Noah Holdings Limited (NOAH) 2026 Q1 法說會逐字稿

Good day. and welcome to the Noah Holdings Limited first-quarter 2026 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

各位好，歡迎參加諾亞控股有限公司2026年第一季度業績電話會議。(接線員指示) 請注意，本次活動正在錄音。

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

現在我想把會議交給投資者關係部的Doreen Chiu。請開始。

Thank you, and welcome, and good morning, everyone, to Noah's first-quarter of 2026 earnings conference call. Joining me on the call today are Ms. Wang Jingbo, the Co-Founder and Chairlady; Mr. Zander Yin, the Co-Founder, Director and CEO; and also Mr. Grant Pan, the CFO.

謝謝，歡迎各位，大家早上好，歡迎參加諾亞2026年第一季度業績電話會議。今天與我一同參會的有：聯合創辦人兼董事長王靜波女士；聯合創辦人、董事兼首席執行官Zander Yin先生；以及首席財務官Grant Pan先生。

Mr. Yin will begin with an overview of our recent business highlights, followed by Mr. Pan, who will discuss our financial and operational results. They will all be available to take your questions in the Q&A sessions as follows.

Yin先生將先概述我們近期的業務亮點，隨後Pan先生將介紹我們的財務及營運結果。他們也將在隨後的問答環節回答各位提問，安排如下。

And please note that the discussion today will contain forward-looking statements that are subject to risks and uncertainties. That may cause actual results that various material from doing our forward-looking statements. Potential risks and uncertainties include, but are not limited to, those already described in public filings with the SEC and the Hong Kong Stock Exchange, nor does not undertake any obligation to update any forward-looking statements, except as required under applicable role.

同時請注意，今天的討論將包含前瞻性陳述，該等陳述存在風險與不確定性。這些因素可能導致實際結果與我們的前瞻性陳述存在重大差異。潛在風險與不確定性包括但不限於：我們已在向美國證券交易委員會（SEC）及香港交易所提交的公開文件中所描述者；公司亦不承擔更新任何前瞻性陳述的義務，除非適用法規要求。

With that, I would like to pass the call over to Mr. Yin. Please go ahead.

接下來，我想把電話交給Yin先生。請開始。

(interpreted) Investors and analysts and thank you for joining Noah Holdings first-quarter 2026 earnings conference call. As we start 2026, the pace of Noah's transformation has become clearer than ever before. In the first quarter, we observed three increasingly visible trends. First, our profitability structure continues to improve, with operating margin reaching one of the highest quarterly levels in recent years.

(口譯) 各位投資人與分析師，感謝參加諾亞控股2026年第一季度業績電話會議。進入2026年，諾亞轉型的步伐比以往任何時候都更加清晰。在第一季度，我們觀察到三個日益明顯的趨勢。第一，我們的獲利結構持續改善，營業利潤率達到近年來季度水準中的較高水平之一。

Second, our domestic business is regaining momentum in core investment and asset allocation with both active clients and transaction value achieving double-digit growth.

第二，我們的國內業務在核心投資與資產配置方面重拾動能，活躍客戶數與交易金額均實現兩位數成長。

Third, our overseas business continues to advance in line with our strategy of proactively adjusting our revenue mix, while a new operating model-driven by globalization and AI gradually to shape.

第三，我們的海外業務持續按照主動調整收入結構的策略推進，同時，一種由全球化與AI驅動的新營運模式正逐步成形。

Before going into a more detailed review, I would like to share two milestones in our global footprint that we recently achieved. Our Japan office officially commenced operations on May 4, and our US broker-dealer license has completed the final approval process with key team members set to officially join in June.

在進入更詳細的回顧之前，我想先分享我們近期在全球佈局方面達成的兩個里程碑。我們日本辦公室已於5月4日正式開始營運；同時，我們在美國的券商（broker-dealer）牌照已完成最終審批流程，核心團隊成員預計將於6月正式加入。

These two developments mean that our network is entering a new phase, moving from license deployment to operational execution. Next, I would like to share our progress from four perspectives: financial performance, domestic business, overseas business and AI strategy.

這兩項進展意味著，我們的網絡正進入新階段，從牌照佈署轉向營運落地執行。接下來，我將從四個方面分享我們的進展：財務表現、國內業務、海外業務以及AI策略。

We recorded net revenues of RMB626 million, up 1.8% year-over-year and down 14.7% quarter-over-quarter. The sequential decline was mainly due to a further decrease in contribution from the insurance business as well as a seasonal decrease in performance fee income from overseas private equity products following concentrated around recognition. However, on the profit side, benefiting from our disciplined execution in cost control, organizational streamlining and expense management.

我們錄得淨收入人民幣6.26億元，同比增長1.8%，環比下降14.7%。環比下降主要由於保險業務貢獻進一步減少，以及海外私募股權產品的業績報酬收入在集中確認後出現季節性回落。然而在利潤端，得益於我們在成本控制、組織精簡與費用管理方面的嚴格執行。

Operating profit reached RMB236 million, up 27.1% year-over-year. Operating margin was 37.8%, marking one of the highest quarterly levels in recent years. Non-GAAP net income was RMB134 million. It is important to note that this quarter's strong margin performance benefited from continued optimization in our business mix and further release of additional organizational efficiency.

營業利潤達人民幣2.36億元，同比增長27.1%。營業利潤率為37.8%，為近年來季度水準中的較高水平之一。非GAAP淨利潤為人民幣1.34億元。需要指出的是，本季度強勁的利潤率表現受益於我們業務結構的持續優化，以及組織效率進一步釋放。

We expect full year operating margin to remain in a healthy range above 30%, although quarter-to-quarter fluctuations are natural due to product mix and expense timing. This quarter also marked our 62nd consecutive quarter of non-GAAP profitability since listing. This is the discipline we have maintained across multiple market cycles.

我們預期全年營業利潤率將維持在30%以上的健康區間，儘管由於產品結構與費用確認時點不同，季度間波動屬正常現象。本季度亦是我們自上市以來連續第62個季度實現非GAAP盈利。這是我們在多個市場週期中始終保持的紀律。

Quarter, our active clients reached 10,742, up 21.8% year-over-year. Transaction value reached RMB23.3 billion compared with RMB16.1 billion in the same period last year. In our domestic business, transaction value of RMB-denominated mutual fund products reached RMB9.9 billion, up 131% year-over-year while transaction value from RMB-denominated private secondary products reached RMB5.3 billion, up 61% year-over-year.

