Waterdrop Inc (WDH) 2024 Q4 法說會逐字稿

Good morning, everyone. This is [Tracy Lee] from Waterdrop Investor Relations. It's my pleasure to welcome everyone to Waterdrop's fourth-quarter and fiscal year 2024 earnings conference call. (Operator Instructions) As a reminder, today's conference call is being recorded.

大家早安。我是 Waterdrop 投資者關係部門的 [Tracy Lee]。我很高興歡迎大家參加水滴公司2024財年第四季和財報電話會議。（操作員指示）提醒一下，今天的電話會議正在被錄音。

Please note that discussion today will contain forward-looking statements made under the Safe Harbor provisions of US Private Securities and the Litigation Reform Act of 1995. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from our current expectations.

請注意，今天的討論將包含根據美國私人證券安全港條款和 1995 年訴訟改革法案做出的前瞻性陳述。前瞻性陳述受風險和不確定性的影響，可能導致實際結果與我們目前的預期有重大差異。

Potential risk and uncertainties include but are not limited to those outlined in our public filings with the SEC. The company does not undertake any obligation to update any forward-looking statements except as required under applicable law. Also, this call includes discussion of certain non-GAAP measures. Please refer to our earnings release for a reconciliation between non-GAAP and GAAP.

潛在風險和不確定性包括但不限於我們向美國證券交易委員會提交的公開文件中概述的風險和不確定性。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。此外，本次電話會議也討論了某些非公認會計準則 (non-GAAP) 指標。請參閱我們的收益報告，以了解非 GAAP 和 GAAP 之間的對帳。

Joining us today on the call are Mr. Shen Peng, our Founder, Chairman, and CEO; Mr. Ran Wei, Director and GM of Insurance business; Mr. Xu Xiaoying, Head of Finance Department; and Mrs. Jasmine Lee, Board Secretary. We'll be happy to take some of the questions in the Mandarin line at the end of the conference call.

今天參加電話會議的有我們的創辦人、董事長兼執行長沈鵬先生、保險業務總監兼總經理冉煒先生、財務部長徐小英先生和董事會秘書李茉莉女士。我們很樂意在電話會議結束時透過普通話熱線回答一些問題。

Hello, everyone. This is Shen Peng. In 2024, Waterdrop delivered solid performance across all business units, driven by our integrated scenario ecosystem and sustained AI investments by fully upgrading products and services, we have established new benchmarks for AI implementation in the industry. In Q4, our total revenue was about CNY687 million. The annual revenue reached CNY2.77 billion, up by 5.4% YoY.

大家好。我是沈鵬。2024年，水滴各個業務部門均取得了穩健的業績，在一體化場景生態和持續的AI投入的驅動下，透過全面升級產品和服務，我們為行業AI落地樹立了新的標竿。第四季度，我們的總收入約為6.87億元。全年營業收入達27.7億元，年增5.4%。

In terms of the profit and net profit attributable to ordinary shareholders in this quarter was over CNY99.6 million, and the annual profit result has doubled, achieving our financial guidance to the market. The company has remained profitable for 12 consecutive quarters.

從利潤來看，本季歸屬於普通股股東的淨利潤超過9,960萬元，全年利潤業績翻番，達到了我們對市場的財務指引。公司已連續12季保持獲利。

I'm also pleased to announce that based on our stable operations in the second half of 2024 and a significant year-over-year increase in profit with Board approval, the company will soon launch its third cash dividend with [$0.02] per ordinary share and [$0.02] per ADS. The shareholders of ordinary shares and ADS as of the closing date of April 11, 2025, US standard time are entitled to the dividend.

我還很高興地宣布，基於我們 2024 年下半年的穩定營運以及經董事會批准的利潤同比大幅增長，公司即將派發第三次現金股息，每股普通股派發 [0.02 美元]，每股美國存託憑證派發 [0.02 美元]。截至美國標準時間2025年4月11日收盤時持有的普通股和ADS股東均有權獲得股利。

If our business maintains healthy operations, we plan to distribute dividends semiannually to reward the support of our shareholders and investors. In addition to dividends, our -- the company also continued to actively repurchase from the market. As of the end of February 2025, the company has cumulatively repurchased about 52.1 million ADS in the open market costing approximately USD104 million.

