影響的是中後台客戶關係經理，還是也影響到面向客戶的辦公室客戶關係經理？您是否仍計劃擴充客戶導向的前台客戶關係管理團隊？先前的目標是在中期內將海外RM團隊發展到300人。隨著人工智慧的採用。中期目標是否有任何變化？

Thank you.

謝謝。

(spoken in foreign language) (interpreted)

（外語）（口譯）

So you get the [cens] come in your China will, so answer your question, the Chairman, the challenge is, just joking about that we want to, we don't want to share the secret of how we've been able to get clients, but, that's more like a joke because, I mean, ultimately it's about how many clients that.

所以，你收到[審查]後，你的中國遺囑就會生效，所以回答你的問題，主席，挑戰在於，我們只是開玩笑，我們不想分享我們如何獲得客戶的秘密，但這更像是一個玩笑，因為，我的意思是，最終這取決於有多少客戶。

We have already been served. We have already served more than 400,000 clients, over the last 22 years. And also with all these different types of, PE funds that we have invested, we have met a lot of our potential high net worth of going to be high net worth or have become high net worth individuals by their business development.

我們已經收到服務了。在過去的22年中，我們已經為超過40萬名客戶提供了服務。此外，透過我們投資的各種類型的私募股權基金，我們已經接觸到了許多潛在的高淨值人士，他們要麼即將成為高淨值人士，要麼已經透過業務發展成為高淨值人士。

So that, the companies are very confident that we have already have the, database. But that in the past, one of the difficulty is that if we have the capability -- or if we are capable to serve these types of clients in a good way.

因此，各公司都非常有信心我們已經擁有了資料庫。但過去，其中一個困難是，我們是否有能力──或者說，我們是否有能力好好服務這類客戶。

But that was the AI's assistance, we believe that believe that we've been able to deliver better services and better solutions to all our clients. Now that's why with this kind blaze that we already have, we've been able to give the right service to them with the assistance of AI.

但正是人工智慧的幫助，我們相信，我們才能為所有客戶提供更好的服務和更好的解決方案。正因如此，憑藉我們現有的這種優勢，我們才能在人工智慧的幫助下為他們提供合適的服務。

So she also provided one example. We have this client in Singapore. We met him and he became a client. He invested with us only took five days, and that's impossible in the past. It may, take more than two months in the past, but now with the assistance of AI that is providing solutions, explanation, and different types of, understanding, and that's the reason why it has enhanced the company's efficiency in getting a potential client.

所以她也舉了一個例子。我們在新加坡有這樣一位客戶。我們認識了他，他後來成了我們的客戶。他只花了五天就完成了在我們這裡的投資，這在以前是不可能實現的。過去可能需要兩個多月的時間，但現在藉助人工智慧提供的解決方案、解釋和各種類型的理解，提高了公司獲取潛在客戶的效率。

(spoken in foreign language) (interpreted)So, the CEO just -- I may further explained that how AI is affecting the company. We believe that everyone's talking about AI. Every company wanted to use AI, but it's about if they have the basic to be able to really adopt AI.

（外語）（翻譯）所以，CEO 剛剛——我可能會進一步解釋人工智慧如何影響公司。我們相信現在人人都在談論人工智慧。每家公司都想使用人工智慧，但關鍵在於他們是否具備真正採用人工智慧的基本條件。

That is -- because, using AI and using AI efficiently is the two different, topics that we've been talking about. And why NA been able to have in this competition is because we have adopted digitalization. I mean, in the earlier stage, we have developed, the right system.

也就是說——因為使用人工智慧和高效使用人工智慧是我們一直在討論的兩個不同的主題。北美之所以能夠在這場競爭中勝出，是因為我們已經採用了數位化技術。我的意思是，在早期階段，我們已經發展了正確的系統。

We internally have all this data analysis, our system build up even the OA structure and all that. And because of that, we've been able to adopt AI in a faster pace compared to some of our peers. And also when Helen is asking how AI has been able to help the company, CEO's answer was, yes, we have already seen some benefits being arise using AI but that AI's adoption could be all of our imagination.

我們內部擁有所有這些數據分析，我們的系統建構甚至包括OA結構等等。正因如此，與一些同行相比，我們能夠更快地採用人工智慧。當海倫問及人工智慧如何幫助公司時，CEO的回答是，是的，我們已經看到使用人工智慧帶來了一些好處，但人工智慧的普及可能只是我們想像的一部分。

So the benefit that we've been experiencing, could be a lot more in the future.

因此，我們目前所享受到的好處，未來可能會更大。

This concludes our question-and-answer session. I would like to turn the conference back over to Doreen Chiu for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給邱多琳，請她作總結發言。

Yes, thank you, Dave. And thank you very much for joining us today. And if anyone has any further questions, please contact I our team as usual.

是的，謝謝你，戴夫。非常感謝您今天蒞臨。如果還有其他問題，請像往常一樣聯繫我們的團隊。

Thank you very much.

非常感謝。

The conference is now concluded.

會議到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝各位參加今天的報告會。您現在可以斷開連線了。

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

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯由活動贊助公司提供。