本季度，我們的活躍客戶數達到10,742名，同比增長21.8%。交易金額達人民幣233億元，而去年同期為人民幣161億元。在國內業務方面，人民幣計價公募基金產品交易金額達人民幣99億元，同比增長131%；人民幣計價私募二級產品交易金額達人民幣53億元，同比增長61%。

Noah Upright recorded net revenues of RMB208 million, up 63% year-over-year, mainly driven by a doubling in public fund transaction volume as a result of structural opportunities in the Asia market together with a rapid recovery in RMB-denominated private secondary fundraising. This series of changes shows that when we refocus our resources on products and investment capabilities with genuine long-term value, the operating performance of our domestic business improved structurally. At the same time, we have become even clearer about the strategic direction of our domestic business going forward.

諾亞正行（Noah Upright）錄得淨收入人民幣2.08億元，同比增長63%，主要由於受益於亞洲市場的結構性機會，公募基金交易量翻倍，同時人民幣計價私募二級募資快速回升。這一系列變化表明，當我們將資源重新聚焦於具備真正長期價值的產品與投資能力時，國內業務的經營表現出現結構性改善。同時，我們也更加清晰地確立了未來國內業務的戰略方向。

For our domestic business, we will continue to focus on the secondary market and building asset allocation capabilities with key priorities, including public mutual funds, private secondary market products, AI-driven client operations. and Noah Upright fund distribution platform capabilities.

對於國內業務，我們將持續聚焦二級市場並打造資產配置能力，重點包括：公募基金、私募二級市場產品、AI驅動的客戶營運，以及諾亞正行基金分銷平台能力。

We will continue to drive the enhancement of our operations in these areas. We believe the domestic wealth management industry is gradually moving away from the past stage, which was driven by real estate and nonstandardized products turning to a true long-term era centered on investment research and as allocation.

我們將持續推動上述領域的營運能力提升。我們相信，國內財富管理行業正逐步告別過去由房地產與非標產品驅動的階段，轉向以投研與資產配置為核心的真正長期時代。

As of March 31, overseas registered clients reached 20,373, up 11.9% year-over-year. Overseas AUA was USD9.6 billion, up approximately 5.9% year-over-year. Transaction value of US dollar-denominated products was USD1.15 billion for the quarter, broadly flat year-over-year. Our overseas client base and AUA continue to grow steadily and the pace of our revenue mix adjustment is consistent with the view we shared during our third quarter earnings call last year.

截至3月31日，海外註冊客戶數達20,373名，同比增長11.9%。海外AUA為96億美元，同比約增長5.9%。本季度美元計價產品交易金額為11.5億美元，同比基本持平。我們的海外客戶基礎與AUA持續穩步增長，收入結構調整的節奏也與我們在去年第三季度業績電話會議中分享的觀點一致。

Over the past few years, we have continued to build our presence across key regions, serving global Chinese clients, including Hong Kong, Singapore, Japan, Canada, Europe, Australia and the United States. What we are seeing more clearly is that global Chinese clients are entering a new stage. Their assets, families, identities, education and next-generation planning are becoming increasingly globalized.

過去幾年，我們持續在關鍵地區建立佈局，服務全球華人客戶，包括香港、新加坡、日本、加拿大、歐洲、澳洲以及美國。我們更清楚地看到，全球華人客戶正進入一個新階段。他們的資產、家庭、身份、教育以及下一代規劃正變得日益全球化。

In the past, serving global Chinese families across multiple jurisdictions, languages and generations was a business that relied heavily on individual experience and was extremely difficult to scale or replicate. For the first time, AI makes it possible for this kind of service to be globally coordinated in a systematized, platformized and scalable framework. This is why we believe one of our most important long-term positions is not only to be a wealth management institution but also becoming a global wealth management platform, serving Chinese high net worth families around the world.

過去，跨多個司法管轄區、語言與世代服務全球華人家庭，這是一項高度依賴個人經驗、且極難規模化或複製的業務。而如今，AI首次使這類服務能夠在系統化、平台化且可擴展的框架下實現全球協同。這也是為什麼我們認為，我們最重要的長期定位之一，不僅是成為一家財富管理機構，更要成為一個全球財富管理平台，服務世界各地的華人高淨值家庭。

Over the past two decades, the logic to drive growth in the wealth management industry was clear but linear. One more relationship manager meant more revenue. One more client relationship meant more assets. This logic worked well in the past, but it also meant that the industry's expansion was structurally constrained by labor costs and overall management of the organization.

在過去二十年裡，推動財富管理行業增長的邏輯清晰但線性。多一位客戶關係經理，就意味著更多收入。多一段客戶關係，就意味著更多資產。這套邏輯在過去運作良好，但也意味著行業擴張在結構上受到人力成本與組織整體管理的限制。

Our view is that AI is fundamentally changing this equation. It is not simply adding another efficiency tool. It is redefining the front office structure of the wealth management industry. In the past, wealth management primarily driven by a single RM model. Today, we are gradually forming a new model, driven by the collaboration of three front office engines.

我們的觀點是，AI 正在從根本上改變這個等式。它不僅僅是增加另一個效率工具。它正在重新定義財富管理行業的前台架構。過去，財富管理主要由單一 RM 模式驅動。如今，我們正逐步形成一個由三個前台引擎協同驅動的新模式。

First, AI-enhanced relationship managers. RMs remain the most important long-term driver of strong client relationships, but AI is significantly enhancing their ability to cover clients. In the future, RMs focus more on deep client engagement rather than repetitive process work.

第一，AI 強化的客戶關係經理。RM 仍然是建立穩固客戶關係最重要的長期驅動力，但 AI 正在顯著提升其覆蓋客戶的能力。未來，RM 將更專注於深度客戶經營，而非重複性的流程工作。

Second, AI wealth management department. This is a new type of front office team that we are actively building. The AI wealth management department does not rely on traditional headcount expansion. Instead, it uses AI to drive client operations, content services, allocation support and global collaboration, enabling a lighter organizational structure to serve broader client needs.

第二，AI 財富管理部門。這是一種我們正在積極打造的新型前台團隊。AI 財富管理部門不依賴傳統的人力擴張。相反，它以 AI 驅動客戶運營、內容服務、配置支持與全球協作，使更精簡的組織架構也能服務更廣泛的客戶需求。

Singapore is the first fully developed testing ground for this model. Over the past quarter, AUA in Singapore grew by approximately 192% year-over-year and revenue generation per capita reached 8.5 times. This is the first validation that without materially expanding the number of relationship managers, AI can elevate individual service capacity, breadth of coverage and professionalism of asset allocation by an order of magnitude.