若公司業務保持健康運營，我們計劃每半年派發股息，以回饋股東及投資者的支持。除了股利之外，我們公司也持續積極從市場上回購。截至2025年2月底，本公司已在公開市場累計回購約5,210萬股ADS，耗資約1.04億美元。

We remain committed to social responsibility and sustainable development. As of the end of 2024, Waterdrop platform has partnered with 115 public charities and hosted over 15,000 charitable projects. Furthermore, we will also fund many ESC achievements in in Q4, including AES rating from United Equator and treating. As a (inaudible), Waterdrop Medical Crowdfunding has been officially recognized that a pioneer in China medical Crowdfunding sector.

我們始終致力於社會責任和永續發展。截至2024年底，水滴平台已與115家公益機構合作，承載超過15,000個慈善計畫。此外，我們還將在第四季度資助許多 ESC 成就，包括來自 United Equator 的 AES 評級和治療。作為（聽不清楚），水滴醫療眾籌已被官方認可為中國醫療眾籌領域的先驅。

Following new change to the platform securities designation from the Ministry of Civil Affairs on December 25, 2024, becoming one of the first batch the state has endured online service platform for individuals seeking financial help.

2024年12月25日，民政部對平台證照進行了新的調整，成為全國首批建立的個人金融救助網路服務平台。

Since Chinese Spring Festival has sparked global attention in AI innovation, we believe AI-powered industry will redefine productivity. As a tech-driven company, we have launched AI tools and using large language models in 2024. It's actually in online sales and broker support. With DeepSeek integration, we will -- we are accelerating AI development. At the end of today's earnings call, we will share our insight and latest breakthrough on AI.

由於中國春節引發了全球對人工智慧創新的關注，我們相信人工智慧驅動的產業將重新定義生產力。作為一家技術驅動的公司，我們於 2024 年推出了人工智慧工具並使用大型語言模型。它實際上是在線銷售和經紀人支援。透過 DeepSeek 的整合，我們將加速人工智慧的發展。在今天的財報電話會議結束時，我們將分享我們對人工智慧的見解和最新突破。

For 2025, we will focus on business growth, targeting 20% annual revenue growth with quarterly increments. Based on current projections, we expect financial performance of Q1 to maintain stable growth and sustained profitability. Subsequent quarters may see strategic investments aligned with accelerated revenue growth. That concludes my remarks.

2025 年，我們將專注於業務成長，目標是實現年收入成長 20%，並按季度遞增。根據目前的預測，我們預計第一季財務業績將保持穩定成長和持續獲利。隨後的幾個季度，我們可能會看到策略性投資與加速收入成長一致。我的發言到此結束。

Now I will turn it over to Xu Xiaoying for the financial update.

現在請徐曉英報告一下財務最新狀況。

Thank you, Shen Peng. Before I go into details, please be reminded that all numbers quoted here will be in RMB. And please refer to our earnings release for detailed information on our financial performance on both the year-over-year and quarter-over-quarter basis, respectively.

謝謝沈鵬。在我詳細介紹之前，請注意，這裡引用的所有數字均以人民幣為單位。請參閱我們的收益報告，以獲取有關我們同比和環比財務表現的詳細資訊。

In Q4, the company delivered solid performance with total revenue to reach CNY687 million up 4.2% YoY. For full year 2024, our revenue totaled CNY2.77 billion. In 2024, our non-insurance business accounted for near 15% of total revenue. Our Crowdfunding service fees amounted to CNY267.7 million while our digital clinical trial solution income reached CNY91.1 million, collectively reflecting diversified revenue stream.