新加坡是該模式首個全面成熟的測試場。在過去一個季度，新加坡的 AUA 同比增長約 192%，人均創收達到 8.5 倍。這是首次驗證：在不實質性增加客戶關係經理數量的情況下，AI 能將單人服務能力、覆蓋廣度以及資產配置的專業度提升一個數量級。

Third, AI plus Ecosystem expansion. We believe the future of wealth management will not belong only to the internal RM systems of large institutions. More and more independent financial advisers, family offices and external professional firms need a platform that can provide a global asset supply chain, an AI workbench, a compliance foundation, global execution capabilities and brand credibility. We are gradually building this ecosystem. We believe these three engines will together form our growth drivers going forward.

第三，AI 加生態擴張。我們認為，未來的財富管理不會只屬於大型機構內部的 RM 系統。越來越多的獨立理財顧問、家族辦公室及外部專業機構，需要一個能提供全球資產供應鏈、AI 工作台、合規底座、全球執行能力與品牌公信力的平台。我們正在逐步構建這一生態。我們相信，這三個引擎將共同構成我們未來的增長驅動力。

And the future competitive landscape of the wealth management industry will no longer be defined simply by who has more RMs but by who has stronger AI capabilities, who has a more complete global compliance network, who has deeper customer context data and who has more replicable platform-based service capabilities. This is our most important strategic vision for 2025 to 2026.

而財富管理行業未來的競爭格局，將不再僅由誰擁有更多 RM 來定義，而是由誰具備更強的 AI 能力、誰擁有更完整的全球合規網絡、誰掌握更深的客戶情境數據，以及誰具備更可複製的平台化服務能力來決定。這是我們對 2025 至 2026 年最重要的戰略願景。

Based on this strategic vision, we have made substantive progress at three levels. First level, enhancing organizational efficiency. Last year, while maintaining stable net revenues, our total headcount declined by approximately 11% compared with 2024.

基於這一戰略願景，我們在三個層面取得了實質性進展。第一個層面，提升組織效率。去年，在保持淨收入穩定的同時，我們的總人數較 2024 年下降約 11%。

In the first quarter of this year, headcount further declined by approximately 3% quarter-over-quarter. Behind this is the gradual embedding of AI into key areas such as client interaction, content generation and operational processes, enabling the same revenue scale to be supported in a more streamlined organization. This is the first direct evidence of returns on our AI investments.

今年第一季度，人數進一步環比下降約 3%。其背後是 AI 逐步嵌入客戶互動、內容生成與運營流程等關鍵領域，使同等收入規模能由更精簡的組織支撐。這是我們 AI 投資回報的第一個直接證據。

Second level, productization of operating capabilities. Our AI RM platform officially went live in the third quarter of last year. It covers client research, generation of allocation recommendations, service recordkeeping and content output and is being integrated in parallel across our four booking centers. AI is no longer just a back-office tool. It is becoming a collaborative partner for our RMs.

第二個層面，運營能力產品化。我們的 AI RM 平台已於去年第三季度正式上線。它覆蓋客戶研究、配置建議生成、服務記錄留存與內容輸出，並正在我們四個 booking center 同步整合落地。AI 不再只是後台工具。它正在成為 RM 的協作夥伴。

Third level, reconstruction of the operating model itself. AI is not a PowerPoint concept for our organization. It has already become a new operating system that can generate real business results and has the potential to be replicated globally. Supporting these AI capabilities is the global platform foundation we have already built, our three global platforms, ARK, Olive and Glory, support client and account execution, asset management and insurance, trust and inheritance services. And our four booking centers in Shanghai, Hong Kong, Singapore and the United States, together form our compliance and execution infrastructure.

第三個層面，重構運營模式本身。AI 對我們而言不是 PowerPoint 概念。它已經成為一套能產生真實業務成果、並具備全球可複製潛力的新操作系統。支撐這些 AI 能力的是我們已搭建的全球平台底座：我們的三大全球平台 ARK、Olive 與 Glory，分別支持客戶與賬戶執行、資產管理，以及保險、信託與傳承服務。而我們在上海、香港、新加坡與美國的四個 booking center，共同構成我們的合規與執行基礎設施。

Going forward, our long-term AI build-out will continue to advance across four dimensions: clients, relationship managers, products and governance.

展望未來，我們長期的 AI 建設將持續在四個維度推進：客戶、客戶關係經理、產品與治理。

Remainder of 2026, our work will continue to focus on the three priority areas, clearly set out by our Chair lady in her 2025 letter to shareholders. First, expanding our overseas client base; second, further growing our global asset allocation capabilities; third, continue to optimize the revenue structure of Olive, our asset management business; and lastly, deep in AI applications in our core operating processes and gradually expand global collaboration capabilities within a compliant framework.

在 2026 年剩餘時間，我們的工作將繼續聚焦於三個優先事項，這些已由我們董事長女士在其 2025 年致股東信中清晰闡述。第一，擴大我們的海外客戶基礎；第二，進一步提升我們的全球資產配置能力；第三，持續優化 Olive（我們的資產管理業務）的收入結構；最後，在合規框架內深化 AI 在核心運營流程中的應用，並逐步擴大全球協作能力。

As of March 31, we held RMB5.13 billion in cash, cash equivalents and short-term investment maintained a healthy balance sheet with 0 interest-bearing debt. The Board announced a dividend proposal for approval at our shareholders meeting, including a special dividend that brings the total payout to 100% of full year 2025 non-GAAP net income. Subject to approval at the June 11 meeting, the plan will be implemented. This would extend our shareholder return framework for a third consecutive year based on 100% of non-GAAP net income.

截至 3 月 31 日，我們持有人民幣 51.3 億元的現金及現金等價物與短期投資，在零計息負債的情況下保持了健康的資產負債表。董事會宣布將在股東大會上提交股息方案供審議，其中包括特別股息，使得總派息達到 2025 全年非 GAAP 淨利的 100%。若在 6 月 11 日會議上獲得批准，該方案將予以實施。這將使我們基於非 GAAP 淨利 100% 的股東回報框架連續第三年延續。

We will continue to invest in globalization and building AI capabilities while maintaining financial discipline. We're still in the midst of our transformation. The short and pressure points are visible, but the logic of our long-term operating model is becoming clearer than ever before.

我們將在保持財務紀律的同時，持續投入全球化與 AI 能力建設。我們仍處於轉型進程之中。短期的壓力點清晰可見，但我們長期運營模式的邏輯正變得前所未有地清晰。

The first quarter is not the destination. It is more like a starting point where our new operating model is beginning to be validated. We are evolving from a traditional wealth management institution into an AI-driven global platform serving Chinese families around the world. This process will not happen overnight, but our direction is becoming increasingly clear.

第一季度不是終點。它更像是一個起點，我們的新運營模式開始得到驗證。我們正從一家傳統財富管理機構，演進為一個以 AI 驅動、服務全球華人家庭的全球平台。這一過程不會一蹴而就，但我們的方向正愈發清晰。

Thank you. I will now hand the time over to CFO, Grant to review our financial performance in greater detail.

謝謝。接下來我把時間交給 CFO Grant，請他更詳細地回顧我們的財務表現。

Thank you, Zander, and good day to everyone joining us. The first quarter of 2026 marked a solid start to the year and continued progress on transition toward a more investment led and quality-driven global wealth management platform.

謝謝你，Zander，也向各位參會者問好。2026 年第一季度為全年奠定了穩健開局，並持續推進我們向更以投資為導向、以品質驅動的全球財富管理平台轉型。

I would like to highlight three key messages. First, while total revenue remained stable, the quality of revenue mix improved meaningfully driven by strong growth in investment-related fundraising fees and performance-based income.

我想強調三個關鍵信息。第一，儘管總收入保持穩定，但在投資相關募資費用與績效型收入強勁增長的帶動下，收入結構的品質顯著改善。

Second, disciplined cost management and structural efficiency initiatives delivered substantial operating leverage. Operating profit increased significantly and operating margin expanded further.

第二，嚴格的成本管理與結構性效率提升舉措帶來了顯著的經營槓桿。營業利潤大幅增加，營業利潤率進一步擴張。

Third, reported net income was affected by nonoperational volatility. This mainly reflected mark-to-market accounting adjustments on a specific listed investments recorded under income from equity affiliates, excluding that specific mark-to-market impact, non-GAAP net income would have reached RMB216 million, up 28% year-over-year.

第三，列報的淨利潤受到非經營性波動影響。這主要反映在按權益法核算的聯營公司收益中，對某項特定上市投資的按市值計量會計調整；若剔除該特定按市值計量影響，非 GAAP 淨利將達到人民幣 2.16 億元，同比增長 28%。

For the first quarter, total net revenue was RMB626 million, up 1.8% year-over-year. This stability was achieved despite a deliberate 49.9% reduction in insurance-related revenue as we continued to optimize our business mix.

第一季度，淨收入總額為人民幣 6.26 億元，同比增長 1.8%。在我們持續優化業務結構、保險相關收入有意下降 49.9% 的情況下，仍實現了這一穩定表現。

Onetime commissions were RMB113 million, up 5.9% quarter-over-quarter. Within this, commissions from newly raised investment products increased RMB53 million, up 46.1% year-over-year and 41.6% quarter-over-quarter. Recurring management fees were RMB379 million, down 3.4% year-over-year and 2.5% quarter-over-quarter.

一次性佣金為人民幣 1.13 億元，環比增長 5.9%。其中，新募集投資產品的佣金增加人民幣 5,300 萬元，同比增長 46.1%，環比增長 41.6%。經常性管理費為人民幣 3.79 億元，同比下降 3.4%，環比下降 2.5%。

Performance-based income reached RMB100 million, up 253% year-over-year, primarily driven by strong realization from RMB-denominated private secondary products. Overall, the quarter further demonstrates our continued shift towards a higher quality investment-led revenue structure.

以績效為基礎的收入達到人民幣1億元，同比增長253%，主要由人民幣計價的私募二級產品強勁變現所帶動。整體而言，本季度進一步顯示我們持續轉向更高品質、以投資為主導的收入結構。

Our lean operating model continues to deliver measurable financial results with AI increasingly serving as a structured driver of efficiency. Total operating costs and expenses declined to RMB389 million, down 9.2% year-over-year and 18.1% quarter-over-quarter.

我們精益的營運模式持續帶來可量化的財務成果，AI日益成為結構化的效率驅動因素。營運成本及費用總額降至人民幣3.89億元，同比下降9.2%，環比下降18.1%。

As of the end of the quarter, group headcount was 1,726 down 10.4%, leading personnel costs to decline 12.2% year-over-year to RMB267 million. This reflects productivity gains rather than business contraction.

截至本季度末，集團員工總數為1,726人，下降10.4%，帶動人員成本同比下降12.2%至人民幣2.67億元。這反映的是生產力提升，而非業務收縮。

Our AI strategy focuses on improving output per capital and operational efficiency. AI-driven tools now support client engagement, automated reporting suitability processes and routine workflows that previously required manual intervention. This enables us to scale global operations when maintaining disciplined cost control and service quality.

我們的AI策略聚焦於提升資本產出與營運效率。AI驅動的工具現已支援客戶互動、自動化報告適當性流程，以及以往需要人工介入的例行工作流程。這使我們能在維持嚴格成本控制與服務品質的同時，擴大全球營運規模。

SG&A were RMB103 million, down 10.8% year-over-year and 35.1% quarter-over-quarter. Total operating cost expenses were $389 million, down 18.1% compared to last quarter. As a result, operating profit increased to RMB236 million, up 27.1% year-over-year. Operating margin, therefore, expanded to 37.8% compared with 30.3% in the first quarter of last year. Excluding government subsidies, operating profit was RMB236 million, up 33.7%. These results highlight the stability of our platform and financial benefits of our structure optimization.

銷售、一般及行政費用（SG&A）為人民幣1.03億元，同比下降10.8%，環比下降35.1%。營運成本費用總額為3.89億元，較上季度下降18.1%。因此，營業利潤增至人民幣2.36億元，同比上升27.1%。營業利潤率因此擴大至37.8%，而去年第一季度為30.3%。剔除政府補助後，營業利潤為人民幣2.36億元，增長33.7%。這些結果凸顯了我們平台的穩定性，以及結構優化帶來的財務效益。

Below the operating line, investment, interest and other income totaled RMB19 million. Interest income remained RMB32 million. Investment income was negative RMB2 million.