第四季，公司業績表現穩健，總營收達6.87億元人民幣，較去年同期成長4.2%。2024年全年，我們的收入總計27.7億元。2024年，我們的非保險業務佔總收入的近15%。我們的眾籌服務費達到人民幣2.677億元，而我們的數位臨床試驗解決方案收入達到人民幣9,110萬元，共同體現了多元化的收入來源。

Through AI-driven efficiency enhancement, and the refined operation management, our total operating costs and expenses in Q4 amounted to about CNY634 million, remaining stable compared to the same period of year. For the full year of 2024, overall operating costs and expenses decreased by 1.7% from last year.

透過AI驅動的效率提升，以及精細化的營運管理，第四季我們的總營運成本及費用約為人民幣6.34億元，與去年同期相比保持穩定。2024年全年整體營運成本及費用較去年下降1.7%。

Breaking this down, in Q4 operating costs increased by 7.2% year over year to CNY323.8 million, and this was primarily driven by an increase of CNY39.1 million in cost of referral and service fees, partially offset by a decrease in personnel costs. Sales and marketing expenses increased by 4.1% year over year to CNY182 million this quarter. This resulted from our strategic expansion in customer acquisition due to an increase of CNY30.2 million in marketing expenses for third-party traffic channels and partially offset by a decrease of CNY22.8 million in personnel costs.

具體來看，第四季營運成本年增 7.2% 至人民幣 3.238 億元，主要由於推薦費和服務費成本增加人民幣 3,910 萬元，但人員成本減少部分抵銷了這一增長。本季銷售和行銷費用年增4.1%至人民幣1.82億元。這是由於我們在客戶獲取方面的策略擴張，因為第三方流量管道的行銷費用增加了人民幣 3,020 萬元，但人員成本減少了 2,280 萬元，部分抵消了這一增長。

General and administrative expenses declined significantly to CNY73.7 million, down 23.2% year over year mainly attributable to a decrease in allowance for credit loss and professional service fee. R&D expenses stood at CNY54.3 million, a 9.3% decrease from the same quarter of year, primarily reflecting optimized personnel costs.

一般及行政開支大幅下降至人民幣7,370萬元，較去年同期下降23.2%，主要由於信貸損失準備金及專業服務費減少。研發費用為人民幣5,430萬元，較去年同期下降9.3%，主要反映人員成本的最佳化。

However, our AI investment remains. In fact, we plan to increase investments in 2025 to further strengthen our technology edge. We have sustained remarkable profitability and double our annual net profit attributable to our ordinary shareholders. We continue to generate positive operating cash flow during this quarter. As of December 31, 2024, our cash position was CNY3.67 billion, providing a robust support for future growth initiatives. And this concludes our financial overview.

然而，我們的人工智慧投資依然存在。事實上，我們計劃在 2025 年增加投資，以進一步增強我們的技術優勢。我們維持了良好的獲利能力，全年歸屬於普通股股東的淨利達到翻倍。本季我們繼續產生正的經營現金流。截至2024年12月31日，我們的現金狀況為人民幣36.7億元，為未來的成長計畫提供了強勁支持。這就是我們的財務概覽。

I will now pass to our Board Secretary, Jasmine to update on our business development.

現在我將把我們的董事會秘書 Jasmine 報告給我們的業務發展。

Thank you, Xiaoying. In Q4, our insurance business achieved FYP of about CNY1.9 billion, representing 24.5% year-over-year growth so showing a 7% quarter-on-quarter decrease. Insurance-related revenue reached CNY580 million, down 1% Y-o-Y and 3% quarter over quarter, while operating profit stood at CNY103 million with an 18% operating margin.

謝謝你，小英。第四季度，我們的保險業務實現首年保費收入約19億元，年增24.5%，季減7%。保險相關收入達人民幣5.8億元，較去年同期下降1%，季減3%；營業利益達1.03億元，營業利益率18%。

During this quarter, our short-term insurance FYP surged 44.2% YoY to CNY1.43 billion driven by breakthrough in public customer acquisition through the real-time marketing optimization and the new payment channels, leveraging user insights. We introduced more inclusive short-term insurance products in this quarter, including medical plans tailored for individuals with pre-existing conditions.

本季度，我們的短期保險首年保費年增 44.2% 至 14.3 億元人民幣，這得益於我們透過即時行銷優化和新的支付管道，利用用戶洞察在公共客戶獲取方面取得突破。我們在本季推出了更具包容性的短期保險產品，包括針對已有疾病的個人量身訂製的醫療計畫。

For long-term insurance product FYP reached CNY460 million with a slight sequential decrease impacted by the product suspension of last quarter and the holiday reason in this quarter. In Q4, we optimized our team starting well maintaining high productivity per capita. Furthermore, we sustain our efforts to enhance and diversify our long-term insurance offerings with disability income insurance along achieving and FYP CNY90 million.

長期險產品首年保費達4.6億元，受上季產品暫停銷售及本季假日原因影響，季減。第四季度，我們優化了團隊，開局良好，並保持了較高的人均生產力。此外，我們繼續努力增強和多樣化我們的長期保險產品，包括殘障收入保險，並實現首年保額 9,000 萬元人民幣。

The company has also continued to develop its online planner model. In the fourth quarter, Shenlanbao independently contributed approximately CNY90 million in FYP. For our Medical Crowdfunding business as of end of 2004, around 470 million people accumulated -- donated CNY67.5 billion to about 3.4 million patients through our platform. Our platform percept thousands of campaign applications and over 50,000 image submissions with risk control remaining a top priority.

該公司還繼續開發其線上規劃模型。第四季度，深藍寶獨立貢獻FYP約9000萬元。截至 2004 年底，我們的醫療眾籌業務已累計有約 4.7 億人透過我們的平台向約 340 萬名患者捐款 675 億元人民幣。我們的平台接收數千份競選申請和超過 50,000 張圖片提交，風險控制仍然是重中之重。

To enhance efficiency, we implemented a due model AI framework. On one hand, lightweight model now detected pixel-level image tempering in mid-second reducing false positive rates from 0.3% to an industry-leading 0.1%.

為了提高效率，我們實施了適當的模型 AI 框架。一方面，輕量級模型現在可以在幾秒鐘內檢測到像素級影像篡改，將誤報率從 0.3% 降低到業界領先的 0.1%。

On the other hand, summarizing expense experienced from the accumulated cases from the past eight years extracting more than 1,700 characteristics to assist medical consultants and making reasonable prediction of those diseases and reducing the risk of caused by fraud and the corporation.

另一方面，從過去八年累積的案例中總結經驗費用，提取超過1700個特徵，以協助醫療顧問對這些疾病做出合理的預測，並降低因詐欺和公司而造成的風險。

Following 2024 regulation update and the government official designation, Waterdrop as China's largest online service platform for individual seeking financial help, we will continue setting standards through technology-driven transparency and user-centric operations.

繼2024年法規更新和政府官方指定之後，水滴作為中國最大的個人財務幫助線上服務平台，我們將繼續透過技術驅動的透明度和以用戶為中心的運作來製定標準。

During this quarter, our Digital Clinical Trial Solution income continued its growth, realizing a year-on-year increase of 22.9%. We collaborated with a total of 177 pharmaceuticals and CROs. Moreover, we enrolled 880 patients and initiatives service for 79 new programs during the fourth quarter of 2024.

本季度，我們的數位化臨床試驗解決方案營收持續成長，年增22.9%。我們共與 177 家製藥公司和 CRO 合作合作。此外，我們在 2024 年第四季招募了 880 名患者，並為 79 個新項目提供計畫服務。

In addition, the platform leveraged AI models to enhance doctor patient service across scenarios like health management, automatic science content creation and education digital auditors. Multiple initiatives have been launched, both in efficiency and use experience well ensuring compliance. This is a key progress of each business line in this quarter.

此外，該平台還利用人工智慧模型，在健康管理、自動科學內容創建和教育數位審計等場景中增強醫病服務。我們已推出多項舉措，以提高效率和使用體驗，確保合規性。這是本季各業務線的關鍵進展。

Next, we will invite here Ran Wei, the GM of the Insurance business to deliver a keynote on Waterdrop AI-driven (inaudible).