在營業利潤以下，投資、利息及其他收入合計人民幣1,900萬元。利息收入維持在人民幣3,200萬元。投資收益為負人民幣200萬元。

Foreign exchange loss was RMB6 million, and contingent expenses were RMB3 million. Share of losses from equity affiliates was RMB65 million. As a result, non-GAAP net income attributable to Noah was RMB134 million with a margin of 21.4%.

外匯損失為人民幣600萬元，或有費用為人民幣300萬元。按權益法核算的聯營公司虧損份額為人民幣6,500萬元。因此，歸屬於諾亞的非GAAP淨利潤為人民幣1.34億元，淨利潤率為21.4%。

Total transaction value reached RMB23.3 billion, up 44.8% year-over-year and 37.5% quarter-over-quarter. US dollar-denominated private secondary products reached USD293 million, up 161% year-over-year when RMB-denominated private secondary products reached RMB5.3 billion, up 61% year-over-year. This fundraising momentum directly supported the growth in investment-related commissions and reinforce our strategy.

交易總額達到人民幣233億元，同比增長44.8%，環比增長37.5%。美元計價的私募二級產品達到2.93億美元，同比增長161%；人民幣計價的私募二級產品達到人民幣53億元，同比增長61%。這一募資動能直接支持了投資相關佣金的增長，並強化了我們的策略。

As of the end of the quarter, group AUM was RMB140.2 billion and AUA was RMB233.5 billion. Total AUM and AUA at the group level declined, yet our US dollar-denominated base continued to grow. Overseas AUM reached USD6.2 billion, up 5%, and overseas AUA reached USD9.6 billion, up almost 6% year-over-year.

截至本季度末，集團AUM為人民幣1,402億元，AUA為人民幣2,335億元。集團層面的AUM與AUA總體有所下降，但我們的美元計價基礎仍持續增長。海外AUM達到62億美元，增長5%；海外AUA達到96億美元，同比增長近6%。

Total Diamond and Black Card clients reached 9,029. Overseas, Diamond and Black Card clients reached 1,781, up 3.8% quarter-over-quarter, reflecting continued traction across these markets.

鑽石及黑卡客戶總數達到9,029名。海外鑽石及黑卡客戶達到1,781名，環比增長3.8%，反映我們在這些市場持續取得進展。

Our balance sheet remains strong and highly liquid. As of the end of the quarter, cash and cash equivalents were RMB4.3 billion in short-term investments were RMB834 million. Total assets were RMB11.6 billion and total liabilities were RMB1.7 billion.

我們的資產負債表依然穩健且流動性充裕。截至本季度末，現金及現金等價物為人民幣43億元，短期投資為人民幣8.34億元。總資產為人民幣116億元，總負債為人民幣17億元。

Our asset liability ratio remained low at 14.5%, and our current ratio was 4.8 times, providing ample flexibility for growth and shareholder returns. We believe our current market valuation does not fully reflect the strength of our balance sheet, the resilience of core earnings and the scalability of our operating model.

我們的資產負債率維持在14.5%的低位，流動比率為4.8倍，為增長與股東回報提供充足彈性。我們認為目前的市場估值尚未充分反映我們資產負債表的實力、核心盈利的韌性以及營運模式的可擴展性。

With shareholders' equity of about RMB9.9 billion, the company is trading at roughly 0.5 times book value when delivering an annualized return on equity of approximately 5.4%. In our view, this does not adequately reflect an intrinsic value of long-term earnings potential.

在股東權益約人民幣99億元的情況下，公司目前交易價格約為0.5倍市淨率，同時提供約5.4%的年化股東權益回報率。在我們看來，這未能充分反映公司長期盈利潛力的內在價值。

And since the beginning of 2020, we have repurchased 2 million ADS for approximately USD20 million, representing about 2.7% of outstanding shares. And since launching the program, shareholder return in 2024, we have cumulatively repurchased 3 million ADS or USD35 million, plus we have declared to distribute 100% of our non-GAAP net income as dividends for the third consecutive year. These actions reflect management's confidence in the company's intrinsic value and our commitment to enhancing long-term shareholder returns.

此外，自2020年初以來，我們已回購約200萬份ADS，金額約2,000萬美元，約占已發行股份的2.7%。自啟動該計畫以來（含2024年的股東回報），我們累計回購300萬份ADS或3,500萬美元；同時，我們已連續第三年宣佈將100%的非GAAP淨利潤以股息形式分配。這些行動體現了管理層對公司內在價值的信心，以及我們提升長期股東回報的承諾。

So in summary, the first quarter reflects disciplined execution of our strategic transition. Revenue quality improved, operating leverage strengthened and AI-driven productivity gains continue to enhance structural efficiency. When reported earnings were influenced by nonoperational volatility, the underlying trajectory of our core business continues to improve. With the fortress balance sheet, a leaner and more scalable operating platform and continued capital returns through share repurchases, we believe the company remains fundamentally undervalued relative to its intrinsic strength and long-term earnings potential.

總結而言，第一季度反映了我們對策略轉型的有紀律執行。收入品質提升、營運槓桿增強，AI驅動的生產力提升持續改善結構性效率。儘管已披露的盈利受到非營運波動影響，我們核心業務的基本走勢仍在持續改善。憑藉堡壘式資產負債表、更精簡且更具可擴展性的營運平台，以及透過股份回購持續回饋資本，我們認為公司相對其內在實力與長期盈利潛力仍被根本性低估。

So we remain fully committed to disciplined execution, prudent capital allocation and sustainable long-term value creation. Thank you, everyone. And we'll now open the floor for questions.

因此，我們將繼續全力投入於有紀律的執行、審慎的資本配置，以及可持續的長期價值創造。謝謝大家。接下來我們開放提問。

Thank you Mr. Yin. Thank you, Yin, for the presentation. And operator, please open the floor for questions.

謝謝殷先生。謝謝你，殷，帶來的簡報。接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Calvin Lung, Citi.

Calvin Lung，花旗。

(spoken in foreign language) Let me quickly translate my question. And this is Calvin Lung from Citi. Last Friday, China tightened the regulations on cross-product brokerage businesses. What is the management's view on the voting regulatory landscape on this front? And what is the potential impact to lower domestic market business? Considering a few offshore brokers were fined by regulators regarding their unauthorized brokerage businesses, what is management’s take on the compliance risk in domestic market going forward?