接下來，我們邀請水滴保險總經理冉煒做關於水滴AI驅動（聽不清楚）的主題演講。

Thank you, dear investors and analysts. It's a great honor to present Waterdrop's achievements in AI and other [insure tech] during the earnings conference. Waterdrop has been deploying AI since 2019, starting with machine learning algorithms, [OCR and LP] technology to optimize insurance product recommendations, mismatching and rig control both in online conversion rates and service efficiency.

謝謝各位投資人和分析師。非常榮幸能夠在財報會議上展示水滴在人工智慧和其他[保險技術]領域的成就。水滴自2019年起佈局人工智慧，先利用機器學習演算法、OCR和LP技術，優化保險產品推薦、錯配和鑽孔機控制，提升線上轉換率和服務效率。

We established a series of digital infrastructure including data middle platforms, intelligence marketing system, smart CRM system, and AI risk control system, enhancing user experience will strengthen our insure tech leadership. This journey also cultivated a cross-functional R&D team, combining insurance expertise with AI capabilities.

我們建立了一系列數位化基礎設施，包括資料中台、智慧行銷系統、智慧CRM系統、AI風控系統，提升使用者體驗將加強我們的保險科技領先地位。這項歷程也培養了一支跨職能的研發團隊，將保險專業知識與人工智慧能力結合。

This transformative way water has developed in here insure competitively barrier for AI applications, which can be divided into four core areas. Firstly, we have built a multi-dimension ecosystem interacting tax and voice interaction, digital (inaudible) and other innovations. Covering channels such as and AI calls, this enables seamless transaction between service, while accumulating multidimensional data.

水在這裡發展的這種變革方式為人工智慧應用提供了競爭壁壘，可分為四個核心領域。首先，我們建構了稅收與語音互動、數位（聽不清楚）等創新結合的多維生態系統。涵蓋客服、AI通話等管道，實現服務間無縫對接，同時累積多維度資料。

Secondly, we have established a fully digitalized the service chain being demand identification, product matching, underwriting, and the claims we're setting. Unlike the conversational ability of general-purpose [ROM], our service chain requires not only massive knowledge bases but also precise control over the entire service workflows to ensure high reliability.

其次，我們建立了從需求識別、產品匹配、承保到理賠的全數位化服務鏈。與通用[ROM]的對話能力不同，我們的服務鏈不僅需要大量的知識庫，還需要對整個服務工作流程進行精確的控制，以確保高可靠性。

Currently, we handle tens of thousands of highly complex insurance [incurs] in a daily basis. [Literally] over eight years, we processed 100 million private data assets in the insurance industry, including 112 million operation data knowledge base of over 7,000 products and massive structured service data entries. This real-world data is in [repurpose] training material for building insurance-specific LLM.

目前，我們每天處理數萬筆高度複雜的保險業務。八年來，我們處理了1億條保險業隱私資料資產，其中包括1.12億個營運資料知識庫，涵蓋7,000多個產品，以及海量結構化服務資料條目。這些真實世界的數據被重新用於建立保險專用用法碩士 (LLM) 的培訓材料中。

Lastly, distinct from general purpose LLMs, Waterdrop vertical knowledge graph for insurance scenario, combining recommendation, insight, and service conversion. Across hundreds of refined operational or not, we employ specialized tools such as family coverage gap analysis of renowned customer design decision-making psychology models and resolution framework for customer objection.

最後，與通用的LLM不同，Waterdrop針對保險場景建立了垂直知識圖譜，將推薦、洞察和服務轉化融為一體。跨越數百個精細化營運與否，我們運用知名客戶的家庭覆蓋差距分析等專業工具，設計決策心理模型和客戶異議解決框架。

For example, our model can generate customer -- customized insurance plan in real time based on user blooding duration, consultation, keywords, family structure, and other features. This following one capability system, integrating scenarios, service, data, and knowledge, ensuring the rapid implementation of orders of the AI solution. While general purpose still struggle with (inaudible) nations, our vertical models can already deliver definitive answers to our users.

例如，我們的模型可以根據使用者的使用時間長度、諮詢內容、關鍵字、家庭結構等特徵，即時產生客戶客製化的保險方案。這套集場景、服務、資料、知識於一體的能力體系，保障了AI解決方案訂單的快速落地。雖然通用模型仍然在與（聽不清楚）國家進行鬥爭，但我們的垂直模型已經可以為用戶提供明確的答案。

Overall, the combination about the multiple scenarios and online data has offered a replaceable strategic value in insurance LLM. Next, I will demonstrate how our AI has delivered marble results. Over the past two years, we have actively adopted cutting-edge fundamental technologies while developing AI applications tailored to our business mirrors. I want to share some examples. Firstly, our insurance AI agent has end-to-end self-decision-making capability.

總體而言，多場景與線上資料的結合在保險法學碩士領域具有不可替代的策略價值。接下來我將示範我們的AI是如何得出大理石結果的。兩年來，我們積極採用前沿的基礎技術，同時開發適合我們業務鏡像的AI應用。我想分享一些例子。首先，我們的保險AI代理具備端到端的自主決策能力。

It integrated the ability of profession in (inaudible), in decision, execution. Leveraging mobile agent collaboration technology in the medical insurance scenario, it enables fully automatic decision-making up to 15 [unit] conversations. For example, a single call can automatically complete process, like understanding user needs, health risk modeling and the policy interpretation. Our AI agent can support modular agent unit collaboration in real time and the flexible transition across health insurance, auto insurance, and other scenarios.

它整合了專業（聽不清楚）、決策和執行的能力。利用醫療保險場景中的行動代理協作技術，實現最多15個[單元]對話的全自動決策。例如，一次通話即可自動完成了解使用者需求、健康風險建模和政策解讀等流程。我們的AI代理可以支援模組化代理單元即時協作以及在健康險、車險等場景的靈活轉換。

The system rate of over 7,000 products and can respond within 2 seconds. Over our AI agent can dynamically optimize and algorithm by learning from the operational feedback and (inaudible) outcome through over 100,000 daily interactions. And secondly, we also continue to optimize our model through two main approach.

該系統可偵測超過7000種產品，並能在2秒內做出反應。我們的人工智慧代理可以透過每天超過 100,000 次的交互從操作回饋和（聽不清楚）結果中學習，動態地優化演算法。其次，我們也透過兩種主要方法繼續優化我們的模型。

The first one is knowledge destination. This use technology like SFT and reasoning, it impacts millions of insurance-related knowledge to the model, making it comparable to the senior human [competent]. The second is the reinforced fine-tuning of the sales strategy. We integrated the DeepSeek and other open-source frameworks with our stock developed GRPO algorithm. This has increased model accuracy by 20%.

第一個是知識目的地。這利用 SFT 和推理等技術，將數百萬與保險相關的知識輸入到模型中，使其與高級人類相媲美[勝任的]。二是加強銷售策略微調。我們將 DeepSeek 和其他開源框架與我們自己開發的 GRPO 演算法整合在一起。這使得模型準確率提高了 20%。

Furthermore, our AI agents can make multimodal interaction with our users such as real-time coordination of voice, tax and the image minimize the user waiting time. We also upgraded with an emotion adaptive system. It can dynamically adjust [speaking] speed and modified it's [tongue] based on semantic analysis.

此外，我們的人工智慧代理可以與用戶進行多模式交互，例如語音、語音和影像的即時協調，最大限度地減少用戶等待時間。我們也升級了情緒自適應系統。它可以根據語義分析動態調整說話速度和修改舌頭。

For example, our AI agent will slow down by 20% when they interact with elderly users. Over the past two years, our 48 related patents have been granted with over 100 patents filed and nearly 100 AI innovations. Waterdrop is one of the first interact companies capable of enabling AI agent to independently close deals in complex serials.