（外語發言）我先快速翻譯一下我的問題。我是花旗的Calvin Lung。上週五，中國收緊了跨產品經紀業務的監管。管理層如何看待這方面不斷演變的監管環境？對國內市場業務下滑可能帶來的影響是什麼？考慮到有幾家離岸券商因未經授權的經紀業務而被監管機構處罰，管理層如何看待未來國內市場的合規風險？

(spoken in foreign language)

（外語發言）

(interpreted) Let me do the translation. The CEO -- we confirmed that the company has paid attention to this new server. We have to emphasize that this not expected a new happening, but more like a reinforcement of an existing rules that has been introduced to the market a couple of years ago.

（口譯）我來翻譯一下。CEO——我們確認公司已關注到這項新的（監管）通知。我們要強調，這並非新的事件，更像是對幾年前已向市場推出的既有規則的再強化。

However, we would like to emphasize that the company has been always complied to legal deployment under different jurisdictions. And particularly for the overseas account that's been opened is all under the complied requirement under say, for example, in Hong Kong, would be all the KYC requirement and all that.

不過，我們也要強調，公司一直在不同司法管轄區遵循合法合規的要求。特別是所開立的海外帳戶，均符合相關合規要求，例如在香港，會滿足所有KYC要求等。

And also, about the money transfer into this investment account, it's from legit financial institute operate or under HAM reclamation, that all the money transferred in the investment account is from those validated financial institution. But having said that the security business, the revenue contribution to the company is rather small.

另外，關於資金匯入該投資帳戶，資金來源為合法的金融機構，並在相關監管框架下運作；所有匯入投資帳戶的資金均來自這些已核驗的金融機構。但即便如此，證券業務對公司的收入貢獻相對較小。

So all in all, we don't see any impact of basically with no much impact to Noah for our business model. And we must once again think that all of our operations under different jurisdiction has been always complied to the legal requirement.

總而言之，我們基本上看不到這件事對諾亞的業務模式造成任何影響，或影響非常有限。我們也必須再次強調，我們在不同司法管轄區下的所有營運一向都符合相關法律要求。

(spoken in foreign language)

（外語發言）

(interpreted) The challenges for the supplement on the answers. The company has been paying huge attention to this newly executed situation. And we've been immediately reviewed our internal procedure according to the SEC requirement. And we are very comfortable to say that we are fully comply with the legal requirements. And that is not only in Hong Kong but across Singapore, USA, all of our booking centers.

（翻譯）關於補充回覆所面臨的挑戰。公司對這一最新執行情況高度重視。我們已依據美國證券交易委員會（SEC）的要求，立即檢視並審查了內部流程。我們非常有信心地表示，我們已完全遵守相關法律要求。這不僅是在香港，而是涵蓋新加坡、美國以及我們所有的簿記中心。

So different from -- or slightly different from the securities online platform, what we serve is the global Chinese high net worth. So it's a slightly different from the business model and have said that security, this is only contributing less than 1% to our total revenue. And we further emphasize, again, all the money transferred to the investment account from overseas banks, none, zero of the money transferred into the investment account is from China Bank. So she's slightly optimistic that maybe this could be a chance for Noah because we have been always complying to regulations.

因此，與證券線上平台不同——或略有不同——我們服務的是全球華人高淨值客戶。因此商業模式略有不同；而且我們也提到，證券業務對我們總收入的貢獻不到1%。我們再次強調，所有從海外銀行轉入投資帳戶的資金中，沒有任何一分錢——零——是從中國的銀行轉入投資帳戶的。因此她略為樂觀地認為，這或許會成為諾亞的機會，因為我們一直以來都遵守監管規定。

(spoken in foreign language)

（外語發言）

(interpreted) So iARK which is our app for security trading in the company. And all the operational system and also the tech systems are all placed in overseas market and overseas like in Hong Kong. So -- and also for iARK, we have 0 employees that basically refers to iARK in the domestic market. So again, we are fully compliant to the requirement of SFC and CSC.

（翻譯）iARK 是我們公司用於證券交易的 App。其所有營運系統以及技術系統都部署在海外市場，例如香港等地。此外，就 iARK 而言，我們在境內市場沒有任何員工是負責 iARK 相關工作的。因此再次強調，我們完全符合香港證監會（SFC）及 CSC 的相關要求。

(spoken in foreign language)

（外語發言）

(interpreted) And further, the company is already reviewing the referral requirement for the business from domestic to operates according to the legal requirement. I hope that answer your question.

（翻譯）此外，公司也已在依照法律要求，審視從境內向境外營運業務的轉介要求。希望這回答了您的問題。

Peter Zhang, JPMorgan.

摩根大通的 Peter Zhang。

(spoken in foreign language) This is Peter Zhang from JPMorgan. And I have two questions. First is I would notice that wealth management product transaction volume has picked up sequentially in the first quarter, which is a really good trend. We are wondering what the operating trend in second quarter. Do we see continued strong investment sentiment in optimal clients? And how is the client demand for domestic and overseas products investment products?

（外語發言）我是摩根大通的 Peter Zhang。我有兩個問題。第一個是，我注意到第一季財富管理產品的交易量按季回升，這是一個非常好的趨勢。我們想了解第二季的營運趨勢如何。我們是否看到優質客戶的投資情緒持續強勁？以及客戶對境內與境外投資產品的需求如何？

Secondly, my question is on the cost side. We have a really good cost control in first quarter. I'm wondering whether management can share what's the full year guidance for our headcount growth and operating expense trend.

第二個問題是關於成本端。我們在第一季的成本控制做得非常好。想請管理層分享一下全年的人員編制增長指引，以及營運費用的趨勢。

(spoken in foreign language)

（外語發言）

Doreen?

Doreen？

(interpreted) Yes. Thank you. So back to Peter's question, appreciate for what you've asked. So what we will want to answer the question divided into two parts, which is the domestic market and also the overseas market. We must admit that for investment sentiment, a lot of time is affected by the entire market situation. And that's why we've been seeing that in 2025 and 2026 until now, the investment sentiment has been improved compared to 2 years ago.

（翻譯）是的。謝謝。回到 Peter 的問題，感謝你的提問。我們會把問題分成兩部分來回答：境內市場以及海外市場。我們必須承認，投資情緒在很多時候會受到整體市場狀況的影響。因此我們看到，從 2025 年、2026 年到目前為止，投資情緒相較兩年前已有所改善。

However, what we've been really doing is not just, I mean, getting business according to the market situation. So what we've been doing is really try to put more the idea that we've been helping clients to do the wealth management, which is to divest their assets into different classes and different products so that they can have a better portfolio. And then we have been seeing the progress in the domestic market.