例如，我們的AI代理在與老年用戶互動時速度會降低20％。過去兩年，我們已獲得48項相關專利，提交了100多項專利，並有近100項AI創新。Waterdrop是第一批能讓AI代理商獨立完成複雜系列交易的互動公司之一。

Next, I will want to show you our detailed AI application results. Following a development path from single automation to advance the integration. Our LLM application now focused on two directions: co-pilot and AIA and directing serving users.

接下來我想向大家展示我們詳細的AI應用成果。走從單一自動化往一體化推進的發展道路。我們的LLM申請現在主要集中在兩個方向：副駕駛和AIA以及指導服務使用者。

For our co-pilot application, we have quality control for pellets and sells co-pilots. Our quality control co-pilot can replace the manual sampling of service recording and perform tax analysis with 88% accuracy level of human for across voice and text channels, we expect the front-line quality control cost to be reduced by 40%, significantly improving efficiency. And our South copilot can enhance sales efficiency by enabling rapid summarization of client intent and tailored product recommendation.

對於我們的副駕駛應用，我們對顆粒進行品質控制並銷售副駕駛。我們的品質控制副駕駛員可以取代服務記錄的手動採樣，並在語音和文字管道上以人類 88% 的準確度執行稅務分析，我們預計一線品質控製成本將降低 40%，顯著提高效率。我們的南方副駕駛可以透過快速總結客戶意圖和客製化產品推薦來提高銷售效率。

This tool elevates the service quality and conversion rate, empowered our human agent to better meet client needs and are achieving -- achieve self-targets. About our AI agent, we have three different applications, including AI health insurance agents, AI service assistance and AI insurance planner.

該工具提高了服務品質和轉換率，使我們的人工代理能夠更好地滿足客戶需求並實現自我目標。關於我們的AI代理，我們有三個不同的應用程序，包括AI健康保險代理，AI服務助理和AI保險規劃師。

For our AI health insurance agents, it can directly serve customers via voice-based conversation consultation, like single session lasting up to 15 minutes outperforming junior agent efficiency. It currently generates millions insurance premiums per month. project to reach tens of millions by year end. Beyond this, our AI auto insurance agents have entered daily training with two P&C insurers with selected projects already in user beta testing.

對於我們的AI健康保險代理人來說，它可以透過語音對話諮詢直接為客戶提供服務，單次會話長達15分鐘，效率遠超初級代理人。目前，該公司每月產生數百萬的保險費收入，預計到年底將達到數千萬美元。除此之外，我們的人工智慧汽車保險代理已與兩家財產險和意外險保險公司進行日常培訓，部分專案已進入使用者 Beta 測試階段。

For our AI services business also (inaudible) embedded in our app, this 24/7 AI assistant and Q&A about user policy and the products you were interested in by 2015, we expect AI to reduce a transferring rate by 50% and improving efficiency by 50% compared to human agents.

對於我們的人工智慧服務業務也（聽不清楚）嵌入到我們的應用程式中，這個全天候人工智慧助理和關於用戶政策和您在 2015 年感興趣的產品的問答，我們預計與人類代理相比，人工智慧將減少 50% 的轉移率並提高 50% 的效率。

Leveraging (inaudible) ability, we are developing an AI insurance planner to provide real-time, high-quality family insurance consultation and planning services, enhancing user experience and growth potential. And talking about the future outlook. In the next three to four years, along with AI technology, and the application trains that I just mentioned, based on our industry know-how, we will further consolidate our leading position in the [interact] industry.

利用（聽不清楚）能力，我們正在開發一款人工智慧保險規劃師，提供即時、高品質的家庭保險諮詢和規劃服務，提升用戶體驗和成長潛力。並談論未來展望。未來三到四年，我們將結合AI技術，加上我剛才提到的應用培訓，基於我們的產業經驗，進一步鞏固我們在互動產業的領先地位。

Thank you for listening. And ladies and gentlemen, with that, we will conclude today's earnings conference call. We do thank you for joining. Have a good time.

謝謝您的聆聽。女士們、先生們，今天的收益電話會議就到此結束。我們非常感謝您的加入。玩的很開心。