不過，我們真正做的並不只是——我是說——依市場狀況來獲取業務。我們一直在做的是更強調我們協助客戶進行財富管理的理念，也就是把資產分散配置到不同資產類別與不同產品中，讓他們能擁有更好的投資組合。而我們也在境內市場看到了進展。

And for overseas market, one of the things about being a wealth management company is the ability to getting the good products. And according to the CIO report and also in the market, I mean, in the current market condition, AI has been a very important idea for investment idea. And that's why we have different products that is AI-related from infrastructure to AI company.

至於海外市場，作為一家財富管理公司，其中一項能力就是取得優質產品。根據 CIO 報告以及市場觀察——在目前的市場環境下，AI 已成為非常重要的投資主題。因此我們提供不同的 AI 相關產品，從基礎設施到 AI 公司皆有涵蓋。

And that, we've been doing that and also, again, promote the same idea of helping clients to do their wealth allocation for a better portfolio. And that we believe that with all this good quality product on hand, we should see a better sales allocation as a result.

我們一直在推進這些，同時也再次推廣同樣的理念：協助客戶進行資產配置，以打造更好的投資組合。我們相信，手上擁有這些高品質產品，將使我們的銷售配置表現更佳。

And we must also emphasize that in terms of the selling abilities that now we've been using AI to support company or the RM to do the clients' risk analysis. So we've been promoting products according to the clients' needs that is more specified in some of -- during the March promotion like in the past, which, again, we believe that we should enhance the efficiency of our selling and ultimately, the selling results for the company.

我們也必須強調，在銷售能力方面，我們目前已使用 AI 來支援公司或客戶經理（RM）進行客戶風險分析。因此我們會依據客戶需求，更精準地推介產品；例如在 3 月的推廣活動期間，相較以往更具針對性。

(spoken in foreign language)

（外語發言）

(interpreted) So we -- when we review history of Noah, we've been talking about to protect our client assets before growing in 2022. And in 2023, it's about all the price entity in China is growing overseas market. And since last year, we talked about AI. And for this year, we emphasized in the AI infrastructure product.

（翻譯）當我們回顧諾亞的歷史，我們在 2022 年談到的是在成長之前先保護客戶資產。到了 2023 年，我們談的是中國的各類主體走向海外市場。從去年開始，我們談到 AI。而今年，我們強調的是 AI 基礎設施產品。

What we've been demonstrating here is we are a real wealth management company. So what we are doing is about how to make sure our clients' asset can be well protected and ultimately have growth. And I mean, different from a lot of our friendly -- I'm not exactly competitors but our peers, then I would say we always review how much profit made every year. And that has been a very key KPI for our -- for the staff here.

我們在這裡所展現的是：我們是一家真正的財富管理公司。我們所做的是確保客戶資產能夠被妥善保護，並最終實現增長。而且——不同於許多友商——我不會說是競爭對手，但算是同業——我們會持續檢視每年為客戶創造了多少收益。這一直是我們員工非常關鍵的 KPI。

And so I mean, in a simple way saying that the company couldn't control a lot of things like the market cap or if the size of the company can grow drastically. However, if we look at what we've been doing with our clients, when we look at with the profitability for over 62 conservative quarters, when we've been looking at all the right decisions in do in the past in history, we are confident that we've been able to keep up with the company and ultimately will be seen by the market.

因此，簡單來說，公司無法控制很多事情，例如市值，或公司規模是否能大幅成長。然而，如果我們看我們為客戶所做的事情，並回顧超過 62 個保守季度的獲利表現，以及過去歷史中所做的正確決策，我們有信心我們能與公司一同前進，並最終被市場看見。

So I'll take Peter's second question. We actually don't have a set agenda or set target for frontline teams, obviously, although we see a declining of number of items, but that's driven by performance. So as you could see, we're still achieving much higher fundraising volume because of the higher quality and high efficiency.

我來回答 Peter 的第二個問題。我們其實沒有為前線團隊設定固定的議程或固定目標；當然，雖然你看到項目數量有所下降，但那是由績效所驅動的。如你所見，因為品質更高、效率更高，我們仍然達成了更高的募資量。

So we don't expect to have, I would say, intentional shrinking of the frontline team, we want to make sure, obviously, they're fully occupied they're able to generate enough volume as CEO and Chairlady just mentioned, there might be opportunity given the current policy situation.

因此我們不預期會有——我會說——刻意縮減前線團隊的情況；我們希望確保他們的工作量是飽和的，並能產生足夠的業務量。正如執行長與董事長女士剛才提到的，在目前政策環境下可能存在一些機會。

At the same time, obviously, we are targeting mid-back office efficiency, especially with the tool of AI. We believe that many positions in the past that basically being performed by pure labor, pure hands are now being at least consolidated merged into fewer positions. So that actually leads to a significant, I would say, optimization in the back of structure.

同時，我們也在提升中後台效率，尤其是透過 AI 工具。我們相信，過去許多主要依靠純人力、純手工完成的職位，現在至少可以被整合、合併為更少的職位。因此這確實帶來了後台架構的顯著——我會說——優化。

But in the meantime, I think from the standpoint of whole year, although we don't expect to see a huge expansion of growth in headcount, we are going to see some key fulfillment in key markets worldwide, although just a couple of people. And obviously, we'll continue to invest in AI and technology. Peter?

但同時，我認為從全年角度來看，雖然我們不預期人員編制會出現大幅擴張式成長，但我們將在全球若干關鍵市場完成一些關鍵補強，雖然只是增加少數幾位人員。而且很明顯地，我們會持續投資於 AI 與科技。Peter？

(Operator Instructions)

（接線員指示）

[Yin Tang], CICC.

[Yin Tang]，中金公司。

(spoken in foreign language)

（以外語發言）

I will translate my questions. This is [Yin Ming] from CICC. I have two questions. First is a transaction value active client numbers and RM numbers for overseas business declined, could you please talk about the reasons? You mentioned overseas business has moved from a licensed setup to former operations. What the growth outlook for this segment will going forward?

我來翻譯我的問題。我是中金公司的 [Yin Ming]。我有兩個問題。第一個是，海外業務的交易額、活躍客戶數以及 RM 人數都有所下降，能否請您談談原因？您提到海外業務已從持牌架構轉為原有運營。未來這一板塊的成長展望如何？

And my second question is about AI. The AI board management department in Singapore has delivered much stronger revenue generation and client service efficiency. Could you please talk about how AI help RM develop their business?

第二個問題關於 AI。新加坡的 AI 董事會管理部門帶來了更強的營收產出與客戶服務效率。能否請您談談 AI 如何幫助 RM 發展業務？

(spoken in foreign language)

（以外語發言）

(interpreted) So about your question about overseas business performance. We do see that sequential drop in first quarter. However, when we look at the year-on-year, we still see a growth as reflected. We believe that is a normal performance across different quarters, various changes.

（口譯）關於您提到的海外業務表現。我們確實看到第一季環比下滑。不過，從年對年來看，我們仍然看到如所反映的成長。我們認為這是不同季度之間的正常表現，會有各種變化。

And about how AI has been enhancing our end. So it is -- we've been slightly touch based on the current way of doing business. We are now trying to be more focused and more accurate in taking products to certain clients. So we've been able to distinguish a high level of clients so that will be more efficient in terms of suggesting products to our clients and allocate the resources that we have on hand.

至於 AI 如何提升我們的端到端能力。也就是說——我們已在目前的業務方式上做了一些調整。我們現在嘗試更聚焦、更精準地把產品提供給特定客戶。因此我們能夠識別高層級客戶，從而在向客戶推薦產品以及配置現有資源方面更有效率。

And also, we have introduced Nobel rewarding system since late last year. And that is more like a reward system we've been providing certain rewards to our clients. But again, we focus on high-quality clients and that as a whole means that our selling methodology could be better allocated in terms of our resources.

另外，我們自去年年底起推出了 Nobel 獎勵系統。這更像是一套獎勵機制，我們向客戶提供特定獎勵。但同樣地，我們聚焦於高品質客戶，整體而言，這意味著我們的銷售方法能在資源配置上做得更好。

As you may aware, we've been basically through the license in Hong Kong. And in Singapore, we have different types of license under the regulatory of MAS, and we're currently applying for asset management license as well.

如您所知，我們基本上已在香港取得牌照。在新加坡，我們在金管局（MAS）監管下持有不同類型的牌照，目前也正在申請資產管理牌照。

Back to your question about the US markets booking center license. Again, it’s one of the important steps that to complete the development of we are having a very important strategic booking centers for the company. After the license being granted, we are now working on the details of really applying business in that market. And that we believe is going to be a very important strategic move for the company.

回到您關於美國市場簿記中心牌照的問題。同樣地，這是完成公司非常重要的策略性簿記中心建設的一個重要步驟。在牌照獲批後，我們目前正在推進在該市場實際落地業務的細節工作。我們相信這將是公司一項非常重要的策略性舉措。

(spoken in foreign language)

（以外語發言）

(spoken in foreign language)

（以外語發言）

(interpreted) The Chairlady is now doing a public, not announcement, but suggestion to our analysts. When you are doing the analysis of the company, maybe no longer we should use the RM as the indicator, or number of RMs as the indicator. The company needs business size in the future. But what we’ve been trying to suggest that because of the enhancement of AI, all the human RMs have been supported in the first hand.

（口譯）董事長現在向分析師做一個公開的——不是公告，而是建議。當你們在分析公司時，或許不應再以 RM 作為指標，或以 RM 人數作為指標。公司未來需要的是業務規模。但我們想表達的是，因為 AI 的提升，所有的人力 RM 在第一線都得到了支援。

And secondly, we have built up the AI plus wealth management department. As in the CEO’s presentation, we’ve talked about how this AI plus wealth management has been able to do or to support, to take care of our clients, without enhancing more human resources on that.

第二，我們已建立 AI+ 財富管理部門。正如 CEO 的簡報所提到的，AI+ 財富管理能夠在不增加更多人力資源的情況下，為我們的客戶提供服務與支援、照顧客戶。

Also what we’ve been further development is the AI plus ecosystem. That is more like a referral business to cooperate with different types of professional individuals in the market. That should help us to get clients under the AI plus wealth management system. Using Singapore as an example, yes, Singapore is not an easy market. It’s small but competitive, and it’s really difficult to hire the right RM.

此外，我們進一步發展的是 AI+ 生態系。這更像是一種轉介業務，與市場上不同類型的專業人士合作。這應能幫助我們把客戶導入 AI+ 財富管理體系之下。以新加坡為例，是的，新加坡不是一個容易的市場。市場規模小但競爭激烈，而且要招募到合適的 RM 確實非常困難。

The cost will be very high. That’s why we’ve been using AI as a testament when we started in this market. We have found out that we have been getting very good results from that market, that as mentioned, we have 191% growth in AUA in the first quarter. That’s why we’ve been going forward to try to apply the same system into different overseas markets as well. Ultimately, we would like to apply that in the domestic markets too.

成本會非常高。因此我們在進入這個市場之初就把 AI 作為驗證方式。我們發現該市場帶來了非常好的成果；如前所述，我們第一季 AUA 成長了 191%。因此我們接下來也會嘗試把同樣的系統應用到其他海外市場。最終，我們也希望把它應用到國內市場。

However, some limitation of the historical structure and also because of the different AI systems, that may be slower. However, we should expect that the AI application to different overseas markets should be bringing results to the company in the near future.

不過，受限於歷史架構的一些限制，以及不同 AI 系統之間的差異，推進速度可能會較慢。然而，我們應可預期，AI 在不同海外市場的應用將在不久的將來為公司帶來成果。

(spoken in foreign language)

（以外語發言）

Is there any more questions?

還有其他問題嗎？

Thank you. There are no further questions at this time. This concludes our question-and-answer session. I would now like to turn the conference back over for any closing remarks.

謝謝。目前沒有其他問題。問答環節到此結束。現在我想把會議交回去，請進行任何結語。

Thank you. Thank you, everyone, for joining us today, and please feel free to reach out the IR team for any questions. Thank you very much.

謝謝。感謝各位今天參與，也歡迎就任何問題聯繫投資人關係（IR）團隊。非常感謝。

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

本次電話會議已結束。感謝各位出席今天的簡報。您現在可以斷線。

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

本逐字稿中標註（口譯）的部分，為現場電話會議中由口譯員所說內容。口譯員由主辦本活動的公司提供。